Share Transfers Agreed/Cooling off period

[Ronniekirk]

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the deal is done; Fat Salmond intervened and saved them.

Sergey was right all along that UKIO/UBIG were not really happy and willing to accept; Clearly they've been forced too. (which ties in with the sudden acceptance and no apparent meetings).

Politics and Football eh ?

Politics and football , two peas in a pod and they didn't have to shell out that Mutch. the section in the Glasgow Herald today is all about Ian Murray fronting up the good news . I really can't get over how easily the media seem to be falling over themselves over this and wanting to keep it so upbeat .yet when the pundits come on talking about hibs it's all doom and gloom and we are going down and picking over things from the last four or five years and mistakes made It's almost like the revel in our misery but ignore the massive overspending that got hearts to where they got to but just sweep all that under the carpet now given how well they have done to get through all this .

[GreenLake]

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I too am concerned that this potential Titanic sinking iceberg seems to have melted to a pile of slush. Was very much looking forward to the frozen shares test. Like the CVA creditors meeting, it seems to have been circumvented by deals struck behind closed doors. Perhaps it was always thus, and this is the sad lesson of this sordid little affair.

Still:

-relegation
-working within a reduced budget
-more farce ahead as FOH try to get the club from BIDCO
-more farce as FOH try to run it
-and still having them around for a derby
-potential for club to further discredited as case against UBIG unravels

Is not a bad haul.

We might have a high profile extradition case or two as former officials are found complicit in embezzlement carried out in their service to Hearts and Vlad.

[marinello59]

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Lots of money for him, his firm and carefree coz despite him/BDO telling lies and being unethical during this whole process - When you have the support of Scottish government, then no wonder he is smug.
This CVA would have failed if it were any other club.
We laugh at them for calling themselves a big club, but I'm afraid we'd never have gotten the same political support.

Salmond would have given us exactly the same support. It's his job.
And were BDO unethical or just doing something we didn't like, working to save the business as a going concern.

[Caversham Green]

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Exactly. I made myself pretty unpopular with some on the Sevco thread when I expressed the view that the desire to see Rangers disappear was very little to do with sporting integrity and much more to do with seeing a much disliked rival suffer. ( I ain't saying that's wrong. ) The Hearts case would tend to suggest I was right. Only Hibs fans are as bothered about this as the rest of Scottish football was about Rangers but Hearts have committed the same 'crime.'
Hearts have been punished heavily. The signing restrictions and points deduction effectively relegated them before a ball was kicked this season. We shouldn't let ourselves be blinded by disappointment that they haven't suffered an even worse fate. Liquidation or not, they were never going to disappear totally. Personally I would miss the Derby anyway, for me it is what being a football fan is all about. This thread has been fun but it looks like the game is nearly over. I'd rather look forward now.

Agree with most of that, but I would argue that some of the difference in perception of the two clubs was down to their relative success. The old Rangers claimed to be the most successful club in the World and the disgust directed at their actions was at least partly motivated by the fact that they bought that success with 'stolen' money.

On the other hand HoMFC (IA&R)'s record isn't all that given the amount they spent. Their average league placing was only slightly better than other comparable clubs and they only managed one cup more than Hibs, Aberdeen, St Mirren, Killie etc - not really a great return for putting your whole future in jeopardy. The amount they spent they should have been nailed on third every year and frequent cup winners. They wasted all that money.

[dangermouse]

Does this mean that the fools that coughed up for the "share" issue will now get their share certificates?

[ehf]

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the deal is done; Fat Salmond intervened and saved them.

He will no doubt have "incentivised" them to accept peanuts under the CVA instead of what the site is really worth. And we (the taxpayer) will no doubt be funding that incentive in due course. Is this not illegal as a form of "state aid"?

[Waxy]

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He will no doubt have "incentivised" them to accept peanuts under the CVA instead of what the site is really worth. And we (the taxpayer) will no doubt be funding that incentive in due course. Is this not illegal as a form of "state aid"?

It'll be hush hush.

[PatHead]

Just wanted to say thanks to Sergey (and his Lithuanian contact), CWG, Bajillions, Robin P and many others for keeping me informed and entertained over the last year or so....just a pity that the honourable thing didn't happen but hey ho life goes on.

Roll on the hard times for Hearts and the glory days for Hibs.

[green day]

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He will no doubt have "incentivised" them to accept peanuts under the CVA instead of what the site is really worth. And we (the taxpayer) will no doubt be funding that incentive in due course. Is this not illegal as a form of "state aid"?

State Aid? This is devolved Scotland, how much money do you think wee eck has to play with?

Dinnae be silly, this is straw grasping nonsense.

[One Day Soon]

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Salmond would have given us exactly the same support. It's his job.
And were BDO unethical or just doing something we didn't like, working to save the business as a going concern.

Oh aye? Killie nearly went to the wall this season, what intervention has he done for them? Hall's in Bathgate went to the wall, where's their rescue?

He's just intervened politically to help our direct city rivals secure the wiping of £70 million of debt with this CVA. What, in the interests of fairness, is he doing for us?

It's his job to ensure that public services and markets operate properly. Is it really his job to intervene in the interests of say 40,000 Hearts supporters (of which he is one) to support a CVA which in its conclusion will cost taxpayers millions?

[Keith_M]

Isn't there a bit of a contradiction when talking about waiting for both a Cooling Off period and for the shares to be Defrosted?

It's either getting warmer or colder, surely?

[HappyAsHellas]

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Some astonishing quotes on there!

3. But the News has been told UBIG’s main creditor had flatly refused the deal initially and had to be persuaded with pressure from UK Ambassador to Lithuania David Hunt.
Hopefully that creditor, presumably Siaulius, may still query the deal before April 27.

An e-mail I recieved seems to dispute this:

CLASSIFICATION:UNCLASSIFIED

Dear HappyAsHellas,



Thank you for your e-mail to the British Embassy dated 29 March.



Please allow me to confirm that the British Embassy is not acting on behalf of, or involved with, the administration of Heart‘s Football Club. This is a purely commercial matter between the commercial actors involved. It is therefore not something that the British Embassy is able to comment on.



I hope this answers your question. Once again, thank you for contacting the Embassy.



Yours sincerely,



Martyn Cushing

Deputy Head of Mission

British Embassy Vilnius

Antakalnio 2, VILNIUS LT10308, Lithuania

[Keith_M]

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An e-mail I recieved seems to dispute this:

CLASSIFICATION:UNCLASSIFIED

Dear HappyAsHellas,
.......

You signed an E-Mail 'HappyAsHellas'?

[Leithenhibby]

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You signed an E-Mail 'HappyAsHellas'?

Made me smile :-)

[HFC 0-7]

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Salmond would have given us exactly the same support. It's his job.
And were BDO unethical or just doing something we didn't like, working to save the business as a going concern.

Not his job, there is a definite chance he never acted morally when influencing the liths. We know that there was people influencing the liths around blast zones, demolishing costs, planning permissions etc etc. he shouldn't have got involved with any company that DECIDED not to pay tax and other businesses in the pursuit of success. Hearts level of spending was not a speculate to accumulate, their spending was too far beyond what they would have received through winning leagues and cups. They decided NOT to pay taxes, they could have cut back to pay taxes, they didn't. Everyone with half a brain cell saw admin coming for hearts, not a peep out of the first minister to the public about how companies should pay their taxes instead of spending beyond their means.

Not once have I heard the first minister talk about how bad it was for the creditors that lost money, not once have we heard him talk about how bad hearts acted not paying taxes, creditors etc. We have heard him talk about hearts and how the cva needed pushed through. People will argue that he saved hearts because local businesses need them. I bet local businesses, tax payers and the people in Lithuania would rather have had them pay the nigh on 70 million they overspent by. There will have always been a hearts to bring money to local businesses on match days.

I agree he should help businesses that are in difficulty, but not ones that are there because they have been reckless in their spending, instead he should be saying they are there because of their own actions and shouldn't have anyone representing tax payers trying to influence decisions for the benefit of that company.

[Craig_in_Prague]

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Not his job, there is a definite chance he never acted morally when influencing the liths. We know that there was people influencing the liths around blast zones, demolishing costs, planning permissions etc etc. he shouldn't have got involved with any company that DECIDED not to pay tax and other businesses in the pursuit of success. Hearts level of spending was not a speculate to accumulate, their spending was too far beyond what they would have received through winning leagues and cups. They decided NOT to pay taxes, they could have cut back to pay taxes, they didn't. Everyone with half a brain cell saw admin coming for hearts, not a peep out of the first minister to the public about how companies should pay their taxes instead of spending beyond their means.

Not once have I heard the first minister talk about how bad it was for the creditors that lost money, not once have we heard him talk about how bad hearts acted not paying taxes, creditors etc. We have heard him talk about hearts and how the cva needed pushed through. People will argue that he saved hearts because local businesses need them. I bet local businesses, tax payers and the people in Lithuania would rather have had them pay the nigh on 70 million they overspent by. There will have always been a hearts to bring money to local businesses on match days.

I agree he should help businesses that are in difficulty, but not ones that are there because they have been reckless in their spending, instead he should be saying they are there because of their own actions and shouldn't have anyone representing tax payers trying to influence decisions for the benefit of that company.

top post mate.

[The Green Goblin]

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With respect, your several guys (several??, you sure?) led you all a merry dance it would seem. I know nothing about financial stuff like this, so I'm not able to contribute, still, you keep believing.

It seems strange that a hibee would gloat at other hibees because the yams have had a bit of luck. The "your" and "you" in your post says a fair bit. Enjoy next year's "adventure".

[jacomo]

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They are not supporter owned. They are owned by Ann Budge.
She has bought them for £2.5m and is handing them over to FoH after they give her £6.3m. Nice work if you can get it.

So long as FoH keep up their side of the deal, Budge gets to play at running a football club for a few years and then gets all her money back (plus interest).

If the DDs fall away then she might be in charge for considerably longer.

[hibbill2002]

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It seems strange that a hibee would gloat at other hibees because the yams have had a bit of luck. By your own admission you don't know anything and have nothing to contribute.....

Aye? Your spot on Sherlock

[bighairyfaeleith]

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It seems strange that a hibee would gloat at other hibees because the yams have had a bit of luck. The "your" and "you" in your post says a fair bit. Enjoy next year's "adventure".

Yes that was my thinking as well

[hibbill2002]

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Yes that was my thinking as well

[Waxy]

Cant we just go back to calling the thread financial meltdown and nothing else? They're still in admin and the title is now just positive for them. Makes me sick :(

[grunt]

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Not his job, there is a definite chance he never acted morally when influencing the liths. We know that there was people influencing the liths around blast zones, demolishing costs, planning permissions etc etc. he shouldn't have got involved with any company that DECIDED not to pay tax and other businesses in the pursuit of success. Hearts level of spending was not a speculate to accumulate, their spending was too far beyond what they would have received through winning leagues and cups. They decided NOT to pay taxes, they could have cut back to pay taxes, they didn't. Everyone with half a brain cell saw admin coming for hearts, not a peep out of the first minister to the public about how companies should pay their taxes instead of spending beyond their means.

Not once have I heard the first minister talk about how bad it was for the creditors that lost money, not once have we heard him talk about how bad hearts acted not paying taxes, creditors etc. We have heard him talk about hearts and how the cva needed pushed through. People will argue that he saved hearts because local businesses need them. I bet local businesses, tax payers and the people in Lithuania would rather have had them pay the nigh on 70 million they overspent by. There will have always been a hearts to bring money to local businesses on match days.

I agree he should help businesses that are in difficulty, but not ones that are there because they have been reckless in their spending, instead he should be saying they are there because of their own actions and shouldn't have anyone representing tax payers trying to influence decisions for the benefit of that company.

Indeed.

[QMU-1875]

Take it the shares were not frozen then?

[EK_Hibs]

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Take it the shares were not frozen then?

Sigh

[southsider]

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Not his job, there is a definite chance he never acted morally when influencing the liths. We know that there was people influencing the liths around blast zones, demolishing costs, planning permissions etc etc. he shouldn't have got involved with any company that DECIDED not to pay tax and other businesses in the pursuit of success. Hearts level of spending was not a speculate to accumulate, their spending was too far beyond what they would have received through winning leagues and cups. They decided NOT to pay taxes, they could have cut back to pay taxes, they didn't. Everyone with half a brain cell saw admin coming for hearts, not a peep out of the first minister to the public about how companies should pay their taxes instead of spending beyond their means.

Not once have I heard the first minister talk about how bad it was for the creditors that lost money, not once have we heard him talk about how bad hearts acted not paying taxes, creditors etc. We have heard him talk about hearts and how the cva needed pushed through. People will argue that he saved hearts because local businesses need them. I bet local businesses, tax payers and the people in Lithuania would rather have had them pay the nigh on 70 million they overspent by. There will have always been a hearts to bring money to local businesses on match days.

I agree he should help businesses that are in difficulty, but not ones that are there because they have been reckless in their spending, instead he should be saying they are there because of their own actions and shouldn't have anyone representing tax payers trying to influence decisions for the benefit of that company.

He did not help Halls of Broxburn who were a major employer in that area as against European competition law but prepared to stand up for a grubbly little tax dodging, charity thieving so called part of the community. Lets see him put his chubby little hands into those deep pockets and start paying back the small local creditors.

[Beefster]

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Oh aye? Killie nearly went to the wall this season, what intervention has he done for them? Hall's in Bathgate went to the wall, where's their rescue?

He's just intervened politically to help our direct city rivals secure the wiping of £70 million of debt with this CVA. What, in the interests of fairness, is he doing for us?

It's his job to ensure that public services and markets operate properly. Is it really his job to intervene in the interests of say 40,000 Hearts supporters (of which he is one) to support a CVA which in its conclusion will cost taxpayers millions?

I'd agree with most of it but particularly the bit in bold. Salmond is now fair game every single time a Scottish SME goes to the wall if he's done the square root of **** all to help them.

[marinello59]

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Not his job, there is a definite chance he never acted morally when influencing the liths. We know that there was people influencing the liths around blast zones, demolishing costs, planning permissions etc etc. he shouldn't have got involved with any company that DECIDED not to pay tax and other businesses in the pursuit of success. Hearts level of spending was not a speculate to accumulate, their spending was too far beyond what they would have received through winning leagues and cups. They decided NOT to pay taxes, they could have cut back to pay taxes, they didn't. Everyone with half a brain cell saw admin coming for hearts, not a peep out of the first minister to the public about how companies should pay their taxes instead of spending beyond their means.

Not once have I heard the first minister talk about how bad it was for the creditors that lost money, not once have we heard him talk about how bad hearts acted not paying taxes, creditors etc. We have heard him talk about hearts and how the cva needed pushed through. People will argue that he saved hearts because local businesses need them. I bet local businesses, tax payers and the people in Lithuania would rather have had them pay the nigh on 70 million they overspent by. There will have always been a hearts to bring money to local businesses on match days.

I agree he should help businesses that are in difficulty, but not ones that are there because they have been reckless in their spending, instead he should be saying they are there because of their own actions and shouldn't have anyone representing tax payers trying to influence decisions for the benefit of that company.

I really can't stand Alex Salmond but we can't simply make stuff up to justify our own spin on things.

[scott7_0(Prague)]

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Salmond would have given us exactly the same support. It's his job.

Nope disagree totally.

[Moulin Yarns]

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Take it the shares were not frozen then?

EXACTLY a year ago

http://www.lithuaniatribune.com/3427...ets-201334278/