Share Transfers Agreed/Cooling off period

[CraigHibee]

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

i think he is still over there but frequenting the saunas and strip clubs, he used the "i'm heading over to speak to the lith's" as a smoke screen

[HUTCHYHIBBY]

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

Were any of them as famous as THE Famous tho?

[Dashing Bob S]

It's hard to say, from a business point of view, whether liquidation in the close season or trying to lurch on up to another season in admin in the championship is the better deal.

Both will bring huge problems in their wake. The second would depend what sort of arrangements could be reached with Budge/FOH finances.

[GreenLake]

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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 ?

Must be days. The gassman said they would be handed the shares and be out of admin lickety split and his information is "bang on" reliable, according to Sir Daft-tit Arsenborough.

[CropleyWasGod]

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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.

If liquidation happens, the PBS goes on the open market, and is sold to the highest bidder.

If that's Budge at £2m, she gets it. As Ozy says, the bulk of that goes to the UKIO administrator, after the liquidator has been paid.

The problem, though, is that an open sale invites property developers and the likes into the game. That might be someone who wants to run it as a football stadium, and rent it to NewYams, or else it might be someone who wants to build the Gorgie Riviera. If one of them sees a value greater than Budge or FOH is prepared to pay, they would get it.

Other than cashing in their security, I don't think that UKIO's admins have much of a say in the process. (looking around for Robin to tell me I'm talking shecht.)

[CropleyWasGod]

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It's hard to say, from a business point of view, whether liquidation in the close season or trying to lurch on up to another season in admin in the championship is the better deal.

Both will bring huge problems in their wake. The second would depend what sort of arrangements could be reached with Budge/FOH finances.

If they could guarantee that the PBS would be sold to someone who wanted to retain it as a stadium, liquidation wouldn't be too bad an option. It would provide certainty, clarity and freedom from major debt... albeit in the Lowland League or Division whatever.

That's a guarantee, though, that would be difficult to obtain.

[Dashing Bob S]

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If they could guarantee that the PBS would be sold to someone who wanted to retain it as a stadium, liquidation wouldn't be too bad an option. It would provide certainty, clarity and freedom from major debt... albeit in the Lowland League or Division whatever.

That's a guarantee, though, that would be difficult to obtain.

I still think it's the most likely option.

Going into a second season admin with no guarantee if or when the shares issue could be obtained and the CVA completed, would mean depleting FOH resources, which were meant to buy rather than operate the club. (Assuming this could be done.) It could place the club in an unsatisfying limbo (from their POV) for a long, long, time and set of a cycle of decline and despair. Once the emotional resonance at having 'saved' their cub dissipates, Hearts fans who have set up DD's might start to feel that they have ended up paying a hell of a lot for championship football and a club with minimal investment on the playing side.

At least with liquidation, they would be starting at the bottom with nowhere to fall to, and the only way would be up, with a united support for a fan-owned club.

The great variable, as you say, is the PBS. Not only is it their home, the land on it is the biggest fixed asset to borrow against. If they lose that, then it becomes a much, much bigger struggle.

[CropleyWasGod]

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I still think it's the most likely option.

Going into a second season admin with no guarantee if or when the shares issue could be obtained and the CVA completed, would mean depleting FOH resources, which were meant to buy rather than operate the club. (Assuming this could be done.) It could place the club in an unsatisfying limbo (from their POV) for a long, long, time and set of a cycle of decline and despair. Once the emotional resonance at having 'saved' their cub dissipates, Hearts fans who have set up DD's might start to feel that they have ended up paying a hell of a lot for championship football and a club with minimal investment on the playing side.

At least with liquidation, they would be starting at the bottom with nowhere to fall to, and the only way would be up, with a united support for a fan-owned club.

The great variable, as you say, is the PBS. Not only is it their home, the land on it is the biggest fixed asset to borrow against. If they lose that, then it becomes a much, much bigger struggle.

The big L was always my favoured option, going back a number of years. I said that, not from a Hibby perspective, but from a dispassionate commercial one. A controlled liquidation 3 years or more ago, and they could have been almost back in the SPFL by now, debt free and still with their fanbase and stadium.

But would they bloody listen?

[lord bunberry]

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I still think it's the most likely option.

Going into a second season admin with no guarantee if or when the shares issue could be obtained and the CVA completed, would mean depleting FOH resources, which were meant to buy rather than operate the club. (Assuming this could be done.) It could place the club in an unsatisfying limbo (from their POV) for a long, long, time and set of a cycle of decline and despair. Once the emotional resonance at having 'saved' their cub dissipates, Hearts fans who have set up DD's might start to feel that they have ended up paying a hell of a lot for championship football and a club with minimal investment on the playing side.

At least with liquidation, they would be starting at the bottom with nowhere to fall to, and the only way would be up, with a united support for a fan-owned club.

The great variable, as you say, is the PBS. Not only is it their home, the land on it is the biggest fixed asset to borrow against. If they lose that, then it becomes a much, much bigger struggle.

I think the biggest danger for the liquidation scenario is that they don't manage to get everything sorted for the start of the new season and are forced to take a year out. A year out would mean their place being taken by someone else and presumably losing their spfl share, I still think that liquidation is the best way to go for them but either way is risky.

[Dashing Bob S]

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The big L was always my favoured option, going back a number of years. I said that, not from a Hibby perspective, but from a dispassionate commercial one. A controlled liquidation 3 years or more ago, and they could have been almost back in the SPFL by now, debt free and still with their fanbase and stadium.

But would they bloody listen?

With that in mind, I believe the very, very worst thing they could possibly do at this time would be to change their strips and shorts to pink, paint the PBS the same color, sign only Faroe Islanders and give 95% of season ticket revenues to canine and feline rescue charities.

[GreenLake]

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I think the biggest danger for the liquidation scenario is that they don't manage to get everything sorted for the start of the new season and are forced to take a year out. A year out would mean their place being taken by someone else and presumably losing their spfl share, I still think that liquidation is the best way to go for them but either way is risky.

Let's be honest. A year out will be a merciful respite from what they will have to go through if they can enter a team in a lower league without a pot to pish in.

[Criswell]

If UBIG's shares in Hearts are frozen due to criminal investigations, why aren't UKIP's as well? Were they not both major players in Vlad's financial scams?

[Hank Schrader]

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If UBIG's shares in Hearts are frozen due to criminal investigations, why aren't UKIP's as well? Were they not both major players in Vlad's financial scams?

UKIP? Another reason to hate them! Always thought that Nigel Farage looked like a Merrick...

[lord bunberry]

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Let's be honest. A year out will be a merciful respite from what they will have to go through if they can enter a team in a lower league without a pot to pish in.

You might be right there, if they start next season on -15 it will almost certainly mean back to back relegations.

[CropleyWasGod]

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If UBIG's shares in Hearts are frozen due to criminal investigations, why aren't UKIP's as well? Were they not both major players in Vlad's financial scams?

UKIP, the BNP and the NF are major political forces in Central Europe these days, that's why

UBIG were the owners of UKIO Bankas; they (UBIG) were at the top of the pyramid. All of their assets were frozen, including their ownership of UKIO and the shares in Hearts. That was, IMO, to prevent any of those assets being sold off and the proceeds salted away before the authorities could get their hands on them.

[Dashing Bob S]

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I think the biggest danger for the liquidation scenario is that they don't manage to get everything sorted for the start of the new season and are forced to take a year out. A year out would mean their place being taken by someone else and presumably losing their spfl share, I still think that liquidation is the best way to go for them but either way is risky.

Yes I agree, that's why the decision will need to be made very quickly after the season is over so they can prepare for the new one as a Newco.

[Glesgahibby]

I see there mock thread of this one on vladmademaarseslack ,
has been relegated to page 2
Sergey could you please bump it back
to page 1.

[Ozyhibby]

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I see there mock thread of this one on vladmademaarseslack ,
has been relegated to page 2
Sergey could you please bump it back
to page 1.

They would rather talk about just about anything other than what really important to them. They're scared.
Expect to see the '5-1 all around the world' thread a lot.

[GreenLake]

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They would rather talk about just about anything other than what really important to them. They're scared.
Expect to see the '5-1 all around the world' thread a lot.

It's hard to imagine jambos traveling around the world. Most of them don't look further than the end of their nose, although in the case of Roodee, that would be quite a distance.

[Springbank]

Maybe the notorious / odious section n at Tynecastle is fertile ground for ukip

The so called Famous hmfc have been most famous internationally in recent years for two things:
Allowing a fan to assault opposition managers/players on the field of play;
And
Disrupting a minutes silence (was it for the passing of Pope John Paul II ?)

In many ways a part of Edinburgh life that I will not mourn or miss

[Brunswickbill]

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If liquidation happens, the PBS goes on the open market, and is sold to the highest bidder.

If that's Budge at £2m, she gets it. As Ozy says, the bulk of that goes to the UKIO administrator, after the liquidator has been paid.

The problem, though, is that an open sale invites property developers and the likes into the game. That might be someone who wants to run it as a football stadium, and rent it to NewYams, or else it might be someone who wants to build the Gorgie Riviera. If one of them sees a value greater than Budge or FOH is prepared to pay, they would get it.

Other than cashing in their security, I don't think that UKIO's admins have much of a say in the process. (looking around for Robin to tell me I'm talking shecht.)

As UKIO have a security over the wongadome are they not in the driving seat when it comes to it's disposal?

[Kato]

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They're scared.

You can smell it. Even through the usual smell their fear is starting to reek.

[Craig_in_Prague]

In the event of the big L - I really hope they lose the PBS.

Going by the continued arrogance of their big brothers through the west, same stadium and basically everything else as before ('other' than tighter financial control - ha bloody ha), losing your ground is for me, losing your identity.

Sighthill public park sounds about fair to play as newco yams.

Not asking too much, is it?

[CropleyWasGod]

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As UKIO have a security over the wongadome are they not in the driving seat when it comes to it's disposal?

The liquidator drives the disposal. Ukio get their slice after his.

[Winston Ingram]

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In the event of the big L - I really hope they lose the PBS.

Going by the continued arrogance of their big brothers through the west, same stadium and basically everything else as before ('other' than tighter financial control - ha bloody ha), losing your ground is for me, losing your identity.

Sighthill public park sounds about fair to play as newco yams.

Not asking too much, is it?

I drove past it yesterday. What state it's in. Their new stands look like they're about 100 years old. The whole stadium is a demolishers/developers dream.

[Calum68]

Tick Tock 👍

[Baw187]

Serious question here. What is to stop BDO selling STs and continuing to run the club as a going concern as long as it takes until the shares are available?? Then FOH take over from BDO at that point?

I've seen the fact that the ST money is fundamental to the FOH business plan but surely BDO just enact that business plan until FOH can legally take over??

Or am I missing something in terms of their pre and post admin operating model.?

[CropleyWasGod]

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Serious question here. What is to stop BDO selling STs and continuing to run the club as a going concern as long as it takes until the shares are available?? Then FOH take over from BDO at that point?

I've seen the fact that the ST money is fundamental to the FOH business plan but surely BDO just enact that business plan until FOH can legally take over??

Or am I missing something in terms of their pre and post admin operating model.?

I think the issue is that, by taking in ST money, BDO would be creating a creditor (ie the ST holders). Pretty sure that's not allowed whilst in administration.

[Baw187]

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I think the issue is that, by taking in ST money, BDO would be creating a creditor (ie the ST holders). Pretty sure that's not allowed whilst in administration.

Cheers CWG. That makes sense.

[K-Zazu]

What a sorry pathetic wee football club