Share Transfers Agreed/Cooling off period

[Fat Penlon]

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They have to be approaching the point where a decision is needing to be made regarding pursuit of these frozen shares. BDO were involved in the Portsmouth administration and must be now hitting the same problems they had there.

If it was an old horse they would be telling each other that they've done all they can, just shoot it and put it out of it's misery.

Nothing will happen until the summer. They will see out this season then a decision will be made wether to carry on using FOH money or to liquidate. If they use FOH money to get through the summer the FOH will have to renegotiate the deal with budge but they will do what they can to keep them in the championship as they are all hearts people. IMO obviously.

[Jack Hackett]

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I certainly won't!

That's great....we'd hate to lose you

[Jack Hackett]

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I certainly won't!

That's great....we'd hate to lose you

[The Falcon]

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Nothing will happen until the summer. They will see out this season then a decision will be made wether to carry on using FOH money or to liquidate. If they use FOH money to get through the summer the FOH will have to renegotiate the deal with budge but they will do what they can to keep them in the championship as they are all hearts people. IMO obviously.

Can they use FOH money whilst in administration?

[greenginger]

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Can they use FOH money whilst in administration?

They can if it is gifted but cannot take it as a loan.

[CropleyWasGod]

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They can if it is gifted but cannot take it as a loan.

IIRC, they also have to change their constitution.

[Weststandwanab]

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IIRC, they also have to change their constitution.

They certainly would have to change it.

[Hibrandenburg]

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I'm betting:

Next week will see the announcement of more positive Budge/FOH statements about the future of Hearts.

It may even see talk of admins in Lithland agreeing to this, that or other.

There could be reminders to contribute more cash to help Budge, sorry FOH, buy the club.

There will be no mention of a completion date on the CVA or timetable for this and coming out of administration.

There might be several dark mutterings about 'running out of time.'

I think March probably is the big month for Hearts. If there is still no news of CVA completion timetable by April, we then move into the close season as the earliest a CVA can be completed. Then there is no revenue coming in and the business stops becoming viable.

To make liquidation work, ie for a Newco Hearts to be playing in the Lowland next season, liquidation would probably have to be called as close to the end of the season as possible. This would be essential in order to get the new club up and running after the liquidation sale in order that it could compete in 2014-15. Missing a season would be disastrous for them. People would find other things to do, kids would take an interest in other sports or teams etc. They need to be continuously present.

To that mind, I would expect FOH/Budge to have contingency liquidation plans. But this is Hearts so you never know.

Beware the Ides of March!

[Eyrie]

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They certainly would have to change it.

Can't see that being more than a slight delay. There won't be many Yams who would vote against it given that the alternative is liquidation, and they've already shown their commitment to their club by handing over the family bread money every month to Save Hearts In Trouble.

I think I prefer that scenario. They'd have spent their war chest on surviving the summer, making them even less competitive in the "Champion"ship. Combine that with the fact that they will receive a further points penalty for still being in administration, then their prospects for 2014/15 are poor and that will lead to more DDs being cancelled. And they'll still have to pay for a new stand at the PBS.

But I could live with them being liquidated and having to start over in the Lowland League without a home or any prospect of affording one.

[Dashing Bob S]

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Can't see that being more than a slight delay. There won't be many Yams who would vote against it given that the alternative is liquidation, and they've already shown their commitment to their club by handing over the family bread money every month to Save Hearts In Trouble.

I think I prefer that scenario. They'd have spent their war chest on surviving the summer, making them even less competitive in the "Champion"ship. Combine that with the fact that they will receive a further points penalty for still being in administration, then their prospects for 2014/15 are poor and that will lead to more DDs being cancelled. And they'll still have to pay for a new stand at the PBS.

But I could live with them being liquidated and having to start over in the Lowland League without a home or any prospect of affording one.

It's tough call to decide which of Hearts alternative bleak futures provides the more fruitful seam of laughing material.

I'll let nature take its course.

[The Gorf]

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Ann Budge was in the Metro promising a new era of transparency at the PBS when she takes over. She did say IF the hurdles can all be cleared.

Reading that, there's some doubt about the takeover happening. But you know what papers are like, they'll twist any story to make Hearts look bad.

I'm telling you she's a Hibby at the stir. She'll pull out at the last minute then give all her money to Hibs.

[mjhibby]

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NEWHUN are as obnoxious as their anscestor. What makes you think NEWYAM will be any different?

The fact the sevco fans are letting their club head towards financial armageddon again shows these cretins never change. Even if the yams start next season in the second tier their fans willstill expect signings. Remember they only have to finish 4th to make the playoffs so in theory they could scrape promotion. I fancy they might start the season but whether they finish it without going back into admin is another matter.

[Kato]

My bet is the legal process will drag until this time next season and they will be liquidated then after FOH and Budge have propped them up until then. They'll blow all their dough and still end up playing on public parks.

[Famous Fiver]

Seems like I was shouting Tick Tock in an empty room but more and more are coming round to my way of thinking.

All the signs are there in abundance, they are holed below the water line.

What would annoy me is if post split and we are both in the bottom half they somehow manage to get a third home game against us. Don't know if that is on the cards, perhaps someone is able to enlighten us.

However that will only prolong the agony.

TICK TOCK

[shagpile]

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Seems like I was shouting Tick Tock in an empty room but more and more are coming round to my way of thinking.

All the signs are there in abundance, they are holed below the water line.

What would annoy me is if post split and we are both in the bottom half they somehow manage to get a third home game against us. Don't know if that is on the cards, perhaps someone is able to enlighten us.

However that will only prolong the agony.

TICK TOCK

If the do happen to land a 3rd home game then I would hope that everyone of the Hibs persuasion would stay away.

[Tynie01011973]

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If the do happen to land a 3rd home game then I would hope that everyone of the Hibs persuasion would stay away.

Can't see that happening - no way will SPFL allow the Grunts a third home game against us.

[hibbymick]

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I'm telling you she's a Hibby at the stir. She'll pull out at the last minute then give all her money to Hibs.

Her brother is a massive Hibby and is often in Behind The Goals.

[Billy Whizz]

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Her brother is a massive Hibby and is often in Behind The Goals.

But who's got the money

[Baba O'riley]

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What would annoy me is if post split and we are both in the bottom half they somehow manage to get a third home game against us. Don't know if that is on the cards, perhaps someone is able to enlighten us.

However that will only prolong the agony.

TICK TOCK

I thought there was supposed to be a "gentlemen's agreement" in place so that for hibs/hearts games, it would be equal home and away games?

[nribs]

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I thought there was supposed to be a "gentlemen's agreement" in place so that for hibs/hearts games, it would be equal home and away games?

Hearts!,gentlemans agreement? Fo you see where you went wrong? :)

[Winston Ingram]

The FoH do stump up in advance to keep them a float it throws the whole purchase into doubt.

There is a business plan() and a very tight budget to take them forward. If the FoH have to donate money to keep the club a float it'll mean a lot less to take the club forward. The plan is already questionable to say the least and this would make it even weaker.

BDO as an administrator have a legal responsibility to ensure any post admin plan is viable. It's barely viable as it is.

[Deansy]

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Basically, this is what Jackson/BDO have always maintained. The money they have will keep them going to the end of the season but a close-season in admin is not financially viable for the business. So they have 2-3 weeks left to get a completion date on the CVA before liquidation.

I believe that liquidation is probably the real viable route to fan ownership for Hearts. The FOH structure and finances are already in place, and the wage costs would be lower in the Lowland. They might lose the PBS in the liquidation sale but wouldn't be burdened with the running costs/maintenance of that slum with a smaller stadium (probably rented) until the club was able to grow through the divisions.

If they learned the 'Hun lesson' and cut their cloth accordingly instead of carrying big earners, they could simply poach the best players from the low league they were in and progress accordingly.

It'll mean several seasons as a very, very small Scottish club, but they would be genuinely fan owned, and I think the Newco journey would restore some humility and respect to a poisoned institution.

In other words - Losing a large % of the 'fans' attracted by Mercer's 'Finance Football' business-model - 'AKA - 'The Money Years' !!

[jacomo]

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But who's got the money

Money is nothing without good taste - in that, he is clearly the winner.

[Mikey09]

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Can't see that happening - no way will SPFL allow the Grunts a third home game against us.

Sorry Tynie.... With the SPFL anything is possible....

[Geo_1875]

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Sorry Tynie.... With the SPFL anything is possible....

I'd go as far as to say probable.

[Dashing Bob S]

I'm hearing that it's going to be sorted out this week.


Probably.


Or next week.


Source: a Kickback jakey who is an FOH insider and has a surprisingly detailed knowledge of the Lithuanian legal system, company law and financial procedures.

[Waxy]

Well it looks like we'll sell out the up coming derby at swynie because it could be the last ever. If they chuck us another one at swynie after this it would be worth boycotting.

[HUTCHYHIBBY]

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Seems like I was shouting Tick Tock in an empty room but more and more are coming round to my way of thinking.

All the signs are there in abundance, they are holed below the water line.

Judging by the origins of this thread naebody else saw it coming right enough.

[Dashing Bob S]

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Judging by the origins of this thread naebody else saw it coming right enough.

That was a genuine tea-spitter

[Gus Fring]

Spoken to my source again

They are still in limbo. He says staff are frustrated as they would normally have started planning for next season but have been told not to do so until BIDCO take over. A lot of "Good Hearts People" are worried they won't be kept on after budge is in the door as the impression being given is that this will be a brand new regime with a top to bottom shake up.

Budge has paid attention to whats happening at Rangers and doesn't want a repeat. They will not be continuing to run Hearts as an SPL business. She's been seeking counsel from many people and wants to secure the long term viability of the club. She can't afford to run it long term and she needs to flip it to the FOH rather quickly. "Budgets will be tight and every penny will be managed" he said.

I asked him about running out of money and he said the last he heard there still wasn't enough to make it to the end of the season. They need the derby to sell out at both ends because if it doesn't that's another major source of revenue done. "Getting to the cup final could have removed any doubt"

Lastly he said the staff have been warned that Liquidation is still a very real possibility. Jackson (who is not my source, never has been) hasn't given them a timescale but that the staff feel like the off-season will be when it happens. Last year was manic during that period and they were selling Season Tickets. Costs have been reduced since then but after the last game of the season they have no money coming in.

Message to Kickback: If you could maybe link to this post instead of copying and pasting it, that would be swell. We'd rather have the hits over here allowing us to help the Hibs youth setup rather than you lot nicking the info and robbing the kids.
Just paste this instead of the post. I've done the hard work for you

http://www.hibs.net/showthread.php?1...=1#post3927720

Cheers pals