Share Transfers Agreed/Cooling off period

[Weststandwanab]

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Locke seems to think there is a meeting on Friday.

To costly to print.

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I live in Wardlaw Place, nipped into the Diggers on way home Fae work ( its ma local ) place was nowhere nearly as busy as a usual for a home game

[Eyrie]

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Because Budge wants control?

In your scenario, she would only have 29% of the shares. If she has invested all that money, she'd want to keep control until she was sure that she was getting it back. For all she knew, the other 71% could be in the hands of f'wits

Besides, the CVA has already been proposed with FOH buying the UBIG (and UKIO?) shares. Don't think it can be changed this late on.

Thanks Sergey/robinp/CWG/Bajillions.

So Budge will keep control until Save Hearts In Trouble have scraped together enough direct debits to buy her out in full. That's going to take a lot longer than five years once they start struggling in the lower leagues, leading to attendances decreasing and DD cancellations increasing.

[Geo_1875]

Where has this 5 year plan come from? I thought they were going to be fan owned in 3.

[CropleyWasGod]

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Where has this 5 year plan come from? I thought they were going to be fan owned in 3.

They will be when FOH have raised £6.3m. However long that takes.

[Mikey]

Right, let's have a look at what we know regarding this alleged meeting..........

Barry Anderson broke the story and we don't know his source.

BDO have said nothing.

Our man in the PBS has heard nothing.

FoH initially said that there was no meeting and are now just responding to press speculation by saying that they believe there is a meeting.

UBIG's Administrator has been contacted directly by 2 users on this site and the answer given was "I do not have any information about such a meeting". That's a direct quote by the way............ from UBIG's Administrator, not some BDO tea boy.

Notice has been given for every other UBIG (and UKIO) meeting but there's nothing to be found for this one.


So one of two things has happened here.......

There's a monumental cover up going on, just for the benefit of Hearts, and by leaking the story Barry Anderson has made a complete arse of himself.

There's no meeting and Barry Anderson has made a complete arse of himself.

Anyone see a link?

[tomf]

I have amused myself over recent years by writing down (for my own amusement) some of the "facts" and figures associated with the financial mess that is HoM. One of the things that has been consistent over the years has been the reasonably lucid and rational comments on the situation on this forum. There are so many serious questions that are raised when a financial crime is committed; especially when it is compounded by idiotic comments from the media, the fans and the club. Simply considering the current situation where, as far as I can see, there are three major stumbling blocks to the smooth purchase and survival of HoM, namely, the "frozen" shares, the ownership (and value) of the land / ground and the longer term financial viability of the club. Even with a meeting next week where the outcome somehow miraculously provides a clear road for the exit from administation there is still the issue of the future. If there are any of the deluded ones looking in, there are some other issues that you might want clarification on...Exactly how many shares are there in HoM? (I make it 283 million (as ludicrous as it sounds) but I am happy for anyone to check the figures for themselves). If Ms Budge can purchase a majority for £50K then that should give you an idea of how much they have come down in value. Is that a good investment, and if so, why? Is due diligence an issue in terms of the purchase of the club and, if so, what happens in the event of the discovery of criminal activity? For instance, what happened to the £1.8 million that the fans paid for shares that, as far as I am aware, were never issued? Will Ms Budge provide the shares? Did the shares ever exist? If not, isn't that a crime and has it been, or will it be, reported? What is the market value of the land and why would any creditor or administator be prepared to sell it at anything less than maket value and can Ms Budge or FoH afford to pay the market price as well as maintain the PBS? Just a few of the many points that come to mind...but good luck next week with that meeting.

[Jack Hackett]

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Right, let's have a look at what we know regarding this alleged meeting..........

Barry Anderson broke the story and we don't know his source.

BDO have said nothing.

Our man in the PBS has heard nothing.

FoH initially said that there was no meeting and are now just responding to press speculation by saying that they believe there is a meeting.

UBIG's Administrator has been contacted directly by 2 users on this site and the answer given was "I do not have any information about such a meeting". That's a direct quote by the way............ from UBIG's Administrator, not some BDO tea boy.

Notice has been given for every other UBIG (and UKIO) meeting but there's nothing to be found for this one.


So one of two things has happened here.......

There's a monumental cover up going on, just for the benefit of Hearts, and by leaking the story Barry Anderson has made a complete arse of himself.

There's no meeting and Barry Anderson has made a complete arse of himself.

Anyone see a link?

Here's a link http://www.edinburghnews.scotsman.co...oost-1-2979230.....unfortunately, I can't link to the tweet where he claimed it was a million quid 'cos he's deleted it

[Dashing Bob S]

I strongly believe that there will be a meeting of the Carrick Knowe Bowling Club committee next week.

Furthermore, I'm certain that the purchasing of pork scratchings to be served as bar snacks is on the agenda.

I know that the chairman and secretary of the bowling club know nothing about this meeting.

I'm not a member of the Carrick Knowe Bowling club myself.

In fact I've never been to Edinburgh, I'm Lithuanian.

How do I know? I'm not saying but I'm a reporter on a local rag so it's my business to know these things.

[CropleyWasGod]

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I have amused myself over recent years by writing down (for my own amusement) some of the "facts" and figures associated with the financial mess that is HoM. One of the things that has been consistent over the years has been the reasonably lucid and rational comments on the situation on this forum. There are so many serious questions that are raised when a financial crime is committed; especially when it is compounded by idiotic comments from the media, the fans and the club. Simply considering the current situation where, as far as I can see, there are three major stumbling blocks to the smooth purchase and survival of HoM, namely, the "frozen" shares, the ownership (and value) of the land / ground and the longer term financial viability of the club. Even with a meeting next week where the outcome somehow miraculously provides a clear road for the exit from administation there is still the issue of the future. If there are any of the deluded ones looking in, there are some other issues that you might want clarification on...Exactly how many shares are there in HoM? (I make it 283 million (as ludicrous as it sounds) but I am happy for anyone to check the figures for themselves). If Ms Budge can purchase a majority for £50K then that should give you an idea of how much they have come down in value. Is that a good investment, and if so, why? Is due diligence an issue in terms of the purchase of the club and, if so, what happens in the event of the discovery of criminal activity? For instance, what happened to the £1.8 million that the fans paid for shares that, as far as I am aware, were never issued? Will Ms Budge provide the shares? Did the shares ever exist? If not, isn't that a crime and has it been, or will it be, reported? What is the market value of the land and why would any creditor or administator be prepared to sell it at anything less than maket value and can Ms Budge or FoH afford to pay the market price as well as maintain the PBS? Just a few of the many points that come to mind...but good luck next week with that meeting.

All excellent points.

I would clarify the bit in bold, however. If the CVA goes through, the land and property are part of the deal. They are owned by HMFC. Therefore UBIG and UKIO transferring the shares in HMFC to FOH/AB effectively transfers the PBS as well.

There is no separate deal for the PBS, if that's what you mean. £2.5m gets the lot.

[Dashing Bob S]

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All excellent points.

I would clarify the bit in bold, however. If the CVA goes through, the land and property are part of the deal. They are owned by HMFC. Therefore UBIG and UKIO transferring the shares in HMFC to FOH/AB effectively transfers the PBS as well.

There is no separate deal for the PBS, if that's what you mean. £2.5m gets the lot.

But if the CVA doesn't go through, as now seems likely...

[GreenLake]

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All excellent points.

I would clarify the bit in bold, however. If the CVA goes through, the land and property are part of the deal. They are owned by HMFC. Therefore UBIG and UKIO transferring the shares in HMFC to FOH/AB effectively transfers the PBS as well.

There is no separate deal for the PBS, if that's what you mean. £2.5m gets the lot.

And that right there, as they say, is the rub.

[greenpaper55]

Banderson still mentioning this meeting in the Hearts article in todays EN and a part quote" On a more positive note, Locke welcome the news revealed by the Evening News on Thursday that a creditors meeting in Lithuania next week could help Hearts exit administratio" still spouting his p***.
.

[Winston Ingram]

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Banderson still mentioning this meeting in the Hearts article in todays EN and a part quote" On a more positive note, Locke welcome the news revealed by the Evening News on Thursday that a creditors meeting in Lithuania next week could help Hearts exit administratio" still spouting his p***.
.

So Hearts don't know about it, FoH don't know about it, BDO don't know about it but Banderson it's Banderson that tells Gary Locke

You would have thought someone in anofficial capacity would have bother to phone or email to check in the few days since Banderson 1st mentioned it. Yet still no confirmations

[stevejordan]

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Banderson still mentioning this meeting in the Hearts article in todays EN and a part quote" On a more positive note, Locke welcome the news revealed by the Evening News on Thursday that a creditors meeting in Lithuania next week could help Hearts exit administratio" still spouting his p***.
.

Did he mention what time it starts at and if there will be tea and coffee available ?

[GreenLake]

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Banderson still mentioning this meeting in the Hearts article in todays EN and a part quote" On a more positive note, Locke welcome the news revealed by the Evening News on Thursday that a creditors meeting in Lithuania next week could help Hearts exit administratio" still spouting his p***.
.

I wonder what other creditors meeting he is talking about other than the UBIG creditors meeting which the UBIG Administrator claimed was not taking place. Are they trying to get UBIG to transfer the shares behind the Administrator's back?

[CropleyWasGod]

They can't . The administrator has possession of them.

[Moulin Yarns]

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They can't . The administrator has possession of them.

But I thought this man had them?

The_Iceman

[Phil D. Rolls]

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I wonder what other creditors meeting he is talking about other than the UBIG creditors meeting which the UBIG Administrator claimed was not taking place. Are they trying to get UBIG to transfer the shares behind the Administrator's back?

You get the impression they are up to something. All this mention of Mrs. Budges lawyers trying to do deals, suggests they are trying to find some way round things in Lt.

Why so desperate for it to be done by next Friday though? It's as if they are saying "next Friday or bust" meaning all involved will (have to) walk away if no deal is done. Months ago Jackson hinted at the end of March being a cut off point.

Pleasing.

[Moulin Yarns]

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You get the impression they are up to something. All this mention of Mrs. Budges lawyers trying to do deals, suggests they are trying to find some way round things in Lt.

Why so desperate for it to be done by next Friday though? It's as if they are saying "next Friday or bust" meaning all involved will (have to) walk away if no deal is done. Months ago Jackson hinted at the end of March being a cut off point.

Pleasing.

Which is where I thing Banderson got his meeting from. He set a reminder on his phone and he assumes there must be a meeting on Friday to allow DHL to deliver the shares on Monday.

[Peevemor]

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You get the impression they are up to something. All this mention of Mrs. Budges lawyers trying to do deals, suggests they are trying to find some way round things in Lt.

Why so desperate for it to be done by next Friday though? It's as if they are saying "next Friday or bust" meaning all involved will (have to) walk away if no deal is done. Months ago Jackson hinted at the end of March being a cut off point.

Pleasing.

It certainly looks like they need to start selling 2014/15 STs soon or else they simply won't make it until the end of the season.

[GreenLake]

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It certainly looks like they need to start selling 2014/15 STs soon or else they simply won't make it until the end of the season.

Maybe they can get their sponsors to advance them money from next seasons lowland league shirt deal.

[Kato]

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You get the impression they are up to something. All this mention of Mrs. Budges lawyers trying to do deals, suggests they are trying to find some way round things in Lt.

Why so desperate for it to be done by next Friday though? It's as if they are saying "next Friday or bust" meaning all involved will (have to) walk away if no deal is done. Months ago Jackson hinted at the end of March being a cut off point.

Pleasing.

So it boils down to either yet another staggering piece of incompetence by Barry or a barely believable attempt at illegality by Budge and her lawyers.

I know my money is on the more mundane choice.

[Keith_M]

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It certainly looks like they need to start selling 2014/15 STs soon or else they simply won't make it until the end of the season.

CWG will be along shortly but, while we're waiting...

They can't. BDO have already admitted as much.


(or is this another 'whoosh' moment that I've fallen for....again )

[Kaiser1962]

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I have amused myself over recent years by writing down (for my own amusement) some of the "facts" and figures associated with the financial mess that is HoM. One of the things that has been consistent over the years has been the reasonably lucid and rational comments on the situation on this forum. There are so many serious questions that are raised when a financial crime is committed; especially when it is compounded by idiotic comments from the media, the fans and the club. Simply considering the current situation where, as far as I can see, there are three major stumbling blocks to the smooth purchase and survival of HoM, namely, the "frozen" shares, the ownership (and value) of the land / ground and the longer term financial viability of the club. Even with a meeting next week where the outcome somehow miraculously provides a clear road for the exit from administation there is still the issue of the future. If there are any of the deluded ones looking in, there are some other issues that you might want clarification on...Exactly how many shares are there in HoM? (I make it 283 million (as ludicrous as it sounds) but I am happy for anyone to check the figures for themselves). If Ms Budge can purchase a majority for £50K then that should give you an idea of how much they have come down in value. Is that a good investment, and if so, why? Is due diligence an issue in terms of the purchase of the club and, if so, what happens in the event of the discovery of criminal activity? For instance, what happened to the £1.8 million that the fans paid for shares that, as far as I am aware, were never issued? Will Ms Budge provide the shares? Did the shares ever exist? If not, isn't that a crime and has it been, or will it be, reported? What is the market value of the land and why would any creditor or administator be prepared to sell it at anything less than maket value and can Ms Budge or FoH afford to pay the market price as well as maintain the PBS? Just a few of the many points that come to mind...but good luck next week with that meeting.

Good post.

I also suspect that the money used to provide Hearts with debt forgiveness and debt for equity deals will be of more interest to the Lithuanian investigators than the book debt owed by the club to both UKIO or UBIG. I would be surprised if anything is let go until the financial relationships between the group companies has been examined and understood.

[Dashing Bob S]

Here's my favourite ever post on Kickback - perversely relating to Hibs fans.



"The Kubler-Ross model suggests that there are 5 stages of grief; Denial, Anger, Bargaining, Depression and Acceptance.

It would appear that they are moving on to stage 2, as so far we've had lots of denial.

Denial - we had a better card display, we would have won if the ref hadn't cheated, hearts were financially doping etc

And now on to anger, so eloquently scribed for us above by another of the sirgay minions.

The next 3 stages are Bargaining, Depression and acceptance.

It will be fun to watch them on the journey. "


It certainly is fun watching them on this journey!

[HUTCHYHIBBY]

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CWG will be along shortly but, while we're waiting...

They can't. BDO have already admitted as much.


(or is this another 'whoosh' moment that I've fallen for....again )

Nope. CWG will confirm your musings as highly factual, if only he would tell us where BDO will get their fee from. :-)

[Keith_M]

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Nope. CWG will confirm your musings as highly factual, if only he would tell us where BDO will get their fee from. :-)

Yep, that is indeed the great mystery in all of this

[stevejordan]

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Here's my favourite ever post on Kickback - perversely relating to Hibs fans.



"The Kubler-Ross model suggests that there are 5 stages of grief; Denial, Anger, Bargaining, Depression and Acceptance.

It would appear that they are moving on to stage 2, as so far we've had lots of denial.

Denial - we had a better card display, we would have won if the ref hadn't cheated, hearts were financially doping etc

And now on to anger, so eloquently scribed for us above by another of the sirgay minions.

The next 3 stages are Bargaining, Depression and acceptance.

It will be fun to watch them on the journey. "


It certainly is fun watching them on this journey!

But wait simmer the moment right now with " The Meeting Scheduled for Friday " they have moved to Euphoria Stage which includes Hope and Excitement they will drop to stage 3 when the meeting we all know wont happen except them does not happen.

Stage 4 kicks in after we horse them in the Derby.

Stage 5 on Monday Morning Relegated horsed by us and no meeting no hope depression and finally acceptance.

and yes its gonna be fun to watch.

[Kaiser1962]

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Here's my favourite ever post on Kickback - perversely relating to Hibs fans.



"The Kubler-Ross model suggests that there are 5 stages of grief; Denial, Anger, Bargaining, Depression and Acceptance.

It would appear that they are moving on to stage 2, as so far we've had lots of denial.

Denial - we had a better card display, we would have won if the ref hadn't cheated, hearts were financially doping etc

And now on to anger, so eloquently scribed for us above by another of the sirgay minions.

The next 3 stages are Bargaining, Depression and acceptance.

It will be fun to watch them on the journey. "


It certainly is fun watching them on this journey!

They are as up to date with Elizabeth Kubler-Ross as they are with everything else. It is now a seven stage model and the first stage is shock or disbelief followed by denial. There is little point explaining the rest to them as they are stuck between these two.

[Phil D. Rolls]

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They are as up to date with Elizabeth Kubler-Ross as they are with everything else. It is now a seven stage model and the first stage is shock or disbelief followed by denial. There is little point explaining the rest to them as they are stuck between these two.

I think all of this stuff pointing out that we also were in debt and had financial problems sees them heading towards experimentation. In that they have accepted they are in a mess, and are now looking at what happens after things go wrong.

Regrettably they have reached this stage too late to make any real difference. A recurring theme on here, over the years, ha been, living beyond your means ends in tears. In fact it is a schism that continues in our support.

If they could only have realised earlier that the same rules apply to them as apply to us they may have been able to avoid this. Instead they truly believed all the big team nonsense and thought we were unique in our folly.