Share Transfers Agreed/Cooling off period

**~~Peevemor~~** · 18-03-2014 08:46 PM

Originally Posted by Seveno

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I am am not convinced that anyone has explained this away yet. Can we have an explanation as to why this is not potentially good news for the yams.

The bank aren't the yams' problem - Jackson announced that an agreement in principal had been reached with them a couple of months ago. The stumbling block is still the UBIG shareholding which remains frozen (together with all their assets) pending investigation by the Lith authorities.

**~~clerriehibs~~** · 18-03-2014 08:50 PM

Originally Posted by Kato

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For all those lovely Hearts fans looking in...
The above are the people you have to address as "Mr/Mrs" for the time being.

***Seveno*** · 18-03-2014 08:52 PM

Originally Posted by CropleyWasGod

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What is contained in that report is the administrator's view.

It's not his call, though, whether the CVA is approved. That's down to the main creditor of UKIO, the State insurance chappies.

Thanks, CWG. I'll sleep better tonight.

**Dashing Bob S** · 18-03-2014 09:12 PM

Originally Posted by Kato

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For all those lovely Hearts fans looking in...
The above are the people you have to address as "Mr/Mrs" for the time being.

I can't see Mr and Mrs Lithuanian State Insurance being difficult to deal with. Plain sailing from now on in.

***CropleyWasGod*** · 18-03-2014 09:15 PM

Originally Posted by Peevemor

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The bank aren't the yams' problem - Jackson announced that an agreement in principal had been reached with them a couple of months ago. The stumbling block is still the UBIG shareholding which remains frozen (together with all their assets) pending investigation by the Lith authorities.

The bank are a problem, in that their creditors (ie Mr and Mrs State Insurance) haven't yet approved the CVA. The agreement was with the administrator, and it isn't his call.

Conversely, getting the agreement of the UBIG creditors will be, IMO, the easiest of the 3 requirements.

**~~Peevemor~~** · 18-03-2014 09:35 PM

Originally Posted by CropleyWasGod

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The bank are a problem, in that their creditors (ie Mr and Mrs State Insurance) haven't yet approved the CVA. The agreement was with the administrator, and it isn't his call.

Conversely, getting the agreement of the UBIG creditors will be, IMO, the easiest of the 3 requirements.

Obviously nothing in the process is a given, but is their biggest problem not that nothing (apart from liquidation) can happen until UBIG's assets are unfrozen, and nobody knows when this might happen?

***CropleyWasGod*** · 18-03-2014 09:39 PM

Originally Posted by Peevemor

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Obviously nothing in the process is a given, but is their biggest problem not that nothing (apart from liquidation) can happen until UBIG's assets are unfrozen, and nobody knows when this might happen?

Yep, that's the biggest problem.

Getting the UKIO creditors to agree the CVA is the second.
Getting the UBIG creditors to agree the share transfer is, IMO, the easiest.

All 3 are necessary to exit admin.

***Ozyhibby*** · 18-03-2014 09:41 PM

Originally Posted by CropleyWasGod

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The bank are a problem, in that their creditors (ie Mr and Mrs State Insurance) haven't yet approved the CVA. The agreement was with the administrator, and it isn't his call.

Conversely, getting the agreement of the UBIG creditors will be, IMO, the easiest of the 3 requirements.

I don't think they will have a problem getting agreement from either. It's time that's the factor.
And the frozen shares.
:-)

**Weststandwanab** · 18-03-2014 09:55 PM

Originally Posted by Ozyhibby

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I don't think they will have a problem getting agreement from either. It's time that's the factor.
And the frozen shares.
:-)

Correct.

It is the time delays which will mean the cash runs out which will result in the big L.

**Dashing Bob S** · 18-03-2014 10:02 PM

Originally Posted by Weststandwanab

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Correct.

It is the time delays which will mean the cash runs out which will result in the big L.

They probably really need something to happen by the end of next week or they'll declare liquidation. Even then, it may already be too late.

**~~Sergey~~** · 18-03-2014 10:11 PM

Originally Posted by Dashing Bob S

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They probably really need something to happen by the end of next week or they'll declare liquidation. Even then, it may already be too late.

I'm not normally one to post on this sort of speculation thread, but I seem to recall 'out of admin by Christmas' being mentioned last year - then it was Jan - then Feb - then March - then April - now it seems to be May.

I really must try to keep up - I don't have a clue as to what's happening.

**kdhibees1** · 18-03-2014 10:17 PM

Originally Posted by Sergey

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I'm not normally one to post on this sort of speculation thread, but I seem to recall 'out of admin by Christmas' being mentioned last year - then it was Jan - then Feb - then March - then April - now it seems to be May.

I really must try to keep up - I don't have a clue as to what's happening.

You really are an amateur! Keep up, son!

**JeMeSouviens** · 18-03-2014 10:19 PM

It's in the proposal to creditors of July 26 2013.

That in the event there are sufficient funds to enable a payment by way of distribution to unsecured creditors then we, as Joint Administrators, will cause the Company to be placed into Creditors’ Voluntary Liquidation, with Bryan Alan Jackson, Trevor Nigel Birch and James Bernard Stephen being appointed as Joint Liquidators, by filing the requisite forms with the Registrar of Companies pursuant to Paragraph 83 of Schedule B1 to the Insolvency Act 1986.

**JeMeSouviens** · 18-03-2014 10:21 PM

Originally Posted by Sergey

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I'm not normally one to post on this sort of speculation thread, but I seem to recall 'out of admin by Christmas' being mentioned last year - then it was Jan - then Feb - then March - then April - now it seems to be May.

I really must try to keep up - I don't have a clue as to what's happening.

At one point they were going to be out of admin, debt free and signing players in the August window.

**fat freddy** · 18-03-2014 10:45 PM

Originally Posted by JeMeSouviens

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It's in the proposal to creditors of July 26 2013.

I noticed on your link that Brian Jackson is named as Brian Alan Jackson....BAJ. Is anyone thinking what Im thinking?

**Weststandwanab** · 18-03-2014 10:52 PM

Originally Posted by Dashing Bob S

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They probably really need something to happen by the end of next week or they'll declare liquidation. Even then, it may already be too late.

It is too late already IMO

Originally Posted by Sergey

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I'm not normally one to post on this sort of speculation thread, but I seem to recall 'out of admin by Christmas' being mentioned last year - then it was Jan - then Feb - then March - then April - now it seems to be May.

I really must try to keep up - I don't have a clue as to what's happening.

Standards are slipping ere.

Originally Posted by JeMeSouviens

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It's in the proposal to creditors of July 26 2013.

Good spot.

Originally Posted by JeMeSouviens

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At one point they were going to be out of admin, debt free and signing players in the August window.

Which August though ?

Originally Posted by fat freddy

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I noticed on your link that Brian Jackson is named as Brian Alan Jackson....BAJ. Is anyone thinking what Im thinking?

No........

***jacomo*** · 18-03-2014 11:22 PM

Originally Posted by fat freddy

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I noticed on your link that Brian Jackson is named as Brian Alan Jackson....BAJ. Is anyone thinking what Im thinking?

Bajillions always denies his source is Brian Jackson. But has he ever denied he IS Brian Jackson?

You join the dots and... Wow. I hope none of The Famous read this tonight, or the whole thing might get rumbled.

***greenginger*** · 18-03-2014 11:25 PM

Another Lith. news article covering the meeting. Nothing new in the text, but there is a good slide show of pictures taken at the meeting.

http://www.lrytas.lt/-13951312891394...m#.UyjiLqh_tig

Nobody seems very happy .

**~~Sergey~~** · 18-03-2014 11:41 PM

Originally Posted by greenginger

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Another Lith. news article covering the meeting. Nothing new in the text, but there is a good slide show of pictures taken at the meeting.

http://www.lrytas.lt/-13951312891394...m#.UyjiLqh_tig

Nobody seems very happy .

Since Vlad systematically closed their textile industry, one poor sod still has a reindeer jumper on.

Al the best GG

Bajillions

**~~Nailrod~~** · 19-03-2014 12:14 AM

I'm keeping a careful watch on this thread... I'm hoping to score the SIX MILLIONTH view!!!!

**crewetollhibee** · 19-03-2014 01:24 AM

Originally Posted by greenginger

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Another Lith. news article covering the meeting. Nothing new in the text, but there is a good slide show of pictures taken at the meeting.

http://www.lrytas.lt/-13951312891394...m#.UyjiLqh_tig

Nobody seems very happy .

REAL people, suffering REAL hardship; all so the yams could pursue their 'Big Team' pipe-dream. This is their shame, and very soon, their epitaph.

***GreenLake*** · 19-03-2014 03:06 AM

Originally Posted by crewetollhibee

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REAL people, suffering REAL hardship; all so the yams could pursue their 'Big Team' pipe-dream. This is their shame, and very soon, their epitaph.

***Jack*** · 19-03-2014 06:23 AM

Originally Posted by greenginger

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Another Lith. news article covering the meeting. Nothing new in the text, but there is a good slide show of pictures taken at the meeting.

http://www.lrytas.lt/-13951312891394...m#.UyjiLqh_tig

Nobody seems very happy .

Never seen such a dull set of photos in my puff, an empty cloakroom FFS! I think the only decent one was towards the end where 3 folk had walked out because there were no biscuits!

**macca70** · 19-03-2014 06:33 AM

Originally Posted by greenginger

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Another Lith. news article covering the meeting. Nothing new in the text, but there is a good slide show of pictures taken at the meeting.

http://www.lrytas.lt/-13951312891394...m#.UyjiLqh_tig

Nobody seems very happy .

12 comments added under the article, wonder if there is anything of any interest in there.

Would be interesting to get this translated and posted up?

'What are your thoughts on Heart of Midlothian Football Club blatantly overspending and wasting UKIO Bank Customers hard earned savings and their fans continue to hail Vladimir Romanov as a Hero?'

***s.a.m*** · 19-03-2014 06:53 AM

Originally Posted by macca70

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12 comments added under the article, wonder if there is anything of any interest in there.

Would be interesting to get this translated and posted up?

'What are your thoughts on Heart of Midlothian Football Club blatantly overspending and wasting UKIO Bank Customers hard earned savings and their fans continue to hail Vladimir Romanov as a Hero?'

I can save everyone the bother:

"5-1"

"1902"

"Killed you as a club"

"Methadone swilling drugs ridden hobos"

"Please Mr eh...Somebody...can we have the shares?"

"You don't need to ask them - it's in the bag!"

"Who are you? I think you have the wrong forum?"

"I'm an MP from the UK blah blah..."

***Jim44*** · 19-03-2014 07:06 AM

Originally Posted by Seveno

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I am am not convinced that anyone has explained this away yet. Can we have an explanation as to why this is not potentially good news for the yams.

Because Stuart Bathgate hasn't pounced on it and splashed it over the back page of the Scotsman. :-)

**Kaiser1962** · 19-03-2014 07:12 AM

Originally Posted by Dashing Bob S

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They probably really need something to happen by the end of next week or they'll declare liquidation. Even then, it may already be too late.

Maybe not next week but it must be getting close.

**Kaiser1962** · 19-03-2014 07:23 AM

Originally Posted by Weststandwanab

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It is too late already IMO

What is "pleasing" is that the bean counters on this board are generally of the same opinion. Overall suggestion is, and has been for a while now, that liquidation is the most likely outcome.

This is supported by the posts of both Sergey and Bajillions.

For any Yams looking in as I said , PLEASING.

**Weststandwanab** · 19-03-2014 07:40 AM

Originally Posted by Kaiser1962

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What is "pleasing" is that the bean counters on this board are generally of the same opinion. Overall suggestion is, and has been for a while now, that liquidation is the most likely outcome.

This is supported by the posts of both Sergey and Bajillions.

For any Yams looking in as I said , PLEASING.

I have been of that opinion since the start of the season because, IMO, they will simply run out of cash.

CWG and others has, on occasion, made excellent points which have caused me to pause and think but am still of the same opinion the only way forward is the big L unless Budge opens the purse strings and, in my experience, people with her wealth are not known for acts of financial folly.

To the large number of Yam visitors, wake up, get Plan B out of the closet and get going with Newco Jambos which hopefully will see derbies return in a few seasons.