Share Transfers Agreed/Cooling off period

[HappyAsHellas]

Forgive my stupidity in this matter but if that's what she's putting in over 2 years, and the Fools put in £2.8 million that will only give a total of £6.6 million. If their running costs are 94k per week as was quoted on here somewhere, that leaves a shortfall of over £3 million over 2 years. I know nothing about running a business but I think I detect a little problem here.

[Spike Mandela]

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http://www.lithuaniatribune.com/3427...ets-201334278/

http://web.orange.co.uk/article/spor...rozen_by_court

The only articles stating this were all a year ago. The current status of the shares is uncertain.

[CropleyWasGod]

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Forgive my stupidity in this matter but if that's what she's putting in over 2 years, and the Fools put in £2.8 million that will only give a total of £6.6 million. If their running costs are 94k per week as was quoted on here somewhere, that leaves a shortfall of over £3 million over 2 years. I know nothing about running a business but I think I detect a little problem here.

£6.3 m :)

You forgot about other income. ST and walk-up sales, TV income, etc etc

The running costs you mention were probably for their current SPFL status. They will have to cut their cloth in The Championship.

[Ozyhibby]

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Forgive my stupidity in this matter but if that's what she's putting in over 2 years, and the Fools put in £2.8 million that will only give a total of £6.6 million. If their running costs are 94k per week as was quoted on here somewhere, that leaves a shortfall of over £3 million over 2 years. I know nothing about running a business but I think I detect a little problem here.

They will still have their season ticket and matchday revenues.

[GreenLake]

They will wish they had gone through liquidation in a couple of seasons time.

[Phil D. Rolls]

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This must be e real thread now!

You've invoked Godwin's Law.

You can read what you want into my statement. All I said was they think they're going for a shower. Any similarity to the Nazis and their work camps is inferred by the reader.

[monktonharp]

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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.

sorry, but I need to take exception to your last quote here. there IS only one set of fans that already look silly, on this case, and it certainly isnae US. the gorgie mob were the ones that were saying: overtake them by November, out of admin by xmas, definitely not going to be relegated, starting off with no debt etc etc and yet they are still hanging on a thread, tottering on the brink, and the ground is giving way on the edge of the abyss as we speak. still in admin, still waiting on shares defrosting, still forgetting the money problems ahead , still using a ramshackle main stand( which no one can understand has still got a valid certificate for safety) still to repay all the money to football matters before they get a league liscence when out of admin.......aye, I can see your point, good chance of us looking rather silly if it all goes so sweetly from now on, for the big team

[SmashinGlass]

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The only articles stating this were all a year ago. The current status of the shares is uncertain.

Alternatively, the fact that we've heard nothing on the matter since then may suggest nothing has substantially changed. The case of Portsmouth is particularly relevant here.

[Waxy]

Even if they get out of admin, they most likely still have a horrific future compaired to thier past.
The darkest days are coming for them now.

[Waxy]

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Even if they get out of admin, they most likely still have a horrific future compaired to thier past.
The darkest days are coming for them now.

wow that was a bit dramatic from me.But hey ho.

[CropleyWasGod]

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Alternatively, the fact that we've heard nothing on the matter since then may suggest nothing has substantially changed. The case of Portsmouth is particularly relevant here.

Do you know if Birch actually tried to get the Portsmouth shares unfrozen? Or did the different approach to liquidated clubs in England mean that it was less of an issue?

[Weststandwanab]

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Do you know if Birch actually tried to get the Portsmouth shares unfrozen? Or did the different approach to liquidated clubs in England mean that it was less of an issue?

From memory he did try and after a few failed attempts "Newco is the only option" was the outcome.

I think this could possibly be the case here to.

[joe breezy]

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sorry, but I need to take exception to your last quote here. there IS only one set of fans that already look silly, on this case, and it certainly isnae US. the gorgie mob were the ones that were saying: overtake them by November, out of admin by xmas, definitely not going to be relegated, starting off with no debt etc etc and yet they are still hanging on a thread, tottering on the brink, and the ground is giving way on the edge of the abyss as we speak. still in admin, still waiting on shares defrosting, still forgetting the money problems ahead , still using a ramshackle main stand( which no one can understand has still got a valid certificate for safety) still to repay all the money to football matters before they get a league liscence when out of admin.......aye, I can see your point, good chance of us looking rather silly if it all goes so sweetly from now on, for the big team

[greenginger]

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Alternatively, the fact that we've heard nothing on the matter since then may suggest nothing has substantially changed. The case of Portsmouth is particularly relevant here.

Was up in St Andrew Square this afternoon and the UBIG Asset, No.42 , is still sitting there neglected and abandoned.

No For Sale/to let signs to be seen.

What was the story with it and why no movement. Is the asset frozen maybe

[CropleyWasGod]

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Was up in St Andrew Square this afternoon and the UBIG Asset, No.42 , is still sitting there neglected and abandoned.

No For Sale/to let signs to be seen.

What was the story with it and why no movement. Is the asset frozen maybe

Must have been selt, eh?

Saw it in the News.

[lapsedhibee]

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£6.3 m :)

You forgot about other income. ST and walk-up sales, TV income, etc etc

The running costs you mention were probably for their current SPFL status. They will have to cut their cloth in The Championship.

Cut their coat

[CropleyWasGod]

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Cut their coat

Or:-

http://wiki.answers.com/Q/What_does_..._mean?#slide=2

This thread has everything.

[Pete]

These hearts fans don't half have an over inflated sense of their own importance. To try and make out that coming out of admin would be a negative for us in any way is laughable.

To the vast, vast majority of us this is simply an amusing little side show. The best case scenario for them, which didn't happen, has no negative effect whatsoever for us. Their worst case scenario would amuse us so it's been worth tuning in all these months.

Arrogance due to insecurity. They know what they are now.

[Tynie01011973]

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I believe she's putting up £3.5m upfront. £2.5m for the purchase, and £1m for working capital.

Then a further £1.4m a season for 2 seasons.

Pretty sure AB is only putting up £2.5m with FoH putting in the additional £1m in the first year - to cover football debts/running costs

[CropleyWasGod]

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Pretty sure AB is only putting up £2.5m with FoH putting in the additional £1m in the first year - to cover football debts/running costs

Yeah, you're right.

FOH have to find £6.3m in total.

http://www.foundationofhearts.org/ca...uncategorized/

[jacomo]

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From memory he did try and after a few failed attempts "Newco is the only option" was the outcome.

I think this could possibly be the case here to.

Yes, this was discussed a while back on here. As I recall, Portsmouth FC were allowed to keep their existing League position because the creditors were all in agreement with the formation of a newco.

If Hearts do go down the newco route, and if Budgie does the honourable thing and pays all the oldco's debts, then we should perhaps be generous and consider allowing them to take a place in the Championship next season.

She's got enough money, right?

This will also make the Huns *seethe* and possibly cause Swally to explode.

[Mikey]

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Yes, this was discussed a while back on here. As I recall, Portsmouth FC were allowed to keep their existing League position because the creditors were all in agreement with the formation of a newco.

If Hearts do go down the newco route, and if Budgie does the honourable thing and pays all the oldco's debts, then we should perhaps be generous and consider allowing them to take a place in the Championship next season.

She's got enough money, right?

This will also make the Huns *seethe* and possibly cause Swally to explode.

Some info here......

http://www.accountancyage.com/aa/new...-portsmouth-fc

[HenryMonk]

So unless I've missed something it gone 10 pages ish without Sergey or Bajillions commenting on today's events!
Delays Delays, Frozen shares etc. There is no actual Lithuanian experts on this forum, yes granted Serg has a decent insider (or so he believes), and most of the info has correctish to some degree, and there are a few UK experts in Insolvency.
Starting to smell like they will come out of admin in the next week or 2.
Spin spin spin I hear you say! Well that's all its happens on this thread with all respect, but with green shades on.
Bajillions, will he turn out to be the ultimate double agent who has took the right C out of dotnet?

Hearts are going down, they will suffer greatly.

[JAY-ESS GREEN]

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So unless I've missed something it gone 10 pages ish without Sergey or Bajillions commenting on today's events!
Delays Delays, Frozen shares etc. There is no actual Lithuanian experts on this forum, yes granted Serg has a decent insider (or so he believes), and most of the info has correctish to some degree, and there are a few UK experts in Insolvency.
Starting to smell like they will come out of admin in the next week or 2.
Spin spin spin I hear you say! Well that's all its happens on this thread with all respect, but with green shades on.
Bajillions, will he turn out to be the ultimate double agent who has took the right C out of dotnet?

Hearts are going down, they will suffer greatly.

What events?

[CropleyWasGod]

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So unless I've missed something it gone 10 pages ish without Sergey or Bajillions commenting on today's events!
Delays Delays, Frozen shares etc. There is no actual Lithuanian experts on this forum, yes granted Serg has a decent insider (or so he believes), and most of the info has correctish to some degree, and there are a few UK experts in Insolvency.
Starting to smell like they will come out of admin in the next week or 2.
Spin spin spin I hear you say! Well that's all its happens on this thread with all respect, but with green shades on.
Bajillions, will he turn out to be the ultimate double agent who has took the right C out of dotnet?

Hearts are going down, they will suffer greatly.

What, exactly, are "today's events"?

We have had a couple of newspapers, not known for their incisive reporting, saying that a meeting has been "delayed". A meeting that was never confirmed by those involved, but "expected" by someone who isn't involved to be "sometime next week" is now reported as being on the first day of the following week. Not only that, those reports had no direct quotes, or named sources. Hardly big news.

Your digs at Sergey and Bajillions are unwarranted.

[Seveno]

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The issue is whether the administrator has the power to sell the assets.

He has "possession" of them, but that doesn't mean he "owns" them. Going back to my house analogy, I can have possession of it, and I might even own it, but I don't necessarily have the power to sell it.

Of course, we're all farting around here trying to get to the bottom of Lith law. It would be very handy if one of Her Majesty's Press would pick up a phone and bloody ask someone.

Look, are you selling your effing house or aren't you. Make up your mind and let's get back to discussing the Yams.

[Phil D. Rolls]

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So unless I've missed something it gone 10 pages ish without Sergey or Bajillions commenting on today's events!
Delays Delays, Frozen shares etc. There is no actual Lithuanian experts on this forum, yes granted Serg has a decent insider (or so he believes), and most of the info has correctish to some degree, and there are a few UK experts in Insolvency.
Starting to smell like they will come out of admin in the next week or 2.
Spin spin spin I hear you say! Well that's all its happens on this thread with all respect, but with green shades on.
Bajillions, will he turn out to be the ultimate double agent who has took the right C out of dotnet?

Hearts are going down, they will suffer greatly.

Which one of you wrote this Sergey?

[hibs0666]

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So unless I've missed something it gone 10 pages ish without Sergey or Bajillions commenting on today's events!
Delays Delays, Frozen shares etc. There is no actual Lithuanian experts on this forum, yes granted Serg has a decent insider (or so he believes), and most of the info has correctish to some degree, and there are a few UK experts in Insolvency.
Starting to smell like they will come out of admin in the next week or 2.
Spin spin spin I hear you say! Well that's all its happens on this thread with all respect, but with green shades on.
Bajillions, will he turn out to be the ultimate double agent who has took the right C out of dotnet?

Hearts are going down, they will suffer greatly.

I feel your pain HM.

[CropleyWasGod]

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Look, are you selling your effing house or aren't you. Make up your mind and let's get back to discussing the Yams.

£29 million and it's yours.

We'll forget about the fitba debts.

[SmashinGlass]

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So unless I've missed something it gone 10 pages ish without Sergey or Bajillions commenting on today's events!
Delays Delays, Frozen shares etc. There is no actual Lithuanian experts on this forum, yes granted Serg has a decent insider (or so he believes), and most of the info has correctish to some degree, and there are a few UK experts in Insolvency.
Starting to smell like they will come out of admin in the next week or 2.
Spin spin spin I hear you say! Well that's all its happens on this thread with all respect, but with green shades on.
Bajillions, will he turn out to be the ultimate double agent who has took the right C out of dotnet?

Hearts are going down, they will suffer greatly.

If they do happen to exit admin via the CVA, it'll be a hell of a lot longer than 2 weeks away. It took Dunfermline circa 3 months. This isn't over yet, not by a long shot.