Share Transfers Agreed/Cooling off period

[MrSmith]

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This is what makes me chuckle the most. All those who've posted on that thread are not just gonna look like complete trumpets when the inevitable happens but also for years to come. They'll be framed forever in history like the band that continued to play on the Titanic.

Can you imagine the questions they'll be facing from their offspring? "Hey Unclegrandad Boabster, why did you have your head stuck up your erse when the Hearts were going bust?".

Both threads need to be preserved so that future generations can see how they sat by and watched their club go down the pan whilst all along the truth was apparent.

https://www.youtube.com/watch?v=5j2F4VcBmeo

[Weststandwanab]

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Pages 13/14 makes for some interesting reading.............not all rosy eh!

It sure does, and not looking good.

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Am I right in my reading of this that the Lithuanian administrators have been frightened off by BDO who have said that they would not be able to sell off the land to any possible developer as no company would purchase it due to the likelihood of HoMFC supporters (hooligans) bombarding any such company as they would be seen to have had a hand in their demise.

Or am I reading this completely wrong.

Possibly but not sure a Liquidator would worry about threats too much.

[Ozyhibby]

If they are on the agenda tomorrow then it will be a good day for them as I can't see the creditors voting against the recommendations of the administrator.
Thankfully there is still nothing happening with the Ubig creditors meeting or the unfreezing of the shares.

[HUTCHYHIBBY]

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Am I right in my reading of this that the Lithuanian administrators have been frightened off by BDO who have said that they would not be able to sell off the land to any possible developer as no company would purchase it due to the likelihood of HoMFC supporters (hooligans) bombarding any such company as they would be seen to have had a hand in their demise.

Or am I reading this completely wrong.

Don't think its anything to do with the "mighty" CSF! :-)

[Brunswickbill]

It would be interesting to know what they mean by "institutions of political pressure (due to the collapse of the football club)."

[lord bunberry]

If the ukio creditors decide tomorrow that the next meeting won't be for another 6 months will bdo be forced call the liquidator's? It seems that time is the biggest enemy for famous.

[CropleyWasGod]

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Does this mean that they are on the agenda tomorrow?

I still don';t think so.

As I read that document, albeit with difficulty, it looks to me as if it's the administrator's first report to creditors. It's not an agenda for the meeting tomorrow. Indeed, it's headed Bankruptcy Process Overview

The first page, the letter to the creditors, has the objectives of the meeting, ie:-

Convened a meeting of creditors Bank economic objectives are the following:
x
Elected Secretary of the Meeting of creditors;
x
Elected chairman of the meeting of creditors;
x
To confirm the creditors' committee size;
x
To elect a creditors' committee.

[Dashing Bob S]

Here's how I anticipate tomorrow going.

1) The meeting will bring no news, or even moderately good news for Hearts, with some bland statement along the lines of 'UKIOS creditors have informally declared their continued support for a CVA."

2) Some spokesplum will then describe it as "another significant hurdle cleared. All the stopping the CVA now is the transfer of the shares."

3) Kickback posters will bump up the Hibs.net thread, heaping abuse on Sergey and Bajillions etc and rejoice that they were wrong.

4) Somebody will ask, 'is it not the UBIG creditors meeting we need to be concerned with, rather than the UKIOS one?'

5) They will be ignored, but the wounds will cut deeply and the KB will fall into a dark depression/house of denial as the Hibs.net thread tumbles to page two by Thursday.

6) On friday there will be signs of real panic, somebody saying 'we really need things to start happening next week.'

[Waxy]

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It would be interesting to know what they mean by "institutions of political pressure (due to the collapse of the football club)."

Could it involve a certain yam Scottish political leader?
Oi yous, if yous kill oor club we'll no let any o yous in Scotland and we'll block any mair shipments o irn bru.

[brog]

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http://translate.googleusercontent.c...GxO1_cua1W4Y-w


This is all that is happening at tomorrow's Creditors meeting.

Thanks as ever GG. I'm intrigued by the comments about "hooliganism" etc. I'm unsure whether this statement is saying that potential factors affecting sale of PBS ( as a development ) include possible hooliganism as expressed by Foulkes etc or if this is info provided by BDO. If the former its bad but to be expected & at least was in the public domain. If its the latter ( ie BDO saying this ) its truly shocking & IMO goes way beyond BDO's remit. I was also intrigued by the final sentence.

kio bankas aims to bt sold Heart of Midlothian Plc assets and the income received would be paid to the economic share of the amount.

Does that mean the £2.5mm or does that possibly include PBS? In other words are they saying, here's all the scare stories we've been told but you know what, we'll take our chance! I still find it hard to believe the Lith govt will roll over so easy.
PS, I'm sending you a pm.

[Springbank]

Part of that translation reads like it's saying the spfl and homfc have discussed how liquidation will work

[Springbank]

this part

Meetings were held with the Scottish League managers, administrators, Scottish lawyers, discussed the current situation and options. Accepted decision to seek insolvency procedures ros - Administration. This has helped to keep both options sold immovable property, and sell the football club as rich Complex, together with the assignment of Heart Midlothian Plc shares; x In 2013. June 19 started the debtor administration. Administrator appointed kio bankas offered a replacement candidate; x Taken over management of the former leadership, the club secured a temporary operating t Continuity within a short compiled by almost 1 million. GBP income and releasing part of employees and their players reached 0.5 million. GBP cost savings per year; x Start the Heart of Midlothian Plc selling process. After not one for discussions and negotiations on the price improvement was extracted and the largest real border price ls investor; x In 2013. At the end of a peaceful approved the agreement of creditors, resulting in economic bank, the only one of Heart of Midlothian Plc creditors, regain part of the loan granted; x In 2014. March for the start of negotiations on the sports club's transfer business documents. kio bankas aims to bt sold Heart of Midlothian Plc assets and the income received would be paid to the economic Bank's share of the amoun

[jacomo]

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Am I right in my reading of this that the Lithuanian administrators have been frightened off by BDO who have said that they would not be able to sell off the land to any possible developer as no company would purchase it due to the likelihood of HoMFC supporters (hooligans) bombarding any such company as they would be seen to have had a hand in their demise.

Or am I reading this completely wrong.

The report seems to take the view that Tynecastle is worth £7.5m to a developer, but planning permission for 'dense' residential unlikely due to hazardous substances. Also. there would be riots on the streets of Gorgie / Vilnius and Alec Salmond would remove anyone with a Lithuanian name from his Christmas card list.

[Weststandwanab]

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If the ukio creditors decide tomorrow that the next meeting won't be for another 6 months will bdo be forced call the liquidator's? It seems that time is the biggest enemy for famous.

Time has always been the problem along with running out of cash caused by delays.

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Here's how I anticipate tomorrow going.

1) The meeting will bring no news, or even moderately good news for Hearts, with some bland statement along the lines of 'UKIOS creditors have informally declared their continued support for a CVA."

2) Some spokesplum will then describe it as "another significant hurdle cleared. All the stopping the CVA now is the transfer of the shares."

3) Kickback posters will bump up the Hibs.net thread, heaping abuse on Sergey and Bajillions etc and rejoice that they were wrong.

4) Somebody will ask, 'is it not the UBIG creditors meeting we need to be concerned with, rather than the UKIOS one?'

5) They will be ignored, but the wounds will cut deeply and the KB will fall into a dark depression/house of denial as the Hibs.net thread tumbles to page two by Thursday.

6) On friday there will be signs of real panic, somebody saying 'we really need things to start happening next week.'

I think that looks about right on the money - excuse the pun.

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Could it involve a certain yam Scottish political leader?
Oi yous, if yous kill oor club we'll no let any o yous in Scotland and we'll block any mair shipments o irn bru.

No chance big Eck is going to risk his ultimate goal for the yams.

The Political reference is probably Murray annoying them by phoning them constantly and "chunterring" about micro waving the shares.

[Seveno]

Well it's interesting that there is nothing in that document relating to the choice of biscuits, despite all the previous supposed hibs.net insider information.

Our credibiltiy is now blown and the yams will be heaving a great sigh of relief.

[MurrayfieldHibs]

This bit is also interesting. Looks like the option to sell of the PBS separately is still on the table:-

"This has helped to keep both options sold immovable property, and sell the football club as rich Complex, together with the assignment of Heart Midlothian Plc shares"

[Dashing Bob S]

It would be nice if they would discuss Hearts but tbh I doubt that they are important enough as it will probably take all day to agree on the basics. I can't see creditors, especially if they are coming from afar, wanting to stick around too long. BDO/FOH's best bet to get a positive quote is to have their rep buy some old soak at the bar a drink, and get him to say mumblingly positive off-the-record stuff about the CVA.

Of course, this is all irrelevant as its the UBIG meeting they require.

[GreenLake]

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Thanks as ever GG. I'm intrigued by the comments about "hooliganism" etc. I'm unsure whether this statement is saying that potential factors affecting sale of PBS ( as a development ) include possible hooliganism as expressed by Foulkes etc or if this is info provided by BDO. If the former its bad but to be expected & at least was in the public domain. If its the latter ( ie BDO saying this ) its truly shocking & IMO goes way beyond BDO's remit. I was also intrigued by the final sentence.

kio bankas aims to bt sold Heart of Midlothian Plc assets and the income received would be paid to the economic share of the amount.

Does that mean the £2.5mm or does that possibly include PBS? In other words are they saying, here's all the scare stories we've been told but you know what, we'll take our chance! I still find it hard to believe the Lith govt will roll over so easy.
PS, I'm sending you a pm.

The major factors of hooliganism on top of the "near hazardous materials" land zoning issue, both of which were inconsequential when £20m+ was offered to the pie man a few years ago, are now wedged into the proposals from BDO. Plus, unnamed institutions of political pressure loom as an additional threat. Are they going to send tanks to the Lithuanian Border or threaten to introduce economic sanctions at the next meeting of the G7(nil)?

It is laughable that people who freed themselves from the Soviet Republic now find themselves negotiating with corrupt politicians, violent gangs of hooligan enforcers and a hazardous materials boondoggle, all conjured up by supporters of a football club from a highly developed democratic nation that believes in the rule of law.

You can't make this up.

[The Falcon]

Is the "hooliganism" not just google poorly translating as per usual?

[Ozyhibby]

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Is the "hooliganism" not just google poorly translating as per usual?

Yes

[robinp]

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I still don';t think so.

As I read that document, albeit with difficulty, it looks to me as if it's the administrator's first report to creditors. It's not an agenda for the meeting tomorrow. Indeed, it's headed Bankruptcy Process Overview
[/I]

I agree with you.



Looks like the notification to creditors was issued last month, which we already knew. This contains a key point which we already knew about:
http://translate.google.com/translat...b.lt&sandbox=1 Select "Report on the Economy BAB bank creditors meeting 2014-02-28"

Convened meeting of creditors will be dealt with over the claims, nor BAB Economy bank asset sales or any other issues, except for the following, notice the creditors' meeting agenda:

It basically says, (badly translated), that no other item will be considered for discussion/vote other than those on the agenda. The agenda for this meeting is to in basic terms elect a creditors committee....nothing else.

Here is the voting form, with the proposed meeting resolutions and the topics for voting are:
http://translate.googleusercontent.c...IlzQ9kTNyKMzkw

1st:
The creditors' meeting to elect the Secretary of bankruptcy Administrator UAB Valnet "authorized person
The creditors' meeting to elect the President of the State Enterprise "Deposit and Investment Insurance authorized person
2nd:
The creditors' committee to collect seven (7) members
3rd
The creditors' committee members elect the following persons:
1) Sarunas Kraujalis (employee representative);
2) the state "Deposit and Investment Insurance authorized representative;
3) the state company Deposit and Investment Insurance authorized representative;
4) The state company Deposit and Investment Insurance authorized representative;
5) the state company Deposit and Investment Insurance authorized representative;
6) The state company Deposit and Investment Insurance authorized representative;
7) UAB Lifodas (legal entity code 122891974) authorized representative.

Notice that ratifying the sale of shares to BIDCO is not on the menu for voting on by creditors......that means it is NOT BEING DISCUSSED, despite what the press say.

The most important part (for us and them I suppose) from the new document/link is this:
http://translate.google.com/translat...o_apzvalga.pdf

3.11. The most important work after the agricultural bank creditors' committee accomplishment

The first meeting of creditors agricultural bank creditors' committee election will be organized and carried out these main processes:
Asset sales process. The creditors' committee will have to evaluate and decide what carried on commercial activities estate and other tangible property sales opportunities, sales of process, sequence, and pricing;

My reading of the document is they will simply elect a creditors committee at this meeting and nothing more. The committee will then reconvene in the future to ratify everything else, asset sales etc, at a separate meeting.

[Jack]

Will the names of those on the committee become public?

[CropleyWasGod]

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I agree with you.



Looks like the notification to creditors was issued last month, which we already knew. This contains a key point which we already knew about:
http://translate.google.com/translat...b.lt&sandbox=1


It basically says, (badly translated), that no other item will be considered for discussion/vote other than those on the agenda. The agenda for this meeting is to in basic terms elect a creditors committee....nothing else.

Here is the voting form, with the proposed meeting resolutions and the topics for voting are:
http://translate.googleusercontent.c...IlzQ9kTNyKMzkw


Notice that ratifying the sale of shares to BIDCO is not on the menu for voting on by creditors......that means it is NOT BEING DISCUSSED, despite what the press say.

The most important part (for us and them I suppose) from the new document/link is this:
http://translate.google.com/translat...o_apzvalga.pdf


My reading of the document is they will simply elect a creditors committee at this meeting and nothing more. The committee will then reconvene in the future to ratify everything else, asset sales etc, at a separate meeting.

Thanks, Robin.

[Geo_1875]

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3.10.3. Heart of Midlothian Plc (Scotland) Heart of Midlothian Plc is a Scottish football club Hearts managing the Company. This Company's debt agricultural bank (without Interest and penalties) is 14 684 636.97 GBP (approximately 61.6 million. lit). kio bankas requirements Heart of Midlothian Plc is to: x Company's mortgage; x original property (Tynecastle stadium in Edinburgh) change; x 29.5% of Heart of Midlothian Plc share exchange; x Company LLC and Balkan Invest JSC Businessline guarantees. Payable to mention the fundamental problem of the debtor: x Lack of lending liabilities assurance. According to 2012. March 30. assessment, Tynecastle Stadium values ​​(appreciation and investments needed) 2 times less than the total debt (EUR 7.5 million. GBP). According to 2013. July n. assessment carried out in real property values ​​down further by around 2-3 times less than the amount owed ​​2 million. - 3.5 million. GBP (subject to permission to develop residential destination areas - 7.5 million. GBP). Other security measures - of dubious value. x Problematic shares replacement. Debtor's shares are owned by bankrutuojanþiai JSC Bank's economic Investment Group. agricultural bank in favor of weird only 29.5% of the Company's shares. agricultural bank has opportunities without BUAB economic Bank Investment Group Co-operation in ensuring implement changes Hearts Football Club t Continuity. The problems in the situation illustrated by the fact that the first BUAB economic Bank Investment Group "meeting of creditors was rejected Heart of Midlothian Plc shares for sale si lom 100,000 GBP Realization of the stadium features. Completed property assessment report reveals that Tynecastle The stadium will have the highest market value of t, if consented would develop into the densely built residential areas. However the chances are high that a permit is not received, because area is established consulting s / security zone on sand near regulated hazardous materials (Alcohol and ethanol plant containers and plant medicine). According to the football club administrators are high likelihood that investors will not want to buy tons of assets for fear BESITOS sianþio hooliganism, institutions of political pressure (due to the collapse of the football club). Administrator has the following key to this borrower-related actions: x The analysis of the possible actions alternatives. Meetings were held with the Scottish League managers, administrators, Scottish lawyers, discussed the current situation and options. Accepted decision to seek insolvency procedures ros - Administration. This has helped to keep both options sold immovable property, and sell the football club as rich Complex, together with the assignment of Heart Midlothian Plc shares; x In 2013. June 19 started the debtor administration. Administrator appointed kio bankas offered a replacement candidate; x Taken over management of the former leadership, the club secured a temporary operating t Continuity within a short compiled by almost 1 million. GBP income and releasing part of employees and their players reached 0.5 million. GBP cost savings per year; x Start the Heart of Midlothian Plc selling process. After not one for discussions and negotiations on the price improvement was extracted and the largest real border price ls investor; x In 2013. At the end of a peaceful approved the agreement of creditors, resulting in economic bank, the only one of Heart of Midlothian Plc creditors, regain part of the loan granted; x In 2014. March for the start of negotiations on the sports club's transfer business documents. kio bankas aims to bt sold Heart of Midlothian Plc assets and the income received would be paid to the economic Bank's share of the amoun

That reads like Pishy Breeks wrote it half way through his second bottle.

[Ozyhibby]

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Well it's interesting that there is nothing in that document relating to the choice of biscuits, despite all the previous supposed hibs.net insider information.

Our credibiltiy is now blown and the yams will be heaving a great sigh of relief.

If it's not specified then it's custard creams. FACT.

[Ozyhibby]

Thanks CWG and Robin. :-)
I think the rest of us need to take a long hard look at ourselves and apologise to the nosy yams looking in for giving them false hope.

[CropleyWasGod]

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Thanks CWG and Robin. :-)
I think the rest of us need to take a long hard look at ourselves and apologise to the nosy yams looking in for giving them false hope.

Teasing is good.

[GreenLake]

Oor hoose was just shaking here with a wee earthquake. Not very strong, but enough to send the cat skittering aboot and bring doon the main stand at Tynegristle.

[Geo_1875]

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Will the names of those on the committee become public?

Authorized Representative seems to be a common name in Lithuania.

[robinp]

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Authorized Representative seems to be a common name in Lithuania.

Bit like that lower league hot-shot A Trialist