Share Transfers Agreed/Cooling off period

[CropleyWasGod]

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So ubig have agreed the transfer of their shares to bdo which will be rubber stamped once the 20 day cooling off period has passed, now hertz just waiting on ukio to agree to do the same which seems a formality to me, or have I missed something out?

UBIG agreed to transfer their (arguably worthless) shares for money.

UKIO's shares will be transferred (subject to Court approval) if their creditors agree to accept £2.5m for their debt of £15m, secured on a property which may be worth considerably more.

There's a big difference.

[Bostonhibby]

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and she isn't due to arrive in the building for a couple of weeks.

There's some people in Vlads' circles, and maybe even a bit nearer to home who are seriously exposed to significant criminal proceedings who really will be hoping something exceptional is done for this minor part of his money laundering empire. If it is then they can possibly rely on it as a precedent for other much, much bigger prosecutions not being pursued.

The yam end of the fraudulently used, funded or obtained asset is beer money compared to those still under investigation. If the Lith authorities don't want a straightforward cover up, or have bigger fish to fry then the question has to be why would the courts want to shoot themselves in the foot by releasing the yam shares from all of the assets frozen at the very beginning under the criminal enquiry? The only way to do it is prove that they are somehow different to the rest of the empire.

[RabMohr]

Why are BDO talking to Lawyers? Are the lawyers going to have a final say in what the creditors will decide or is it maybe some legal thing that BDO need to sort out?

[Bostonhibby]

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UBIG agreed to transfer their (arguably worthless) shares for money.

UKIO's shares will be transferred (subject to Court approval) if their creditors agree to accept £2.5m for their debt of £15m, secured on a property which may be worth considerably more.

There's a big difference.

The difference between the sum on offer, less fees, and the real value of the whole asset if you liquidate it (if only they'd got a proper valuation).

Still doesn't amount to a hill of beans without those pesky shares. Obviously not the ones where the cash was put up but no certificates issued. Must be the longest deferral of issue after payment ever?

[gogsy23]

#allisspoutingpish

[Dashing Bob S]

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Why are BDO talking to Lawyers? Are the lawyers going to have a final say in what the creditors will decide or is it maybe some legal thing that BDO need to sort out?

Got to be seen to be doing something to earn those fees, while at the same time racking them up.

[greenpaper55]

Sorry if this has been posted already but canny be arsed going back over all the pages there are so many

http://www.bbc.co.uk/sport/0/football/26916435

[jacomo]

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With Sergey and Bajillions not in the starting line up, and CWG used only sparingly, it feels like we've annihilated Kickback using our reserve side.

Cav Green deserves a mention too, he's played a big role for us this season.

[jacomo]

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If it's a formality, why didn't it happen today?

Dunno, but good to see your old avatar back!

[RabMohr]

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Got to be seen to be doing something to earn those fees, while at the same time racking them up.

Good point Robert

[CropleyWasGod]

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Sorry if this has been posted already but canny be arsed going back over all the pages there are so many

http://www.bbc.co.uk/sport/0/football/26916435

Where to start with this.....

Budge, the sole director of BIDCO, is offering around £2.5m for the Ukio shares.

[Sanger]

My source in Lith, the Bloomberg journalist, told me that the sticking point is that UKIO want more money - he did not say how much more. But reckons the £2.5 million is so far from what they could get from a liquidation sale and with the Budges fortune public and potrential fresh higher bids, BIDCO have to offer more. Makes sense in terms of the Budge threat.

[God Petrie]

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My source in Lith, the Bloomberg journalist, told me that the sticking point is that UKIO want more money - he did not say how much more. But reckons the £2.5 million is so far from what they could get from a liquidation sale and with the Budges fortune public and potrential fresh higher bids, BIDCO have to offer more. Makes sense in terms of the Budge threat.

Hehe welcome back desantos

[Ozyhibby]

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My source in Lith, the Bloomberg journalist, told me that the sticking point is that UKIO want more money - he did not say how much more. But reckons the £2.5 million is so far from what they could get from a liquidation sale and with the Budges fortune public and potrential fresh higher bids, BIDCO have to offer more. Makes sense in terms of the Budge threat.

:-)

[Spike Mandela]

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My source in Lith, the Bloomberg journalist, told me that the sticking point is that UKIO want more money - he did not say how much more. But reckons the £2.5 million is so far from what they could get from a liquidation sale and with the Budges fortune public and potrential fresh higher bids, BIDCO have to offer more. Makes sense in terms of the Budge threat.

BDO trying their damndest to persuade everyone that UKIO will lose out if they don't accept FoH bid. This might work if UKIO sympathetic to Hearts' plight.

However with a 6.8m securiy held on Tynecastle logic instead of sentiment would suggest UKIO crazy not to chance their luck in a liquidation process.

Realistically what have they got to lose.

[Geo_1875]

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My source in Lith, the Bloomberg journalist, told me that the sticking point is that UKIO want more money - he did not say how much more. But reckons the £2.5 million is so far from what they could get from a liquidation sale and with the Budges fortune public and potrential fresh higher bids, BIDCO have to offer more. Makes sense in terms of the Budge threat.

So if the CVA is rejected, £2.5m for shares in hertz and settlement of security over tynie, and they go to liquidation and get more than £2.5m purely for tynie does that mean hertz are worth less than zero.

Well everybody else gets there musical links in.

[Kato]

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BIDCO have to offer more.

Are they allowed to offer more at this stage?

[Spike Mandela]

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Are they allowed to offer more at this stage?

Can they afford to?

[CropleyWasGod]

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Are they allowed to offer more at this stage?

1. BIDCO aren't doing the bidding.

2. a revised CVA would have to be put to all creditors, IMO, and BDO don't have the time or the money to do that.

[CapitalGreen]

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Are they allowed to offer more at this stage?

They would be required to prepare a new CVA which would take time.

[Hank Schrader]

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That'll be a formality. It was too hopeful that they'd be liquidated. Hopefully we stay up and can watch them struggle for a few years in the division below.

Absolutely Steve, it was such a formality its been put off until the end of next week.

[Sanger]

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1. BIDCO aren't doing the bidding.

2. a revised CVA would have to be put to all creditors, IMO, and BDO don't have the time or the money to do that.

BDO basically saying to UKIO this is the best you'll get from BIDCO which is the same as Budge's threat. UKIO must be debating is there an alternative that would get us more money - a new bid from some other party or liquidation.

Contact is going to do more digging. Hopefully, have something more tomorrow morning.

[Phil D. Rolls]

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So if the CVA is rejected, £2.5m for shares in hertz and settlement of security over tynie, and they go to liquidation and get more than £2.5m purely for tynie does that mean hertz are worth less than zero.

Well everybody else gets there musical links in.

They have been worth -9, since 3 pm today. Cowboys!

[CropleyWasGod]

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BDO basically saying to UKIO this is the best you'll get from BIDCO which is the same as Budge's threat. UKIO must be debating is there an alternative that would get us more money - a new bid from some other party or liquidation.

Contact is going to do more digging. Hopefully, have something more tomorrow morning.

BIDCO aren't doing the bidding, though.

[jacomo]

http://www.edinburghnews.scotsman.co...tact-1-3367656

Medals McKay thinks Hearts should be proud of the way they've conducted themselves this season...

To be fair, Gary Locke hasn't moaned about the situation, but Billy Brown and dignity?? Are you quite sure??

http://www.dailyrecord.co.uk/sport/f...ansfer-2984555

[Phil D. Rolls]

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So if the CVA is rejected, £2.5m for shares in hertz and settlement of security over tynie, and they go to liquidation and get more than £2.5m purely for tynie does that mean hertz are worth less than zero.

Well everybody else gets there musical links in.

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http://www.edinburghnews.scotsman.co...tact-1-3367656

Medals McKay thinks Hearts should be proud of the way they've conducted themselves this season...

To be fair, Gary Locke hasn't moaned about the situation, but Billy Brown and dignity?? Are you quite sure??

http://www.dailyrecord.co.uk/sport/f...ansfer-2984555

No Gary has made no excuses at all.

[Hermit Crab]

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Where to start with this.....

Budge, the sole director of BIDCO, is offering around £2.5m for the Ukio shares.

Not going to panic if they get a bad outcome on the 8th April?

We got preferred bidder status back at the start of August.
"The CVA (Company Voluntary Arrangement) proposal was agreed at the Hearts CVA meetings in November, so we've gone through a tremendous process here.
"And it's quite unhelpful to have interjections at the 11th hour. This is dire for the club if the outcome is not positive."

UBIG creditors are set to receive a much smaller sum of between £50,000 and £100,000 following the statutory 20-day notice period.

[Bostonhibby]

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My source in Lith, the Bloomberg journalist, told me that the sticking point is that UKIO want more money - he did not say how much more. But reckons the £2.5 million is so far from what they could get from a liquidation sale and with the Budges fortune public and potrential fresh higher bids, BIDCO have to offer more. Makes sense in terms of the Budge threat.

Tell your contact to save a bit of time and steer clear of anything bidco related.

[Kato]

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They would be required to prepare a new CVA which would take time.

Tee hee. I knew the answer, sort of, but its fun asking questions the answer to which you is uncomfortable for the flumps reading here. (Hiya, Flumps)

[Phil D. Rolls]

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http://www.edinburghnews.scotsman.co...tact-1-3367656

Medals McKay thinks Hearts should be proud of the way they've conducted themselves this season...

To be fair, Gary Locke hasn't moaned about the situation, but Billy Brown and dignity?? Are you quite sure??

http://www.dailyrecord.co.uk/sport/f...ansfer-2984555

MacKay says that their dignity is intact? Maybe to a guy who will do anything to be heard, like GM. But the last time I looked, going bankrupt, losing your stadium and name, not to mention cheating people out of money, isn't what I'd call dignity.