Share Transfers Agreed/Cooling off period

[CropleyWasGod]

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Are there any indications as to the normal time span between the Creditor Committee election and a proper meeting with proposals, votes , decisions ?

Weeks, Months , Many Months ?

If the 30 days' notice rule is correct, then the earliest any such meeting could happen would be 17 April.

Realistically, though, that's unrealistic.

[CyberSauzee]

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That's only half-true, no?

If the CVA goes through, FOH will get UBIG's and UKIO's shares. The remaining shareholders will remain as they are, won't they?

If it doesn't go through, you're right, the current shareholders will have nothing. Although, as happened with us, Budge might give the current fan-shareholders some shares as a token of goodwill.

Yes, you're right CWG. In my haste earlier today I was still thinking that a post admin Hearts will be a fan owned club, and as we know, that's not the case for at least several years, if at all.

I was thinking of FoH's stated aim of one member one vote. That means having, for example, a supporter's society where all members have an equal share; this society wholly owns the entity 'xyz football club limited'. That's how a lot of UK fan based clubs are run.

[Mr White]

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There may be biscuits, though. That is in the lap of the Gods.

Unlikely to be biscuits unless creditors bring their own, similar to the pen situation.

[Dashing Bob S]

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If the 30 days' notice rule is correct, then the earliest any such meeting could happen would be 17 April.

Realistically, though, that's unrealistic.

The decision as to whether they go for a strategic liquidation at the end of the season and try to bid for all the assets, inc the PBS, or whether to solider on in admin with the possible assistance of Budge/FOH money for a championship season, must be rapidly looming, if it hasn't been already taken.

Whatever the line they spin to the fans, I can't believe that they actually believe the CVA can be completed any time soon.

[stevejordan]

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The decision as to whether they go for a strategic liquidation at the end of the season and try to bid for all the assets, inc the PBS, or whether to solider on in admin with the possible assistance of Budge/FOH money for a championship season, must be rapidly looming, if it hasn't been already taken.

Whatever the line they spin to the fans, I can't believe that they actually believe the CVA can be completed any time soon.

They have stopped the spin though not a story for weeks all very quiet UBIG are getting he haw or a tiny fraction of what is due so why would they be in any hurry to help them UKIO Are getting the money budgey has put in so they are in a hurry but its all in UBIGs liquidators hands and i am sure he has bigger fish to fry.

[CropleyWasGod]

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They have stopped the spin though not a story for weeks all very quiet UBIG are getting he haw or a tiny fraction of what is due so why would they be in any hurry to help them UKIO Are getting the money budgey has put in so they are in a hurry but its all in UBIGs liquidators hands and i am sure he has bigger fish to fry.

Not strictly true. It's in the hands of 3 separate parties.

1. the creditors of UKIO, to approve the CVA.

2. the creditors of UBIG, to approve the sale of the shares.

3. the Lithuanian Court, to approve the above AND unfreeze the shares.

If any one of these fails, the CVA fails.

[greenginger]

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They have stopped the spin though not a story for weeks all very quiet UBIG are getting he haw or a tiny fraction of what is due so why would they be in any hurry to help them UKIO Are getting the money budgey has put in so they are in a hurry but its all in UBIGs liquidators hands and i am sure he has bigger fish to fry.

The Yams are a minute sideshow in the Ukio/UBIG liquidation.

The Famous are just not famous in the Eastern European Financial Skullduggery stakes.

[Spike Mandela]

What has happened to the other businesses under the UBIG umbrella? Is the aluminium plant still operating for instance?

[CropleyWasGod]

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What has happened to the other businesses under the UBIG umbrella? Is the aluminium plant still operating for instance?

Think it's potted heid.

http://www.reuters.com/article/2013/...0CV23X20130408

http://www.intellinews.com/bosnia-an...ur-136mn-8097/

[Weststandwanab]

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Unlikely to be biscuits unless creditors bring their own, similar to the pen situation.

I am not sure Biscuits will be invited.

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The decision as to whether they go for a strategic liquidation at the end of the season and try to bid for all the assets, inc the PBS, or whether to solider on in admin with the possible assistance of Budge/FOH money for a championship season, must be rapidly looming, if it hasn't been already taken.

Whatever the line they spin to the fans, I can't believe that they actually believe the CVA can be completed any time soon.

The decision will already have been taken (the former being my opinion) Budgie is not daft, if she was daft she would not be asking for security for her £2.5m.

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What has happened to the other businesses under the UBIG umbrella? Is the aluminium plant still operating for instance?

That plant shut ages ago and all of the assets wll be under the control of he respective Admins.

[Spike Mandela]

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Think it's potted heid.

http://www.reuters.com/article/2013/...0CV23X20130408

http://www.intellinews.com/bosnia-an...ur-136mn-8097/

Cheers CWG. So many lives ruined by that crook. Hearts fans' troubles pale in significance really.

[Gus Fring]

I can't help but wonder how much the situation in Crimea will affect any decisions? Romanov was a Russian alleged conman who has shafted the Lithuanian tax payer for millions. There's not much goodwill when it comes to Russia at the moment and they likely won't want to be seen to be doing nothing about his behaviour.

The silence from all concerned is deafening as well. This feels like the longest BDO, Hearts and even Barry Anderson have been about the whole thing. The FOH have released a couple of incidental statements but nothing with anything of value. It's not because there's nothing to say because that hasn't stopped any of them before.

What happens next really is out of their hands. They are like the terminal patient hoping they make it to Disneyland before that fateful day comes but it could be next month, it might not be for another year.

[CropleyWasGod]

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The decision will already have been taken (the former being my opinion) Budgie is not daft, if she was daft she would not be asking for security for her £2.5m.

What security can FOH give?

AB will be the sole/main shareholder in post-admin Hearts. Given that they would own the PBS, that's her security.

[truehibernian]

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I can't help but wonder how much the situation in Crimea will affect any decisions? Romanov was a Russian alleged conman who has shafted the Lithuanian tax payer for millions. There's not much goodwill when it comes to Russia at the moment and they likely won't want to be seen to be doing nothing about his behaviour.

The silence from all concerned is deafening as well. This feels like the longest BDO, Hearts and even Barry Anderson have been about the whole thing. The FOH have released a couple of incidental statements but nothing with anything of value. It's not because there's nothing to say because that hasn't stopped any of them before.

What happens next really is out of their hands. They are like the terminal patient hoping they make it to Disneyland before that fateful day comes but it could be next month, it might not be for another year.

To be honest B, I think we'll hear more than enough from them once relegation is confirmed. The Motherwell and Killie results, after their wee revival, were killers - took all the focus and momentum away from Planet Budge.

Once it's confirmed, they'll hit the marketing train again, the 'rebuild promise' will hit maximum speed, promises of players fit to wear the jersey already lined up regardless of division, etc, etc.

Give it time mate, they're never ever quiet for long.

[hibees 7062]

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Depends what league they're in.

Champions league , no ?

[hibees 7062]

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That was some impressive user ID juggling from CWG/Sergey/Bajillons.

Don't know how he does it

[stevejordan]

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Think it's potted heid.

http://www.reuters.com/article/2013/...0CV23X20130408

http://www.intellinews.com/bosnia-an...ur-136mn-8097/

Do all these creditors need to approve the cva which tells them they will get he haw ? confused now.

[CropleyWasGod]

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Do all these creditors need to approve the cva which tells them they will get he haw ? confused now.

Birac aren't a creditor of UKIO; they are a debtor. They owe them, according to that report, 155m Euros.

And, UKIO won't get hee haw.

[stevejordan]

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Birac aren't a creditor of UKIO. They owe them, according to that report, 155m Euros.

And, UKIO won't get hee haw.

And that is just one of the many many headaches the UBIG Administrator has to deal with and with all this mess to sort out being a priority i cant see it being a priority getting round to un freezing some poxy shares in a football club in Scotland.
This mess will run and run for years and with it being so quiet you kinda get the thought that they are planning Liquidation and are putting together the Spin now.

[Deansy]

Is David Southern still there ?. Haven't heard anything about/from him for a while ?

[fat freddy]

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[B]They are like the terminal patient hoping they make it to Disneyland before that fateful day comes but it could be next month, it might not be for another year.

Intereseting analogy of their circumstance but i view them more as an endangered species of rare animal on the verge of extinction due to mankinds relentless persuit of financial gain...perhaps they could be considered as a species of rare toad that inhabits the rain forests of Central America but the part of the forest they inhabit is owned by cash crop farmers and the bulldozers are being prepared for deforestation of the area...the poor yamtoad can only stand by and stare as the fabric of their existance is demolished right in front of their disbelieving eyes leaving them helpless in a barren world of unforgiving predators who can barely see the famous yamtoad as they crush it underfoot in their haste to turn their habitat into..eh, flats

The only hope the yamtoad has now is if Sting and Bono pitch up at Tynie with a delegation of Greenpeace activists and a charity single which could fund the purchase of a massive flare gun which can melt the frozen shares..this is getting silly now, i better stop..

[Seveno]

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Champions league , no ?

Haha, they were promised Champions League and, at best, they might get Championship.

[grunt]

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The decision as to whether they go for a strategic liquidation at the end of the season and try to bid for all the assets, inc the PBS, or whether to solider on in admin with the possible assistance of Budge/FOH money for a championship season, must be rapidly looming, if it hasn't been already taken.

Even if they do liquidate, how would Budge be able to buy the PBS? It's covered by a security? And it doesn't look as though UKIO's administrators will be in a position to approve the sale of anything in the near future.

[Ozyhibby]

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Even if they do liquidate, how would Budge be able to buy the PBS? It's covered by a security? And it doesn't look as though UKIO's administrators will be in a position to approve the sale of anything in the near future.

That's what I thought but apparently the liquidators just sell it anyway and hand back what's left of the money after their fees to the Lithuanians.

[Weststandwanab]

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What security can FOH give?

AB will be the sole/main shareholder in post-admin Hearts. Given that they would own the PBS, that's her security.

You answered the question there.

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Birac aren't a creditor of UKIO; they are a debtor. They owe them, according to that report, 155m Euros.

And, UKIO won't get hee haw.

Pleasing.

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Even if they do liquidate, how would Budge be able to buy the PBS? It's covered by a security? And it doesn't look as though UKIO's administrators will be in a position to approve the sale of anything in the near future.

When Liquidated the game changes totally, CWG will tell us how it will be.

[Ronniekirk]

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What has happened to the other businesses under the UBIG umbrella? Is the aluminium plant still operating for instance?

Think it went into Smelt-down and they canned it .

[greenginger]

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Do all these creditors need to approve the cva which tells them they will get he haw ? confused now.

I think the delay was over a squabble about the amounts each entity is owed.

http://translate.google.com/translat...26channel%3Dsb

I think it is established that the State Investment Insurance Fund is owed more than 50% of the total.

That might speed the decision making process for the Ukio Bankas part of the circus.

[stevejordan]

The yams do not get it they are dancing around in a minefield twirling silly scarves and thinking the light at the end of the tunnel is on the horizon unfortunatly the light is a trains light heading for them at full pelt and they are about to step on a mine Liquidation looms.

[Ronniekirk]

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The yams do not get it they are dancing around in a minefield twirling silly scarves and thinking the light at the end of the tunnel is on the horizon unfortunatly the light is a trains light heading for them at full pelt and they are about to step on a mine Liquidation looms.

That's A fair old visceral image you have conjured up there.

[leggeto]

Don't they know what has happened to all the other vlad clubs,their wee club will go the same way