Share Transfers Agreed/Cooling off period

[GreenLake]

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Cue the entry of Salmond with a " Political " plea to save a "Scottish Sporting Institution "
" You heard it here first "

Had a phone call from a friend who is an SNP "Insider" (Aberdeen ST holder) at 21.30 suggesting this could " seriously be on the cards " !!!

Mair like Scottish Sporting Prostitution

[The Gorf]

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Why is there more than 50% of people who voted on this thread want these tramps to survive?

Not guilty m'lud.

[Jim44]

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Cue the entry of Salmond with a " Political " plea to save a "Scottish Sporting Institution "
" You heard it here first "

Had a phone call from a friend who is an SNP "Insider" (Aberdeen ST holder) at 21.30 suggesting this could " seriously be on the cards " !!!

A plea to whom?

[jdships]

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People keep trying to associate Alex Salmond with this? He has shown zero interest so far. The political interference has come from the Labour party.

What do you base that statement on ?.
It is an accepted fact that he is regular contact with H o H and Mr Murray .
He supposedly bought umpteen ST's when called upon to do so .

I have no interest in either SNP/Labour party by the way !!

[jdships]

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A plea to whom?

Eck has friends " in high places " remember !!!

[SuperAllyMcleod]

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I think people have different interpretations of "getting away with it". I wouldn't be too impressed with anything less than League 2 and losing the PBS but that still wouldn't be enough for some.

There will be a team called Hearts (well, referred to as Hearts by the MSM) playing in maroon in some league and in some stadium next season. That you can be pretty sure of.

You are thinking of Kelty Hearts - their attendances may rise if the Jambos can work out where Kelty is!

[0762]

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I caught ten minutes of Radio Scotland when I was in the car tonight - it was either the boy from BDO (Bajillions or whatever his name is) or Ian Murray MP - he seemed to be saying the Lithuanians have no option but to take the £2.5m. If they don't they'll get nothing or some such.

Im no accountant but how on earth do the Liths get nothing if they don't accept the CVA? Ok they might get zip for the Yams (a bust football club) but surely they still hold the land that even allowing for the removal of the asbestos must surely be worth more than £2.5m. There was/is a site being marketed further along Gorgie that's just as big at Tynie for significantly more than this! What's to stop them saying yes to a sale of the football club and no to the transfer of the land? They'd be bonkers to accept only £2.5m

[tamig]

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Sorry, no

UKIO, being in admin, can't buy new assets. Your scenario is too much like "we owe it to ourselves".

But surely there's nothing to stop one of the other creditors, e.g., Siauliu Bank, bidding for the PBS, sitting on the asset and flogging it at a (hopefully) decent profit some time down the line?

[tamig]

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Im no accountant but how on earth do the Liths get nothing if they don't accept the CVA? Ok they might get zip for the Yams (a bust football club) but surely they still hold the land that even allowing for the removal of the asbestos must surely be worth more than £2.5m. There was/is a site being marketed further along Gorgie that's just as big at Tynie for significantly more than this! What's to stop them saying yes to a sale of the football club and no to the transfer of the land? They'd be bonkers to accept only £2.5m

It's pish - and it's hacked a lot of folk here off. If they are liquidated the assets are flogged to the highest bidder. There's a good chance that's likely to be more than 2.5M for the PBS alone. It's not guaranteed that they will get more than what's on offer in the CVA of course.

[greenginger]

http://translate.googleusercontent.c...My8weXEuUpHpHg

The Ukio Bankas admin was always expecting a lengthy process.

No rush to dispose of the Wonga Dome for the first offer.

[Danderhall Hibs]

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Im no accountant but how on earth do the Liths get nothing if they don't accept the CVA? Ok they might get zip for the Yams (a bust football club) but surely they still hold the land that even allowing for the removal of the asbestos must surely be worth more than £2.5m. There was/is a site being marketed further along Gorgie that's just as big at Tynie for significantly more than this! What's to stop them saying yes to a sale of the football club and no to the transfer of the land? They'd be bonkers to accept only £2.5m

No idea mate - he said something along the lines of that if they don't accept the cva then they'll get less that £2.5m.

Be interested to hear our experts thoughts.

[CB_NO3]

I still think they will get out this one. I think the Liths are looking for more cash. The Ukio team are obviously willing to play ball, if not why not call in all their debt from Hearts now? Hearts obviously could not afford to pay it meaning the security of Tynie would fall into the Liths right away and they would own it and could sell it seperately.

[SurferRosa]

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I still think they will get out this one. I think the Liths are looking for more cash. The Ukio team are obviously willing to play ball, if not why not call in all their debt from Hearts now? Hearts obviously could not afford to pay it meaning the security of Tynie would fall into the Liths right away and they would own it and could sell it seperately.

The UKIO admin might be willing but ultimately it`s up to UKIO`s creditors to accept the CVA and they appear to be unhappy to just hand over the lot for a pittance. They seem to have cottoned on to the fact they`re being scammed....and they dont like it.

[Criswell]

Are we to believe that relevant parties in Lithuania are actually trying to get a better deal for the swindled creditors. Shurely Shome Mishtake! Don't they realise the future of a bankrupt foreign Football Club in a distant land is of far more importance than their pathetic life savings. Some people eh? No sense of perspective. Don't they know they saved the world in 1914-18. Shameful!

[CB_NO3]

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The UKIO admin might be willing but ultimately it`s up to UKIO`s creditors to accept the CVA and they appear to be unhappy to just hand over the lot for a pittance. They seem to have cottoned on to the fact they`re being scammed....and they dont like it.

Sorry, thats what I meant. I worded that wrong. Hearts are due Ukio 15 million and UBIG 10 million (I might have the figures the wrong way round). So why dont the Ukio admistrators phone Hearts tomorrow and say we are calling in all the debt you are due us. You have till the end of the month to pay the full amount or we will take Tynecastle stadium from you. Obviously they have not done that and dont look like they are going to do that which suggests to me they are still looking to do a deal via a CVA.

[SurferRosa]

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Sorry, thats what I meant. I worded that wrong. Hearts are due Ukio 15 million and UBIG 10 million (I might have the figures the wrong way round). So why dont the Ukio admistrators phone Hearts tomorrow and say we are calling in all the debt you are due us. You have till the end of the month to pay the full amount or we will take Tynecastle stadium from you. Obviously they have not done that and dont look like they are going to do that which suggests to me they are still looking to do a deal via a CVA.

Yep, they know they cant possibly get all the cash they`re due so they`ll deal by way of a CVA. There appears to be creditors though that feel 2.5 million is taking the piss.....and i`d agree. I think the thing is though, if i`ve read earlier posts by CWG and others correctly, they cant just immediately re-negotiate a new offer. If those creditors decide not to accept the deal then the CVA is rejected and time is not on Hearts side. If those businesses owed money stand their ground then it`s into the liquidizer Hearts will go. It`s already taken months to get to this stage and they simply dont have the cash or the time to go through it again.

[DC_Hibs]

I'd have thought that this derisory bid would have been booted into touch a long time back if it was going to be rejected so I remain sceptical that this won't be another hurdle passed by these jammy bst@rdos.

Preparing for the worst as there's been too many boots in the stanes!!

[Brunswickbill]

Is it significant that Iwasanmp has stood back from the yam debacle and Pishy breeks is suddenly fronting things up. Maybe I wasanmp has more to lose than his lordship now that they know that it's all going t*ts up. Also I suspect that Big Eck will be trying to use his influence but he isn't stupid enough to make it public.


We have seen that the great Scottish press have done no investigation of the Yam financial collapse and have simply printed whatever FOH/BDO fed them. Now that they are talking about the big L can we assume that this is being fed to them by FOH/BDO to prepare the yams for the inevitable?


Under the current cvas UBIG creditors get £50K for the shares and UKIOS £2.5M. If they are heading towards liquidation, because UKIOS creditors want their £6.8M for the security on PBS, presumably Bidco isn't going to pay £50K for shares in a liquidated company ? Is this anything to do with the two being conflated which one of the press/BBC articles referred to?


Looking at the £50K for the shares...FOH have DDs from 8000 fans. If they are paying on average only £10 a month, the CVA is offering less than one month's contribution for 50% of the shares in the club. That's not thinking about any other income or value. How could anyone see this as a good offer?


If they are liquidated, we know that PBS will be offered for sale but presumably the club, and other bits and pieces will be offered for sale. We can only guess what these will be worth but presumably more than £50K. On this basis you have to wonder whether anyone representing the creditors could accept the cvas. From what CWG says it is either accept the CVAs or liquidate. Have BDO backed themselves into a cul-de-sac with a steep drop At the end?


Don't know if any of this makes sense. I've had a few Scotchs while I've been catching up.

[Sanger]

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Sorry, thats what I meant. I worded that wrong. Hearts are due Ukio 15 million and UBIG 10 million (I might have the figures the wrong way round). So why dont the Ukio admistrators phone Hearts tomorrow and say we are calling in all the debt you are due us. You have till the end of the month to pay the full amount or we will take Tynecastle stadium from you. Obviously they have not done that and dont look like they are going to do that which suggests to me they are still looking to do a deal via a CVA.

Of course there is the money that UBIG owe UKIO. Vlad borrowed money from Ukio to finance Hearts. Total debt run up is £70 million of which £40 million was converted to now worthless shares or written off. The bulk of £40 million must have come from UKIO's loans to UBIG although some would have come from UBIG investors now the creditors. No wonder UKIO/UBIG are not going to accept a paltry £2.5 million for a £70 million loss!

[bingo70]

Back page of the sun today is a topper. (Sorry, cant post link on my phone)

Not telling us anything we didnt know already but now the msm are catching on to how serious this is i get the impression its about to come to a head very shortly

[macca70]

Back page of today's Daily Record.

Realisation of the seriousness of their situation might actually kick in today.

http://www.dailyrecord.co.uk/sport/f...-draws-3320338

[Mon Dieu4]

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Back page of today's Daily Record.

Realisation of the seriousness of their situation might actually kick in today.

http://www.dailyrecord.co.uk/sport/f...-draws-3320338

That’s a sign of the discourtesy and dishonesty they have been dealing with all the way through but even by Lithuanian standards this was extreme.

Is he having a laugh with the above statement? pots and kettles Brian!!

[marinello59]

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Back page of today's Daily Record.

Realisation of the seriousness of their situation might actually kick in today.

http://www.dailyrecord.co.uk/sport/f...-draws-3320338

This sort of language from a close source should win the Lithuanians round though. Or maybe not.

That’s a sign of the discourtesy and dishonesty they have been dealing with all the way through but even by Lithuanian standards this was extreme.

[Ferry Hibbee]

The Yams will be thinking all is still Barry, nice try Hobos look at the date of this article. You can't fool us. Lol

[stirling_hibee]

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Back page of today's Daily Record.

Realisation of the seriousness of their situation might actually kick in today.

http://www.dailyrecord.co.uk/sport/f...-draws-3320338

Got to love the cheek of the quote from Hearts below, not sure you can take the high ground on someone being dishonest and doing the right thing ya trumpets!!

“That’s a sign of the discourtesy and dishonesty they have been dealing with all the way through but even by Lithuanian standards this was extreme.

“The hope is that the transfer of shares will be rubber stamped on April 7. But that’s all it is – hope – because there seems to be an element of malice creeping into this.

“People are having to face up to the awful prospect of liquidation.

“There is a determination to fulfil all fixtures in the event of the worst-case scenario because it would be the right thing to do.”

[WHUHibs]

I don't want them liquidated yet as it would mean they won the last ever Derby! It would be better to do it after the next one

[The Falcon]

It appears to me that a combination of FOH/Bidco have tried to pull a stroke on the Lith's and that is now dawning on the more alert of them. They have a combined offer of £2.5m plus a further £50k on the table and are now being told from all sides to accept it or they get nothing. Utter Bollocks.

Even if the liquidate the school of thought appears to be that Tynecastle itself will sell for significantly more than the £2.5m which would result in a net gain for the Lithuanian Govt who have bailed out UKIO. The Gunts can then scramble over whats left.

Deception and thieving till the very end. Its the Hearts way.

[ORAC]

The language being used in these statements now seems to be preparing the plums for the big L word. Reading between the lines, it looks like the plug is about to be pulled on our pink chums across the city.

Real shame!!!


Sent from the Tardis

[proud_and_green]

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I don't want them liquidated yet as it would mean they won the last ever Derby! It would be better to do it after the next one

Hmmm, you're an optimist then?

[CentreLine]

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That’s a sign of the discourtesy and dishonesty they have been dealing with all the way through but even by Lithuanian standards this was extreme.

Is he having a laugh with the above statement? pots and kettles Brian!!

I can't see the Lithuanian people being too happy if they have seen that comment.