Share Transfers Agreed/Cooling off period

[AndyB_70]

Meeting delayed. Oh that's terrible news. The poor wee YAMs must be getting worried.

[Weststandwanab]

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Best ride I've had

Tempting but I do remember...

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Definitely looks like D-Day will be arriving within the next month or so when we will know the likely outcome of this..

Unfortunately it seems to me that the last few hurdles will also be cleared and the Saviles will finally be able to rejoice at achieving their target of bumping as many people as possible and becoming virtually debt free whilst avoiding the liquidiser.

I'm not about to be grateful for a relegation and huge drop in turnover as nobody needs millions to get out the first division and compete - or triumph - against Hibs.

Keep the faith the big L is still probable in my opinion

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You can't transfer frozen shares bud

Ukio and ubig can agree to transfer them (subject to the courts approval)

The press have been slow on the uptake though

The courts in the case of Portsmouth fc froze the shares years ago...and they're still frozen as part of a criminal investigation

Vlad is in the same boat as the Pompey owner, under criminal investigation, so the unfreezing of shares is highly unlikely (regardless of what ukio & ubig do or say)

It'll be years

Spot on it is down to the Lith Courts plugging in a microwave sometime.......

[Spike Mandela]

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Meeting delayed. Oh that's terrible news. The poor wee YAMs must be getting worried.

Not really. There was always a cooling off, appeal period wasn't there?

[greenpaper55]

According to this, http://www.scotsman.com/sport/footba...ania-1-3355045

The wee souls think they are getting the shares after the UBIG meeting but they are frozzzzzen.

[Ronniekirk]

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What is there to worry about?

They are trying to play mind games and make us think that there is a positive end game in sight .I want maximum financial suffering to be experienced by them as there is no contrition or remorse just let us sign Rudi ,don't burn out our young players, don't pay our debts as it was nothing to do with us Vlad forced this on us and we were all oblivious to what was going on .There complacency and smugness at times defies belief .Therefore I want this to drag into May and beyond so that Liquidation becomes only way out ,as I genuinely think that given the scale of cheating ie wages being paid ( remember some of there players were on seven to ten grand ) when it was clear this wasn't sustainable ,and no one addressed the issue . This is payback time

[Coco Bryce]

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They are trying to play mind games and make us think that there is a positive end game in sight .I want maximum financial suffering to be experienced by them as there is no contrition or remorse just let us sign Rudi ,don't burn out our young players, don't pay our debts as it was nothing to do with us Vlad forced this on us and we were all oblivious to what was going on .There complacency and smugness at times defies belief .Therefore I want this to drag into May and beyond so that Liquidation becomes only way out ,as I genuinely think that given the scale of cheating ie wages being paid ( remember some of there players were on seven to ten grand ) when it was clear this wasn't sustainable ,and no one addressed the issue . This is payback time

A lot lot more than that I think you'll find. Gordon, Driver, Nade, Skacel, Obua for starters

[Jack]

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Hearts set for more delays in Lithuania
Published: 27 March 2014


Bryan Jackson. Picture: Colin Hattersley
Hearts are braced for further frustrating delays in Lithuania despite learning that UBIG’s creditors meeting will take place on 7 April.


Even if Hearts’ administrators BDO get the result they are seeking, they could have to wait until the end of April to have the collapsed investment company’s 50 per cent stake transferred due to a 20-day appeal window.

A creditors’ meeting involving the club’s largest creditor Ukio Bankas, scheduled for tomorrow, is set to approve the handover of the bank’s 29.9 per shareholding to BIDCO, Hearts’ prospective chairwoman Ann Budge’s holding company.

It had been hoped that Budge would assume control by mid-April, but she now might have to wait until the start of May.

BDO troubleshooter Bryan Jackson had said that he only had enough money in the bank to get Hearts through to the end of March. He could start selling season tickets to raise vital finance or ask the Foundation of Hearts, who are backed by over 8,000 fans donating a combined £1.4m annually, for help.


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The 7th April is 10 days away, 4 of which are non working.

Remember the equivalent UKIO meeting had either 12 or 18 days notice (would some younger person please jog this aulder persons fading memory?) when invitations were sent out/made public, agendas, reports published, passports required and pens sharpened all that stuff!

Expect more delays to be added to the more delays.

[Ronniekirk]

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A lot lot more than that I think you'll find. Gordon, Driver, Nade, Skacel, Obua for starters

Has anyone got a list of thier top 10 earners just to remind ourselves of how outwith thier means they were living and what was the most we ever paid ,was it five grand a week ? To Sauzee

[Weststandwanab]

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A lot lot more than that I think you'll find. Gordon, Driver, Nade, Skacel, Obua for starters

Skacel's lawyers claimed in The Sherriff Court he was on £3.5k a week when his agent was suing him.

That however may only be the sum that was received In Scotland who knows........

[Caversham Green]

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Hearts set for more delays in Lithuania
Published: 27 March 2014


Bryan Jackson. Picture: Colin Hattersley
Hearts are braced for further frustrating delays in Lithuania despite learning that UBIG’s creditors meeting will take place on 7 April.


Even if Hearts’ administrators BDO get the result they are seeking, they could have to wait until the end of April to have the collapsed investment company’s 50 per cent stake transferred due to a 20-day appeal window.

A creditors’ meeting involving the club’s largest creditor Ukio Bankas, scheduled for tomorrow, is set to approve the handover of the bank’s 29.9 per shareholding to BIDCO, Hearts’ prospective chairwoman Ann Budge’s holding company.

It had been hoped that Budge would assume control by mid-April, but she now might have to wait until the start of May.

BDO troubleshooter Bryan Jackson had said that he only had enough money in the bank to get Hearts through to the end of March. He could start selling season tickets to raise vital finance or ask the Foundation of Hearts, who are backed by over 8,000 fans donating a combined £1.4m annually, for help.


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I think the only real 'news' here is that there's a meeting on 7 April and whether that turns out to be accurate or not remains to be seen. There would always be a cooling off period when and if the transfer of shares is agreed, and the article ignores the fact that the transfer has to be ratified by the Lithuanian courts - it's debatable how easy that step will be. The meeting tomorrow is simply another step in the Ukio liquidation process and the best HoMFC (IA) can hope for from that is to be pretty much in the same position as they were before the meeting.

This looks to me like the start of a process of extracting yet more money from the Gorgie faithful by selling season tickets for next season to fund this season's activities. That, of course, is one of the reasons they got themselves into this mess in the first place and will have a significant impact on FoH's plans for next season.

[DC_Hibs]

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Skacel's lawyers claimed in The Sherriff Court he was on £3.5k a week when his agent was suing him.

That however may only be the sum that was received I Scotland who knows........

Aye, second time round at the Saviledome.

[Bostonhibby]

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I think the only real 'news' here is that there's a meeting on 7 April and whether that turns out to be accurate or not remains to be seen. There would always be a cooling off period when and if the transfer of shares is agreed, and the article ignores the fact that the transfer has to be ratified by the Lithuanian courts - it's debatable how easy that step will be. The meeting tomorrow is simply another step in the Ukio liquidation process and the best HoMFC (IA) can hope for from that is to be pretty much in the same position as they were before the meeting.

This looks to me like the start of a process of extracting yet more money from the Gorgie faithful by selling season tickets for next season to fund this season's activities. That, of course, is one of the reasons they got themselves into this mess in the first place and will have a significant impact on FoH's plans for next season.

This is how I have felt it will go for a while now, eventually they will get through the meaningless approval of the CVA simply because the creditors at that end have nothing to gain unless they really look at the true value of the wongadome.

The only way they will accelerate the court process and avoid the same outcome as Portsmouth is if they can somehow show their position is different.

Either that or there has been some behind the scenes political lobbying, I am sure the Liths will be unimpressed by Independent Ian who by his very conduct cant be seen as independent, Slavering lord foulkes was a vlad man, so that really only leaves that international statesman and renowned yam wee eck salmond to lobby on their part but maybe he has something more important to focus on at the moment.

[Kato]

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They are trying to play mind games and make us think that there is a positive end game in sight .I want maximum financial suffering to be experienced by them as there is no contrition or remorse just let us sign Rudi ,don't burn out our young players, don't pay our debts as it was nothing to do with us Vlad forced this on us and we were all oblivious to what was going on .There complacency and smugness at times defies belief .Therefore I want this to drag into May and beyond so that Liquidation becomes only way out ,as I genuinely think that given the scale of cheating ie wages being paid ( remember some of there players were on seven to ten grand ) when it was clear this wasn't sustainable ,and no one addressed the issue . This is payback time

I find it sad that so many people have such an emotional investment in a team getting liquidated it makes them "worry".

[Coco Bryce]

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Skacel's lawyers claimed in The Sherriff Court he was on £3.5k a week when his agent was suing him.

That however may only be the sum that was received I Scotland who knows........

That's right so they did

They must have had a bigger nose than him

[leggeto]

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A lot lot more than that I think you'll find. Gordon, Driver, Nade, Skacel, Obua for starters

nade was on £16k a week

[greenginger]

http://www.heraldscotland.com/sport/...earts.23801953

More confusion, the Herald seems to think the 20 day cooling off period applies to the transfer of the Ukio Bankas shares.

Still can't see any shares being transferred to F0H, Budge, or into the possession of BDO until the £ 2 million initial payment is made and that is not going to happen until UBIG are in a position to hand over their 49.47% share holding.

[Phil D. Rolls]

Posted Today, 06:31
So there's a one day delay and the cooling off period is 20 days as opposed to 30 days ??


So there's no delay realy.....non news story.

despite every deadline being missed, this wee lamb still believes everything she is told.

Pleasing.

(has anyone heard a date for the court case to switch off the freezer?)

[Bostonhibby]

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nade was on £16k a week

Think Kingston was supposed to be on something similar.

Big team, big wages.

[CropleyWasGod]

Would have thought that the cooling off period applied to both sets of shares.

Both articles talk about them being transferred to BIDCO. FOH Shirley?

[greenginger]

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Skacel's lawyers claimed in The Sherriff Court he was on £3.5k a week when his agent was suing him.

That however may only be the sum that was received I Scotland who knows........

That is a certainty. Remember Rudi going over to Lithland to meet Vlad and coming back with a " private deal " that Jeffries knew nothing about.

It still should have been taxable in the UK and on his registered playing contract.

Bet it was paid by UBIG, and there will be evidence with the UBIG admins, if only our footballing authorities would ask.

[Weststandwanab]

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Aye, second time round at the Saviledome.

That is true.

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nade was on £16k a week

I do not doubt what you say but if that is true how did thy ever hope to be self sufficient.

[greenginger]

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Would have thought that the cooling off period applied to both sets of shares.

Both articles talk about them being transferred to BIDCO. FOH Shirley?

Wonder if the 20 days are just 20 days, or 20 Working Days !

Coming up to Easter and I think the whole of Lithuania closed down for a week or more.

[Ozyhibby]

Looks like every bit of this procedure is going to be carried out before we find out if the frozen shares is an issue.
I don't expect there to be any problem for them getting the CVA ratified by Ukio and Ubig other than the time it takes to have all the appropriate meetings. On this, you would have to say BDO have done a fine job as it appears to be happening quite quickly now.
Then it will be down to the frozen shares.
Whichever way it goes, one set of fans is going to look a bit silly.
At least for us that's the worst that can happen.

[Ronniekirk]

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I find it sad that so many people have such an emotional investment in a team getting liquidated it makes them "worry".

Ok worry is the wrong word What I want to see is them get there comeuppance which IMO should be more than Administration I have no emotional investment in Hear7s apart from they are our city rivals and while I would miss that the Punishment should fit the crime . If you find that sad there isn't a lot I can do about it ,but if you want to contribute your direct Debit to There fighting fund feel free . I don't remember them all standing on the away Terracing at the Hands off Hibs event and that was there chance to show Solidarity with our plight so I assume they were happy with Mercers devious ploy when Tiny Rowland had shafted us to buy hotel chains in Bristol that were going down the swanny, he set up our then out his depth chairman ,Mr Duff to have a meeting with mercer in London to help us out financially .Duff had no idea he was meeting mercer and no idea the proposal being put to him was I will help out but make Hibs extinct in the process . Now if you are asking does that make me emotional ,the answer is yes . Now maybe I should let that all go ,but in some way Liquidation would go some way to righting that wrong .Mr Duff could of sold his soul to the Devil ,but he was a Hibby at heart and held out ,and eventually was jailed for his financial wrongdoing .( so there is a moral in there) Sir Tom had to step in or we would still have been in deep trouble
I am not looking for them to become as extinct as a Dodo ,but The big L seems to me to be a fair cop as they say .But others that feel administration is fairer are entitled to there opinion and what will be will be . Your right I won't worry

[Ozyhibby]

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Would have thought that the cooling off period applied to both sets of shares.

Both articles talk about them being transferred to BIDCO. FOH Shirley?

They definitely appear to have changed this to BIDCO. The original CVA said FoH but since Budge was unveiled they have only talked of BIDCO. Maybe this is a straightforward change?

[Ozyhibby]

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I am not looking for them to become as extinct as a Dodo ,but The big L seems to me to be a fair cop as they say .

Eh?
The big L is the end. There is no way back from it.

[Weststandwanab]

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That is a certainty. Remember Rudi going over to Lithland to meet Vlad and coming back with a " private deal " that Jeffries knew nothing about.

It still should have been taxable in the UK and on his registered playing contract.

Bet it was paid by UBIG, and there will be evidence with the UBIG admins, if only our footballing authorities would ask.

Really that is shocking.

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Wonder if the 20 days are just 20 days, or 20 Working Days !

Coming up to Easter and I think the whole of Lithuania closed down for a week or more.

In that case day 11/12 will be Easter so further delays !

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Looks like every bit of this procedure is going to be carried out before we find out if the frozen shares is an issue.
I don't expect there to be any problem for them getting the CVA ratified by Ukio and Ubig other than the time it takes to have all the appropriate meetings. On this, you would have to say BDO have done a fine job as it appears to be happening quite quickly now.
Then it will be down to the frozen shares.
Whichever way it goes, one set of fans is going to look a bit silly.
At least for us that's the worst that can happen.

The shares are froze and only the Lith Court can plug in the Micro Wave.

I m not saying I wont happen I just think based on probable criminal investigations, it is unlikely.

If I look silly so be it

[leggeto]

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Think Kingston was supposed to be on something similar.

Big team, big wages.

think he had a big fridge/freezer for all the grub he spent that wage on

[Phil D. Rolls]

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Looks like every bit of this procedure is going to be carried out before we find out if the frozen shares is an issue.
I don't expect there to be any problem for them getting the CVA ratified by Ukio and Ubig other than the time it takes to have all the appropriate meetings. On this, you would have to say BDO have done a fine job as it appears to be happening quite quickly now.
Then it will be down to the frozen shares.
Whichever way it goes, one set of fans is going to look a bit silly.
At least for us that's the worst that can happen.

We can hardly look silly after telling them for years it would end in tears.

All that we can get wrong now is that they won't be liquidate.

Everything else we have predicted has come to pass. Self sufficiency; missing shares; Vlads Disappearance; Administration; more cake sales; no transfer of owner ship; missed deadlines (August, October, December, January, March) ; relegation (remember how they'd be past us by September).

if they avoid Liquidation, we can look forward to many more predictions coming true. Their struggle living within their means, the slow progress out of the Championship, the struggle to fix their death trap stadium, the relocation to Livingston, the drop down the leagues, sponsorship by Shandon Fags and Mags, the car boot sales and open air market at the PBS, the attendances of 45,000 at Saughton Enclosure, the pathetic pleas to Edinburgh City Council, LRT buses being painted green etc.

I wish I was in Bulgaria, the tears of pride are welling up. Thanks to the experts on here, we have been miles in front of the media, and the Hearts rumour mill at every step.

[Ozyhibby]

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Really that is shocking.

In that case day 11/12 will be Easter so further delays !

The shares are froze and only the Lith Court can plug in the Micro Wave.

I m not saying I wont happen I just think based on probable criminal investigations, it is unlikely.

If I look silly so be it

It's what I think as well but only based on the opinions on here, one Bloomberg article and a few references to Portsmouth.
I'm surprised at the complete silence on the issue from anyone connected with Hearts including BDO. This little Jambo omertà means that I can't be sure that they have not had assurances from people in Lithuania that achieving the CVA will be enough to unlock the freezer. BDO appear to be making more progress than many on here predicted.