Share Transfers Agreed/Cooling off period

[Hibee87]

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Futher to Bajillions recent post about BDO PR:

May I have a Ureaka moment?

The frozen shares DONT matter. So long as UKIO and UBIG agree to the sale and purchase.

BDO are going down the same Portsmouth road, adapted to Scotland.

BDO PR
Look we've done our best within the letter law and have even applied as much political, even ambassadorial pressure as we dare. The yam creditors are happy with what has been offered and in normal circumstances that would be enough to see my client emerge positively from administration. Everything has been achieved within the spirit of the legal and sporting regulations.

The legal situation in Lithuania with the frozen shares, see Portsmouth delays, is not relevant, a red herring, outwith the normal legal and sporting laws in Scotland and the UK. The companies and individuals involved are not UK based, it is entirely an Lithuanian issue in which we have no influence.

The yams are already subject to a sporting relegation. It would be unfair in the circumstances to subject us, I mean, them to an insolvency relegation, or exclusion, which is beyond the spirit of the regulations.

Thoughts?

They need the shares though, without knowing to muc hwhat im talking about - pORTSMougth were liquidated, and a new company set up ala rangers, however rules in englad state themembership can be transfered to a new club with no real punishment (dropping to the lowest division) whereas scotlands rules are different. no shares mean liquidation, and re applying to the bottom division - even if they bought tyncastle to continue playing there......i think thats correct

[Mikey09]

Could someone please tell me this?? When the yams say the creditors should accept this CVA because if they don't they get nothing.... Is this true?? Or do the creditors have the PBS to sell off?? Apologies for my dumbness....

[Hibee87]

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Could someone please tell me this?? When the yams say the creditors should accept this CVA because if they don't they get nothing.... Is this true?? Or do the creditors have the PBS to sell off?? Apologies for my dumbness....

If hearts are liquidated, and the liquidator sells the PBS all proceed up to the tune of 7.9million are given to UKIO creditiors

[CropleyWasGod]

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If hearts are liquidated, and the liquidator sells the PBS all proceed up to the tune of 7.9million are given to UKIO creditiors

9/10

£6.8m, after the liquidator takes his cut.

[GreenLake]

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If hearts are liquidated, and the liquidator sells the PBS all proceed up to the tune of 7.9million are given to UKIO creditiors

I thought it was 7.0million and 6.2million after fees.

[GreenLake]

More competition for Budge buying the PBS if liquidation forces sale. Interesting to see the value of Upton Park and imagine Tottenham playing at the PBS.

http://www.dailymail.co.uk/sport/foo...-West-Ham.html

Tottenham Hotspur failed with an ambitious bid to buy Upton Park from West Ham earlier this year.
Spurs chairman Daniel Levy wanted to purchase the ground for the 2016-17 season, when the Hammers relocate to the Olympic Stadium.

But Levy's offer was rejected and West Ham instead sold to property developers Galliard - raising less than the stadium's value of £71.2million.







Read more: http://www.dailymail.co.uk/sport/foo...#ixzz2xkDcY2tX
Follow us: @MailOnline on Twitter | DailyMail on Facebook

[JeMeSouviens]

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They need the shares though, without knowing to muc hwhat im talking about - pORTSMougth were liquidated, and a new company set up ala rangers, however rules in englad state themembership can be transfered to a new club with no real punishment (dropping to the lowest division) whereas scotlands rules are different. no shares mean liquidation, and re applying to the bottom division - even if they bought tyncastle to continue playing there......i think thats correct

They are different, but they are actually more flexible. It is left to the discretion of the SPFL board. In the Hun saga, they passed the buck onto a vote of all member clubs.

So there would be nothing to stop Hearts trying to pull this stunt and indeed the SPFL officials led by Doncaster and Topping tried to pull off an even worse one (transfer of share without even a creditor agreement) in the case of the Huns.

Luckily the Hun precedent will stop any attempt this time.

[Mikey09]

Ok. So the bottom line is the yams and BDO are telling porkies again as the creditors would end up with way more than they are being offered just now... Thanks.

[HFC 0-7]

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They need the shares though, without knowing to muc hwhat im talking about - pORTSMougth were liquidated, and a new company set up ala rangers, however rules in englad state themembership can be transfered to a new club with no real punishment (dropping to the lowest division) whereas scotlands rules are different. no shares mean liquidation, and re applying to the bottom division - even if they bought tyncastle to continue playing there......i think thats correct

I dont think BDo expect to get the shares, I think they will still be hoping the CVA is agreed so they can keep the PBS. Budge was probably at Tynie on Friday to discuss funding options if they are in the bottom tier.

It will be much easier to start up a new team and company in the bottom tier with a stadium than without. The flumps will still flock back to the PBS in the bottom tier but I wouldnt be so sure many would turn up to see thenm in the bottom tier and in a different stadium.

Many will argue they are still the same team if they are liquidated but still keep their stadium, it will be difficult if they are liquidated, new company and sharing a stadium somewhere!

Its also all about timing now, they need something to happen either way very soon. They wont want to stay in admin into the summer as if they did get liquidated weeks before the season starting it will be very difficult to start a new company up and get admitted to the league. Having a season out wont be an option as by that time the new pyramid structure will be in place and they will need to start in a very low league.

I would say its a case of now or never for them.

[Weststandwanab]

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We should start registering potential names for them at companies house

Some of us have already started

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New H****s, still thieving c's.....

Indeed

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In my humble uneducated opinion, I believe they will be liquidated to ensure the brand is protected and I also think they will play at Tynecastle next season. Simply because what is the point having a sports ground (said with tongue firmly in cheek) lying unused in the city centre? I think the Lith admin will rent it back to them until it is sold. I'm sure there will be a lot of prep to be done before any decision is made therefore better making something than not on the thing!

Not possible.

[CropleyWasGod]

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I dont think BDo expect to get the shares, I think they will still be hoping the CVA is agreed so they can keep the PBS. Budge was probably at Tynie on Friday to discuss funding options if they are in the bottom tier.

It will be much easier to start up a new team and company in the bottom tier with a stadium than without. The flumps will still flock back to the PBS in the bottom tier but I wouldnt be so sure many would turn up to see thenm in the bottom tier and in a different stadium.

Many will argue they are still the same team if they are liquidated but still keep their stadium, it will be difficult if they are liquidated, new company and sharing a stadium somewhere!

Its also all about timing now, they need something to happen either way very soon. They wont want to stay in admin into the summer as if they did get liquidated weeks before the season starting it will be very difficult to start a new company up and get admitted to the league. Having a season out wont be an option as by that time the new pyramid structure will be in place and they will need to start in a very low league.

I would say its a case of now or never for them.

If the shares aren't transferred, the CVA fails.

[HFC 0-7]

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If the shares aren't transferred, the CVA fails.

Is that actually part of the CVA, to get the UBIG shares? I thought the CVA only related to the UKIO shares.

[CropleyWasGod]

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Is that actually part of the CVA, to get the UBIG shares? I thought the CVA only related to the UKIO shares.

The CVA is a deal with the creditors, in this case UKIO, but it is based on the premise that the bidders can actually take possession of the shares, both UKIO's and UBIG's.

If the shares can't be acquired, there is nothing to buy, and the CVA fails.

[Weststandwanab]

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To save CWG doing it again, and I night be wrong, HMFC own swine castle if they liquidate it goes on general sale, if they don't liquidate it remains an asset of HMFC, the admins will never "own" it to rent it back to them I think thats they way it is anyways.

Excellent.

Does this constitute an application to join us Bean Counters ?

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Jamie Borthwick ‏@jamiekborthwick 45m It's positive noise from Ukio and UBIG's admins and it is hoped that Siauliu have been persuaded to vote in favour too. But no guarantees.


seen this on twitter

Speculation.

[Weststandwanab]

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BJ is an accountant, therefore very cautious. When he said "the end of March", my instinct was to think "the end of the season".

You'll rarely see an accountant in a bookie's.

Oh, wait....http://www.dailymail.co.uk/news/arti...addiction.html

On the wrong Turf CWG.

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But it is possible that a property developer could buy Tynecastle and rent it to 'The Hearts' on a short-term basis while planning permission and building regulation issues were sorted out.

I think that Tynecastle would be a millstone around the necks of any Hearts Newco starting at the bottom. The running costs and maintenance on the old stand would be horrendous. It is not worth spending the sort of money that is needed to keep it as a SPFL ground. The pitch is too small. Even the 'new' stands are looking very seedy now. It is 'not fit for purpose as the Pieman pointed out ten years ago.

They would be better off renting Livingston's ground and then looking for a new ground.

You mean someone like Bidco or STF ?

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The yams have moved on to discussing what league they want their new club to play in next year. Current favourite is the English leagues.
:-)

http://www.hmfckickback.co.uk/index....0#entry4117664

Excellent I would support this.

[Hermit Crab]

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Jamie Borthwick ‏@jamiekborthwick 45m It's positive noise from Ukio and UBIG's admins and it is hoped that Siauliu have been persuaded to vote in favour too. But no guarantees.


seen this on twitter

Wind and pish with no actual source on the noise

[HFC 0-7]

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The CVA is a deal with the creditors, in this case UKIO, but it is based on the premise that the bidders can actually take possession of the shares, both UKIO's and UBIG's.

If the shares can't be acquired, there is nothing to buy, and the CVA fails.

Does it actually state anything about the ubig shares, I know at the time it stated in the press that it was ubig shares but we know how the press can be with facts.

At at this stage if they are resigned to not getting out of admin all they would be caring about would be the stadium, which they would get in the result of the cva agreed with ukio?

[StevieC]

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They hate us wee hate them, let them disappear of the face of the earth so wee can have the biggest party Leith has ever seen.

Was that deliberate, or a Freudian slip?

[Weststandwanab]

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They need the shares though, without knowing to muc hwhat im talking about - pORTSMougth were liquidated, and a new company set up ala rangers, however rules in englad state themembership can be transfered to a new club with no real punishment (dropping to the lowest division) whereas scotlands rules are different. no shares mean liquidation, and re applying to the bottom division - even if they bought tyncastle to continue playing there......i think thats correct

Roughly correct.

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9/10

£6.8m, after the liquidator takes his cut.

And now a perfect 10.

[CropleyWasGod]

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Does it actually state anything about the ubig shares, I know at the time it stated in the press that it was ubig shares but we know how the press can be with facts.

At at this stage if they are resigned to not getting out of admin all they would be caring about would be the stadium, which they would get in the result of the cva agreed with ukio?

They can't get out of admin without the CVA being agreed.

If they don't get out of admin, they are liquidated, and the PBS goes on the open market.

[Keith_M]

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- Portsmouth were liquidated, and a new company set up ala rangers, however rules in englad state themembership can be transfered to a new club with no real punishment (dropping to the lowest division) whereas scotlands rules are different. no shares mean liquidation, and re applying to the bottom division - even if they bought tyncastle to continue playing there......i think thats correct

I realise that's been stated on here a few times but, is that actually the case?


Have a look at THIS article in the Guardian, from May of last year.

"Amid celebratory scenes in the high court from the fans who will now become its owners, Portsmouth Football Club has been saved from liquidation after an 11th hour deal between its administrators and the former owner of the club.."

[weonlywon6-2]

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If the shares aren't transferred, the CVA fails.

fingers and toes are crossed !

[HFC 0-7]

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They can't get out of admin without the CVA being agreed.

If they don't get out of admin, they are liquidated, and the PBS goes on the open market.

yeah, I know they need to get the cva agreed to be out of admin, but, is there anything concrete that states (in the current cva proposal) that they need the ubig shares? Can ukio agree to the cva, pass them their 29% of shares and write off the rest of their debt?

At that point hearts are out of admin but will then need to liquidate because of the ubig shares? But they can then start up with a stadium.

[weonlywon6-2]

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They can't get out of admin without the CVA being agreed.

If they don't get out of admin, they are liquidated, and the PBS goes on the open market.

maybe hibs.net should by swynie,that would pee them off big time !!

[Kato]

So did our lovely council sell Tynecastle School off on the cheap to deflate the land prices in the area. Seems it went for a very low price.

[Mikey09]

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They can't get out of admin without the CVA being agreed.

If they don't get out of admin, they are liquidated, and the PBS goes on the open market.

So the PBS goes on the open market to pay UKIO as they have security on it?? How much would land in Edinburgh go for then? Surely a far better option for the creditors CWG, no??

[WindyMiller]

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So did our lovely council sell Tynecastle School off on the cheap to deflate the land prices in the area. Seems it went for a very low price.

It was sold on the open market.

[Kato]

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It was sold on the open market.

Still seems like a pittance given what Cala were willing to pay for a site a third larger. I know times have changed since then but it went for a song.

[WindyMiller]

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Still seems like a pittance given what Cala were willing to pay for a site a third larger. I know times have changed since then but it went for a song.

I think a telling factor was the closeness of the school to the "blast-zone".

[Kato]

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I think a telling factor was the closeness of the school to the "blast-zone".

Tynie was in the blast zone when Cala were coughing up millions for it. Weird.

Still, now that the distillers are going to remove the dngerous aspects away Tynie's price will sky rocket. BOOM!