Ann Budge - HMFC Takeover Complete

[Gibbster]

http://www.scotsman.com/sport/football/spfl/lawyers-pushing-for-hearts-takeover-deal-1-3393324?utm_medium=twitter&utm_source=dlvr.it

 

The Scotsman running with issues trying to get sale and purchase agreement agreed among lawyers and they need to sort it out by Friday or there are serious problems

 

Not going to click the link - more sensationalist pish from a paper who would have more credibility and integrity if it hired brooks, coulson and Clifford.

 

I struggle to understand why fellow supporters still read this rag, in print or online.

[Unknown user]

You are correct however that we should be now be in a position where we do not have a debt burden, and have no interest payments contributing to future debt, hence healthier than Hibs or other debt-burdened clubs..

Think you're aiming that at the wrong poster but cheers for explaining where you're coming from.

 

Although the money was of course flowing from Lithuania to us in general, in our last season or 2 the tap had been turned off and we were paying our way, including making interest/debt servicing payments if I understand correctly?

 

Either way, as you say, not having to service external debt is a great position to be in when compared to other clubs

[Gregorski]

 

 

 

Not going to click the link - more sensationalist pish from a paper who would have more credibility and integrity if it hired brooks, coulson and Clifford.

 

I struggle to understand why fellow supporters still read this rag, in print or online.

 

I agree. Second night in a row they've tried printing crap like this.

[Walter Bishop]

What sorry excuse for a newspaper, the sooner it closes it's doors the better. Toilet paper is all it should be used for.

[redm]

http://www.scotsman.com/sport/football/spfl/lawyers-pushing-for-hearts-takeover-deal-1-3393324?utm_medium=twitter&utm_source=dlvr.it

 

The Scotsman running with issues trying to get sale and purchase agreement agreed among lawyers and they need to sort it out by Friday or there are serious problems

 

Sounds awfully like the story we heard the week of the UBIG creditors meeting to me. Remember when Jackson spent time with the UKIO lawyers etc? There were hints of difficulties overcoming fiddly details. Well yes, there would be. It's a fiddly task and lawyers are generally painfully pernickety. It's what they do.

 

And anyway, what HASN'T been stop-start about this process? It's been stop-start from the beginning. Lawyers are, by nature and profession, totally (and frustratingly) stop-start.

 

Sod off, Scotsman. Ta.

[A_A wehatethehibs]

IMO the hibsmans article isnt especially unfair - Bryan Jackson has said all along that the club has about enough working capital to continue to operate until the end of April, which is today.

 

This agreement has to be completed as a real matter of urgency from the clubs point of view. Stalling tactics are likely the Lith lawyers final means of trying to extort more money from the bidder. If Romanov and his henchmen are anything to go by, then these Lithuanian lawyers are probably an absolute ******* nightmare to work with.

[ERjambo]

 

Photoshop skills required I think.

 

Change "Disney" to "Wisnae" for starters

 

Sirgay as a big moose ?

 

[hughesie27]

One thing that you can guarantee. Running out of money isn't what is going to de-rail this process.

[Geoff Kilpatrick]

IMO the hibsmans article isnt especially unfair - Bryan Jackson has said all along that the club has about enough working capital to continue to operate until the end of April, which is today.

 

This agreement has to be completed as a real matter of urgency from the clubs point of view. Stalling tactics are likely the Lith lawyers final means of trying to extort more money from the bidder. If Romanov and his henchmen are anything to go by, then these Lithuanian lawyers are probably an absolute ******* nightmare to work with.

 

Please explain why it is in the lawyer's interests to stall things?

[redm]

And it took two of them to write that. These things tickle me

[super_vlad]

So lawyers being arseholes, well I never...

 

Biggest bunch of useless wankers going.

[Gregorski]

http://www.scotsman...._source=dlvr.it

 

The Scotsman running with issues trying to get sale and purchase agreement agreed among lawyers and they need to sort it out by Friday or there are serious problems

 

Written by Iain Collin and Jonathon Coates eh?

 

Can just imagine these Hibby plebs sat round their PC writing this cack...

 

[Phage]

Imagine you could pay for a presentation plaque for you share certificate. A real nice framed thing along the lines of "in the darkest hour you answered the call. This heart is still beating".

 

Available to all those who bought shares.

[Paolo]

This is not really a story, as there is nothing new there. The paperwork was always going to drag on a little, especially when lawyers, who are laid a lot of money, by the hour are involved. I also don't believe Budge, FoH and BDO, would get us past the more difficult hurdles, only to throw in the towel at the formalities stage.

 

One thing to bear in mind, though, is the fact it is the Scotsman.

 

This paper said there was no indication of when the meeting to agree the transfer would take place. It took place the same day. It also said Jackson was desparately trying to contact Lithunia to get confirmation of there being no objections, but was getting no response, only for the confirmation to be made public a few hours later.

[Phil D. Corners]

Worth pointing out that May 1st is a bank holiday in Lithuania and I could expect many people to take the Friday off and have a long weekend.

 

And Monday is a bank holiday in the UK. So if we don't the SPA agreed today it might not happen till next week.

 

However I don't see this as a risk as we have come this far to chuck everything away at the final step.

 

Keep cool, it's going to happen.

[Tasavallan]

Interesting how The Scotsman puts a negative spin on its Hearts 'anxious days' piece yet can always come up with some expert to positive spin Hibs' current plight. Today it is play-off expert Owen Coyle to add his tuppence worth of nothingness..

 

In my professional dealings with corporate lawyers I have always found them to be fair but due diligence can be protracted especially when dealing with lawyers from four entities and two countries.

 

Unlike The Scotsman's financial experts, I do not see the imminent running out of funds as a major obstacle (if obstacle at all) to FOH and Mrs Budge taking over of the club.

 

BDO/FOH/Bidco are not going to fail at this late stage.

[Seymour M Hersh]

 

Please explain why it is in the lawyer's interests to stall things?

 

If they're on hourly rates as opposed to a fixed fee. We are talking lawyers here. There's probably no issues in progressing the P&S agreement but those leaches will take every chance to increase their fees they can. I'm jet being obtuse by the way I don't think there are any real issues at all (apart from that rag of a paper's anti-Hearts stance).

[Fxxx the SPFL]

Interesting how The Scotsman puts a negative spin on its Hearts 'anxious days' piece yet can always come up with some expert to positive spin Hibs' current plight. Today it is play-off expert Owen Coyle to add his tuppence worth of nothingness..

 

In my professional dealings with corporate lawyers I have always found them to be fair but due diligence can be protracted especially when dealing with lawyers from four entities and two countries.

 

Unlike The Scotsman's financial experts, I do not see the imminent running out of funds as a major obstacle (if obstacle at all) to FOH and Mrs Budge taking over of the club.

 

BDO/FOH/Bidco are not going to fail at this late stage.

some financial experts at the hootsman when you look at the s**t they are in.

[scott herbertson]

Interesting how The Scotsman puts a negative spin on its Hearts 'anxious days' piece yet can always come up with some expert to positive spin Hibs' current plight. Today it is play-off expert Owen Coyle to add his tuppence worth of nothingness..

 

In my professional dealings with corporate lawyers I have always found them to be fair but due diligence can be protracted especially when dealing with lawyers from four entities and two countries.

 

Unlike The Scotsman's financial experts, I do not see the imminent running out of funds as a major obstacle (if obstacle at all) to FOH and Mrs Budge taking over of the club.

 

BDO/FOH/Bidco are not going to fail at this late stage.

 

Yep

 

Lawyers are paid to make any agreement within the law and covering the issues raised by both sides. Can be very important to get the words right and it takes time and there will always be negotiations over phrasing and the detail of terms. The job will be done though, I am confident of that

 

The amount of time taken to finalise legal agreements tends to expand to the time available in my experience so I expect it to be pretty last minute and wouldn't be surprised if it is early next week when we are done with it

[Geoff Kilpatrick]

 

 

If they're on hourly rates as opposed to a fixed fee. We are talking lawyers here. There's probably no issues in progressing the P&S agreement but those leaches will take every chance to increase their fees they can. I'm jet being obtuse by the way I don't think there are any real issues at all (apart from that rag of a paper's anti-Hearts stance).

Quite but the only people who would be concerned by that are the Ukio and UBIG liquidators. This perception that "Liffs" (sic) are acting in unison to extract more money out of Ann Budge needs to stop, which is the inference of the post I replied to.

[cocobeab]

Played fitba with Iain Collin back in the day.

 

He was a good lad but a massive Hibby and as 22 in a row was ongoing he didn't half hate us.

Just saying like.

[TheMaganator]

Lawyers don't deliberately delay things.

 

They cover their arses, check and double check, think of every possible thing that could go wrong and take steps to avoid it. Believe me, you want them to do that.

 

I said a few days ago there'd be delays when the lawyers became involved. It's not strange or sinister.

 

& of course it's stop start. Unless you get all the lawyers & clients in one room it's going to be stop start. Even of they were all in the one room there'd be an element of stopping & starting.

 

It's a non-story.

[Pans Jambo]

 

 

How many do you think? And what did you do to stand shoulder to shoulder with them ? I know Robbo and a fan's representative spoke at their rally but what else happened to show solidarity with them?

there were a few hundred Jambos at their rally & plenty dough went in the collection tins Pablo. Plenty of outcry from Hearts supporters. Dont forget that if the take-over had happened there was a chance that Hearts would have disappeared. Probably movex to a shared stadium on the outskirts of the city so noore Tynecastle. Would probably have ended up as Edinburgh United or something. No jambo wanted that.

[Jammy T]

Any corporate lawyers on here?

 

Isn't a share purchase agreement quite a simple affair?

[Gregory House M.D.]

It never got signed on the day of the cooling off period finishing thus there are hyooj apocalyptic problums wi thu paperwork.

 

It's not that it's biased against Hearts, it's just that it's journalists are bog standard and their headlines are sensationalist to sell copies of the dwindling rag.

[Geoff Kilpatrick]

Any corporate lawyers on here?

 

Isn't a share purchase agreement quite a simple affair?

It also involves the debt purchase agreement too.

[Unknown user]

Shhh, let's keep quiet and just enjoy watching one final ray of hope wash over our friends from 't east

[Paolo]

Shhh, let's keep quiet and just enjoy watching one final ray of hope wash over our friends from 't east

 

Sergey/Bajillions will be getting all excited.

[HMFC 86]

Played fitba with Iain Collin back in the day.

 

He was a good lad but a massive Hibby and as 22 in a row was ongoing he didn't half hate us.

Just saying like.

 

FFS what's the format of an interview for a job on the Scotsman?

 

Interviewer: "morning, support hubz aye?"

Interviewee: "aye"

Interviewer: "jobs yours"

[Tasavallan]

If they're on hourly rates as opposed to a fixed fee. We are talking lawyers here. There's probably no issues in progressing the P&S agreement but those leaches will take every chance to increase their fees they can. I'm jet being obtuse by the way I don't think there are any real issues at all (apart from that rag of a paper's anti-Hearts stance).

Hourly Rates? You obviously have had little dealings with corporate lawyers. Lawyers bill their time in increments of six, twelve or eighteen minutes depending on their corporate billing policy. No doubt they will take the chance to expand their fees but I too do not believe that there are any real issues apart from tedious paperwork formalities in two languages.

[Tasavallan]

"The first thing we do, let's kill all the lawyers." Henry VI (Part 2) - Shakespeare had the right idea.

[Clerry Jambo]

Scotsman story lifted word for word from that fine newspaper the Express

[tartofmidlothian]

IMO the hibsmans article isnt especially unfair - Bryan Jackson has said all along that the club has about enough working capital to continue to operate until the end of April, which is today.

 

This agreement has to be completed as a real matter of urgency from the clubs point of view. Stalling tactics are likely the Lith lawyers final means of trying to extort more money from the bidder. If Romanov and his henchmen are anything to go by, then these Lithuanian lawyers are probably an absolute ******* nightmare to work with.

 

At this point, the only place still believing the Lithuanians want more money is Hibs.net. Ukio and UBIG have agreed the sale for the prices offered. As mentioned, the lawyers will just be dotting i's and crossing t's, although sadly in two different languages.

[1874robbo]

Any hearts fan that isn't already boycotting that fecking rag should do so now.

[Alva-Jambo]

Seems to be a lot of hot air from the Scotsman and express with little to commend it.

Ann will be in contfrol next week or in a few weeks. We still have lots of leeway until mid summer.

[Jammy T]

 

It also involves the debt purchase agreement too.

 

But still pretty simple I'd have thought.

 

We buy shares, we take on all related liabilities from date of transfer; they get money, they get released from liabilities.

 

?

[Geoff Kilpatrick]

 

 

But still pretty simple I'd have thought.

 

We buy shares, we take on all related liabilities from date of transfer; they get money, they get released from liabilities.

 

?

We are paying that in two instalments. Who does the second instalment get paid to if Ukio are wound up in the interim? Similarly, payment is contingent on releasing the Ukio security over Tynecastle. The relevant paperwork needs to be drawn up for that.

[Don Dan]

 

Any corporate lawyers on here?

 

Isn't a share purchase agreement quite a simple affair?

 

This is a guide to what is needed. http://simply-docs.co.uk/Share_Sale_Agreements/Company_Shares_Sale_Agreement_-_With_Real_Property_No_Subsidiaries

[1874robbo]

Surely any relevant paperwork would have been drawn up ready for signing off?

[Geoff Kilpatrick]

Surely any relevant paperwork would have been drawn up ready for signing off?

Provided all parties are happy with it. We are across two jurisdictions after all.

[1874robbo]

I can see how that obviously creates problems but its not as if that's a new thing, it's been known since entering admin that we were dealing with different countries.

[hibsarepants]

To create an SPA there must be Heads of Terms , what then happens is the HoT's are fleshed out in an SPA. To stop the process dragging on it requires the principles to control the lawyers tendency to score points off each other. Also the principles require to interject when the lawyers are discussing esoteric points whose likelyhood of happening are Zero. 4 lawyers and a foriegn jurisdiction complicate matters but I expect matters concluded next week at the latest.In general In general I have found the Scotsmans sports journalists understanding of business akin to Hibs.nets concept of reality.

[maroonlegions]

Provided all parties are happy with it. We are across two jurisdictions after all.

 

Eh, if they were not happy then why agree in the first place, surely one party is not going to pesh off another by including discrepancies in the paper work, total non story with a scaremongering spin just to sell papers.

[Don Dan]

To slow to edit previous post. Here's another type of SPA

 

http://www.lawdepot.co.uk/contracts/business-purchase-sale-agreement/

[anorman]

Dear fellow jkb-ers,

 

Having recently retired after working 30 years on The Scotsman, Evening News and, occasionally, the SOS, I have to speak out in support of my friends and former colleagues who still work there.

 

Let me make things crystal-clear. There is not, nor has there ever been, any anti-Hearts bias on these newspapers. There are as many Jambos on the staff as there are Hibbies and followers of other clubs. In fact, some of the best-known writers whom so many of you accuse of inventing anti-Hearts stories are as fanatical Jambos as any who regularly spout their vile, ignorant and defamatory drivel on this website.

 

These are the facts, whether you like them or not, or whether they clash with your own prejudices. I have been a Hearts supporter for more than 50 years and a journalist for 40 years, so I think I know as much about what constitutes good football reporting as any of you. Remember, these journalists are covered by the laws of libel and contempt that you all seem happy to ignore. So please, give them a break and give us all a rest from your anti-Scotsman guff.

[Geoff Kilpatrick]

 

 

Eh, if they were not happy then why agree in the first place, surely one party is not going to pesh off another by including discrepancies in the paper work, total non story with a scaremongering spin just to sell papers.

I'm talking about lawyers! It is their job to be pernickety pains in the arse!

[Geoff Kilpatrick]

Dear fellow jkb-ers,

 

Having recently retired after working 30 years on The Scotsman, Evening News and, occasionally, the SOS, I have to speak out in support of my friends and former colleagues who still work there.

 

Let me make things crystal-clear. There is not, nor has there ever been, any anti-Hearts bias on these newspapers. There are as many Jambos on the staff as there are Hibbies and followers of other clubs. In fact, some of the best-known writers whom so many of you accuse of inventing anti-Hearts stories are as fanatical Jambos as any who regularly spout their vile, ignorant and defamatory drivel on this website.

 

These are the facts, whether you like them or not, or whether they clash with your own prejudices. I have been a Hearts supporter for more than 50 years and a journalist for 40 years, so I think I know as much about what constitutes good football reporting as any of you. Remember, these journalists are covered by the laws of libel and contempt that you all seem happy to ignore. So please, give them a break and give us all a rest from your anti-Scotsman guff.

Thanks for sharing. Hopefully you enjoy your retirement. Meantime I will refuse to give their clickbait any merit.

[crimbostoy]

I am sorry but I strongly disagree.

[Craigieboy]

Dear fellow jkb-ers,

 

Having recently retired after working 30 years on The Scotsman, Evening News and, occasionally, the SOS, I have to speak out in support of my friends and former colleagues who still work there.

 

Let me make things crystal-clear. There is not, nor has there ever been, any anti-Hearts bias on these newspapers. There are as many Jambos on the staff as there are Hibbies and followers of other clubs. In fact, some of the best-known writers whom so many of you accuse of inventing anti-Hearts stories are as fanatical Jambos as any who regularly spout their vile, ignorant and defamatory drivel on this website.

 

These are the facts, whether you like them or not, or whether they clash with your own prejudices. I have been a Hearts supporter for more than 50 years and a journalist for 40 years, so I think I know as much about what constitutes good football reporting as any of you. Remember, these journalists are covered by the laws of libel and contempt that you all seem happy to ignore. So please, give them a break and give us all a rest from your anti-Scotsman guff.

 

Nah, you're all right. I'll use my freedom of speech to point out that your paper is utter horse shit.

 

Cheers.

[1874robbo]

Dear fellow jkb-ers,

 

Having recently retired after working 30 years on The Scotsman, Evening News and, occasionally, the SOS, I have to speak out in support of my friends and former colleagues who still work there.

 

Let me make things crystal-clear. There is not, nor has there ever been, any anti-Hearts bias on these newspapers. There are as many Jambos on the staff as there are Hibbies and followers of other clubs. In fact, some of the best-known writers whom so many of you accuse of inventing anti-Hearts stories are as fanatical Jambos as any who regularly spout their vile, ignorant and defamatory drivel on this website.

 

These are the facts, whether you like them or not, or whether they clash with your own prejudices. I have been a Hearts supporter for more than 50 years and a journalist for 40 years, so I think I know as much about what constitutes good football reporting as any of you. Remember, these journalists are covered by the laws of libel and contempt that you all seem happy to ignore. So please, give them a break and give us all a rest from your anti-Scotsman guff.

 

 

Why only come on now and try to defend them?