(Yams) Financial Meltdown- UBIG shares remain frozen/Transfer ban remains (The Highlight Reel)

[Shug73]

Yes, but they could have stopped selling season tickets at that point. Instead they actively asked for an additional 3,000 to be sold, creating an additional 3,000 creditors within the first month of administration.

 

Yes, but they didn't make the decision on pricing structure etc. I think they have said that they don't want to get involved in making these kinds of decision and are hopeful that the club will be out of admin when the time comes for the decision to be made on prices. Remember that no decision can be made on the pricing until we know (when it is mathematically no longer possible to avoid relegation) which division we will be in.

[Mr Brightside]

 

 

Yes, but they didn't make the decision on pricing structure etc. I think they have said that they don't want to get involved in making these kinds of decision and are hopeful that the club will be out of admin when the time comes for the decision to be made on prices. Remember that no decision can be made on the pricing until we know (when it is mathematically no longer possible to avoid relegation) which division we will be in.

 

I agree with all of your post above. However, my main point is BDO can if the choose to do so sell season tickets to raise money if required. They may choose not to sell season tickets but that is their choice not a legal barrier.

[Munch]

Sirgays Latest Testament and much appreciated by his little followers over at the net.

 

They should be able to stagger along until the end of the season - I'm pretty sure the authorities will advance them cash as they did Gretna.

 

The Big L will only happen if one of the following scenarios occurs:

 

i) BDO finally admit that there's little prospect of the shares being unfrozen in the foreseeable

ii) The Ukio creditors reject the conditions of the CVA

iii) Money does run dry and BDO declare insolvency

 

In true Cheltenham terms, perm any one from three and you'll be backing a winner

 

 

lots of back slapping and high fives from sirgays flock after this latest prediction.

[...a bit disco]

 

That lot really do take the soggy biscuit!

[davieholt]

Sirgays Latest Testament and much appreciated by his little followers over at the net.

 

They should be able to stagger along until the end of the season - I'm pretty sure the authorities will advance them cash as they did Gretna.

 

The Big L will only happen if one of the following scenarios occurs:

 

i) BDO finally admit that there's little prospect of the shares being unfrozen in the foreseeable

ii) The Ukio creditors reject the conditions of the CVA

iii) Money does run dry and BDO declare insolvency

 

In true Cheltenham terms, perm any one from three and you'll be backing a winner

 

 

lots of back slapping and high fives from sirgays flock after this latest prediction.

 

Wow! Their strategy of sticking their fingers in their ears and shouting LA LA LA certainly seems to be working for them.

[Skivingatwork]

.net has become the equivalent of a 21st century PC school sports day. No matter how rubbish you and your predictions are, everyone shouts well done and gives you a medal.

[Homme]

Proud Russian length

 

[Clerry Jambo]

Well that's it we're fecked!!

 

So if the season starts in early August and they need 58 days after the meeting to come out admin. Then the meeting must be by/before early June or they start with a 15 point deduction again.

[Dallas Green]

 

 

I agree with all of your post above. However, my main point is BDO can if the choose to do so sell season tickets to raise money if required. They may choose not to sell season tickets but that is their choice not a legal barrier.

 

100% this.

 

This is a Hobo lie regarding not being able to sell tickets.

[soonbe110]

 

 

. Why then did they sanction the sale of season tickets earlier this season? Same rule would apply surely.

Because they had a cash management plan that they knew would see them through to the end of the season.

[Dallas Green]

So are people actually saying BDO can't sell season tickets and give out contracts?

 

[Deevers]

 

 

Because they had a cash management plan that they knew would see them through to the end of the season.

. And they have not got one now?

[The Gasman]

Because they had a cash management plan that they knew would see them through to the end of the season.

 

That's nonsense.

 

The first day BDO came in, they had no idea what the debts were, they had no idea what the income was, they had no idea what the total liabilities were - they just knew there was no cash in the bank, and that money was needed. BDO did not suspend Season Ticket sales, they openly encouraged them, actively creating more creditors.

 

BDO do not want to be involved in the sale of ST's for next season, I'm sure Anne Budge and FoH don't want them involved in it either, but if it's needed, it will definitely happen. There is absolutely no legal reason why BDO couldn't sell them, and in fact, they have a legal obligation to keep us trading in order to get the best return for the existing creditors.

 

This "can't sell ST's" is just another childrens story from Hobonory

[Shug73]

So are people actually saying BDO can't sell season tickets and give out contracts?

 

 

Did BDO have any problem doing it at Dunfermline?

[Guest Bilel Mohsni]

These threads are always quite useful I find.

[Dallas Green]

 

 

Did BDO have any problem doing it at Dunfermline?

 

What has their stint at Dunfermline got to do with us?

[Chrambo]

 

 

What has their stint at Dunfermline got to do with us?

 

I'd suggest the same laws regarding the sale of season tickets would apply to them.

[Dallas Green]

 

 

I'd suggest the same laws regarding the sale of season tickets would apply to them.

 

What laws?

[Chrambo]

 

 

What laws?

 

Have you read this thread? Some posters (and Hobos) are claiming that it is against the law for BDO to start the sale of season tickets.

 

I don't believe this to be the case.

[Shug73]

What has their stint at Dunfermline got to do with us?

 

I don't recall BDO having any problems going into a new season with Dunfermline so I would imagine that they would have had to agree to the season tickets going on sale there when they were still in admin. Don't see how it would be a problem with them doing it with us if it became a necessity if we don't come out of admin quickly enough.

[Dallas Green]

 

 

Have you read this thread? Some posters (and Hobos) are claiming that it is against the law for BDO to start the sale of season tickets.

 

I don't believe this to be the case.

 

Yeah I have. I thought you were saying there was laws against it I do apologise.

 

I agree with you.

[Deevers]

 

These threads are always quite useful I find.

. They are indeed!

[Dallas Green]

 

 

I don't recall BDO having any problems going into a new season with Dunfermline so I would imagine that they would have had to agree to the season tickets going on sale there when they were still in admin. Don't see how it would be a problem with them doing it with us if it became a necessity if we don't come out of admin quickly enough.

 

Yeah sorry I agree with you

 

[Shug73]

I checked and the only problem Dunfermline appear to have had when they started selling their season tickets for this year was not being able to offer a credit facility to pay for a ST over a number of months due to being in admin.

[Munch]

That's nonsense.

 

The first day BDO came in, they had no idea what the debts were, they had no idea what the income was, they had no idea what the total liabilities were - they just knew there was no cash in the bank, and that money was needed. BDO did not suspend Season Ticket sales, they openly encouraged them, actively creating more creditors.

 

BDO do not want to be involved in the sale of ST's for next season, I'm sure Anne Budge and FoH don't want them involved in it either, but if it's needed, it will definitely happen. There is absolutely no legal reason why BDO couldn't sell them, and in fact, they have a legal obligation to keep us trading in order to get the best return for the existing creditors.

 

This "can't sell ST's" is just another childrens story from Hobonory

 

A Myth made up by the Experts over at the net.

[jamboinglasgow]

Wish we could get a date for the creditors meeting of UBIG, starting to worry me that we will still be in admin at the start of next season.

[Shug73]

Wish we could get a date for the creditors meeting of UBIG, starting to worry me that we will still be in admin at the start of next season.

 

The next meeting in Lithuania that has been published is next Tuesday. By the looks of it the meeting is only to do with electing creditors committee members.

 

http://www.ub.lt/en/to-creditors/news/73-notification-of-uab-valnetas-the-bankruptcy-administrator-of-bab-ukio-bankas-on-convening-the-first-meeting-of-creditors-of-bab-ukio-bankas

[jamboinglasgow]

The next meeting in Lithuania that has been published is next Tuesday. By the looks of it the meeting is only to do with electing creditors committee members.

 

http://www.ub.lt/en/...bab-ukio-bankas

 

thats only to do with UKIO Bankas, not UBIG.

[Shug73]

thats only to do with UKIO Bankas, not UBIG.

 

Correct. I was just stating that this is the next known meeting that is to happen. I don't know if this meeting will have anything to do with us progressing in obtaining the shares or not. Bear in mind UBIG are a creditor of UKIO.

[Clerry Jambo]

Wish we could get a date for the creditors meeting of UBIG, starting to worry me that we will still be in admin at the start of next season.

 

Without trying to sound hoboish JIG but would BDO not liquidate us if they felt the shares wouldn't be defrosted in the near future, surely they couldn't allow the club to waddle along in Admin.

[Guest Bilel Mohsni]

 

 

Without trying to sound hoboish JIG but would BDO not liquidate us if they felt the shares wouldn't be defrosted in the near future, surely they couldn't allow the club to waddle along in Admin.

 

Even Velnetas (sp?) have mentioned that they do not want us to be wound up. The fans have shown that the money will be there if that's what it is going to take. Can't see someone liquidating us over a delay caused by it taking a while to find someone to donate their time to dealing with the small beer of the shit storm that is the UKIO / UBIG cluster****.

 

[soonbe110]

 

 

. And they have not got one now?

not to cover themselves until the end of next season they don't. If BDO generate creditors through their own actions they will become liable for those creditors if the company in Admin is liquidated. Selling STs now for next season will generate 11-12,000 new creditors with liability of over ?3m. They are just going to scrape through the risk of the extra 3-4 k STs they sold for this season. To sell STs for next season they would need to be 100% certain that Ubigs shares will be transferred to Bidco. Whilst it's still likely that will happen, thankfully, it's by no means 100% certain and therein lies the rub.

[Koolkeith]

The worst scenario I see is still being in admin going into the new season with a 15 point deduction. I'd still be hopeful of finishing in a play off position. Probably unlikely, but imagine Hibs also ended up in the playoff position next season. Would be great to relegate them in order to get promotion.

[soonbe110]

 

 

 

That's nonsense.

 

The first day BDO came in, they had no idea what the debts were, they had no idea what the income was, they had no idea what the total liabilities were - they just knew there was no cash in the bank, and that money was needed. BDO did not suspend Season Ticket sales, they openly encouraged them, actively creating more creditors.

 

BDO do not want to be involved in the sale of ST's for next season, I'm sure Anne Budge and FoH don't want them involved in it either, but if it's needed, it will definitely happen. There is absolutely no legal reason why BDO couldn't sell them, and in fact, they have a legal obligation to keep us trading in order to get the best return for the existing creditors.

 

This "can't sell ST's" is just another childrens story from Hobonory

Not immediately they didn't. They did an element of diligence first before selling further season tickets. They took a week or two to make the decision whether the original 7,000 seasons were to be honoured or not. A major part of the decision to honour the 7,000 was the plan to sell as many new seasons as they could. It was built into their cash plan to get us to the point of exiting Admin. That has taken us longer than they thought however the fans contributions plus player sale and a cup semi have plugged the gap.

[soonbe110]

 

 

 

That's nonsense.

 

The first day BDO came in, they had no idea what the debts were, they had no idea what the income was, they had no idea what the total liabilities were - they just knew there was no cash in the bank, and that money was needed. BDO did not suspend Season Ticket sales, they openly encouraged them, actively creating more creditors.

 

BDO do not want to be involved in the sale of ST's for next season, I'm sure Anne Budge and FoH don't want them involved in it either, but if it's needed, it will definitely happen. There is absolutely no legal reason why BDO couldn't sell them, and in fact, they have a legal obligation to keep us trading in order to get the best return for the existing creditors.

 

This "can't sell ST's" is just another childrens story from Hobonory

answer me one question please ... Why is it when someone says something you don't like or don't agree with you immediately use a negative response containing a version of hobo in it? Somewhat childish. Not all Hearts fans have to agree with Gasman. What's it like to to always believe you are correct about everything?

[Guest Bilel Mohsni]

 

answer me one question please ... Why is it when someone says something you don't like or don't agree with you immediately use a negative response containing a version of hobo in it? Somewhat childish. Not all Hearts fans have to agree with Gasman. What's it like to to always believe you are correct about everything?

 

Hobo

[Clerry Jambo]

 

 

Hobo

 

Was thinking likewise moth but not sure, tad harsh on the gas though

[Craigieboy]

Subhuman vermin scum.

[Dallas Green]

Soonbe110 is talking some utter rubbish.

 

If you are going to make these claims please do provide evidence that BDO can't do this.

[Don Dan]

 

Subhuman vermin scum.

 

Now that's "Hobo"

[Paolo]

 

answer me one question please ... Why is it when someone says something you don't like or don't agree with you immediately use a negative response containing a version of hobo in it? Somewhat childish. Not all Hearts fans have to agree with Gasman. What's it like to to always believe you are correct about everything?

He is correct, though.

[Munch]

Hobos are frothing at the mouth over at the net getting all excited any any scrap of obscure info that one of there so called ITK Financial Experts whips them up into a fenzy it does not surprise me that some have infiltrated and are undercover vermin every now and again one of these undercover agents will slip up and we have just found one.

answer me one question please ... Why is it when someone says something you don't like or don't agree with you immediately use a negative response containing a version of hobo in it? Somewhat childish. Not all Hearts fans have to agree with Gasman. What's it like to to always believe you are correct about everything?

 

HOBO

 

Hobos are frothing at the mouth over at the net getting all excited any any scrap of obscure info that one of there so called ITK Financial Experts whips them up into a fenzy it does not surprise me that some have infiltrated and are undercover vermin every now and again one of these undercover agents will slip up and we have just found one.

[Gigolo-Aunt]

 

Honestly, why do you all give a **** what they say?

[Guest Bilel Mohsni]

 

 

Was thinking likewise moth but not sure, tad harsh on the gas though

 

Aye, ah ken, sorry. I had rotis for tea.

[:shitwine:]

The worst scenario I see is still being in admin going into the new season with a 15 point deduction. I'd still be hopeful of finishing in a play off position.

 

With a 15 point deduction, we'd be looking at getting an average of 2 points per game to stay up, apparently.

[iantjambo]

I Have to give them credit, that thread of theirs is a hoot!

Straw clutching to the max and hanging on every word typed by a lying,perverted social inadequate.

 

Can't wait to hear what Sergay has to say when we exit admin.

[GforGallo]

I Have to give them credit, that thread of theirs is a hoot!

Straw clutching to the max and hanging on every word typed by a lying,perverted social inadequate.

 

Can't wait to hear what Sergay has to say when we exit admin.

 

he's already prepared for that with his unworkable business model chat. His never ever ever coming out of admin will be swiftly forgotten and replaced with pyoor going back into administrayshun.

[soonbe110]

 

 

 

Hobo

your definition of a hobo is : 30 years season ticket holder and shareholder at Tynecastle.

Why can't you cope with the truth. You behave just like a real hobo at times.

[soonbe110]

 

Soonbe110 is talking some utter rubbish.

 

If you are going to make these claims please do provide evidence that BDO can't do this.

just take the time to do some basic research into the roles, responsibilities etc of being appointed an Administrator by the Courts. Suspect you will eat some humble pie. If you can't do the research pick up the phone and ask anyone at BDO or any other insolvency practitioner whether they could sell STs for next season at this point in time unless they have someone wiling to underwrite the liability.

And don't come back saying that Ann Budge has given that guarantee because she has not.

[soonbe110]

 

 

He is correct, though.

 

He is correct, though.

 

He is correct, though.

Disagree. As said on previous post they did not come in and immediately sell STs. They took a couple of weeks to suss things out and then made a call which, at the time, Bryan Jackson said was high risk but he believed the fans would raise the cash needed to get the Company through Administration.