Share Transfers Agreed/Cooling off period

[Weststandwanab]

They are currently in the phase of taking their payment from Hearts income.

Call me cynical if you like but, the earlier BDO end this, the less money they get to remove from the club for themselves.

No club = no income = shorter holidays in The Seychelles for Mr Jackson, et al. You are cynical.

[Keith_M]

You are cynical.


Why thank you


:greengrin

[Hermit Crab]

264 guest, yams coming here from the real info. :na na:

[Onion]

They being, HMFC fans?.

I'm sure BJ and BDO do know what they are doing, but when BJ first stepped inside Tiny he made it perfectly clear that he hadn't seen anything like it, and I'm sure he has seen some £ucked up companies over the years........

We still don't know how the meeting went today!!...... I know that HMFC weren't part of the agenda and we shall just have to wait until the next meeting, whenever that may be. :cb

That first point has been lost and dispelled as a Hobo myth a long time ago , swamped by the steady flow of positive energy generated by the biggest bowel movement in football history. Good luck to BJ and BDO in trying to backtrack to that soundbite :) If BJ manages to escape with accused of being a money-grabbing, lying, peg-selling Hobo that will be a result for him.

[robinp]

You might be right. But, I thought that they couldn't do both. Part of the liquidator's job is, IIRC, to review the conduct of the administration, so you could see that there might be a conflict of interest.

CBA looking it up.... but someone will. :greengrin

You can. I worked on the admin and liquidation of the same company. :aok:

[brog]

When does this kick in?

If, they do liquidate, where would they play next season?....

Pyramid system starts next season. At end of 2014/15 winners of Lowland & Highland Leagues play off for the right to play the 10th team in League 2 ( 4th tier ). IMO if Yams want to get into Tier 4 they need to announce the big L asap at end of season, ie in about 2 months from now! Tick tock indeed.

[Jim44]

264 guest, yams coming here from the real info. :na na:

....................... and that, despite the contempt and disbelief they attach to what's discussed over here. Then again, we are maybe a car crash they can't keep their eyes off. I suspect it's to do with their insecurity.

[Weststandwanab]

Why thank you


:greengrinYou are welcome and I agree with your comment.


264 guest, yams coming here from the real info. :na na: Indeed, they are, even the die hard faithful are realising that the Big L is looming large for the famous.

[CropleyWasGod]

That first point has been lost and dispelled as a Hobo myth a long time ago , swamped by the steady flow of positive energy generated by the biggest bowel movement in football history. Good luck to BJ and BDO in trying to backtrack to that soundbite :) If BJ manages to escape with accused of being a money-grabbing, lying, peg-selling Hobo that will be a result for him.

I don't think that BDO have any backtracking to do. They have been consistent in their public statements, particularly in terms of the difficulty in getting the shares.

FOH and Ian Murray, on the other hand.....:rolleyes:

[CropleyWasGod]

You can. I worked on the admin and liquidation of the same company. :aok:

Cool. Cheers.

You can understand my point about conflict of interest, though. Not that you would be swayed.... :greengrin

[Onion]

They are currently in the phase of taking their payment from Hearts income.

Call me cynical if you like but, the earlier BDO end this, the less money they get to remove from the club for themselves.

No club = no income = shorter holidays in The Seychelles for Mr Jackson, et al.

Struggling to see any reason why BDO would propose the Big L any earlier than absolutely necessary. It's too late to save them from utter carnage whenever it happens.

[Winston Ingram]

More than likely but the business plan would have to change if they are starting a new club in the fourth tier.
They may try a lower bid.

They'll be lucky to get 4th tier will they not? I thought the highland/lowland leagues join the league structure?

There may even be a derby in the EOS league next year:greengrin

[Salisbury Hibby]

They'll be lucky to get 4th tier will they not? I thought the highland/lowland leagues join the league structure?

There may even be a derby in the EOS league next year:greengrin

No chance - Hibernian EOS have already secured promotion, I believe.

[Weststandwanab]

They'll be lucky to get 4th tier will they not? I thought the highland/lowland leagues join the league structure?

There may even be a derby in the EOS league next year:greengrin Now that I would enjoy.

[SmashinGlass]

Cool. Cheers.

You can understand my point about conflict of interest, though. Not that you would be swayed.... :greengrin

As with robinp's account, I also worked on both. None of the cases I worked on were as controversial however. In normal cases it's fine, however i suspect here that creditors may want a different liquidator appointed and ultimately, it's down to them.

[robinp]

Cool. Cheers.

You can understand my point about conflict of interest, though. Not that you would be swayed.... :greengrin

A very valid point.:agree:

[CropleyWasGod]

As with robinp's account, I also worked on both. None of the cases I worked on were as controversial however. In normal cases it's fine, however i suspect here that creditors may want a different liquidator appointed and ultimately, it's down to them.

Maybe you can both answer one of my questions on that.

Is it part of the Liquidator's job to review the conduct of the administration? As you say, in most cases that shouldn't be an issue but, as in RFC's case and, less so, here.... it's all about perception.

[robinp]

As with robinp's account, I also worked on both. None of the cases I worked on were as controversial however. In normal cases it's fine, however i suspect here that creditors may want a different liquidator appointed and ultimately, it's down to them.

If I remember correctly it will have to be ratified as a resolution at one of the meetings of creditors, to have BDO appointed as liquidators (if that happens).

Like the UKIO situation with the State Deposit Insurance debt this morning, IIRC UKIO/UBIG carry all the weight in this possible decision, due to the sums due by Hearts to them, and, ultimately, it will be their call to agree/disagree. (I wouldn't have thought they (BDO) would have put that in the proposals doc if it wasn't cleared with the banks in advance).

[robinp]

Maybe you can both answer one of my questions on that.

Is it part of the Liquidator's job to review the conduct of the administration? As you say, in most cases that shouldn't be an issue but, as in RFC's case and, less so, here.... it's all about perception.

Perception being the correct word and the public not being party to the facts.

The Liquidator can review the transactions of the administrator (IIRC) but that sort of work would be carried out by the IP, of which your question would also be. I'm not sure if it is or isn't one of his duties, statutory or otherwise. I think SmashinGlass has much more corporate experience in that regard, he may be able to expand more on this topic.

I'll try to remember to PM you later on the Rangers case/conflict.

[jacomo]

Great signature robinp :faf:


In safe hands - Fedotovas
15.12.2009

In an exclusive interview, director Sergejus Fedotovas reveals he is confident that Hearts is well positioned to manage the economic storm affecting Scottish football.

Sergejus spoke exclusively to Hearts News at Tynecastle and emphasised that Hearts is cushioned from the external financial pressures faced by other clubs.

The debt carried by many football clubs is headline news at present, how exposed is Hearts to its existing debt?

The key fact, that sets Hearts apart from many other clubs, is that our debt is in the form of funding from our own parent company Ukio Banko Investicine Grupe (UBIG). We are not exposed to the external debt levels of other highly geared businesses.

Our positive funding arrangement means that it is our own Group that finances Hearts and not external financial institutions. We therefore do not consider this as "real" debt - in simple terms, we owe the money to ourselves as Hearts is owned by UBIG. This positive funding arrangement provides security of funding for the club and, in turn, this allows us to both weather the current challenging economic conditions but, most importantly, develop the business for the future.

The club does not pay the interest on the debt, just accumulates it - it shows that the owners are not profiting from the club.

While UBIG is a well resourced and financed multi-national organisation our positive funding arrangement does not mean that we are ambivalent in our management of Hearts. The onus is to ensure Hearts is run efficiently and is maximising its revenue generating opportunities.

UBIG offered a 'funding-for-equity' deal previously to reduce the club's debt by £12m in July 2007, do you think this would be an option again in the future?

Yes. At present we are considering and assessing plans for a further funding-for-equity deal which is realistic.

Is UBIG still fully committed to Hearts?

It is 'fact' that UBIG is 100% behind the club and its future development plans. UBIG has been an essential backer and partner of Hearts since the outright purchase of the club in February 2005. In the five years we have been at the club and we have achieved some success and at some times were deprived of success, but at all times we remain committed to the club. If you look at the board of the club, closest representatives of the owner are there and it shows the level of importance and commitment.

Since we came in the financial situation has been solid. All payments are ok at the club. The players are paid for five years since we have bought the club and the bonuses are paid when the team deserves a bonus.

UBIG provides funding for the club along with a range of other resources such as business expertise, connections to other football organisations and business contacts. This is evidenced in our ongoing planning for the Tynecastle stadium redevelopment, our bank development and other projects and business opportunities in Edinburgh.

Hearts enjoys an excellent relationship with UBIG and as long as Hearts maintains a focus on operational efficiencies and progressing the club in business development terms then we can look forward to many more years of support from the organisation.

And what about Ukio Bankas, the club's bankers, how do you view that relationship in light of the pressures being faced by financial institutions?

Ukio Bankas maintains ambitious development plans and the bank remains profitable unlike most others in UK and elsewhere in Europe. Ukio Bankas is a very supportive partner of the club. For example, our banking relationship ensures that Hearts receives first class quality and timely service.

Does the economic climate prohibit Hearts from securing further investment funding for projects such as the stadium redevelopment?

We are working to deliver an investment solution that will allow us to generate a profit for the club from an enhanced stadium which provides the best spectator experience.

We continue to envisage a redeveloped stadium at Tynecastle which provides great benefits to the club and its supporters. External funding is not a necessary element of our future strategy but we remain open minded about partnership opportunities that will help develop the club. We are currently assessing certain investment options and we believe that we are making good progress in this area.

What can we expect from the forthcoming Annual Results?

We will be issuing our annual results in the early part of next year and they are in line with expectations. We expect to demonstrate significant savings in key operational areas.

[robinp]

Great signature robinp :faf:
When they went into admin, it replaced my original signature.....which was this little beauty:

That's an application! (http://www.heartsfc.co.uk/articles/20080116/thats-an-application_2241749_1216908)

http://www.heartsfc.co.uk/javaImages/c7/ec/0,,10289~3534023,00.jpg


Hearts: the gift that keeps on giving! :aok:

[HIBERNIAN-0762]

Sorry if this has been posted elsewhere but I see they have failed in another (back door) attempt to get gonzo back in, will they ever give up?

http://www.edinburghnews.scotsman.com/sport/football/hearts/hearts-hibs-round-up-rudi-skacel-derby-tickets-1-3344072

:na na:

[greenginger]

Here is the report on today's meeting,

http://translate.googleusercontent.com/translate_c?depth=1&hl=en&prev=/search%3Fq%3Dukio%2Bbankas%2B15min%26client%3Dfire fox-a%26hs%3DpCe%26rls%3Dorg.mozilla:en-US:official%26channel%3Dsb&rurl=translate.google.com&sl=lt&u=http://www.15min.lt/naujiena/verslas/bendroves/ukio-banko-kreditoriai-issirinko-7-nariu-komiteta-663-413005&usg=ALkJrhhhZFQhy0metImb9iyaX5Rf-XM4sw


Yams get a short mention and seem to be least problematic part of the Ukio process. Can't see any mention of next meeting.

[jacomo]

When they went into admin, it replaced my original signature.....which was this little beauty:

That's an application! (http://www.heartsfc.co.uk/articles/20080116/thats-an-application_2241749_1216908)

http://www.heartsfc.co.uk/javaImages/c7/ec/0,,10289~3534023,00.jpg


Hearts: the gift that keeps on giving! :aok:

I remember the day well. I pitched into a 'debate' on the Scotsman forum - it was chock full of Believers bragging about how the future was maroon, shouting down anyone who expressed any doubts.

Plus ça change, plus c'est la même chose.

[Sergey]

Here is the report on today's meeting,

http://translate.googleusercontent.com/translate_c?depth=1&hl=en&prev=/search%3Fq%3Dukio%2Bbankas%2B15min%26client%3Dfire fox-a%26hs%3DpCe%26rls%3Dorg.mozilla:en-US:official%26channel%3Dsb&rurl=translate.google.com&sl=lt&u=http://www.15min.lt/naujiena/verslas/bendroves/ukio-banko-kreditoriai-issirinko-7-nariu-komiteta-663-413005&usg=ALkJrhhhZFQhy0metImb9iyaX5Rf-XM4sw


Yams get a short mention and seem to be least problematic part of the Ukio process. Can't see any mention of next meeting.

The story I'm reading opens with this paragraph,


An administrator failed bank Adomonis Amber claims that the bankruptcy process is drowning in legal disputes. The first meeting of creditors Economy Bank on Tuesday he said he could not confirm that the settlement with all creditors...

[Weststandwanab]

Here is the report on today's meeting,

http://translate.googleusercontent.com/translate_c?depth=1&hl=en&prev=/search%3Fq%3Dukio%2Bbankas%2B15min%26client%3Dfire fox-a%26hs%3DpCe%26rls%3Dorg.mozilla:en-US:official%26channel%3Dsb&rurl=translate.google.com&sl=lt&u=http://www.15min.lt/naujiena/verslas/bendroves/ukio-banko-kreditoriai-issirinko-7-nariu-komiteta-663-413005&usg=ALkJrhhhZFQhy0metImb9iyaX5Rf-XM4sw


Yams get a short mention and seem to be least problematic part of the Ukio process. Can't see any mention of next meeting.

Oh dear !

Has someone told the Yams ?

[greenpaper55]

http://www.heartsfc.co.uk/javaImages/82/49/0,,10289~3361154,00.jpg

:faf:, Talk about the field of dreams !.

[jacomo]

Sorry if this has been posted elsewhere but I see they have failed in another (back door) attempt to get gonzo back in, will they ever give up?

http://www.edinburghnews.scotsman.com/sport/football/hearts/hearts-hibs-round-up-rudi-skacel-derby-tickets-1-3344072

:na na:

That story contains this little nugget too:


Hearts raid fears

Gary Locke fears other clubs coming in to swoop for his young squad as the exit from administration drags on.

A total of 12 players are out of contract this summer, and renegotiations can’t begin until the club has been handed over by BDO.

Gary Locke needn't worry about this at all. He'll be looking for a new job in the summer whatever happens.

[Jack Hackett]

Oh dear !

Has someone told the Yams ?

We've been telling the yams for years but it goes in one ear and straight out the other.....nothing to stop the progress you see


....Oh! and 5-1, 1902 etc etc blahblahblah

[Kojock]

Saw this snippet from today's meeting. Anyone know what it means.
Sounds Scottish football club Hearts managing the company's "Heart of Midlothian Plc Debt Economy Bank seeks to 61.6 million. LTL. All interested parties are covered by the decision of the creditors' peaceful way of an agreement. High probability that the bank will recover part of the loan.

[kdhibees1]

http://www.heartsfc.co.uk/javaImages/82/49/0,,10289~3361154,00.jpg

:faf:, Talk about the field of dreams !.
http://s28.postimg.org/44k2y6dzh/hearts_stadium_from_pitch_heartsfc_310807.jpg

[Gus Fring]

Saw this snippet from today's meeting. Anyone know what it means.
Sounds Scottish football club Hearts managing the company's "Heart of Midlothian Plc Debt Economy Bank seeks to 61.6 million. LTL. All interested parties are covered by the decision of the creditors' peaceful way of an agreement. High probability that the bank will recover part of the loan.

My reading of that is that Hearts are due 61.6 Million Lita's (about £15m) and the Administrator of UKIO and BDO have come to a peaceful agreement (the CVA) and they will recover at least some of the debt (The money from the CVA).

[poolman]

Oh I do, every time it happens. I don't want to be liked by Kickback. I don't even really want them to be accurate. I enjoy posting something then reading them trying to convince themselves it's nonsense and then wait a few days or weeks for me to be proved right. It's happened a lot.

It reminds me of that scene in Still Game where the old duffers are walking over the ice. Each one thinks "Nah, I'm no daft, I'll make it over the icy bit, just you watch" and then BAM! every single one of them falls flat on their erse whilst I watch from afar, laughing.


Your definitely not the flavour of the month over the road Baj :greengrin



Baj is a bit like the Hibs version of Phil Ma Gobble Giver, he talks some ***** and what he doesn't know he makes up, which is pretty much everything.

The same way some Celtic fans believe his every word, Baj the raj has the same influence of the Easter Rodents.

I wonder if he'll go underground when we come out of this at the other end and his credibility is buried along side the Hearts underneath the Mecanno constructed and often empty East Stand.


Keep up the good wotk Baj :thumbsup:

[jacomo]

Saw this snippet from today's meeting. Anyone know what it means.
Sounds Scottish football club Hearts managing the company's "Heart of Midlothian Plc Debt Economy Bank seeks to 61.6 million. LTL. All interested parties are covered by the decision of the creditors' peaceful way of an agreement. High probability that the bank will recover part of the loan.

TBH, no idea, but if you were a Hearts supporter you'd probably see a wee glimmer of hope in that statement, as it indicates a willingness to accept the CVA.

There is also a high probability that the bank will recover part of the loan if HMFC are liquidated though, so maybe a little early to celebrate.

[AinsterHibs]

Here is the report on today's meeting,

http://translate.googleusercontent.com/translate_c?depth=1&hl=en&prev=/search%3Fq%3Dukio%2Bbankas%2B15min%26client%3Dfire fox-a%26hs%3DpCe%26rls%3Dorg.mozilla:en-US:official%26channel%3Dsb&rurl=translate.google.com&sl=lt&u=http://www.15min.lt/naujiena/verslas/bendroves/ukio-banko-kreditoriai-issirinko-7-nariu-komiteta-663-413005&usg=ALkJrhhhZFQhy0metImb9iyaX5Rf-XM4sw


Yams get a short mention and seem to be least problematic part of the Ukio process. Can't see any mention of next meeting.

Love the translation:

Russian company "Russian loaf of Moscow owns a large commercial building. The company's debt Economy Bank of more than 207.3 million. LTL....."

Tickety, tockety, boom!:greengrin

[GreenLake]

http://www.heartsfc.co.uk/javaImages/82/49/0,,10289~3361154,00.jpg

:faf:, Talk about the field of dreams !.

field of reams would be more appropriate.

[jacomo]

Your definitely not the flavour of the month over the road Baj :greengrin



Baj is a bit like the Hibs version of Phil Ma Gobble Giver, he talks some ***** and what he doesn't know he makes up, which is pretty much everything.

The same way some Celtic fans believe his every word, Baj the raj has the same influence of the Easter Rodents.

I wonder if he'll go underground when we come out of this at the other end and his credibility is buried along side the Hearts underneath the Mecanno constructed and often empty East Stand.


Keep up the good wotk Baj :thumbsup:

'Rodents'. Charmed, so I am.

[Jack Hackett]

http://s28.postimg.org/44k2y6dzh/hearts_stadium_from_pitch_heartsfc_310807.jpg


:faf:

[greenpaper55]

TBH, no idea, but if you were a Hearts supporter you'd probably see a wee glimmer of hope in that statement, as it indicates a willingness to accept the CVA.

There is also a high probability that the bank will recover part of the loan if HMFC are liquidated though, so maybe a little early to celebrate.

It still does not give them the shares.

[Kato]

So after todays veryimportantmeeting the have moved towards getting out of admin not a jot.

When's the next veryimportantmeeting?

[jacomo]

It still does not give them the shares.

Indeed not. Nor does it progress things on at all.

[HIBERNIAN-0762]

http://s28.postimg.org/44k2y6dzh/hearts_stadium_from_pitch_heartsfc_310807.jpg


:hilarious

[Hermit Crab]

So after today are they any further forward to coming out of admin, that is the question???:dunno:

[Gus Fring]

So after today are they any further forward to coming out of admin, that is the question???:dunno:

No. If anything they are less further forward. Another day passed with no movement means another day closer to liquidation

[Dashing Bob S]

I can honestly say that after today I am more optimistic and upbeat about the future of Hearts than ever.

[GreenLake]

Sideshow Bob might be getting a consortium together for a liquidation sale. That might be the only route for some Jambo supporter representation since Budge is taking 100% control if the CVA goes through. Liquidation might not be as bad an option for the pioneers of fan ownership.

[blackpoolhibs]

I can honestly say that after today I am more optimistic and upbeat about the future of Hearts than ever.



:tee hee:

[Gus Fring]

Sideshow Bob might be getting a consortium together for a liquidation sale. That might be the only route for some Jambo supporter representation since Budge is taking 100% control if the CVA goes through. Liquidation might not be as bad an option for the pioneers of fan ownership.

I doubt it. He couldn't provide proof of funding to BDO it's unlikely he'd be able to provide it to a liquidator. He'd need to raise a lot more money as well

[CropleyWasGod]

TBH, no idea, but if you were a Hearts supporter you'd probably see a wee glimmer of hope in that statement, as it indicates a willingness to accept the CVA.

There is also a high probability that the bank will recover part of the loan if HMFC are liquidated though, so maybe a little early to celebrate.

If there is a willingness, it's on the part of the administrator. Accepting it would make his job easier.

However, it's not his call. It's effectively, the State Insurance people who will decide.

[Kato]

I can honestly say that after today I am more optimistic and upbeat about the future of Hearts than ever.

There's still the (outside) chance that slime will win the day. That "hooligan/chemical spillage/asbestos ridden section in the agenda for today's non-event shows that slime is seeping in the background. How anyone can be so gullible as to think that those aspects would scupper selling the land on is beyond me. Saying that those working on the Lithuanian side will hard-nosed, so maybe their slime is just stringing the plums slime along before whipping the carpet from underneath them.

Heart of Midlothian, the Arse and Hole of Edinburgh.

[Hermit Crab]

No. If anything they are less further forward. Another day passed with no movement means another day closer to liquidation

Good


I can honestly say that after today I am more optimistic and upbeat about the future of Hearts than ever.

I'm wet also


There's still the (outside) chance that slime will win the day. That "hooligan/chemical spillage/asbestos ridden section in the agenda for today's non-event shows that slime is seeping in the background. How anyone can be so gullible as to think that those aspects would scupper selling the land on is beyond me. Saying that those working on the Lithuanian side will hard-nosed, so maybe their slime is just stringing the plums slime along before whipping the carpet from underneath them.

Heart of Midlothian, the Arse and Hole of Edinburgh.

Effing hope not.

[Kato]

Sideshow Bob might be getting a consortium together for a liquidation sale. That might be the only route for some Jambo supporter representation since Budge is taking 100% control if the CVA goes through. Liquidation might not be as bad an option for the pioneers of fan ownership.

On the face of it a pretty good outcome for them, even though they'd lose their SPFL place and zero guarantee they'd be parachuted into the 4th tier a bit too late for it all to happen really. Sideshow owning their hovel with A Budge owning the club with no in which to ply their trade would be funny though, instant emergency with loads of official sounding meetings; cardigans, minute books and headed notepaper flying all over the place.

[Kato]

Effing hope not.

Never underestimate slime - even low-grade slime like what they have got {yes Lord Faults, I'm looking at you}.

[Pedantic_Hibee]

Allow me to chuck in my prediction....they won't be liquidated.

[Dashing Bob S]

There's still the (outside) chance that slime will win the day. That "hooligan/chemical spillage/asbestos ridden section in the agenda for today's non-event shows that slime is seeping in the background. How anyone can be so gullible as to think that those aspects would scupper selling the land on is beyond me. Saying that those working on the Lithuanian side will hard-nosed, so maybe their slime is just stringing the plums slime along before whipping the carpet from underneath them.

Heart of Midlothian, the Arse and Hole of Edinburgh.

I remain optimistic that liquidation will eradicate the long standing slime problems in this area.

[Weststandwanab]

Allow me to chuck in my prediction....they won't be liquidated. Allow me mine They will get liquidated.

[NorthNorfolkHFC]

12198

I thought this was taken fresh after the balotelli brothers recent sexual shenanigans.

However, somebody just informed them that Hearts were exiting admin.


"Kommen sie bitte und listen to Kraftwerk!"

[Pedantic_Hibee]

Allow me mine They will get liquidated.

I hope you win the title in our two-man prediction league.

[GreenLake]

Allow me mine They will get liquidated.

I think they will be liquistrated and become the financial eunuchs of Scottish Football.

[Dashing Bob S]

I confidently believe Hearts will exit administration at the end of this season.

[Kato]

I confidently believe Hearts will exit administration at the end of this season.


....and the asbestos door will hit them on their wiy oot.

[weonlywon6-2]

Allow me to chuck in my prediction....they won't be liquidated.

i doubt it as well,ann budge is in the background with the money to help them through,disappointing though

[SurferRosa]

i doubt it as well,ann budge is in the background with the money to help them through,disappointing though

She would have to kiss goodbye to the cash then as while they are in administration, my understanding is that BDO cant take on any debt. Given the conditions she`s placed on her 'prospective' loan already, i`d doubt if she`d be willing to just piss away a few hundred grand.

[CropleyWasGod]

i doubt it as well,ann budge is in the background with the money to help them through,disappointing though

Through to what?

[Weststandwanab]

I hope you win the title in our two-man prediction league. Thank you I appreciate the support.


I confidently believe Hearts will exit administration at the end of this season. And go straight to the big L ?


i doubt it as well,ann budge is in the background with the money to help them through,disappointing though She may well be the main beneficiary of Liquidation.

[Www1875hfc]

I confidently believe Hearts will exit administration at the end of this season.

12199

[kdhibees1]

http://s29.postimg.org/x90vin7iv/1234555.jpg

[Seveno]

Saw this snippet from today's meeting. Anyone know what it means.
Sounds Scottish football club Hearts managing the company's "Heart of Midlothian Plc Debt Economy Bank seeks to 61.6 million. LTL. All interested parties are covered by the decision of the creditors' peaceful way of an agreement. High probability that the bank will recover part of the loan.

I am am not convinced that anyone has explained this away yet. Can we have an explanation as to why this is not potentially good news for the yams.

[CropleyWasGod]

I am am not convinced that anyone has explained this away yet. Can we have an explanation as to why this is not potentially good news for the yams.

What is contained in that report is the administrator's view.

It's not his call, though, whether the CVA is approved. That's down to the main creditor of UKIO, the State insurance chappies.

[Kato]

State insurance chappies.

For all those lovely Hearts fans looking in...
The above are the people you have to address as "Mr/Mrs" for the time being.

[Peevemor]

I am am not convinced that anyone has explained this away yet. Can we have an explanation as to why this is not potentially good news for the yams.

The bank aren't the yams' problem - Jackson announced that an agreement in principal had been reached with them a couple of months ago. The stumbling block is still the UBIG shareholding which remains frozen (together with all their assets) pending investigation by the Lith authorities.

[clerriehibs]

For all those lovely Hearts fans looking in...
The above are the people you have to address as "Mr/Mrs" for the time being.


:tee hee:

[Seveno]

What is contained in that report is the administrator's view.

It's not his call, though, whether the CVA is approved. That's down to the main creditor of UKIO, the State insurance chappies.

Thanks, CWG. I'll sleep better tonight.

[Dashing Bob S]

For all those lovely Hearts fans looking in...
The above are the people you have to address as "Mr/Mrs" for the time being.

I can't see Mr and Mrs Lithuanian State Insurance being difficult to deal with. Plain sailing from now on in.

[CropleyWasGod]

The bank aren't the yams' problem - Jackson announced that an agreement in principal had been reached with them a couple of months ago. The stumbling block is still the UBIG shareholding which remains frozen (together with all their assets) pending investigation by the Lith authorities.

The bank are a problem, in that their creditors (ie Mr and Mrs State Insurance) haven't yet approved the CVA. The agreement was with the administrator, and it isn't his call.

Conversely, getting the agreement of the UBIG creditors will be, IMO, the easiest of the 3 requirements.

[Peevemor]

The bank are a problem, in that their creditors (ie Mr and Mrs State Insurance) haven't yet approved the CVA. The agreement was with the administrator, and it isn't his call.

Conversely, getting the agreement of the UBIG creditors will be, IMO, the easiest of the 3 requirements.

Obviously nothing in the process is a given, but is their biggest problem not that nothing (apart from liquidation) can happen until UBIG's assets are unfrozen, and nobody knows when this might happen?

[CropleyWasGod]

Obviously nothing in the process is a given, but is their biggest problem not that nothing (apart from liquidation) can happen until UBIG's assets are unfrozen, and nobody knows when this might happen?

Yep, that's the biggest problem.

Getting the UKIO creditors to agree the CVA is the second.
Getting the UBIG creditors to agree the share transfer is, IMO, the easiest.

All 3 are necessary to exit admin.

[Ozyhibby]

The bank are a problem, in that their creditors (ie Mr and Mrs State Insurance) haven't yet approved the CVA. The agreement was with the administrator, and it isn't his call.

Conversely, getting the agreement of the UBIG creditors will be, IMO, the easiest of the 3 requirements.

I don't think they will have a problem getting agreement from either. It's time that's the factor.
And the frozen shares.
:-)

[Weststandwanab]

I don't think they will have a problem getting agreement from either. It's time that's the factor.
And the frozen shares.
:-) Correct.

It is the time delays which will mean the cash runs out which will result in the big L.

[Dashing Bob S]

Correct.

It is the time delays which will mean the cash runs out which will result in the big L.

They probably really need something to happen by the end of next week or they'll declare liquidation. Even then, it may already be too late.

[Sergey]

They probably really need something to happen by the end of next week or they'll declare liquidation. Even then, it may already be too late.

I'm not normally one to post on this sort of speculation thread, but I seem to recall 'out of admin by Christmas' being mentioned last year - then it was Jan - then Feb - then March - then April - now it seems to be May.

I really must try to keep up - I don't have a clue as to what's happening.

[kdhibees1]

I'm not normally one to post on this sort of speculation thread, but I seem to recall 'out of admin by Christmas' being mentioned last year - then it was Jan - then Feb - then March - then April - now it seems to be May.

I really must try to keep up - I don't have a clue as to what's happening.
You really are an amateur! Keep up, son!:cb

[JeMeSouviens]

It's in the proposal to creditors of July 26 2013.


That in the event there are sufficient funds to enable a payment by way of distribution to unsecured creditors then we, as Joint Administrators, will cause the Company to be placed into Creditors’ Voluntary Liquidation, with Bryan Alan Jackson, Trevor Nigel Birch and James Bernard Stephen being appointed as Joint Liquidators, by filing the requisite forms with the Registrar of Companies pursuant to Paragraph 83 of Schedule B1 to the Insolvency Act 1986.

[JeMeSouviens]

I'm not normally one to post on this sort of speculation thread, but I seem to recall 'out of admin by Christmas' being mentioned last year - then it was Jan - then Feb - then March - then April - now it seems to be May.

I really must try to keep up - I don't have a clue as to what's happening.

At one point they were going to be out of admin, debt free and signing players in the August window. :greengrin

[fat freddy]

It's in the proposal to creditors of July 26 2013.

I noticed on your link that Brian Jackson is named as Brian Alan Jackson....BAJ. Is anyone thinking what Im thinking?

[Weststandwanab]

They probably really need something to happen by the end of next week or they'll declare liquidation. Even then, it may already be too late.It is too late already IMO


I'm not normally one to post on this sort of speculation thread, but I seem to recall 'out of admin by Christmas' being mentioned last year - then it was Jan - then Feb - then March - then April - now it seems to be May.

I really must try to keep up - I don't have a clue as to what's happening. Standards are slipping ere.


It's in the proposal to creditors of July 26 2013. Good spot.


At one point they were going to be out of admin, debt free and signing players in the August window. :greengrin Which August though ?


I noticed on your link that Brian Jackson is named as Brian Alan Jackson....BAJ. Is anyone thinking what Im thinking? No........

[jacomo]

I noticed on your link that Brian Jackson is named as Brian Alan Jackson....BAJ. Is anyone thinking what Im thinking?

Bajillions always denies his source is Brian Jackson. But has he ever denied he IS Brian Jackson?

You join the dots and... Wow. I hope none of The Famous read this tonight, or the whole thing might get rumbled.

[greenginger]

Another Lith. news article covering the meeting. Nothing new in the text, but there is a good slide show of pictures taken at the meeting.


http://www.lrytas.lt/-13951312891394586565-%C5%ABkio-banko-kreditoriai-i%C5%A1sigand%C4%99-tik-v-romanovas-ramus.htm#.UyjiLqh_tig

Nobody seems very happy .

[Sergey]

Another Lith. news article covering the meeting. Nothing new in the text, but there is a good slide show of pictures taken at the meeting.


http://www.lrytas.lt/-13951312891394586565-%C5%ABkio-banko-kreditoriai-i%C5%A1sigand%C4%99-tik-v-romanovas-ramus.htm#.UyjiLqh_tig

Nobody seems very happy .

Since Vlad systematically closed their textile industry, one poor sod still has a reindeer jumper on.

Al the best GG

Bajillions

[Nailrod]

I'm keeping a careful watch on this thread... I'm hoping to score the SIX MILLIONTH view!!!!

:wink:

[crewetollhibee]

Another Lith. news article covering the meeting. Nothing new in the text, but there is a good slide show of pictures taken at the meeting.


http://www.lrytas.lt/-13951312891394586565-%C5%ABkio-banko-kreditoriai-i%C5%A1sigand%C4%99-tik-v-romanovas-ramus.htm#.UyjiLqh_tig

Nobody seems very happy .

REAL people, suffering REAL hardship; all so the yams could pursue their 'Big Team' pipe-dream. This is their shame, and very soon, their epitaph.

[GreenLake]

REAL people, suffering REAL hardship; all so the yams could pursue their 'Big Team' pipe-dream. This is their shame, and very soon, their epitaph.

:top marks

[Jack]

Another Lith. news article covering the meeting. Nothing new in the text, but there is a good slide show of pictures taken at the meeting.


http://www.lrytas.lt/-13951312891394586565-%C5%ABkio-banko-kreditoriai-i%C5%A1sigand%C4%99-tik-v-romanovas-ramus.htm#.UyjiLqh_tig

Nobody seems very happy .

Never seen such a dull set of photos in my puff, an empty cloakroom FFS! I think the only decent one was towards the end where 3 folk had walked out because there were no biscuits!

[macca70]

Another Lith. news article covering the meeting. Nothing new in the text, but there is a good slide show of pictures taken at the meeting.


http://www.lrytas.lt/-13951312891394586565-%C5%ABkio-banko-kreditoriai-i%C5%A1sigand%C4%99-tik-v-romanovas-ramus.htm#.UyjiLqh_tig

Nobody seems very happy .

12 comments added under the article, wonder if there is anything of any interest in there.

Would be interesting to get this translated and posted up?

'What are your thoughts on Heart of Midlothian Football Club blatantly overspending and wasting UKIO Bank Customers hard earned savings and their fans continue to hail Vladimir Romanov as a Hero?'

[s.a.m]

12 comments added under the article, wonder if there is anything of any interest in there.

Would be interesting to get this translated and posted up?

'What are your thoughts on Heart of Midlothian Football Club blatantly overspending and wasting UKIO Bank Customers hard earned savings and their fans continue to hail Vladimir Romanov as a Hero?'

I can save everyone the bother:

"5-1"

"1902"

"Killed you as a club"

"Methadone swilling drugs ridden hobos"

"Please Mr eh...Somebody...can we have the shares?"

"You don't need to ask them - it's in the bag!"

"Who are you? I think you have the wrong forum?"

"I'm an MP from the UK blah blah..."

[Jim44]

I am am not convinced that anyone has explained this away yet. Can we have an explanation as to why this is not potentially good news for the yams.

Because Stuart Bathgate hasn't pounced on it and splashed it over the back page of the Scotsman. :-)

[Kaiser1962]

They probably really need something to happen by the end of next week or they'll declare liquidation. Even then, it may already be too late.

Maybe not next week but it must be getting close.

[Kaiser1962]

It is too late already IMO




What is "pleasing" is that the bean counters on this board are generally of the same opinion. Overall suggestion is, and has been for a while now, that liquidation is the most likely outcome.

This is supported by the posts of both Sergey and Bajillions.

For any Yams looking in as I said , PLEASING.

[Weststandwanab]

What is "pleasing" is that the bean counters on this board are generally of the same opinion. Overall suggestion is, and has been for a while now, that liquidation is the most likely outcome.

This is supported by the posts of both Sergey and Bajillions.

For any Yams looking in as I said , PLEASING. I have been of that opinion since the start of the season because, IMO, they will simply run out of cash.

CWG and others has, on occasion, made excellent points which have caused me to pause and think but am still of the same opinion the only way forward is the big L unless Budge opens the purse strings and, in my experience, people with her wealth are not known for acts of financial folly.

To the large number of Yam visitors, wake up, get Plan B out of the closet and get going with Newco Jambos which hopefully will see derbies return in a few seasons.

[CropleyWasGod]

It's in the proposal to creditors of July 26 2013.

Thanks for that :aok:

[Ronniekirk]

I have been of that opinion since the start of the season because, IMO, they will simply run out of cash.

CWG and others has, on occasion, made excellent points which have caused me to pause and think but am still of the same opinion the only way forward is the big L unless Budge opens the purse strings and, in my experience, people with her wealth are not known for acts of financial folly.

To the large number of Yam visitors, wake up, get Plan B out of the closet and get going with Newco Jambos which hopefully will see derbies return in a few seasons.
Don't think they will run out of cask as home game this week and derby hot on its heels If they get to split the consensus has been somehow there will be the will to make sure fixtures get completed So I think big L wouldn't happen till then and they will be planning for this depending on Brian Jackson s trip to Lithuania which unsurprisingly hasn't had a lot of coverage as there isn't a lot to Report .

[HappyAsHellas]

This is the google translate translation which gives the general gist of things: (Romanov in hiding, one unholy mess!)


For twelve thousand litas An Bank shares acquired from Kaunas middle age has not been admitted to the creditors' meeting , which began on Tuesday morning Kaunas " Girstutis theater hall.
It turned out that it was reported about the meeting or about the procedure to get the list of creditors . Most version lryts.lt interviewed depositors, even former employees of the Bank of Economy said with little hope to recover the money and threw the criticisms of a former Bank An investment group ( ŪBIG ) Vladimir Romanov .

The meeting must elect a creditors' committee of 7 members.

Even the 5 local creditors' committee under the state company Deposit and Investment Insurance. Market Committee members will also be offered Bank An employee representative and Sarunas Kraujalis company " Lifodas .

Kaunas district court bankruptcy proceedings Economy Bank raised the 2013 May 2nd. Last year, on October 17, the same court upheld the bank's overall financial creditors and the amount, which represents 1,439 billion . LTL .

The largest part of the financial requirements of the obligations of the second row to the creditor state company Deposit and Investment Insurance - 801 million . LTL .

One Economy 's ownership , the controversial businessman Vladimir Romanov , who is going to bring the prosecution allegations , currently in hiding abroad . ˙

He spared no criticism , and many of the creditors' meeting on Tuesday hurrying to depositors .

"For all the family savings shares purchased for 30 thousand , it is unlikely they will get back to the end of his life , if it is designed in such a way as Snoras case - feared 64 years Kaunas Richard.

More encouraging retired cherished Julia, saying : "Maybe the state will not hurt seniors ? Bank believed so much money that I Soci old age and this one has grandchildren . If money would not be reinstated , I will remain with nothing ."
era dressed man , introduced himself as a former bank employee, reluctantly went to the languages ​​with the journalist . but hid grievances and accusing the former owner Vladimir Romanov actual bank , " he and other people, and us , the bank employees as enchanted , convinced that the bank is stable , bankruptcy threatened . inflated deposits here , buy shares , do not know when and how much money will be able to recover , " - said the gentleman .

Very disappointed with the middle-aged from Kaunas to have documentation showing that it has acquired the shares Economy Bank for 12 thousand.

It has not only been admitted to the hall and not included in the list of creditors , but they are still required to pay a fee for storage žlugusiame deposit in the bank.

"I know I did nothing that had to write a request to add me to the list of creditors submitted claims. Accidentally found out about the meeting , daughter found on the Internet. Unfamiliar with what to do now " - terrified woman tried to comfort himself .

A three-hour meeting , as planned, elected seven members of the creditors' committee . Meeting was attended by 85 lenders and 174 creditors voted in writing , but account for only 9.4 per cent . all the requirements.

During the meeting, proposals have been made as a result of the number of committee members , both on specific candidates , but they are not approved.

Agricultural Bank trustee Amber Adomonis by 10 months activity report and announced plans to continue the process of selling the bank's assets .

" The biggest value of the assets in which aspiring An Bank is a foreign country. Both on the structure of the transaction and on the same estate in the specifics of this are complicated processes , the success of which will depend on many factors ," - said G.Adomonis . Bank estate search extends to Russia , Ukraine, Scotland , Bosnia and Herzegovina .

[greenginger]

Don't think they will run out of cask as home game this week and derby hot on its heels If they get to split the consensus has been somehow there will be the will to make sure fixtures get completed So I think big L wouldn't happen till then and they will be planning for this depending on Brian Jackson s trip to Lithuania which unsurprisingly hasn't had a lot of coverage as there isn't a lot to Report .


They are burning about £ 100,000 a week so it won't last too long.

However the Merricks have not started mortgaging their houses or selling their children yet so there must be hope for them. :greengrin

[Ozyhibby]

Three things they still need.
1. Ukio creditors to approve the CVA.
2. Ubig to arrange a creditors meeting and then agree to the share transfer.
3. The Shares to be unfrozen by Kaunas district court.

[Craig_in_Prague]

Three things they still need.
1. Ukio creditors to approve the CVA.
2. Ubig to arrange a creditors meeting and then agree to the share transfer.
3. The Shares to be unfrozen by Kaunas district court.

This all happened during Dec-13 don't you know? Hearts are now debt free and the Levein / Houston dream team are lining up big summer signings as they fight it out with their new rivals celtic for the title next season.

5-1. 1902.

[Dashing Bob S]

I have been of that opinion since the start of the season because, IMO, they will simply run out of cash.

CWG and others has, on occasion, made excellent points which have caused me to pause and think but am still of the same opinion the only way forward is the big L unless Budge opens the purse strings and, in my experience, people with her wealth are not known for acts of financial folly.

To the large number of Yam visitors, wake up, get Plan B out of the closet and get going with Newco Jambos which hopefully will see derbies return in a few seasons.

I've always seen 'lickers' as a likely destination on this journey they've set themselves on. I see the glamour of portakabins, wind swept parks, cake sales and raffles as very much their staple fare over the next decade. I have a suspicion though, that a Newco will still be less painless than the alternative as it will be a new company and not bound by any findings of the criminal investigations into the Romanov empire. Always had the gut feeling that these may bring further gloom for Hearts associates.

[Mikey]

To the large number of Yam visitors, wake up, get Plan B out of the closet and get going with Newco Jambos which hopefully will see derbies return in a few seasons.

Agreed. They should be working on a plan for the worst case scenario just to make sure they're playing somewhere, and in some league, next season.

The longer they waste their time pouring scorn on hibs.net posters who have been pretty much spot on all the way along the more chance they won't be playing at all next season.

[Deansy]

At one point they were going to be out of admin, debt free and signing players in the August window. :greengrin

You forgot -

(Posted approx 1-2 weeks before the start of the season)

"with guaranteed full-houses every game, coupled with our young players talent and energy, I can see us vying for our usual European-slot"


Can the game really afford to lose the endless amounts of material these muppets supply ??

[Dashing Bob S]

Agreed. They should be working on a plan for the worst case scenario just to make sure they're playing somewhere, and in some league, next season.

The longer they waste their time pouring scorn on hibs.net posters who have been pretty much spot on all the way along the more chance they won't be playing at all next season.

Disagree. If it really does hinder their chances of playing next season then I'd suggest that pouring scorn on Hibs.net is indeed the optimum use of their time.

[Dashing Bob S]

You forgot -

(Posted approx 1-2 weeks before the start of the season)

"with guaranteed full-houses every game, coupled with our young players talent and energy, I can see us vying for our usual European-slot"


Can the game really afford to lose the endless amounts of material these muppets supply ??

I think they will just be spreading their unique brand of ironic supremacist humour to the lower divisions where it will be appreciated.

[jacomo]

REAL people, suffering REAL hardship; all so the yams could pursue their 'Big Team' pipe-dream. This is their shame, and very soon, their epitaph.

I'm sure there will be a collective swelling of pride from the Yams as they consider those poor families who entrusted Romanov with their life savings and are now very unlikely to get their money back.

'Grandad, I really don't think you'll ever see the savings you built up over a lifetime again. The crook has vanished.'

'Yup, makes me sick with worry thinking about it. Still, 5-1 eh?'

[Sergey]

Disagree. If it really does hinder their chances of playing next season then I'd suggest that pouring scorn on Hibs.net is indeed the optimum use of their time.

I fully expect the next Oxfam advert to feature a Hearts fan looking mournfully into the distance with the headline "From as a little as two pounds a month, you can change their miserable little lives so that all Yams can dream on"

What fair minded person wouldn't contribute, especially as they've already suffered the tragedy of seeing their club die right in front of them.

[Weststandwanab]

Don't think they will run out of cask as home game this week and derby hot on its heels If they get to split the consensus has been somehow there will be the will to make sure fixtures get completed So I think big L wouldn't happen till then and they will be planning for this depending on Brian Jackson s trip to Lithuania which unsurprisingly hasn't had a lot of coverage as there isn't a lot to Report . I did not predict when they will run out of cash and with homes games coming perhaps not this month but without SPFL financial assistance getting to the end of this season I think is in serious doubt.


They are burning about £ 100,000 a week so it won't last too long.

However the Merricks have not started mortgaging their houses or selling their children yet so there must be hope for them. :greengrin Indeed that is why, like Sevco 5088 they will run out of cash eventually.


Three things they still need.
1. Ukio creditors to approve the CVA.
2. Ubig to arrange a creditors meeting and then agree to the share transfer.
3. The Shares to be unfrozen by Kaunas district court. Absolutely spot on and in the meantime the cash is burning.


Agreed. They should be working on a plan for the worst case scenario just to make sure they're playing somewhere, and in some league, next season.

The longer they waste their time pouring scorn on hibs.net posters who have been pretty much spot on all the way along the more chance they won't be playing at all next season. The plan B will have been made last year they just won't admit it or tell Murray.


Disagree. If it really does hinder their chances of playing next season then I'd suggest that pouring scorn on Hibs.net is indeed the optimum use of their time. Brilliant !

[Aldo]

Don't think they will run out of cask as home game this week and derby hot on its heels If they get to split the consensus has been somehow there will be the will to make sure fixtures get completed So I think big L wouldn't happen till then and they will be planning for this depending on Brian Jackson s trip to Lithuania which unsurprisingly hasn't had a lot of coverage as there isn't a lot to Report .

I am more than certain that if they were any further forward after his trip to Lithland then it would of been shouted from the rooftops.

The silence from BJ/BDO/Banderson/FOF is deafing and must raise concerns as to their future.

As others have mentioned if they are still in admin come the end of the season I find it difficult to believe try will be out of it before the new season starts. No money... No players etc.

They are ****** and after a seasons long admin Liquidation will be the icing on the cake. That and with the new pyramid system coming into force they may struggle to keep their place in any of the lower leagues.

Struggle struggle struggle.

To all youse roasters looking in. I'm enjoying yur pain. It's pleasing.

[s.a.m]

I fully expect the next Oxfam advert to feature a Hearts fan looking mournfully into the distance with the headline "From as a little as two pounds a month, you can change their miserable little lives so that all Yams can dream on"

What fair minded person wouldn't contribute, especially as they've already suffered the tragedy of seeing their club die right in front of them.

:greengrin

[Aldo]

This all happened during Dec-13 don't you know? Hearts are now debt free and the Levein / Houston dream team are lining up big summer signings as they fight it out with their new rivals celtic for the title next season. 5-1. 1902.

Don't forget a forward line of

Boyd, Goodwillie, May and Mackay.

Deluded roasters

[Aldo]

I did not predict when they will run out of cash and with homes games coming perhaps not this month but without SPFL financial assistance getting to the end of this season I think is in serious doubt. Indeed that is why, like Sevco 5088 they will run out of cash eventually. Absolutely spot on and in the meantime the cash is burning. The plan B will have been made last year they just won't admit it or tell Murray. Brilliant !

WSW

The SPFL are withholding their prize money of sorts to assist in paying their football debts which IIRC total around the £535,000 mark.

Doesn't leave much to help them survive. Suppose everything counts.

I was gonnae donate the steam off ma pish but decided against it cos they deserve nowt.

[DaveF]

Agreed. They should be working on a plan for the worst case scenario just to make sure they're playing somewhere, and in some league, next season.

Are you suggesting the collective brain power of the kickback massive is up to the task of planning something? A fake raffle is about as good as it gets.

[Mikey]

I think this would be a good chance to put David Cameron to rights. He just referred to Ian Murray as "an honourable gentleman" during PMQ's.

He aint :cb

[lord bunberry]

I think this would be a good chance to put David Cameron to rights. He just referred to Ian Murray as "an honourable gentleman" during PMQ's.

He aint :cb

He only called him that as it's against the rules to call him a fat hearts nonentity.

[Aldo]

Are you suggesting the collective brain power of the kickback massive is up to the task of planning something? A fake raffle is about as good as it gets.

Fake indeed. Remember they gave over 400 quid to a guy to run a bus to the CF and the boy ran away with the money.

They are rotten to the core.

[Platinum Scotty]

WSW

The SPFL are withholding their prize money of sorts to assist in paying their football debts which IIRC total around the £535,000 mark.

Doesn't leave much to help them survive. Suppose everything counts.

I was gonnae donate the steam off ma pish but decided against it cos they deserve nowt.

Not seen the figures for this year, sure they must be out there, but the bottom club got £730k last year....so they are going to have £195k (plus any lift for this year) to aid the gap in funding....tick tock

[scoopyboy]

They are burning about £ 100,000 a week so it won't last too long.

However the Merricks have not started mortgaging their houses or selling their children yet so there must be hope for them. :greengrin

Not doubting you but how on earth are they managing to lose that per week.

[Geo_1875]

Not doubting you but how on earth are they managing to lose that per week.

They're not losing £100k per week. That's how much it costs to keep them running.

[scoopyboy]

They're not losing £100k per week. That's how much it costs to keep them running.

OK, I'll rephrase, how does it cost £100,000 a week to keep them running?

[Weststandwanab]

WSW

The SPFL are withholding their prize money of sorts to assist in paying their football debts which IIRC total around the £535,000 mark.

Doesn't leave much to help them survive. Suppose everything counts.

I was gonnae donate the steam off ma pish but decided against it cos they deserve nowt. They are but when you are as royally Donalded as they are a£100k is another week they avoid the big L.


I think this would be a good chance to put David Cameron to rights. He just referred to Ian Murray as "an honourable gentleman" during PMQ's.

He aint :cb Was Murray Chuntering ?


Not seen the figures for this year, sure they must be out there, but the bottom club got £730k last year....so they are going to have £195k (plus any lift for this year) to aid the gap in funding....tick tock I think you may find it is even less than that but otherwise you are correct.

[Aldo]

They are but when you are as royally Donalded as they are a£100k is another week they avoid the big L. Was Murray Chuntering ? I think you may find it is even less than that but otherwise you are correct.

WSW

You are indeed correct. They probably have their youth team out looking for scrap or empty Barr's bottles trying to gather in as much dosh as possible

[Ozyhibby]

OK, I'll rephrase, how does it cost £100,000 a week to keep them running?

It costs about £130k a week to run Hibs. It shouldn't be that surprising?

[Deansy]

I've always seen 'lickers' as a likely destination on this journey they've set themselves on. I see the glamour of portakabins, wind swept parks, cake sales and raffles as very much their staple fare over the next decade. I have a suspicion though, that a Newco will still be less painless than the alternative as it will be a new company and not bound by any findings of the criminal investigations into the Romanov empire. Always had the gut feeling that these may bring further gloom for Hearts associates.

Yup - think it's highly unlikely 'Skint FC' were the only business Vlad ran honestly. I'm sure I read somewhere that the rule re 'profiting from criminal activity' (or words to that effect) is an automatic stripping of any/all titles/trophies won during the period concerned ??. 5-1 being wiped out would be the death-knell for them.

Can anyone more clued-up on the rules regarding this confirm/correct ??

[Ringothedog]

Don't think they will run out of cask as home game this week and derby hot on its heels If they get to split the consensus has been somehow there will be the will to make sure fixtures get completed So I think big L wouldn't happen till then and they will be planning for this depending on Brian Jackson s trip to Lithuania which unsurprisingly hasn't had a lot of coverage as there isn't a lot to Report .

They will have about 1500 paying p(m)unters on Friday at about £15 a pop. This will hardly cover their outgoings for the week. As I have stated previously the sooner they go out of business the better!!

[Dashing Bob S]

Yup - think it's highly unlikely 'Skint FC' were the only business Vlad ran honestly. I'm sure I read somewhere that the rule re 'profiting from criminal activity' (or words to that effect) is an automatic stripping of any/all titles/trophies won during the period concerned ??. 5-1 being wiped out would be the death-knell for them.

Can anyone more clued-up on the rules regarding this confirm/correct ??

It certain that they weren't ran honestly. We have to remember that they sometimes actually did players, and when they did it was far more handsomely than their modest revenue stream allowed for. What will be harder to determine, and what a lot of Lithuanian state accountants and clerks might be working their way through right now, is where the money that was going in and out of the club came from and went to.

[CropleyWasGod]

Yup - think it's highly unlikely 'Skint FC' were the only business Vlad ran honestly. I'm sure I read somewhere that the rule re 'profiting from criminal activity' (or words to that effect) is an automatic stripping of any/all titles/trophies won during the period concerned ??. 5-1 being wiped out would be the death-knell for them.

Can anyone more clued-up on the rules regarding this confirm/correct ??

Pretty sure that's a myth.

A quick trawl of the SFA site shows nothing in that connection, but feel free to have a closer look.

[Just Alf]

I see "our" tribute thread over on brokeback has been bumped up again. (Thanks guys we know you love us really :D )

Interestingly one bod mentions finding stuff on here re agendas meeting dates etc and that it would have been good to know about and discuss it, as usual though he's slapped down with summat about being available via google...... Totally missing the point that some of the "entellyjunt" guys might want to discuss stuff.

Heads truly in the sand!

[Springbank]

It's not Gorgie Farm, it's Animal Farm over there

[GreenLake]

Three things they still need.
1. Ukio creditors to approve the CVA.
2. Ubig to arrange a creditors meeting and then agree to the share transfer.
3. The Shares to be unfrozen by Kaunas district court.

They also need to avoid events which might place everything of minor significance on the back burners.

1. Escalation of military activity in Ukraine.
2. National, European or global economic downturn.

Any of which are not impossible in the coming weeks or months.

[brog]

I think some clarification is needed re liquidation, there are some comments on here which seem to indicate that liquidation before the end of the season yet Yams continuing to fulfil fixtures is possible. As others have pointed out that scenario is incompatible. Once the L word is announced Yams are dead, they cease to exist. Now that would be good news for us as we would effectively gain 3 points but the bad news is ( IMO ) it won't happen before the end of the season. The main reason is the football authorities advanced Yams £823,895 earlier this season. Per BDO's statement of 30 Jan, These funds are contingent on the Club completing the full 2013/14 season. As there's only 8 weeks or so to go it would be foolhardy, even by Yam standards to throw this money away. The good news is I believe liquidation is now more likely than not & the momentum is definitely with the big L. If there is no good news before season end, I expect an announcement before the final moving goodbye to fans at the last game, though it will be hard to trump the scenes from PBS last year. :wink:

[Ozyhibby]

I think some clarification is needed re liquidation, there are some comments on here which seem to indicate that liquidation before the end of the season yet Yams continuing to fulfil fixtures is possible. As others have pointed out that scenario is incompatible. Once the L word is announced Yams are dead, they cease to exist. Now that would be good news for us as we would effectively gain 3 points but the bad news is ( IMO ) it won't happen before the end of the season. The main reason is the football authorities advanced Yams £823,895 earlier this season. Per BDO's statement of 30 Jan, These funds are contingent on the Club completing the full 2013/14 season. As there's only 8 weeks or so to go it would be foolhardy, even by Yam standards to throw this money away. The good news is I believe liquidation is now more likely than not & the momentum is definitely with the big L. If there is no good news before season end, I expect an announcement before the final moving goodbye to fans at the last game, though it will be hard to trump the scenes from PBS last year. :wink:

Pretty sure there won't be any notice given before last game. The will announce and put padlocks on the same morning. There are assets inside Tynecastle that will need to be protected.

[scoopyboy]

It costs about £130k a week to run Hibs. It shouldn't be that surprising?

wow, didn't realise that.

[CropleyWasGod]

wow, didn't realise that.

In our last accounts, our turnover was £8m, and our costs just short of that.

So £130k a week is not far off the mark.

[PatHead]

Not seen the figures for this year, sure they must be out there, but the bottom club got £730k last year....so they are going to have £195k (plus any lift for this year) to aid the gap in funding....tick tock

Last year the league had a sponsor. As we don't have one now there is no guarantee prize money will be as high.

[jacomo]

It certain that they weren't ran honestly. We have to remember that they sometimes actually did players, and when they did it was far more handsomely than their modest revenue stream allowed for. What will be harder to determine, and what a lot of Lithuanian state accountants and clerks might be working their way through right now, is where the money that was going in and out of the club came from and went to.

The reason why Romanov bought Hearts has never been fully explained. After all, he wasn't a fan and certainly didn't make any money.

Football clubs do have a lot of cash going through them, however. Maybe he used HMFC as a Laundromat to wash dirty money??

[Ozyhibby]

The reason why Romanov bought Hearts has never been fully explained. After all, he wasn't a fan and certainly didn't make any money.

Football clubs do have a lot of cash going through them, however. Maybe he used HMFC as a Laundromat to wash dirty money??

That almost certain but I doubt it will affect the club going forward.
Looming liquidation much more likely.

[Weststandwanab]

I think some clarification is needed re liquidation, there are some comments on here which seem to indicate that liquidation before the end of the season yet Yams continuing to fulfil fixtures is possible. As others have pointed out that scenario is incompatible. Once the L word is announced Yams are dead, they cease to exist. Now that would be good news for us as we would effectively gain 3 points but the bad news is ( IMO ) it won't happen before the end of the season. The main reason is the football authorities advanced Yams £823,895 earlier this season. Per BDO's statement of 30 Jan, These funds are contingent on the Club completing the full 2013/14 season. As there's only 8 weeks or so to go it would be foolhardy, even by Yam standards to throw this money away. The good news is I believe liquidation is now more likely than not & the momentum is definitely with the big L. If there is no good news before season end, I expect an announcement before the final moving goodbye to fans at the last game, though it will be hard to trump the scenes from PBS last year. :wink: There is no chance of the big L procedures commencing before the end of this season for exactly the reason you state.

However, once the last league match is played I would not rule out a massive acceleration in that direction.


Last year the league had a sponsor. As we don't have one now there is no guarantee prize money will be as high. Absolutely spot on.


The reason why Romanov bought Hearts has never been fully explained. After all, he wasn't a fan and certainly didn't make any money.

Football clubs do have a lot of cash going through them, however. Maybe he used HMFC as a Laundromat to wash dirty money?? I think in the fullness of time this will be sown to be the case.

[TRC]

The reason why Romanov bought Hearts has never been fully explained. After all, he wasn't a fan and certainly didn't make any money.

Football clubs do have a lot of cash going through them, however. Maybe he used HMFC as a Laundromat to wash dirty money??

Always thought that this was the case. No chance that some funny money didn't come through the door at tincastle.

[jacomo]

That almost certain but I doubt it will affect the club going forward.
Looming liquidation much more likely.

It could affect some personnel or ex personnel individually though. Never mind Vlad, always thought Fedotovas' sudden exit was suspicious - he definitely knows where the bodies are buried.

David Southern might have questions to answer esp re: £1m of cash that disappeared from the 'share issue', but will probably claim the 'thick as mince' defence.

[Platinum Scotty]

Last year the league had a sponsor. As we don't have one now there is no guarantee prize money will be as high.

not disagreeing but the muppet that is Doncaster claimed in October last year that the prize money wasnt affected.....either way its not going to buy that lot time!!!

http://www.express.co.uk/sport/football/434158/Clubs-to-share-18million-payout-from-SPFL

[CropleyWasGod]

Always thought that this was the case. No chance that some funny money didn't come through the door at tincastle.

A classic way of laundering money is to inflate the reported income of a business beyond its normal income.

Just saying. :whistle:

[GreenLake]

Posted Today, 07:41 by Fannie Boy
For the TrackedArms.net to digest over their methadone breakfast, study the following sentences from yesterday's meeting, "Sounds Scottish football club Hearts managing the company's "Heart of Midlothian Plc Debt Economy Bank seeks to 61.6 million. LTL. All interested parties are covered by the decision of the creditors' peaceful way of an agreement. High probability that the bank will recover part of the loan." Two words stand out to me and they are peaceful and probability, we need another p word to add to that and it's patience, difficult I know but in sure we will get there.

And that p word is pumped, as in you are well and truly. :faf:
:lolyam:

[lord bunberry]

Pretty sure there won't be any notice given before last game. The will announce and put padlocks on the same morning. There are assets inside Tynecastle that will need to be protected.

True there's a couple of genuine Victorian calor gas heaters in the john Robertson suite and of course there's medals Mackay's Scotland top, replacing that lot could run into three figures.

[Platinum Scotty]

even Locke is looking forward!!!

http://www.scotsman.com/sport/football/latest/hearts-rescue-bid-could-collapse-fears-locke-1-3346446

[Haymaker]

even Locke is looking forward!!!

http://www.scotsman.com/sport/football/latest/hearts-rescue-bid-could-collapse-fears-locke-1-3346446

Is this the beginning of the end? A few words that it may collapse... Softening them up?

[greenginger]

Not doubting you but how on earth are they managing to lose that per week.


Sorry, should have said spending £ 100,000 per week.

The figures are from the BDO interim statement for the first 26 weeks in admin.

Trading expenditure was £ 2,443,169.00 or £ 94,000/week.

[Weststandwanab]

A classic way of laundering money is to inflate the reported income of a business beyond its normal income.

Just saying. :whistle: CWG it is but I do not think that is the case with the Yams.

[GreenLake]

Is this the beginning of the end? A few words that it may collapse... Softening them up?

A few cases of the skitters over at jambos.cheats

[Craig_in_Prague]

even Locke is looking forward!!!

http://www.scotsman.com/sport/football/latest/hearts-rescue-bid-could-collapse-fears-locke-1-3346446

they just have to throw in big nose may return.

actually all the sweeter when the big L comes and he's hanging about the club like a bad smell

Pleasing.

in all seriousness, it finally sounds like Locke is given up hope of them coming out of admin. They are a bit slow, but at least he's aware how important the next month or so is.

tick tock

[Joe6-2]

True there's a couple of genuine Victorian calor gas heaters in the john Robertson suite and of course there's medals Mackay's Scotland top, replacing that lot could run into three figures.

150p :-D

[Onion]

Is this the beginning of the end? A few words that it may collapse... Softening them up?

:agree: Locke has no future with Hearts and will have been properly briefed on what to say and how to say should the Admin question get asked (which was inevitable). A definite shift in their usual upbeat, holding statement where salvation is just a few weeks away and a mere formality. Expect BDO/BJ and others to start rolling out the cautionary soundbites in the next few days. :greengrin

[hibIBZ]

http://www.orwellhearts.pwp.blueyonder.co.uk/tynecastle.html

Never seen this site before.... They really did believe every word from vlad

[Kato]

They'll find out what is happening in a month. Which month? Which year?

[Weststandwanab]

they just have to throw in big nose may return.

actually all the sweeter when the big L comes and he's hanging about the club like a bad smell

Pleasing.

in all seriousness, it finally sounds like Locke is given up hope of them coming out of admin. They are a bit slow, but at least he's aware how important the next month or so is.

tick tock More chance of Concorde flying again.


:agree: Locke has no future with Hearts and will have been properly briefed on what to say and how to say should the Admin question get asked (which was inevitable). A definite shift in their usual upbeat, holding statement where salvation is just a few weeks away and a mere formality. Expect BDO/BJ and others to start rolling out the cautionary soundbites in the next few days. :greengrin I think you will be proved correct here.

[Joe6-2]

http://www.orwellhearts.pwp.blueyonder.co.uk/tynecastle.html

On phone so don't know how to post link. Never seen this site before.... They really did believe every word from vlad

Hilarious, all they will have is...."I have a pic"!

[Haymaker]

:agree: Locke has no future with Hearts and will have been properly briefed on what to say and how to say should the Admin question get asked (which was inevitable). A definite shift in their usual upbeat, holding statement where salvation is just a few weeks away and a mere formality. Expect BDO/BJ and others to start rolling out the cautionary soundbites in the next few days. :greengrin

That's what im thinking. They've done it so many times this last year, so obvious!

[BH Hibs]

even Locke is looking forward!!!

http://www.scotsman.com/sport/football/latest/hearts-rescue-bid-could-collapse-fears-locke-1-3346446

Just read the end of the first sentence " a deal agreed to save the club". When the **** did that happen then? Usual EEN pish. Time is running out roasters

[GordonHFC]

http://www.orwellhearts.pwp.blueyonder.co.uk/tynecastle.html

Never seen this site before.... They really did believe every word from vlad

"Has the look of a Reebok Stadium .....................but still has the smell of a ReebokTrainer"

[Jack]

Sorry, should have said spending £ 100,000 per week.

The figures are from the BDO interim statement for the first 26 weeks in admin.

Trading expenditure was £ 2,443,169.00 or £ 94,000/week.

That really is scary that despite ripping all expenditure to the bare bones and paying their players buttons its only a difference of 40 grand a week between the clubs.

It illustrates really well, in their case, how much money is still being spent on non playing stuff, like maintaining the wongadome, that will still be with them IF they manage to hold on to it. Here's hoping they do.

Of course savings could be found at Riccarton, unlikely a Lowland League club would need anything as fancy.

[Gus Fring]

Just read the end of the first sentence " a deal agreed to save the club". When the **** did that happen then? Usual EEN pish. Time is running out roasters

A deal has been agreed. That's what the CVA is. Agreeing and completing it are 2 completely different things though.

[Ozyhibby]

Now 5 days of twitter silence from FoH.
They must be really busy.
:-)

[GreenLake]

They are very unhappy with Locke over on knockedback. He'll be accused of being Bajillion's secret source shortly. I think it is Donald Ford myself, but I could be wrong.

[jacomo]

Now 5 days of twitter silence from FoH.
They must be really busy.
:-)

I wonder if I am an MP has stopped returning their calls. Run out of spare time / focusing on the day job, as he might say.

[Ozyhibby]

That really is scary that despite ripping all expenditure to the bare bones and paying their players buttons its only a difference of 40 grand a week between the clubs.

It illustrates really well, in their case, how much money is still being spent on non playing stuff, like maintaining the wongadome, that will still be with them IF they manage to hold on to it. Here's hoping they do.

Of course savings could be found at Riccarton, unlikely a Lowland League club would need anything as fancy.

Riccarton costs £330k per annum. A lot for a team moving the championship. A fortune for a new club starting in the fourth tier of Scottish football.

[Gus Fring]

Locke is just a bitter Hobo. He's never even spoken to Bryan Jackson. Whit does he ken?

[Weststandwanab]

A deal has been agreed. That's what the CVA is. Agreeing and completing it are 2 completely different things though.

They also need to find a microwave.


Now 5 days of twitter silence from FoH.
They must be really busy.
:-)
I'm an M.P. was I the Commons today Chunterring wih Cameron.

[Hibeesforever]

http://www.orwellhearts.pwp.blueyonder.co.uk/tynecastle.html

Never seen this site before.... They really did believe every word from vlad

Superb pictorial history of a stadium in transition. 40,000 with a plush Gorgie Rd hotel....what a delusion fantasy.
Most ironic bit is the painted writing above the entrance turnstiles warning the Jambos that "money will not be returned under any circumstances! ".

[robinp]

They also need to find a microwave.


I'm an M.P. was I the Commons today Chunterring wih Cameron.

I knew the catering in the Robertson Lounge was sub par - but microwaved food, really?

We got an oven baked pie with beans in that beaten up social club in Cumbernauld that Mikey's .net buses took us to before the CIS Cup final!

[GreenLake]

From this web site for the Lowland League

http://slfl.co.uk

While 27 clubs had registered their interest, the Lowland League received 17 applications to join. After the meeting on 17 June, it was announced there would be 12 teams in the league, and that they would be Dalbeattie Star, East Kilbride, Edinburgh City, Gala Fairydean Rovers, Gretna 2008, Preston Athletic, Selkirk, Spartans, Stirling University, Threave Rovers, Vale of Leithen & Whitehill Welfare.

I wonder if "THE Heart of Midlothian FC" were one of the 27?

Interesting to see the trips they will make if it comes to the big L. I can see some results like:

Hearts 1 Dalbeattie Star 0
Gala Fairydean 4 Hearts 0
Gretna 2008 3 Hearts 2014 1
Stirling University 2 Hearts University of Cheating 2
Hearts 0 Vale of Leithen 7
Hearts Thieves 1 Threave Rovers 1

[Weststandwanab]

I knew the catering in the Robertson Lounge was sub par - but microwaved food, really?

We got an oven baked pie with beans in that beaten up social club in Cumbernauld that Mikey's .net buses took us to before the CIS Cup final!

I have only ate once in that lounge - a charity bash supported heavily by Celtic supporting client - in Pieman's day and I think my fish out a box and six chips would have tasted better had it been microwaved.

Still it was for a good cause just hope they got the money !

You were in the wrong transport in 2007 we went in a private car Champagne on the way through ( all gone) Tennents lager on the way back (thank you driver) ASDA was open not that I drank any !

[Sergey]

Locke is just a bitter Hobo. He's never even spoken to Bryan Jackson. Whit does he ken?

:agree:


It's nothing more than:


Sensationalism


Poor journalism


not really anything more than a means of getting click throughs to their website


Daily Mail-esque, that headline.


Typical Rag Journalism

They don't quite grasp where they're currently at.

[Kato]

http://www.orwellhearts.pwp.blueyonder.co.uk/tynecastle.html

never seen this site before.... They really did believe every word from vlad


12205

hahahahahahahahhahahaha

[hibees 7062]

http://www.orwellhearts.pwp.blueyonder.co.uk/tynecastle.html

Never seen this site before.... They really did believe every word from vlad

This is the stadium that appears on the UBIG website. Only the
main stand has been upgraded, naw its no :greengrin

[CyberSauzee]

:agree:


It's nothing more than:


They don't quite grasp where they're currently at.

Thanks Bajillions.

Pish game last night, you didn't miss much.

[O'Rourke3]

http://www.orwellhearts.pwp.blueyonder.co.uk/tynecastle.html

Never seen this site before.... They really did believe every word from vlad

Orwellian Hearts would have been a better name surely. Big Brother sets the agenda and everyone follows suit. All management speak with doubleplusbad doublespeak and the eejits lap it up. :na na:

[Jack]

Locke must be very proud knowing he will be the last manager of the yams.

[Ozyhibby]

'' humiliated@1-5



Posted Today, 17:42
And considering Brian Jackson is in Lithuania you're not likely to hear from him until he returns and reports to those involved the state of his negotiations and Locke is not one of them involved.For me it's going swimmingly and Now I expect rapid movement over the next week or so.Our problems were yesterday and that is out the way now. ''

From kickback.
Sounds like they're saved.
:-(

[Dashing Bob S]

A pleasing TM spat brewing nicely on Sicksack between the 'Keep Calm and Bury Your Head in the Sand' brigade, and the Yams for whom the coin is starting to drop, and who are growing increasingly perturbed by the ominous silence from BDO/FOH/lack of shares/date set for UBIG creds meeting.

I don't think next week is going to very pretty over there. (As I type, I realise the immense folly of that statement...)

[AinsterHibs]

Locke must be very proud knowing he will be the last manager of the yams.

Soaking.:agree:

[Weststandwanab]

From this web site for the Lowland League

http://slfl.co.uk

While 27 clubs had registered their interest, the Lowland League received 17 applications to join. After the meeting on 17 June, it was announced there would be 12 teams in the league, and that they would be Dalbeattie Star, East Kilbride, Edinburgh City, Gala Fairydean Rovers, Gretna 2008, Preston Athletic, Selkirk, Spartans, Stirling University, Threave Rovers, Vale of Leithen & Whitehill Welfare.

I wonder if "THE Heart of Midlothian FC" were one of the 27?

Interesting to see the trips they will make if it comes to the big L. I can see some results like:

Hearts 1 Dalbeattie Star 0
Gala Fairydean 4 Hearts 0
Gretna 2008 3 Hearts 2014 1
Stirling University 2 Hearts University of Cheating 2
Hearts 0 Vale of Leithen 7
Hearts Thieves 1 Threave Rovers 1Pleasing


'' humiliated@1-5



Posted Today, 17:42
And considering Brian Jackson is in Lithuania you're not likely to hear from him until he returns and reports to those involved the state of his negotiations and Locke is not one of them involved.For me it's going swimmingly and Now I expect rapid movement over the next week or so.Our problems were yesterday and that is out the way now. ''

From kickback.
Sounds like they're saved.
:-( That has to be a hibby - opps sorry if you are whreas if you are not here is always The Samaritans

[Green Reaper]

"Our problems were yesterday and that is out the way now"

Eh! What a teapot if he thinks their problems were resolved yesterday, so wrong in so many ways. They really are clueless across there

[Gus Fring]

I don't know what's worse, the spin from the soon to be dead rag, or the pant-wetting in response on here.

"Soon to be dead rag"? Is the Scotsman going out of business? Do we really trust a Yam to spot a company that might be about to go out of business? In a race between the 2 I'm confident Hearts will be dead long before the Scotsman.

Same reaction every time something bad is written about them. "It's all lies. Lies a tell ye" closely followed by "Aye well they are going bust anaw" They did it with Hibs, Rangers, Killie the SPFL and now they are doing it with a newspaper!

[Craig_in_Prague]

'' humiliated@1-5



Posted Today, 17:42
And considering Brian Jackson is in Lithuania you're not likely to hear from him until he returns and reports to those involved the state of his negotiations and Locke is not one of them involved.For me it's going swimmingly and Now I expect rapid movement over the next week or so.Our problems were yesterday and that is out the way now. ''

From kickback.
Sounds like they're saved.
:-(

Swimmingly indeed !

[Phil D. Rolls]

It's almost sad the way that Kickback is populated by the naive, deluded and just plain dumb. I worry for these guys, the will be the first to take a kicking when Newyam gets going.

You have to feel that the silent majority will turn on these people with a vengeance.

It's particularly worrying that they feel they have superior knowledge, of what's going on in Lithuania, to a man that works at the club everyday. They have started to confuse their thoughts with reality, and are denying the existence of any fact that contradicts their delusion.

The fact is they have missed every deadline they were supposed to hit. What makes them think that thus trend is anything other than a map of their demise?

All this in a week where no announcement from Lithuania is buried in a story about trying to sign Skacel. FFS, do they really believe that Hearts had forgotten about Sutton until now?

I wish someone would do the kind thing and put a (metaphorical) bullet inside their head. It's beyond pitiful, it's a living testament to the dark places humanity travels to.

[Kato]

"Soon to be dead rag"? Is the Scotsman going out of business? Do we really trust a Yam to spot a company that might be about to go out of business? In a race between the 2 I'm confident Hearts will be dead long before the Scotsman.

Same reaction every time something bad is written about them. "It's all lies. Lies a tell ye" closely followed by "Aye well they are going bust anaw" They did it with Hibs, Rangers, Killie the SPFL and now they are doing it with a newspaper!

That guy is one of the biggest twats in christendom.

[Eyrie]

WSW

The SPFL are withholding their prize money of sorts to assist in paying their football debts which IIRC total around the £535,000 mark.

Doesn't leave much to help them survive. Suppose everything counts.
Wouldn't that be an unfair preference for the football creditors over the ordinary creditors?

I'd rather that they got the prize money for finishing bottom in full and then got liquidated because it would be a condition of the football licence being transferred to the new club that Yamco 2014 has to assume responsibility for the £535k football debts (think this happened with Sevco Huns). Just what a newly formed and homeless Division Two team needs :greengrin

[The Falcon]

A deal has been agreed. That's what the CVA is. Agreeing and completing it are 2 completely different things though.

Was it not "conditionally" agreed?

I recall someone on this thread claimed to have a "conditional" agreement to ride Mila Kunis with, I would guess, the same amount of success.

[Phil D. Rolls]

I thought Mr. Jackson has already said that March was the longest this farce could run? In that case, Mr. Locke can hardly be accused of saying things the Yams haven't been told already.

Is it possible they just haven't been listening to Mr. Jackson? Mrs. Budge has a mountain to climb, or possibly a back door to find.

I expect Lord Foulkes will have stern words to say.

[Kaiser1962]

'' humiliated@1-5



Humiliated isnt losing a football match.

Humiliated is not paying for poppy's, thieving from charities and robbing Lithuanian savers, local businesses and taxpayers in both countries. Then celebrating these acts.

"You stay classy gorgie gunts."

[Jack Hackett]

Humiliated isnt losing a football match.

Humiliated is not paying for poppy's, thieving from charities and robbing Lithuanian savers, local businesses and taxpayers in both countries. Then celebrating these acts.

"You stay classy gorgie gunts."

Wisnae them. A big boy did it and ran away....Honest

[GreenLake]

"Soon to be dead rag"? Is the Scotsman going out of business? Do we really trust a Yam to spot a company that might be about to go out of business? In a race between the 2 I'm confident Hearts will be dead long before the Scotsman.

Same reaction every time something bad is written about them. "It's all lies. Lies a tell ye" closely followed by "Aye well they are going bust anaw" They did it with Hibs, Rangers, Killie the SPFL and now they are doing it with a newspaper!

That roaster won't be around for long (Geoff Killpatrick)and will likely be tarred and feathered with a few of the other ringleaders on kickback - the ones who said everything was fine and that it was all worth it. They are always right and the average Hearts fan is a pant wetting traitor for seeking out what is really happening. Anyone who doesn't drink the gassman's Kool-Aide is quickly rounded on. There will be blood.

[Viva_Palmeiras]

http://www.orwellhearts.pwp.blueyonder.co.uk/tynecastle.html

Never seen this site before.... They really did believe every word from vlad

I particularly like the irony of the "No money returned under any circumstances" at the turnstile.

[Ozyhibby]

That roaster won't be around for long (Geoff Killpatrick)and will likely be tarred and feathered with a few of the other ringleaders on kickback - the ones who said everything was fine and that it was all worth it. They are always right and the average Hearts fan is a pant wetting traitor for seeking out what is really happening. Anyone who doesn't drink the gassman's Kool-Aide is quickly rounded on. There will be blood.

I think the Gassman is one of us trying to keep them all nice and complacent.

[Kato]

I think the Gassman is one of us trying to keep them all nice and complacent.

Ssssssssssh.

[GreenLake]

I think the Gassman is one of us trying to keep them all nice and complacent.

:tee hee:

[Jack Hackett]

I particularly like the irony of the "No money returned under any circumstances" at the turnstile.

My particular favourite.... it looks like Gary is in residence 12212

:greengrin

[adhibs]

My particular favourite.... it looks like Gary is in residence 12212

:greengrin

Good spot haha

[Aldo]

New word for them today

Roasterism:-

To blame others for their misgivings/believing everything but the facts, even when it is written by BDO/FOF etc.

For all you yam roasters looking in better go and get your mummies to read what's written cause it's got a few big words.

[GreenLake]

I particularly like the irony of the "No money returned under any circumstances" at the turnstile.

I liked the "Beware of Pickpockets" warning. They probably have the same sign at the VIP hospitality entrance.

Pickpockets would be lucky to harvest more than a few coppers these days.

[Deansy]

even Locke is looking forward!!!

http://www.scotsman.com/sport/football/latest/hearts-rescue-bid-could-collapse-fears-locke-1-3346446

And no mention of 'Frozen-Shares' in the entire article - looking like Brian Jackson has forbidden any mention of them.

'Frozen-Shares' - the yams version of 'The Scottish Play' !!!!

[stevejordan]

They remind me of a walker in the walking dead still alive and breathing but in reality dead with the herd of dead following blood dipping from mouths maroon blood:aok:

[Weststandwanab]

Swimmingly indeed ! I think he/she means drowning.


It's almost sad the way that Kickback is populated by the naive, deluded and just plain dumb. I worry for these guys, the will be the first to take a kicking when Newyam gets going.

You have to feel that the silent majority will turn on these people with a vengeance.

It's particularly worrying that they feel they have superior knowledge, of what's going on in Lithuania, to a man that works at the club everyday. They have started to confuse their thoughts with reality, and are denying the existence of any fact that contradicts their delusion.

The fact is they have missed every deadline they were supposed to hit. What makes them think that thus trend is anything other than a map of their demise?

All this in a week where no announcement from Lithuania is buried in a story about trying to sign Skacel. FFS, do they really believe that Hearts had forgotten about Sutton until now?

I wish someone would do the kind thing and put a (metaphorical) bullet inside their head. It's beyond pitiful, it's a living testament to the dark places humanity travels to. That is no way to talk about some good under cover hibbys.


Wouldn't that be an unfair preference for the football creditors over the ordinary creditors?

I'd rather that they got the prize money for finishing bottom in full and then got liquidated because it would be a condition of the football licence being transferred to the new club that Yamco 2014 has to assume responsibility for the £535k football debts (think this happened with Sevco Huns). Just what a newly formed and homeless Division Two team needs :greengrin Ah, on the face of it yes but CWG/Robinp will give you the full S.P.


I thought Mr. Jackson has already said that March was the longest this farce could run? In that case, Mr. Locke can hardly be accused of saying things the Yams haven't been told already.

Is it possible they just haven't been listening to Mr. Jackson? Mrs. Budge has a mountain to climb, or possibly a back door to find.

I expect Lord Foulkes will have stern words to say. But back then he would not know how may cakes were going to be baked.


Humiliated isnt losing a football match.

Humiliated is not paying for poppy's, thieving from charities and robbing Lithuanian savers, local businesses and taxpayers in both countries. Then celebrating these acts.

"You stay classy gorgie gunts." He is a Hibby.


That roaster won't be around for long (Geoff Killpatrick)and will likely be tarred and feathered with a few of the other ringleaders on kickback - the ones who said everything was fine and that it was all worth it. They are always right and the average Hearts fan is a pant wetting traitor for seeking out what is really happening. Anyone who doesn't drink the gassman's Kool-Aide is quickly rounded on. There will be blood. Half convinced e too is a under cover or down under.


I think the Gassman is one of us trying to keep them all nice and complacent. Keeps them on slow burner.

[Mikey]

Anyone know why the Hearts fans Tweeting FOH asking for an update are being ignored? I can't imagine why that would happen.

[Kato]

Half convinced e too is a under cover or down under.



Sadly he's real, people can be that pathetic.

[Kato]

Anyone know why the Hearts fans Tweeting FOH asking for an update are being ignored? I can't imagine why that would happen.

Maybe they are in a veryveryimportantmeeting?

[Sergey]

Anyone know why the Hearts fans Tweeting FOH asking for an update are being ignored? I can't imagine why that would happen.

Twitter server is probably down.

[K-Zazu]

Anyone know why the Hearts fans Tweeting FOH asking for an update are being ignored? I can't imagine why that would happen.

Canny remember the password to log in

[Kato]

Canny remember the password to log in

"hearts511902"

[Dashing Bob S]

I think the Gassman is one of us trying to keep them all nice and complacent.

:wink:

[#FromTheCapital]

Twitter server is probably down.

They've been retweeting nonsense about 5-1 posters enclosed with match day programmes, but blanking tweets from concerned hearts fans. Looks like they really are creating history #AllIsNotBarry

[Ronniekirk]

Canny remember the password to log in
It's so easy to remember LIQUIDATION they just can't bring themselves to actually spell it out :wink::wink: ,

[Dashing Bob S]

I should imagine that the atmosphere at Tynecastle on Friday evening will be strange, with confusion and paranoia ripping out off the supporters.

[Jones28]

So they're still ****ed aye? Just checking, it's been a while since I asked one of my jambo chums .

[stevejordan]

Dead they are however the life machine is still switched on unfortunatly for them it is frozen their corpse will be found in a tousand years next to a hairy mamal with 5-1 pined on to it yawn

[Dashing Bob S]

So they're still ****ed aye? Just checking, it's been a while since I asked one of my jambo chums .

Not at all, the CVA has been agreed and there's just a hold up in obtaining the shares and setting a creditors meeting. Being Lithuania, its a bit involved and a little more complex than previously believed, but everybody is working diligently behind the scenes and it should all be sorted either this month or next.


























:faf::faf::faf::faf::faf::faf::faf::faf::faf:

[grunt]

Response on twitter from @foh

@The_FOH: it's as you were, no news at all - process continues. Understand everyone's frustration. Patience etc.

[Dashing Bob S]

Response on twitter from @foh

@The_FOH: it's as you were, no news at all - process continues. Understand everyone's frustration. Patience etc.

Have they said what this process actually is, other than FOH/BDO phoning the UKIOS/UBIG admins once or twice a week and asking them what's happening and being informed that the courts haven't really told us anything yet?

[kdhibees1]

Response on twitter from @foh

@The_FOH: it's as you were, no news at all - process continues. Understand everyone's frustration. Patience etc.
#AllisveryFrustrating. :greengrin

[#FromTheCapital]

Response on twitter from @foh

@The_FOH: it's as you were, no news at all - process continues. Understand everyone's frustration. Patience etc.

Brilliant! Here is the tweet they were responding to:

"@markcalder1: @The_FOH how did yesterday's meeting in Lithuania affect the process? Alot of rumours about liquidation, is this a real possibility?"

Completely dodged the awkward liquidation question.

[Hibernianinc]

If I were a herts fan, I would be asking those connected with my club, and those trying to buy my club -

What timeline are you working to, that's you, not Lithuania?
How much money do you have?
What happens if events from Lithuania do not unfold aligned to your timelines?
What is the plan, in the event of the above answer being liquidation?

But I appreciate I'm but a peg selling hobo junkie.

REAL herts fans are far too busy colouring in the '1's and '5's in their home-made posters really, really neatly. :agree:

[Viva_Palmeiras]

Heard they got new sponsor - Dr Pepper...

"whats the worst that can happen...?"

[jakeshibs]

Anyone got any clue to timelines we can expect to hear the fate of them, as I want to be in country but all is quiet at the moment and I don't want to miss out! Hopefully its the big L and soon!!!

[Gus Fring]

Anyone got any clue to timelines we can expect to hear the fate of them, as I want to be in country but all is quiet at the moment and I don't want to miss out! Hopefully its the big L and soon!!!

End of the season is the most likely. Doing it before then causes considerably more headaches for all involved and the other teams in the league as well. Whether they have enough funds to do that is still a question that nobody is answering.

[Eyrie]

Ah, on the face of it yes but CWG/Robinp will give you the full S.P.
Thanks - hope you're right.


End of the season is the most likely. Doing it before then causes considerably more headaches for all involved and the other teams in the league as well. Whether they have enough funds to do that is still a question that nobody is answering.
I've maintained all along that the precedent set by Gretna will be used by the SPFL to keep them alive with the prize money. Didn't realise until today that the SPFL may be able to deduct the football debts from that prize money first, in which case there won't be be much left for life support.

[jacomo]

Thanks - hope you're right.


I've maintained all along that the precedent set by Gretna will be used by the SPFL to keep them alive with the prize money. Didn't realise until today that the SPFL may be able to deduct the football debts from that prize money first, in which case there won't be be much left for life support.

Probably. Can't imagine HMFC struggling on til the end of the season just to save the administrators at Hampden a bit of fuss. If it becomes clear the game is up, why carry on for a single day longer?

[jakeshibs]

End of the season is the most likely. Doing it before then causes considerably more headaches for all involved and the other teams in the league as well. Whether they have enough funds to do that is still a question that nobody is answering.

Thanks bajillions! and thank you for all your other insights, it always makes my day to come back here and read they are still Donald Ducked... the sooner the better for me but cheers again..

[Dashing Bob S]

Probably. Can't imagine HMFC struggling on til the end of the season just to save the administrators at Hampden a bit of fuss. If it becomes clear the game is up, why carry on for a single day longer?

They might need the goodwill of the footballing authorities if they want to a get a Newco back into the League structure at the first attempt.

[O'Rourke3]

They might need the goodwill of the footballing authorities if they want to a get a Newco back into the League structure at the first attempt.

Beat me to it.......

[CropleyWasGod]

Thanks - hope you're right.


I've maintained all along that the precedent set by Gretna will be used by the SPFL to keep them alive with the prize money. Didn't realise until today that the SPFL may be able to deduct the football debts from that prize money first, in which case there won't be be much left for life support.

Whilst, on the face of it, paying the football creditors first might look like an unfair preference, it's actually necessary to ensure the continuance of the football club, whether that's post-admin or post-liquidation. If they aren't paid, there will be no football club. That is why the football creditors are shown separately in the CVA proposal.

It's a curious quirk of the football business, and one that took me a while to get my head around. I maintained for ages that D&P were wrong to pay (I think) Dundee United/Dunfermline for pre-admin debts out of administration funds, but it turns out I was wrong. The football debts are less a debt, more a running cost of the administration/liquidation.

What I'm not sure is if the SPFL themselves have the power to withhold those debts. In Sevco's case, I think it was the SFA, as the governing body, that took charge of the debts.

[ScottB]

Surely if they just reach the split, they could drop out then, the only consequence being a missing game for each bottom 6 team?

Didn't Hearts have to lodge some sort of bond / where denied prize money because of their football debts? Can't think there's much in the pot to give them to keep their corpse staggering on if the money runs dry before the end of the season...

[CropleyWasGod]

Surely if they just reach the split, they could drop out then, the only consequence being a missing game for each bottom 6 team?

Didn't Hearts have to lodge some sort of bond / where denied prize money because of their football debts? Can't think there's much in the pot to give them to keep their corpse staggering on if the money runs dry before the end of the season...

Not really. Somebody will come up with a calculation to say that "if we ignore all of Hearts results, we would've been in the Top6, instead of....." and then someone else will say "aye, but if you look at it this way...." etc etc.

The whole thing would be a mess. Better for the SPFL to advance them their cash and let the league play out.

There was no bond or forfeiture of money. The football debts are still unpaid.

[Gus Fring]

I've maintained all along that the precedent set by Gretna will be used by the SPFL to keep them alive with the prize money. Didn't realise until today that the SPFL may be able to deduct the football debts from that prize money first, in which case there won't be be much left for life support.

Hearts have asked for an advance on the rest of their prize money already and have been told to beat it by the SPFL. All the clubs already get a payment at the start of the season. There is no precedent to quote because it's not legally binding and the circumstances are not really similar. Most of these rules are "at the discretion of the board".


Probably. Can't imagine HMFC struggling on til the end of the season just to save the administrators at Hampden a bit of fuss. If it becomes clear the game is up, why carry on for a single day longer?

It's not just Hampden that would be a problem, although you don't want to anger the people who need to let you back into the league at some point.

Other clubs would lose income from cancelled matches and might need to refund fans for Season Ticket fixtures that didn't happen, depending on the terms of the agreement they have with fans.

Add to that, that the money from the SPFL from the start of the season would probably need to be paid back (football debt) and that's even more to be paid out when the club starts again.

Lastly. It makes BDO look very poor. To kill a club 8 weeks before the end of the season (and make a Newco that much harder because of debt and animosity) after 9 months of admin isn't going to get them much future business. The Rangers were always going to be liquidated, they just limped on to avoid exactly these pitfalls and it seems to have worked for them.

[Gus Fring]

Gah! Took me so long to type all that I forgot I'd made the same points on all my other accounts.

[greenginger]

http://www.baltic-course.com/eng/finances/?doc=89221

Looks like our Russian Prince is still trying to pull the strings from afar.

Go to it Vlad, take them to court, threaten a few admins. slow the whole process. :greengrin

[Gus Fring]

http://www.baltic-course.com/eng/finances/?doc=89221

Looks like our Russian Prince is still trying to pull the strings from afar.

Go to Vlad, take them to court, threaten a few admins. slow the whole process. :greengrin

That has the potential to be a major plot point in all of this. If Vlad is still getting involved and trying to control things that suggests there is a lot more too this. What is he trying to keep hidden? If the Lithuanian authorities are chasing this up it's very unlikely they will unfreeze the assets until they are satisfied no further wrongdoing will become of it and that will take a very long time.

[lucky]

They might need the goodwill of the footballing authorities if they want to a get a Newco back into the League structure at the first attempt.

If they liquidated then they are certs to be in one of the 4 leagues. It's wishful thinking that Spartans would get in before them. To many lower league clubs will see their gate money increase with 500-1000 Yams going to their games

[Dashing Bob S]

If they liquidated then they are certs to be in one of the 4 leagues. It's wishful thinking that Spartans would get in before them. To many lower league clubs will see their gate money increase with 500-1000 Yams going to their games

I would agree and say it's almost certain that they'll be in League 2, following on from the Rangers precedent. But that's why the liquidation probably has to take place as soon as the seasons over, to give the Newco time to get organized and constituted in order to take their place. They are incompetent enough to mess this up and miss 2014-15 registration and a season, then have to go for 2015-16 in Lowland, of that I've no doubts.

[SmashinGlass]

I wonder if I am an MP has stopped returning their calls. Run out of spare time / focusing on the day job, as he might say.

He's incredibly quick to respond to emails from his constituents at 1am to grovel, after said constituent has told him in no uncertain terms that he could not count on a vote. That was last year, so he must be doing an absolute power of work now in his day job if that's the barometer! :greengrin

[DC_Hibs]

If they liquidated then they are certs to be in one of the 4 leagues. It's wishful thinking that Spartans would get in before them. To many lower league clubs will see their gate money increase with 500-1000 Yams going to their games

Indeed. Relegation is a start but justice would be liquidation and the death of FC Shameless.

I'd be too busy celebrating that - IF it happens - to worry about the next wish that they end up in some Lowland league....for Lowlife.

The demolition of the Savile Dome is also high on the agenda of course.

[Col2]

http://www.scotsman.com/sport/football/latest/silence-in-lithuania-worries-heart-s-gary-locke-1-3346446

UBIG meeting scheduled for 28th March according to this. Hadn't heard this before.

[Weststandwanab]

http://www.scotsman.com/sport/football/latest/silence-in-lithuania-worries-heart-s-gary-locke-1-3346446

UBIG meeting scheduled for 28th March according to this. Hadn't heard this before. Been scheduled before and all been cancelled at short notice.

I reckon if this one is cancelled then the game is up.

[Glesgahibby]

http://www.scotsman.com/sport/football/latest/silence-in-lithuania-worries-heart-s-gary-locke-1-3346446

UBIG meeting scheduled for 28th March according to this. Hadn't heard this before.
This is very strange:confused:
1)if there is a meeting scheduled for 28th march,why no announcement from BDO/FOH??
2)why would such an important meeting be announced via a story regarding,a hearts managers fears and with an off the cuff remark hidden within said story.
3)why hasn't gasman announced the date of this meeting???

[Onion]

This is very strange:confused:
1)if there is a meeting scheduled for 28th march,why no announcement from BDO/FOH??
2)why would such an important meeting be announced via a story regarding,a hearts managers fears and with an off the cuff remark hidden within said story.
3)why hasn't gasman announced the date of this meeting???

Very odd, even a surprise on 21pointsback. A huge meeting which could go a long way to determine future of the Yams... just 2 days before the Derby. Going to be an interesting week :greengrin

[Ronniekirk]

Very odd, even a surprise on 21pointsback. A huge meeting which could go a long way to determine future of the Yams... just 2 days before the Derby. Going to be an interesting week :greengrin

Well the last flurry of activity /publicity was aimed at letting Hear7s fans know nothings was likely to happen till end of April ,so maybe Brian Jacksons visit wasnt as fruitless as we all thought and they are planning more publicity round lead up to derby to bolster morale and flog more tickets.Question is will it be a cynical marketing ploy or is it Brinkmanship so that they can announce before Derby that they will defo be coming out of Admins .Interesting week right enough .Maybe all the Yams have been issued with Memorandums of Understanding to keep Shooooooosh on this .