Share Transfers Agreed/Cooling off period

[One Day Soon]

Because he can't sell them for less than £7m and they're not worth 7p.



Their main other interest is the Birac aluminium plant that hasn't been paying its employees since last summer....



....like they do with their other employees? Or like they've done over the last three or four months with the yams?

It looks like Ukio is the bank that all the proceeds from the face-baking and cake-painting activities went to, and they can't get them back out now.


Oh dear, oh dear.

All over Edinburgh yellow cardigans are being sorrowfully donned. The very last Rover may not quite be coming off the production line but it does look rather like the remaining few being wheeled out of the factory gates are missing steering wheels, lights or seats.

Taxi for Mr Ponzi....

[LeighLoyal]

Vlad will need to go into admin to protect himself... against himself! :greengrin :fenlon

[JeMeSouviens]

no sympathy for the Balkan dud.

He's a Baltic dud.

Actually, he's now an unsellable Baltic dud on a 10K a week contract. :wink:

[Pete]

Quote from a fans spokesperson:

"5-1 19th of May killed the hobos always in our shadow bitter wee team thumb Scottish cup 1902 our team was drunk move on nothing to see xenophobe I hate Celtic"


Ach well. You have to admit that it's a pretty impressive counter-argument.

[SHODAN]

Until I see the headline "Heart of Midlothian definitively cease trading and plunge into eternal obscurity" all these debt collection/UKIO etc stories are ripples in a far off ocean as far as I'm concerned.

Correct. There's plenty of "OMG LOOK AT UKIO! YAMS ARE DONE FOR LOLOLOLOLOLOLOL" and there has been for about 5 years but nothing actually happens to Hearts.

[Gatecrasher]

Quote from a fans spokesperson:

"5-1 19th of May killed the hobos always in our shadow bitter wee team thumb Scottish cup 1902 our team was drunk move on nothing to see xenophobe I hate Celtic"


Ach well. You have to admit that it's a pretty impressive counter-argument.
What does jambo jimmy have to say?

[Mikey]

Correct. There's plenty of "OMG LOOK AT UKIO! YAMS ARE DONE FOR LOLOLOLOLOLOLOL" and there has been for about 5 years but nothing actually happens to Hearts.

Really? Have you seen their team line up and their league position? Did the transfer ban not happen?

[Pete]

What does jambo jimmy have to say?

No doubt something very similar.

Their fans should be renamed the mushrooms. Kept in the dark and fed *****

[SHODAN]

Really? Have you seen their team line up and their league position? Did the transfer ban not happen?

At the rate they were going they should have sold at least five first team regulars in the January window. They sold one of them along with Peter Enckelman and brought in two players that it has been suggested are only on marginally less wages.

Fair enough they're weaker but not at the rate they should be or are claimed to be. They certainly should be - in accordance with their blatant disregard of the rules - but they aren't.

[Sergey]

More from the Baltic Wire Service:


Ukio Bankas managers suspected of wasting bank's money - prosecutor

VILNIUS, Feb 12, BNS - Ukio Bankas' top managers are suspected of renting property at unreasonably high prices and hiring related people for high-paying jobs, a prosecutor said Tuesday, adding that tens of millions of litas could have been wasted.

"I will not give you the amounts, but the Bank of Lithuania has basically provided data in five categories: regarding a suspicious loan granted, another loss-making loan, rent contracts at unreasonably high prices, and hiring of related persons at huge salaries. The bank's funds were used to serve their interests," Simonas Minkevicius said at a news conference when asked about the size of assets that the bank's managers are suspected of having embezzled.

There are also suspicions that the bank's capital increase in 2011 was not entirely transparent, he said.

Minkevicius said that he did not know where Vladimir Romanov, Ukio Bankas' majority shareholder, was at the moment, but said that the bank's managers, not its shareholders, would be the first to be suspected.

The prosecutor said that they had not yet taken any steps with respect to Romanov or the bank's managers, since the pre-trial investigation had just been launched. He was asked if he would take measures to prevent Romanov from leaving Lithuania.

:aok:

[Haymaker]

Top work Sergey!

[pacorosssco]

No doubt something very similar.

Their fans should be renamed the mushrooms. Kept in the dark and fed *****

what about mushyams:greengrin

[Dashing Bob S]

More from the Baltic Wire Service:



:aok:

Fantastic news. I'm considering taking a passionate interest in the banking/legal affairs/criminal justice system of Lithuania. I wonder what happens to Los Yambolinos if Mr Romanov is convicted of financial wrongdoing and goes to the tin pail?

[Coco Bryce]

Really? Have you seen their team line up and their league position? Did the transfer ban not happen?

Not really. Their signings in the window were far better than ours.

[VickMackie]

More from the Baltic Wire Service:



:aok:

Good work but what was the answer if he would be allowed to leave?

[Seveno]

More from the Baltic Wire Service:



:aok:

Strictly between you and me, Sergey, Agent Romanov made it out to Switzerland late last night. He will return to his homeland via the Port of Leith on the 19th May for a hero's welcome at ER.

[Bristolhibby]

Not really. Their signings in the window were far better than ours.

This is what drove me mad.

Sanctions, yet they sign two top quality players, and pay the same wage.

How is that cutting cloth?

It seems to me, that they are loading themselves with debt, in the hope of writing off Hearts as bad debt.

You can bet your house that the cake sale money, ain't in Hearts coffers, but in the suitcase (swiss bank vault) of Vlad.

J

[HFC 0-7]

This is what drove me mad.

Sanctions, yet they sign two top quality players, and pay the same wage.

How is that cutting cloth?

It seems to me, that they are loading themselves with debt, in the hope of writing off Hearts as bad debt.

You can bet your house that the cake sale money, ain't in Hearts coffers, but in the suitcase (swiss bank vault) of Vlad.

J

They might have to write some of it off but they wouldn't write it all off if they could sell Tynie and any other assets.

[Bristolhibby]

They might have to write some of it off but they wouldn't write it all off if they could sell Tynie and any other assets.

That's my assumption in the end. A but like in Goodfellas where they buy a club, run up a loading debt on credit.

Then burn it down when they can't wring another cent out of it.

Hearts would be the burning nightclub. The fans, the bankrupt ex-owner.

J

[monktonharp]

Fantastic news. I'm considering taking a passionate interest in the banking/legal affairs/criminal justice system of Lithuania. I wonder what happens to Los Yambolinos if Mr Romanov is convicted of financial wrongdoing and goes to the tin pail?should have mentioned this earlier, when news broke re-the bank in administration and my thoughts were....has vlad left the building? I fully expect him to be returned in chains,from the seycheles/cuba/or any other exotic island you wish to name, or dug out of a bunker in his own compound, shot through the back o' his left lug. a bit like Saddam.

[Sergio sledge]

Strictly between you and me, Sergey, Agent Romanov made it out to Switzerland late last night. He will return to his homeland via the Port of Leith on the 19th May for a hero's welcome at ER.

Yup, in fact this photo was taken on his arrival in his secret hideout in Switzerland...

[Sergey]

They might have to write some of it off but they wouldn't write it all off if they could sell Tynie and any other assets.

Please remember that any administrator (either in the UK or Lith/Lat/Est) would sell the assets (Tynecastle) to the highest bidder, and there's no guarantee that a football consortium would, or could, out bid a potential property developer.

Also, bear in mind that a 'hoofball' investor would also have to invest substantial monies in bringing the stadia to a fit and proper state, that cost would be over and above the asking price. I don't see that happening and any talk of the ground being sold for circa £7M and them retaining it as their home is way wide of the mark as an investor would need to have double that amount at least, and I'm being conservative in that estimation.

[WHUHibs]

That's my assumption in the end. A but like in Goodfellas where they buy a club, run up a loading debt on credit.

Then burn it down when they can't wring another cent out of it.

Hearts would be the burning nightclub. The fans, the bankrupt ex-owner.

J


After a little bit of research on Bloomberg it's seems clear that the change in Lithuanian law on the 8th of January allowed the bank to pledge all it's assets as a guarantee for an undefined purpose,,,those assets are now under the control of the administrator which will mean I'm sure no cash coming from any other means than scottish football. However, if they control the assets then only one thing will happen surely...

[Dr Jimmy]

After a little bit of research on Bloomberg it's seems clear that the change in Lithuanian law on the 8th of January allowed the bank to pledge all it's assets as a guarantee for an undefined purpose,,,those assets are now under the control of the administrator which will mean I'm sure no cash coming from any other means than scottish football. However, if they control the assets then only one thing will happen surely...

If this had happened during the property boon then they would be ****ed. Does anyone think a house builder would pay millions for that midden in the middle of a ****ty area along with all the negative press they would get?
They may get out of this with a consortium picking them up for a song.
Would just be the jammy *******s luck. Sorry but the slimy ***** will probably wiggle out of this.......please tell me I am wrong!

[HUTCHYHIBBY]

This is what drove me mad.

Sanctions, yet they sign two top quality players, and pay the same wage.

How is that cutting cloth?

It seems to me, that they are loading themselves with debt, in the hope of writing off Hearts as bad debt.

You can bet your house that the cake sale money, ain't in Hearts coffers, but in the suitcase (swiss bank vault) of Vlad.

J

Ah, the long con, a ploy favoured by 60's east end gangsters!

[Hibees07]

Our team is playing the worst football ever, crowds are dropping week after week yet people are more concerned over what is happening to the Yam's.

It's a sad day when the most popular thread is about a bank going into administration.

[ScottB]

If this had happened during the property boon then they would be ****ed. Does anyone think a house builder would pay millions for that midden in the middle of a ****ty area along with all the negative press they would get?
They may get out of this with a consortium picking them up for a song.
Would just be the jammy *******s luck. Sorry but the slimy ***** will probably wiggle out of this.......please tell me I am wrong!

Depends, I'm no expert, but...

The admins will be solely interested in getting back as much money as they can, they won't give the slightest for what that means for Hearts.

Hearts owe UBIG at least £20million, UBIG seem to have nothing of value on its books and owes Ukio a fortune. The security, worth £6.8 million ultimately means that if the total debt can't be reclaimed, the minimum amount they will seek is that £6.8 million.

Surely if they can't get it, would they just pull the plug? At the moment (in theory, if the share money is still with Hearts), the club has as much cash as it is likely to get. Hearts have publicly said they need more from 'somewhere' to make it to the end of the year. It could conceivably be in the interest of the Admins to simply shut the club down, take what cash they can get and asset strip it?

[degenerated]

Our team is playing the worst football ever, crowds are dropping week after week yet people are more concerned over what is happening to the Yam's.

It's a sad day when the most popular thread is about a bank going into administration.

I read as far as the worst football ever and then gave up.

[Saorsa]

Our team is playing the worst football ever, crowds are dropping week after week yet people are more concerned over what is happening to the Yam's.

It's a sad day when the most popular thread is about a bank going into administration.If you think what we are currently playing is the worst fitba ever maybe you havnae been around that long.

[Sergey]

I read as far as the worst football ever and then gave up.

D is for the dunderheads who seem to think we have a conspiracy against their particular team

[Alfred E Newman]

I read as far as the worst football ever and then gave up.

It is up for debate whether or not we are playing the worst football ever, but the point about the obsession with the Yams going bust is valid.

[bingo70]

It is up for debate whether or not we are playing the worst football ever, but the point about the obsession with the Yams going bust is valid.

There's loads of threads and debates about how ***** we are, is it so bad to have one thread we can actually enjoy??

Plus what happens to hearts is of huge significance to hibs considering we share a city with them and they're our biggest rivals.

[Hibees07]

It is up for debate whether or not we are playing the worst football ever, but the point about the obsession with the Yams going bust is valid.

Okay, I'll accept the footie is debatable, however we have 'Financial Experts' and all sorts discussing the demise of the Yams, 256 pages, 400 viewers and what has actually happened since the thread started. They have qualified for a Cup final, got rid of some dross and signed a couple of decent players.

It's about time we concentrated on our own issues and forget about them until there is a real story to discuss.

[MacBean]

It's a Huge talking point in Scottish football let alone the city of edinburgh as a whole. Last time I looked this was a football forum to discuss football stuff?

[Sergey]

Okay, I'll accept the footie is debatable, however we have 'Financial Experts' and all sorts discussing the demise of the Yams, 256 pages, 400 viewers and what has actually happened since the thread started. They have qualified for a Cup final, got rid of some dross and signed a couple of decent players.

It's about time we concentrated on our own issues and forget about them until there is a real story to discuss.

:troll:

Simples

[Hibees07]

It's a Huge talking point in Scottish football let alone the city of edinburgh as a whole. Last time I looked this was a football forum to discuss football stuff?

Wrong, nobody is interested other than the folk on here. This is the main Hibs Forum any Yam crap can go on the other forums.

[Jpdhfc]

Our team is playing the worst football ever, crowds are dropping week after week yet people are more concerned over what is happening to the Yam's.

It's a sad day when the most popular thread is about a bank going into administration.



Rubbish sevco thread is far more popular

[ScottB]

Okay, I'll accept the footie is debatable, however we have 'Financial Experts' and all sorts discussing the demise of the Yams, 256 pages, 400 viewers and what has actually happened since the thread started. They have qualified for a Cup final, got rid of some dross and signed a couple of decent players.

It's about time we concentrated on our own issues and forget about them until there is a real story to discuss.

So the collapse of their owners financial empire and the one thing that allows them to continue in a financial sense isn't a real story?

[blackpoolhibs]

Okay, I'll accept the footie is debatable, however we have 'Financial Experts' and all sorts discussing the demise of the Yams, 256 pages, 400 viewers and what has actually happened since the thread started. They have qualified for a Cup final, got rid of some dross and signed a couple of decent players.

It's about time we concentrated on our own issues and forget about them until there is a real story to discuss.

Away ye go and bile her Heid, there are plenty of threads to moan about Hibs on. This is not about us, if you don't like it ignore it and leave it to those of us who are interested in it.

[Mikey]

Wrong, nobody is interested other than the folk on here. This is the main Hibs Forum any Yam crap can go on the other forums.

Or you can just not read it.

[Eyrie]

Okay, I'll accept the footie is debatable, however we have 'Financial Experts' and all sorts discussing the demise of the Yams, 256 pages, 400 viewers and what has actually happened since the thread started. They have qualified for a Cup final, got rid of some dross and signed a couple of decent players.

It's about time we concentrated on our own issues and forget about them until there is a real story to discuss.

After last night's non-performance I could do with a little light relief, so the news about their bank hitting the fan has cheered me up.

[Saorsa]

Away ye go and bile her Heid, there are plenty of threads to moan about Hibs on. This is not about us, if you don't like it ignore it and leave it to those of us who are interested in it.:thumbsup:


Or you can just not read it.It's amazing the number of folk who are no interested in this thread that are reading and posting on it.

[BroxburnHibee]

Wrong, nobody is interested other than the folk on here. This is the main Hibs Forum any Yam crap can go on the other forums.

:faf::rotflmao::hilarious:hahaha::bye:

[marinello59]

Wrong, nobody is interested other than the folk on here. This is the main Hibs Forum any Yam crap can go on the other forums.

Laughing at the misfortunes of that crowd is well worthy of this forum. If you don't like it stick to the other threads.

[lyonhibs]

So the collapse of their owners financial empire and the one thing that allows them to continue in a financial sense isn't a real story?

If that's what this really is, and they subsequently really cannot continue as a financial concern and thus actually go bust - as opposed to 1000 posts on here saying "it must happen soon", of which I have most probably been guilty - then it becomes a real story.

At the moment it's some bank in Eastern Europe running into some strife of some sort of another. No less or more interesting - currently - than The National Bank of Kyrgyzstan getting into a bit of soapy bubble.

[Bostonhibby]

Okay, I'll accept the footie is debatable, however we have 'Financial Experts' and all sorts discussing the demise of the Yams, 256 pages, 400 viewers and what has actually happened since the thread started. They have qualified for a Cup final, got rid of some dross and signed a couple of decent players.

It's about time we concentrated on our own issues and forget about them until there is a real story to discuss.

Okay but there are plenty of threads about our issues and like many others I use this one as a way of keeping an objective eye on what is happening in planet yam.

Is it still okay to call them b******* as well?

[stoneyburn hibs]

After last night's non-performance I could do with a little light relief, so the news about their bank hitting the fan has cheered me up.

:agree: , and finding out about another nail in their coffin is pleasing.

[MrSmith]

Well am no interested and Hibee07 is right! We should mind our own business!












Anything new happened yet?? Heard a bang over Gorgie way a few minutes ago and it wisnae yon laddie who likes the wee girlies! :cb

[lapsedhibee]

If that's what this really is, and they subsequently really cannot continue as a financial concern and thus actually go bust - as opposed to 1000 posts on here saying "it must happen soon", of which I have most probably been guilty - then it becomes a real story.

At the moment it's some bank in Eastern Europe running into some strife of some sort of another. No less or more interesting - currently - than The National Bank of Kyrgyzstan getting into a bit of soapy bubble.

Yes, I'm not making any judgement about whether this is another false alarm or the real thing until I hear a statement from Fester. Is this just another molehole, or the mountain itself, kwam?

[The Green Goblin]

Farmer out Romanov in

[PatHead]

Surely any businesses with accounts due from the HoMFC will be knocking on the door wanting immediate payment. Surely we can expect a few visits to the courts over the next few weeks if they survive that long.

[Mikey]

Surely any businesses with accounts due from the HoMFC will be knocking on the door wanting immediate payment. Surely we can expect a few visits to the courts over the next few weeks if they survive that long.

I mentioned that earlier today. I reckon they've probably missed the boat but it would do them no harm to have a legal claim in.

[cabbageandribs1875]

Okay, I'll accept the footie is debatable, however we have 'Financial Experts' and all sorts discussing the demise of the Yams, 256 pages, 400 viewers and what has actually happened since the thread started. They have qualified for a Cup final, got rid of some dross and signed a couple of decent players.

It's about time we concentrated on our own issues and forget about them until there is a real story to discuss.



awk behave, please let us also laugh at the yamboids :boo hoo:

[Kato]

It's about time we concentrated on our own issues and forget about them until there is a real story to discuss.

Who put you in charge?

[Sergey]

Interestingly, four of the top players of the once Vlad/Ukio funded BC Žalgiris basketball team are about to leave as their contracts are now null and void due to non-payment of wages.

Just thinking down the line, but could some of the Yams walk before the seasons end if similar happens?

I don't recall what triggered the exodus at Ibrox, but when do the written contracts become worthless?

[Mikey]

Who put you in charge?

It seems the folk who are quick to play the "freedom of speech" card when it comes to criticising Hibs are just as quick to tell others that they can't talk about Hearts.

[green glory]

Interestingly, four of the top players of the once Vlad/Ukio funded BC Žalgiris basketball team are about to leave as their contracts are now null and void due to non-payment of wages.

Just thinking down the line, but could some of the Yams walk before the seasons end if similar happens?

I don't recall what triggered the exodus at Ibrox, but when do the written contracts become worthless?

Under administration, the admins have the power to terminate any employees contracts, but if liquidation occurs, the company is dead and employees have the freedom to walk. At Mordor the latter happened.

[Fat Penlon]

Surely any businesses with accounts due from the HoMFC will be knocking on the door wanting immediate payment. Surely we can expect a few visits to the courts over the next few weeks if they survive that long.

Maybe but I'm not sure much else will happen? Ukio have a security over tynecastle so as long as hearts keep to the terms of that then they will be fine surely? Everyone who had a mortgage with northern rock when it collapsed didn't have to payback the full amount of their loan or give up their house did they?

[PatHead]

Maybe but I'm not sure much else will happen? Ukio have a security over tynecastle so as long as hearts keep to the terms of that then they will be fine surely? Everyone who had a mortgage with northern rock when it collapsed didn't have to payback the full amount of their loan or give up their house did they?

Not the point I am getting at, if I were a light bulb supplier, Electricity/gas. bus company, police/security firm with an overdue account I would be worried it would never be settled and would be ready to sue if account wasn't settled.

[Jack Hackett]

I've had a s**t day ruminating on last nights game. Whether or not today's news results in hastening the demise of the yams, it has put a smile on my face. :aok:

I'll go back to tearing my hair out about how bad Hibs are tomorrow.....if that's ok?

[Mikey]

Not the point I am getting at, if I were a light bulb supplier, Electricity/gas. bus company, police/security firm with an overdue account I would be worried it would never be settled and would be ready to sue if account wasn't settled.

Indeed. The electrical company that took them to court a week or so ago will have had to pay legal fees but at least they'll have got something.

The others should be on the blower to Blacklocks in the morning (if they didn't call them today) to get things moving.

[007 Mickey Weir]

So if admins come in. Would they have power to cancel any loan players contracts to save out goings?

[CropleyWasGod]

Under administration, the admins have the power to terminate any employees contracts, but if liquidation occurs, the company is dead and employees have the freedom to walk. At Mordor the latter happened.

Not quite correct.

The players had all gone before the old company went into liquidation. Some had gone to the new company, some had gone elsewhere.

[CentreLine]

Indeed. The electrical company that took them to court a week or so ago will have had to pay legal fees but at least they'll have got something.

The others should be on the blower to Blacklocks in the morning (if they didn't call them today) to get things moving.

Maybe it is time for the Green Goblin to check on what City of Edinburgh Council are doing now to ensure we the tax payers are not disadvantaged.

[Jim44]

Maybe it is time for the Green Goblin to check on what City of Edinburgh Council are doing now to ensure we the tax payers are not disadvantaged.

There's every chance that in the long run, a Jambo friendly CoEC could decide that it is more in the interests of Edinburgh tax payers to have an alive and kicking HoMFC rather than chasing them for sundry debts which could put them out of business. :dunno:

[Kato]

It seems the folk who are quick to play the "freedom of speech" card when it comes to criticising Hibs are just as quick to tell others that they can't talk about Hearts.


Mmmm, you're not saying that some of them might be jambozoloids, are you?

Surely they can't be that sneaky, they think so highly of themselves.

[Caversham Green]

Maybe but I'm not sure much else will happen? Ukio have a security over tynecastle so as long as hearts keep to the terms of that then they will be fine surely? Everyone who had a mortgage with northern rock when it collapsed didn't have to payback the full amount of their loan or give up their house did they?

Not so. The security is only that - there are no attached terms, repayments or anything else as far as HoMFC are concerned - they owe all the money to UBIG who in turn owe the secured money to Ukio. That means that a) HoMFC have to depend on UBIG sticking to the terms of their (UBIG's) debt to Ukio and b) If Ukio suffer an insolvency event (administration/liquidation) they can and will ultimately go after HoMFC's assets for funds.


And here's the punch line: a) UBIG are potless and may well default on their debts and b) Ukio are in administration - provisional for the moment but it don't look good.

[Fat Penlon]

Not so. The security is only that - there are no attached terms, repayments or anything else as far as HoMFC are concerned - they owe all the money to UBIG who in turn owe the secured money to Ukio. That means that a) HoMFC have to depend on UBIG sticking to the terms of their (UBIG's) debt to Ukio and b) If Ukio suffer an insolvency event (administration/liquidation) they can and will ultimately go after HoMFC's assets for funds.


And here's the punch line: a) UBIG are potless and may well default on their debts and b) Ukio are in administration - provisional for the moment but it don't look good.

Thanks for clearing that up CG I'll sleep much better tonight :-)

[fatbloke]

Has some enterprising Hibby been on Wikipedia? Lifted this from same.
Ūkio Bankas (NASDAQ OMX (http://en.wikipedia.org/wiki/NASDAQ_OMX): UKB1L (http://www.nasdaqomxbaltic.com/market/?pg=details&instrument=LT0000102352&list=2&lang=en)) was a Lithuanian (http://en.wikipedia.org/wiki/Lithuania) commercial bank (http://en.wikipedia.org/wiki/Commercial_bank) based in Kaunas (http://en.wikipedia.org/wiki/Kaunas). More than 50% of shares are owned by Lithuanian businessman Vladimir Romanov (http://en.wikipedia.org/wiki/Vladimir_Romanov) who therefore is in the control of the bank.[1] (http://en.wikipedia.org/wiki/%C5%AAkio_bankas#cite_note-1) It was the fifth largest and oldest private bank in Lithuania. On the 12th of February, the bank was declared bankrupt.


In February 2013 the bank was revealed to have poor asset quality, weak risk management and lack of proper operating data. The check also revealed that the bank has ignored the central bank's recommendation to reduce operating risks. The central bank of Lithuania halted all of its activities until further notice.[4] (http://en.wikipedia.org/wiki/%C5%AAkio_bankas#cite_note-4)

The use of was:faf: :faf:

[Sergey]

Has some enterprising Hibby been on Wikipedia? Lifted this from same.
Ūkio Bankas (NASDAQ OMX (http://en.wikipedia.org/wiki/NASDAQ_OMX): UKB1L (http://www.nasdaqomxbaltic.com/market/?pg=details&instrument=LT0000102352&list=2&lang=en)) was a Lithuanian (http://en.wikipedia.org/wiki/Lithuania) commercial bank (http://en.wikipedia.org/wiki/Commercial_bank) based in Kaunas (http://en.wikipedia.org/wiki/Kaunas). More than 50% of shares are owned by Lithuanian businessman Vladimir Romanov (http://en.wikipedia.org/wiki/Vladimir_Romanov) who therefore is in the control of the bank.[1] (http://en.wikipedia.org/wiki/%C5%AAkio_bankas#cite_note-1) It was the fifth largest and oldest private bank in Lithuania. On the 12th of February, the bank was declared bankrupt.


In February 2013 the bank was revealed to have poor asset quality, weak risk management and lack of proper operating data. The check also revealed that the bank has ignored the central bank's recommendation to reduce operating risks. The central bank of Lithuania halted all of its activities until further notice.[4] (http://en.wikipedia.org/wiki/%C5%AAkio_bankas#cite_note-4)

The use of was:faf: :faf:

Fatbloke - you've made 999 posts to the forum - make you're 1,000'th a £10 donation to the PM forum :agree:

[surreyhibbie]

Has some enterprising Hibby been on Wikipedia? Lifted this from same.
Ūkio Bankas (NASDAQ OMX (http://en.wikipedia.org/wiki/NASDAQ_OMX): UKB1L (http://www.nasdaqomxbaltic.com/market/?pg=details&instrument=LT0000102352&list=2&lang=en)) was a Lithuanian (http://en.wikipedia.org/wiki/Lithuania) commercial bank (http://en.wikipedia.org/wiki/Commercial_bank) based in Kaunas (http://en.wikipedia.org/wiki/Kaunas). More than 50% of shares are owned by Lithuanian businessman Vladimir Romanov (http://en.wikipedia.org/wiki/Vladimir_Romanov) who therefore is in the control of the bank.[1] (http://en.wikipedia.org/wiki/%C5%AAkio_bankas#cite_note-1) It was the fifth largest and oldest private bank in Lithuania. On the 12th of February, the bank was declared bankrupt.


In February 2013 the bank was revealed to have poor asset quality, weak risk management and lack of proper operating data. The check also revealed that the bank has ignored the central bank's recommendation to reduce operating risks. The central bank of Lithuania halted all of its activities until further notice.[4] (http://en.wikipedia.org/wiki/%C5%AAkio_bankas#cite_note-4)

The use of was:faf: :faf:

:greengrin just keeps getting better and better...

Maybe soon we will see them totally Donald Ducked. Maybe...:flag:

[surreyhibbie]

Fatbloke - you've made 999 posts to the forum - make you're 1,000'th a £10 donation to the PM forum :agree:

Nah, he's far too tight.

:greengrin

[MrSmith]

I wonder if the SFA/SPL are taking not of all this? Surely they cannot allow this farce of a club to continue as is? Certainly would put a new spin on corruption! It is now so blatantly obvious, considering the fraud implications, Vlad and the jumbos have been up to no good! Time to eject them from the cup and the league!

[The Green Goblin]

Maybe it is time for the Green Goblin to check on what City of Edinburgh Council are doing now to ensure we the tax payers are not disadvantaged.

I only wish that was me :greengrin

I think you're confusing me with someone else who did outstanding work getting info, maybe greenginger (also GG)?

[fatbloke]

:greengrin just keeps getting better and better...

Maybe soon we will see them totally Donald Ducked. Maybe...:flag:

Hi B - Nah I would rather have the Merricks around so we can pump them regularly, like back when you were young and virginal.:greengrin

[surreyhibbie]

Hi B - Nah I would rather have the Merricks around so we can pump them regularly, like back when you were young and virginal.:greengrin

Jeez, chas, you have a good memory..:wink:

Surprising in such an old git.....

[greenginger]

I only wish that was me :greengrin

I think you're confusing me with someone else who did outstanding work getting info, maybe greenginger (also GG)?


I requested up to date and complete figures of ALL sums outstanding by HOMFC on 28th Jan. They have 20 working days to comply, so a few days more.

I think I'll give them a call tomorrow just to gee them up. :wink:

[Leithenhibby]

I requested up to date and complete figures of ALL sums outstanding by HOMFC on 28th Jan. They have 20 working days to comply, so a few days more.

I think I'll give them a call tomorrow just to gee them up. :wink:

:aok: :greengrin

[hibs0666]

Maybe but I'm not sure much else will happen? Ukio have a security over tynecastle so as long as hearts keep to the terms of that then they will be fine surely? Everyone who had a mortgage with northern rock when it collapsed didn't have to payback the full amount of their loan or give up their house did they?

The yaks haven't been paying back their debt, or even their interest, though - it has just been piled onto the debt. As soon as those payments kick back in then monthly outgoings will increase by about £100K per month, and it then becomes becomes watery jobby time for the yaks. :thumbsup:

[EdinMike]

I guarantee nothing will come of this, however it is the start of the rolling of the stone..

Soon !

[Sergey]

]I guarantee nothing will come of this[/B], however it is the start of the rolling of the stone..

Soon !

You want to put your money where your mouth/keyboard is?

You name the ante - I'll match it.

Your call, punk!

[monktonharp]

It seems like great news on the face of it, but won't this just mean that Vlad is under more pressure to get Hertz off his hands?

He may be pressured into doing a deal with the devil.him doing a deal wi' the devil? you've got it all roond the wrong way, naw?:greengrin

[LeighLoyal]

What gets me is they won two cups while juiced on Vlad's bank's cash, cash that is now a black hole for sore fingered Ukios depositors.

[EdinMike]

You want to put your money where your mouth/keyboard is?

You name the ante - I'll match it.

Your call, punk!

Umm sure ? I have already stated I hope they die and all that.. I'm a Punk now ?! :confused:

[Sergey]

Umm sure ? I have already stated I hope they die and all that.. I'm a Punk now ?! :confused:

You said:


I guarantee nothing will come of this

I said:


You want to put your money where your mouth/keyboard is?

Do you....?

I thought not!

Go crawl back under the rock you came from.

[EdinMike]

You said:



I said:



Do you....?

I thought not!

Go crawl back under the rock you came from.

I'm so confused. I only want them to die but I don't see it happening !

[monktonharp]

Interestingly, four of the top players of the once Vlad/Ukio funded BC Žalgiris basketball team are about to leave as their contracts are now null and void due to non-payment of wages.

Just thinking down the line, but could some of the Yams walk before the seasons end if similar happens?

I don't recall what triggered the exodus at Ibrox, but when do the written contracts become worthless?I think that comes, roundabout the time when nae wages are paid as per agreed due to contracts between club/player.(agent)


Maybe but I'm not sure much else will happen? Ukio have a security over tynecastle so as long as hearts keep to the terms of that then they will be fine surely? Everyone who had a mortgage with northern rock when it collapsed didn't have to payback the full amount of their loan or give up their house did they?surely different circumstances? northern rock ended up being nationalised by the "british" gvt, naw? the Liths are hardly likely to nationalise hmofc are they?

[Frazerbob]

9360

[jgl07]

Our team is playing the worst football ever, crowds are dropping week after week yet people are more concerned over what is happening to the Yam's.


Untrue on both counts.

I have seen far worse football. The team are fifth in the table and one match away from the QF of the SC.

Unbeaten this season by Celtic and Hearts.

As for attendances, Hibs had the largest crowd in the SPL for the fixture round despite playing on a freezing Monday night with the St Johnstone having one of the smallest visiting support.

[cabbageandribs1875]

Untrue on both counts.

I have seen far worse football. The team are fifth in the table and one match away from the QF of the SC.

Unbeaten this season by Celtic and Hearts.

As for attendances, Hibs had the largest crowd in the SPL for the fixture round despite playing on a freezing Monday night with the St Johnstone having one of the smallest visiting support.



i'm kinda hoping we are already in the QF of the SC :greengrin

[monktonharp]

i'm kinda hoping we are already in the QF of the SC :greengrinI can confirm, that we are defo in the QF.nae gauruntees on progressing though:greengrin but it could be a good day oot!:wink:

btw, can any of our more in the know gadges explain this. what does it mean to be temporary in administration/ shirley yer in admin, or yer no in administration? Is the job of the administrator(s) not to get as much money back into the fund of a company on the slide? and hand out as much as possible to the creditors, thereby paying off the debts of the said company? or is it somewhat different in Lithland?. the board of hmofc have stated on their official site that they are in constant contact with ukio bankas, yet the high heidyins in Lithuania have stated that there is no trading allowed.

[macca70]

Maybe but I'm not sure much else will happen? Ukio have a security over tynecastle so as long as hearts keep to the terms of that then they will be fine surely? Everyone who had a mortgage with northern rock when it collapsed didn't have to payback the full amount of their loan or give up their house did they?

Northern Rock example is different as they were bailed out and continue to trade.

Although the point about Tynie is spot on, Ukio don't own Tynie, they have 1st Charge on the property so as long as Hearts keep up there mortgage payments it can't be repossessed.

Where I reckon they will have a problem, if the club have an Ukio bank account, anything in there will surely be lost also they don't have Ukio or Vlad to run to should they need a short term loan to see them over til there next home game, jumble sale, cake bake.

Sounds like the running of Ukio has not all been above board and a criminal investigation could take place, surely the 1st to be hammered would be Romanov.

[Bostonhibby]

surely different circumstances? northern rock ended up being nationalised by the "british" gvt, naw? the Liths are hardly likely to nationalise hmofc are they?

Substitute Edinburgh City Council for British government and you might yet see some political "support" being created for them. The unofficial extension of their debt to the council and council funded feasibility study a while back are indicators of some of the politicians ability and desire to confuse their support for a football team with their actual responsibilities.

[s.a.m]

Northern Rock example is different as they were bailed out and continue to trade.

Although the point about Tynie is spot on, Ukio don't own Tynie, they have 1st Charge on the property so as long as Hearts keep up there mortgage payments it can't be repossessed.

Where I reckon they will have a problem, if the club have an Ukio bank account, anything in there will surely be lost also they don't have Ukio or Vlad to run to should they need a short term loan to see them over til there next home game, jumble sale, cake bake.

Sounds like the running of Ukio has not all been above board and a criminal investigation could take place, surely the 1st to be hammered would be Romanov.

But if (and I'm completely out of my depth here....) Tynecastle has been offered as security for other debts (which seems to be the case here), and not just its own purchase, would that not be called in if those other debts are unpaid?

E.g.: your home is not at risk if you keep up payments on it. If you ofer it as security for some other business project, and it fails leaving you lumbered with debt, your home is at risk??? As I say, out of my depth, but would that not be the case?

[Caversham Green]

Northern Rock example is different as they were bailed out and continue to trade.

Although the point about Tynie is spot on, Ukio don't own Tynie, they have 1st Charge on the property so as long as Hearts keep up there mortgage payments it can't be repossessed.

Where I reckon they will have a problem, if the club have an Ukio bank account, anything in there will surely be lost also they don't have Ukio or Vlad to run to should they need a short term loan to see them over til there next home game, jumble sale, cake bake.

Sounds like the running of Ukio has not all been above board and a criminal investigation could take place, surely the 1st to be hammered would be Romanov.

That's not how it works in this case. Hearts don't make mortgage payments to Ukio and they don't owe them any money (at least nothing substantial). Hearts owe UBIG £22m+ and have granted the security of their assets to UBIG. That is, if Hearts fail to pay their debts to UBIG within the terms of their agreement UBIG can repossess or force the sale of those assets. On the other hand Hearts can not sell their assets off unless UBIG approve, which they would only do if their debt is settled.

UBIG in turn owe money to Ukio and as security on that debt they have passed over part of the security they hold over Hearts' assets - but only the security, not the debt. That means that Hearts can stick by their agreement with UBIG, but are powerless to retain their assets if UBIG don't keep up their repayments to Ukio. If UBIG were to repay Ukio in full HoMFC's debt would remain the same, but the security would revert to UBIG.

One knock-on effect is that UBIG will almost certainly be restricted from selling HoMFC without settling their debt to Ukio first which means they need to get at least £7m out of any such sale.

[greenginger]

btw, can any of our more in the know gadges explain this. what does it mean to be temporary in administration/ shirley yer in admin, or yer no in administration? Is the job of the administrator(s) not to get as much money back into the fund of a company on the slide? and hand out as much as possible to the creditors, thereby paying off the debts of the said company? or is it somewhat different in Lithland?. the board of hmofc have stated on their official site that they are in constant contact with ukio bankas, yet the high heidyins in Lithuania have stated that there is no trading allowed.

https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=541385&messageId=666885

The administrator has been given 6 days to give his recommendations on the Ukio Bankas which suggests to me minds are already made up and the Bank will be amalgamated in the Siauliu Bank which is part owned by the European Central Bank.

I am sure an audit of ALL accounts ,loans and transactions will take place securing the funds of genuine local people and businesses.

Accounts of crooks, money launderers and the like will be suspended and bad debts to the Romanov " Empire " will be called in. :thumbsup:

UBIG and the Yams will then be treated like any other business by a responsible bank --- the Knackers Yard !

The only question would be is how little the BAnk would be willing to accept for the Yam Dome and Yam F C ?

[Oscar T Grouch]

Latest fro, twitter for non twits :wink:
Evening News Sport ‏@edinburghsport
We've spoken to finance expert Neil Patey, ex advisor to Roman Abromovich, about #UkioBankas, #Ubig #Hearts. He says: There could be trouble

[poolman]

http://i47.tinypic.com/zn1yq8.jpg


http://i49.tinypic.com/14ndcll.jpg


http://i45.tinypic.com/2nrmwjc.jpg

[ronaldo7]

https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=541385&messageId=666885

The administrator has been given 6 days to give his recommendations on the Ukio Bankas which suggests to me minds are already made up and the Bank will be amalgamated in the Siauliu Bank which is part owned by the European Central Bank.

I am sure an audit of ALL accounts ,loans and transactions will take place securing the funds of genuine local people and businesses.

Accounts of crooks, money launderers and the like will be suspended and bad debts to the Romanov " Empire " will be called in. :thumbsup:

UBIG and the Yams will then be treated like any other business by a responsible bank --- the Knackers Yard !

The only question would be is how little the BAnk would be willing to accept for the Yam Dome and Yam F C ?

Maybe we should put in a wee/tiny offer:greengrin

[Peevemor]

The way I see it is that Ukio aren't totally skint (yet) and the administrators have been appointed mainly because of the dodgy conduct of the bank's directors (with Vlad pulling the strings I'd imagine).

Reports suggest that UBIG are also in trouble (and haven't lodged accounts for years) and I reckon that without their "pet" bank they'll quickly collapse taking our pink neighbours with them. Given the sums invloved in the dealings between HMFC and UBIG, any new bank that takes over will either be very difficult to deal with for anyone wanting to but the football club or they'll take the first offer going just to get rid of it.

I don't think there'll be any middle ground.

[Jim44]

Latest fro, twitter for non twits :wink:
Evening News Sport ‏@edinburghsport
We've spoken to finance expert Neil Patey, ex advisor to Roman Abromovich, about #UkioBankas, #Ubig #Hearts. He says: There could be trouble

Well Patey is saying the opposite in the Scotsman, "fans don't need to worry too much at this point."

[s.a.m]

Well Patey is saying the opposite in the Scotsman, "fans don't need to worry too much at this point."

...although another article speculates:

THE company that’s in trouble [Ukio Bankas] is not the one that’s lent £24.4 million to Hearts, so on the face of it that’s good.Hearts have confirmed that there is some debt provided by Ukio Bankas which they are now negotiating with as to what that means and whether that has to be repaid.
If it does need to be repaid, the question is where do they find the resources?
If they can’t, is there any security – eg, Tynecastle football stadium – which might have been pledged as security on the loan?
If there’s debt within Hearts held by the bank then there could be trouble. There’s a possibility, depending on the terms of that debt, that it could be recalled, and repaid as soon as possible, and Hearts may not have the resources to cover it.

[Oscar T Grouch]

Well Patey is saying the opposite in the Scotsman, "fans don't need to worry too much at this point."

Personally I hope Patey is correct, he does seem to know what he's on about, especially within eastern european financial sector, heres hoping anyways :greengrin

[EuanH78]

Well Patey is saying the opposite in the Scotsman, "fans don't need to worry too much at this point."

If this was Hibs I would be extremely concerned - although to be fair I would have been concerned for the last seven (ish) years.

What I dont get is that the Yamtards seem to think 'Its ok we are self sufficient now'

Firstly, are they really? I remember it being a long process for Hibs to be 'self sufficient' if we even are at all now. Is it not more true that they are self sufficient as long as their borrowing facilities remain favourable? Surely the collapse of UKIO is going to change all that and yet, hardly a peep out of them. Deserve whats coming IMO.

[Treadstone]

UBIG in turn owe money to Ukio and as security on that debt they have passed over part of the security they hold over Hearts' assets - but only the security, not the debt. That means that Hearts can stick by their agreement with UBIG, but are powerless to retain their assets if UBIG don't keep up their repayments to Ukio. If UBIG were to repay Ukio in full HoMFC's debt would remain the same, but the security would revert to UBIG.

Thanks Caversham really getting an understanding on this from you and others(by the way where is Part Time Supporter these days ?).

A couple of questions though : How does debt at this level work ? Is there a repayment schedule whereby UBIG could default or does the debt, while accruing interest, just get serviced when UBIG can pay something towards it ?

For arguments sake if UKIO ceased all trading today and vanished what would happen to the security ?

[Caversham Green]

If this was Hibs I would be extremely concerned - although to be fair I would have been concerned for the last seven (ish) years.

What I dont get is that the Yamtards seem to think 'Its ok we are self sufficient now'

Firstly, are they really? I remember it being a long process for Hibs to be 'self sufficient' if we even are at all now. Is it not more true that they are self sufficient as long as their borrowing facilities remain favourable? Surely the collapse of UKIO is going to change all that and yet, hardly a peep out of them. Deserve whats coming IMO.

On the basis of their last accounts Hearts are still far from self-sufficient. Because of their chronic losses they have no reserves or credit-worthiness and they need to get their total wages bill down to less than £2m just to break even (that's SFL1 levels). Their massive debt remains, and if that is called in for any reason they're Donald Ducked.

Hibs have made losses over the last couple of years but the healthy profits from earlier years provided some reserves (they had about £1m in the bank at the start of this season) so they are self-suffient for the time being, but it's getting tight. They have improved the infrastructure and reduced the cost base though, but it needs to start being reflected on the pitch.


Thanks Caversham really getting an understanding on this from you and others(by the way where is Part Time Supporter these days ?).

A couple of questions though : How does debt at this level work ? Is there a repayment schedule whereby UBIG could default or does the debt, while accruing interest, just get serviced when UBIG can pay something towards it ?

For arguments sake if UKIO ceased all trading today and vanished what would happen to the security ?

How the debt works depends on the agreement between the bank and the company. If it's a straight loan there will be a repayment schedule similar to a mortgage and if UBIG defaulted Ukio would eventually force the sale of assets or call in the liquidators. It could also be an overdraft arrangement whereby the overdraft has a fixed ceiling and when it reaches that no more funds are available. However, interest would still be accruing so the balance would automatically exceed the ceiling and Ukio would eventually force the sale of assets...etc... That latter arrangement is effectively what UBIG provided to the yams and the ceiling has now been hit.

For your second question, Ukio couldn't just vanish - they have creditors and investors who would want their money out, so a liquidator would be called in (no scope for an administrator if they ceased trading) and he would chase up all the debts. The security would either be enforced by the sale of assets - in which case HoMFC's debt level would fall but they'd have no stadium or other assets, or it would be paid off by UBIG in which case HoMFC's debt level would stay the same but the security would revert to UBIG. There is the possibility of the liquidator selling the debt to another bank but the secondary nature of the security and the dubious health of the debt probably makes that less lucrative than the other courses of action.

[macca70]

http://m.15min.lt/en/article/business/lithuanian-central-bank-governor-ukio-bankas-had-been-told-to-make-232-million-euros-in-extra-provisions-527-306235

The picture at the bottom of that article reminds me of when Northern Rock were going bust and there were queues all the way up Castle Street of folk waiting to get in to empty there current and savings accounts.

[Treadstone]

Thanks Caversham.

I knew the second question was a bit of a reach on my part.

I read the book 'The Big Short' a couple of years ago and always remember the part that said a California fruit picker had a $750,000 mortgage, wonder if UKIO provided it.

Hearts are the fruit pickers of Scottish football.

[JeMeSouviens]

If this was Hibs I would be extremely concerned - although to be fair I would have been concerned for the last seven (ish) years.

What I dont get is that the Yamtards seem to think 'Its ok we are self sufficient now'

Firstly, are they really? I remember it being a long process for Hibs to be 'self sufficient' if we even are at all now. Is it not more true that they are self sufficient as long as their borrowing facilities remain favourable? Surely the collapse of UKIO is going to change all that and yet, hardly a peep out of them. Deserve whats coming IMO.

As long as they ... win the Scottish cup, get drawn against an EPL side in the Europa League, fleece the muppets for £1M+ of donations, defer their tax bills and get their squad to give up their bonuses ... every season ... aye, they're totally self sufficient. :rolleyes:

[Fat Penlon]

Anyone else read fatt Foulkes comments in todays news? Is he on another planet or is it me? He paints a very rosey picture of the current situation!

Lord George Foulkes, who helped broker the deal to bring Romanov to Hearts, said it was essential that there was transparency in the relationship between Hearts and the other business interests of its majority shareholder.
“It’s all very complicated and one of the things we need to do is to resolve the position regarding Mr Romanov, Ukio Bankas and UBIG.
“It’s just not clear. The positive thing is that Hearts are an asset now where a few months ago it was a
liability.
“Now it’s moving towards breaking even in a profitable situation with the high-paid players moving on and income coming in from the share issue, people buying tickets and the cup final coming up.
“It’s an asset that any administrator or anyone making decisions about it would want to continue to operate.
“The problem is that we need to see if we can disentangle the club and finances from Mr Romanov’s and his problems.”

How is the bit in bold a good thing for hearts?

[Killiehibbie]

Is this the armageddon that was sure to follow Rangers demise? :greengrin

[Hank Schrader]

Anyone else read fatt Foulkes comments in todays news? Is he on another planet or is it me? He paints a very rosey picture of the current situation!

Lord George Foulkes, who helped broker the deal to bring Romanov to Hearts, said it was essential that there was transparency in the relationship between Hearts and the other business interests of its majority shareholder.
“It’s all very complicated and one of the things we need to do is to resolve the position regarding Mr Romanov, Ukio Bankas and UBIG.
“It’s just not clear. The positive thing is that Hearts are an asset now where a few months ago it was a
liability.
“Now it’s moving towards breaking even in a profitable situation with the high-paid players moving on and income coming in from the share issue, people buying tickets and the cup final coming up.
“It’s an asset that any administrator or anyone making decisions about it would want to continue to operate.
“The problem is that we need to see if we can disentangle the club and finances from Mr Romanov’s and his problems.”

How is the bit in bold a good thing for hearts?

The bit in bold is a load of p1sh.

[Seveno]

Amidst all our glee, let's spare a thought for the ordinary Lithuanians who were conned into putting their savings into the Bank. I hope that the Lithuanina Govt will protect the ordinary depositors.

[Ozyhibby]

As long as they ... win the Scottish cup, get drawn against an EPL side in the Europa League, fleece the muppets for £1M+ of donations, defer their tax bills and get their squad to give up their bonuses ... every season ... aye, they're totally self sufficient. :rolleyes:

You forgot to add avoid paying any interest at all on their £25m debt. They have managed it so far but I don't think it's going to be possible going forward.:greengrin

[bingo70]

As long as they ... win the Scottish cup, get drawn against an EPL side in the Europa League, fleece the muppets for £1M+ of donations, defer their tax bills and get their squad to give up their bonuses ... every season ... aye, they're totally self sufficient. :rolleyes:

Thing is even after this they're not self sufficient, they've still said they've not got enough to get them through to the end of the season!

[MCameron]

Time for STF to step in and repay Hearts for what FWM tried? One city, one team anyone? :greengrin:greengrin

[PatHead]

You forgot to add avoid paying any interest at all on their £25m debt. They have managed it so far but I don't think it's going to be possible going forward.:greengrin

and don't forget the "new" tax bills that start in May. Don't think they will have enough budget to run a boys club. :greengrin

[The_Sauz]

Latest fro, twitter for non twits :wink:
Evening News Sport ‏@edinburghsport
We've spoken to finance expert Neil Patey, ex advisor to Roman Abromovich, about #UkioBankas, #Ubig #Hearts. He says: There could be trouble


http://youtu.be/TnfKmNRfLYU

[greenginger]

http://www.lithuaniatribune.com/29326/central-bank-governor-expects-ukio-bankas-fate-to-be-clear-on-weekend-201329326/


Lithuanian Bank not wasting any time on pulling the trigger on Vlad. :thumbsup:


Notice the name of the Head Hauncho pulling the trigger.

Vitas Vasiliauskas, thats the same name as the guy Vlad brought in to make the Mega stand happen and still noted as a director of HOMFC. Must be a different guy though, this one is a lawyer and Vlad's man was a waterpool attendant.

May'be the name is just like Jimmy Smith in Lith. Land. :greengrin

[greenginger]

I requested up to date and complete figures of ALL sums outstanding by HOMFC on 28th Jan. They have 20 working days to comply, so a few days more.

I think I'll give them a call tomorrow just to gee them up. :wink:

Called the Council F O I department, they are still waiting on the information from the admins. but don't anticipate any hold ups this time.

They suggested I call back at the beginning of next week. I said I would, but that it might be too late as we would be discussing the debts of a corpse. :greengrin

I'm not sure the girl from F O I knew what I was talking about.

[CyberSauzee]

Just perusing the comments on this story...

http://www.scotsman.com/sport/football/top-football-stories/foundation-of-hearts-admits-ukio-blow-is-major-event-1-2788167

...and the very first one this morning had a very interesting story in the last reply. It's nothing more than a 'historical footnote' now, but worth a read nonetheless. Here for those of you who can't be bothered to find it:



Home Rule For Arradoul
9:33 AM on 13/02/2013
The "dunderheid" as he is referred to seems to know more about the Ukio/UBIG linkage than the Lithuanian regulatory authorities - even they can't judge the full implications yet so how a knee-jerk nae-sayer can surmise with anything other than hope and prayer is beyond reason.

In 2001 I was asked by a financial consultancy in Luxembourg to find a Baltic bank ripe for takeover by a small German investment bank. I approached the big auditors as you do in such circumstances and the likeliest suspect that emerged was Ukio - I was first to admit that I had never heard of them. The Germans came to the Baltics and met with the Managing Partner of the relevant major international auditor. After the Germans had looked at the Ukio paperwork there were many, many more questions than answers. The auditor gave the following summation of Ukio and I paraphrase, "A bunch of Kaunas businessman couldn't get reliable trade credit so they decided to start their own bank to issue their own guarantees and letters of credit. By pure luck they fell into the Vilnius-Kaunas faultline where most major banks were Vilnius based and they were the only Kaunas bank so locals in Kaunas proudly tipped their small savings into their local bank. Through nothing more than dumb luck they have become a player in the highly fragmented Lithuanian banking market. These guys are not bankers and have no illusions that they are and they want to get out before everything goes pop."

The Germans ran for the airport!

Luxembourg tried to bring Ukio into play again with a small Algerian bank. The meeting was in Zurich in the summer of 2002. I arranged that the auditing firm sent their dedicated banking guy from their Lithuanian main office, an Australian economist if I recall correctly. The meeting was wound up after an hour and the Algerians killed the whole thing stone dead.

As soon as Romanov came into Scottish football and failed with his first two takeover attempts (everyone forgets that Hearts were his third choice with Dundee and Dunfermline spurning his overtures) I was reminded of the Germans and the Algerians. The Tynecastle scenario at that time was obviously in a far more distressed state with an imminent departure from Gorgie and new lodgings at Murrayfield only short months away.

I'm not a Jambo but I have tremendous affection for that proud club and although the Romanov years have been far from plain sailing it has been a hell of a ride for the fans for good as well as bad. I passionately hope matters are resolved well for Hearts but comments from such "dunderheids" are just the equivalent of covering your ears and repeating loudly and often "Ah'm no listening, ah'm no listening!"

[Ross4356]

As long as they ... win the Scottish cup, get drawn against an EPL side in the Europa League, fleece the muppets for £1M+ of donations, defer their tax bills and get their squad to give up their bonuses ... every season ... aye, they're totally self sufficient. :rolleyes:

:top marks

[EdinMike]

I liked this comment:

"Just wish the Hibbies would realise Hearts are to big to fail. Fan base and support in the city is to great. Hibs however are in a dire state. Biggest crowds this year at ER have all involved Hearts."

Failing to distinguish to and too. C -

Failing to realise no club is "to" big to fail. Priceless !

[Ryan91]

I liked this comment:

"Just wish the Hibbies would realise Hearts are to big to fail. Fan base and support in the city is to great. Hibs however are in a dire state. Biggest crowds this year at ER have all involved Hearts."

Failing to distinguish to and too. C -

Failing to realise no club is "to" big to fail. Priceless !

Pretty sure the Huns were described as being 'too big to fail' and look what happened to them.

[Hank Schrader]

Pretty sure the Huns were described as being 'too big to fail' and look what happened to them.

Exactly. And yet some Hibs fans on here are willing to confidently state that Hearts will "never go bust" despite not having an actual clue about the reality of the whole thing, its just a hunch based on them being a bunch of jammy gits from time to time.

Their luck is running out. This is not going to end well for them.

[monktonharp]

The bit in bold is a load of p1sh. aye, and the bit it emenated frae, is full o' wind and pish

[big-mo]

Northern Rock example is different as they were bailed out and continue to trade.

Although the point about Tynie is spot on, Ukio don't own Tynie, they have 1st Charge on the property so as long as Hearts keep up there mortgage payments it can't be repossessed.

Where I reckon they will have a problem, if the club have an Ukio bank account, anything in there will surely be lost also they don't have Ukio or Vlad to run to should they need a short term loan to see them over til there next home game, jumble sale, cake bake.

Sounds like the running of Ukio has not all been above board and a criminal investigation could take place, surely the 1st to be hammered would be Romanov.

I have heard from a couple of sources that neither Romanov nor Ukio own Tynie, it was sold to a third party (property developers) a few years back, so the only assets Ukio hold is the club name and players and staff contracts.

[Gus Fring]

I liked this comment:

"Just wish the Hibbies would realise Hearts are to big to fail. Fan base and support in the city is to great. Hibs however are in a dire state. Biggest crowds this year at ER have all involved Hearts."

Failing to distinguish to and too. C -

Failing to realise no club is "to" big to fail. Priceless !

He's clearly left out the Celtic game. Hearts attendances are only high because of the sheer volume of tickets they give away which is another reason they are going bust!

[hibs0666]

I have heard from a couple of sources that neither Romanov nor Ukio own Tynie, it was sold to a third party (property developers) a few years back, so the only assets Ukio hold is the club name and players and staff contracts.

The stadium was most definitely on their books when they completed their last set of accounts.

[jgl07]

The stadium was most definitely on their books when they completed their last set of accounts.

Yes but how long ago do the latest accounts relate to?

Hearts' accounts always seem to be a year behind everyone else.

[Emerald]

The stadium was most definitely on their books when they completed their last set of accounts.

How much of a laugh would it be if it had been sold though! I wouldn't rule anything out with that lot. :lolyam:

[MacBean]

I liked this comment:

"Just wish the Hibbies would realise Hearts are to big to fail. Fan base and support in the city is to great. Hibs however are in a dire state. Biggest crowds this year at ER have all involved Hearts."

Failing to distinguish to and too. C -

Failing to realise no club is "to" big to fail. Priceless !


and their biggest crowds were inevitably against us, or liverpool...

V Celtic we had 20 fans less than against Hearts...

[cabbageandribs1875]

will hertz still be around to try and win the league cup for the first time in 50 years :cb

[littleplum]

I liked this comment:

"Just wish the Hibbies would realise Hearts are to big to fail. Fan base and support in the city is to great. Hibs however are in a dire state. Biggest crowds this year at ER have all involved Hearts."

Failing to distinguish to and too. C -

Failing to realise no club is "to" big to fail. Priceless !

And the biggest crowd at the PBS this season involved Hibs. What's his point?

[Gus Fring]

And the biggest crowd at the PBS this season involved Hibs. What's his point?

Naw, that canny be right? Mind they were on the brink of going bust and every Hearts fan had to buy a ticket for their match against St Mirren? Surely that was a sell out?

[CropleyWasGod]

Yes but how long ago do the latest accounts relate to?

Hearts' accounts always seem to be a year behind everyone else.

June/July 2011.

We've been here before, about 100 pages ago. Any transfer should have been registered publicly, although it is possible that a sale has taken place and it not recorded.

That said, any transfer undermines the UKIO Bankas security, so I would have thought it unlikely.

[Jack Hackett]

Naw, that canny be right? Mind they were on the brink of going bust and every Hearts fan had to buy a ticket for their match against St Mirren? Surely that was a sell out?

Nope. St Mirren fans were less than excited about turning out for the 'last ever match' than they were

[greenginger]

https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=541645&messageId=667250


European Bank confirm they will provide the Siauliu Bank with the funds to take over the " Good Assets " of Ukio Bankas.


Suggesting that the Bad Assets will be left and liquidated with Ukio.

Anyone hazard a guess as to where HOMFC might be put ?


Time scale might be very short and, on the surface it is business as usual at the Pink Palace. Is there any actions their Board should be taking to safeguard the Club or is it totally out of their hands ?

[hibs0666]

https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=541645&messageId=667250


European Bank confirm they will provide the Siauliu Bank with the funds to take over the " Good Assets " of Ukio Bankas.


Suggesting that the Bad Assets will be left and liquidated with Ukio.

Anyone hazard a guess as to where HOMFC might be put ?


Time scale might be very short and, on the surface it is business as usual at the Pink Palace. Is there any actions their Board should be taking to safeguard the Club or is it totally out of their hands ?

If that happens then I guess that any assets related to the yams will be considered as junk. If the yams have no cash whatsoever then I assume that they will be allowed to fold, and the assets disposed of in as rapid a fashion as possible. However, if someone comes in quickly with any sort of offer (say 20p in the £), and have some cash to pee pee away, then the yams could still come out of this in a better shape then we all hope.

[StevieC]

If that happens then I guess that any assets related to the yams will be considered as junk. If the yams have no cash whatsoever then I assume that they will be allowed to fold, and the assets disposed of in as rapid a fashion as possible. However, if someone comes in quickly with any sort of offer (say 20p in the £), and have some cash to pee pee away, then the yams could still come out of this in a better shape then we all hope.

I'm still trying to get my head round this, and hopefully one of the "experts" can clarify, but my understanding is that UKIO have no "direct" ability to dictate matters at Tynecastle and it all hinges on how UKIO deal with the UBIG debt?

[CropleyWasGod]

I'm still trying to get my head round this, and hopefully one of the "experts" can clarify, but my understanding is that UKIO have no "direct" ability to dictate matters at Tynecastle and it all hinges on how UKIO deal with the UBIG debt?

That is exactly how I understand it, Stevie.

The "pot" in which HMFC will be put will be the same one that UBIG are put in. At the moment, HMFC are a secondary consideration. Once, however, the new bank decide what to do with UBIG, then the security over Tynie may become more important.

[EH6 Hibby]

When it says any bad assets will be liquidated with Ukio, does that mean sold off for as much as possible or written off?

[greenginger]

That is exactly how I understand it, Stevie.

The "pot" in which HMFC will be put will be the same one that UBIG are put in. At the moment, HMFC are a secondary consideration. Once, however, the new bank decide what to do with UBIG, then the security over Tynie may become more important.

http://www.bloomberg.com/news/2013-02-13/siauliu-bankas-jumps-most-in-3-years-on-ukio-bid-vilnius-mover.html

Last para, £ 400 million of problem loans to Romanov companies ! I think we can assume UBIG is headed for the liquidator.

Does Pat the Plumber and the other maroon cardigan wearers just have to wait for an opportunity to buy the corpse or is there any action which can be taken to protect the Club ?

Not that I would want THEM to know, but as it would be classed as Hobonomics anyway, it would'nt matter. :greengrin

[MB62]

If that happens then I guess that any assets related to the yams will be considered as junk. If the yams have no cash whatsoever then I assume that they will be allowed to fold, and the assets disposed of in as rapid a fashion as possible. However, if someone comes in quickly with any sort of offer (say 20p in the £), and have some cash to pee pee away, then the yams could still come out of this in a better shape then we all hope.

At very worst, I see the Yams being in the same situation as Newco and playing 3rd div football for a while. They might not have a stadium to play in right enough, ground share with Livi maybe, or CEC building them a new one at Sighthill? but they will still be around, IM(uneducated)O

[Ozyhibby]

Be nice if it all happened tomorrow. Give new meaning to all those 1-5 hand gestures.


At very worst, I see the Yams being in the same situation as Newco and playing 3rd div football for a while. They might not have a stadium to play in right enough, ground share with Livi maybe, or CEC building them a new one at Sighthill? but they will still be around, IM(uneducated)O

So, a new club with no stadium, no history, no titles or cup wins, no 5-1, playing in Livingston ( council have no money for a 20,000 seat stadium).
That will do for me.

[Sergey]

http://www.bloomberg.com/news/2013-02-13/siauliu-bankas-jumps-most-in-3-years-on-ukio-bid-vilnius-mover.html

Last para, £ 400 million of problem loans to Romanov companies ! I think we can assume UBIG is headed for the liquidator.

Does Pat the Plumber and the other maroon cardigan wearers just have to wait for an opportunity to buy the corpse or is there any action which can be taken to protect the Club ?

Not that I would want THEM to know, but as it would be classed as Hobonomics anyway, it would'nt matter. :greengrin

Got to remember, GG, that whatever happens from now on, it's not in the hands of Vlad to call the shots.

I'd be extremely concerned if I was a Yam.

[StevieC]

That is exactly how I understand it, Stevie.

The "pot" in which HMFC will be put will be the same one that UBIG are put in. At the moment, HMFC are a secondary consideration. Once, however, the new bank decide what to do with UBIG, then the security over Tynie may become more important.

I know it's impossible to give an accurate answer but what's your own personal view on the possible outcomes between UKIO and UBIG?

It sounds like UBIG have a lot of (unsecured?) debt to UKIO so what is the normal procedure for banks recovering debt from companies that owe a lot more than is actually secured?

Does anyone know the ins and outs of the basketball team saga, the transfer of their stadium to UKIO, and why that was actually done?

[CropleyWasGod]

http://www.bloomberg.com/news/2013-02-13/siauliu-bankas-jumps-most-in-3-years-on-ukio-bid-vilnius-mover.html

Last para, £ 400 million of problem loans to Romanov companies ! I think we can assume UBIG is headed for the liquidator.

Does Pat the Plumber and the other maroon cardigan wearers just have to wait for an opportunity to buy the corpse or is there any action which can be taken to protect the Club ?

Not that I would want THEM to know, but as it would be classed as Hobonomics anyway, it would'nt matter. :greengrin

IMHO, things have gone too far for any protective action on the part of the club. They can only sit and wait.

That said, once the new bank starts to move on the UBIG debt, there could be an opportunity for a deal with Pat & Co. One can see the situation whereby the bank weighs up alternative courses of action. 1. call in the security, take control of Tynie, market it, sell it (if they can), with all the attendant time and expense. or 2. accept an offer just to get some cash in. That offer, of course, might come from a property developer. :greengrin

[Sergey]

I know it's impossible to give an accurate answer but what's your own personal view on the possible outcomes between UKIO and UBIG?

It sounds like UBIG have a lot of (unsecured?) debt to UKIO so what is the normal procedure for banks recovering debt from companies that owe a lot more than is actually secured?

Does anyone know the ins and outs of the basketball team saga, the transfer of their stadium to UKIO, and why that was actually done?

Ukio don't own the Zalgiris basketball stadium but UBIG did run the management of it in conjunction with Kaunas Council. It's state owned.

What Ukio own is a dilapidated arena on the other side of the river (Zalgirio sporto arena) that they were hoping to convert into private accommodation and build a new stadia. Unfortunately the site is also the location of an old Jewish burial ground and no planning consent was granted.

This is undoubtedly one of the pieces of real estate that's been grossly overvalued.

[CropleyWasGod]

I know it's impossible to give an accurate answer but what's your own personal view on the possible outcomes between UKIO and UBIG?

It sounds like UBIG have a lot of (unsecured?) debt to UKIO so what is the normal procedure for banks recovering debt from companies that owe a lot more than is actually secured?

Does anyone know the ins and outs of the basketball team saga, the transfer of their stadium to UKIO, and why that was actually done?

There is no "normal" here :greengrin

Joking apart, we are also talking about Lithuanian law, the intricacies of which may be different from what I'm used to. In general terms, though, I would expect the new bank to be appointing an administrator very soon to take charge of UBIG's assets. The end-product of that would be to recover as much for the bank as possible. Some of that recovery would be in cash, but the majority would be in assets. .I am not sure how the Bosnian plant stands in all of this, but it's that type of property that would be most at risk.

[poolman]

You may be surprised with our services :tee hee:


http://www.ukiobank.co.uk/

[s.a.m]

New fears for Hearts over effect of crisis at bank
Senior News Reporter
Thursday 14 February 2013
FRESH concerns have been raised over the Vladimir Romanov company that owns Hearts as Lithuanian authorities unravel a key part of the mogul's business empire.

FRESH concerns have been raised over the Vladimir Romanov company that owns Hearts as Lithuanian authorities unravel a key part of the mogul's business empire.
BRIAN DONNELLY Bankers believe that if Romanov's Ukio Bankas goes under, sister company Ukio Banko Investicine Grupe (UBIG) – which owns the Tynecastle club – would be affected.
Hearts said the Ukio Bankas collapse would have little effect on the day to day running of the Edinburgh club.
But a Lithuanian banking source said Ukio's plight could have a "direct impact" on UBIG, of which Romanov is chairman and said to be part owner.
Supporters are expected to have a clearer picture within days of the fate of Ukio, currently in temporary administration.
It is hoped the temporary administrator's report will be completed by Friday and officials are set to work through the weekend to take a decision.
Supporters' groups are said to be working behind the scenes to help "secure the future of the club" .
It was reported that UBIG recently used a new Lithuanian law allowing the company to pledge all of its assets as collateral.
A Hearts source said it was unclear what the long-term effect would be on Romanov's personal wealth, described as "weakened".
Labour peer and Hearts fan Lord Foulkes said: "Hearts are now moving into profitability and represent an asset rather than a liability. It is important that the administrator's action recognises this and protects the club



Am I missing somehing, or is the Honorable George missing something??

[DaveF]

Am I missing somehing, or is the Honorable George missing something??

A brain :greengrin

[green glory]

New fears for Hearts over effect of crisis at bank
Senior News Reporter
Thursday 14 February 2013
FRESH concerns have been raised over the Vladimir Romanov company that owns Hearts as Lithuanian authorities unravel a key part of the mogul's business empire.

FRESH concerns have been raised over the Vladimir Romanov company that owns Hearts as Lithuanian authorities unravel a key part of the mogul's business empire.
BRIAN DONNELLY Bankers believe that if Romanov's Ukio Bankas goes under, sister company Ukio Banko Investicine Grupe (UBIG) – which owns the Tynecastle club – would be affected.
Hearts said the Ukio Bankas collapse would have little effect on the day to day running of the Edinburgh club.
But a Lithuanian banking source said Ukio's plight could have a "direct impact" on UBIG, of which Romanov is chairman and said to be part owner.
Supporters are expected to have a clearer picture within days of the fate of Ukio, currently in temporary administration.
It is hoped the temporary administrator's report will be completed by Friday and officials are set to work through the weekend to take a decision.
Supporters' groups are said to be working behind the scenes to help "secure the future of the club" .
It was reported that UBIG recently used a new Lithuanian law allowing the company to pledge all of its assets as collateral.
A Hearts source said it was unclear what the long-term effect would be on Romanov's personal wealth, described as "weakened".
Labour peer and Hearts fan Lord Foulkes said: "Hearts are now moving into profitability and represent an asset rather than a liability. It is important that the administrator's action recognises this and protects the club

Am I missing somehing, or is the Honorable George missing something??

You mean apart from the ability to voluntarily control his bladder?

[Fife-Hibee]

You may be surprised with our services :tee hee:


http://www.ukiobank.co.uk/

Bloody phones cut off' wanted to invest my life savings as well :-)

[Ryan91]

New fears for Hearts over effect of crisis at bank
Senior News Reporter
Thursday 14 February 2013
FRESH concerns have been raised over the Vladimir Romanov company that owns Hearts as Lithuanian authorities unravel a key part of the mogul's business empire.

FRESH concerns have been raised over the Vladimir Romanov company that owns Hearts as Lithuanian authorities unravel a key part of the mogul's business empire.
BRIAN DONNELLY Bankers believe that if Romanov's Ukio Bankas goes under, sister company Ukio Banko Investicine Grupe (UBIG) – which owns the Tynecastle club – would be affected.
Hearts said the Ukio Bankas collapse would have little effect on the day to day running of the Edinburgh club.
But a Lithuanian banking source said Ukio's plight could have a "direct impact" on UBIG, of which Romanov is chairman and said to be part owner.
Supporters are expected to have a clearer picture within days of the fate of Ukio, currently in temporary administration.
It is hoped the temporary administrator's report will be completed by Friday and officials are set to work through the weekend to take a decision.
Supporters' groups are said to be working behind the scenes to help "secure the future of the club" .
It was reported that UBIG recently used a new Lithuanian law allowing the company to pledge all of its assets as collateral.
A Hearts source said it was unclear what the long-term effect would be on Romanov's personal wealth, described as "weakened".
Labour peer and Hearts fan Lord Foulkes said: "Hearts are now moving into profitability and represent an asset rather than a liability. It is important that the administrator's action recognises this and protects the club



Am I missing somehing, or is the Honorable George missing something??

A recollection of the last 8 years?

Pretty sure Hearts haven't been anything like profitable in a long time

[Hank Schrader]

Labour peer and Hearts fan Lord Foulkes said: "Hearts are now moving into profitability and represent an asset rather than a liability. It is important that the administrator's action recognises this and protects the club



Am I missing somehing, or is the Honorable George missing something??

1) Hearts have not become profitable overnight, they are still a loss making entity. They just are not making as huge a loss as before.

2) If a company moves from being loss making to profitability that doesn't mean they become an asset. They still have a negative balance sheet, which is a liability.

These are the words of someone who clearly doesn't have a clue what he is talking about.

George Foulkes is a bellend.

[clerriehibs]

A recollection of the last 8 years?

Pretty sure Hearts haven't been anything like profitable in a long time

So those cake bakes haven't really been happening because The Hearts are actually running at a profit? Wow. And that guy is a peer of the realm.

Or is that a pee-er?

[Ryan91]

So those cake bakes haven't really been happening because The Hearts are actually running at a profit? Wow. And that guy is a peer of the realm.

Or is that a pee-er?

I think the latter of the two terms is appropriate when discussing our auld pal George, but it would appear that George knows something the rest of the world doesn't - in that Hearts are in fact profitable, and that those bake sales are all for the fun of it, not because they were slowly heading up a certain creek without a paddle.

[Hibs07p]

So what about the £22-£24M debt owed to ubig? If UBIG are taken down with UKIO, surely any new bank will either, call in the debt, or agree a debt repayment plan on less favourable terms than at present.
I see Hearts are selling their season tickets as from the start of next month.

GGTTH

[Gatecrasher]

http://www.scotsman.com/sport/football/spl/hearts-season-tickets-to-go-on-sale-1-2790911

gearing up to sell some season tickets

[StevieC]

http://www.scotsman.com/sport/football/spl/hearts-season-tickets-to-go-on-sale-1-2790911

gearing up to sell some season tickets

"One of its key elements will be the re-introduction of early-bird prices for a fixed period"

Expect the early-bird deal to be so good that you'd be "mad" not to buy before the end of March. :wink:


http://www.scotsman.com/sport/football/spl/hearts-season-tickets-to-go-on-sale-1-2790911

gearing up to sell some season tickets

From the "comments" ..

"I would like the club (or Vlad) to make some statement on the potential sale of the club before I part with my hard earned this year"

Errr .. everything is okay .. we have the best young team in the league .. Hearts are not directly affected by the UKIO situation .. we are now a profitable club ..

"Thank you, who do I make the cheque payable to?"

:wink:

[Hibeesforever]

Do the auditors have any role here ? Is. Hearts accounts have been qualified for the last few years due to the inability to verify the underwriting guarantees. Surely now it is clear that Hearts have no prospect of being underwritten and despite what the eminent Lord Faukes stats are clearly trading insolvently ? Does Scotland not prevent Directors of companies from knowing doing this ? Does the City of Edinburgh Council and HMRC not have an obligation to follow up their debts immediately in these situations ?

An views on the above ?

[CropleyWasGod]

Do the auditors have any role here ? Is. Hearts accounts have been qualified for the last few years due to the inability to verify the underwriting guarantees. Surely now it is clear that Hearts have no prospect of being underwritten and despite what the eminent Lord Faukes stats are clearly trading insolvently ? Does Scotland not prevent Directors of companies from knowing doing this ? Does the City of Edinburgh Council and HMRC not have an obligation to follow up their debts immediately in these situations ?

An views on the above ?

The auditors are probably considering their position as we speak, since the 2012 accounts are due for submission to Companies House and HMRC. I would be surprised if they issue the same report as they have done in the past, especially given the latest developments.

As far as the insolvency question is concerned, once insolvency has been established, it is incumbent on the directors of the company to cease trading immediately and take steps to put the company into administration or liquidation. Any debts incurred after that can be held to be the personal liability of the directors. (good luck with that :greengrin)

HMRC have been quite clever in dealing with their debt; they have, thus far, always managed to get what is due to them. I don't know what measures CEC have taken, but would presume they have their standard procedures.

[jonty]

Will Hector be monitoring this?
I wonder if, in hindsight, they're starting to regret coming to an 'arrangement' for payment.

I wonder how many business, owed money, are gearing up to get it out of Hearts sooner rather than later.

Ukio and UBIG might not be the downfall of hearts at all........ :greengrin

[JimBHibees]

From the "comments" ..

"I would like the club (or Vlad) to make some statement on the potential sale of the club before I part with my hard earned this year"

Errr .. everything is okay .. we have the best young team in the league .. we beat the Hobos 5-1 Hearts are not directly affected by the UKIO situation .. we are now a profitable club ..

"Thank you, who do I make the cheque payable to?"

:wink:

You forgot that bit. :greengrin

[spike220]

From the "comments" ..

"I would like the club (or Vlad) to make some statement on the potential sale of the club before I part with my hard earned this year"

Errr .. everything is okay .. we have the best young team in the league .. Hearts are not directly affected by the UKIO situation .. we are now a profitable club ..

"Thank you, who do I make the cheque payable to?"

:wink:

THe 14/15 Season tickets will be in sale in october then. They will call the ultra early bird!

[StevieC]

THe 14/15 Season tickets will be in sale in october then. They will call the ultra early bird!

Or they offer a 3 year season ticket at a heavily discounted price?? :dunno:

[NeilOrrSquareBa]

New bank takes over.
Want to maximise assets from Ukio ashes so reviews portfolio.
Identifies Tynecastle as valuable real estate that might get them circa £10m from a developer.
Applies charge over stadium and toss Hearts out.
Hearts would beownerless and debt less but stadium less. Consortium could snap them up, council will put them up and Hearts will be debt free and able to continue in the SPL unabashed UNLESS….
SFA/SPL evoke going into adminstration old club / new club scenario boot them out and refuse Newco entry?
What's the possibility of that?

[CropleyWasGod]

Will Hector be monitoring this?
I wonder if, in hindsight, they're starting to regret coming to an 'arrangement' for payment.

I wonder how many business, owed money, are gearing up to get it out of Hearts sooner rather than later.

Ukio and UBIG might not be the downfall of hearts at all........ :greengrin

I don't think that HMRC will have many regrets. Thus far, they have been paid all of the ongoing debt. It's only the investigation money that they stand to lose at the moment; had they gone in with all guns blazing to have that paid in a lump sum, HMFC would probably have just closed the doors. The current arrangement at least gives them a chance of recovery.


New bank takes over.
Want to maximise assets from Ukio ashes so reviews portfolio.
Identifies Tynecastle as valuable real estate that might get them circa £10m from a developer.
Applies charge over stadium and toss Hearts out.
Hearts would beownerless and debt less but stadium less. Consortium could snap them up, council will put them up and Hearts will be debt free and able to continue in the SPL unabashed UNLESS….
SFA/SPL evoke going into adminstration old club / new club scenario boot them out and refuse Newco entry?
What's the possibility of that?

HMFC wouldn't be debt-less; there would still be the UBIG debt. Liquidation would be the only way out in your scenario.

[Seveno]

Be nice if it all happened tomorrow. Give new meaning to all those 1-5 hand gestures.

:top marks

[#FromTheCapital]

With all this weeks drama I almost forgot that tomorrow is supposed to be payday :-D could be interesting.

I hope tats got his mrs a lovely present for valentines day, might just save him from a savage beating

[MrSmith]

Hearts fans would have to be mental to buy season tickets next month!

Cannae help but assume the reason they are going out so early is that money will come in before the accounts are submitted to Companies House. Then, we might see admin or liquidation when the realisation hits about insolvency. However, by that time, the jumbos would have given about £4mil in season ticket money to uncle Vlad! :cb

CG or CWG - could they employ the above scenario?

[JimBHibees]

Hearts fans would have to be mental to buy season tickets next month!

Cannae help but assume the reason they are going out so early is that money will come in before the accounts are submitted to Companies House. Then, we might see admin or liquidation when the realisation hits about insolvency. However, by that time, the jumbos would have given about £4mil in season ticket money to uncle Vlad! :cb

CG or CWG - could they employ the above scenario?

Can you not see the obvious flaw in that line? :greengrin

[Dashing Bob S]

Hearts fans would have to be mental to buy season tickets next month!

Cannae help but assume the reason they are going out so early is that money will come in before the accounts are submitted to Companies House. Then, we might see admin or liquidation when the realisation hits about insolvency. However, by that time, the jumbos would have given about £4mil in season ticket money to uncle Vlad! :cb

CG or CWG - could they employ the above scenario?

A sell out of all next seasons home games seems inevitable.

[MrSmith]

Can you not see the obvious flaw in that line? :greengrin

Yup! Had to say though!! :greengrin

[green glory]

A sell out of all next seasons home games seems inevitable.

Shouldn't be too hard at Saughton Park.

[CropleyWasGod]

Hearts fans would have to be mental to buy season tickets next month!

Cannae help but assume the reason they are going out so early is that money will come in before the accounts are submitted to Companies House. Then, we might see admin or liquidation when the realisation hits about insolvency. However, by that time, the jumbos would have given about £4mil in season ticket money to uncle Vlad! :cb

CG or CWG - could they employ the above scenario?

They could, but it would be illegal.

Insolvency is not about the accounts, it's about circumstances; it can be established at any time. IMO, HMFC are already insolvent.

[Spike Mandela]

A few days ago the Bank of Lithuania Board meeting was attended by Economy bank managers - Edita Karpavičienė, Arnas Žalys who basically admitted that our findings on bank insolvency and the solvency level is correct. Edith Karpavičienė bank had, I think, 19 years old, was the right hand (Farm Bank shareholder Vladimir Romanov - BNS), and the same companion recognized "- LNK TV show" Diagnosis: Government on Wednesday said LB Deputy Chairman Raimondas Kuodis.

Lithuanian Radio on Thursday said that inspections Farm Bank, found that the lack of 500 million. LTL and its leaders claimed that the main shareholder of the bank V.Romanovas did not intend to rescue the bank.

"500 million. Thousand negative equity - the Bank of Lithuania approved the inspection, the international audit company KPMG. Confirmed Tuesday that most bank managers. They agreed that the assessment is more or less correct - minus € 500 million. Thousand. They confirmed that there is no money. They also confirmed that the owner basically has neither the resources nor the desire to help the bank. Mr. Romanov told about the mystical billion, which it is, but probably not "- said R.Kuodis.

He pointed out that the declaration of V.Romanovo parliamentary elections were the following: assets - EUR 170 million. LTL liabilities - 220 million. LTL: "It's either he made a false declaration, or the declaration says that the man himself is basically bankrupt.An A.Žalys was Chairman of the Board, and E.Karpavičienė - Chairman of the Supervisory Board Chairman.

[fat freddy]

i just popped over to the kickback to see how they are taking the news of their clubs owners financial problems and they are not bothered in the slightest..in fact the main forum doesn't include a thread on the subject at all...you have to go back a page to see any mention of it!...if this was happening at hibs i know this place would be in meltdown so what makes the hearts support so laid back about their future?...i have a good mate who is a s.t. holder at tynie and he is of a similar viewpoint..he is convinced that there isn't a problem...im not a jambo hater on a scale of many on here but i do find their lack of concern regarding their clubs future very puzzling.

[JimBHibees]

i just popped over to the kickback to see how they are taking the news of their clubs owners financial problems and they are not bothered in the slightest..in fact the main forum doesn't include a thread on the subject at all...you have to go back a page to see any mention of it!...if this was happening at hibs i know this place would be in meltdown so what makes the hearts support so laid back about their future?...i have a good mate who is a s.t. holder at tynie and he is of a similar viewpoint..he is convinced that there isn't a problem...im not a jambo hater on a scale of many on here but i do find their lack of concern regarding their clubs future very puzzling.

To quote Jack Nicholson in a Few Good men. "they cant handle the truth". :greengrin

[MacBean]

Shouldn't be too hard at Saughton Park.


Not sure how Hibeernian AFC will feel about vacating their home pitch! :cb

[hibeesdude]

Is it a kind of Stockholm syndrome?
Or are we just bitter twisted obsessives living in their shadow??
I know the square root of diddly about finance but even I can see UBIG never appear to have started/completed anything and they seem to be more skint than me.

Interesting to see what happens on payday

[bingo70]

i just popped over to the kickback to see how they are taking the news of their clubs owners financial problems and they are not bothered in the slightest..in fact the main forum doesn't include a thread on the subject at all...you have to go back a page to see any mention of it!...if this was happening at hibs i know this place would be in meltdown so what makes the hearts support so laid back about their future?...i have a good mate who is a s.t. holder at tynie and he is of a similar viewpoint..he is convinced that there isn't a problem...im not a jambo hater on a scale of many on here but i do find their lack of concern regarding their clubs future very puzzling.

They think there too big to go under and most of them are assuming the worst case scenario is to do what rangers did and start again in division 3 but I'm not so sure if that'll be as easy for them to do, especially if tynecastle is sold from beneath them.

I think it'll go either of two ways, they'll either sneak out of this mess altogether or they'll be really ****ed and face a few years out of football completely before reforming and starting again.

[Kato]

i just popped over to the kickback to see how they are taking the news of their clubs owners financial problems and they are not bothered in the slightest..in fact the main forum doesn't include a thread on the subject at all...you have to go back a page to see any mention of it!...if this was happening at hibs i know this place would be in meltdown so what makes the hearts support so laid back about their future?...i have a good mate who is a s.t. holder at tynie and he is of a similar viewpoint..he is convinced that there isn't a problem...im not a jambo hater on a scale of many on here but i do find their lack of concern regarding their clubs future very puzzling.

Head in the sand from day one, mate. On the day that Vlad (bless him) took over I stated on here that HoMFC had sold their soul and a Hearts visitor on here said I was talking nonsense. Publicly they will be keeping schtum but I doubt they are sleeping very well. Hope the next few days/weeks/months are very uncomfortable for them.

[blindsummit]

i just popped over to the kickback to see how they are taking the news of their clubs owners financial problems and they are not bothered in the slightest..in fact the main forum doesn't include a thread on the subject at all...you have to go back a page to see any mention of it!...if this was happening at hibs i know this place would be in meltdown so what makes the hearts support so laid back about their future?...i have a good mate who is a s.t. holder at tynie and he is of a similar viewpoint..he is convinced that there isn't a problem...im not a jambo hater on a scale of many on here but i do find their lack of concern regarding their clubs future very puzzling.

In the words of General Melchett 'if all else fails a stubborn, pig-headed refusal to look facts in the face will see us through".

It's this total head in the sand attitude that astounds me. They don't deserve to survive, with that attitude.

[silverhibee]

Hearts fans would have to be mental to buy season tickets next month!

Cannae help but assume the reason they are going out so early is that money will come in before the accounts are submitted to Companies House. Then, we might see admin or liquidation when the realisation hits about insolvency. However, by that time, the jumbos would have given about £4mil in season ticket money to uncle Vlad! :cb

CG or CWG - could they employ the above scenario?

But mental they are. :greengrin

They have already been ripped of for there Xmas money to buy shares.

Next we will be hearing that they won't be going on holiday this year as they need to buy a ST, only to be ripped of again, the only thing they will be watching next season is the bulldozers moving in to demolishing the PBS.

Down periscope, Dive Dive Dive. Sell Sell Sell

http://www.youtube.com/watch?v=o2I84-A9duY

F*** the h*****

[MrSmith]

They could, but it would be illegal.

Insolvency is not about the accounts, it's about circumstances; it can be established at any time. IMO, HMFC are already insolvent.

Thanks, although nothing would surprise me at the moment were their management is concerned. I just hope the fans don't buy into this - it is a lot of money to lose considering any attempt at salvage from elsewhere.


But mental they are. :greengrin

They have already been ripped of for there Xmas money to buy shares.

Next we will be hearing that they won't be going on holiday this year as they need to buy a ST, only to be ripped of again, the only thing they will be watching next season is the bulldozers moving in to demolishing the PBS.

Down periscope, Dive Dive Dive. Sell Sell Sell

http://www.youtube.com/watch?v=o2I84-A9duY

F*** the h*****

I have to say, this is the first time I really believe they are up poo creek!

[green glory]

Repeating "5-1", "**** the Hobos", "wee team always in our shadow" etc will work wonders and save the the day I'm sure.

Just like "weearrapeepo" and "no surrender" did in Govan.

It's not looking good for the pinkos and pretending otherwise is pointless.

[hibeesdude]

Can they go sevco as someone would have to buy their league share and apply to join sfa etcetv

[JollyGreenGiant]

In the words of General Melchett 'if all else fails a stubborn, pig-headed refusal to look facts in the face will see us through".

It's this total head in the sand attitude that astounds me. They don't deserve to survive, with that attitude.

They are probably creaming themselves about their new 3D programme.

Practically a whole page dedicated to this in the EEN, meanwhile their club could be going down the tubes!

Unbelievable - http://m.scotsman.com/edinburgh-evening-news/latest-news/hearts-3d-match-programme-is-first-in-country-1-2791137

[green glory]

They are probably creaming themselves about their new 3D programme.

Practically a whole page dedicated to this in the EEN, meanwhile their club could be going down the tubes!

Unbelievable - http://m.scotsman.com/edinburgh-evening-news/latest-news/hearts-3d-match-programme-is-first-in-country-1-2791137

What a ****ing joke. Just a distraction from what's really happening.

[haagsehibby]

Even after all the info on this thread, I won't know my position on matters for sure until I find out what Shaun Lawson has to say about it all !

[jonty]

They are probably creaming themselves about their new 3D programme.

Practically a whole page dedicated to this in the EEN, meanwhile their club could be going down the tubes!

Unbelievable - http://m.scotsman.com/edinburgh-evening-news/latest-news/hearts-3d-match-programme-is-first-in-country-1-2791137

how 1980s

[clerriehibs]

They think there too big to go under and most of them are assuming the worst case scenario is to do what rangers did and start again in division 3 but I'm not so sure if that'll be as easy for them to do, especially if tynecastle is sold from beneath them.

I think it'll go either of two ways, they'll either sneak out of this mess altogether or they'll be really ****ed and face a few years out of football completely before reforming and starting again.

will they re-form ... or reform?

Can't see the latter ever happening!

[Hibrandenburg]

Serious question. Are we gonna have a big party? I'll be having a few drams but it would be nice to have a mass wake with a few hundred Hibbies together. We could even make it an annual event. Anyone up for it?

[JeMeSouviens]

Can they go sevco as someone would have to buy their league share and apply to join sfa etcetv

Yeah, I'm sure the Foundation of the Hard-up will manage to scrape the pennies together for that one.

Sadly, the fruits of the SFA's "Hun at all costs" strategy are going to pay off for the Yams. The precedent is set for the absurd "transfer of share", "company that owns the club" and other such made up on the hoof bull****. :(

They ought to be joining their soulmates Gretna 2008 wherever the hell they are.

[s.a.m]

Yeah, I'm sure the Foundation of the Hard-up will manage to scrape the pennies together for that one.

Sadly, the fruits of the SFA's "Hun at all costs" strategy are going to pay off for the Yams. The precedent is set for the absurd "transfer of share", "company that owns the club" and other such made up on the hoof bull****. :(

They ought to be joining their soulmates Gretna 2008 wherever the hell they are.

Rangers had a ground and all the infrastructure in place to make their readmittance viable. Hearts may have nowt other than a name, a history and the clothes they stand up in (possibly)(if they haven't been pawned).

Chin up!:greengrin

[HUTCHYHIBBY]

I wonder if a Jambo runs the new Krispy Kreme franchise @ Hermiston, they've got plenty experience under their belts recently!

[Emerald]

i just popped over to the kickback to see how they are taking the news of their clubs owners financial problems and they are not bothered in the slightest..in fact the main forum doesn't include a thread on the subject at all...you have to go back a page to see any mention of it!...if this was happening at hibs i know this place would be in meltdown so what makes the hearts support so laid back about their future?...i have a good mate who is a s.t. holder at tynie and he is of a similar viewpoint..he is convinced that there isn't a problem...im not a jambo hater on a scale of many on here but i do find their lack of concern regarding their clubs future very puzzling.

What crisis?

We are self sufficient and are making a profit. We have no debt and we always work within our means. We are above board and squeeky clean. The dog ate the accounts!

http://www.welovetheiraqiinformationminister.com/images/07-minister.jpg

[Just Alf]

a previously reliable source tells me...

1 Yams have enough free cash to pay wages
2 not all of it is in UK bank in readiness for pay day (B of Scot)
3 Yams admin peeps in uproar trying to get balance from a variety of sources.
4 Confirms they have been operating unsupported but part of "deal" around loan and interest payments (or lack there of) means that Yams were committed to holding any free cash in Lith (if you remember UKIO were even giving thier Lith investers deals to place deposits with them a few months ago)

interesting times.... IF he's right once more :cb


It's Hearts pay day tomorrow.

Or is it :devil:

:lurksub:

OP from start of this thread, very apt! :greengrin

[Gmack7]

i just popped over to the kickback to see how they are taking the news of their clubs owners financial problems and they :wink: re not bothered in the slightest..in fact the main forum doesn't include a thread on the subject at all...you have to go back a page to see any mention of it!...if this was happening at hibs i know this place would be in meltdown so what makes the hearts support so laid back about their future?...i have a good mate who is a s.t. holder at tynie and he is of a similar viewpoint..he is convinced that there isn't a problem...im not a jambo hater on a scale of many on here but i do find their lack of concern regarding their clubs future very puzzling.
it should be on the front page:wink:

[Jim44]

They've broken their silence, not to speak about their perilous position, but to comment on our delusion.

"i know what you mean, some of it seems to close to the bone for my liking.... probably all piss and wind getting spouted forth as they are looking through green tinted specs after all!!

[Www1875hfc]

What's the situation re the debt for equity ?

If i remember correctly the yams debts were hitting the £40 million mark,and issued 2 debt for equity swaps.

Where does this stand in the current situation?

Sorry if this has been covered already,but i aint trailling through 262 pages :greengrin

[Dashing Bob S]

a previously reliable source tells me...

1 Yams have enough free cash to pay wages
2 not all of it is in UK bank in readiness for pay day (B of Scot)
3 Yams admin peeps in uproar trying to get balance from a variety of sources.
4 Confirms they have been operating unsupported but part of "deal" around loan and interest payments (or lack there of) means that Yams were committed to holding any free cash in Lith (if you remember UKIO were even giving thier Lith investers deals to place deposits with them a few months ago)

interesting times.... IF he's right once more :cb

1. BOOOO!!!!
2. YEAAAAHHHH!!!!!
3. YEAAAAAAAAAHHHHHH!!!!
4. NICE....

I choose not to believe the first, but if 4) is true, good luck to them getting it out from Lith land.

[greenginger]

http://www.bloomberg.com/news/2013-02-14/lithuania-seeks-sale-of-ukio-bankas-assets-to-avert-failure-cost.html


As I thought, Ukio Bankas is for the chopping block even before the Administrator presented his report. Sell off good assets and mince the remainder.

Of course the Yams will see this as raising the necessary readies to ensure HOMFC get their wages on time. It would be a priority for a Lithuanian Admin. looking to make a good impression after all. :greengrin

[Gus Fring]

http://www.bloomberg.com/news/2013-02-14/lithuania-seeks-sale-of-ukio-bankas-assets-to-avert-failure-cost.html


As I thought, Ukio Bankas is for the chopping block even before the Administrator presented his report. Sell off good assets and mince the remainder.

Of course the Yams will see this as raising the necessary readies to ensure HOMFC get their wages on time. It would be a priority for a Lithuanian Admin. looking to make a good impression after all. :greengrin

Is the PBS an asset than can be sold in this instance?

[CropleyWasGod]

What's the situation re the debt for equity ?

If i remember correctly the yams debts were hitting the £40 million mark,and issued 2 debt for equity swaps.

Where does this stand in the current situation?

Sorry if this has been covered already,but i aint trailling through 262 pages :greengrin

The equity....ie shares.. ranks below any other creditors in a liquidation . In other words , no chance of it being repaid.

[Www1875hfc]

The equity....ie shares.. ranks below any other creditors in a liquidation . In other words , no chance of it being repaid.

Thanks CWG :aok:

[CropleyWasGod]

Is the PBS an asset than can be sold in this instance?

If the new bank wants cash from UBIG , then yes it can be.

[Col2]

How would those of you who work in a commercial arm if a bank or insolvency see this panning out?

Assuming UBIG have some really bad loans to UKIO with poor security, would they look sell Tynie or Squeeze as much cash as they could or just liquidate and get as much cash as they could?

[lord bunberry]

If any of that lot shell out for next season's season tickets it will prove beyond doubt that they are as bright as a blackout. I expect the uptake will be brisk

[Jack Hackett]

http://www.bloomberg.com/news/2013-02-14/lithuania-seeks-sale-of-ukio-bankas-assets-to-avert-failure-cost.html


As I thought, Ukio Bankas is for the chopping block even before the Administrator presented his report. Sell off good assets and mince the remainder.

Of course the Yams will see this as raising the necessary readies to ensure HOMFC get their wages on time. It would be a priority for a Lithuanian Admin. looking to make a good impression after all. :greengrin

This is because they consider themselves to be one of the 'good' assets on Ukio's books...after all, they are completely self-sufficient now and won't be a burden to anyone

....and they can just ignore this comment

"Preliminary data showed Ukio’s liabilities were 500 million litai more than its assets, according to the Bank of Lithuania. That is mainly due to 1.6 billion litai of risky loans that the bank granted to companies related to its 64.9 percent owner, Vladimir Romanov, the central bank said.

Nothing to see here...stick your heads back in the sand

[CropleyWasGod]

How would those of you who work in a commercial arm if a bank or insolvency see this panning out?

Assuming UBIG have some really bad loans to UKIO with poor security, would they look sell Tynie or Squeeze as much cash as they could or just liquidate and get as much cash as they could?

I see those options as one and the same. Or have I misunderstood the question?

[Col2]

I see those options as one and the same. Or have I misunderstood the question?

My questioning! I just want them shut down or in administration within a few weeks but can't see this happening while UKIO can squeeze income, a buyer potentially and have security and them carrying on for a while c12 months min.

[CropleyWasGod]

Probably! I just want them shut down or in administration within a few weeks but can't see this happening while UKIO can squeeze income, a buyer potentially and have security and them carrying on for a while c12 months min.

I can't see it happening in weeks, but there is a scenario unfolding here over which HMFC have very little control. If the new bank decide to use the PBS security to extract money from UBIG, then there's nothing anyone else can do.

[Hibeesforever]

Rangers had a ground and all the infrastructure in place to make their readmittance viable. Hearts may have nowt other than a name, a history and the clothes they stand up in (possibly)(if they haven't been pawned).

Chin up!:greengrin

This is why the Hearts fans are so quiet. They know that unlike Goven, their real estate is worth something to people other than for football. Flats within walking distance of Edinburgh city centre and a bristling new Tam stop could be worth a lot if money.
Do you really think a Lithuanian liquidator is going to hesitate pulling the funding line...this is why the average Heart of Midlothian supporter is afraid, very afraid!
Even if a Scottish bank provided credit facilities, how many bake sales would be needed to pay back a loan of £25 million from an asset that will have its main stand shut down in the not too far away future!

Hearts fans would be well advised to save their season ticket money for phoenix share capital.

[Ozyhibby]

My questioning! I just want them shut down or in administration within a few weeks but can't see this happening while UKIO can squeeze income, a buyer potentially and have security and them carrying on for a while c12 months min.

Where would Ukio be able to squeeze income from? They are massively loss making and are a few weeks from having to shell out £500k to the tax man. Calling in the debt now saves any further losses and allows them to realise their security. If they do it tomorrow they save themselves £350k right away in wages due on the 16th.
If I was them I wouldn't waste anymore time. :-)

[blackpoolhibs]

The gimps have to pay wages, VAT, leccy, gas and all the bills a normal football club have to pay. Yes i did say normal. :wink:

Only one question, where is the money coming for all this? :confused:

[lord bunberry]

Where would Ukio be able to squeeze income from? They are massively loss making and are a few weeks from having to shell out £500k to the tax man. Calling in the debt now saves any further losses and allows them to realise their security. If they do it tomorrow they save themselves £350k right away in wages due on the 16th.
If I was them I wouldn't waste anymore time. :-)

I very much doubt hearts will be able to run up anymore loses as there will be no credit from ukio or anyone else for that matter. I would imagine they will have to be completely self sufficient from now on which is obviously going to be their biggest problem in the short term

[#FromTheCapital]

The gimps have to pay wages, VAT, leccy, gas and all the bills a normal football club have to pay. Yes i did say normal. :wink:

Only one question, where is the money coming for all this? :confused:

They have saved a fortune by getting volunteers to do their pitch maintenance. And let's not forget the upcoming bake sales. Everything will be fine for the big team

[Springbank]

This is why the Hearts fans are so quiet. They know that unlike Goven, their real estate is worth something to people other than for football. Flats within walking distance of Edinburgh city centre and a bristling new Tam stop could be worth a lot if money.
Do you really think a Lithuanian liquidator is going to hesitate pulling the funding line...this is why the average Heart of Midlothian supporter is afraid, very afraid!
Even if a Scottish bank provided credit facilities, how many bake sales would be needed to pay back a loan of £25 million from an asset that will have its main stand shut down in the not too far away future!

Hearts fans would be well advised to save their season ticket money for phoenix share capital.

A bristling new Tam stop you say?

I knew Tam McCourt would get back in the limelight sooner or later!

[Fat Penlon]

I will take a guess and say that the foundation of hearts or what ever the fans group is called will use whatever it was they offered vlad for the club a couple of months ago to buy the stadium from ukio. The pbs was valued around 4.8m was it not? The fans consortium will probably manage to scrape that together which will probably be enough for a ukio in admin.

[Danderhall Hibs]

The gimps have to pay wages, VAT, leccy, gas and all the bills a normal football club have to pay. Yes i did say normal. :wink:

Only one question, where is the money coming for all this? :confused:

Out of their profits. They'll want to use them up so they pay less tax obviously.

[Dr Hackenbush]

Wait though......... potentially bad news - I 'm sure I just heard on the BBC 10 O'clock News that billionaire business man Warren Buffet is to buy Hertz!!!!!...................oh wait no I misheard it was HEINZ ........ I apologise for my dodgy sauce.........

[Ozyhibby]

I will take a guess and say that the foundation of hearts or what ever the fans group is called will use whatever it was they offered vlad for the club a couple of months ago to buy the stadium from ukio. The pbs was valued around 4.8m was it not? The fans consortium will probably manage to scrape that together which will probably be enough for a ukio in admin.

Can't remember them ever getting a valuation of £4.8m

[blackpoolhibs]

I will take a guess and say that the foundation of hearts or what ever the fans group is called will use whatever it was they offered vlad for the club a couple of months ago to buy the stadium from ukio. The pbs was valued around 4.8m was it not? The fans consortium will probably manage to scrape that together which will probably be enough for a ukio in admin.

:faf: Good try yam boy. :top marks

[Fat Penlon]

:faf: Good try yam boy. :top marks

I ok then! do you want me to pm you my ST details to prove I'm a hibby?

Very sad.

[Seveno]

IMHO, things have gone too far for any protective action on the part of the club. They can only sit and wait.

That said, once the new bank starts to move on the UBIG debt, there could be an opportunity for a deal with Pat & Co. One can see the situation whereby the bank weighs up alternative courses of action. 1. call in the security, take control of Tynie, market it, sell it (if they can), with all the attendant time and expense. or 2. accept an offer just to get some cash in. That offer, of course, might come from a property developer. :greengrin


:faf: Good try yam boy. :top marks

i don't want to put a damper on our merriment but I have heard that there is some serious money involved in FoH from people that made money during the excesses of the banking jamboree. Whether they are prepared to waive goodbye to large chunks of their ill-gotten gains is another matter.

[Fat Penlon]

i don't want to put a damper on our merriment but I have heard that there is some serious money involved in FoH from people that made money during the excesses of the banking jamboree. Whether they are prepared to waive goodbye to large chunks of their ill-gotten gains is another matter.

I may have my figure wrong but there was definitely talk of money to romanov up front for hearts if he waived the debt. All I'm saying is I think they might use it to buy the stadium if the ukio admins try to sell it.

[EH6 Hibby]

I may have my figure wrong but there was definitely talk of money to romanov up front for hearts if he waived the debt. All I'm saying is I think they might use it to buy the stadium if the ukio admins try to sell it.

Did they not offer £450,000 and a Curly Wurly?

[Fat Penlon]

Haha the ukio admins might take that!

[Ozyhibby]

Curly Wurlys are nice. Tempting offer.

[cocopops1875]

i don't want to put a damper on our merriment but I have heard that there is some serious money involved in FoH from people that made money during the excesses of the banking jamboree. Whether they are prepared to waive goodbye to large chunks of their ill-gotten gains is another matter.

well they havent been up till now :wink:

[cocopops1875]

Did they not offer £450,000 and a Curly Wurly?

this was the figure quoted :agree: The Italian Livi Geezer appaerntly offered £5mil though and i guess as Vlad said he was too dodgy for hearts He could be back in the running as i doubt an Administrator would care about anything other than CASH

[lapsedhibee]

this was the figure quoted :agree: The Italian Livi Geezer appaerntly offered £5mil though and i guess as Vlad said he was too dodgy for hearts He could be back in the running as i doubt an Administrator would care about anything other than CASH

:dizzy:

[bingo70]

Foh don't have any money, that's the point to their bid, theyre not investing anything really, they get the fans to do it and they just manage the club.

[DC_Hibs]

(Without) Foundation have spent about two years offering diddly squat other than hot air in the press since they went public with their masterplan to rescue the Saviles.

I doubt they could or would offer even what the stadium is worth which at best is valued at about a third of the debt outstanding currently (c£25m?) - and thats forgetting about the £38m+ over and above that which has already either been written off or swapped for equity.

Forget about FoH as they want Hertz for a song and Vlad hasn't taken them seriously either due to their timewasting offers.

All being well there will still be a housebuilder or two willing to outbid any groups of offenders who will be in the bidding when the stadium and land is for sale shortly.

"Macaroon baaaaaaaaars"


Die Die ya Diet Huns

[Vini1875]

I can't see why a property developer would take the place on. OK the location is close the city centre but hardly prime real estate and the bad blood/press generated might actually be harmful to any project. They may encounter hostile public/yam opinion and encounter a hostile council. hearts would have to offer for sale as the only way of saving themselves before I would see a house builder moving in.

[Mon Dieu4]

I can't see why a property developer would take the place on. OK the location is close the city centre but hardly prime real estate and the bad blood/press generated might actually be harmful to any project. They may encounter hostile public/yam opinion and encounter a hostile council. hearts would have to offer for sale as the only way of saving themselves before I would see a house builder moving in.

Doesn't have to be a property developer though, the likes of Tesco in their quest for world domination wouldn't care

[bingo70]

I can't see why a property developer would take the place on. OK the location is close the city centre but hardly prime real estate and the bad blood/press generated might actually be harmful to any project. They may encounter hostile public/yam opinion and encounter a hostile council. hearts would have to offer for sale as the only way of saving themselves before I would see a house builder moving in.

Wouldn't stop offices being built. Also think if say cala bought it, even the daftest yam wouldn't blame them for hertz demise, would they?

[Hibrandenburg]

Doesn't have to be a property developer though, the likes of Tesco in their quest for world domination wouldn't care

:agree: They could offer special discount to all former season ticket holders on all bakery items. This might ease the pain.

[#FromTheCapital]

Got a feeling that Ryan Stevenson won't be in a hurry returning home to his mrs after training today

[Mon Dieu4]

:agree: They could offer special discount to all former season ticket holders on all bakery items. This might ease the pain.

good idea, they could have a bucket collection to help them rent saughton enclosure or Meadowbank

[green glory]

Got a feeling that Ryan Stevenson won't be in a hurry returning home to his mrs after training today

Is today pay day, I thought it was Monday?

[blackpoolhibs]

Is today pay day, I thought it was Monday?

I'd imagine they will say its Monday, although where the money is coming from i have no idea?

[#FromTheCapital]

Is today pay day, I thought it was Monday?

Well hopefully not either ;-)
Tomorrow is the 16th so surely it should be today

[StevieT]

good idea, they could have a bucket collection to help them rent saughton enclosure or Meadowbank

Thy could pack bags at the new Tesco to raise funds.

[#FromTheCapital]

Is today pay day, I thought it was Monday?

Well hopefully not either ;-)
Tomorrow is the 16th so surely it should be today

[Mon Dieu4]

I'd imagine they will say its Monday, although where the money is coming from i have no idea?

its what 'big' companies do, pay you two days late because of the weekend, my work will never be a big company as they always pay me the day before :(