Share Transfers Agreed/Cooling off period

**~~Sergey~~** · 07-04-2014 11:39 PM

Originally Posted by greenginger

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I wonder if Jackson will be billing two wasted days at £ 400/hour to administration costs.

And what's that divot from the BBC on per day?

They really thought there was going to be breaking news?

I very much doubt said divot speaks one word of Lithuanian (neither do I, may I add) and he's probably had to sit through a legal process not knowing what the **** was occurring. Then has to tweet the outcome.

You honestly couldn't make this sort of **** up.

***GreenLake*** · 07-04-2014 11:39 PM

Originally Posted by greenginger

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Or, while he is in Lithuania the reporter could interview a few pensioners who seen Vlad blow their savings on mad-cap projects including some obscure Edinburgh football team.

He might be surprised, and find out who the victims really are.

That would be real journalism which I suspect he forgot about sometime in the distant past.

**~~Hermit Crab~~** · 07-04-2014 11:50 PM

Originally Posted by Greenworld

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Ok just of the phone here is the truth....things not looking
great Bdo to continue to push but looks to be a real gap in discussions now
Talks to be held over the next few days but it will not
Drag on much longer.
Feeling from hearts end is not good now.
Looks like the the .net were right all a long

Tell you what, this post has potential to come back and bite you in the erchie

**~~Hermit Crab~~** · 07-04-2014 11:51 PM

Originally Posted by sleeping giant

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Ok , i'll say it !

P1sh

Agree

***Bishop Hibee*** · 08-04-2014 12:51 AM

From the Gasman himself:

"Ukio agreed a CVA in November, conditional upon the transfer of UBIG's shareholding.
Today UBIG agreed to that transfer, so the legally binding CVA is now in place.
Ukio's creditors meeting is a legal formality to ratify that decision, and is expected by the end of next week."

No problems there then.

***bingo70*** · 08-04-2014 06:17 AM

Any chance of anything happening today?

Hearts demise is the only enjoyment im getting out football these days

***Jim44*** · 08-04-2014 07:05 AM

Originally Posted by bingo70

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Any chance of anything happening today?

Hearts demise is the only enjoyment im getting out football these days

BBC saying BDO have approached the SPFL to see if they can get early payment of cash due to them. I'll be amazed if they get it without good assurance from the Liths that the shares will definitely be transferred in the not too distant future. But if the Liths could do that, why the present delay?

PS - Mistake corrected.

***Mikey*** · 08-04-2014 07:10 AM

Originally Posted by bingo70

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Any chance of anything happening today?

Hearts demise is the only enjoyment im getting out football these days

Wouldn't think so. They'll be trying to work out their next move, if they have one!

Time is against them though so it's not impossible that they'll spring Liquidation on us at some point. My money would still be on mid May though.

**Weststandwanab** · 08-04-2014 07:28 AM

Originally Posted by Mikey

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Wouldn't think so. They'll be trying to work out their next move, if they have one!

Time is against them though so it's not impossible that they'll spring Liquidation on us at some point. My money would still be on mid May though.

Monday/Tuesday 12/13th May would be my bet.

***KdyHby*** · 08-04-2014 07:47 AM

Originally Posted by Weststandwanab

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Monday/Tuesday 12/13th May would be my bet.

Not the 1-5th of May as one last show of defiance?

**Glesgahibby** · 08-04-2014 07:57 AM

Originally Posted by Sergey

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And what's that divot from the BBC on per day?

They really thought there was going to be breaking news?

I very much doubt said divot speaks one word of Lithuanian (neither do I, may I add) and he's probably had to sit through a legal process not knowing what the **** was occurring. Then has to tweet the outcome.

You honestly couldn't make this sort of **** up.

The best bit was FOH and I'm an MP where following and quoting his tweets.
You missed a fun packed thread yesterday,it was a hoot with a tad nannie thrown in.
The best bit was "no UKIO creditors meeting"hmm and this was the meeting that on
Kickinthesack was causing so many of there members to quote they had "sleepless night" and "been jobbying all morning".It now transpires,no meeting = allsbarry again

**Glesgahibby** · 08-04-2014 08:03 AM

Originally Posted by Greenworld

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Ok just of the phone here is the truth....things not looking
great Bdo to continue to push but looks to be a real gap in discussions now
Talks to be held over the next few days but it will not
Drag on much longer.
Feeling from hearts end is not good now.
Looks like the the .net were right all a long

And to think I thought you could have been a yam undercover

***greenginger*** · 08-04-2014 08:10 AM

Originally Posted by Jim44

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BBC saying BDO have approached the Liths to see if they can get early payment of cash due to them. I'll be amazed if they get it without good assurance from the Liths that the shares will definitely be transferred in the not too distant future. But if the Liths could do that, why the present delay?

Where to BDO expect the cash to come from ?

The Tynecastle Kitty is empty, I don't think Budge will put money in until the ink is 100% dry on everything, that only leaves the Lith admin.to hand over some of cash gathered in Lithuania.

Not very likely.

**Weststandwanab** · 08-04-2014 08:12 AM

Originally Posted by EdinCapitals

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Not the 1-5th of May as one last show of defiance?

It could be but as BDO will pick the date - subject to Court approval - it is unlikely unless BJ is keeping it green.

***Moulin Yarns*** · 08-04-2014 08:13 AM

Originally Posted by Jim44

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BBC saying BDO have approached the Liths to see if they can get early payment of cash due to them. I'll be amazed if they get it without good assurance from the Liths that the shares will definitely be transferred in the not too distant future. But if the Liths could do that, why the present delay?

You mean the SPFL, not the Liths

***greenginger*** · 08-04-2014 08:17 AM

Originally Posted by Golden Fleece

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You mean the SPFL, not the Liths

Ah ! so it is cash for the Yams, not to keep BDO going.

They must have laid out a few bob on travel expenses. I wonder if he flies business class ?

***s.a.m*** · 08-04-2014 08:19 AM

Originally Posted by greenginger

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Where to BDO expect the cash to come from ?

The Tynecastle Kitty is empty, I don't think Budge will put money in until the ink is 100% dry on everything, that only leaves the Lith admin.to hand over some of cash gathered in Lithuania.

Not very likely.

I'm probably just having a excess of financial info induced memory-lapse, but why would the Liths be due them money??

Edit: Just read GF's post...

**~~Hermit Crab~~** · 08-04-2014 08:21 AM

Originally Posted by Bishop Hibee

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From the Gasman himself:

"Ukio agreed a CVA in November, conditional upon the transfer of UBIG's shareholding.
Today UBIG agreed to that transfer, so the legally binding CVA is now in place.
Ukio's creditors meeting is a legal formality to ratify that decision, and is expected by the end of next week."

No problems there then.

Seems plausible.

***greenginger*** · 08-04-2014 08:23 AM

Vlad's been lifted !

http://translate.googleusercontent.c...wAv6aR1RLxyrQw

Our Prince has been nabbed.

***Spike Mandela*** · 08-04-2014 08:24 AM

Wouldn't surprise me if the SPFL have advised them to make this approach. Personally think it should be held back to pay their football debt in the event of liquidation.

***Billy Whizz*** · 08-04-2014 08:28 AM

Originally Posted by Spike Mandela

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Wouldn't surprise me if the SPFL have advised them to make this approach. Personally think it should be held back to pay their football debt in the event of liquidation.

They still need to pay their football debts if they start as a Newco I thought

***Kojock*** · 08-04-2014 08:28 AM

Statement from Ian (I'm an MP) Murray

Apologies for not posting this earlier but there has been difficulties getting on to Kickback this afternoon. Just shows you how important a service it provides. We are obviously disappointed that both creditors meetings for UKIO and UBIG did not take place. However, the positive news about the UBIG creditors meeting agreeing the transfer of their 50% shareholding in Hearts is a significant step forward. This should not be underestimated. We understand that lengthy discussions have taken place between Hearts Administrators, BDO, and the lawyers administrating Ukio Bankas. The outcome of these discussions were positive and it is hoped that a Ukio creditors meeting will take place before the end of next week (Easter). It has transpired that there was not to be a formal Ukio creditors meeting today so nothing has been delayed or postponed. The date will be set shortly. We are working on the information as we receive it.

We have taken a huge step towards delivering the Creditors Voluntary Agreement (CVA) today and, to use a football analogy, we would have taken this result before the game. However, we do appreciate how frustrating this is for the supporters and for everyone connected to the Club. We would have wanted a final conclusion. One major hurdle has been cleared with one to go.

We will continue to work closely with BDO and BIDCO to get this deal over the line as quickly as possible and thank all the supporters for their continued patience at this time.

Tonight Hearts is much closer to being out of administration than it was yesterday. It is a considerable achievement to have got this far. We thank BDO and the teams at UKIO Bankas and UBIG for their sterling efforts and look forward to a positive outcome as soon as possible. I, and FoH, will provide as much information as we can in the coming days.

**Technofob** · 08-04-2014 08:32 AM

Originally Posted by Hibs7

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BBC doing the same. .. Poor poor journalism, but what do you expect from these amateur Scottish supposed news networks !!

The BBC and Maclaughlin in his update from lith last night on sport sound said that ukio owned tyne castle.

I thought our ITK chaps were sure Hertz(IA) still owned the stadium.

#moreincorrectreporting

**CB_NO3** · 08-04-2014 08:34 AM

Jamie Borthwick from STV saying Vlad has been arrested in Moscow. That could be even more delays for Hearts if there is a criminal investigation about to start?

**~~Sanger~~** · 08-04-2014 08:35 AM

Originally Posted by desantos0773

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I'll ask him in the morning when I speak to him.

Bryan says nothing has changed on the frozen shares. UKIO creditors expected to meet on 18^th April. Even if they accept a further 20 day cooling off period takes you to 8^th May then apply to the court to unfreeze shares. I asked him the time frame for the latter and he says how long is a piece of string!

***Mikey*** · 08-04-2014 08:38 AM

Originally Posted by desantos0773

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Bryan says nothing has changed on the frozen shares. UKIO creditors expected to meet on 18^th April. Even if they accept a further 20 day cooling off period takes you to 8^th May then apply to the court to unfreeze shares. I asked him the time frame for the latter and he says how long is a piece of string!

Portsmouth's court case took 5 months to happen.

**jakeshibs** · 08-04-2014 08:39 AM

More delays ha ha come on I just want them dead so I can get it right up them! I want the big L now PBS sold! I got so much grief from YAMS last night after our result more 1-5 1902 crap, so that's it for me, no sympathy get them gone and as soon as possible!!

***AlbertK86*** · 08-04-2014 08:39 AM

Originally Posted by CropleyWasGod

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It was Bradley who reported that the shares are frozen. So far, he's the only journalist to mention them. http://www.bloomberg.com/news/2013-0...-s-assets.html Quote:- The assets of Ukio Banko Investicine Grupe, or UBIG, through which Romanov controls 79 percent of Hearts in Edinburgh, were blocked yesterday in the course of a lawsuit against the Russian-born investor and his sister, Olga Goncaruk, Kaunas District Court said today on its website. “Any sale or transfer” of UBIG’s shares in Hearts or its other property “is forbidden,” Gintare Putnikiene, a spokeswoman for the court in Kaunas said by phone today.

Now how funny will the 400,000 faces be if/when they get all their agreements in place and they are celebrating their survival .......... Only for the court to say ..... Eh sorry girls, the shares are actually frozen and we'll decide when we switch the freezer off...... Jog on now !!!!

***Moulin Yarns*** · 08-04-2014 08:41 AM

Originally Posted by desantos0773

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Bryan says nothing has changed on the frozen shares. UKIO creditors expected to meet on 18^th April. Even if they accept a further 20 day cooling off period takes you to 8^th May then apply to the court to unfreeze shares. I asked him the time frame for the latter and he says how long is a piece of string!

Choice?

Sit in a meeting on Good Friday to decide what to do about all the money they have lost, or sit on a beach in the sun on a public holiday. I know where I'd rather be.

***CapitalGreen*** · 08-04-2014 08:43 AM

Originally Posted by desantos0773

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Bryan says nothing has changed on the frozen shares. UKIO creditors expected to meet on 18^th April. Even if they accept a further 20 day cooling off period takes you to 8^th May then apply to the court to unfreeze shares. I asked him the time frame for the latter and he says how long is a piece of string!

But you said the shares were not frozen yesterday?

Originally Posted by desantos0773

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The UKIO or UBIG shares or assets held or they have a claim over are not Vlad's and therefore not frozen.