Share Transfers Agreed/Cooling off period

[JeMeSouviens]

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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!

Which I think is a key part of the Budgie strategy. Get Tiny now on the chirpy cheep, sell it in a few years and move out of town. They've next to no chance of finding the cash for a new Tiny any other way, imo.

[CropleyWasGod]

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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.

No they wouldn't be out of admin. They need the UBIG shares for that.
If they liquidate, the stadium gets sold.

[StevieC]

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

Only one corner of the site is affected by the blast zone. Cala could easily have designated this area for parking/landscaping and concentrated the residential development in the safe areas.

There is a diagram floating about somewhere (possibly even on this thread) that shows the blast zone.

[Danderhall Hibs]

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No they wouldn't be out of admin. They need the UBIG shares for that.
If they liquidate, the stadium gets sold.

Definite? I've heard them say 2 nights in a row now that if the cva doesn't go through the Lithuanians get nothing. Based on what you're saying that's a blatant lie.

[Bristolhibby]

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Definite? I've heard them say 2 nights in a row now that if the cva doesn't go through the Lithuanians get nothing. Based on what you're saying that's a blatant lie.

It's spin. Of course someone will buy Tynie. However they play down the value, play up the dismantling costs and play up the buggerance factor (listed building, blast zone, etc).

They are just saying "a bird in the hand is worth two in the bush"

J

[The Falcon]

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

I'm sure I read Distillers will be removing the problem as part of the redevelopment of the old high school.

[Jim44]

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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?

Initial thoughts? What the hell does this mean? The title of this thread has constantly included STILL FROZEN, inferring I thought that this was a really significant fact and a major stumbling block for them. Our learned friends and others have also referred to this as an on-going and very significant problem. Your Eureka moment claims that 'frozen' is irrelevant. Does this mean, that if UBIG and UKIO agree to the Jambos buying the shares, they will very soon after that, come out of administration, progress their CVA, and start to operate 'normally' albeit in the Championship. I hope my 'ignorant' interpretation is way off the mark.

[CropleyWasGod]

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Definite? I've heard them say 2 nights in a row now that if the cva doesn't go through the Lithuanians get nothing. Based on what you're saying that's a blatant lie.

I think it's spin, as mentioned above.

The suggestion is that, on the open market, the PBS will go for much less than the £2.5m. After liquidators' fees, UKIO would get very little and UBIG nothing.

[Hibernia&Alba]

Can I just say the fact the thread title has been amended to 'preparing for liquidation' excites me to the brink of sexual arousal.

[CapitalGreen]

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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.."

The deal being celebrated was an asset transfer to a newco set up by a Portsmouth Fans Trust. (Players, stadium, league membership etc)

The The Rangers/Sevco precedent has shown this would not be possible in Scotland without rejoining in the bottom tier. However, the Rangers precedent also had a Plan B built into the CVA to allow an easy/cheap asset transfer in the result of it being rejected.

[inglisavhibs]

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Only one corner of the site is affected by the blast zone. Cala could easily have designated this area for parking/landscaping and concentrated the residential development in the safe areas.

There is a diagram floating about somewhere (possibly even on this thread) that shows the blast zone.

Cala had agreed a deal with North British to clear the offending warehouse for a sum of around £1m. If that deal is done with any new buyer then there is no problem building and the site is worth much more than the £2.5m on offer!

[Eyrie]

One scenario that worries me if the Yams get liquidated.

A property developer outbids Budge for the PBS, then offers NewYamCo the use of it rent free for three years in exchange for their support with the housing application. NewYamCo couldn't afford to turn this down as the savings on rental costs would be huge as they start their climb up the leagues, and the only downside for them is needing to find a new home when that period is up.

Someone reassure me that this won't happen and they'll have the cost of renting from Livingston or Cowdenbeath to further drain their budget.

[WindyMiller]

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I'm sure I read Distillers will be removing the problem as part of the redevelopment of the old high school.

That's what I understand too ,but anyone else buying it would've needed to have paid the Distillers to remove the tanks.

[WindyMiller]

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one scenario that worries me if the yams get liquidated.

A property developer outbids budge for the pbs, then offers newyamco the use of it rent free for three years in exchange for their support with the housing application. Newyamco couldn't afford to turn this down as the savings on rental costs would be huge as they start their climb up the leagues, and the only downside for them is needing to find a new home when that period is up.

Someone reassure me that this won't happen and they'll have the cost of renting from livingston or cowdenbeath to further drain their budget.

wtf!

[HFC 0-7]

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No they wouldn't be out of admin. They need the UBIG shares for that.
If they liquidate, the stadium gets sold.

Cool, thanks for that. Just a guy I know (he works in the media) is adamant that the ubig shares were not a condition of the cva. He is sure that the cva can be accepted by ukio without the ubig shares.

[DC_Hibs]

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One scenario that worries me if the Yams get liquidated.

A property developer outbids Budge for the PBS, then offers NewYamCo the use of it rent free for three years in exchange for their support with the housing application. NewYamCo couldn't afford to turn this down as the savings on rental costs would be huge as they start their climb up the leagues, and the only downside for them is needing to find a new home when that period is up.

Someone reassure me that this won't happen and they'll have the cost of renting from Livingston or Cowdenbeath to further drain their budget.

Mate, if HoMFC are liquidated, end up bottom tier and the Saviledome is no more after 3 years then you are being greedy "worrying" that they get to stay there for 3 years. Calm yersel doon to a panic as they will likely still wriggle out of this somehow.

[CropleyWasGod]

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Cool, thanks for that. Just a guy I know (he works in the media) is adamant that the ubig shares were not a condition of the cva. He is sure that the cva can be accepted by ukio without the ubig shares.

Okay, let me work through that logic, so that you can put it to him.

By his way of thinking, the CVA is accepted and FOH pay UKIO £2.5m. At that point, what do they own? At best, 29.9% of the shares of HMFC, ie the UKIO bit. UBIG still own 49.9%.

What would the point be in that? Owning less than 30% of the shares.?

Yamanomics

[jonty]

http://www1.skysports.com/football/n...medium=twitter

Patey fears creditors may try and sell the ground.

Good.

[Kato]

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One scenario that worries me........

Mind you don't worry too much, there there.

[CapitalGreen]

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http://www1.skysports.com/football/n...medium=twitter

Patey fears creditors may try and sell the ground.

Good.

Not Good. Patey has been wrong in nearly every opinion he has given on both the Rangers and Hearts cases.

http://www.dailymail.co.uk/sport/football/article-2157407/Rangers-backed-seal-CVA-deal.html

[nribs]

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http://www1.skysports.com/football/n...medium=twitter

Patey fears creditors may try and sell the ground.

Good.

That isn't a very well written or informative report at all.

[littleplum]

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Okay, let me work through that logic, so that you can put it to him.

By his way of thinking, the CVA is accepted and FOH pay UKIO £2.5m. At that point, what do they own? At best, 29.9% of the shares of HMFC, ie the UKIO bit. UBIG still own 49.9%.

What would the point be in that? Owning less than 30% of the shares.?

Yamanomics

Besides which it's quite clearly stipulated in the CVA document that was posted a hundred or so pages back iirc

[Weststandwanab]

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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.

That thought crossed my mind too.

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That isn't a very well written or informative report at all.

I do not think the article is that good.

[BarneyK]

In the face of everything that is being reported at the moment, every slant that is being given, it's easy to imagine that maybe we've got it all wrong, that there are no frozen shares at all. That come this time next week all will have been agreed and barring a twenty day cooling off period it will be an exit from administration at the end of this month, with club and stadium, if not perhaps reputation intact. If this does pan out to be the case, the one thing that still bothers me is why no denial of frozen shares?

[CropleyWasGod]

[QUOTE=BarneyK;3953980]In the face of everything that is being reported at the moment, every slant that is being given, it's easy to imagine that maybe we've got it all wrong, that there are no frozen shares at all. That come this time next week all will have been agreed and barring a twenty day cooling off period it will be an exit from administration at the end of this month, with club and stadium, if not perhaps reputation intact. If this does pan out to be the case, the one thing that still bothers me is why no denial of frozen shares?[/QUOTE]

I'm not aware that the question has been asked.

#JustAsk,Guys

[BarneyK]

[QUOTE=CropleyWasGod;3953987]

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In the face of everything that is being reported at the moment, every slant that is being given, it's easy to imagine that maybe we've got it all wrong, that there are no frozen shares at all. That come this time next week all will have been agreed and barring a twenty day cooling off period it will be an exit from administration at the end of this month, with club and stadium, if not perhaps reputation intact. If this does pan out to be the case, the one thing that still bothers me is why no denial of frozen shares?[/QUOTE]

I'm not aware that the question has been asked.

#JustAsk,Guys

It's certainly not being pushed, which I do find very odd.

[CropleyWasGod]

[QUOTE=BarneyK;3953996]

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It's certainly not being pushed, which I do find very odd.

I don't.

It's in line with the inability of the MSM to ask the important questions.

http://threedeevision.blogspot.co.uk...-just-ask.html

[hibbymick]

Who owns the stadium ?

[greenpaper55]

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In the face of everything that is being reported at the moment, every slant that is being given, it's easy to imagine that maybe we've got it all wrong, that there are no frozen shares at all. That come this time next week all will have been agreed and barring a twenty day cooling off period it will be an exit from administration at the end of this month, with club and stadium, if not perhaps reputation intact. If this does pan out to be the case, the one thing that still bothers me is why no denial of frozen shares?

Then why all the hanging about if it's all so cut and dried ?, it does not add up unless the Liths think there is more cash to be had from the ground, i Think Patey is correct but if he is it will be the first time!.

[CropleyWasGod]

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who owns the stadium ?

hmfc(ia)