Share Transfers Agreed/Cooling off period

[Leithenhibby]

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So if they crawl over the line get relegated and survive till the last game this season is played with no sign of the shares is Liquidation a high probability ? or a certainty ?

I'd guess both

If they stumble across the finish line, and BJ does say they have funds to get there, I'd say it's big L for sure.........

[Weststandwanab]

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I may be wrong - and it's been known - but isn't the size of the offer irrelevant given that the shares are 'frozen' due to an ongoing criminal investigation? They could offer £100m and it wouldn't make a hoot of difference.

In my opinion the size of the offer would influence a thawing possibility.

Even if the shares are frozen because of fraud, I am sure they could be unfrozen, for the right sum, and the proceeds held in trust until the criminal matters have been dealt with and, assuming an innocent verdict is achieved, the sale prceeds could then be released to the rigtful owners or Liqdator.

If the offer was £100m I think you would find the shares unfrozen the same day.

[Dashing Bob S]

I'm almost hoping that we finish in the bottom six now. Here's a banner idea for the game at the PBS:

JAMBO'S, THANKS FOR THE PARTY,

EVERYBODY BACK TO OURS FOR THE LIQUIDATION BASH!

[brog]

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Bajillions.

Not that I doubt you but what is stopping BJ/BDO shutting the door now? A blind man can see that they are not a viable going concern in the long term, they cannot get anywhere near the shares so what is making it worthwhile to keep them going? What obligation does he, as an administrator, have to keep them going until the end of the season?

I, for one, am bored with them still living and want them dead asap.

If Yams don't make it to the end of the season they have to pay back £800k+ to SPFL so they will limp on until May somehow. They then should go into Liquidation ASAP IMO so they can quote the Oldco precedent of tier 4 before the pyramid system kicks in & they find themselves not just training at Riccarton but playing there on a Saturday as well.

[Ozyhibby]

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I accept that but BJ is not a stupid man and I would guess there must have been alternatives disussed, whatever that involves. I would expect BJ to know what he is going to do should the path to the shares be blocked, whether FOH or Bidco know is another matter.

BJ doesn't really need a plan B. If he can't get the shares, he liquidates. Job done.
It's FoH who need the plan B. I'm sure they have one but their failure to communicate with the yams means they could have problems getting it of the ground. All the money collected so far was on the understanding that it was to buy Hearts not start a new club in the fourth tier of Scottish football.

[Leithenhibby]

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If Yams don't make it to the end of the season they have to pay back £800k+ to SPFL so they will limp on until May somehow. They then should go into Liquidation ASAP IMO so they can quote the Oldco precedent of tier 4 before the pyramid system kicks in & they find themselves not just training at Riccarton but playing there on a Saturday as well.

When does this kick in?

If, they do liquidate, where would they play next season?....

[Onion]

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I accept that but BJ is not a stupid man and I would guess there must have been alternatives disussed, whatever that involves. I would expect BJ to know what he is going to do should the path to the shares be blocked, whether FOH or Bidco know is another matter.

Moving from Admin to Liquidation is HUGE and easily the most serious development in this saga. BDO will have to get all their ducks lined up, their PR machine well oiled and spin doctors (e.g. players, politicians, business men etc) fully briefed with the most positive spin they can possibly put on this. They'll have to be able to answer most of the tough questions we've all been asking on Hibs.net. The Yams have been fed a diet of nothing but good news for the last 9 months. They are a seriously deranged lot and will be out for blood of this all collapses in a heap.

What league ? what happens to PBS ? players contracts ? Staff ? Diddies money ? next season ? and so on.

If they end up in the lower leagues and lose the PBS, the mob will not blame Vlad or Rudi or Locke. They will blame BDO & BJ.

[Leithenhibby]

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Moving from Admin to Liquidation is HUGE and easily the most serious development in this saga. BDO will have to get all their ducks lined up, their PR machine well oiled and spin doctors (e.g. players, politicians, business men etc) fully briefed with the most positive spin they can possibly put on this. They'll have to be able to answer most of the tough questions we've all been asking on Hibs.net. The Yams have been fed a diet of nothing but good news for the last 9 months. They are a seriously deranged lot and will be out for blood of this all collapses in a heap.

What league ? what happens to PBS ? players contracts ? Staff ? Diddies money ? next season ? and so on.

If they end up in the lower leagues and lose the PBS, the mob will not blame Vlad or Rudi or Locke. They will blame BDO & BJ.

And to think that Mercer kicked it all off in the 80's. It's taken way to long to be where we are today for my liking.

[CropleyWasGod]

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I accept that but BJ is not a stupid man and I would guess there must have been alternatives disussed, whatever that involves. I would expect BJ to know what he is going to do should the path to the shares be blocked, whether FOH or Bidco know is another matter.

The point is that there is only one alternative to the CVA.

Of course BJ knows what he is going to do in that eventuality. He will speed-dial his favourite liquidator.

[CropleyWasGod]

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In my opinion the size of the offer would influence a thawing possibility.

Even if the shares are frozen because of fraud, I am sure they could be unfrozen, for the right sum, and the proceeds held in trust until the criminal matters have been dealt with and, assuming an innocent verdict is achieved, the sale prceeds could then be released to the rigtful owners or Liqdator.

If the offer was £100m I think you would find the shares unfrozen the same day.

An increase in the size of the offer would involve a completely new CVA, no?

And there isn't time for that.

[CropleyWasGod]

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Did BDO ever disclose why there was no plan B in a scenario similiar to Sevco?

Secondly how do you ever get any work done?

Not the first time I've been asked either question

On the first, I'd actually prefer to turn it on its head. How did D&P manage it? That's still to be explained, and investigated, by the Rangers' liquidators. In Hearts' case, I would think it unlikely to have worked, because UKIO (as secured creditor) would have kicked up a fuss.

On the second.....

This IS my work.

[stevejordan]

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I'd guess both

If they stumble across the finish line, and BJ does say they have funds to get there, I'd say it's big L for sure.........

They still seem to think all will be well saying that BDO Know what they are doing big proffesional company bla bla bla they wont accept that this is only weeks away now from imploding it looks like the wait will have been worth it as its been a slow painful death

[Weststandwanab]

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An increase in the size of the offer would involve a completely new CVA, no?

And there isn't time for that.

It would and I am sure they will "find the time" to do it if that was an option.

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I'm almost hoping that we finish in the bottom six now. Here's a banner idea for the game at the PBS:

JAMBO'S, THANKS FOR THE PARTY,

EVERYBODY BACK TO OURS FOR THE LIQUIDATION BASH!

May I attend ?

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BJ doesn't really need a plan B. If he can't get the shares, he liquidates. Job done.
It's FoH who need the plan B. I'm sure they have one but their failure to communicate with the yams means they could have problems getting it of the ground. All the money collected so far was on the understanding that it was to buy Hearts not start a new club in the fourth tier of Scottish football.

F.O.H. would require a change of Constitution, cue the M.P.

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When does this kick in?

If, they do liquidate, where would they play next season?....

They may not play at all

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The point is that there is only one alternative to the CVA.

Of course BJ knows what he is going to do in that eventuality. He will speed-dial his favourite liquidator.

Who is that CWG ?

[Leithenhibby]

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They still seem to think all will be well saying that BDO Know what they are doing big proffesional company bla bla bla they wont accept that this is only weeks away now from imploding it looks like the wait will have been worth it as its been a slow painful death

They being, HMFC fans?.

I'm sure BJ and BDO do know what they are doing, but when BJ first stepped inside Tiny he made it perfectly clear that he hadn't seen anything like it, and I'm sure he has seen some £ucked up companies over the years........

We still don't know how the meeting went today!!...... I know that HMFC weren't part of the agenda and we shall just have to wait until the next meeting, whenever that may be.

[stevejordan]

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They being, HMFC fans?.

I'm sure BJ and BDO do know what they are doing, but when BJ first stepped inside Tiny he made it perfectly clear that he hadn't seen anything like it, and I'm sure he has seen some £ucked up companies over the years........

We still don't know how the meeting went today!!...... I know that HMFC weren't part of the agenda and we shall just have to wait until the next meeting, whenever that may be.

Yes by them i mean the deluded hear7s fans

[JeMeSouviens]

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The point is that there is only one alternative to the CVA.

Of course BJ knows what he is going to do in that eventuality. He will speed-dial his favourite liquidator.

Did BDO not already pre-appoint themselves in the event of the Big L? Istr that from the initial creditors' meeting?

[Dashing Bob S]

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They being, HMFC fans?.

I'm sure BJ and BDO do know what they are doing, but when BJ first stepped inside Tiny he made it perfectly clear that he hadn't seen anything like it, and I'm sure he has seen some £ucked up companies over the years........

We still don't know how the meeting went today!!...... I know that HMFC weren't part of the agenda and we shall just have to wait until the next meeting, whenever that may be.

Yes, Jackson will become a Yam hate figure, but hate the game, not the player. They custodians they drooled over left their club in such an unholy mess that all he could really do is cut costs, sit back and wait for the phone call from Lithuania that never came and pocket his fees.

[Ozyhibby]

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They being, HMFC fans?.

I'm sure BJ and BDO do know what they are doing, but when BJ first stepped inside Tiny he made it perfectly clear that he hadn't seen anything like it, and I'm sure he has seen some £ucked up companies over the years........

We still don't know how the meeting went today!!...... I know that HMFC weren't part of the agenda and we shall just have to wait until the next meeting, whenever that may be.

We won't know what happened at the meeting today until Green Ginger brings us a badly translated press clipping from Lithuania. We will then briefly scan the document and conclude that the lucky b******* have been saved again. CWG and RobinP will then read it properly and see that nothing to do with the yams actually happened today which is good news for us and we will all rejoice again.
And really rejoice if they say there won't be another meeting for about 6 months.

[CropleyWasGod]

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Did BDO not already pre-appoint themselves in the event of the Big L? Istr that from the initial creditors' meeting?

You might be right. But, I thought that they couldn't do both. Part of the liquidator's job is, IIRC, to review the conduct of the administration, so you could see that there might be a conflict of interest.

CBA looking it up.... but someone will.

[Keith_M]

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Bajillions.

Not that I doubt you but what is stopping BJ/BDO shutting the door now? A blind man can see that they are not a viable going concern in the long term, they cannot get anywhere near the shares so what is making it worthwhile to keep them going? What obligation does he, as an administrator, have to keep them going until the end of the season?

I, for one, am bored with them still living and want them dead asap.

They are currently in the phase of taking their payment from Hearts income.

Call me cynical if you like but, the earlier BDO end this, the less money they get to remove from the club for themselves.

No club = no income = shorter holidays in The Seychelles for Mr Jackson, et al.

[Weststandwanab]

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They are currently in the phase of taking their payment from Hearts income.

Call me cynical if you like but, the earlier BDO end this, the less money they get to remove from the club for themselves.

No club = no income = shorter holidays in The Seychelles for Mr Jackson, et al.

You are cynical.

[Keith_M]

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You are cynical.

Why thank you

[Hermit Crab]

264 guest, yams coming here from the real info.

[Onion]

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They being, HMFC fans?.

I'm sure BJ and BDO do know what they are doing, but when BJ first stepped inside Tiny he made it perfectly clear that he hadn't seen anything like it, and I'm sure he has seen some £ucked up companies over the years........

We still don't know how the meeting went today!!...... I know that HMFC weren't part of the agenda and we shall just have to wait until the next meeting, whenever that may be.

That first point has been lost and dispelled as a Hobo myth a long time ago , swamped by the steady flow of positive energy generated by the biggest bowel movement in football history. Good luck to BJ and BDO in trying to backtrack to that soundbite :) If BJ manages to escape with accused of being a money-grabbing, lying, peg-selling Hobo that will be a result for him.

[robinp]

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You might be right. But, I thought that they couldn't do both. Part of the liquidator's job is, IIRC, to review the conduct of the administration, so you could see that there might be a conflict of interest.

CBA looking it up.... but someone will.

You can. I worked on the admin and liquidation of the same company.

[brog]

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When does this kick in?

If, they do liquidate, where would they play next season?....

Pyramid system starts next season. At end of 2014/15 winners of Lowland & Highland Leagues play off for the right to play the 10th team in League 2 ( 4th tier ). IMO if Yams want to get into Tier 4 they need to announce the big L asap at end of season, ie in about 2 months from now! Tick tock indeed.

[Jim44]

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264 guest, yams coming here from the real info.

....................... and that, despite the contempt and disbelief they attach to what's discussed over here. Then again, we are maybe a car crash they can't keep their eyes off. I suspect it's to do with their insecurity.

[Weststandwanab]

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Why thank you

You are welcome and I agree with your comment.

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264 guest, yams coming here from the real info.

Indeed, they are, even the die hard faithful are realising that the Big L is looming large for the famous.

[CropleyWasGod]

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That first point has been lost and dispelled as a Hobo myth a long time ago , swamped by the steady flow of positive energy generated by the biggest bowel movement in football history. Good luck to BJ and BDO in trying to backtrack to that soundbite :) If BJ manages to escape with accused of being a money-grabbing, lying, peg-selling Hobo that will be a result for him.

I don't think that BDO have any backtracking to do. They have been consistent in their public statements, particularly in terms of the difficulty in getting the shares.

FOH and Ian Murray, on the other hand.....

[CropleyWasGod]

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You can. I worked on the admin and liquidation of the same company.

Cool. Cheers.

You can understand my point about conflict of interest, though. Not that you would be swayed....