Share Transfers Agreed/Cooling off period

[Phil D. Rolls]

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I don't know a single word of Lithuanian, FR...but having several contacts in Kaunas who are fluent, it's easy enough to get them to do the necessary translations.

Thanks, couldn't be bothered unravelling the story. Presumably when you can't speak to your contacts you use Google translate?

On a side note. There is a worrying level of homophobia on JKB, that some might suggest points towards denial and diversion. Why else use a word like bumhammer?

Hope the girls over there will be a bit more comfortable with themselves soon. Let's face it, they won't be able to use The Famous as a diversionary tactic much longer.

In a similar vein, I would have thought that even the most liberal admin. would draw the line at making fun of Learning Disabilities.

[Phil D. Rolls]

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My understanding is that he didn't use Google Translate (because it doesn't work well). He translated it for us himself, so obviously does speak Lithuanian.

You having a laugh, or didn't you read his reply? Questions have to be asked, otherwise we become as gullible and subservient as the Yaks.

Ps there's a wee head scratching exercise across the road. All gone quiet after a flurry if activity in the last hour.

They can't handle the truth!

(Insert Jack Nicholson smiley, with the word "pleasing' flashing on and off.)

[GreenLake]

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You having a laugh, or didn't you read his reply? Questions have to be asked, otherwise we become as gullible and subservient as the Yaks.

Ps there's a wee head scratching exercise across the road. All gone quiet after a flurry if activity in the last hour.

They can't handle the truth!

(Insert Jack Nicholson smiley, with the word "pleasing' flashing on and off.)

Here is the google translate for the admins quote from Lithuanian into English.

"Re-informs you that the information on the 28 March. ŪBIG meeting of creditors have"

His translation came from some other source.

[jdships]

Been speaking with an old friend who is in the FofH hierachy and he says there was a get together over the weekend of a " few of us who are at the coal face of all this "
He went on to say that none of them is " holding our breath that everything will be resolved 28/3 "
" I still have that terrible feeling that liquidation is going to be the final throw "

This lad is in his 70's a genuine football supporter who often comes to ER with our crowd because being just that and I accept what he says as being an honest take on things as he sees them .

[lord bunberry]

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Been speaking with an old friend who is in the FofH hierachy and he says there was a get together over the weekend of a " few of us who are at the coal face of all this "
He went on to say that none of them is " holding our breath that everything will be resolved 28/3 "
" I still have that terrible feeling that liquidation is going to be the final throw "

This lad is in his 70's a genuine football supporter who often comes to ER with our crowd because being just that and I accept what he says as being an honest take on things as he sees them .

I love how you call someone in their 70s a lad

[Jack]

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TBH, he's probably getting on with his job or his holiday. The fact that he's not being pestered by intrepid reporters, keen to get the real truth, will suit him fine.

If there's a meeting on Friday, he'll be doing what he can to influence the outcome. If there's not, he won't.

It still must take time for him and/or his staff to do the necessary background work needed to field the questions that must surely be coming their way.

More in fees, more unnecessary expense caused by allisbarry. I wonder just how much he has cost them since last summer?

[Sergey]

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Thanks, couldn't be bothered unravelling the story. Presumably when you can't speak to your contacts you use Google translate?

On a side note. There is a worrying level of homophobia on JKB, that some might suggest points towards denial and diversion. Why else use a word like bumhammer?

Hope the girls over there will be a bit more comfortable with themselves soon. Let's face it, they won't be able to use The Famous as a diversionary tactic much longer.

In a similar vein, I would have thought that even the most liberal admin. would draw the line at making fun of Learning Disabilities.

The online translation tools for Lithuanian just about suffice for translation from Lithuanian into English, but they don't work well the other way ENG-LT.

Best to get those done by someone who knows what they're talking about and trying to say.

I got RobinP's reply translated for him on Friday as it had a typo in the LT reply and subsequently the online translators could make no sense of it.

[Heisenberg]

http://sport.stv.tv/football/clubs/h...res-next-week/

[Phil D. Rolls]

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Here is the google translate for the admins quote from Lithuanian into English.

"Re-informs you that the information on the 28 March. ŪBIG meeting of creditors have"

His translation came from some other source.

Yes, he confirmed that. So just to summarise for our guests: Sergey admits he can't speak Lithuanian (contrary to a post in The Bunker, across the road). Any speculation about whether he used Google translate, should bear in mind his assertion that he CANNOT SPEAK LITHUANIAN.

I'm surprised that the press haven't picked up on the news on here. After getting every turn of the SEVCO story wrong, you'd think they'd be more alert to social media.

That'll be the same press that didn't ask questions about the share certificates, the same press that seems to have been taken aback by Hearts administration; the same press that reports an attendance of 13k at the PBS when it was clearly 9,000.

If I was a Yam, I'd be relying on the press rather than a bunch of Hobo fantasists too. The press have been spot on with everything so far. The Hobo fantasists have been lucky that's all.

[GreenLake]

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http://sport.stv.tv/football/clubs/h...res-next-week/

So Sergey was bang on and Banderson was talking crap!

[Phil D. Rolls]

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http://sport.stv.tv/football/clubs/h...res-next-week/

Does that mean the freezer will get switched off?

[tomf]

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There's a confusion between nominal value, issue price and share premiums here. The 2008 share issue consisted of £34,285,714 shares with a nominal value of 10p - that increased the share capital by £3.4m (rounded off). They were issued at a price of 35p - a premium of 25p - which increased the share premium by £8.5m. The issue reduced debt £12m - 34m x 35p. The other conversion followed a similar pattern.

The real question was why this was done. The club was already worthless and this action reduced UBIG's potentially recoverable debtor into an unrecoverable (i.e. worthless) investment. Since UBIG was an investment-based concern it seems likely that the motive was to falsely inflate their balance sheet by massively overvaluing the HoMFC shareholding.

I appreciate you clarification although I am not sure that I follow it completely...however, I bow to your superior economic knowledge; my point was that the "facts and figures" I have used come from the Hearts own website. If there is a confusion over the vaue of the shares and the arithmetic involved it is entirely theirs.

[CropleyWasGod]

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http://sport.stv.tv/football/clubs/h...res-next-week/

Finally, someone actually asks the questions. Took them long enough

So, the UBIG woman was telling the truth.

Bazza got the companies wrong

As I suggested earlier today, the UBIG meeting IS taking place, but on a different day.

[jdships]

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I love how you call someone in their 70s a lad

It's all ego related !
When you are 70 or over " Ego" kicks in and you live off little throw away's
I am 83 and am chuffed when my good mate , 65 , says " right lad fancy a pint ? "

Remember " Beauty is in the eye of the beholder " as is age !!!!!

[Dashing Bob S]

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Get a grip man. The first rule when playing "tease the roaster" is don't mention "tease the roaster".

I believe that an inverted version of the game known as 'roast the teaser', will be launched on Friday.

[Phil D. Rolls]

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Finally, someone actually asks the questions. Took them long enough

So, the UBIG woman was telling the truth.

Bazza got the companies wrong

As I suggested earlier today, the UBIG meeting IS taking place, but on a different day.

But it does appear that things are moving in FOHs direction?

[GreenLake]

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Finally, someone actually asks the questions. Took them long enough

So, the UBIG woman was telling the truth.

Bazza got the companies wrong

As I suggested earlier today, the UBIG meeting IS taking place, but on a different day.

A different week but yet to be confirmed. I hope they tell the UBIG administrator.

[BH Hibs]

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http://sport.stv.tv/football/clubs/h...res-next-week/

So it looks like it's going to the freezer test then?

[Craig_in_Prague]

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But it does appear that things are moving in FOHs direction?

You mean Purple pants?

Looks like it.

Just hope UBIG meeting is delayed......

and is it true then or not, that last step is all approved by the lith. courts?

[HappyAsHellas]

Linked from brokeback, STV report;



The administrator in charge of Heart of Midlothian’s largest creditor has told STV he believes the deal to transfer shares in the club to the new owners will be given the green light next week.
Gintaras Adomonis of Valnetas UAB, the firm overseeing the bankruptcy of Vladimir Romanov’s collapsed Ukio Bankas, confirmed a meeting of the creditors of the bank will convene on Friday.
Ukio is the largest creditor of Hearts, holding 29.5% of the club’s shares and Tynecastle Stadium as security over the £15m it is owed by the Edinburgh club.
It had been previously reported that the meeting on Friday was of creditors of UBIG, the holding company that controls a 49.47% stake in Hearts, but that is understood to be taking place next week.
Mr Adomonis said the transfer of shares to BIDCO in a £2.5m CVA deal should be approved on Friday, while he also expects the UBIG creditors to vote in favour of releasing their shareholding to prospective new owner Ann Budge.
A deal was agreed in principle in February for UBIG to release their shares in return for a one-off payment, reported to be around £50,000.
He said: “The creditors meeting held on the 28th of March will be the meeting of Ukio Bankas creditors, not UBIG.
“It is considered that the creditors of Ukio Bankas will approve the deal of Hearts sale to BIDCO. There are no reasons to believe in any other decision as no alternatives have been proposed to be included in the agenda.
“As far as we know, UBIG’s creditors meeting is planned at the end of the next week, but it is still to be confirmed.
“We believe that the creditors of UBIG will also approve the deal during the meeting and it will be green lights all the way.
“If the approval by the creditors of Ukio Bankas and UBIG is on hand, the process will move forward as soon as possible.”
Hearts entered administration in June last year, with BDO overseeing the process.
They were deducted 15 points for the Scottish Premiership season and an embargo on new player registrations for the duration of the administration.

[Dashing Bob S]

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So it looks like it's going to the freezer test then?

It looks like we're on for the freezer test, unless any resident finance experts can see any other obstacles?

[#FromTheCapital]

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So it looks like it's going to the freezer test then?

Yes looks like it. Unless the Ukio creditors decide not to accept the poor offer or UBIG don't play ball. Although both seem to be a formality. Looks like we'll find out very shortly if the frozen shares are going to have a bearing on anything.

[GlasgowHibee]

So can somebody explain to the simpletons like me what this all means? Are the yams going to get away with it all, again?

[CropleyWasGod]

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It looks like we're on for the freezer test, unless any resident finance experts can see any other obstacles?

The administrator of UKIO seems to think it's a formality, but it's not necessarily so.

Remember that it's not his call. It's up to the largest UKIO creditor, who has the power on their own to pass or reject the motion.

[GreenLake]

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It looks like we're on for the freezer test, unless any resident finance experts can see any other obstacles?

They have the additional logistical nightmare of leasing a freighter to transport 3/4 of a trillion Hearts Share Certificates created during the Romanov regime from the freezer vaults to the UK.

[jakeshibs]

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http://sport.stv.tv/football/clubs/h...res-next-week/

Does this mean they are getting what they want and will get away with it? I am now completely confused happy one minute sad the next, the life and times of being a Hibs supporter, I just want them to be liquidated so that I can always have the last laugh.

Some one itk please educate me as to what is likely to happen now are they getting away with it? I really don't understand It now and have lost the plot,

please lets get in tae them at the PBS give me a reason to smile, Mon the Hibs!

[Gus Fring]

The homophobes over in Kickback are now claiming this as a victory despite us saying there was no UBIG meeting. Which there isn't. There's a UKIO meeting. UKIO only hold a 29% shareholding and they pretty much agreed to all of this back in November anyway. Hearts could get their hands on the UKIO shares on Friday afternoon, all that does is makes FOH a minority shareholder.

They still need UBIGs shares. There is no meeting of UBIG scheduled.

Barry has once again made a mistake that has meant this has gone from being potentially game changing news to being not much of anything. Barry sold papers and internet hits based on UBIG. The man is a liar and the Hearts fans keep falling for it over and over again.

Hibs.net said there was no UBIG meeting on the 28th (after actually putting in the effort) and we were correct.

[GlasgowHibee]

Another thing, how do I gain access entry to the private members forum. I want to be kept in the loop with this.

[CropleyWasGod]

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Another thing, how do I gain access entry to the private members forum. I want to be kept in the loop with this.

You have to pay a tenner, and promise that you are one of Sergey's alter-ego's.

[robinp]

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Another thing, how do I gain access entry to the private members forum. I want to be kept in the loop with this.

There is a link somewhere on the site (Mikey will be along with the link in a minute). You pay £10.00 for a year.

You need a significant amount of posts to pass the "vetting" test as a hobo and not a Jambo looking for some real info on their club. I think this can be circumvented if a current PM or Admin can vouch for you.