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  1. #91
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    Quote Originally Posted by Hibrandenburg View Post
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    You've managed to get to page 2 now though
    Only the posts aimed at me


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  3. #92
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    So does this mean that they are not financially bankrupt, only morally bankrupt?
    Mature, sensible signature required for responsible position. Good prospects for the right candidate. Apply within.

  4. #93
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    How come the liquidators didn't sell the stadium to pay the creditors? Never understood that.

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    Quote Originally Posted by Hibs Giant View Post
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    How come the liquidators didn't sell the stadium to pay the creditors? Never understood that.
    Because there were never any liquidators. Hearts were in administration, and the administrators job is to secure a deal, not sell the furniture... unfortunately

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    Quote Originally Posted by Jack Hackett View Post
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    Because there were never any liquidators. Hearts were in administration, and the administrators job is to secure a deal, not sell the furniture... unfortunately
    How come the huns got away with that **** too? They both should have been made to sell their assets to pay off companies they owe money to.

  7. #96
    @hibs.net private member CropleyWasGod's Avatar
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    Quote Originally Posted by 90+2 View Post
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    How come the huns got away with that **** too? They both should have been made to sell their assets to pay off companies they owe money to.
    Rangers were. They were never going to sell their assets for anything like the amount needed to pay off the creditors, though.

    The deal that was made, which IMO was not what it should have been, is still being investigated by the liquidators.

    As for Hearts, they wouldn't have raised enough to make much of a dent in the ordinary creditors.


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  8. #97
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    Quote Originally Posted by CropleyWasGod View Post
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    Rangers were. They were never going to sell their assets for anything like the amount needed to pay off the creditors, though.

    The deal that was made, which IMO was not what it should have been, is still being investigated by the liquidators.

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    Yeah I know they where so why didn’t they sell their stadium to give money to the creditors? How much did the new company buy the stadium for? And when it was bought by the newco did that money go to the creditors? It does stick my throat both them and hearts fans talking about what they went through when it was Jack **** in comparison to the companies and people that lost jobs and lots and lots of money.

  9. #98
    @hibs.net private member CropleyWasGod's Avatar
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    Quote Originally Posted by 90+2 View Post
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    Yeah I know they where so why didn’t they sell their stadium to give money to the creditors? How much did the new company buy the stadium for? And when it was bought by the newco did that money go to the creditors? It does stick my throat both them and hearts fans talking about what they went through when it was Jack **** in comparison to the companies and people that lost jobs and lots and lots of money.
    The Rangers liquidation is ongoing. We're still some way from knowing how much the creditors will get.

    The stadium and assets were sold for £5.5m by the administrators. The liquidators are suing the administrators for £28.9m, on the grounds that the sale was undervalued.

    Total debts were over £130m.

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    Last edited by CropleyWasGod; 14-11-2018 at 09:44 PM.

  10. #99
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    Quote Originally Posted by CropleyWasGod View Post
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    The Rangers liquidation is ongoing. We're still some way from knowing how much the creditors will get.

    The stadium and assets were sold for £5.5m by the administrators. The liquidators are suing the administrators for £28.9m, on the grounds that the sale was undervalued.

    Total debts were over £130m.

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    How on earth did they get away with that as the value? On the basis it’s in the middle of undesirable place to stay? If hearts got liquidated or could the likes of a home builders come in and offer more than the 40p they would have got for their *****house? Thanks for replying by the way

  11. #100
    @hibs.net private member Mibbes Aye's Avatar
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    Quote Originally Posted by 90+2 View Post
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    How on earth did they get away with that as the value? On the basis it’s in the middle of undesirable place to stay? If hearts got liquidated or could the likes of a home builders come in and offer more than the 40p they would have got for their *****house? Thanks for replying by the way
    Had the pleasure of driving along Broomloan Road and the environs a couple of times recently and while there's a fair bit of what could best be described as 'brownfield' there also seems to be plenty signage suggesting lots of housing development is on its way.
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  12. #101
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    Quote Originally Posted by Mibbes Aye View Post
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    Had the pleasure of driving along Broomloan Road and the environs a couple of times recently and while there's a fair bit of what could best be described as 'brownfield' there also seems to be plenty signage suggesting lots of housing development is on its way.
    It’s robbery if that’s the case then. Surely the council will have something to say?

  13. #102
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    They might glory in their "5-1" but we have never scuttled into a shameful administration deceit and welched on millions of debt.

  14. #103
    Quote Originally Posted by Criswell View Post
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    They might glory in their "5-1" but we have never scuttled into a shameful administration deceit and welched on millions of debt.

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    Quote Originally Posted by MWHIBBIES View Post
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    Could Budge not just be lying about it being her giving them money? Recent revelations show Man City been doing it for years. Is there any reason to believe it is definitely not her?

    Genuine question, not my area of expertise at all.
    Cant see where else these round millions have come from and why they are just appearing now and not when they needed rescued. But overall their finances are in a an utter mess with Budge locked in for years.

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    Quote Originally Posted by Hibs Giant View Post
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    How come the liquidators didn't sell the stadium to pay the creditors? Never understood that.
    UKIO Bankas creditors could have pushed them into liquidation if they did not accept the CVA. But it was made clear them they would never get the planning permission to build on Tynie. The Edinburgh establishment closed ranks making Tynie effectively worthless.

  17. #106
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    Quote Originally Posted by SingHibs View Post
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    Cant see where else these round millions have come from and why they are just appearing now and not when they needed rescued. But overall their finances are in a an utter mess with Budge locked in for years.
    The current financing situation definitely needs some further delving SingHibs but I don't think it's that messy, just a bit blurred.

    Not saying there's any suggestion of financial impropriety but one idea that's been twirling round my head like a camp/fey maroon and white stripe scarf is the suggested family connection to the stadium construction and the amount paid for that. If the final headline cost is coming in at £18m and more, but the real cost is, say £14m, then there's a £4m family "profit" stripped out by that method. This would priobably be most of what Budge has put in to the project, so she could then waive the loan and come out smelling of roses and a true HMFC hero, without anyone knowing they stripped out some profits by overcharging for a tinpot stadium.

    Mere speculation and I don't even know if it's true that there's a Budge family connection, but it is a bit weird that they decided to take on the project themselves without a main contractor. If no-one is there to oversee the project but themselves then there's no-one there to call out any over charging for the stadium. Hmmmmm. Does it smell fishy to you?

  18. #107
    @hibs.net private member CropleyWasGod's Avatar
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    Quote Originally Posted by cocteautwin View Post
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    The current financing situation definitely needs some further delving SingHibs but I don't think it's that messy, just a bit blurred.

    Not saying there's any suggestion of financial impropriety but one idea that's been twirling round my head like a camp/fey maroon and white stripe scarf is the suggested family connection to the stadium construction and the amount paid for that. If the final headline cost is coming in at £18m and more, but the real cost is, say £14m, then there's a £4m family "profit" stripped out by that method. This would priobably be most of what Budge has put in to the project, so she could then waive the loan and come out smelling of roses and a true HMFC hero, without anyone knowing they stripped out some profits by overcharging for a tinpot stadium.

    Mere speculation and I don't even know if it's true that there's a Budge family connection, but it is a bit weird that they decided to take on the project themselves without a main contractor. If no-one is there to oversee the project but themselves then there's no-one there to call out any over charging for the stadium. Hmmmmm. Does it smell fishy to you?
    The accounts are explicit about the family connection. They also explain how issues surrounding charging are dealt with.

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    Last edited by CropleyWasGod; 15-11-2018 at 07:52 AM.

  19. #108
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    Quote Originally Posted by Hibs Giant View Post
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    How come the liquidators didn't sell the stadium to pay the creditors? Never understood that.
    Because they were never in liquidation.
    Liquidation and administration are two completely different things.

  20. #109
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    Quote Originally Posted by Criswell View Post
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    They might glory in their "5-1" but we have never scuttled into a shameful administration deceit and welched on millions of debt.
    Id rather we pumped them in a Scottish cup final

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    Quote Originally Posted by CropleyWasGod View Post
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    The accounts are explicit about the family connection. They also explain how issues surrounding charging are dealt with.

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    Yeah, I see that. £4.8m total to the connected company (this year and last). That one line saying the Directors are satisfied the services were purchased on an arms length basis.... Hmmm.... I'll bet.
    Last edited by cocteautwin; 15-11-2018 at 08:10 AM.

  22. #111
    @hibs.net private member CropleyWasGod's Avatar
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    Quote Originally Posted by cocteautwin View Post
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    Yeah, I see that. £4.8m total to the connected company (this year and last). That one line saying the Directors are satisfied the services were purchased on an arms length basis.... Hmmm.... I'll bet.
    The auditors have to be take steps to ensure that they are satisfied with that as well.

    They don't just have an audit responsibility, they also have an anti- money laundering responsibility.

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  23. #112
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    Are Hibs financial statements for 2018 available online anywhere?

  24. #113
    @hibs.net private member CropleyWasGod's Avatar
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    Quote Originally Posted by cocteautwin View Post
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    Are Hibs financial statements for 2018 available online anywhere?
    Not yet. They should be on the Companies House website quite soon.

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  25. #114
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    Quote Originally Posted by Dancehibs View Post
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    Id rather we pumped them in a Scottish cup final
    Would you rather Hibs completely squandered over £50 million and won a grand total of 2 major trophies in that time? We've managed the same since 2006 without nearly going extinct.

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    Quote Originally Posted by Dancehibs View Post
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    Id rather we pumped them in a Scottish cup final
    Not in the way of being financed with multi millions of a (alleged) criminal's loot, being forced into administration and relegated. The cups 'won' under romanov's reign are a stain on Hearts history. There were rumours freely circulating that romanov was crooked long before the stories of financial turbulence began to emerge.

  27. #116
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    Quote Originally Posted by CropleyWasGod View Post
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    Since the accounts, though, there have been a further £3.25m donations. We won't know whether that is AB until this time next year.
    They've had another £3.25m from anonymous sources since 30 June? Goodness me, their whole model really doesn't stack up without donations. I've lost count of my running total after £18m since Administration.

  28. #117
    @hibs.net private member CropleyWasGod's Avatar
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    Quote Originally Posted by cocteautwin View Post
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    They've had another £3.25m from anonymous sources since 30 June? Goodness me, their whole model really doesn't stack up without donations. I've lost count of my running total after £18m since Administration.
    Yes. It's in the accounts.

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  29. #118
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    Quote Originally Posted by CropleyWasGod View Post
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    Yes. It's in the accounts.

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    What's in their Trade Creditors number of £3.5m, is it payments due for stadium costs. Hibs don't have an equivalent of this high a number.

  30. #119
    @hibs.net private member CropleyWasGod's Avatar
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    Quote Originally Posted by cocteautwin View Post
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    What's in their Trade Creditors number of £3.5m, is it payments due for stadium costs. Hibs don't have an equivalent of this high a number.
    Don't know. I have no information other than what is in the public domain.

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  31. #120
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    Quote Originally Posted by CropleyWasGod View Post
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    Don't know. I have no information other than what is in the public domain.

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    One thing that is in the public domain though is that they are pretty well stuffed without their donations. I guess they are doing what needs to be done to get past the stadium construction.

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