Share Transfers Agreed/Cooling off period

[s.a.m]

Both posters clearly state that they've never registered....maybe they registered interest on FoH when it started up, as many hibbies on the wind up did, using their real email addys. If not, something smells and i can see a Data Protection Act violation somewhere along the line

I've never actively engaged with any Jambo activity. Ever. I don't know why or how I'm getting these emails.

[Mr White]

I've never actively engaged with any Jambo activity. Ever. I don't know why or how I'm getting these emails.

Someone somewhere has registered your email address on something merrick related? Either on kb or foh?

[s.a.m]

Someone somewhere has registered your email address on something merrick related? Either on kb or foh?

Possibly :dunno:
It wisnae me.

[CropleyWasGod]

UBIG's shares are unsecured though? Are they not?

Shares are neither secured nor unsecured.

The debt that HMFC is due to UBIG, however, is unsecured. £8m at the last count.

That debt will also be part of the frozen assets. That's probably irrelevant, though, as UBIG will get nothing for it.

[Jack Hackett]

Possibly :dunno:
It wisnae me.
I'm on a beach ztm, so can't see my screen well enough to do searches, but you should certainly be asking IamanMP where he got your address and also researching how to make a complaint under the Data Protection Act

[The Green Goblin]

I'm on a beach ztm, so can't see my screen well enough to do searches, but you should certainly be asking IamanMP where he got your address and also researching how to make a complaint under the Data Protection Act

Agree with this. You should definitely follow up - the regulating authorities take that kind of thing quite seriously (like ofcom do with cold calling for example)

[sleeping giant]

Might be worth an email back to the smarmy git asking where he got your details from, as you have never knowingly given your address to sickback. At the very least, they are invading your privacy by accessing your personal details on your computer without your permission

How on earth can they get an email address if you just visit the site ?:confused:

I got an email but i had registered on kickback years ago.

No site can get your email address unless you give it.

[Bostonhibby]

Agree with this. You should definitely follow up - the regulating authorities take that kind of thing quite seriously (like ofcom do with cold calling for example)

Yep, the data that goes with the email is protected but doubt Murray and his merry band of independents dreamed up the email address so they may not be the original source of the problem!

[Dashing Bob S]

See, that's the only evidence anyone ever has "They always seem to get away with it" etc. Far too much needs to go in their favour for them to survive this, mostly, but not limited to, UKIO's Lithuanian administrator shafting the Lith tax payer by letting Hearts be sold for less than they would get from liquidation and if that happens they then need to convince the Lithuanian authorities to unfreeze UBIG's assets and potentially jeopardise the investigation into Vlad's dodgy dealings.

Let me put it another way. Bugger all has happened for about a month. If a sale was going ahead the wheels would be in motion by now. As it stands however there are only 2 differences between now and 6 weeks ago. The FOH have been named the preferred bidder, which is only because they are the only bidder. And UKIO's lith admin have said that bid probably isn't good enough.

Not having a go at you mate, just pointing out that nobody has made a convincing case for how Hearts will survive. The only way Hearts fans do it is by glossing over the frozen assets like they have been doing since March. It was only 3 months ago they were telling us they would be sold without a need for Admin.



The money from Direct Debits should not be used for the bid itself. It's only supposed to be for the running of the club once they have control. The money has been gathered and the bid has already been made and subsequently increased once already. This Direct Debit drawdown will make no difference to that.

Great post, again summing up the reality of things. Until the Liths say anything, its all piss and wind. The press will go along with FOH propaganda to try and spin out this ludicrous narrative of 'loyal fans refuse to let club die' for as long as possible.

[s.a.m]

I'm on a beach ztm, so can't see my screen well enough to do searches, but you should certainly be asking IamanMP where he got your address and also researching how to make a complaint under the Data Protection Act

You're probably right, but I have to say that I'm looking forward to waking up one day, clicking on the email and reading the one that says:

"We now have to admit that we have lost this battle, but we shall win the war and this proud club will rise again like a phoenix from the ashes...blah blah...1902...blah...5-1.....blah....WW1....blah blah...more of your money, please...."

So I'm kind of reluctant to let it go for now:coffee:

[Phil D. Rolls]

The way I see it is that everything that has been predicted on here has come to pass . They have been shown to be working on an unsustainable business model; admin has happened; they are struggling to field a team every week; they will be relegated - if they somehow to survive.

Given what we already know, I would say that, on the balance of probabilities, they will go into liquidation before Christmas.

[LongshanksED]

You're probably right, but I have to say that I'm looking forward to waking up one day, clicking on the email and reading the one that says:

"We now have to admit that we have lost this battle, but we shall win the war and this proud club will rise again like a phoenix from the ashes...blah blah...1902...blah...5-1.....blah....WW1....blah blah...more of your money, please...."

So I'm kind of reluctant to let it go for now:coffee:

You forgot "blah...big club..."

[lucky]

Arguing with Yams last night again, they still don't get it. These were some of comments they were coming out with.

FOH have agreed a deal. The liths will allow a CVA at the end of September but if they don't the CoE council will not give anyone planning permission for the PBS and will build the new Hearts are a new ground.

Hibs are £8m in debt and its a toss up if its Killie or us who goes burst next.

They hate Hibs again because we are rivals again.

Hibs fans won't rally round the club and raise as much money as they have because we don't have the fan base.

Two Scottish cups and 5-1 was worth it.

STF has fleeced Hibs,

Vlad spent £60m of his own money on Hearts.

I can't wait for it to go pop, these muppets just have no idea that their club is dying

[Springbank]

Arguing with Yams last night again, they still don't get it. These were some of comments they were coming out with.

FOH have agreed a deal. The liths will allow a CVA at the end of September but if they don't the CoE council will not give anyone planning permission for the PBS and will build the new Hearts are a new ground.

Hibs are £8m in debt and its a toss up if its Killie or us who goes burst next.

They hate Hibs again because we are rivals again.

Hibs fans won't rally round the club and raise as much money as they have because we don't have the fan base.

Two Scottish cups and 5-1 was worth it.

STF has fleeced Hibs,

Vlad spent £60m of his own money on Hearts.

I can't wait for it to go pop, these muppets just have no idea that their club is dying

I feel their pain

Don't get me wrong, I've no sympathy for their pain (it was self inflicted due to their spineless lapdogging in recent decades)

But I can see they're hurting, they're so desperate to be seen to be part of a wider process. When in reality they splurged the credit card, knowingly cheated, lorded it for a while, but they just figured out payback time is a wee bit less fun

[StevieC]

Two Scottish cups and 5-1 was worth it.

.. and we've had 2 league cups and 6-2 .. not bad for a wee team .. without the £60m .. and without the fear of liquidation!

[monktonharp]

I can't wait for it to go pop, these muppets just have no idea that their club is dying be patient man! patience is a virtue. we are only on page 968 of this thread,:greengrin . let's make it to 1000, before they actually go "pop":greengrin

[greenginger]

Seem to remember having a bit of fun a few years back, posting on a Lithuanian media link when financial troubles first hit the PBS.

Here's a link to an English language site with a comment. Don't know if it will work but I reckon it might be good idea to let the Lithuanians know how their hard earned Litas have been squandered by those arrogant tossers.

http://www.15min.lt/en/article/business/administrator-of-lithuania-s-ukio-bankas-expects-decision-hearts-fc-sale-this-month-527-362233

[Caversham Green]

Arguing with Yams last night again Your first mistake right there - no point, they're too thick, they still don't get it. These were some of comments they were coming out with.

FOH have agreed a deal If they had, BDO would have set up a CVA meeting by now. The liths will allow a CVA at the end of September UBIG don't have anyone in place to vote yet - no vote, no CVA but if they don't the CoE council will not give anyone planning permission for the PBS and will build the new Hearts are a new ground Two positives on this one - aye, right..

Hibs are £8m in debt and its a toss up if its Killie or us who goes burst next Hibs are £6.2m in debt and paying it off as it falls due. That's about one tenth of the debt HoMFC will never pay back..

They hate Hibs again because we are rivals again. We were always rivals, but tell them not to worry because we won't be for much longer....

Hibs fans won't have to rally round the club and raise as much money as they have because we won't ever go bust. FTFY

Two Scottish cups and 5-1 was worth it. The time to decide that is when they're trawling around the lower reaches of Scottish football (if they're lucky - but they're not, you are).

STF has fleeced Hibs, Aye, that's why we have a stadium and training centre to be proud of and are still solvent.

Vlad spent £60m of his own money on Hearts. Vlad's empire went bust owing the thick end of £300m which will never be repaid. It follows that it was other people's money that HoMFC wasted, not Vlad's.

I can't wait for it to go pop, these muppets just have no idea that their club is dying Amen to that Brother

A few answers in bold, not that I would expect them to understand.

[AinsterHibs]

A few answers in bold, not that I would expect them to understand.

:top marks

[Seveno]

Am I correct in thinking that the Ukio Administrator said that a decision on the acceptability of the bid was to be made by the end of August ?

Could we be in for a Happy Monday ?

[Coco Bryce]

Is this week the one then? Liquidation just before the FOH cash comes out the daftys accounts??

[StevieC]

Is this week the one then? Liquidation just before the FOH cash comes out the daftys accounts??

It prefer it to happen after it comes out of their accounts :wink:

[Hibby70]

Obviously a load of pish about them postponing direct debits again then.


My source is still claiming its not happening.

[Hibby Kay-Yay]

So the "biggest, greatest and ultimate fan movement ever in the history of the world" (fact, endof) begins today, according to the Scotsman.

They quote BIDCO have an offer of around £3million for the CVA.

May take a while for Lithland to respond to that due to excessive gut laughing.

Good luck with that one jambo's (if that is the best offer BIDCO can make)

[Waxy]

So Bidco is putting up the money for the CVA (Bidco is a bunch of daft business folk who sort of like hearts)
Fanco is the bunch of fanies who frequent tynecastle(well around 6000, the other 6000 odd are keeping their money)
The fanies DD money will go straight back to the bidies.Where does the money come from to run the club?
Is it half the fanies cash goes to the bidies and half to run the club?
Surely this will only be enough to run a club the size of say Albion rovers, and it will take around 167 years to pay back the bidies.
Sounds a bit far fetched to me.
Kinda like a politician writing a fairytale. (dunno how i got that)

What happens if alot of them don't have enough to cover what they pledged?
alot of them could have been steaming drunk whilst drowning their sorrows and says "waaaaaahaaaaaaay"
am goin doon the bank right noo to pledge £200 amonth"
Now they are quivering coz the moneys not in.

Bank charges?

[Hibby70]

Direct debits are going ahead. My source was indeed talking pish.

[Gus Fring]

So Bidco is putting up the money for the CVA (Bidco is a bunch of daft business folk who sort of like hearts)
Fanco is the bunch of fanies who frequent tynecastle(well around 6000, the other 6000 odd are keeping their money)
The fanies DD money will go straight back to the bidies.Where does the money come from to run the club?
Is it half the fanies cash goes to the bidies and half to run the club?
Surely this will only be enough to run a club the size of say Albion rovers, and it will take around 167 years to pay back the bidies.
Sounds a bit far fetched to me.
Kinda like a politician writing a fairytale. (dunno how i got that)

The money to run the club and the money to payback the loans won't be paid at the same time. The direct debits will be used to run the club from whenever they take over until the end of the season. Then next season the club will be run in the standard way with its earnings. The direct debits will then be used to pay back the loans.

[Waxy]

The money to run the club and the money to payback the loans won't be paid at the same time. The direct debits will be used to run the club from whenever they take over until the end of the season. Then next season the club will be run in the standard way with its earnings. The direct debits will then be used to pay back the loans.Then it'd be easy for the fans to bump the businessfolks who saved them.
They are yams, they'll bump anyone.

[matty_f]

Didn't FoH say that they wouldn't take any money until a bid had been accepted?

Is anyone associated with the Yams honest about anything?

[Dunderhall]

The money to run the club and the money to payback the loans won't be paid at the same time. The direct debits will be used to run the club from whenever they take over until the end of the season. Then next season the club will be run in the standard way with its earnings. The direct debits will then be used to pay back the loans.
I don't disagree with that, the puzzling thing was Trevor Birch being quoted at the shareholder dinner as early season ticket sales may be a way to address cash needs from February.

If they were planning to be out of admin by then, what's it got to do with him?

[Liberal Hibby]

Didn't FoH say that they wouldn't take any money until a bid had been accepted?

Is anyone associated with the Yams honest about anything?

It's a bit of an artistic licence in my view - 'bid accepted' and 'preferred bidder' are close enough for most people not to bother to differentiate. But it sounds like the last throw of the dice for FoH - they don't know how many of their pledgers will actually deliver and can't do any sensible business planning until they know what sort of cash flow they can generate. I think they are hoping it will be more than they are bargaining - alowing them to unlock some more capital from the biddies.

And they'll need at least two months to see how many will drop out in October to make any sensible judgements going forward.

[lapsedhibee]

Is anyone associated with the Yams honest about anything?

Do rhetorical questions need an answer?

[Gus Fring]

I don't disagree with that, the puzzling thing was Trevor Birch being quoted at the shareholder dinner as early season ticket sales may be a way to address cash needs from February.

If they were planning to be out of admin by then, what's it got to do with him?

He still has to plan ahead and assure the Yams that explain he has a plan to ride out admin for as long as is needed to avoid liquidation. His job is to keep Hearts ticking over until such times as someone is dumb enough to buy them or until the money runs out.

[greenginger]

http://www.baltic-course.com/eng/finances/?doc=79869&underline=ukio+bankas


Not directly linked to the PBS sale, but the Ukio Admin. is getting seriously p*ssed with the delays in the whole process.


He wants things to speed up.

[Keith_M]

So Bidco is putting up the money for the CVA (Bidco is a bunch of daft business folk who sort of like hearts)
Fanco is the bunch of fanies who frequent tynecastle(well around 6000, the other 6000 odd are keeping their money)
The fanies DD money will go straight back to the bidies.Where does the money come from to run the club?
Is it half the fanies cash goes to the bidies and half to run the club?
Surely this will only be enough to run a club the size of say Albion rovers, and it will take around 167 years to pay back the bidies.
Sounds a bit far fetched to me.


Season 2013/14:

Pledges used to help finance the club through the season PLUS pay off the football debt.

The only reason this is the case is that the Season Ticket money was used for last years bills, therefore not available.

Summer of 2014 onward:

Pledges used to repay the loans used to buy the club.

The club will be financed in the normal manner, with Season Ticket, PATG, sponsorship money, etc. No need for the pledge money for the running of the club.


Guarantee of Direct Debits not dropping during the whole period:

Nill.

[Gus Fring]

http://www.baltic-course.com/eng/finances/?doc=79869&underline=ukio+bankas


Not directly linked to the PBS sale, but the Ukio Admin. is getting seriously p*ssed with the delays in the whole process.


He wants things to speed up.

Key sentence in that article is

"However, the deadline was moved in order to ensure the evaluation quality and the best interests of Ukio Bankas creditors"

Making it clear where his priorities lie :wink:

[greenginger]

Key sentence in that article is

"However, the deadline was moved in order to ensure the evaluation quality and the best interests of Ukio Bankas creditors"

Making it clear where his priorities lie :wink:

I just can't see the Ukio Admin. waiting for the well to run dry at Tynie or enough deluded Yams mortgaging their bungalows to fund the Club purchase.

He wants to shut up shop and move on.

[the_ginger_hibee]

I just can't see the Ukio Admin. waiting for the well to run dry at Tynie or enough deluded Yams mortgaging their bungalows to fund the Club purchase.

He wants to shut up shop and move on.

The BIDDIES will front the bid/CVA though so technically Ukio will get <£3mill instantly. The process of selling Tynie could take months.

If they are so desperate for cash they could essentially waive the extra few million knowing they are getting cash asap & no waiting on selling land.

Thats how it comes across to me but im significantly less educated than the resident financial boffins. :greengrin

[Springbank]

Then it'd be easy for the fans to bump the businessfolks who saved them.
They are yams, they'll bump anyone.

I could suggest a wee Latin Motto for the BIDCO

Caveat Emptor, old boy, Caveat Emptor

[clerriehibs]

The BIDDIES will front the bid/CVA though so technically Ukio will get <£3mill instantly. The process of selling Tynie could take months.

If they are so desperate for cash they could essentially waive the extra few million knowing they are getting cash asap & no waiting on selling land.

Thats how it comes across to me but im significantly less educated than the resident financial boffins. :greengrin

would you not wait a few months for a few £million?

**** FoH, **** homfc

[Ozyhibby]

The BIDDIES will front the bid/CVA though so technically Ukio will get <£3mill instantly. The process of selling Tynie could take months.

If they are so desperate for cash they could essentially waive the extra few million knowing they are getting cash asap & no waiting on selling land.

Thats how it comes across to me but im significantly less educated than the resident financial boffins. :greengrin

The Ukio admin is not desperate for cash as he is not trying to save the business.

[greenginger]

The BIDDIES will front the bid/CVA though so technically Ukio will get <£3mill instantly. The process of selling Tynie could take months.

If they are so desperate for cash they could essentially waive the extra few million knowing they are getting cash asap & no waiting on selling land.

Thats how it comes across to me but im significantly less educated than the resident financial boffins. :greengrin

There would be no instant £ 3 million even if the readies were there.

Still need a CVA, with all the UBIG shares and frozen assets problems to overcome and no certainty of success at the end.

Put the dump on the open market now ! You know it makes sense !

[the_ginger_hibee]

would you not wait a few months for a few £million?

**** FoH, **** homfc

Of course. But the last press release from Ukio Admin has them saying the process is dragging on too long. Maybe they'll take the quick/easy route to cash if they are frustrated with time delays already.

And, undoubtedly **** FoH and **** HoMoFC.

[JeMeSouviens]

It's the closing date for offers for the old school tomorrow. Be very interesting to know what offers they got.

[StevieC]

The BIDDIES will front the bid/CVA though so technically Ukio will get <£3mill instantly. The process of selling Tynie could take months.
If they are so desperate for cash they could essentially waive the extra few million knowing they are getting cash asap & no waiting on selling land.


would you not wait a few months for a few £million?


There would be no instant £ 3 million even if the readies were there.
Still need a CVA, with all the UBIG shares and frozen assets problems to overcome and no certainty of success at the end.

All relevant points.

Can I also suggest that UKIO administrators will be closely watching the current funds v's the monthly outgoings.

Whilst £3m up front, instead of waiting for £6-8m on the open market, might be tempting .. I think that the frozen shares and inability to last to the end of the season might well edge UKIO towards shutting up shop.
They have already made a noticeable change to the administration process when they informed creditors that BDO will be allowed to use current funds to cover BDO expenses, showing that they are not keen on BDO taking money out of the creditors pot. Whilst this change was for "expenses", I feel that the fact it was introduced at all shows that UKIO admin are in no mood to be stung for BDO costs should the pot decrease with no resolution in sight.

[Just Alf]

Of course. But the last press release from Ukio Admin has them saying the process is dragging on too long. Maybe they'll take the quick/easy route to cash if they are frustrated with time delays already.

And, undoubtedly **** FoH and **** HoMoFC.

This here http://www.baltic-course.com/eng/finances/?doc=79869
seems interesting


Anyone clued up enough to tell me what this bit means?

" In order to secure the interests of Ukio Bankas creditors, Ukio Bankas has a right to sell non-banking assets in the market at a higher price than they are transferred to Siauliu Bankas according to the value determined by the evaluators."

I read it as the admins can't off load the Yams cheaply?

[Sanger]

This here http://www.baltic-course.com/eng/finances/?doc=79869
seems interesting


Anyone clued up enough to tell me what this bit means?

" In order to secure the interests of Ukio Bankas creditors, Ukio Bankas has a right to sell non-banking assets in the market at a higher price than they are transferred to Siauliu Bankas according to the value determined by the evaluators."

I read it as the admins can't off load the Yams cheaply?
the loan to Hearts of £15m that Tynecastle was secured on was not transferred to Siauliu only the good loans were so this statement does not apply to the Hearts situation.

[greenginger]

This here http://www.baltic-course.com/eng/finances/?doc=79869
seems interesting


Anyone clued up enough to tell me what this bit means?

" In order to secure the interests of Ukio Bankas creditors, Ukio Bankas has a right to sell non-banking assets in the market at a higher price than they are transferred to Siauliu Bankas according to the value determined by the evaluators."

I read it as the admins can't off load the Yams cheaply?

I think the assets referred to are those considered as part of the " Good Bank " which were transferred to the Siauliu Bank a few months ago.

The Yam security was not included in that deal and remained with the Ukio Bankas. What seems clear is Ukio bankas creditors ( the Lith. State ) are the priority interest of the Lith Admin. and that he considers things are taking too long.

I would have thought a developer would pay £ 3 million for 5.5 acres of City Centre real estate. Bought as seen, no planning permission conditions or anything.

There are property auctions every month, get the place advertised and sell tickets for the Circus. :greengrin

[Seveno]

Does anyone know if the Diddies have had any money taken from their bank accounts yet ?

[Ozyhibby]

Does anyone know if the Diddies have had any money taken from their bank accounts yet ?

I think the money is coming from the fannies bank accounts into the biddies bank accounts. Then they'll send it back to the fannies bank account once the biddies realise they can't get a CVA.

[SMAXXA]

I think the money is coming from the fannies bank accounts into the biddies bank accounts. Then they'll send it back to the fannies bank account once the biddies realise they can't get a CVA.

But will they get it back, you know what those MP's are like Ian Murray will no doubt claim it to cover his expenses

[EK_Hibs]

According to my cross eyed Yam work colleague the first drawdown of Direct Debits has come to just over £140k...
I applaud him for being able to use a calculator.

I have no idea if he knows someone within FoH or if he's just talking out of his backside. Time will tell.

[Ozyhibby]

According to my cross eyed Yam work colleague the first drawdown of Direct Debits has come to just over £140k...
I applaud him for being able to use a calculator.

I have no idea if he knows someone within FoH or if he's just talking out of his backside. Time will tell.

£1.68m pa. That is impressive. Unlikely to be maintained though or every club in Britain will be doing it.

[StevieC]

According to my cross eyed Yam work colleague the first drawdown of Direct Debits has come to just over £140k...
I applaud him for being able to use a calculator.

I have no idea if he knows someone within FoH or if he's just talking out of his backside. Time will tell.

The latter is my guess.

Surprisingly enough .. if you multiply together the previous release from FoH about average size of direct debit and the last release about the number of "pledgers" it comes to approx. £140k.

My guess is that someone has carried out that complex mathematical equation and is banding it about as a "fact".

[EK_Hibs]

The latter is my guess.

Surprisingly enough .. if you multiply together the previous release from FoH about average size of direct debit and the last release about the number of "pledgers" it comes to approx. £140k.

My guess is that someone has carried out that complex mathematical equation and is banding it about as a "fact".

You're probably right.
When did they confirm the 'average size' of direct debits?
I must have missed that.

[MB62]

Might have been asked before but 8 million pages is a lot to trawl through.

If a CVA is agreed by the Liths and it is going to cost FOH £3m to clear off that part of the debt, does that mean all the other creditors have to accept the same CVA offer? e.g. Police Scotland, Council etc etc which mean FOH will in reality have to find a fair bit more than £3m.

[clerriehibs]

Might have been asked before but 8 million pages is a lot to trawl through.

If a CVA is agreed by the Liths and it is going to cost FOH £3m to clear off that part of the debt, does that mean all the other creditors have to accept the same CVA offer? e.g. Police Scotland, Council etc etc which mean FOH will in reality have to find a fair bit more than £3m.

The others get zip.

[StevieC]

Might have been asked before but 8 million pages is a lot to trawl through.

If a CVA is agreed by the Liths and it is going to cost FOH £3m to clear off that part of the debt, does that mean all the other creditors have to accept the same CVA offer? e.g. Police Scotland, Council etc etc which mean FOH will in reality have to find a fair bit more than £3m.

It's not a case of "costing" £3m, that seems to be the maximum amount that they can muster .. which may not be enough as the Liths seem to be pushing for "market" value.

My understanding is that all non-secured creditors will receive nothing, zilch, zero, nada, nowt (or a similar amount) from a CVA. The only other party that might receive "a little" will be the UBIG administrators in regards to the shares. The Liths will get the full amount on offer, regardless of whether they agree a CVA or not, so it seems to me there's no incentive for them to accept one other than "we're being nice".

[monktonharp]

Might have been asked before but 8 million pages is a lot to trawl through.

If a CVA is agreed by the Liths and it is going to cost FOH £3m to clear off that part of the debt, does that mean all the other creditors have to accept the same CVA offer? e.g. Police Scotland, Council etc etc which mean FOH will in reality have to find a fair bit more than £3m. the others wouldnae get a sibie, a bolt ,nixi, nowt .Fact. and the general public will be the ones that have stumped up to pay for all those public bodies,authorities etc services supplied to a corrupt organisation that expect to continue as if on a level playing field, because they are now cleansed.

[rcarter1]

Some early shenanigans regarding payments filtering through from KB...

[bingo70]

Some early shenanigans regarding payments filtering through from KB...

Oh aye.....like what?

[Hibby Kay-Yay]

It's Hearts pay day tomorrow.

Or is it :devil:

:lurksub:

Only 6 weeks away from the anniversary of your post Mikey. I wonder what position they will find themselves in...

:greengrin

[jonty]

Only 6 weeks away from the anniversary of your post Mikey. I wonder what position they will find themselves in...

:greengrin

Strange how salaries have been paid on a regular basis nowadays. Obviously there's no need for the laundry to be done.

[#FromTheCapital]

http://www.heartsfc.co.uk/articles/20130904/bdo-update_2241384_3447500

BDO Update

[matty_f]

http://www.heartsfc.co.uk/articles/20130904/bdo-update_2241384_3447500

BDO Update

Sounds like they're struggling.
Pretty shameless going out with the begging bowl to the business community, many of whom they've stiffed for cash by going into administration.

[Saorsa]

http://www.heartsfc.co.uk/articles/20130904/bdo-update_2241384_3447500

BDO UpdateI see they're still peddling this pish


I think there is a real risk that that some of Scotland's best young talent will be burnt out by being overplayed:hilarious

[GreenCastle]

I see they're still peddling this pish

:hilarious

Say it enough times and people start to believe you.

Remember when they said that they are self sufficient? Looks like it :rolleyes: The begging bowl is out every week!

Club with no shame!

[#FromTheCapital]

I see they're still peddling this pish

:hilarious

To be fair Jason Holt will be worth 10m in a few years, I know this because Calum Paterson said so :faf:

[Hibby Kay-Yay]

So the whole squad were up for sale as they were desperate for cash. Yet they are relieved no one was sold? Interesting spin on it.

[EK_Hibs]

So the whole squad were up for sale as they were desperate for cash. Yet they are relieved no one was sold? Interesting spin on it.

Think that was before they 'plunged' into Administration

[robinp]

"However, we cannot relax and I'm concerned that the hospitality uptake, for example, on the next few home games and in particular the Celtic match has been exceedingly poor."

Nobody wants to see their precious team get pumped by the reigning league champions, surprising! :rolleyes:

[gorgie greens]

Say it enough times and people start to believe you.

Remember when they said that they are self sufficient? Looks like it :rolleyes: The begging bowl is out every week!

Club with no shame!

Saw on my Facebook that a yam mate ( if there is such a thing)in a group called "keep Rudi Satchel at wongadome " or words to that affect we're on about how ICT gave the yams £5 for each yam that went to the game and asked if we and Celtic would donate the same to there club
I posted something that the minute those connmen stopped robbing charities,conning fans out of fake share issues,lying to fans that to buy season tickets to invest in their team,they would be getting ****all,and even if they were an upstanding club ,who thru no fault of their own got in to a mess,they would still get ****all,and to go and do the decent thing and die,and have they no shame out with the begging bowl all the time

[green glory]

Blaming the fans again for not putting enough money into the club.

A constant source of hilarity.

[RyeSloan]

Why are BDO supporting the club 'battling on'?

There update again would seem to indicate they are doing their best to allow the club to survive rather than doing their utmost to get some recompense for the creditors.

Still smells like its all in vain tho but goodness me any other business would have shut up shop a long time ago in this scenario....esp when there is clearly assets that could be sold to cover the amounts due.

[Part/Time Supporter]

Why are BDO supporting the club 'battling on'?

There update again would seem to indicate they are doing their best to allow the club to survive rather than doing their utmost to get some recompense for the creditors.

Ukio have obviously allowed them an undefined period to see if they can execute a sale on going concern basis. From the point of view of Ukio it is better if they can get a competitive offer from FOH than going through the additional costs and possible legal hassles of full liquidation.

From BDO's point of view it's better to make what is seen to be best possible effort to try and sell Hearts on going concern basis as that will help them attract future business from football clubs that go under in future.

If they end up having to liquidate anyway because FOH can't raise their offer to an acceptable level (or BDO run out of cash) no harm has been done because the fans will have effectively paid for the club to operate during the administration period. There's no money coming in from outside.


Still smells like its all in vain tho but goodness me any other business would have shut up shop a long time ago in this scenario....

Football isn't a normal business. Customers don't raise lots of short term emergency funding for Woolworths (say).


esp when there is clearly assets that could be sold to cover the amounts due.

Liquidation wouldn't cover the amounts due. Not even close. It's a choice between two bad outcomes.

[doddsy]

I genuinely think that it would be better for hearts and scottish football if they did liquidate and start over as a fresh club free from the stink of the money poured into their club during the dubious on the run Vladimir Romanov. It would mean they really could start off again with a clean slate. As for the SFA and other bodies who must have known how dodgy the money was from V.R and who blindly passed off the rotten accounts, liquidation would also allow them a fresh slate.

However. journalists and I use the term loosely like John the son of the manse and chick the look the other way young should retire from reporting on scottish football. These are my opinions.

[MB62]

the others wouldnae get a sibie, a bolt ,nixi, nowt .Fact. and the general public will be the ones that have stumped up to pay for all those public bodies,authorities etc services supplied to a corrupt organisation that expect to continue as if on a level playing field, because they are now cleansed.

Seriously, Police Scotland would not get a bolt of the £90,000 they are due, is that right? yet they are still policing the Yams home games!
I am raging if that is the case, given all the cut backs that have been forced on P.S. staff.
How would I go about making an official complaint about this as such a scenario affects me personally and I'm not happy? would it be a case of approaching my local councillor or MP or who?


Saw on my Facebook that a yam mate ( if there is such a thing)in a group called "keep Rudi Satchel at wongadome " or words to that affect we're on about how ICT gave the yams £5 for each yam that went to the game and asked if we and Celtic would donate the same to there club

It was £5 for every Yam that attended OVER THEIR USUAL AVERAGE of 650, so if there were 651 Yams at the game they would have been handed £5.
No chance we will do that, or least we better not, although I have no idea what their average attendance at ER is.

[PatHead]

Seriously, Police Scotland would not get a bolt of the £90,000 they are due, is that right? yet they are still policing the Yams home games!
I am raging if that is the case, given all the cut backs that have been forced on P.S. staff.
How would I go about making an official complaint about this as such a scenario affects me personally and I'm not happy? would it be a case of approaching my local councillor or MP or who?

It is true that all creditors debts have been frozen at the date of administration so Police Scotland will get nothing under the offer made by FoH. The Administrators are paying all bills from the date of appointment and will be paying the likes of the Police and Heriot Watt going forward but nothing in respect of previous debts. No point in complaining to MPs as that is the way administration works.

[Pedantic_Hibee]

On a sidenote, a yam fud writes "wha's like us?" in reaction to several yam fuds singing a song at Caley (a song they stole from Motherwell) whilst 2v0 down.

Much back-slapping ensues and the mandatory revisionism applied when they are questioned as to why they slagged Hibs off for similar.

HoMFC - Celebrating defeat.

[GloryGlory]

It is true that all creditors debts have been frozen at the date of administration so Police Scotland will get nothing under the offer made by FoH. The Administrators are paying all bills from the date of appointment and will be paying the likes of the Police and Heriot Watt going forward but nothing in respect of previous debts. No point in complaining to MPs as that is the way administration works.

Doesn't mean that public bodies shouldn't charge a risk premium in future dealings or ask for a substantial bond upfront to cover future costs. :greengrin

[Bostonhibby]

To be fair Jason Holt will be worth 10m in a few years, I know this because Calum Paterson said so :faf:

:faf:All very well him saying so but before I could take him seriously I would need to know if he has been involved in any other accurate valuations of players, for example was he the man who seen Driver as another £8m in the bank?

[greenginger]

It is true that all creditors debts have been frozen at the date of administration so Police Scotland will get nothing under the offer made by FoH. The Administrators are paying all bills from the date of appointment and will be paying the likes of the Police and Heriot Watt going forward but nothing in respect of previous debts. No point in complaining to MPs as that is the way administration works.


Should the Heriot Watt debt not be classed as a football debt and become the responsibility of the New Hearts, whatever form that might take.

It would only be fair. :cb

[rcarter1]

Oh aye.....like what?

There were a scare of double payments being taken from some people, unfortunately these guys couldnt understand their own accounts - which were OK in the end - , and so Im afraid I jumped too soon in calling fire.. :doh:

[EH6 Hibby]

It is true that all creditors debts have been frozen at the date of administration so Police Scotland will get nothing under the offer made by FoH. The Administrators are paying all bills from the date of appointment and will be paying the likes of the Police and Heriot Watt going forward but nothing in respect of previous debts. No point in complaining to MPs as that is the way administration works.

I understand that Hearts are protected from debts run up before admin, but do the police have to cover their current games or can they refuse to?

[God Petrie]

On a sidenote, a yam fud writes "wha's like us?" in reaction to several yam fuds singing a song at Caley (a song they stole from Motherwell) whilst 2v0 down.

Much back-slapping ensues and the mandatory revisionism applied when they are questioned as to why they slagged Hibs off for similar.

HoMFC - Celebrating defeat.

What's the song?

[lucky]

SkySports saying they knocked back a bid from Swansea for Adam King. Yet BDO send out yet another begging letter

[Www1875hfc]

What's the song?


http://www.youtube.com/watch?v=Z9UsiChGa6s

[Hibs07p]

Are the ****s no deid yet?

GGTTH

[EK_Hibs]

SkySports saying they knocked back a bid from Swansea for Adam King. Yet BDO send out yet another begging letter

Swansea? Seriously? Has he even played for the Yams yet?
Never heard of him? I've heard of Billy King... Who Sevco will no doubt be desperate to sign just because of his name alone.

[Hibs07p]

Are the ****s no deid yet?

GGTTH

[Gus Fring]

Are the ****s no deid yet?

GGTTH

Not since you asked the same question less than an hour ago

[greenginger]

Has there been any claim/announcement of the total FoH take from their standing order collection ?

Just heading down the Pub and would like some info. to ruin any stray Yams evening. :greengrin

[#FromTheCapital]

On the huge assumption that FoH are successful, will money raised before the takeover go towards their final bid or is it all to be used to see them through the season?

[green day]

On the huge assumption that FoH are successful, will money raised before the takeover go towards their final bid or is it all to be used to see them through the season?

Or maybe it will go on this pile of keech which is still (incredibly) on their website alongside Trevor Birch whinging about player burnout !

http://www.heartsfc.co.uk/page/Tynecastle2010/0,,10289,00.html

For those who cant bear to look, its the 'planning application' for the Mega Stadium

Schadenfreude? They cannae spell it doon tynecastle way

[SMAXXA]

http://www.youtube.com/watch?v=Z9UsiChGa6s

Whats the words to that mince?

[monktonharp]

Or maybe it will go on this pile of keech which is still (incredibly) on their website alongside Trevor Birch whinging about player burnout !

http://www.heartsfc.co.uk/page/Tynecastle2010/0,,10289,00.html

For those who cant bear to look, its the 'planning application' for the Mega Stadium

Schadenfreude? They cannae spell it doon tynecastle way :agree:It is indeed incredible that this pile of jobbies is still listed on their current site. in fact, it is totally incredulous! if you say it enough, people will believe, I suppose:rolleyes:

[Hibs07p]

Not since you asked the same question less than an hour ago

Must be a gremlin, I only posted once.

GGTTH

[Crossgates Hibs]

Has there been any claim/announcement of the total FoH take from their standing order collection ?

Just heading down the Pub and would like some info. to ruin any stray Yams evening. :greengrin


Would love to know how many cancel their direct debits now that reality bites.

[hibbymick]

Would love to know how many cancel their direct debits now that reality bites.

Im guessing quite a few will cancel, Theres no much mileage in a giro these days.

[Gus Fring]

On the huge assumption that FoH are successful, will money raised before the takeover go towards their final bid or is it all to be used to see them through the season?

The Direct Debits will be held in situ until the purchase is complete, then they will be used to run the club for the rest of the season. At the start of next season the club will be funded in the traditional fashion and the Direct Debits will be used to payback the businessmen who have loaned the FOH the money for the bid.

It's a shame it's not going to towards the bid as UKIO could just hold on for months knowing the bid would just perpetually grow and grow.

[Www1875hfc]

Im guessing quite a few will cancel, Theres no much mileage in a giro these days.

Next door neighbour has cancelled his already,due to his wife giving him grief. :greengrin

Nice wummin, went up in ma estimations.

[Ozyhibby]

Would love to know how many cancel their direct debits now that reality bites.

I know one who fully intends to cancel as soon as a CVA is agreed. It's 'job done' as far as he's concerned then.

[Eyrie]

I know one who fully intends to cancel as soon as a CVA is agreed. It's 'job done' as far as he's concerned then.

Exactly. Once this season is out of the way you're talking about ordinary fans gifting money to repay a few already wealthy individuals. How long is that going to last for?

[EK_Hibs]

Exactly. Once this season is out of the way you're talking about ordinary fans gifting money to repay a few already wealthy individuals. How long is that going to last for?

Is the idea not to copy the Barcelona 'membership' model?
HoMoFC are almost as big as Barcelona after all.

[Crossgates Hibs]

Is the idea not to copy the Barcelona 'membership' model?
HoMoFC are almost as big as Barcelona after all.



Too many will get pissed off paying more than others or others not paying at all. Would maybe work if after so long you owned a bit of the club but this is just gifting money and having no input in the running of the club.

[Dashing Bob S]

The irony, which seems to have escaped the jambos, is that if Romanov, who has a warrant for his arrest out, had turned himself in, then the criminal investigation could have at least gotten underway and requisite the financial information obtained. This could possibly have led to an unfreezing of the current assets and facilitated movement on the sale of the club - although this would still probably have taken some time.

So keep away Vlad.

[SurferRosa]

Next door neighbour has cancelled his already,due to his wife giving him grief. :greengrin

Nice wummin, went up in ma estimations.

:faf: :agree:

[matty_f]

The irony, which seems to have escaped the jambos, is that if Romanov, who has a warrant for his arrest out, had turned himself in, then the criminal investigation could have at least gotten underway and requisite the financier information obtained. This could possibly have led to an unfreezing of the current assets and facilitated movement on the sale of the club - although this would still probably have taken some time.

So keep away Vlad.

:agree:
Stay safe, sweet prince.

[Ozyhibby]

The irony, which seems to have escaped the jambos, is that if Romanov, who has a warrant for his arrest out, had turned himself in, then the criminal investigation could have at least gotten underway and requisite the financial information obtained. This could possibly have led to an unfreezing of the current assets and facilitated movement on the sale of the club - although this would still probably have taken some time.

So keep away Vlad.

That's the best thing about all this. Provided the shares are indeed still frozen.

[Jack]

I'm thinking so please forgive me :-)

BDO seem to be getting in the neck from Admin-Lt for all sorts of things, I suspect the main one being their seeming inability to get S.H.I.T. to up the bid to something close to land value.

No sign of the shares being thawed either so it looks like a longer drawn out thing than may have been planned.

In the meantime money is running out and I'll bet a pound to a penny there's a sizable gap, time wise, between no money and the prospect of the Biddies having a bid accepted.

As the preferred bidder could S.H.I.T. direct the Diddies money they have to finance the club just now?

I know they have said only once they are in control but if their club is dead before that can happen I really don't see an alternative.

Of course if it did pan out that way but Bob the Builder came in with a land value bid that was accepted by an increasingly frustrated Admin-Lt S.H.I.T. would really be in the FoH stuff.

[robinp]

I'm thinking so please forgive me :-)

BDO seem to be getting in the neck from Admin-Lt for all sorts of things, I suspect the main one being their seeming inability to get S.H.I.T. to up the bid to something close to land value.

No sign of the shares being thawed either so it looks like a longer drawn out thing than may have been planned.

In the meantime money is running out and I'll bet a pound to a penny there's a sizable gap, time wise, between no money and the prospect of the Biddies having a bid accepted.

As the preferred bidder could S.H.I.T. direct the Diddies money they have to finance the club just now?

I know they have said only once they are in control but if their club is dead before that can happen I really don't see an alternative.

Of course if it did pan out that way but Bob the Builder came in with a land value bid that was accepted by an increasingly frustrated Admin-Lt S.H.I.T. would really be in the FoH stuff.

There would be nothing to stop them paying money over to keep the club afloat or the admin taking it, but it would likely be on 2 conditions:

If the cash was running out, it would be taken by the Admin as a donation; i.e. you get nothing for it and it would be non-refundable if the club failed into Liquidation or was sold to another bidder.
Those putting the money up for the bid (the big business people :rolleyes:) would have to OK it. After all, the FOH are just the face/name for these business people.

[Viva_Palmeiras]

I'm thinking so please forgive me :-)

BDO seem to be getting in the neck from Admin-Lt for all sorts of things, I suspect the main one being their seeming inability to get S.H.I.T. to up the bid to something close to land value.

No sign of the shares being thawed either so it looks like a longer drawn out thing than may have been planned.

In the meantime money is running out and I'll bet a pound to a penny there's a sizable gap, time wise, between no money and the prospect of the Biddies having a bid accepted.

As the preferred bidder could S.H.I.T. direct the Diddies money they have to finance the club just now?

I know they have said only once they are in control but if their club is dead before that can happen I really don't see an alternative.

Of course if it did pan out that way but Bob the Builder came in with a land value bid that was accepted by an increasingly frustrated Admin-Lt S.H.I.T. would really be in the FoH stuff.

Baddies, biddies, fannies, diddies I'm struggling to keep up with it all ;)

[Ozyhibby]

If you have told people the money is for the purchase of the club them I can't see how you can spend any of the cash on something else unless you have a guarantee that the club will eventually be yours.
I they are liquidated then the yams will rightly expect all their cash back as that is what they have been told.

[Springbank]

:agree:
Stay safe, sweet prince.

Vlad: The Fresh Prince of Bel-End

Iiiiiiiiiiiin west Lithuania Born n Raised
Selling Beatles Albums in my early days
Chillin' out maxin' relaxin' all cool
And all shootin some hoof-ball outside of the school
When a couple of guys who were up to no good
Started making trouble in my neighborhood
I got in one little money laundering scam and my mom got scared
She said 'You're movin' with your auntie and uncle in Bel Air'

[Hibee87]

If you have told people the money is for the purchase of the club them I can't see how you can spend any of the cash on something else unless you have a guarantee that the club will eventually be yours.
I they are liquidated then the yams will rightly expect all their cash back as that is what they have been told.

The original share scheme last year was to be spent on nothing but players if i remeber correctly? when in actuall fact it was used to pay the bills...........they rolled over and never made fuss about that so why would they now :wink:

[StevieC]

As the preferred bidder could S.H.I.T. direct the Diddies money they have to finance the club just now?

It's not what it was meant for, but I doubt that will stop them. So .. IMO .. yes it could be used to finance the club.

I also think that the reason that they have started taking payments .. with no real sign of taking the club over yet .. is that the business people providing the "upfront money" will probably be looking for some sort of financial proof that FoH do actually have the number of DD payments they are claiming to have.

[Keith_M]

It's not what it was meant for, but I doubt that will stop them. So .. IMO .. yes it could be used to finance the club.

I also think that the reason that they have started taking payments .. with no real sign of taking the club over yet .. is that the business people providing the "upfront money" will probably be looking for some sort of financial proof that FoH do actually have the number of DD payments they are claiming to have.


I think they said that the Direct Debits would be used during this season to fund the club and after that would be used to repay the loan given to actually buy the club. However, they said that would only kick in after agreeing the purchase.

If they started to use the money now to fund the club, there's nothing to stop someone else buying it in six months time and saying 'thanks for that'. They'd basically have given away the money with nothing to show for it at the end.

[hibee_nation]

I think they said that the Direct Debits would be used during this season to fund the club and after that would be used to repay the loan given to actually buy the club. However, they said that would only kick in after agreeing the purchase.

If they started to use the money now to fund the club, there's nothing to stop someone else buying it in six months time and saying 'thanks for that'. They'd basically have given away the money with nothing to show for it at the end.

Surely they wouldn't be that daft, wouldn't they at least get a certificate or something. :greengrin

[Pete]

I've just heard an advert on forth one for hearts hospitality. WTF!

Where are they getting the cash for that?

[Jack]

I've just heard an advert on forth one for hearts hospitality. WTF!

Where are they getting the cash for that?

I was out and about in my wee van yesterday. Not only was I surprised to hear those damned adverts again but surely the time I heard them, half 9 through till around half one, isn't the best time to target the 'rich' folk they would like to entice to hospitality then mug who will be behind their desks.

[Gus Fring]

I've just heard an advert on forth one for hearts hospitality. WTF!

Where are they getting the cash for that?

They aren't strapped for cash at the moment. If BDO feel they can speculate to accumulate then they are entitled to do so.

[EK_Hibs]

See the Foundation of Yams are claiming a success rate on payments of 98%....?
80% next month anyone?

[greenginger]

See the Foundation of Yams are claiming a success rate on payments of 98%....?
80% next month anyone?


Did they say what the total take was ? If not its a lot less than they have been planning for.

[DaveF]

Did they say what the total take was ? If not its a lot less than they have been planning for.

Post 29055 on this thread has a figure of around 140k. No idea how accurate that may or may not be.

[Gus Fring]

See the Foundation of Yams are claiming a success rate on payments of 98%....?
80% next month anyone?

That means around 150 Yams have already seen the iceberg

[SmashinGlass]

They aren't strapped for cash at the moment. If BDO feel they can speculate to accumulate then they are entitled to do so.

They are entitled to do so, yes. Equally though, if I were a creditor, I'd be mightily annoyed if an Administrator adopted a speculate to accumulate policy on anything. In my experience when an Administrator is appointed and the business continues to trade, one of the first things to be cut is non essential costs. I would argue that local advertising to a business as well known as this one is one such non essential cost.

That said, there may have been a deal cut with the radio station meaning cash has already been paid for the advertising pre-admin.

[EK_Hibs]

Did they say what the total take was?.

No, the Foundation of Yams Twitter feed said they couldn't give the total figure yet because of the ongoing "negotiations". Makes sense I suppose.

[CropleyWasGod]

They are entitled to do so, yes. Equally though, if I were a creditor, I'd be mightily annoyed if an Administrator adopted a speculate to accumulate policy on anything. In my experience when an Administrator is appointed and the business continues to trade, one of the first things to be cut is non essential costs. I would argue that local advertising to a business as well known as this one is one such non essential cost.

That said, there may have been a deal cut with the radio station meaning cash has already been paid for the advertising pre-admin.

The creditors, outside of UKIO and UBIG, are getting nothing, though. Getting cash in through hospitality is designed to give them more breathing space.

[Sergey]

Post 29055 on this thread has a figure of around 140k. No idea how accurate that may or may not be.

FoH stated a few weeks ago that the mean pledge was a tad under £20. £140k sounds about right, assuming everyone is telling the truth.

[neilmartinrocks]

10925they could always raise cash by rebranding the club :greengrin

[CB_NO3]

They must have a deal in place now IMO. I reckon once the UBIG shares are unfrozen a deal will be done. If they have not agreed by now then its a complete waste of everyones time. Am pretty sure the Ukio administrator would have named his price by now in order to get money from the FOH and is pretty sure he will receive the price he has named. If not, why not call in the debt tomorrow?

[SmashinGlass]

The creditors, outside of UKIO and UBIG, are getting nothing, though. Getting cash in through hospitality is designed to give them more breathing space.

Whilst this is true, unsecured creditors still have rights and can make it very awkward for an Administrator. I've been on the receiving end of prickly unsecured creditors who, whilst getting no return, were awkward as ****! Personally speaking, I would be one of those types of creditor in this particular case :greengrin

[grunt]

That said, there may have been a deal cut with the radio station meaning cash has already been paid for the advertising pre-admin.
Seems unlikely!

[Gmack7]

They must have a deal in place now IMO. I reckon once the UBIG shares are unfrozen a deal will be done. If they have not agreed by now then its a complete waste of everyones time. Am pretty sure the Ukio administrator would have named his price by now in order to get money from the FOH and is pretty sure he will recieve the price he has named. If not, why not call in the debt tomorrow?
sad to say that i agree,ive heard that some woman(ann someone)has agreed to stump up the wonga:boo hoo::boo hoo:

[CropleyWasGod]

Whilst this is true, unsecured creditors still have rights and can make it very awkward for an Administrator. I've been on the receiving end of prickly unsecured creditors who, whilst getting no return, were awkward as ****! Personally speaking, I would be one of those types of creditor in this particular case :greengrin

Sure. This is probably the only real chance the creditors have to make their voice heard. Not against the admins, necessarily, but against the directors.


sad to say that i agree,ive heard that some woman(ann someone)has agreed to stump up the wonga:boo hoo::boo hoo:

Relax.

This period is all about FOH carrying out proper diligence, negotiating with UKIO, who will also be doing their own diligence on FOH.

Ann Budge, if it is she, will also be doing her own.

[Saorsa]

I've kind of lost track of this a bit, what's all this S.H.I.T about biddies an diddes?

[Bostonhibby]

I've kind of lost track of this a bit, what's all this S.H.I.T about biddies an diddes?

Don't forget the fannies, they are a vital part of the illusion :greengrin

[Gus Fring]

I've kind of lost track of this a bit, what's all this S.H.I.T about biddies an diddes?

Save. Hearts. In. Trouble

Biddies - Nickname for BIDCO, the company set up to facility the bid for Hearts

Fannies - Nickname for FANCO, the company set up to receive Hearts once BIDCO has been paid back.

[Saorsa]

Don't forget the fannies, they are a vital part of the illusion :greengrin:greengrin


Save. Hearts. In. Trouble

Biddies - Nickname for BIDCO, the company set up to facility the bid for Hearts

Fannies - Nickname for FANCO, the company set up to receive Hearts once BIDCO has been paid back.:aok:

[Springbank]

Funniest part is the supposedly great business brains stumping up the loan at first are then to be repaid by fan direct debits, cancellable at any minute from any mobile phone

That's a real great business brain behind that one

#caveatemptor

I'd rather listen to budgie burridge than Ann budge I think

[Bostonhibby]

Funniest part is the supposedly great business brains stumping up the loan at first are then to be repaid by fan direct debits, cancellable at any minute from any mobile phone

That's a real great business brain behind that one

#caveatemptor

I'd rather listen to budgie burridge than Ann budge I think

:agree: Am unfortunately related (by marriage) to one of said fannies and he makes no secret of the fact that once his DD has "saved" them he will be cancelling it straight away - says its what a few like minded saviours were persuading the faithful to do. I definitely believe him as he rarely parts with anything and certainly doesn't spend any cash at tiny. Even now he hasn't gone to a game yet!

[monktonharp]

:agree: Am unfortunately related (by marriage) to one of said fannies and he makes no secret of the fact that once his DD has "saved" them he will be cancelling it straight away - says its what a few like minded saviours were persuading the faithful to do. I definitely believe him as he rarely parts with anything and certainly doesn't spend any cash at tiny. Even now he hasn't gone to a game yet! what does he say to you when you walk into his hoose? ye've hud had yer tea?:greengrin


The creditors, outside of UKIO and UBIG, are getting nothing, though. Getting cash in through hospitality is designed to give them more breathing space. can you run it by me again Crops. does that mean, that the tax man who cometh, is in the nixicaiye tree. in other plain words, does he not get a bolt, or are they paying him something at the mo., or what is the taxman cometh actually getting at the mo? I'd assume that the tax must be up to date, and despite the millions owed to others, the taxman cometh and therefor is paid what is oweth?

[Dunderhall]

what does he say to you when you walk into his hoose? ye've hud had yer tea?:greengrin
Yeh cannae have ma cake and eat it, it's raffled.

[portycabbage]

Funniest part is the supposedly great business brains stumping up the loan at first are then to be repaid by fan direct debits, cancellable at any minute from any mobile phone

That's a real great business brain behind that one

#caveatemptor

I'd rather listen to budgie burridge than Ann budge I think

If the biddies stump up the cash to be repaid with a few percent interest and, then don't get paid back by the fannies, then presumably the fannies don't get their shares (again)? And how does the running capital bit of the fuderation of hearts bid come into play if the fannies are busy paying (or not paying) the biddies back for the shares? Either the biddies put up funds for the shortfall this season on top of the money for the shares, or they have to forgo some of the ongoing funds from the fannies to pay for running costs. Even if no-one cancels their direct debit, it would take years for them to get their money back. It all seems a bit unlikely to work, which is a damn shame.


:wink:
:giruy:

[BH Hibs]

Not been on this thread for a couple of days but noticed the avatars are changed back to normal and someone posted a you tube clip of those ***** singing wtf is going on? BTW the badly yam on the aforementioned clip looks like the fud who got his top signed by "Vlad" on the Vlad meets the plums video Hertz ****

[VivaHiberña]

http://www.youtube.com/watch?v=Z9UsiChGa6s

Lifted from the 'Well.


http://www.youtube.com/watch?feature=player_embedded&amp;v=cBVNow-_aFw

How embarrassing. A club of Hertz's stature lifting songs from a Weegie backwater. Must be what the big teams do nowadays, not that we'd know...

Tom Hark for goal music at Tynie too. The trademark of Europe's top clubs.

I am 'seething' with envy right now.




In no way constructive or relevant to the thread, I know, but it feels good getting that out the system.

[Jack]

Re rumours that 20% had the DD done at least twice.

I was chatting with a pal last night who knows about thease things. 98% is good but the 20% is horrific and casts doubt on the 2% figure for accuracy. There are companies that specialise in this sort of stuff, my mate reckons if 20% is correct they've employed muppets or are doing it themselves.


Save. Hearts. In. Trouble

Biddies - Nickname for BIDCO, the company set up to facility the bid for Hearts

Fannies - Nickname for FANCO, the company set up to receive Hearts once BIDCO has been paid back.

There's the Diddies too, those who are paying the DDs.

[PapillonVert]

Funniest part is the supposedly great business brains stumping up the loan at first are then to be repaid by fan direct debits, cancellable at any minute from any mobile phone

That's a real great business brain behind that one

Could be that one of the conditions of putting up the wonga is getting an assignment of the security over Tynie.

I can't imagine any hard-headed business person handing over a wad of cash without some sort of security.

If so, the pressure is really on to keep up the payments.

Out of the frying pan and all that.......

PS Or they could insist the ground is transferred to them and take annual rental payments for it until all the cash is paid back and then the ground is handed back to the fannies.

[brog]

what does he say to you when you walk into his hoose? ye've hud had yer tea?:greengrin

can you run it by me again Crops. does that mean, that the tax man who cometh, is in the nixicaiye tree. in other plain words, does he not get a bolt, or are they paying him something at the mo., or what is the taxman cometh actually getting at the mo? I'd assume that the tax must be up to date, and despite the millions owed to others, the taxman cometh and therefor is paid what is oweth?

The taxman is owed £1.9million. It's extremely unlikely he/we will see a penny of this money. We must assume, that since BDO took over on June 19 that ongoing payments of VAT/PAYE are now being satisfactorily handled though with the time delay they may not as yet have paid those bills. Others on here are better qualified to comment on dates of tax payments. The a/c's through July 19 made reference to & provision for the vat liabilities on new season ticket sales.

[Bostonhibby]

what does he say to you when you walk into his hoose? ye've hud had yer tea?:greengrin

can you run it by me again Crops. does that mean, that the tax man who cometh, is in the nixicaiye tree. in other plain words, does he not get a bolt, or are they paying him something at the mo., or what is the taxman cometh actually getting at the mo? I'd assume that the tax must be up to date, and despite the millions owed to others, the taxman cometh and therefor is paid what is oweth?

Heh heh, actually been there once last year, ate before we went, yer man was out at the " club". You've guessed it, he has a maroon cardigan! His other half confirms he did not attend a solitary game last season but is concerned about events at tiny.

In the strange world of Fannies, Biddies, Diddies etc. I suppose he is a pretend Diddie who doesnae.

[bingo70]

Could be that one of the conditions of putting up the wonga is getting an assignment of the security over Tynie.

I can't imagine any hard-headed business person handing over a wad of cash without some sort of security.

If so, the pressure is really on to keep up the payments.

Out of the frying pan and all that.......

PS Or they could insist the ground is transferred to them and take annual rental payments for it until all the cash is paid back and then the ground is handed back to the fannies.

I'm maybe missing something here but if they pull this off then they'll effectively just have a mortgage to pay back like we do, in theory even if foh fold and every dd is cancelled the day after the take over then hearts will still pay back the loans from the business folk in the same way we do, the only consequence of lots of cancelled dd's would be less to spend on the park?

[PapillonVert]

I'm maybe missing something here but if they pull this off then they'll effectively just have a mortgage to pay back like we do, in theory even if foh fold and every dd is cancelled the day after the take over then hearts will still pay back the loans from the business folk in the same way we do, the only consequence of lots of cancelled dd's would be less to spend on the park?

If by "they" you mean FoH, then, yes, because you would have to believe that the Biddies want their money back (eventually), although the Diddies are only supposed to pay until the beginning of next season to give the Fannies "working capital" to keep them afloat in the meantime and then "normal" financial arrangements (aka 'living within your means') are due to take over (theoretically). That's my understanding of the 'business rescue plan'.

However, if you're a biddy who has stumped up a wad (allegedly interest-free) on the basis that you will be paid back at some indeterminate point from the now miraculously restored, well-managed and thriving Committee-of-12-fannies-led business, I can't imagine why you would hand over your hard-earned without having some leverage in place to ensure that a payback is indeed forthcoming, whenever that is due to take place. Hence, you either take over the existing mortgage or (better) that gets discharged as part of the CVA and you become the legal owner of the land with a condition that you will hand it over to the fannies when they discharge their debt to you, the biddy/-ies. And in the meantime, they can pay you a fair market rent.


Hence, if I am a biddy, I will want my name or a nominee name on the title deeds so that I have some claim on the assets if (when?) it all implodes again.

Because if that happens, then you, the Biddy, have risked and lost everything but if you have the land/security in your name, then at least you hold the only asset that might be worth anything.

[dangermouse]

If by "they" you mean FoH, then, yes, because you would have to believe that the Biddies want their money back (eventually), although the Diddies are only supposed to pay until the beginning of next season to give the Fannies "working capital" to keep them afloat in the meantime and then "normal" financial arrangements (aka 'living within your means') are due to take over (theoretically). That's my understanding of the 'business rescue plan'.

However, if you're a biddy who has stumped up a wad (allegedly interest-free) on the basis that you will be paid back at some indeterminate point from the now miraculously restored, well-managed and thriving Committee-of-12-fannies-led business, I can't imagine why you would hand over your hard-earned without having some leverage in place to ensure that a payback is indeed forthcoming, whenever that is due to take place. Hence, you either take over the existing mortgage or (better) that gets discharged as part of the CVA and you become the legal owner of the land with a condition that you will hand it over to the fannies when they discharge their debt to you, the biddy/-ies. And in the meantime, they can pay you a fair market rent.


Hence, if I am a biddy, I will want my name or a nominee name on the title deeds so that I have some claim on the assets if (when?) it all implodes again.

Because if that happens, then you, the Biddy, have risked and lost everything but if you have the land/security in your name, then at least you hold the only asset that might be worth anything.

Going by S.H.I.T valuations it will be down to the price of a bottle of Irn Bru and a packet of crisps by then :greengrin

[greenginger]

If the payments from the fannies dry up once they consider the Club is safe, the repayments will continue but will be taken from season ticket sales and other normal revenues leaving them pretty ham-strung for a few seasons.

On another topic, the last Yam Accounts to June 2012 had a net closing debt of £ 24.677 M, and a year later BDO produced a debt figure of £ 28.424 M.

Are these figures comparable, did the Yams manage to burn another £ 3.75 Million in a year when they were almost self sufficient, according to Southern ?

[BH Hibs]

Going by S.H.I.T valuations it will be down to the price of a bottle of Irn Bru and a packet of crisps by then :greengrin

This is the bit that gets me. On the one hand they are telling the Lith admins that the ground is not worth anymore than 2 or 3 million then they want businesses to invest as they would hold security on a stadium worth much more than this. Sounds like the sevco Ibrox scam again. Surely the Lotus will see through rhis

[Liberal Hibby]

If the payments from the fannies dry up once they consider the Club is safe, the repayments will continue but will be taken from season ticket sales and other normal revenues leaving them pretty ham-strung for a few seasons.

On another topic, the last Yam Accounts to June 2012 had a net closing debt of £ 24.677 M, and a year later BDO produced a debt figure of £ 28.424 M.

Are these figures comparable, did the Yams manage to burn another £ 3.75 Million in a year when they were almost self sufficient, according to Southern ?

Plus raising more than £1 million through 'share issues', bake sales and homebrew...

[Kato]

If the payments from the fannies dry up once they consider the Club is safe, the repayments will continue but will be taken from season ticket sales and other normal revenues leaving them pretty ham-strung for a few seasons.

On another topic, the last Yam Accounts to June 2012 had a net closing debt of £ 24.677 M, and a year later BDO produced a debt figure of £ 28.424 M.

Are these figures comparable, did the Yams manage to burn another £ 3.75 Million in a year when they were almost self sufficient, according to Southern ?

Don't ask pertinant questions like that in public. No one is interested and you'll just get the fingers in the ear "lalalalalala" treatment. Good question though.

[The Falcon]

Funniest part is the supposedly great business brains stumping up the loan at first are then to be repaid by fan direct debits, cancellable at any minute from any mobile phone

That's a real great business brain behind that one

#caveatemptor

I'd rather listen to budgie burridge than Ann budge I think

I don't think anybody with a business brain would get involved in Scottish football in the first place.

[monktonharp]

bump! :wink:

[Bostonhibby]

bump! :wink:

That's what happened to all those charities.

[monktonharp]

That's what happened to all those charities.yes, I know. just did not want the situation to drop off the page, rather than the chaps over the other side of the city dropping off the end of the world:wink:

[Bleeds green]

Hearing some whispers that bdo projected budgets are beginning to fall short of what was expected and a few outgoing payments that they cd have done without hence the push for selling more hospitality etc......could the funding pot be nearing its end quicker than anticipated?

[#FromTheCapital]

Hearing some whispers that bdo projected budgets are beginning to fall short of what was expected and a few outgoing payments that they cd have done without hence the push for selling more hospitality etc......could the funding pot be nearing its end quicker than anticipated?

If true, that makes a mockery of their decision not to sell players in the transfer window

[Ozyhibby]

Not a lot happening just now. No fresh improved bids from FoH, no news from Lithuania and no new news from BDO.
Just the steady erosion of their bank balance.
Bit boring just now.
Hopefully things will speed up soon.

[Keith_M]

There really should be an Online Indicator of how much money they still have in the pot, updated at the end of each day. A bit like those things they have to indicate money raised so far for the church roof repairs.


That way we could all check it regularly and make (un)educated guesses about when they're going to run out of cash.

[Northernhibee]

Not a lot happening just now. No fresh improved bids from FoH, no news from Lithuania and no new news from BDO.
Just the steady erosion of their bank balance.
Bit boring just now.
Hopefully things will speed up soon.

Quick, someone go and borrow twenty quid off of them!

[EK_Hibs]

What about those supposed 7600 Direct Debits?
Isn't that money getting used to run the sinking ship?

[HUTCHYHIBBY]

There really should be an Online Indicator of how much money they still have in the pot, updated at the end of each day. A bit like those things they have to indicate money raised so far for the church roof repairs.

Maybe Del Boy will come along and start a worldwide appeal for them by stealing the asbestos from the old stand roof.

[Keith_M]

What about those supposed 7600 Direct Debits?
Isn't that money getting used to run the sinking ship?


The arrangement was that it would only happen after they'd come to an agreement to buy the club. If they use that money now, it would be a breach of the agreement that they made with the pledgers.

I'm sure no-one associated with Hearts would ever get involved in such shenanigans.


Maybe Del Boy will come along and start a worldwide appeal..



He calls himself Ian Murray nowadays.

[GloryGlory]

Hearing some whispers that bdo projected budgets are beginning to fall short of what was expected and a few outgoing payments that they cd have done without hence the push for selling more hospitality etc......could the funding pot be nearing its end quicker than anticipated?

They must be due their statutory payments like PAYE and NICs (although a bit less than previously because of wage cuts and redundancies), rates to the Cooncil, payments to Police Scotland, VAT, rent to HWU. Now surely these publicly-funded bodies will be insisting on timely payments and not letting them run up more arrears, on top of the arrears that they must know they are now unlikely to get back. Surely?

Then there's all the running costs, leccy, gas, payments to suppliers, insurance, phones, etc.

BDO were in the papers last week begging corporate supporters to buy hospitality, which is apparently way under what is budgeted for. Considering most of the seaso money was "repatriated" (ahem) to Lithland, their cash flow must be getting stretched by now.

[Col2]

The FOH and Murray bravado in the media is NOT backed up with any significant increase in bid, Col2 understands.

Heard bid was just about £3m cash (risen from £2.5) but still with caveats/conditions, however FOH are off the opinion the Liths won't liquidate a Scottish football club with 100+ years of history, hence the confidence.

Liths will deal at double that and maybe a little less to avoid liquidation. FOH must have something in reserve to back up the confident noises. Maybe they do but very dangerous game when cash running out for BDO (8-10 week time)

Bid from FOH is based solely on a valuation they have for Tynecastle. This is one they instructed some time ago and is c£4.5m. The deal they think will be done is based on Liths taking cash now instead of potential lengthy sale and bad will from supporters.

My source? Not a football one this time. Mr Murray is getting a little mouthy and when he finds the time to get back to his day job, lets just say he has a habit of blabbing on to his peers...

[greenginger]

They must be due their statutory payments like PAYE and NICs (although a bit less than previously because of wage cuts and redundancies), rates to the Cooncil, payments to Police Scotland, VAT, rent to HWU. Now surely these publicly-funded bodies will be insisting on timely payments and not letting them run up more arrears, on top of the arrears that they must know they are now unlikely to get back. Surely?

Then there's all the running costs, leccy, gas, payments to suppliers, insurance, phones, etc.

BDO were in the papers last week begging corporate supporters to buy hospitality, which is apparently way under what is budgeted for. Considering most of the seaso money was "repatriated" (ahem) to Lithland, their cash flow must be getting stretched by now.

There will be no Rates due to oor Cooncil by the Yams this year.

They were billed for the entire year at the beginning of June when they did'nt make their May payment hence the £ 100,000 due this year will be settled at 0 pence in the pound if a CVA is agreed.

Will our Council vote to accept it ?

[Billy Whizz]

There will be no Rates due to oor Cooncil by the Yams this year.

They were billed for the entire year at the beginning of June when they did'nt make their May payment hence the £ 100,000 due this year will be settled at 0 pence in the pound if a CVA is agreed.

Will our Council vote to accept it ?

Surely they will have to pay rates post administration?

[drumatic44]

What I really don't get in all of this is that if they genuinely had bids for any of their players in the window, then surely they were duty bound to sell them. For the sake of creditors, administrators, and indeed to keep themselves going, but of course this is Hearts we're talking about where realism goes straight out the window.
Allez les verts originale !!

[SmashinGlass]

Surely they will have to pay rates post administration?

Spot on. Administrators will have given an undertaking to that effect.

[c31]

What I really don't get in all of this is that if they genuinely had bids for any of their players in the window, then surely they were duty bound to sell them. For the sake of creditors, administrators, and indeed to keep themselves going, but of course this is Hearts we're talking about where realism goes straight out the window.
Allez les verts originale !!

Do you really believe that bids were made?

There are becoming very good at twisting stories to make themselves look good.

[GloryGlory]

Surely they will have to pay rates post administration?

I would think so. Otherwise, shouldn't the Council (and all the other public bodies) be pressurising the administrators to move quickly to liquidation, to avoid continuing to throw good (public) money after bad and to get things finalised?

[greenginger]

Surely they will have to pay rates post administration?


I don't think so. The entire year's Business Rates became payable as soon as they missed their first installment, they were billed for it, and it was payable before the administrators were appointed. That's where the £ 90,715.00 creditor figure comes from in the creditor shame list.

There was no note of any payment of business rates in the Accounts prepared with the creditors statement.

I would'nt take it as gospel, but i think they will get a years free Council Services while Hibs shell out the best part of £ 100,000.

May'be Cav, CWG, PTS, or other could confirm.

[CropleyWasGod]

I don't think so. The entire year's Business Rates became payable as soon as they missed their first installment, they were billed for it, and it was payable before the administrators were appointed. That's where the £ 90,715.00 creditor figure comes from in the creditor shame list.

There was no note of any payment of business rates in the Accounts prepared with the creditors statement.

I would'nt take it as gospel, but i think they will get a years free Council Services while Hibs shell out the best part of £ 100,000.

May'be Cav, CWG, PTS, or other could confirm.

There will (or should) be some re-invoicing.

The original invoice, whilst dated pre-administration, would have been for the year to 31 March 2014. In other words, billed in advance, when there was no certainty of occupation (which is the case with any rates or Council Tax bill).

That suits BDO, of course; it won't be paid. However, if the Council are on their game, they will cancel the original invoice and issue a new one for the post-administration period.

[Deansy]

The FOH and Murray bravado in the media is NOT backed up with any significant increase in bid, Col2 understands.

Heard bid was just about £3m cash (risen from £2.5) but still with caveats/conditions, however FOH are off the opinion the Liths won't liquidate a Scottish football club with 100+ years of history, hence the confidence.

Liths will deal at double that and maybe a little less to avoid liquidation. FOH must have something in reserve to back up the confident noises. Maybe they do but very dangerous game when cash running out for BDO (8-10 week time)

Bid from FOH is based solely on a valuation they have for Tynecastle. This is one they instructed some time ago and is c£4.5m. The deal they think will be done is based on Liths taking cash now instead of potential lengthy sale and bad will from supporters.

My source? Not a football one this time. Mr Murray is getting a little mouthy and when he finds the time to get back to his day job, lets just say he has a habit of blabbing on to his peers...

I can understand taking the cash over a long, drawn-out sale BUT - 'bad will' from the Muppets ??. Don't think the people charged with getting the best deal for the creditors will for one minute be bothered by their supporters being a bit angry - they don't have any other business in Scotland that would be affected by them closing the gates at the PBS.

[brog]

There will (or should) be some re-invoicing.

The original invoice, whilst dated pre-administration, would have been for the year to 31 March 2014. In other words, billed in advance, when there was no certainty of occupation (which is the case with any rates or Council Tax bill).

That suits BDO, of course; it won't be paid. However, if the Council are on their game, they will cancel the original invoice and issue a new one for the post-administration period.

I was in middle of posting exactly the same. Issue a cr note for original invoice & then bill going forward. If Council fail to do this its at best incompetent & at worst possibly corrupt. On the other hand just maybe we're doing the Council a disfavour, this action has been taken & these costs are part of the non-budgeted items referred to in earlier post.

[robinp]

I don't think so. The entire year's Business Rates became payable as soon as they missed their first installment, they were billed for it, and it was payable before the administrators were appointed. That's where the £ 90,715.00 creditor figure comes from in the creditor shame list.

There was no note of any payment of business rates in the Accounts prepared with the creditors statement.

I would'nt take it as gospel, but i think they will get a years free Council Services while Hibs shell out the best part of £ 100,000.

May'be Cav, CWG, PTS, or other could confirm.

This is exactly what happens in a personal insolvency case concerning rates (if the individual is a sole trader) or council tax. I even have a copy of Edinburgh Council's guidance hand book notes on the matter, created for their staff who deal with issuing insolvency claims. Great for insolvency practitioners!! :cb

[Gus Fring]

What I really don't get in all of this is that if they genuinely had bids for any of their players in the window, then surely they were duty bound to sell them. For the sake of creditors, administrators, and indeed to keep themselves going, but of course this is Hearts we're talking about where realism goes straight out the window.
Allez les verts originale !!

Because the player sale would have occurred whilst in admin, the creditors wouldn't be entitled to a penny of it anyway.

It's irrelevant though because my source tells me no "realistic" bids were made.

[TrinityHibs]

Because the player sale would have occurred whilst in admin, the creditors wouldn't be entitled to a penny of it anyway.

It's irrelevant though because my source tells me no "realistic" bids were made.

Now I do like that.:agree:

[Ozyhibby]

This is exactly what happens in a personal insolvency case concerning rates (if the individual is a sole trader) or council tax. I even have a copy of Edinburgh Council's guidance hand book notes on the matter, created for their staff who deal with issuing insolvency claims. Great for insolvency practitioners!! :cb

Bet that publication give 'The Da Vinci Code' a run for it's money on Amazon. :-)
Does it say if BDO will be issued a new bill for rates from the date they were appointed?

[Part/Time Supporter]

Bet that publication give 'The Da Vinci Code' a run for it's money on Amazon. :-)
Does it say if BDO will be issued a new bill for rates from the date they were appointed?

Yes, judging by this guidance from Brent council

http://www.brent.gov.uk/business/business-rates/what-happens-if-i-do-not-pay/#administration



Administration

If your business is a company we can apply to the court with other creditors for you to be placed in administration.

If your business has gone into administration already, you will need to send us documentary evidence of when it happened. If there are any business rates outstanding up to the date of administration, we will make a claim to the Administrator. Depending on the circumstances, we will not take any further recovery action while the Administration Order is in place. We will ask the Administrator to pay any business rates due from the date of the Administration Order.

The administrator will look at your company's finances and decide if, by letting the company continue to trade, its financial situation may improve, or it may be decided to sell the business as a going concern. Alternatively, the administrator may recommend the only courses of action are liquidation, or a Company Voluntary Arrangement.

That's what happens with HMRC in respect of all taxes. The reference number(s) the company uses are effectively frozen and new reference numbers are issued, effective from the date of appointment.

To give a different sort of example, you wouldn't dodge council tax for the whole year if you moved in and out of a property either side of the billing date. You're obliged to tell the council when you have moved in and/or out and they then recalculate your bill based on the number of days occupied.

WRT Hearts situation now, entering administration will have given them a breathing space during which they have generated season ticket income in addition to the incomes they would have received anyway while not having to pay any bills, because the bills that were outstanding at middle June wouldn't be paid. But by now the administrators will have built up their own set of bills that they will now need to pay out of the funds they have generated. Hence the appeal for continuing support, otherwise they will run out of cash again, because more than half of the season ticket income this year went down the black hole.

[#FromTheCapital]

Because the player sale would have occurred whilst in admin, the creditors wouldn't be entitled to a penny of it anyway.

It's irrelevant though because my source tells me no "realistic" bids were made.

So they were only offered 5m for Jason Holt? Pisstake if so, Calum Paterson said he was worth 10m :greengrin

[CropleyWasGod]

This is exactly what happens in a personal insolvency case concerning rates (if the individual is a sole trader) or council tax. I even have a copy of Edinburgh Council's guidance hand book notes on the matter, created for their staff who deal with issuing insolvency claims. Great for insolvency practitioners!! :cb

So are you saying that there won't be any re-invoicing?

[Billy Whizz]

So are you saying that there won't be any re-invoicing?

There's got to be a charge against the Newco for Business rates from the date of admin

[Hibeesforever]

So are you saying that there won't be any re-invoicing?

Wow, if this is the Scots law position then Vlad's sharp administration must be rated higher than Craig Whyte who put in £1 to Rangers, took a salary and probably other miscellaneous expenses before putting the firm into administration and subsequently walked away from any personal civil or criminal liability.

Tongue in cheek, perhaps citizens then could set themselves up as sole traders and just walk away from tax and public community responsibilities.

Eg. From precedent, any payments received could also be set to having been received as capital overseas loans just to make 100% sure any future government couldn't ask for retrospective settlement.

Scotland never ceases to amaze me.

In the absence of other proper investigative football and public analysis, thank goodness for Hibs.net

In the case of HMFC, I think no news is good news. BDO's client bank account must be reducing rather then increasing. I expect another Autumn/ Winter donation issue to see out the season.

[#FromTheCapital]

In the case of HMFC, I think no news is good news. BDO's client bank account must be reducing rather then increasing. I expect another Autumn/ Winter donation issue to see out the season.

An autumn/winter collection while they're already paying money to FoH and Christmas on the horizon, all on the back of spending the last year baking cakes to keep their grubby wee club on life support. Can't see them raising too much this time.

[Ozyhibby]

Wow, if this is the Scots law position then Vlad's sharp administration must be rated higher than Craig Whyte who put in £1 to Rangers, took a salary and probably other miscellaneous expenses before putting the firm into administration and subsequently walked away from any personal civil or criminal liability.

Tongue in cheek, perhaps citizens then could set themselves up as sole traders and just walk away from tax and public community responsibilities.

Eg. From precedent, any payments received could also be set to having been received as capital overseas loans just to make 100% sure any future government couldn't ask for retrospective settlement.

Scotland never ceases to amaze me.

In the absence of other proper investigative football and public analysis, thank goodness for Hibs.net

In the case of HMFC, I think no news is good news. BDO's client bank account must be reducing rather then increasing. I expect another Autumn/ Winter donation issue to see out the season.

They'll be able to start selling poppies again to raise some cash for themselves.

[robinp]

Bet that publication give 'The Da Vinci Code' a run for it's money on Amazon. :-)
Does it say if BDO will be issued a new bill for rates from the date they were appointed?

I only have their personal one, and I'm not going to type out the whole thing, but, in a Personal Insolvency, the way the bill is dealt with comes down to what stage the council were at in carrying out diligence against the individual. The legal basis is that the full council tax bill is DUE at the start of the year and they ALLOW you to pay it in installments.

Now the point PTS makes above is exactly the same as i would understand it to be in a personal insolvency and these things (personal vs corporate insolcency) are fundenentally the same in many ways.

I don't have the corporate pages of this council document but its not outside the realm of possibility. Also, only HOMOFC, BDO and CEC know what stage this was at.

For those shocked at the ability to dodge future council tax, if you are declared personally bankrupt at the right time; in England, Wales and Northern Ireland, once you are declared bankrupt, for the rest of that tax year from the date of your bankruptcy to the 5th April, you pay NO tax. :-) Sadly that doesn't apply here but should!


Anyway what PTS says above does happen, in personal insolvency, ive never had a corporate insolvency trade on so I haven't seen what happens in the Hearts like example, but its a distinct possibility.

[greenginger]

I only have their personal one, and I'm not going to type out the whole thing, but, in a Personal Insolvency, the way the bill is dealt with comes down to what stage the council were at in carrying out diligence against the individual. The legal basis is that the full council tax bill is DUE at the start of the year and they ALLOW you to pay it in installments.

Now the point PTS makes above is exactly the same as i would understand it to be in a personal insolvency and these things (personal vs corporate insolcency) are fundenentally the same in many ways.

I don't have the corporate pages of this council document but its not outside the realm of possibility. Also, only HOMOFC, BDO and CEC know what stage this was at.

For those shocked at the ability to dodge future council tax, if you are declared personally bankrupt at the right time; in England, Wales and Northern Ireland, once you are declared bankrupt, for the rest of that tax year from the date of your bankruptcy to the 5th April, you pay NO tax. :-) Sadly that doesn't apply here but should!


Anyway what PTS says above does happen, in personal insolvency, ive never had a corporate insolvency trade on so I haven't seen what happens in the Hearts like example, but its a distinct possibility.

I did an FoI request to the council a week ago asking what the £ 90,715.00 debt related to and which tax year it was for.

When I get the answers I will be asking if re-invoicing will happen, in fact I might just call the Scottish Government Business rates department tomorrow and make a general inquiry . :greengrin

[SmashinGlass]

In Administration, the Council will recalculate the bill on a pro-rata basis. There will be a charge for the period up until the date of Admin, which will form an unsecured claim and there will be a charge for the post-Admin period, for which BDO will have provided CEC with an undertaking that it will be paid. As taxpayers, the residents of Edinburgh will only suffer the loss for amounts due up to the date of Admin.

[portycabbage]

In other yamtard related news, anyone notice gary locke in todays EN talking about signing 6 or 7 players in january if the transfer embargo is lifted due to them exiting admin (sorry haven't managed to work out how to post links yet)? Unless i'm missing something, the original ban was from the SPL for entering admin, after which they got a ban until after January from the SFA, after which they can sign under-21s. Pretty sure the latter ban was not dependent on hearts still being in admin for it to run it's course.

Surely intellectual heavyweights like Locke and Barry Anderson can't have got it so wrong?!

[Phil D. Rolls]

In other yamtard related news, anyone notice gary locke in todays EN talking about signing 6 or 7 players in january if the transfer embargo is lifted due to them exiting admin (sorry haven't managed to work out how to post links yet)? Unless i'm missing something, the original ban was from the SPL for entering admin, after which they got a ban until after January from the SFA, after which they can sign under-21s. Pretty sure the latter ban was not dependent on hearts still being in admin for it to run it's course.

Surely intellectual heavyweights like Locke and Barry Anderson can't have got it so wrong?!

They usually are.

[Col2]

In other yamtard related news, anyone notice gary locke in todays EN talking about signing 6 or 7 players in january if the transfer embargo is lifted due to them exiting admin (sorry haven't managed to work out how to post links yet)? Unless i'm missing something, the original ban was from the SPL for entering admin, after which they got a ban until after January from the SFA, after which they can sign under-21s. Pretty sure the latter ban was not dependent on hearts still being in admin for it to run it's course.

Surely intellectual heavyweights like Locke and Barry Anderson can't have got it so wrong?!

They can sign over 21 players from Feb 1st IF out of admin officially. They can sign U21 players when they come out of admin at anytime.

Given BDO reckon its approx 2 months at best to come out of admin only once at CVA has been agreed in principle and given they run out of money in 8-10 weeks (as per BDO warning), I would say Gary Locke would be better wishing for some rubber bed sheets rather than new players from Santa.

[Iggy Pope]

They can sign over 21 players from Feb 1st IF out of admin officially. They can sign U21 players when they come out of admin at anytime.

Given BDO reckon its approx 2 months at best to come out of admin only once at CVA has been agreed in principle and given they run out of money in 8-10 weeks (as per BDO warning), I would say Gary Locke would be better wishing for some rubber bed sheets rather than new players from Santa.

That would be outside of the window though?

[Billy Whizz]

That would be outside of the window though?

Similar to Rangers signing players on 1st September, although its more difficult to sign out of contract players after the Januaru window

[SteveHFC]

http://www.youtube.com/watch?v=vmHeuqurh_Y

[Dunderhall]

http://www.youtube.com/watch?v=vmHeuqurh_Y
Skimmed through it, but there is a Hartley gif to be made around 18:35.

[StevieC]

Skimmed through it, but there is a Hartley gif to be made around 18:35.

And it's worth a listen just to hear that nutter Maloveev again. :greengrin

[Col2]

Skimmed through it, but there is a Hartley gif to be made around 18:35.

Just why I was thinking. I haven't seen this before. He really did a number on them.:na na:

[PapillonVert]

I would say Gary Locke would be better wishing for some rubber bed sheets rather than new players from Santa.

From what we've been told about his (alleged) extra-curricular preferences, I would imagine he already has a decent supply of these at home. :wink:


I did an FoI request to the council a week ago asking what the £ 90,715.00 debt related to and which tax year it was for.

When I get the answers I will be asking if re-invoicing will happen, in fact I might just call the Scottish Government Business rates department tomorrow and make a general inquiry . :greengrin

I think you should ask a certain Edinburgh MP what he's doing, as part of his parliamentary obligations to the long-suffering taxpayers of this kingdom, to ensure that the public purse is not short-changed again and that all bills to public bodies are paid in full and on time!

[Bostonhibby]

From what we've been told about his (alleged) extra-curricular preferences, I would imagine he already has a decent supply of these at home. :wink:



I think you should ask a certain Edinburgh MP what he's doing, as part of his parliamentary obligations to the long-suffering taxpayers of this kingdom, to ensure that the public purse is not short-changed again and that all bills to public bodies are paid in full and on time!

Independent Ian will get round to the rest of us when he is finished doing his yam work for Flumps On Heat, in his own time obviously.

[CyberSauzee]

An autumn/winter collection while they're already paying money to FoH and Christmas on the horizon, all on the back of spending the last year baking cakes to keep their grubby wee club on life support. Can't see them raising too much this time.

So the RRevolution range is being replaced by Lockie's own autumn/winter collection?

Presumably you'll look good in some crisp, bright shell-suit, while the satin look of the rain jacket, with its vivid, golden colours, will be perfect for repelling any showers.

[JeMeSouviens]

I did an FoI request to the council a week ago asking what the £ 90,715.00 debt related to and which tax year it was for.

When I get the answers I will be asking if re-invoicing will happen, in fact I might just call the Scottish Government Business rates department tomorrow and make a general inquiry . :greengrin

Can you ask them what offers they got for the school building? Or is that going to be confidential for a while?

If word gets out it will give the Ukio admins a real market valuation.

[cabbageandribs1875]

i reckon sir tom farmer has missed a trick here, he could have put a bid in for hertz and 'merged' the two clubs :dunno: the 'merged' clubs new name could maybe be something like 'HIBERNIAN FC' and the new 'merged' clubs could maybe play their home games at somewhere like ermm Easter Road ? why have no Edinburgh based businessmen ever thought of this idea before :confused:




how would you like that idea yamboids

[Northernhibee]

i reckon sir tom farmer has missed a trick here, he could have put a bid in for hertz and 'merged' the two clubs :dunno: the 'merged' clubs new name could maybe be something like 'HIBERNIAN FC' and the new 'merged' clubs could maybe play their home games at somewhere like ermm Easter Road ? why have no Edinburgh based businessmen ever thought of this idea before :confused:




how would you like that idea yamboids

I would die a happy man if we Mercered them back. All the 'we own them' bull**** would be so, so sweetly ironic.

[jacomo]

I would die a happy man if we Mercered them back. All the 'we own them' bull**** would be so, so sweetly ironic.

Mercer crumbled in the face of mass protest. All we'd have to contend with is a handful of hat-kickers and a few open letters (no doubt written in strident tones, mind).

Or just let the Hearts story run its course without intervening. They are doing their very best to ensure Edinburgh will have only one top-flight football club, after all.

[southsider]

Independent Ian will get round to the rest of us when he is finished doing his yam work for Flumps On Heat, in his own time obviously.

As my (and soon to be ex) MP i have written to him asking why he is supporting a bunch of thieves who have stolen monies, in tax revenues etc from every hard working person within the UK. I, await an answer, as we speak.

[Alex Trager]

What's happening with the preferred bidder etc? When are we likely to see if they have managed to stump up the cash to buy the club and are they close to liquidation? Sorry I can't be bothered sifting through all the info previously posted. Any response would be appreciated

[Gus Fring]

What's happening with the preferred bidder etc? When are we likely to see if they have managed to stump up the cash to buy the club and are they close to liquidation? Sorry I can't be bothered sifting through all the info previously posted. Any response would be appreciated

Both sides are conducting due diligence at the moment.

Speaking of writing letters, whatever happened to Sidney?

[Speedway]

And it's worth a listen just to hear that nutter Maloveev again. :greengrin

Big Eddie was the man.

[cabbageandribs1875]

I would die a happy man if we Mercered them back. All the 'we own them' bull**** would be so, so sweetly ironic.



it would be far nicer sticking around and watching all the fun that would ensue :)

[brog]

Both sides are conducting due diligence at the moment.

Speaking of writing letters, whatever happened to Sidney?

Yams & due diligence, that's a novel concept! It will never catch on.:wink:

[Pedantic_Hibee]

I. HAVE. JUST. DIED. LAUGHING.

http://www.youtube.com/watch?v=djIZyGPZ4rM

:rotflmao::rotflmao::rotflmao::hilarious:hilarious :hilarious

[MB62]

I. HAVE. JUST. DIED. LAUGHING.

http://www.youtube.com/watch?v=djIZyGPZ4rM

:rotflmao::rotflmao::rotflmao::hilarious:hilarious :hilarious

They should all be tasked with writing 100 times around the ground - Romonovs go home - and if they've not got it done by sunrise, they should get their balls cut off :greengrin

[Treadstone]

I. HAVE. JUST. DIED. LAUGHING.

http://www.youtube.com/watch?v=djIZyGPZ4rM

:rotflmao::rotflmao::rotflmao::hilarious:hilarious :hilarious

£50* to the person that can get me the social media links and email of the tube that is chasing Rodney for a photo.

'Much appreciated'.

Taken from the 'Big Hearts' robbery fund.

[Thecat23]

£50* to the person that can get me the social media links and email of the tube that is chasing Rodney for a photo.

'Much appreciated'.

Taken from the 'Big Hearts' robbery fund.

The boy with the bob hair do? I want to know as well. I'm shocked he actually never just lay down and ****ed himself into a frenzy the little weasel that he is.

[Bostonhibby]

I. HAVE. JUST. DIED. LAUGHING.

http://www.youtube.com/watch?v=djIZyGPZ4rM

:rotflmao::rotflmao::rotflmao::hilarious:hilarious :hilarious

The turkeys that voted for Christmas then popped back in on Boxing day to see if anyone fancied a leftovers sandwich, and they were so grateful.:trumpet:

[Treadstone]

The boy with the bob hair do? I want to know as well. I'm shocked he actually never just lay down and ****ed himself into a frenzy the little weasel that he is.

Aye him. Total cringe-inducing gear. I don't think i would do this for Sauzee never mind some spawn of a(n alleged) crook.

[Keith_M]

I. HAVE. JUST. DIED. LAUGHING.

http://www.youtube.com/watch?v=djIZyGPZ4rM

:rotflmao::rotflmao::rotflmao::hilarious:hilarious :hilarious


Wow, another first for hibs.net.... a post from beyond the grave!



:greengrin

[Thecat23]

Aye him. Total cringe-inducing gear. I don't think i would do this for Sauzee never mind some spawn of a(n alleged) crook.

I honestly get a Beamer every time I see it. What an embarrassment of a human being. Bet he still has posters on his wall of Vlad.

[Hibby Kay-Yay]

I. HAVE. JUST. DIED. LAUGHING.

http://www.youtube.com/watch?v=djIZyGPZ4rM

:rotflmao::rotflmao::rotflmao::hilarious:hilarious :hilarious

Stay safe sweet prince

[greenpaper55]

They seek him here they seek him there .......more revelations about "MR" Romanov .http://www.dailyrecord.co.uk/sport/football/football-news/former-hearts-owner-vladimir-romanov-2265899

[Geo_1875]

They seek him here they seek him there .......more revelations about "MR" Romanov .http://www.dailyrecord.co.uk/sport/football/football-news/former-hearts-owner-vladimir-romanov-2265899

The Bank of Lithuania documents show Romanov paid himself the money.

That can't be true, surely.

[Bostonhibby]

The Bank of Lithuania documents show Romanov paid himself the money.

That can't be true, surely.

He owed it to himself, its been the yam mantra throughout, all big clubs do it. Will probably be on the badge of yamsevcos' strip!

[bingo70]

Surely there's no chance of his assets being unfrozen while he's on.the run? If that's the case is there even any point in foh trying to prepare acceptable bid?

[CropleyWasGod]

Surely there's no chance of his assets being unfrozen while he's on.the run? If that's the case is there even any point in foh trying to prepare acceptable bid?

If you mean the shares in Hearts, they're not "his". They belong to UBIG. It won't help the argument for defrosting, though.

[greenginger]

Not heard much from BDO lately, what is their next statutory task in the process ?

[Ozyhibby]

First mention of frozen assets this morning on kickback. Maybe they are starting to work it all out.

[SmashinGlass]

Not heard much from BDO lately, what is their next statutory task in the process ?

6 monthly progress report to creditors, which is still some way off. If anything happens prior to then which requires them to give a statutory notice to creditors, then that would be required. On the basis that nothing seems to be happening at present, we're talking about an update in January.

Personally, I think the bubble will burst before then.

[greenginger]

I see from our Accounts that we get our stadium valuation done by Jones Lang Lasalle, the same firm that did the site valuation for the PBS.

Com'on Rod, they must have tipped you what the Lith. admin must be looking for, you can trust Hibs.net to keep it secret. :greengrin

[Ozyhibby]

I see from our Accounts that we get our stadium valuation done by Jones Lang Lasalle, the same firm that did the site valuation for the PBS.

Com'on Rod, they must have tipped you what the Lith. admin must be looking for, you can trust Hibs.net to keep it secret. :greengrin

I would imagine land prices in Leith and Gorgie are similar.
The difference can come about in what you are asking them to survey for.

[Craig_in_Prague]

Not heard much from BDO lately, what is their next statutory task in the process ?

a statement, such as:
"It is with our regret, that Heart of Midlothian Football Club will have to be L*********"

I hope :)

[greenginger]

I would imagine land prices in Leith and Gorgie are similar.
The difference can come about in what you are asking them to survey for.


Our accounts survey is for replacement cost, its the land value for redevelopment that will determine the Yams fate.

[EK_Hibs]

First mention of frozen assets this morning on kickback. Maybe they are starting to work it all out.

This is what they are saying about the frozen assets on kickback:

"UBIG's assets will only remain frozen until the Lithuanian courts appoint an administrator, which should be very soon now. Whether or not Romanov is found / caught, whether he is found guilty of anything, or not, is now completely irrelevant to Hearts and how / when we get out of administration."

[SurferRosa]

This is what they are saying about the frozen assets on kickback:

"UBIG's assets will only remain frozen until the Lithuanian courts appoint an administrator, which should be very soon now. Whether or not Romanov is found / caught, whether he is found guilty of anything, or not, is now completely irrelevant to Hearts and how / when we get out of administration."

:faf::faf:

[HIBERNIAN-0762]

This is what they are saying about the frozen assets on kickback:

"UBIG's assets will only remain frozen until the Lithuanian courts appoint an administrator, which should be very soon now. Whether or not Romanov is found / caught, whether he is found guilty of anything, or not, is now completely irrelevant to Hearts and how / when we get out of administration."

:hilarious:hilarious:hilarious:hilarious

[brog]

This is what they are saying about the frozen assets on kickback:

"UBIG's assets will only remain frozen until the Lithuanian courts appoint an administrator, which should be very soon now. Whether or not Romanov is found / caught, whether he is found guilty of anything, or not, is now completely irrelevant to Hearts and how / when we get out of administration."

A big boy did it & ran away, or maybe sailed away!

[scott7_0(Prague)]

A big boy did it & ran away, or maybe sailed away!

I wonder if they have started to search for mysterious tropical island somewhere in the South Pacific Ocean???

10941

[Hibbyradge]

:hilarious:hilarious:hilarious:hilarious

I actually don't understand what's so wildly wrong with that. :confused:

Mind you, financial shenanigans usually leave me cold.

[Pedantic_Hibee]

I actually don't understand what's so wildly wrong with that. :confused:

Mind you, financial shenanigans usually leave me cold.

Absolute ditto. I still laughed though just so I didn't come across as intelligent :aok:

[PatHead]

Notice Billy Brown has signed a contract until the end of January with Hearts. Got to assume it is a paid contract as the article doesn't say otherwise. How can they take on new employees in administration? http://www.heartsfc.co.uk/articles/20130911/billy-agrees-to-stay-on_2241384_3454216 By the way they still have tons of tickets still available for the game. Looks like the enthusiasm is waning already or have they spent all their money going to away games?

[Treadstone]

Notice Billy Brown has signed a contract until the end of January with Hearts. Got to assume it is a paid contract as the article doesn't say otherwise. How can they take on new employees in administration? http://www.heartsfc.co.uk/articles/20130911/billy-agrees-to-stay-on_2241384_3454216

Broons intention from the start. Offer service free of charge hoping it leads to paid employment. No 'split loyalties' now Billy, eh ?

[Hibbyradge]

Absolute ditto. I still laughed though just so I didn't come across as intelligent :aok:

:tee hee:

[Pedantic_Hibee]

:tee hee:

That should have read as "unintelligent". But now you've quoted it so there is no point in me changing it as the damage is done so I'm now sat here feeling even more stupid.

However, you laughed at my post which didnt make sense so you can join me in the stupid corner. There's a hat with a "D" on it, pull up a chair.

You've genuinely ruined my day. Hope you're happy, Hibbyradge......

[StevieC]

I actually don't understand what's so wildly wrong with that.


Absolute ditto.

Not sure, but my first thought after reading it was "How does an administrator have the authority to overide a criminal investigation?" .. which is what I think was the reason why the assets were frozen?

Although I did agree with the bit about the whereabouts, or involvement, of Romanov is now irrelevant.