Share Transfers Agreed/Cooling off period

[Leithenhibby]

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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.'

So all in all, nothing to see here. Everything is on the back burner and is staying there for the foreseeable future......... SWEET

[JeMeSouviens]

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So all in all, nothing to see here. Everything is on the back burner and is staying there for the foreseeable future......... SWEET

Aye, it's on a burner, a BURNER ah tell ye. It'll all be defrosted and rubber stamped by lunchtime. Trivial formality.

[Brunswickbill]

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

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

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.

My reading of the document - "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)" - is that BDO are advising UKIO that, in part, due to political pressure, the ground won't be sold for development. I can't believe that yams in the Scottish political establishment, Edinburgh Council, Scottish Government and Westminster are sitting on their hands. There'll be a lot of string pulling going on and the reference in the document is evidence of this. I don't think that IamanMP is the only politico involved

[Spike Mandela]

Administrators are beggars, con men, fraudsters, politicians, spin doctors, lawyers, bankers, gamblers and liars all rolled into one. They will do anything, bend any 'rule', twist any 'truth' and basically sell their Granny as long as their client keeps paying them top dollar.

[CropleyWasGod]

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Administrators are beggars, con men, fraudsters, politicians, spin doctors, lawyers, bankers, gamblers and liars all rolled into one. They will do anything, bend any 'rule', twist any 'truth' and basically sell their Granny as long as their client keeps paying them top dollar.

Presumably you'll include RobinP in that definition.

[GreenLake]

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My reading of the document - "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)" - is that BDO are advising UKIO that, in part, due to political pressure, the ground won't be sold for development. I can't believe that yams in the Scottish political establishment, Edinburgh Council, Scottish Government and Westminster are sitting on their hands. There'll be a lot of string pulling going on and the reference in the document is evidence of this. I don't think that IamanMP is the only politico involved

BESITOS : is this Lithuanian for ASBESTOS?

[Weststandwanab]

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Administrators are beggars, con men, fraudsters, politicians, spin doctors, lawyers, bankers, gamblers and liars all rolled into one. They will do anything, bend any 'rule', twist any 'truth' and basically sell their Granny as long as their client keeps paying them top dollar.

You are not really sitting on any fence there are you ?

Do you have any personal experience of Administrators ?

[Killiehibbie]

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Administrators are beggars, con men, fraudsters, politicians, spin doctors, lawyers, bankers, gamblers and liars all rolled into one. They will do anything, bend any 'rule', twist any 'truth' and basically sell their Granny as long as their client keeps paying them top dollar.

Going this admin and the one in Glasgow it doesn't look like they're acting in the creditors best interests.

[Spike Mandela]

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You are not really sitting on any fence there are you ?

Do you have any personal experience of Administrators ?

Between this thread and the sevco one several thousand posts worth.

[Spike Mandela]

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Presumably you'll include RobinP in that definition.

Especially RobinP.

[CropleyWasGod]

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Going this admin and the one in Glasgow it doesn't look like they're acting in the creditors best interests.

Again. That is not the main function of an administrator.

[stevejordan]

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You are not really sitting on any fence there are you ?

Do you have any personal experience of Administrators ?

I Done some dealings with an IP Called Robin Panton a few years ago decent bloke was he.

[Spike Mandela]

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Again. That is not the main function of an administrator.

So who does act for the creditors when they've been shafted by corrupt or incompetent businesses?

[CropleyWasGod]

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So who does act for the creditors when they've been shafted by corrupt or incompetent businesses?

A liquidator.

And, if need be, the Courts.

[GreenLake]

The sensible way for the Lithuanians to get out of this arm twisting is to delay things long enough for BDO to run out of money. The "big club" will fold up like a cheap suit and the Lithuanians will collect from a liquidation sale which at worse will bring in double what the fuds are offering.

[Spike Mandela]

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A liquidator.

If an administrator has done his job then, as per Duff and Phelps, there is nothing left for the liquidator to give to the creditors? What a con!

[Craig_in_Prague]

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The sensible way for the Lithuanians to get out of this arm twisting is to delay things long enough for BDO to run out of money. The "big club" will fold up like a cheap suit and the Lithuanians will collect from a liquidation sale which at worse will bring in double what the fuds are offering.

I think having meetings about meetings, is playing it this way already -

tickety tock

:-)

[Mikey]

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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 Select "Report on the Economy BAB bank creditors meeting 2014-02-28"


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.

Cheers Robin, very helpful.

For us

[CropleyWasGod]

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Cheers Robin, very helpful.

For us

Agreed.

It's not bad for a "beggar, con man, fraudster, politician, spin doctor, lawyer, banker, gambler and liar all rolled into one."

[Weststandwanab]

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The sensible way for the Lithuanians to get out of this arm twisting is to delay things long enough for BDO to run out of money. The "big club" will fold up like a cheap suit and the Lithuanians will collect from a liquidation sale which at worse will bring in double what the fuds are offering.

That has been their plan all along in my opinion and once relegation has been confirmed will, more than likely, occur becaues they will have "ran out of cash".

[Spike Mandela]

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Agreed.

It's not bad for a "beggar, con man, fraudster, politician, spin doctor, lawyer, banker, gambler and liar all rolled into one."

A good line for the CV if nothing else.

[Ozyhibby]

Still not a hint of discussion on Kickback. Nothing from BDO for weeks now. FoH have not even sent out a tweet for 3 days.
If they are liquidated it will be with a whimper.

[Killiehibbie]

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Again. That is not the main function of an administrator.

From an appreciation of the extent of an Insolvency Administrator's powers you will recognise that an administration process would provide a relatively unfettered way to re-organise the affairs of your company - to either ensure its rescue or to produce a better result for creditors than would have been obtained if there had been no administration.

Are the administrators allowed to pursue a re-organisation of the company with total disregard to creditors?

[Dashing Bob S]

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Agreed.

It's not bad for a "beggar, con man, fraudster, politician, spin doctor, lawyer, banker, gambler and liar all rolled into one."

Why didn't he just come out and call Robin a Jambo in the first place, instead of being all long-winded about it?

[CropleyWasGod]

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From an appreciation of the extent of an Insolvency Administrator's powers you will recognise that an administration process would provide a relatively unfettered way to re-organise the affairs of your company - to either ensure its rescue or to produce a better result for creditors than would have been obtained if there had been no administration.

Are the administrators allowed to pursue a re-organisation of the company with total disregard to creditors?

An administration, by definition, (almost?) always includes an attempt at a CVA. Against that background, creditors must be part of the process. So, in short, the answer would be "no".

Or have I misunderstood your question?

[CropleyWasGod]

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Why didn't he just come out and call Robin a Jambo in the first place, instead of being all long-winded about it?

I had assumed that, because the word "paedo" wasn't included, he wasn't going quite that far.

[Weststandwanab]

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Still not a hint of discussion on Kickback. Nothing from BDO for weeks now. FoH have not even sent out a tweet for 3 days.
If they are liquidated it will be with a whimper.

I beg to differ, I think it will be quite a do !

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Why didn't he just come out and call Robin a Jambo in the first place, instead of being all long-winded about it?

That is a bit harsh on Fraudsters.

[brog]

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

I don't think it is a problem of google translation. It would be a remarkable coincidence that it appears in the same para quoting the toxicity of PBS & political pressure which, along with the unwashed hordes tearing down any new development were the 3 things mentioned by Lord PB. My main hope is all this garbage is in there just to give the other creditors a laff rather than as a serious explanation as to why such a paltry offer was accepted.
They're certainly the famous, only team ever that proudly references their hooligan supporters as a rationale for not selling their hovel!

[stevejordan]

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Still not a hint of discussion on Kickback. Nothing from BDO for weeks now. FoH have not even sent out a tweet for 3 days.
If they are liquidated it will be with a whimper.

its all went very quiet could be the calm before the STORM.

[GreenLake]

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I don't think it is a problem of google translation. It would be a remarkable coincidence that it appears in the same para quoting the toxicity of PBS & political pressure which, along with the unwashed hordes tearing down any new development were the 3 things mentioned by Lord PB. My main hope is all this garbage is in there just to give the other creditors a laff rather than as a serious explanation as to why such a paltry offer was accepted.
They're certainly the famous, only team ever that proudly references their hooligan supporters as a rationale for not selling their hovel!

PBS = Pishy Breek's Slasher