Share Transfers Agreed/Cooling off period

[Glesgahibby]

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Well the last flurry of activity /publicity was aimed at letting Hear7s fans know nothings was likely to happen till end of April ,so maybe Brian Jacksons visit wasnt as fruitless as we all thought and they are planning more publicity round lead up to derby to bolster morale and flog more tickets.Question is will it be a cynical marketing ploy or is it Brinkmanship so that they can announce before Derby that they will defo be coming out of Admins .Interesting week right enough .Maybe all the Yams have been issued with Memorandums of Understanding to keep Shooooooosh on this .

Possible but would UBIGS administrators not have to publicly announce this meeting?
could it be that the writer(unnamed)of this article is going by the "1st quarter of the year"quote from UBIGS admins a while ago?

[Mikey]

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This is very strange
1)if there is a meeting scheduled for 28th march,why no announcement from BDO/FOH??
2)why would such an important meeting be announced via a story regarding,a hearts managers fears and with an off the cuff remark hidden within said story.
3)why hasn't gasman announced the date of this meeting???

Published 19th March, 14:37.

Updated 20th March, 02:14.

The bit about the meeting has been added overnight I'd say.

[Mikey]

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Possible but would UBIGS administrators not have to publicly announce this meeting?

GreenGinger will find it if it's out there

[kaimendhibs]

Even if this meeting does go ahead, and CVA is agreed isn't it still scuppered by frozen shares?


Sent from my iphone

[Craig_in_Prague]

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Published 19th March, 14:37.

Updated 20th March, 02:14.

The bit about the meeting has been added overnight I'd say.

I read that article yesterday and it has definitely now been updated with the meeting information.

So where did they get this info from ?

Typical - right before derby, these faceless cheating ****bags will get good news. I pray that i'm wrong and these delays continue & the game is up.

[CropleyWasGod]

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Even if this meeting does go ahead, and CVA is agreed isn't it still scuppered by frozen shares?


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This meeting wouldn't be about approving the CVA. UBIG abstained in that vote.
At best, the creditors would approve the sale of the shares.

[7062]

Meeting is mentioned here, but no specific date.

http://www.bbc.co.uk/sport/0/football/26180083

[StevieC]

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http://www.scotsman.com/sport/footba...ocke-1-3346446

UBIG meeting scheduled for 28th March according to this. Hadn't heard this before.

Isn't it the case that UBIG's "assets" can't be passed on because UKIO has security over them??

[Ozyhibby]

This would represent the first time the Evening News/ Scotsman has broken a story on this issue which makes it unlikely.
As it's such big news for them, it's strange that it is not the main headline of the story.

[Ozyhibby]

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Isn't it the case that UBIG's "assets" can't be passed on because UKIO has security over them??

No, they can't be sold because they are frozen by Kaunas district court.

[Mikey]

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Published 19th March, 14:37.

Updated 20th March, 02:14.

The bit about the meeting has been added overnight I'd say.

Just in case it disappears........

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However, the Tynecastle club are still dependent on events in Lithuania. As it stands, BDO, the club’s administrators, are waiting to conclude a Company Voluntary Arrangement whereby the Foundation of Hearts would purchase the near-80 per cent shareholding held by Lithuanian firms Ubig and Ukio. A Ubig creditors’ meeting is scheduled for 28 March in Lithuania but to BDO’s frustration, previous meetings have been cancelled at short notice as creditors prepare to vote on the transfer of shares to BDO – and then, ultimately, to BIDCO, the takeover company led by Edinburgh businesswoman Ann Budge, who has financed a £2.5 million rescue package.

[Keith_M]

I wouldn't get too excited about this, considering the source.

[dangermouse]

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even Locke is looking forward!!!

http://www.scotsman.com/sport/footba...ocke-1-3346446

from the article

However, the Tynecastle club are still dependent on events in Lithuania. As it stands, BDO, the club’s administrators, are waiting to conclude a Company Voluntary Arrangement whereby the Foundation of Hearts would purchase the near-80 per cent shareholding held by Lithuanian firms Ubig and Ukio. A Ubig creditors’ meeting is scheduled for 28 March in Lithuania but to BDO’s frustration, previous meetings have been cancelled at short notice as creditors prepare to vote on the transfer of shares to BDO

When did this come about. I thought nothing had been arranged by UBIG yet.

IGNORE THIS Col2 BEAT ME TO IT AND ANSWER PROVIDED

[greenpaper55]

When were the shares unfrozen ?, they can have fifty meetings if they want but they can do nothing with the shares until a court decides this is ok.

[CropleyWasGod]

A few points about this meeting, if its happening.
1. It's not about the CVA. UBIG abstained in that.
2. As it's the first meeting of creditors, it's likely to be about electing the creditors committee. ..as in UKIO.
3. At best, they would agree to the sale of the shares. That, IMO, is the easiest of the 3 critical elements of the deal.

[Glesgahibby]

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Published 19th March, 14:37.

Updated 20th March, 02:14.

The bit about the meeting has been added overnight I'd say.

Yes,I read the evening news version last night and no mention.
Sitback will take it as gospel without realising that if true,then BDO are deliberately holding back important information.My guess would be the writer of the article is using the"first quarter" quote.

[Glesgahibby]

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GreenGinger will find it if it's out there

Had a quick shifty myself this morning and "nada"
with so many creditors across Europe surely something,somewhere would appear in syber space.
as you say,greenginger will find it if it's there

[Ozyhibby]

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This would represent the first time the Evening News/ Scotsman has broken a story on this issue which makes it unlikely.
As it's such big news for them, it's strange that it is not the main headline of the story.

Actually, I may be talking rubbish (again).
Did the Evening News not break the story about the Ukio meeting? If so, then they could be right.
It also means the Ubig admin is operating a bit quicker the the Ukio admin as they were a good bit behind them in going into admin.

[Leithenhibby]

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I read that article yesterday and it has definitely now been updated with the meeting information.

So where did they get this info from ?

Typical - right before derby, these faceless cheating ****bags will get good news. I pray that i'm wrong and these delays continue & the game is up.

The EEN will drip feed them what they want to hear, I remember after ICT semi the EEN was full of positive spin. They need to keep them sweet.

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A few points about this meeting, if its happening.
1. It's not about the CVA. UBIG abstained in that.
2. As it's the first meeting of creditors, it's likely to be about electing the creditors committee. ..as in UKIO.
3. At best, they would agree to the sale of the shares. That, IMO, is the easiest of the 3 critical elements of the deal.

#3 - Reassuring to say the least

[Glesgahibby]

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Actually, I may be talking rubbish (again).
Did the Evening News not break the story about the Ukio meeting? If so, then they could be right.
It also means the Ubig admin is operating a bit quicker the the Ukio admin as they were a good bit behind them in going into admin.

I think you could be correct regarding the UKIO meeting but the UBIG meeting is a big story.Its the penultimate hurdle before the big one(20 footer)

[Craig_in_Prague]

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The EEN will drip feed them what they want to hear, I remember after ICT semi the ENN was full of positive spin. They need to keep them sweet.

Yes, understand...

but it is nearing the end game, one way or another - this has been one helluva soap opera !

just hope it ends with a death ;)

[Ozyhibby]

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A few points about this meeting, if its happening.
1. It's not about the CVA. UBIG abstained in that.
2. As it's the first meeting of creditors, it's likely to be about electing the creditors committee. ..as in UKIO.
3. At best, they would agree to the sale of the shares. That, IMO, is the easiest of the 3 critical elements of the deal.

What are your thoughts on the Creditors committee? Do they have the power to dispose of assets?
If so, then we would be almost at the rubber stamp stage for Ukio, early next month for Ubig and only the fact that Ubig assets are frozen holding things up?

[TRC]

Could they have got ubig Nd ukio mixed and this is just another part of their meeting.

[Leithenhibby]

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Yes, understand...

but it is nearing the end game, one way or another - this has been one helluva soap opera !

just hope it ends with a death ;)

The good thing about this Soap, is that we don't know how many episodes are left.......

[Bostonhibby]

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Well the last flurry of activity /publicity was aimed at letting Hear7s fans know nothings was likely to happen till end of April ,so maybe Brian Jacksons visit wasnt as fruitless as we all thought and they are planning more publicity round lead up to derby to bolster morale and flog more tickets.Question is will it be a cynical marketing ploy or is it Brinkmanship so that they can announce before Derby that they will defo be coming out of Admins .Interesting week right enough .Maybe all the Yams have been issued with Memorandums of Understanding to keep Shooooooosh on this .

This is entirely possible given how they go about news management but I think your average yam will continue to struggle with the "understanding" part of understanding, so I think a statement along the lines of allisstillbarrybutalsoverycomplex will be issued to keep the zombies at bay.

[CropleyWasGod]

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I think you could be correct regarding the UKIO meeting but the UBIG meeting is a big story.Its the penultimate hurdle before the big one(20 footer)

It's the ante-penultimate, to be pedantic.

Not that I'm Pedantic. I'm Sergey.

[Moulin Yarns]

Something else hidden in the report is an explanation why Hearts crowds are remaining so high....


“I am aware that a lot of clubs are represented at most of Hearts’ games,” Locke said yesterday.

[CropleyWasGod]

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What are your thoughts on the Creditors committee? Do they have the power to dispose of assets?
If so, then we would be almost at the rubber stamp stage for Ukio, early next month for Ubig and only the fact that Ubig assets are frozen holding things up?

If the process is similar to the UK, the creditors committee will meet, and then make a recommendation to the creditors in general. Since the CC for UKIO is largely made up of the Insurance chaps, and they also have control of the UKIO creditors' vote, that recommendation will be accepted.

That might take two meetings, though, and the first hasn't yet been scheduled.:)

We've not even started on that process for UBIG. AFAIK, their creditors committee hasn't been elected yet.

[jakeshibs]

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AFAIK, the creditors committee for UBIG hasn't been elected yet.

If the process is similar to the UK, though, the creditors committee will meet, and then make a recommendation to the creditors in general. Since the CC for UKIO is largely made up of the Insurance chaps, and they also have control of the UKIO creditors' vote, that recommendation will be accepted.

That might take two meetings, though, and the first hasn't yet been scheduled.:)

We've not even started on that process for UBIG.

This is so complicated, I just want them to be liquidated end of and soon. They best not get any good news prior to the derby. waiting a long time for this!

[GordonHFC]

If, as has been stated many times, UBIG and UKIO agree the shares can be passed on to FoH that this is actually irrelevant (or at the very least a very small cog in the wheel) as it is the Lithuanian Govenment (who have frozen the assets) who are in control and hold all the aces. If, as they suspect, Vlad and his cohorts have been very very naughty boys then those shares are not going to hit the defrost button on the microwave any time soon as I would imagine that this particular investigation will take an age to progress.

Anywho FTH