Share Transfers Agreed/Cooling off period

[YehButNoBut]

I think the debt for equity swap improved the books by swapping debt for an "asset". Obviously, this was only superficial, and if any actually looked at Hearts for a second then alarm bells would have gone off.

Was it not done to keep them within some new UEFA guidline for club debt in relation to turnover, can't remember the full details but seem to recall this being the reason at the time.

[Treadstone]

There's not a hope on this earth that Angelo Massone will pass the "fit and proper person" test after what the ******* did to Livingston so FOH really must the only option now if the HMFC/Club 9 bid is in doubt.

If they're their own white knight, they're up the proverbial creek.

Massone saying it wisnae him.

http://sport.stv.tv/football/clubs/hearts/232974-massone-bid-for-hearts-could-fail-under-fit-and-proper-person-guidelines/

[Bishop Hibee]

Jambogeddon moves closer. Only one real bid for Hertz and it's probably nowhere near enough. Sweet!

[CropleyWasGod]

Was it not done to keep them within some new UEFA guidline for club debt in relation to turnover, can't remember the full details but seem to recall this being the reason at the time.

Don't think so.

The FIFA Financial Fair Play regulations aren't fully reflected in the SFA and SPFL rules yet. They are being phased in over a few years.


Massone saying it wisnae him.

http://sport.stv.tv/football/clubs/hearts/232974-massone-bid-for-hearts-could-fail-under-fit-and-proper-person-guidelines/

Interesting point in that article, which I wasn't aware of:-

Livingston were relegated to Division Three for being unable to put up a £720,000 bond to the SFL to guarantee their ability to fulfil fixtures for 2009/10.

That echoes a conversation a few pages back. Perhaps such a bond is the way the SPFL will proceed.

[Treadstone]

Time for Allisbarry to come along with some nonsense to cheer them up. What great creative masterpiece will he pen today? C'mon Barry lets be having you. :greengrin

I detect sarcasm there BH. Well Anderson has shown you then, the scoop they all wanted.

Barry Anderson ‏@BarryAnderson_8 (https://twitter.com/BarryAnderson_8)4m (https://twitter.com/BarryAnderson_8/status/357440737887002624)
Federation of #Hearts (https://twitter.com/search?q=%23Hearts&src=hash) Supporters Clubs says fans don't want Angelo Massone anywhere near Tynecastle. Full story in EN today. #SaveOurHearts (https://twitter.com/search?q=%23SaveOurHearts&src=hash) :greengrin

[CropleyWasGod]

I detect sarcasm there BH. Well Anderson has shown you then, the scoop they all wanted.

Barry Anderson ‏@BarryAnderson_8 (https://twitter.com/BarryAnderson_8)4m (https://twitter.com/BarryAnderson_8/status/357440737887002624)
Federation of #Hearts (https://twitter.com/search?q=%23Hearts&src=hash) Supporters Clubs says fans don't want Angelo Massone anywhere near Tynecastle. Full story in EN today. #SaveOurHearts (https://twitter.com/search?q=%23SaveOurHearts&src=hash) :greengrin

Like they have a choice :rolleyes:

[Treadstone]

Don't think so.

The FIFA Financial Fair Play regulations aren't fully reflected in the SFA and SPFL rules yet. They are being phased in over a few years.

They better hurry. Yesterday.

Daniel Geey ‏@FootballLaw (https://twitter.com/FootballLaw)16 Jul (https://twitter.com/FootballLaw/status/357070074177257472)
Big day for FFP today. Clubs will submit 11/12 accounts to UEFA for break-even compliance if they want to play in UEFA comp.

[CropleyWasGod]

They better hurry. Yesterday.

Daniel Geey ‏@FootballLaw (https://twitter.com/FootballLaw)16 Jul (https://twitter.com/FootballLaw/status/357070074177257472)
Big day for FFP today. Clubs will submit 11/12 accounts to UEFA for break-even compliance if they want to play in UEFA comp.

Yeah, that's for clubs that play in UEFA competitions. Wee teams, in other words.:greengrin

What I meant was that clubs don't have to satisfy those criteria to play in SFA-sanctioned tournaments. Yet.

[Treadstone]

Like they have a choice :rolleyes:

Aye. Well they would say that being as they are part of the FoH.:boo hoo:

[God Petrie]

Hearts are dead. These laughable bids are merely their death rattle. It was always only going to be FOH and they don't have a pot to piss in.

Amusing reading while you're waiting in an airport in another country en route to watching their rivals play in Europe mind you!

[Hibs07p]

There's not a hope on this earth that Angelo Massone will pass the "fit and proper person" test after what the ******* did to Livingston so FOH really must the only option now if the HMFC/Club 9 bid is in doubt.

If they're their own white knight, they're up the proverbial creek.
He's not got a hope in hell of passing the FaPP criteria in my opinion either, but what if he doesn't want to run a FC? What if he only wants to develop the site? He could still be the best offer for the creditors. :greengrin
I have no knowledge of any insolvency processes, but I get a funny feeling McKie is not totally off the radar. He may be the "investor" putting up front funds for FOH bid, or he may come in, later in the process to work with FOH.

GGTTH

[SmashinGlass]

I detect sarcasm there BH. Well Anderson has shown you then, the scoop they all wanted.

Barry Anderson ‏@BarryAnderson_8 (https://twitter.com/BarryAnderson_8)4m (https://twitter.com/BarryAnderson_8/status/357440737887002624)
Federation of #Hearts (https://twitter.com/search?q=%23Hearts&src=hash) Supporters Clubs says fans don't want Angelo Massone anywhere near Tynecastle. Full story in EN today. #SaveOurHearts (https://twitter.com/search?q=%23SaveOurHearts&src=hash) :greengrin

I was always told that "beggars can't be choosers" when I was growing up. Apparently the opposite is true on planet yam.

[Bostonhibby]

They don't want Massone? Quite right too, nowhere near as big a crook as Vlad, how much has Massone ever nicked?
Not hertz class, big teams, big crooks.

[BH Hibs]

I detect sarcasm there BH. Well Anderson has shown you then, the scoop they all wanted.

Barry Anderson ‏@BarryAnderson_8 (https://twitter.com/BarryAnderson_8)4m (https://twitter.com/BarryAnderson_8/status/357440737887002624)
Federation of #Hearts (https://twitter.com/search?q=%23Hearts&src=hash) Supporters Clubs says fans don't want Angelo Massone anywhere near Tynecastle. Full story in EN today. #SaveOurHearts (https://twitter.com/search?q=%23SaveOurHearts&src=hash) :greengrin

Every day he delivers without fail. :not worth :rotflmao:

[Pedantic_Hibee]

Genuine lolz at their thread about Hibs in Europe declaring that we are an embarrassment to the nation.

This coming from "supporters" of a club that have been front page news all summer for shafting all and sundry out of payments. Laughing stock.

You'd think the world would unite to save this global institution, wouldn't you? But no, all they can muster is a two-bit hatchet job from the States, an Italian who's more bent than a Barrymore pool party and a round-headed boy in his dad's suit backed up by a few thousand tramps spending their kids pocket money on a pipe dream.

I f****ng love it!!! :faf: :faf:

Jumble sales :faf:

Tombolas :faf:

Cake bakes :faf:

Face-painting :faf:

It's what big teams do :faf:

[Bostonhibby]

They can bitch about Massone all they want, FPP test irrelevant if he wants to buy the ground for non footballing purposes or if he isn't going to "run" the club-the Vlad model!

[...WentToMowAnSPL]

They can bitch about Massone all they want, FPP test irrelevant if he wants to buy the ground for non footballing purposes or if he isn't going to "run" the club-the Vlad model!

Exactly if was BDO I'd sell tynecastle to Massone and the 'club' to FOH.... Simples

[Treadstone]

Exactly if was BDO I'd sell tynecastle to Massone and the 'club' to FOH.... Simples

The lot to Massone and then he sells 'club' to FoH for the price they were willing to pay for whole caboodle. FoH "we're no paying that just for the club"
Massone "okay then extinction it is"

Everyones a winner! :faf:

[McPhisto2]

Some Roaster on the EEN comments section:

"From what I undertand, Massone is acting on behalf of the money men. They fully expect to be named preferred bidder. Already sounding out a Chairman etc...."

Really!!!???

[God Petrie]

I hope they do get "money men" who think Massone is a good frontman when attempting to take over a football club. Sounds like they have the level of competence required to run the big team.

[CropleyWasGod]

Some Roaster on the EEN comments section:

"From what I undertand, Massone is acting on behalf of the money men. They fully expect to be named preferred bidder. Already sounding out a Chairman etc...."

Really!!!???

It's as sensible or as senseless as anything that has been printed this past few days.

The media will be full of stuff like this until BDO make any headway. Some true, most not, but it will be difficult to tell the difference.

[Treadstone]

Some Roaster on the EEN comments section:

"From what I undertand, Massone is acting on behalf of the money men. They fully expect to be named preferred bidder. Already sounding out a Chairman etc...."

Really!!!???

Did 'The Source' say that ? Only two months past his deadline of a bid and club changing hands 'next Wednesday'. 'The Source' is never wrong.
:faf:

[Sylar]

Massone saying it wisnae him.

http://sport.stv.tv/football/clubs/hearts/232974-massone-bid-for-hearts-could-fail-under-fit-and-proper-person-guidelines/

Picking up exactly where he left off when he left Almondvale then - a lying, cheating ******* who will say anything to excuse his shortcomings.

He wasn't in charge of Livingston when they went into insolvency (for a matter of hours it should be stressed) as he had sold them onto to the Livingston 5 Consortium by that point who simply couldn't undo the sheer mess he made during his tenure. However, the demise was entirely up to him and him alone, refusing to pay rent, bills and wages with no viable reasons for it.

The man shouldn't be allowed anywhere near any business ever again, let alone be considered as a viable bidder for a football club.

[...WentToMowAnSPL]

The man shouldn't be allowed anywhere near any business ever again, let alone be considered as a viable bidder for a football club.

Sounds Perfect !!

[SurferRosa]

I hope they do get "money men" who think Massone is a good frontman when attempting to take over a football club. Sounds like they have the level of competence required to run the big team.

Aye, that`s how i`d go about buying a Scottish football club. Get a guy to " front the bid " who is as popular in Scots football as a turd in punchbowl.

Do they just sit and post the first fantasy that appears in their heads?

[Pedantic_Hibee]

As above, why are they not abusing David Southern for blatantly feeding them lies?

Where are their share certificates?

Why are they patting each other on the back for being the best fans in the world when they've sat back and done hee-haw for the last five years or so?

Why are they so spineless and meek?

[SurferRosa]

As above, why are they not abusing David Southern for blatantly feeding them lies?

Where are their share certificates?

Why are they patting each other on the back for being the best fans in the world when they've sat back and done hee-haw for the last five years or so?

Why are they so spineless and meek?

Because #allisbarry :greengrin

[lapsedhibee]

Why are they so spineless?

Generations of inbreeding?

[Pedantic_Hibee]

"Why are people bumping they're gums about pledging when the club is self sufficient ?"

Right, own up, who wrote this on herehavethecupback.co.uk?

[WeAreHibs]

"Why are people bumping they're gums about pledging when the club is self sufficient ?"

Right, own up, who wrote this on herehavethecupcakeback.co.uk?

Fixed that for you! :wink:

[Dunderhall]

The FoH thing depends on what capital they have been able to borrow or have been given by investors. The pledges are not going to be able to fund the takeover itself. Can't see them being able to pay what the stadium is even worth but Rangers showed you never know!

£2m upfront was the figure quoted.
Take off BDO's fees and you cant be too far off £1M remaining as a guess.

They are surely going have to up their game, or it's window dressing and the yamco route is really their preferred option.
They'll argue they did their best, keep on pledging etc.

[sidneyhibbie]

I detect sarcasm there BH. Well Anderson has shown you then, the scoop they all wanted.

Barry Anderson ‏@BarryAnderson_8 (https://twitter.com/BarryAnderson_8)4m (https://twitter.com/BarryAnderson_8/status/357440737887002624)
Federation of #Hearts (https://twitter.com/search?q=%23Hearts&src=hash) Supporters Clubs says fans don't want Angelo Massone anywhere near Tynecastle. Full story in EN today. #SaveOurHearts (https://twitter.com/search?q=%23SaveOurHearts&src=hash) :greengrin

its all getting a bit heated over their now http://www.scotsman.com/sport/football/spl/angelo-massone-told-to-stay-away-from-hearts-1-3003810 :aok:

[hibseleven]

Most folk on here seem to think a % of pledges will get cancelled around Christmas time, or if they start to get a few trouncings. If the ****bos become a newco in Div3 owned by FOH do we think the pledges will disappear even quicker?

[Treadstone]

its all getting a bit heated over their now http://www.scotsman.com/sport/football/spl/angelo-massone-told-to-stay-away-from-hearts-1-3003810 :aok:

Almost be worth FoH taking over just for the laughs. I predict 'power' struggle within 3 months if successful. I use power in the loosest term possible.


Most folk on here seem to think a % of pledges will get cancelled around Christmas time, or if they start to get a few trouncings. If the ****bos become a newco in Div3 owned by FOH do we think the pledges will disappear even quicker?

Aye especially as a red cent has yet to be collected.

[Saorsa]

Most folk on here seem to think a % of pledges will get cancelled around Christmas time, or if they start to get a few trouncings. If the ****bos become a newco in Div3 owned by FOH do we think the pledges will disappear even quicker?Like snow of a dyke :agree:

[hibseleven]

Delighted!! Really looking forward to sitting in the Hotel in Penicuik awaiting the return of the mutant supporters bus after a few heavy defeats!!!!

[Tollhouse Hibee]

An update to all supporters of the Foundation of Hearts









Dear Supporter,

An update to all supporters on the Foundation of Hearts database - including those who have signed up for direct debits and those who have not.

It's been a busy few days since the bid was submitted to the administrators which would see Foundation of Hearts strongly positioned to acquire control of Heart of Midlothian FC.

We wanted to update you on where we are, and what's going on behind the scenes.

As you'll have no doubt seen in BDO's announcement, three bids were received for the club. Administrator Bryan Jackson told the media none were acceptable in their current form, but that is to be expected. Discussions will continue in the weeks ahead.

Bryan and his colleague Trevor Birch, leading the Hearts administration process, have done a fantastic job, working with club staff to deliver relative progress after the darkness of three weeks ago. We agree completely with their assertion that this process will take time and therefore it could be a month before a preferred bidder is identified. Fundamentally, until UBIG joins Ukio Bankas in having its own administrator appointed there's a wait for all of us.

The media have reported that HMFC Ltd and Five Stars Football Ltd are the other two bidding parties. The Foundation at this stage will not comment on the bids of other organisations. There’s been a fair amount of comment and conjecture, and perhaps even a bit of scaremongering from one or two individuals, but we’ve said all along we’re going to focus on what matters to us: Heart of Midlothian. The Administrators need a period of time to do their job and we will just let them get on with that job.

The Foundation of Hearts is confident that the bid submitted on its behalf:


Is the best financial bid for Hearts and its creditors
Has cash ready to complete the transaction immediately
Provides the strongest possible working capital solution
Delivers lowest risk for creditors and the future protection and growth of the club
Combines the best business people, and their capital, with genuine supporter interest and influence.
Delivers a highly professionally run club with a clear way to engage Foundation members to the benefit and growth of the club

A number of you are of course keen to know how the bid is structured. At the moment we can't discuss this as we are in a competitive situation. What we will say is it has been very sensibly thought through and delivers the outcome the Foundation of Hearts seeks: that potent mix of business expertise, capital and a highly engaged supporter base.

Many of you reading this have now set up your direct debit, and even based on simple arithmetic you'll have worked out there's now well over £1m a year in additional revenue to the Club to repay the purchase price and invest in Hearts. We thank you, sincerely.

Of course, we have room for more as the more revenue we have the quicker we can repay the purchase price and reinvest in Club. There is a very small playing squad and there is a funding gap to be covered. The more we have the more can be invested. So if you've not signed up, or you know friends or family that have not done so, we'd encourage you to get them involved ahead of our first planned draw down of money around 2nd August.

We are now on the way towards 6,000 direct debits. This is no longer a bid, it's a movement.

It's the biggest supporter led movement in the history of Scottish football.

The more we have the more we can do together.

Click here to set up a direct debit if you have not already done so. (http://www.foundationofhearts.org/now-is-the-time-to-make-history) If you have already done so then pass this on to others.

We will keep you up to date as things progress.

To all of you we would simply like to say THANK YOU. The club has survived because of you, the supporters. Let’s now own the club and get the benefit of the new dawn that is breaking over Tynecastle.

Yours in Hearts,

http://gallery.mailchimp.com/a8b305cd3dab747973b8f0e61/images/ian_sig.jpg
Ian Murray
Independent Chairman, Foundation of Hearts

PS Remember your direct debit is 100% safe and secure, and all monies (minus very small administration charges) will be returned if the bid is not successful. It's a no risk situation!

[Pedantic_Hibee]

Is this the highly professional chap who didn't know if the donations were tax-deductible or not?

"This is a movement" :faf:

They. Just. Keep. On. Giving. And. Giving. :faf:

What an absolute embarrassment. I would be cringing on a daily basis if I was a Hearts fan.

[HibbySpurs]

That "statement" from FoH simply made me :faf:

[Treadstone]

First time thats been mentioned ?


PS Remember your direct debit is 100% safe and secure, and all monies (minus very small administration charges) will be returned if the bid is not successful. It's a no risk situation!

[Mr White]

I could believe that was ghost written by banderson.

[CropleyWasGod]

Interesting :rolleyes:

What did I say earlier about posturing in the media?

Whilst they say:-

The Foundation at this stage will not comment on the bids of other organisations. There’s been a fair amount of comment and conjecture, and perhaps even a bit of scaremongering from one or two individuals, but we’ve said all along we’re going to focus on what matters to us: Heart of Midlothian. The Administrators need a period of time to do their job and we will just let them get on with that job.

They then go on to say why their bid is the best.

:cb

[Mr White]

It's the biggest supporter led movement in the history of Scottish football.

Always with the size fixation, always.

[SolentHibee]

I personally don't see much wrong with the letter; it's written to a group of like-minded individuals and is just seeking to keep the interest going. I also think that them calling it a 'movement' is actually a good way to sell the whole idea of fan ownership.

Unlike most on here, I think the yams have done a pretty good job of raising money - it may be a bit laughable when they are baking cakes but it is better than doing nothing, even if the amounts raised are trivial in the grand scheme of things and I suspect that the act of doing something makes them feel less powerless in their dire situation.

Don't get me wrong, I want to see them die, and I want the arrogant obnoxious welts in their fan base to hurt. A lot.

Whether they have the stamina to keep going is questionable but I think as fans they've done alright in helping their club in a time of crisis. You can make a big deal about the fact that only 6k out of a 400k fan base have pledged, but the fact that others have not signed up cannot be blamed on the 6k who have.

[Pedantic_Hibee]

Solenthibee, it's not so much that they aren't doing all they can right now (as highly amusing as it is to see grown men baking cakes and painting faces), it's the fact they've sat back and watched all this for the past five years and done absolutely NOTHING about it when everyone else could see it clearly.

[SolentHibee]

Solenthibee, it's not so much that they aren't doing all they can right now (as highly amusing as it is to see grown men baking cakes and painting faces), it's the fact they've sat back and watched all this for the past five years and done absolutely NOTHING about it when everyone else could see it clearly.

Pedantic, yes I knew that would be the obvious response if anybody chose to make one. I entirely agree.

It suited them to accept it as they loved all of the other stuff that came with it, and their attempts at denial, or their implications that Hibs are just the same have me shaking my head in puzzlement, so I can see where you are coming from, the time to act was years ago.

incidentally, I always thought I hated Hearts the Club but I recently realised that the only reason I really want the club to fail is not becuase of the entity that is Hearts, it is really the arrogance of their fans that I hate. It is them that I want to really suffer, and the best vehicle for that to happen is by their club suffering.

[Saorsa]

That "statement" from FoH simply made me :faf:When I read this bit
highly professionally I laughed the loudest.

http://i41.tinypic.com/29p2lqh.gif



From what I've seen they look like a shower of bungling idiots bumbling their way along day by day. Great that they now have a choice between that shower of halfwits and another crook.

[Mac]

I personally don't see much wrong with the letter; it's written to a group of like-minded individuals and is just seeking to keep the interest going. I also think that them calling it a 'movement' is actually a good way to sell the whole idea of fan ownership.

Unlike most on here, I think the yams have done a pretty good job of raising money - it may be a bit laughable when they are baking cakes but it is better than doing nothing, even if the amounts raised are trivial in the grand scheme of things and I suspect that the act of doing something makes them feel less powerless in their dire situation.

Don't get me wrong, I want to see them die, and I want the arrogant obnoxious welts in their fan base to hurt. A lot.

Whether they have the stamina to keep going is questionable but I think as fans they've done alright in helping their club in a time of crisis. You can make a big deal about the fact that only 6k out of a 400k fan base have pledged, but the fact that others have not signed up cannot be blamed on the 6k who have.

I hate them using that word as a pledge, if you pledge something you physically give something, at present its all ifs, buts and maybes and there is no way BDO can take it seriously unless there is some serious money man behind it as a guarantor.

I woudl guess the SPFL will also have grave doubts at them being able to get past christmas never mind the end of the season

[green is good]

It's a movement all right, a bowel movement.

[LeithBoozy]

It's a movement all right, a bowel movement.

Very good, a tad near tea-time, but very good. :greengrin

[Jim44]

Pedantic, yes I knew that would be the obvious response if anybody chose to make one. I entirely agree.

It suited them to accept it as they loved all of the other stuff that came with it, http://www.filmon.com/tv/api/channel/370?session_key=32e64131e1e67b6fa5c3bcf7fd07b9b0

incidentally, I always thought I hated Hearts the Club but I recently realised that the only reason I really want the club to fail is not becuase of the entity that is Hearts, it is really the arrogance of their fans that I hate. It is them that I want to really suffer, and the best vehicle for that to happen is by their club suffering.


It's not only the fans who are obnoxious and arrogant, they seem to attract the same qualities in their players. The whole ethos of their club stinks and they deserve a slow painful death.

[sidneyhibbie]

Talk about flying by the seat of your pants its heading for Liquidation and Newco if thats all thats left at the trough.

[jacomo]

It's a no risk situation!

Blimey. That's a hostage to fortune.

[Dunderhall]

Spoke with our Council Estates Dept. yesterday and was told the sales brochure for old Tynecastle School are ready and will go on line today.

We will see what uses are being suggested for this site and if any particular reference is made to the distillery.

If it says what I think it will say I am going to forward a copy to BDO just to remind them Hibs.net are watching them ! :greengrin


Tynecastle School sale details now online. (http://www.edinburgh.gov.uk/downloads/download/752/properties_for_sale)

Most relevant part being.


Planning
The site lies within the Control of Major Accident Hazard (COMAH) inner zone consultation distance for the North British Distillery. Works carried out as part of recent developments may have affected the extent of the zones. This can be explored further with the Health and Safety Executive. The effect of the COMAH is that development of the site is likely to be restricted to office, business and storage uses of an appropriate scale and character. This includes classes 4, 5 and 6 of the Use Classes Order and there will be limitations on the number of floors and employees within a building.

[HibeeMG]

What the hell did he sign his name with? A crayon... a big indelible marker?

[Mac]

Tynecastle School sale details now online. (http://www.edinburgh.gov.uk/downloads/download/752/properties_for_sale)

Most relevant part being.

ouch!!!

[Pedantic_Hibee]

Are the SPFL or whatever they're called not a bit anxious that they won't be able to guarantee fulfilling their fixtures? Surely they would be aware of this?

Sidneyhibbie, sharpen that pencil and get writing another strongly worded, yet concerned, letter.

[Treadstone]

Blimey. That's a hostage to fortune.

"Right lads, the bid failed, and we are in fact extinct as of today, but like i said NO RISK"

:idiot:

[rcarter1]

Pedantic, yes I knew that would be the obvious response if anybody chose to make one. I entirely agree.

It suited them to accept it as they loved all of the other stuff that came with it, and their attempts at denial, or their implications that Hibs are just the same have me shaking my head in puzzlement, so I can see where you are coming from, the time to act was years ago.

incidentally, I always thought I hated Hearts the Club but I recently realised that the only reason I really want the club to fail is not becuase of the entity that is Hearts, it is really the arrogance of their fans that I hate. It is them that I want to really suffer, and the best vehicle for that to happen is by their club suffering.

In the dying days of a failing marriage he was taken in by the seductive charms of the bombshell from overseas. Promises of all sorts of acts kept him loyal, subdued in spite of her tantrums and mood swings, and all along his 'mate' across the road has been saying - she'll break you're Heart in the end... :cb

[CropleyWasGod]

Are the SPFL or whatever they're called not a bit anxious that they won't be able to guarantee fulfilling their fixtures? Surely they would be aware of this?

Sidneyhibbie, sharpen that pencil and get writing another strongly worded, yet concerned, letter.

They will be aware of it, of course. If it's like last year, there will be confidential conversations happening.

I'm warming to the idea of the SPFL asking for a bond. That would sting.

[Dashing Bob S]

Are the SPFL or whatever they're called not a bit anxious that they won't be able to guarantee fulfilling their fixtures? Surely they would be aware of this?

Sidneyhibbie, sharpen that pencil and get writing another strongly worded, yet concerned, letter.

They'd probably be more anxious if they thought they could fulfill their fixtures. Like everybody else they are probably tired of these bores by now and just want them to die.

[CropleyWasGod]

In the dying days of a failing marriage he was taken in by the seductive charms of the bombshell from overseas. Promises of all sorts of acts kept him loyal, subdued in spite of her tantrums and mood swings, and all along his 'mate' across the road has been saying - she'll break you're Heart in the end... :cb

... and so he turned to the swarthy Latin with the rakish looks and rogueish, but lovable, past.

[Dashing Bob S]

... and so he turned to the swarthy Latin with the rakish looks and rogueish, but lovable, past.

We're on the verge of moving into Fifty Shades of Yam territory here...

[CropleyWasGod]

We're on the verge of moving into Fifty Shades of Yam territory here...

Yeah, but IIRC, nowhere in that horrible book did the heroine get taken up the banana fritter by a dodgy foreigner.

Twice.

[Ozyhibby]

Tynecastle School sale details now online. (http://www.edinburgh.gov.uk/downloads/download/752/properties_for_sale)

Most relevant part being.

That looks like good news in the short term for the Yams as without the possibility of housing the price will be lower.
In the long term, if they have one, then it's bad news as they will have to sell Tynecastle eventually to fund a new stadium.

[Gus Fring]

The FOH said they were going to be quiet to let BDO get on with their jobs. It's 3 working days later and they've already released another statement with no new information?

[Viva_Palmeiras]

Sorry been at work but saw this...

So did Bob get caught with his Kex down? ;)

“@bbcsportsound: HMFC Ltd bid for Hearts in doubt: One of the bids for Hearts is in doubt as the company behind HMFC Ltd withho... http://bbc.in/13uaVjj”

[CropleyWasGod]

The FOH said they were going to be quiet to let BDO get on with their jobs. It's 3 working days later and they've already released another statement with no new information?

1. politicians lie.

2. politicians die if they're not in the media.

[JeMeSouviens]

That looks like good news in the short term for the Yams as without the possibility of housing the price will be lower.
In the long term, if they have one, then it's bad news as they will have to sell Tynecastle eventually to fund a new stadium.

The Yams and the Cooncil had an agreement with the distillery to relocate the hazard away from Tiny for £2M. I wonder if any developers are out there thinking, cheap school + cheap stadium + £2M = large, lucrative future housing development?

[Liberal Hibby]

Tynecastle School sale details now online. (http://www.edinburgh.gov.uk/downloads/download/752/properties_for_sale)

Most relevant part being.

Interesting - but a 2008 City Cooncil report (http://www.edinburgh.gov.uk/download/meetings/id/7012/tynecastle_redevelopment_proposals - 38k - 2008-04-22) (how many of them have there been?) stated:

In order to redevelop the Tynecastle area it is necessary to relocate the whisky
which is currently stored in bonds located adjacent to Tynecastle High School,
within the site owned by North British Distillery. This will remove the COMAH
(Control of Major Accident Hazards) zones. Provisional agreement has been
reached with North British Distillery on this matter.


The 2011 report (http://www.edinburgh.gov.uk/download/downloads/id/6125/report_on_stadium_options_for_heart_of_midlothan_f ootball_club - 2011-08-01) also has some pretty maps showing only the NW corner of the stadium is affected by the COMAH zone.

I'm not convinced that other than spin coming out of the City Chambers or HMFC (no surprise there) that this makes any difference to the suitability of Tynecastle for residential development.

[wazoo1875]

Tynecastle School sale details now online. (http://www.edinburgh.gov.uk/downloads/download/752/properties_for_sale)

Most relevant part being.

Amazing to think they had struck a deal with Cala homes before all this. I'm surmising they weren't going to be building offices. Something smells a bit fishy and it's no my mackerel.

[Gus Fring]

From my source:

As of today consensus is Liquidation is the only way forward as current bids are still nowhere near what is needed so unless one of them increases it significantly Hearts will "be split up and sold for scrap". Expect the process to be started as early as next week as BDO want it started before the season starts (I've heard separately they've been warned by the SPL)

[wazoo1875]

From my source:

As of today consensus is Liquidation is the only way forward as current bids are still nowhere near what is needed so unless one of them increases it significantly Hearts will "be split up and sold for scrap". Expect the process to be started as early as next week as BDO want it started before the season starts (I've heard separately they've been warned by the SPL)

Good news. Tho I was already looking forward to the prospect of Hibs humping them in the derby.

[greenginger]

From my source:

As of today consensus is Liquidation is the only way forward as current bids are still nowhere near what is needed so unless one of them increases it significantly Hearts will "be split up and sold for scrap". Expect the process to be started as early as next week as BDO want it started before the season starts (I've heard separately they've been warned by the SPL)



Now your talking ! Bring it on. :thumbsup:

[YehButNoBut]

From my source:

As of today consensus is Liquidation is the only way forward as current bids are still nowhere near what is needed so unless one of them increases it significantly Hearts will "be split up and sold for scrap". Expect the process to be started as early as next week as BDO want it started before the season starts (I've heard separately they've been warned by the SPL)

:giruy::LOL::partyhibb:smokin:lolyam::yamlaugh:

[Keith_M]

The 2011 report (http://www.edinburgh.gov.uk/download/downloads/id/6125/report_on_stadium_options_for_heart_of_midlothan_f ootball_club - 2011-08-01) also has some pretty maps showing only the NW corner of the stadium is affected by the COMAH zone.

I'm not convinced that other than spin coming out of the City Chambers or HMFC (no surprise there) that this makes any difference to the suitability of Tynecastle for residential development.

Wow, it's hardly an accurate or even unbiased report is it!


"Heart of Midlothian Football Club have invested £60M in their playing squad over six
years and the results of this investment are clear to see"

"Heart of Midlothian competing in Europe is of great significance to the City of
Edinburgh.... Being host to major European teams who visit Edinburgh with their fans is important to the greater economy of Edinburgh."

"CEC want Heart of Midlothian to be a successful in all respects. They provide
excellent employment prospects, --- (hahahahahahahahaha)
...
The City recognise Hearts as a key generator in the
City’s economy."



Independent report my Erchie!!!


From my source:

As of today consensus is Liquidation is the only way forward as current bids are still nowhere near what is needed so unless one of them increases it significantly Hearts will "be split up and sold for scrap". Expect the process to be started as early as next week as BDO want it started before the season starts (I've heard separately they've been warned by the SPL)


I hate you, I now need to buy a new box of tissues!


:wink:

[Liberal Hibby]

Independent report my Erchie!!!

Quite!

[Sergey]

From my source:

As of today consensus is Liquidation is the only way forward as current bids are still nowhere near what is needed so unless one of them increases it significantly Hearts will "be split up and sold for scrap". Expect the process to be started as early as next week as BDO want it started before the season starts (I've heard separately they've been warned by the SPL)

And what I've been told is that Hearts can't simply be sold to the highest bidder (or any bidder for that fact) - Lithuanian law means that switching to new owners is currently impossible.

[AlbertK86]

An update to all supporters of the Foundation of Hearts









Dear Supporter,

An update to all supporters on the Foundation of Hearts database - including those who have signed up for direct debits and those who have not.

It's been a busy few days since the bid was submitted to the administrators which would see Foundation of Hearts strongly positioned to acquire control of Heart of Midlothian FC.

We wanted to update you on where we are, and what's going on behind the scenes.

As you'll have no doubt seen in BDO's announcement, three bids were received for the club. Administrator Bryan Jackson told the media none were acceptable in their current form, but that is to be expected. Discussions will continue in the weeks ahead.

Bryan and his colleague Trevor Birch, leading the Hearts administration process, have done a fantastic job, working with club staff to deliver relative progress after the darkness of three weeks ago. We agree completely with their assertion that this process will take time and therefore it could be a month before a preferred bidder is identified. Fundamentally, until UBIG joins Ukio Bankas in having its own administrator appointed there's a wait for all of us.

The media have reported that HMFC Ltd and Five Stars Football Ltd are the other two bidding parties. The Foundation at this stage will not comment on the bids of other organisations. There’s been a fair amount of comment and conjecture, and perhaps even a bit of scaremongering from one or two individuals, but we’ve said all along we’re going to focus on what matters to us: Heart of Midlothian. The Administrators need a period of time to do their job and we will just let them get on with that job.

The Foundation of Hearts is confident that the bid submitted on its behalf:


Is the best financial bid for Hearts and its creditors
Has cash ready to complete the transaction immediately
Provides the strongest possible working capital solution
Delivers lowest risk for creditors and the future protection and growth of the club
Combines the best business people, and their capital, with genuine supporter interest and influence.
Delivers a highly professionally run club with a clear way to engage Foundation members to the benefit and growth of the club

A number of you are of course keen to know how the bid is structured. At the moment we can't discuss this as we are in a competitive situation. What we will say is it has been very sensibly thought through and delivers the outcome the Foundation of Hearts seeks: that potent mix of business expertise, capital and a highly engaged supporter base.

Many of you reading this have now set up your direct debit, and even based on simple arithmetic you'll have worked out there's now well over £1m a year in additional revenue to the Club to repay the purchase price and invest in Hearts. We thank you, sincerely.

Of course, we have room for more as the more revenue we have the quicker we can repay the purchase price and reinvest in Club. There is a very small playing squad and there is a funding gap to be covered. The more we have the more can be invested. So if you've not signed up, or you know friends or family that have not done so, we'd encourage you to get them involved ahead of our first planned draw down of money around 2nd August.

We are now on the way towards 6,000 direct debits. This is no longer a bid, it's a movement.

It's the biggest supporter led movement in the history of Scottish football.

The more we have the more we can do together.

Click here to set up a direct debit if you have not already done so. (http://www.foundationofhearts.org/now-is-the-time-to-make-history) If you have already done so then pass this on to others.

We will keep you up to date as things progress.

To all of you we would simply like to say THANK YOU. The club has survived because of you, the supporters. Let’s now own the club and get the benefit of the new dawn that is breaking over Tynecastle.

Yours in Hearts,

Ian Murray
Independent Chairman, Foundation of Hearts

PS Remember your direct debit is 100% safe and secure, and all monies (minus very small administration charges) will be returned if the bid is not successful. It's a no risk situation!






An MP who either has poor grammatical skills or doesn't check what his lackey has done ... Commas before and is a no no !!

Shows him up for the clown he is !!

But hey ho he supports that mob so what else can we expect ... A cross between Harry Enfield Tory boy and Alan ******* !

[Treadstone]

From my source:

As of today consensus is Liquidation is the only way forward as current bids are still nowhere near what is needed so unless one of them increases it significantly Hearts will "be split up and sold for scrap". Expect the process to be started as early as next week as BDO want it started before the season starts (I've heard separately they've been warned by the SPL)

Who said that Bajillions ? The source or an individual involved in the process ?

[Dashing Bob S]

From my source:

As of today consensus is Liquidation is the only way forward as current bids are still nowhere near what is needed so unless one of them increases it significantly Hearts will "be split up and sold for scrap". Expect the process to be started as early as next week as BDO want it started before the season starts (I've heard separately they've been warned by the SPL)

Sweet! Can't wait to see the spin they put on this one. If financial difficulties and bankrupt parent companies constituted 'self-sufficiency' and administration was 'emerging debt free and with the second biggest transfer budget in the SPL' liquidation is going to super sexy, and take us back to the heady days of new stands, world cup stars, champions league wins, 400,000 ST's and world war victories.

[Saorsa]

From my source:

As of today consensus is Liquidation is the only way forward as current bids are still nowhere near what is needed so unless one of them increases it significantly Hearts will "be split up and sold for scrap". Expect the process to be started as early as next week as BDO want it started before the season starts (I've heard separately they've been warned by the SPL)oh yes :top marks
:aok: :thumbsup:

Anybody better this? :greengrin

[The Green Goblin]

Good news. Tho I was already looking forward to the prospect of Hibs humping them in the derby.

Ross Caldwell. 90th minute. When all is said and done, he who laughs last...etc.

[Gus Fring]

Who said that Bajillions ? The source or an individual involved in the process ?

My source. I didn't think to ask if those were his own words unfortunately.

[Aldo]

From my source:

As of today consensus is Liquidation is the only way forward as current bids are still nowhere near what is needed so unless one of them increases it significantly Hearts will "be split up and sold for scrap". Expect the process to be started as early as next week as BDO want it started before the season starts (I've heard separately they've been warned by the SPL)

Lol ha ha ha ha ha




And what I've been told is that Hearts can't simply be sold to the highest bidder (or any bidder for that fact) - Lithuanian law means that switching to new owners is currently impossible.

Chortle chortle

Brilliant just ****** brilliant.

[rcarter1]

Yeah, but IIRC, nowhere in that horrible book did the heroine get taken up the banana fritter by a dodgy foreigner.

Twice.

:rotflmao::applause:

[Springbank]

Ross Caldwell. 90th minute. When all is said and done, he who laughs last...etc.

Last goal in the last minute of the last game at Tynecastle

[AinsterHibs]

From my source:

As of today consensus is Liquidation is the only way forward as current bids are still nowhere near what is needed so unless one of them increases it significantly Hearts will "be split up and sold for scrap". Expect the process to be started as early as next week as BDO want it started before the season starts (I've heard separately they've been warned by the SPL)
:agree::thumbsup: Dead by dawn, ones hopes!


And what I've been told is that Hearts can't simply be sold to the highest bidder (or any bidder for that fact) - Lithuanian law means that switching to new owners is currently impossible.

:thumbsup: It just keeps on getting better! Or worse where the yak are concerned. Spurt!

[Aldo]

Tell you what I've been waiting on this day a long long time... Since that ****er Mercer tried to kill our club.

When this does happen I am going to celebrate so much it will hurt.

I also know a man who will celebrate and be even happier cos he hates them for a living.

Step forward Mr Desperate Dan. ;-)

[wazoo1875]

Ross Caldwell. 90th minute. When all is said and done, he who laughs last...etc.

I can live with that TGG :-)

[Dashing Bob S]

At least Hearts fans are fighting all the way. Several Hearts-minded musicians are putting on a big concert at the weekend, with all proceeds going to the FOH, in order to help them beef up their bid.

































So get yourself down to the Liquidation Rooms and support this bold initiative.

[Heisenberg]

Was looking forward to a laughable Jambo struggle throughout the season...if this latest news is true then it'll still provide much entertainment :jmcp:

[Beefster]

An MP who either has poor grammatical skills or doesn't check what his lackey has done ... Commas before and is a no no !!

Shows him up for the clown he is !!

But hey ho he supports that mob so what else can we expect ... A cross between Harry Enfield Tory boy and Alan ******* !

Ian Murray is indeed a clown but you're wrong about a comma before an 'and'.

http://en.wikipedia.org/wiki/Serial_comma

[kdhibees1]

At least Hearts fans are fighting all the way. Several Hearts-minded musicians are putting on a big concert at the weekend, with all proceeds going to the FOH, in order to help them beef up their bid.

So get yourself down to the Liquidation Rooms and support this bold initiative.

:not worth:faf: Class!

[jeffers]

Anyone who thinks they will be liquidated is deluded. You clearly haven't read Wee Fordy's comments on the Massone article in the Scotsman:

"We are now on the way towards 6,000 direct debits. This is no longer a bid, it's a movement.

It's the biggest supporter led movement in the history of Scottish football."

Oh ma sides:faf:

[Disc O'Dave]

Anyone who thinks they will be liquidated is deluded. You clearly haven't read Wee Fordy's comments on the Massone article in the Scotsman:

"We are now on the way towards 6,000 direct debits. This is no longer a bid, it's a movement.

It's the biggest supporter led movement in the history of Scottish football."

Oh ma sides:faf:

They're a "movement" alright.....

[HIBERNIAN-0762]

According to the ultimate muppet tristian shoot over on The Scotsman forum it's 3-0 for the jts on derby day..

Wonder what our score will be against Morton that day??

:greengrin

[SaulGoodman]

Anyone who thinks they will be liquidated is deluded. You clearly haven't read Wee Fordy's comments on the Massone article in the Scotsman:

"We are now on the way towards 6,000 direct debits. This is no longer a bid, it's a movement.

It's the biggest supporter led movement in the history of Scottish football."

Oh ma sides:faf:

The only movement going on with the Yams just now is in their pants.

[grunt]

And what I've been told is that Hearts can't simply be sold to the highest bidder (or any bidder for that fact) - Lithuanian law means that switching to new owners is currently impossible.

So does this mean that they also can't sell the assets?
Are you saying that because of events in Lithuania they can neither sell the club or the assets?

[Saorsa]

Anyone who thinks they will be liquidated is deluded. You clearly haven't read Wee Fordy's comments on the Massone article in the Scotsman:

"We are now on the way towards 6,000 direct debits. This is no longer a bid, it's a movement.

It's the biggest supporter led movement in the history of Scottish football."

Oh ma sides:faf:of brown stuff towards their maroon frillies :agree:

[grunt]

"We are now on the way towards 6,000 direct debits. This is no longer a bid, it's a movement.:

I'm reminded here of Alice's Restaurant :D

[The Falcon]

Most folk on here seem to think a % of pledges will get cancelled around Christmas time, or if they start to get a few trouncings. If the ****bos become a newco in Div3 owned by FOH do we think the pledges will disappear even quicker?

Does nobody consider that it might now be the Lowland League? Serious question.

[Saorsa]

Does nobody consider that it might now be the Lowland League? Serious question.I consider it, the lower the better.

[Jack]

I would love to know what a graphology expert would make of that signature.

My thoughts are somewhat tainted but






Age 12 could well appear below it.

[CropleyWasGod]

So does this mean that they also can't sell the assets?
Are you saying that because of events in Lithuania they can neither sell the club or the assets?

I interpreted it as being difficult to sell without the secured creditor's consent.

I think UK law would trump Lith law in this instance, though?

[Onion]

Are the SPFL or whatever they're called not a bit anxious that they won't be able to guarantee fulfilling their fixtures? Surely they would be aware of this?

Sidneyhibbie, sharpen that pencil and get writing another strongly worded, yet concerned, letter.

Every organisation needs to have a Disaster Recovery Plan with risk/mitigation strategies. Top 2 risks to the SPFL are major sponsors pulling the plug and one/more of the clubs going bust mid season. Even a body as incompetent as our national football authorities must have at least considered what they would do if the unthinkable (now highly probable) was to happen.

In saying that, they're probably more concerned about how many World Cup tickets they'll each get and how they fast track their Sevco chums into the top league :rolleyes:

[KeithTheHibby]

I interpreted it as being difficult to sell without the secured creditor's consent.

I think UK law would trump Lith law in this instance, though?


How come CWG?

[Sanger]

So does this mean that they also can't sell the assets?
Are you saying that because of events in Lithuania they can neither sell the club or the assets?
But EU regulation on insolvency says the law of the country where the insolvent company does najority of its business holds sway. Lithuania a signature to this EU regulation.

[The Falcon]

I interpreted it as being difficult to sell without the secured creditor's consent.

I think UK law would trump Lith law in this instance, though?

EU law would trump both. :cb


But I dont have a scooby what it is. I suspect it would be a case of getting the law journals open which would take time, which the Yams dont really have.

[CropleyWasGod]

How come CWG?

Because HMFC are a UK company, I'm thinking, and the assets are theirs, albeit heavily secured.

But... disclaimer alert... I'm not a lawyer, so happy to be guided.

Edit... which Falcon has just done.:greengrin

[Dashing Bob S]

EU law would trump both. :cb


But I dont have a scooby what it is. I suspect it would be a case of getting the law journals open which would take time, which the Yams dont really have.

I'd love to see them scuttling through various case law citations in UK & Lithland, and copious EU directives. A great way to spend the last days of your club...

[Dunderhall]

But EU regulation on insolvency says the law of the country where the insolvent company does najority of its business holds sway. Lithuania a signature to this EU regulation.
Far from knowledgeable in this area, isn't it also to do with where proceedings are opened?
I'm looking at this EU reg 1346/2000 (http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2000:160:0001:001:en:PDF), is it relevant and have I got the wrong end of the stick?


EU law would trump both. :cb

But I dont have a scooby what it is. I suspect it would be a case of getting the law journals open which would take time, which the Yams dont really have.
Even if they had time, could they afford the legal team....

[Treadstone]

You're all idiots. Remember the political angle here as Ian Murray told us. :faf:

And pishy breeks was leaning on the Lith ambassador, literally.

[Dunderhall]

You're all idiots. Remember the political angle here as Ian Murray told us. :faf:

And pishy breeks was leaning on the Lith ambassador, literally.
Trying to give her a poke in the right direction apparantly.
Gone satisfyingly quiet as well.

10524

[jonty]

I'd love to see them scuttling through various case law citations in UK & Lithland, and copious EU directives. A great way to spend the last days of your club...

Now now Bob, when it comes to paperwork don't forget that planning application. to quote "Now THATS what you call a planning application". :cb

[Dashing Bob S]

Now now Bob, when it comes to paperwork don't forget that planning application. to quote "Now THATS what you call a planning application". :cb

They'll probably find an escape clause just in time for the second generation of cheap flats to be thrown up on the site.

[Treadstone]

I'd love to see them scuttling through various case law citations in UK & Lithland, and copious EU directives. A great way to spend the last days of your club...

I'd like to see them go through the Lith courts not knowing what's being said. Someone getting pie face Murray to "sign here, here and here" and then giving him a shoebox wi' a Russian hat in it!

[CropleyWasGod]

I'd like to see them go through the Lith courts not knowing what's being said. Someone getting pie face Murray to "sign here, here and here" and then giving him a shoebox wi' a Russian hat in it!

:top marks

[PatHead]

Does nobody consider that it might now be the Lowland League? Serious question.

If they go tits up between now and the start of the season they will be lucky to play in a boys brigade league next season but 5 1

[jabis]

I'm reminded here of Alice's Restaurant :D

good call,off to put the LP on :thumbsup:

[Seveno]

Ross Caldwell. 90th minute. When all is said and done, he who laughs last...etc.

Young Ross will go down as a true Hibs legend.

[Sanger]

Far from knowledgeable in this area, isn't it also to do with where proceedings are opened?
I'm looking at this EU reg 1346/2000 (http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2000:160:0001:001:en:PDF), is it relevant and have I got the wrong end of the stick?


Even if they had time, could they afford the legal team....

EU regulations mean proceedings must take place in country where company does majority of its business.

[Mikey]

From my source:

As of today consensus is Liquidation is the only way forward as current bids are still nowhere near what is needed so unless one of them increases it significantly Hearts will "be split up and sold for scrap". Expect the process to be started as early as next week as BDO want it started before the season starts (I've heard separately they've been warned by the SPL)

You missed the last bit.............

"They were just waiting for Mikey to get back" :tee hee:

[poolman]

Young Ross will go down as a true Hibs legend.


Already is for me

[Dunderhall]

EU regulations mean proceedings must take place in country where company does majority of its business.
Fair enough, so I've misinterpreted article 4 as to the applicable law?
As I said, on a learning curve for me.

[CropleyWasGod]

Far from knowledgeable in this area, isn't it also to do with where proceedings are opened?
I'm looking at this EU reg 1346/2000 (http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2000:160:0001:001:en:PDF), is it relevant and have I got the wrong end of the stick?


Even if they had time, could they afford the legal team....


Leaving aside the insolvency law, if we're talking about the sale of the assets, I still think that UK law (Scots Law, indeed) would prevail, no?

[sidneyhibbie]

The PBS Is worth sod all:na na:

[Dunderhall]

Leaving aside the insolvency law, if we're talking about the sale of the assets, I still think that UK law (Scots Law, indeed) would prevail, no?
Steady now, see the posts above, I'm the one asking the questions mainly through ignorance.
If I have looked at the right EU regs then I think it defines that in article 4.2.(i.) which would be as you say.

Stands back for slap down. :greengrin

[CropleyWasGod]

Steady now, see the posts above, I'm the one asking the questions mainly through ignorance.
If I have looked at the right EU regs then I think it defines that in article 4.2.(i.) which would be as you say.

Stands back for slap down. :greengrin

Sorry, heat's getting to me. Wrong poster quoted.

I'll take my slap too :greengrin


You missed the last bit.............

"They were just waiting for Mikey to get back" :tee hee:

Is that you back yet?

[Sergey]

Leaving aside the insolvency law, if we're talking about the sale of the assets, I still think that UK law (Scots Law, indeed) would prevail, no?

The men in grey suits from both countries will argue their case and this will drag on for some time (time that our pour friends over-by simply don't have).

This could run-and-run for the foreseeable and there won't be any quick 'get-out' for them. They're either in admin for the long-haul or they're liquidated.

I don't see a middle ground for negotiation.

I could be wrong - but I'll back myself with my own cash.

[CropleyWasGod]

The men in grey suits from both countries will argue their case and this will drag on for some time (time that our pour friends over-by simply don't have).

This could run-and-run for the foreseeable and there won't be any quick 'get-out' for them. They're either in admin for the long-haul or they're liquidated.

I don't see a middle ground for negotiation.

I could be wrong - but I'll back myself with my own cash.

I know that I have long said that this would be a relatively quick administration, and it has been thus far. However, I'm wavering now.

If, as I'm starting to think, the SPFL demand a guarantee about the fixtures, it will end soon. That would back up what Bajillions is hearing. If they don't.... yeah, I'm with you on the long-haul theory.

[Fat Penlon]

I know that I have long said that this would be a relatively quick administration, and it has been thus far. However, I'm wavering now.

If, as I'm starting to think, the SPFL demand a guarantee about the fixtures, it will end soon. That would back up what Bajillions is hearing. If they don't.... yeah, I'm with you on the long-haul theory.


Where does the working capital come from for a long admin?

[mca]

The 100k they Turned Down... apparently.. The administration team at Hearts couldnt even accept the offer.... :wink:

[CropleyWasGod]

Where does the working capital come from for a long admin?

It won't last for ever, of course.

Birch has said that they have enough to last until Christmas. That would give them time to buy some new ovens, or to try to generate some alternative funding.

[Sergey]

Where does the working capital come from for a long admin?


It won't last for ever, of course.

Birch has said that they have enough to last until Christmas. That would buy them time to buy some new ovens, or generate some alternative funding.

Could BDO cancel ST sales (two acronyms in there already) and ask for cash payments at the turnstile to see them by?

Makes me wonder what BDO and Zebra have agreed with the CC scheme. That doesn't sit right, unless Zebra are holding back the monies and drip-dripping it to them.

Either way - things are grim and I'm starting to sway towards the comical farce that will see them start on -15 points.

[Viva_Palmeiras]

It won't last for ever, of course.

Birch has said that they have enough to last until Christmas. That would give them time to buy some new ovens, or to try to generate some alternative funding.

And if it all goes pear shaped the ovens will still have a use ;)

[poolman]

It won't last for ever, of course.

Birch has said that they have enough to last until Christmas. That would give them time to buy some new ovens, or to try to generate some alternative funding.


And some new light bulbs and maybe a 5 Ltr tin of concrete paint for the steps

[Kato]

Jambos. This demands an immediate bake-sale, maybe even a facepainting/bouncy castle fun day. C'Mon, I know you have one last effort in you before the end.

[Caversham Green]

Leaving aside the insolvency law, if we're talking about the sale of the assets, I still think that UK law (Scots Law, indeed) would prevail, no?

I'm not sure that one set of laws would 'trump' the other here as there is no direct conflict. UK/Scots Law is passive on the subject - i.e. it doesn't prevent sale of the assets but it doesn't force it either - but if EU/Lith Law is capable of preventing it the Brit version is in no position to dispute that.

It's a bit like the SPL and SFA each imposing a signing embargo over a club. The SPL might lift their ban, but the club still can't sign players because of the SFA rule.

I'm not sure the EU/Lith laws would extend that far though.

[DoonTheSlope]

Tick tock as the bidders drop like flies :http://www.heraldscotland.com/mobile/sport/football/bid-for-hearts-could-founder.21602831

[Sanger]

I'm not sure that one set of laws would 'trump' the other here as there is no direct conflict. UK/Scots Law is passive on the subject - i.e. it doesn't prevent sale of the assets but it doesn't force it either - but if EU/Lith Law is capable of preventing it the Brit version is in no position to dispute that.

It's a bit like the SPL and SFA each imposing a signing embargo over a club. The SPL might lift their ban, but the club still can't sign players because of the SFA rule.

I'm not sure the EU/Lith laws would extend that far though.
Under EU regulations the law of the country where the company does the majority of its business prevails.

[sidneyhibbie]

Tick tock as the bidders drop like flies :http://www.heraldscotland.com/mobile/sport/football/bid-for-hearts-could-founder.21602831

so all thats left is massone and the foh talk about being between a rock and a hard place.:greengrin

[Sanger]

so all thats left is massone and the foh talk about being between a rock and a hard place.:greengrin
Liquidation beckons me thinks!

[bingo70]

Is there disciplinary hearing today?

[Aldo]

Is there disciplinary hearing today?

What's this for Bingo?? Wages etc?

[Caversham Green]

Under EU regulations the law of the country where the company does the majority of its business prevails.

But what I'm saying is there's no actual conflict between the two regimes so prevalence needn't apply.

In my SPL/SFA analogy the SPL (after they've lifted their ban) don't disallow the signing of players but neither can they force it through in defiance of the SFA ruling. I think it might be similar with these circumstances - UK Commercial Law doesn't prevent the sale of assets, but International Criminal Law might. UK Commercial Law doesn't prevent me from driving my car at 100mph either - that doesn't mean I'm allowed to do it.

[Jack]

Their end is nigh.

We need to start preparing ourselves.























For the party!!!!!!!!

I suggest the car park behind the West, with behind the East as an overflow.

We need volunteers for the following jobs;

We need a bake sale, stuff like victorious sandwich should go down well. Any other suggestions?

We could have face painting stalls for the kids.

Does anyone have a contact that might donate a lend o a bouncy castle?

Folk could donate stuff for raffles. Maybe get the players would be up for going for a meal?

Get the players to pose for to have their pictures taken at £5 a pop. Can someone get a lifesize cardboard cut out of Sparky?

Talking about Sparky. You know them big foam pointy fingers? Does anyone have a contact that could do big foam thumbs?

Maybe someone with the required skills could make some home brew champagne. If we don't have time to brew this up we can just put some white wine through a sodastream.

We could sell tickets for a coach trip somewhere but not bother to book a coach - we don't have to tell anyone we've not booked a coach until its too late for them to do anything else!

We could charge an entry fee. I suggest either a bowl of jelly or a tub of ice cream which we can then sell on for cash.

Any other ideas guys and gals?

Oh, the Hibs are having a party
The Hibs are having a party
The Hibs are having a party
The hearts are nearly dead.
The hearts are nearly dead.
The hearts are nearly dead.
The Hibs are having a party ....

[Caversham Green]

Their end is nigh.

We need to start preparing ourselves.























For the party!!!!!!!!

I suggest the car park behind the West, with behind the East as an overflow.

We need volunteers for the following jobs;

We need a bake sale, stuff like victorious sandwich should go down well. Any other suggestions?

We could have face painting stalls for the kids.

Does anyone have a contact that might donate a lend o a bouncy castle?

Folk could donate stuff for raffles. Maybe get the players would be up for going for a meal?

Get the players to pose for to have their pictures taken at £5 a pop. Can someone get a lifesize cardboard cut out of Sparky?

Talking about Sparky. You know them big foam pointy fingers? Does anyone have a contact that could do big foam thumbs?

Maybe someone with the required skills could make some home brew champagne. If we don't have time to brew this up we can just put some white wine through a sodastream.

We could sell tickets for a coach trip somewhere but not bother to book a coach - we don't have to tell anyone we've not booked a coach until its too late for them to do anything else!

We could charge an entry fee. I suggest either a bowl of jelly or a tub of ice cream which we can then sell on for cash.

Any other ideas guys and gals?

Oh, the Hibs are having a party
The Hibs are having a party
The Hibs are having a party
The hearts are nearly dead.
The hearts are nearly dead.
The hearts are nearly dead.
The Hibs are having a party ....

Steady there Jack, we're not a big club.

[Sanger]

But what I'm saying is there's no actual conflict between the two regimes so prevalence needn't apply.

In my SPL/SFA analogy the SPL (after they've lifted their ban) don't disallow the signing of players but neither can they force it through in defiance of the SFA ruling. I think it might be similar with these circumstances - UK Commercial Law doesn't prevent the sale of assets, but International Criminal Law might. UK Commercial Law doesn't prevent me from driving my car at 100mph either - that doesn't mean I'm allowed to do it.
It will be UK law that prevails but nothing can be sold/agreed upon without the say so of Ukio Bankas and UBIG or their administrators as the are the major creditors and shareholders.

[s.a.m]

So.....
Should no one want to buy our neighbours, or manage to put together an adequate bid, what happens next? Would BDO have to advise moving to liquidation at that stage? Or would they manage their affairs until the money runs out / someone with more money than sense eventually feels sorry for them / the Liths decide they want to cash in their securities? This is assuming that the football authorities don't force the issue in some way or other before then.

[Waxy]

The authorities should be doing this now. It's going to cause alot of problems when they die before xmas. The authorities know it's going to happen so must shoulder the blame if they dont demote them before the league starts.

[CropleyWasGod]

It will be UK law that prevails but nothing can be sold/agreed upon without the say so of Ukio Bankas and UBIG or their administrators as the are the major creditors and shareholders.

We were talking about the sale of the assets, though, not the shareholding. The assets that belong to HMFC.

Would they still have a veto?

[greenginger]

Bob the shoe salesman still sure AllisBarry with his bid and $45 million for the new Yam-dome is on the table.

http://www.scotsman.com/sport/football/spl/hearts-administration-bob-jamieson-denies-dispute-1-3005153

One thing that puzzles me is this " we have enough cash for 3 - 4 months " line from BDO.

Did they not say they raised something like £750,000 from season tickets ,etc. about £200 K a month plus what they can take from pay at the gates ( Hibs, Celtic and Aberdeen ) say another £250 k.

Can Hearts be run on £250 - 300 thousand a month without racking up more debt ?

And, of course, running the club in admin. for another 4 months will just knock another large chunk off the money which could be sent back to Lithland.

[CropleyWasGod]

So.....
Should no one want to buy our neighbours, or manage to put together an adequate bid, what happens next? Would BDO have to advise moving to liquidation at that stage? Or would they manage their affairs until the money runs out / someone with more money than sense eventually feels sorry for them / the Liths decide they want to cash in their securities? This is assuming that the football authorities don't force the issue in some way or other before then.

One of (one of, Sidney:greengrin) the administrators' duties is to obtain a better return for creditors than they would otherwise do in liquidation.

In your scenario, that would be impossible, so they would move to another of their purposes, which is:-

"realising property to make a distribution to one or or more secured or preferential creditors." In this case, that would be UKIO and, perhaps, UBIG.


Bob the shoe salesman still sure AllisBarry with his bid and $45 million for the new Yam-dome is on the table.

http://www.scotsman.com/sport/football/spl/hearts-administration-bob-jamieson-denies-dispute-1-3005153

One thing that puzzles me is this " we have enough cash for 3 - 4 months " line from BDO.

Did they not say they raised something like £750,000 from season tickets ,etc. about £200 K a month plus what they can take from pay at the gates ( Hibs, Celtic and Aberdeen ) say another £250 k.

Can Hearts be run on £250 - 300 thousand a month without racking up more debt ?

And, of course, running the club in admin. for another 4 months will just knock another large chunk off the money which could be sent back to Lithland.

Did you include TV money and SPFL advances?

[Sanger]

The authorities should be doing this now. It's going to cause alot of problems when they die before xmas. The authorities know it's going to happen so must shoulder the blame if they dont demote them before the league starts.
Admins now likely in discussions with Ukio and UBIG and SPFL. FOH offer way too small for CVA and questions over Massone if he really has the money, is a fit and reliable person and bond may be needed but no capital to run club beyond Xmas. Liquidation really is now looming and SPFL should hatch plan "Morton" ASAP to avoid league looking like a laughing stock.

[Treadstone]

The 'rift' between Club 9 and Bob Jamieson stems from a payment issue.

Bob wants Club 9 to give him a tenner to top up his pay-as-you-go mobile and club 9 are refusing.:faf:

[greenginger]

Did you include TV money and SPFL advances?

Nope, what will that add to their monthly budget ?

There will be no Europa League windfall TV money like the last couple of seasons, shame.

[CropleyWasGod]

Nope, what will that add to their monthly budget ?

No idea, but it might eke out the shortfall that you were suggesting.

[Sergey]

Admins now likely in discussions with Ukio and UBIG and SPFL. FOH offer way too small for CVA and questions over Massone if he really has the money, is a fit and reliable person and bond may be needed but no capital to run club beyond Xmas. Liquidation really is now looming and SPFL should hatch plan "Morton" ASAP to avoid league looking like a laughing stock.

But here lies a problem - there's no one to liaise with at UBIG as the directors have all resigned and they're awaiting the appointment of an insolvency practitioner, and that in itself is currently under dispute as to who'll represent them.

There is currently no one with any legal clout that can 'sign-off' any proposals, not to mention the fact that the LT government have frozen their assets and the organisation are under investigation.

I'd like to know who you think BDO are in discussions with at UBIG.

[Aldo]

Admins now likely in discussions with Ukio and UBIG and SPFL. FOH offer way too small for CVA and questions over Massone if he really has the money, is a fit and reliable person and bond may be needed but no capital to run club beyond Xmas. Liquidation really is now looming and SPFL should hatch plan "Morton" ASAP to avoid league looking like a laughing stock.

Yeah alright in theory and is common sense but its the SPL sorry SPFL.

This will become farcical.

[s.a.m]

One of (one of, Sidney:greengrin) the administrators duties is to obtain a better return for creditors than they would otherwise do in liquidation.

In your scenario, that would be impossible, so they would move to another purposes, which is:-

"realising property to make a distribution to one or or more secured or preferential creditors." In this case, that would be UKIO and, perhaps, UBIG.



Did you include TV money and SPFL advances?

Thanks.
You're very patient. :greengrin

[GloryGlory]

And, of course, running the club in admin. for another 4 months will just knock another large chunk off the money which could be sent back to Lithland.

Not to mention, it will increase the fees due to the administrator. :greengrin




Did they not say they raised something like £750,000 from season tickets ,etc. about £200 K a month plus what they can take from pay at the gates ( Hibs, Celtic and Aberdeen ) say another £250 k.



I thought the season ticket money was meant to keep them going from the point of administration to the start of the season, paying bills due plus salaries. They are relying on an advance of TV money, sponsorship, hospitality and PATG from then on, no? AKA, flying by the seat of their pants. :greengrin

[Bostonhibby]

The 'rift' between Club 9 and Bob Jamieson stems from a payment issue.

Bob wants Club 9 to give him a tenner to top up his pay-as-you-go mobile and club 9 are refusing.:faf:

:confused: Heard that he was actually asking for cash for a new bottle of Calor gas for his caravan as he was unable to entertain "money" men interested in backing his bid because he couldn't put the kettle on, but I can see how international finanicial dealings would be impossible if he hasn't got any credit left - bit like the yams really.

[Dunderhall]

Nope, what will that add to their monthly budget ?

There will be no Europa League windfall TV money like the last couple of seasons, shame.

SPL "pre-season" payment last year was £600K, though it was split into 2 with the 2nd half paid around the end of Aug.
Don't know the TV payment details.

[lapsedhibee]

I thought the season ticket money was meant to keep them going from the point of administration to the start of the season, paying bills due plus salaries.

Won't BDO be taking their fees out of the season ticket money?

[poolman]

Won't BDO be taking their fees out of the season ticket money?


Over to you CWG :-)

[Dunderhall]

:confused: Heard that he was actually asking for cash for a new bottle of Calor gas for his caravan as he was unable to entertain "money" men interested in backing his bid because he couldn't put the kettle on, but I can see how international finanicial dealings would be impossible if he hasn't got any credit left - bit like the yams really.

Has anyone seen his caravan, just that I heard he was after a new horse for it so he could move back into town.
Any comments about his bid being done on the hoof are unrelated.
Haaarooold....

[CropleyWasGod]

Over to you CWG :-)

:fenlon


:greengrin

[greenginger]

Won't BDO be taking their fees out of the season ticket money?


No, the admin fees are deducted from the the sale of the club/assets before the proceeds are divi'd up amongst the creditors.

In reality, every month the administration goes on cost the Lithuanian tax payer £ 200 - 250 thousand pounds.

Sorry , month not week, getting carried away for a bit.

[Keith_M]

I know that I have long said that this would be a relatively quick administration, and it has been thus far. However, I'm wavering now.

If, as I'm starting to think, the SPFL demand a guarantee about the fixtures, it will end soon. That would back up what Bajillions is hearing. If they don't.... yeah, I'm with you on the long-haul theory.


Oi! I'm not having that! You promised if they went into Admin it would be straight to Liquidation. You can't go getting all our hopes up like that and then letting us down.

:grr:




Unless it was one of the many other Cropleys that said it :wink:

[greenginger]

I thought the season ticket money was meant to keep them going from the point of administration to the start of the season, paying bills due plus salaries. They are relying on an advance of TV money, sponsorship, hospitality and PATG from then on, no? AKA, flying by the seat of their pants. :greengrin

The Hearts running costs without, counting staff costs, in 2011 - 12 season £ 3.876 million or £ 325,000 per month. I don't think BDO can have reduced that amount . Was there ever any indication what there staff costs were reduced by ?

[CropleyWasGod]

Oi! I'm not having that! You promised if they went into Admin it would be straight to Liquidation. You can't go getting all our hopes up like that and then letting us down.

:grr:




Unless it was one of the many other Cropleys that said it :wink:

Lesson 1. Accountants and lawyers never "promise". That way lies litigation :greengrin

Settle, though, I'm still on the side of liquidation. I'm just recognising the wee niggles that Sergey's info has put into my mind.

Are we pals again? :greengrin

[GloryGlory]

The Hearts running costs without, counting staff costs, in 2011 - 12 season £ 3.876 million or £ 325,000 per month. I don't think BDO can have reduced that amount . Was there ever any indication what there staff costs were reduced by ?

They made 14 (?) staff redundant, plus cut the wages of some (most) players. They haven't, of course, paid Heriot-Watt for some time, plus they are overdue the police money. They were in arrears with their council tax, but I don't know what the current situation is. I would imagine there is probably backlog maintenance on the stadium, too.

[WeeWendy]

Not sure if this has been pointed out elsewhere - http://www1.skysports.com/football/news/11095/8829048/

Hearing postponed until 1 August...

[#FromTheCapital]

This meeting to decide their punishment has been postponed till the 1st of August :rolleyes:

[CropleyWasGod]

They made 14 (?) staff redundant, plus cut the wages of some (most) players. They haven't, of course, paid Heriot-Watt for some time, plus they are overdue the police money. They were in arrears with their council tax, but I don't know what the current situation is. I would imagine there is probably backlog maintenance on the stadium, too.

All of that is irrelevant to the ongoing expenditure. It's in the pre-admin creditors pot.

[Mikey]

Bob the shoe salesman still sure AllisBarry with his bid and $45 million for the new Yam-dome is on the table.

http://www.scotsman.com/sport/football/spl/hearts-administration-bob-jamieson-denies-dispute-1-3005153



The right buyer could get Hibs for the same money and wouldn't have to spend a bean on the stadium. Virtually every other club in the country is a better investment opportunity than that lot.

Unless of course they're investing in the land and not the football club :wink:

[Keith_M]

Lesson 1. Accountants and lawyers never "promise". That way lies litigation :greengrin

Settle, though, I'm still on the side of liquidation. I'm just recognising the wee niggles that Sergey's info has put into my mind.

Are we pals again? :greengrin


Aye, OK, I'll let you have the Homer Simpson defense in this case



"Weaseling out of things is what humans do best,
it's what sets us apart from all the other animals,
..
except the weasel. (addendum: plus lawyers and accountants)"

[Steve-O]

This meeting to decide their punishment has been postponed till the 1st of August :rolleyes:

Been saying for over a week that this hearing would somehow be 'adjourned'.

Are you trying to tell me it took until TODAY for them to realise the main person dealing with their case was on paternity leave?!

Have never known an organisation to be so full of **** as the SFA.

[BarneyK]

The right buyer could get Hibs for the same money and wouldn't have to spend a bean on the stadium. Virtually every other club in the country is a better investment opportunity than that lot.

Unless of course they're investing in the land and not the football club :wink:

:agree: Why the Hell would an investor pump many millions into them to buy a new stadium unless they could make serious money from the sale of old Tynie? It is, after all, worthless - so we are told :wink:

[#FromTheCapital]

Been saying for over a week that this hearing would somehow be 'adjourned'.

Are you trying to tell me it took until TODAY for them to realise the main person dealing with their case was on paternity leave?!

Have never known an organisation to be so full of **** as the SFA.

Thought the exact same when I looked through that article. Did his mrs just randomly give birth yesterday!? Joke organisation, not even attempting to come up with a decent excuse

[s.a.m]

Been saying for over a week that this hearing would somehow be 'adjourned'.

Are you trying to tell me it took until TODAY for them to realise the main person dealing with their case was on paternity leave?!

Have never known an organisation to be so full of **** as the SFA.

Maybe his partner went into labour early? Just trying to be fair, likes...:greengrin

[ballengeich]

Been saying for over a week that this hearing would somehow be 'adjourned'.

Are you trying to tell me it took until TODAY for them to realise the main person dealing with their case was on paternity leave?!

Have never known an organisation to be so full of **** as the SFA.

Probably hoping that BDO save them the trouble of making a decision. Also, the golf's on.


:agree: Why the Hell would an investor pump many millions into them to buy a new stadium unless they could make serious money from the sale of old Tynie? It is, after all, worthless - so we are told :wink:

Bob Jamieson's claim that someone in the USA is going to "invest" £45 million on a new stadium seems a total fantasy. The interest you'd pay on that sum each year would be virtually the entire Hearts turnover.

[Ozyhibby]

I'm of the opinion that the postponement is not a good sign for Hearts. I think the SFA realise that events are about to make any punishment look futile and probably best to let BDO wield the knife.

[BarneyK]

Probably hoping that BDO save them the trouble of making a decision. Also, the golf's on.



Bob Jamieson's claim that someone in the USA is going to "invest" £45 million on a new stadium seems a total fantasy. The interest you'd pay on that sum each year would be virtually the entire Hearts turnover.

Absolutely. There is absolutely no money to be made in Scottish fitbaw, and to suggest otherwise is ridiculous. £45 million indeed...:faf:

[Steve-O]

Maybe his partner went into labour early? Just trying to be fair, likes...:greengrin

Nahhhhhhh!

[CropleyWasGod]

I'm of the opinion that the postponement is not a good sign for Hearts. I think the SFA realise that events are about to make any punishment look futile and probably best to let BDO wield the knife.

I'm of a similar opinion. The paternity leave thing is a convenient excuse, IMO.

As I've suggested before, there will be confidential contact going on between BDO and the authorities. I reckon that these discussions are at a critical stage (they bloody should be, of course), and that a delay of a couple of weeks in the disciplinary process makes sense.

[jacomo]

Bob Jamieson's claim that someone in the USA is going to "invest" £45 million on a new stadium seems a total fantasy. The interest you'd pay on that sum each year would be virtually the entire Hearts turnover.

It's a bit unclear whether Jamieson means USD or Sterling. Let's assume he's talking about $45m... roughly, £30m at today's exchange rate.

Then let's say he uses the proceeds of the sale of Tynecastle to help fund the new stadium... let's be generous and say he nets £10m profit to sell it for development. That leaves him a minimum of £20m to finance.

This deal is not without risk, but let's just say he manages to borrow this £20m at 7% (considerably less than the cost of financing Man U and Liverpool with American money but again, let's give him the benefit of the doubt).

This means a return to investors of £1.4m a year, and he still needs to pay back the £20m somehow. This from a club with a turnover of £10m pa even in the good years. Does that sound even vaguely plausible?

[California-Hibs]

I think it's only right that while we're all watching the Hibs in Europe tonight, having a good time enjoying ourselves, we should pause, even just for a minute, and spare a thought for what the Hearts fans will be continuing to worry and go through tonight, wondering if their club will survive or not.

..........aye right, GET IT UP you's!!! The Hibs are in Europe tonight and you's WILL be in your beds!

[Kato]

Various Jambos on the Scotsman forums still living in the land of make believe whereby a CVA will be arranged and they will be playing at either this new stadium or a refurbished Tynie.

Delusional at best but fans like that are worse than enemies. Their "everything is OK" line started when Romanov came in and continues now.

[clerriehibs]

All of that is irrelevant to the ongoing expenditure. It's in the pre-admin creditors pot.

I thought his point was that they didn't pay it before, so might still not pay, hence reducing that running costs bottom-line.

Altbough I'd have thought admin types would be obliged to pay all ongoing commitments, reach agreement over them, or fold the company.

[CropleyWasGod]

I thought his point was that they didn't pay it before, so might still not pay, hence reducing that running costs bottom-line.

Altbough I'd have thought admin types would be obliged to pay all ongoing commitments, reach agreement over them, or fold the company.

Ah, okay, I missed that point, if that's the case.

You're right, though, that costs have to be met, otherwise.... etc. etc.

[angus hibee]

Informed today that Hearts have moved their registered office from Tynecastle to City Point Haymarket. Mean anything ?

[CropleyWasGod]

Informed today that Hearts have moved their registered office from Tynecastle to City Point Haymarket. Mean anything ?

It was done a couple of weeks ago. That's BDO's office. No great significance in it.

[jacomo]

It was done a couple of weeks ago. That's BDO's office. No great significance in it.

Brian Jackson no doubt bored of David Southern hanging around the office at Tynecastle like a bad smell. Have left him to come up with some zero-cost marketing initiatives while he and Birch get on with the real business at hand.

[greenginger]

Brian Jackson no doubt bored of David Southern hanging around the office at Tynecastle like a bad smell. Have left him to come up with some zero-cost marketing initiatives while he and Birch get on with the real business at hand.


More likely it was to stop any of wrong sorts* of mail ending up in the shredder.


* Like ....... " Where's that £ 150 K that we sent for laundering last month " :greengrin

[Dashing Bob S]

New Scottish Lowland League fixtures out today. No room for El Pinkos. Still, maybe next season if they play their cards right...

[SmashinGlass]

It was done a couple of weeks ago. That's BDO's office. No great significance in it.

:agree: It's standard practice in company insolvency to move the registered office of the company to that of the IP dealing with it. It is done to ensure that any writs/warrants etc against the company which may be served are received and actioned by the IP

[GlenrothesHibee]

Dont be daft. They are still celebrating their administration cup win.

[Dashing Bob S]

Lesson 1. Accountants and lawyers never "promise". That way lies litigation :greengrin

Settle, though, I'm still on the side of liquidation. I'm just recognising the wee niggles that Sergey's info has put into my mind.

Are we pals again? :greengrin

The Sergey scenario, where Hearts stay in admin until they physically run out of cash after Christmas, simply because they cannot liquidate to sell their assets (the land the stadium is on) due to legal/criminal proceedings in Lithuania, is in the long run, the worse case for them. This is the one that potentially sees Hearts not exist as a footballing entity for several years, then have to work their way through the Scottish League structure.

[clerriehibs]

I don't think sweeping things under the carpet is based in logic.

I agree. People and organisations do it though, no word on homfc from the auths apart from postponements of meetings, so it's a logical assumption that that's what's happening.

[Moulin Yarns]

http://www.bbc.co.uk/news/world-us-canada-23352230

#allisbarry :greengrin

[Sanger]

But here lies a problem - there's no one to liaise with at UBIG as the directors have all resigned and they're awaiting the appointment of an insolvency practitioner, and that in itself is currently under dispute as to who'll represent them.

There is currently no one with any legal clout that can 'sign-off' any proposals, not to mention the fact that the LT government have frozen their assets and the organisation are under investigation.

I'd like to know who you think BDO are in discussions with at UBIG.

UBIG are the main debtor of Ukio Bankas or UB are its main creditor. The admin of UB is effectively the admin of UBIG. If you talk to UB's admin you are effectively talking to the UBIG admin. UBIG's funding came from loans from UB whose admin will have to pick through the UBIG spiders web to see what they can recover.

[Ross4356]

If Hearts go into Liquidation before the start of this season I think they will start in the Third Div (League 2) the same as Rangers did since the league reconstruction rules state:

In 2014/15, a further play-off between the bottom club in the Third Division and the winner of a Highland League v Lowland League play-off

[Sergey]

UBIG are the main debtor of Ukio Bankas or UB are its main creditor. The admin of UB is effectively the admin of UBIG. If you talk to UB's admin you are effectively talking to the UBIG admin. UBIG's funding came from loans from UB whose admin will have to pick through the UBIG spiders web to see what they can recover.

Sorry - but that isn't the case and is wrong.

Ukio have an administrator in place (UAB Valnetas). UBIG, who claimed voluntary insolvency with Kaunas Municipality, is attempting (by accordance with Lithuanian law) to put in an insolvency practitioner of their own choice. This should be known on 24th July and it most certainly isn't the current Ukio administrator. Kaunas Municipality would have to put an injunction in place to prevent UBIG's chosen appointee.

[Springbank]

http://www.bbc.co.uk/news/world-us-canada-23352230

#allisbarry :greengrin

Now that's what I call a realistic business plan to exit admin

Tell Southern to reopen the PayPal account

[Treadstone]

I agree. People and organisations do it though, no word on homfc from the auths apart from postponements of meetings, so it's a logical assumption that that's what's happening.

Can't agree. The hearing was postponed because of something which i am sure is a genuine reason. Although a bit of paternity leave and the world of the SFA seems to stop turning is embarrassing. This hearing will still take place i am sure, unless something disastrous (:greengrin) happens to yam fc.

[Spike Mandela]

Can't agree. The hearing was postponed because of something which i am sure is a genuine reason. Although a bit of paternity leave and the world of the SFA seems to stop turning is embarrassing. This hearing will still take place i am sure, unless something disastrous (:greengrin) happens to yam fc.

Not convinced really. I reckon the postponement has more to do with the Ubig administration hearing being on the 24th July when some things may be a lot clearer.

[clerriehibs]

Can't agree. The hearing was postponed because of something which i am sure is a genuine reason. Although a bit of paternity leave and the world of the SFA seems to stop turning is embarrassing. This hearing will still take place i am sure, unless something disastrous (:greengrin) happens to yam fc.

and last month's non-payment of wages?

[Treadstone]

and last month's non-payment of wages?

Not sure, hard to keep track but i am confident all hearings/disciplnary meetings will take place unless as i have said yams go kaput. Hard for any regulatory body to expedite things as fast as rival fans want. Trust the process.:aok:

[Spike Mandela]

Not sure, hard to keep track but i am confident all hearings/disciplnary meetings will take place unless as i have said yams go kaput. Hard for any regulatory body to expedite things as fast as rival fans want. Trust the process.:aok:

Surely you're ****ing joking Tread?:confused: Wouldn't trust the SFA to organise a disciplinary hearing for Adolf Hitler. Their 'sanctions' for Rangers were a joke.

[Bostonhibby]

Informed today that Hearts have moved their registered office from Tynecastle to City Point Haymarket. Mean anything ?

Do they want to be nearer their clock / war memorial? Are we nearer the time where the City will want some sort of memorial to the team formerly known as heart of midlothian? If so this is the way to do it on the cheap.

[Treadstone]

Surely you're ****ing joking Tread?:confused: Wouldn't trust the SFA to organise a disciplinary hearing for Adolf Hitler. Their 'sanctions' for Rangers were a joke.

I wasn't commenting on the sanctions/punishments just the timetable of events. Should any disciplinary hearing by the SFA/SPFL fail to take place then fair enough have a pop. I'm just not buying into the 'swept under the carpet and never heard of again' reasoning. Last time I looked there was a 'new' team plying its trade in the bottom division of Scottish fitba' at the time and no Rangers in the top flight.

FWIW I thought whatever the regulatory bodies done concering Rangers someone would have found fault.

[Spike Mandela]

I wasn't commenting on the sanctions/punishments just the timetable of events. Should any disciplinary hearing by the SFA/SPFL fail to take place then fair enough have a pop. I'm just not buying into the 'swept under the carpet and never heard of again' reasoning. Last time I looked there was a 'new' team plying its trade in the bottom division of Scottish fitba' at the time and no Rangers in the top flight.

FWIW I thought whatever the regulatory bodies done concering Rangers someone would have found fault.

Highlighted above was absolutely nothing to do with the SFA.

Nothing will be swept under the carpet by the SFA but a 'punishment that isn't a punishment' will be issued.

As for the issue raised by previous posters about non-payment of wages, that is an issue for the SPL who conveniently now no longer exist. This oppurtunity to 'sweep under the carpet and never be heard of again' will not be missed imo.

[JeMeSouviens]

I wasn't commenting on the sanctions/punishments just the timetable of events. Should any disciplinary hearing by the SFA/SPFL fail to take place then fair enough have a pop. I'm just not buying into the 'swept under the carpet and never heard of again' reasoning. Last time I looked there was a 'new' team plying its trade in the bottom division of Scottish fitba' at the time and no Rangers in the top flight.

FWIW I thought whatever the regulatory bodies done concering Rangers someone would have found fault.

That's the trouble, the SPL you can kind of understand ****ing about with their rules to try and protect the commercial interests of the league, but the SFA is meant to be the governing body and they should have got on and governed.

They really tied themselves in knots over trying to pretend NewHuns == OldHuns. Since OldHuns was carrying the transfer embargo penalty, NewHuns had to take it on ... but NewHuns had lost most of the players when they didn't TUPE (because, guess what, NewHuns != OldHuns) which left the SFA in a nightmare of their own making and their chosen way out was to defer the embargo until after the window. Farcical.

Life would have been a whole lot simpler for them if they'd just had the balls to front up and say Rangers are dead, we are now accepting an application for membership from the new Rangers. Other than protecting the sensibilities of Huns, I really don't see what they've gained from the charade? The Hun massive would've followed the new club anyway.

[Geo_1875]

That's the trouble, the SPL you can kind of understand ****ing about with their rules to try and protect the commercial interests of the league, but the SFA is meant to be the governing body and they should have got on and governed.

They really tied themselves in knots over trying to pretend NewHuns == OldHuns. Since OldHuns was carrying the transfer embargo penalty, NewHuns had to take it on ... but NewHuns had lost most of the players when they didn't TUPE (because, guess what, NewHuns != OldHuns) which left the SFA in a nightmare of their own making and their chosen way out was to defer the embargo until after the window. Farcical.

Life would have been a whole lot simpler for them if they'd just had the balls to front up and say Rangers are dead, we are now accepting an application for membership from the new Rangers. Other than protecting the sensibilities of Huns, I really don't see what they've gained from the charade? The Hun massive would've followed the new club anyway.

I completely agree with everything you say. The SFA should have drawn a line and said Rangers are no more, history is gone along with all the debts. But they couldn't bring themselves to do that. However, I think they are playing it cagey with hertz to wait and see if they can commit suicide rather than the SFA delivering the final nail in the coffin. If they survive until the hearing they will be hit with at least a signing ban until they emerge from administration which hopefully won't be soon.

[JeMeSouviens]

I completely agree with everything you say. The SFA should have drawn a line and said Rangers are no more, history is gone along with all the debts. But they couldn't bring themselves to do that. However, I think they are playing it cagey with hertz to wait and see if they can commit suicide rather than the SFA delivering the final nail in the coffin. If they survive until the hearing they will be hit with at least a signing ban until they emerge from administration which hopefully won't be soon.

That part is automatic, it's already verboten to sign a player while in admin. It's possible that that's all they'll get, as the SFA could let them off with a censure or a suspended fine, but given the recent precedents of the Huns (£50K fine) and Pars (6 month embargo) I don't think that's likely.

[Geo_1875]

That part is automatic, it's already verboten to sign a player while in admin. It's possible that that's all they'll get, as the SFA could let them off with a censure or a suspended fine, but given the recent precedents of the Huns (£50K fine) and Pars (6 month embargo) I don't think that's likely.

Is the hearing to deal with their administration or are there any other offences being taken into account?

[JeMeSouviens]

Is the hearing to deal with their administration or are there any other offences being taken into account?

The SFA one is just for entering administration.

They also have an outstanding hearing with the SPFL for a "remuneration default", ie. non-payment of wages. No date set for that afaik.

[Sanger]

Sorry - but that isn't the case and is wrong.

Ukio have an administrator in place (UAB Valnetas). UBIG, who claimed voluntary insolvency with Kaunas Municipality, is attempting (by accordance with Lithuanian law) to put in an insolvency practitioner of their own choice. This should be known on 24th July and it most certainly isn't the current Ukio administrator. Kaunas Municipality would have to put an injunction in place to prevent UBIG's chosen appointee.
Technically UBIG will have a separate admin but because Ukio is almost their sole creditor and UBIG investments using Ukio's loans is almost the entire cause of Ukio's bankruptcy the Ukio admin will be pulling the strings. When you deal with the UBIG admin you will be effectively dealing with the Ukio admin.

[Treadstone]

That's the trouble, the SPL you can kind of understand ****ing about with their rules to try and protect the commercial interests of the league, but the SFA is meant to be the governing body and they should have got on and governed.

They really tied themselves in knots over trying to pretend NewHuns == OldHuns. Since OldHuns was carrying the transfer embargo penalty, NewHuns had to take it on ... but NewHuns had lost most of the players when they didn't TUPE (because, guess what, NewHuns != OldHuns) which left the SFA in a nightmare of their own making and their chosen way out was to defer the embargo until after the window. Farcical.

Life would have been a whole lot simpler for them if they'd just had the balls to front up and say Rangers are dead, we are now accepting an application for membership from the new Rangers. Other than protecting the sensibilities of Huns, I really don't see what they've gained from the charade? The Hun massive would've followed the new club anyway.

:agree: Entirely. The point I was making was about the hearings not the punishments. They'll take place but whether the punishments are enough I too have my doubts. For some on here flogging until death of every jambo is tantamount to escaping unscathed.

[Spike Mandela]

:agree: Entirely. The point I was making was about the hearings not the punishments. They'll take place but whether the punishments are enough I too have my doubts. For some on here flogging until death of every jambo is tantamount to escaping unscathed.

Anyone hoping for this will be severely disappointed. :greengrin A £50k fine, suspended, or an extended embargo until the next transfer window opens will be the toughest the SFA will get. Utterly pointless.

[clerriehibs]

:agree: Entirely. The point I was making was about the hearings not the punishments. They'll take place but whether the punishments are enough I too have my doubts. For some on here flogging until death of every jambo is tantamount to escaping unscathed.

I don't care what happens to the jambo cretins - they "had their hands tied" after all.

I want that club erased though.

[JeMeSouviens]

Anyone hoping for this will be severely disappointed. :greengrin A £50k fine, suspended, or an extended embargo until the next transfer window opens will be the toughest the SFA will get. Utterly pointless.

Disagree with the last part. I expect their squad to struggle even if they all stay fit and Tattoo boy miraculously stays out of trouble. Being able to sign some free agents could potentially make a big difference to them.

[Treadstone]

I don't care what happens to the jambo cretins - they "had their hands tied" after all.

I want that club erased though.

For the record Clerrie, me too.

[Treadstone]

Any spare change ?

http://ianmurraymp.files.wordpress.com/2013/07/photo-3.jpg?w=416&h=310

[Phil D. Rolls]

Any spare change ?

http://ianmurraymp.files.wordpress.com/2013/07/photo-3.jpg?w=416&h=310

Please let them win. :pray::pray:

[Sergey]

Admins now likely in discussions with UBIG <snip>


But here lies a problem - there's no one to liaise with at UBIG as the directors have all resigned and they're awaiting the appointment of an insolvency practitioner, and that in itself is currently under dispute as to who'll represent them.

There is currently no one with any legal clout that can 'sign-off' any proposals, not to mention the fact that the LT government have frozen their assets and the organisation are under investigation.

I'd like to know who you think BDO are in discussions with at UBIG.


The admin of UB is effectively the admin of UBIG. If you talk to UB's admin you are effectively talking to the UBIG admin. <snip>


Sorry - but that isn't the case and is wrong.

Ukio have an administrator in place (UAB Valnetas). UBIG, who claimed voluntary insolvency with Kaunas Municipality, is attempting (by accordance with Lithuanian law) to put in an insolvency practitioner of their own choice. This should be known on 24th July and it most certainly isn't the current Ukio administrator. Kaunas Municipality would have to put an injunction in place to prevent UBIG's chosen appointee.


UBIG will have a separate admin <snip>

You're clearly making this up as you go along, aren't you?

If you're going to post supposed information on a messageboard, at least keep to your original story for some sort of credibility.

[Jack]

You're clearly making this up as you go along, aren't you?

If you're going to post supposed information on a messageboard, at least keep to your original story for some sort of credibility.

Calm down chaps. We all want the same thing :-)

[Sergey]

Calm down chaps. We all want the same thing :-)

Facts (rather than conjecture and supposition) is best, eh!

:aok:

[CentreLine]

I'm reminded here of Alice's Restaurant :D

Step right in its around the back
Just a half a mile from the railroad track.........

[poolman]

Facts (rather than conjecture and supposition) is best, eh!

:aok:

Hey Sergey,get yourself along to Yakbak if you haven't been there or seen it

There's a thread about you :-)

[greenginger]

Reading Ian Murray's ( he's an MP you know ) latest drivel and his boasts about FoH having the bank details of 6000 fans got me thinking.

Bet their security is as fail safe as a Vlad cheque, and a third tier hacker would have no problem getting in and syphoning off a couple of months s.o. 's.

Brilliant if it was a Lithuanian gang got in first ! :greengrin

[Springbank]

Any spare change ?

http://ianmurraymp.files.wordpress.com/2013/07/photo-3.jpg?w=416&h=310

I see this pic and I feel a Proclaimers mashup coming on...


When I wake up
Well I know I'm gonna be
I'm gonna be the man who
Left hearts in the poo

And I would pledge 500 pounds
And I would pledge 500 more
Just to be the man
Who made Bryan Jackson
Laugh then padlock up the doors

Tynie no more
Gorgie no more
Debt no more
Big team no more...

[hibees 7062]

Reading Ian Murray's ( he's an MP you know ) latest drivel and his boasts about FoH having the bank details of 6000 fans got me thinking.

Bet their security is as fail safe as a Vlad cheque, and a third tier hacker would have no problem getting in and syphoning off a couple of months s.o. 's.

Brilliant if it was a Lithuanian gang got in first ! :greengrin

Meanwhile, the Foundation of Hearts has said that it offers the most realistic prospect of providing the club with a healthy future, claiming almost 6000 signed-up direct debits from supporters providing well over £1m per year in additional revenue to repay the purchase price and invest in the club.

More lies i think :agree:

[HibeeB]

Meanwhile, the Foundation of Hearts has said that it offers the most realistic prospect of providing the club with a healthy future, claiming almost 6000 signed-up direct debits from supporters providing well over £1m per year in additional revenue to repay the purchase price and invest in the club.

More lies i think :agree:

From the year 2011-2012..

On 3 May, Hearts released their financial figures. Showing that they had made a profit of £511,000 and debt had been reduced from £36.1m to £24m. Hearts said that this had come down due to a debt restructuring plan. They also reduced operating costs by 19% to £3.63m and employment costs by 12% to £8.03m. Turnover at the club fell by £1m to £6.9m, this was mainly due to an outsourcing of retail merchandise as well as a lack of significant player sales or European competition.[23 (http://en.wikipedia.org/wiki/2011%E2%80%9312_Heart_of_Midlothian_F.C._season#ci te_note-23)]


Since their st sales are already spent and, even accounting for wage reduction, the £1M will be a drop in the ocean which the submariner has left them in.

[Kato]

Please let them win. :pray::pray:


Oh yes. I'm a big fan. George "there's nowt as queer as" Foulkes asked me to back them on that twitter, so I am.

[Sanger]

You're clearly making this up as you go along, aren't you?

If you're going to post supposed information on a messageboard, at least keep to your original story for some sort of credibility.

if you read up all the detailed analysis - particularly- of Ukio Bankas's problems which I tracked long before they went into administration as the share price plummeted Ukio Bankas problems were down to a whole series of speculative investments that Romanov made through UBIG funded by loans from Ukio Bankas. It is these loans that caused Ukio Bankas to be closed down and made bankrupt. I have posted links and copied reports on this from Bloomberg to this thread over several months.

As I pointed out UBIG is a shell company that Romanov used to wash through loans from Ukio Bankas. That is why it and its directors disappeared into thin air and why Ukio took security of Tynie and HMFC shares as it transferred loans from UBIG to HMFC.

I am not making things up but purely making the logical connection that if Ukio's losses and bankruptcy are down to Romanov's dangerous speculative loans which went through UBIG then UBIG will be Ukios's main debtor. Ukio's administrator will effectively control UBIG. If you are dealing with UBIG's administrator you will be effectively dealing with Ukio's administrator as it lays claim to what is left of value of UBIG's assets.

this logic is much more believable than your assertions to me in private messages that HMFC fate will be decided by Lithuanian law when you have urged me to join the private message board. This is clearly wrong as I have pointed out EU regulation decrees that it is laws of the country that the insolvent company does its business that prevails. That is the UK and Scotland.

Your assertions in another private message that your inside knowledge and contacts in Lithuania you have used to feed journalists in UK is laughable given how far off the pace they have been since Ukio Bankas share price ran into trouble last year all the way to where we are now.


i will continue to post on the public boards sharing my analysis and opinions with all fellow fans on Hibs net using my 20 year plus experience in financial analysis. I suggest you do likewise and put your private contributions up to be shared with us all for critical analysis.

[Spike Mandela]

if you read up all the detailed analysis - particularly- of Ukio Bankas's problems which I tracked long before they went into administration as the share price plummeted Ukio Bankas problems were down to a whole series of speculative investments that Romanov made through UBIG funded by loans from Ukio Bankas. It is these loans that caused Ukio Bankas to be closed down and made bankrupt. I have posted links and copied reports on this from Bloomberg to this thread over several months.

As I pointed out UBIG is a shell company that Romanov used to wash through loans from Ukio Bankas. That is why it and its directors disappeared into thin air and why Ukio took security of Tynie and HMFC shares as it transferred loans from UBIG to HMFC.

I am not making things up but purely making the logical connection that if Ukio's losses and bankruptcy are down to Romanov's dangerous speculative loans which went through UBIG then UBIG will be Ukios's main debtor. Ukio's administrator will effectively control UBIG. If you are dealing with UBIG's administrator you will be effectively dealing with Ukio's administrator as it lays claim to what is left of value of UBIG's assets.

this logic is much more believable than your assertions to me in private messages that HMFC fate will be decided by Lithuanian law when you have urged me to join the private message board. This is clearly wrong as I have pointed out EU regulation decrees that it is laws of the country that the insolvent company does its business that prevails. That is the UK and Scotland.

Your assertions in another private message that your inside knowledge and contacts in Lithuania you have used to feed journalists in UK is laughable given how far off the pace they have been since Ukio Bankas share price ran into trouble last year all the way to where we are now.


i will continue to post on the public boards sharing my analysis and opinions with all fellow fans on Hibs net using my 20 year plus experience in financial analysis. I suggest you do likewise and put your private contributions up to be shared with us all for critical analysis.

It's all very complex guys.:greengrin

[Sanger]

http://www.insolvencydirect.bis.gov.uk/freedomofinformation/technical/casehelpmanual/C/Cross%20Border%20Insolve.htm

[Sanger]

http://www.heraldscotland.com/mobile/sport/football/show-us-your-money-demand-hearts-administrators.21648576

[CropleyWasGod]

http://www.insolvencydirect.bis.gov.uk/freedomofinformation/technical/casehelpmanual/C/Cross%20Border%20Insolve.htm

To be fair, when we were talking about which country's law took precedence, we weren't (or, at least, I wasn't) talking about insolvency law. We were actually talking about the law surrounding the potential sale of Tynecastle, and whether Lithuanian law could prevent BDO from selling it.

That, for me, is a much more important point than the one you are making.

[greenginger]

http://www.heraldscotland.com/mobile/sport/football/show-us-your-money-demand-hearts-administrators.21648576

The article says the bidders were sent an E-mail asking parties to provide proof of funds within 7 days.

Is there any indication anywhere when the message was sent ? I am off on holiday next week and would hate to miss hearing the Last Post being trumpeted out at the Gorgie Field.

[CropleyWasGod]

http://www.heraldscotland.com/mobile/sport/football/show-us-your-money-demand-hearts-administrators.21648576

The article says the bidders were sent an E-mail asking parties to provide proof of funds within 7 days.

Is there any indication anywhere when the message was sent ? I am off on holiday next week and would hate to miss hearing the Last Post being trumpeted out at the Gorgie Field.

An obvious typo in the article as well, which Hibs.net could no doubt help them out with. :greengrin

The three groups who have made bids for Heart of Midlothian plc have been asked to ------ by the company's administrators.

So, Ian Hislop's team.... what are the missing words?

Bake more cakes?
F off and die?
Get yourself a serious offer before you bother us again?

[greenginger]

An obvious typo in the article as well, which Hibs.net could no doubt help them out with. :greengrin

The three groups who have made bids for Heart of Midlothian plc have been asked to " STOP P*SSING AROUND " by the company's administrators.

So, Ian Hislop's team.... what are the missing words?

*

[#FromTheCapital]

http://www.heraldscotland.com/mobile/sport/football/show-us-your-money-demand-hearts-administrators.21648576

The article says the bidders were sent an E-mail asking parties to provide proof of funds within 7 days.

Is there any indication anywhere when the message was sent ? I am off on holiday next week and would hate to miss hearing the Last Post being trumpeted out at the Gorgie Field.

Sent yesterday according to the daily ******

[Sanger]

To be fair, when we were talking about which country's law took precedence, we weren't (or, at least, I wasn't) talking about insolvency law. We were actually talking about the law surrounding the potential sale of Tynecastle, and whether Lithuanian law could prevent BDO from selling it.

That, for me, is a much more important point than the one you are making.

If BDO sell Tynie it will be part of bankruptcy/insolvency proceedings under instruction from the major creditors (ukio and UBIG) or more properly their admins. There is nothing that Lithuanian law can do to stop that from happening as it will be covered by EU regulations on cross border insolvency.

[JeMeSouviens]

If BDO sell Tynie it will be part of bankruptcy/insolvency proceedings under instruction from the major creditors (ukio and UBIG) or more properly their admins. There is nothing that Lithuanian law can do to stop that from happening as it will be covered by EU regulations on cross border insolvency.

If any problems are going to come from Lithuanian legals, will it not be that UBIG's shareholding in the Yams can't be sold? I can't see how anybody can stop a sale of Tiny if the secured creditor agrees.

Anyway, question for the experts: everybody seems to be talking about only 2 options.

- sale of HMFC including Tiny wrapped up with CVA or
- liquidation

Isn't it possible for BDO to sell Tiny and HMFC separately without liquidating? Proceeds of sale of Tiny go to secured creditor who agrees to release security, then Foundation of Muppets buys what's left at 0.5p/£ CVA and either rents ground from new owner or finds somewhere else to play. Wouldn't that be the best way to secure value for the creditors and continue the business as a going concern?

[greenginger]

Sent yesterday according to the daily ******


Drat ! I'll be sunning myself on a beach by the time the trigger is pulled.

Still I'll have my little lap-top to keep in touch with Hibs.net.

[JeMeSouviens]

An obvious typo in the article as well, which Hibs.net could no doubt help them out with. :greengrin

The three groups who have made bids for Heart of Midlothian plc have been asked to ------ by the company's administrators.

So, Ian Hislop's team.... what are the missing words?


Put more cherry in their bakewells?