Share Transfers Agreed/Cooling off period

[CropleyWasGod]

Did ubig ever have any money or did they just receive loans from ukio which they in turn loaned to vlads other businesses. If this is the case then surely they only possible outcome for ubig is liquidation.

Cav and Sergey will have a better handle on that.

However, on the basis of many years experience, I can definitely say that the investment they made in Gorgie has reaped them untold riches.


:fibber:

[HUTCHYHIBBY]

Must be a nightmare when you know you cannae pay your debts!

[jgl07]

Once they go into admin who will own hearts, the new bank?

The Administrator or Receiver of UBIG I would guess. Presumably UKIOS will be the main creditors for UBIG.

[CropleyWasGod]

The Administrator or Receiver of UBIG I would guess. Presumably UKIOS will be the main creditors for UBIG.

The administrator will have control, but not ownership. It's similar to Duff and Phelps having control of Ibrox, but it was still owned by RFC.

[Kato]

http://mobile.bloomberg.com/news/2013-02-24/lithuanian-siauliu-bankas-agrees-to-assume-insolvent-ukio-assets.html

Link from phone so may not work. The pertinent part reads....

"Bankruptcy proceedings are planned to recover remaining assets of Ukio, including property in Scotland and elsewhere, for creditors, among whom the deposit-insurance fund will be the largest, according to the Bank of Lithuania."

[grunt]

http://www.bloomberg.com/news/2013-02-24/lithuanian-siauliu-bankas-agrees-to-assume-insolvent-ukio-assets.html


Lithuanian Siauliu Bankas Agrees to Assume Insolvent Ukio Assets
Siauliu Bankas AB (SAB1L) (http://www.bloomberg.com/quote/SAB1L:LH), the Lithuanian lender part-owned by the European Bank for Reconstruction and Development (http://topics.bloomberg.com/european-bank-for-reconstruction-and-development/), will assume the insured deposits of insolvent Ukio Bankas AB (UKB1L) (http://www.bloomberg.com/quote/UKB1L:LH) in a deal that will almost double its size.

Siauliu will take over 2.7 billion litai ($1 billion) of Ukio deposits and assets of the same value, according to a contract signed last night with Ukio’s administrator and the state deposit-insurance fund, the Siauliai, Lithuania-based lender said in an e-mailed statement. The EBRD will grant Siauliu a 20 million-euro ($26 million) 10-year subordinated loan to strengthen its capital base for the expansion, it said.

Siauliu, which had assets of 2.9 billion litai on Dec. 31, will overtake Danske Bank A/S to become Lithuania (http://topics.bloomberg.com/lithuania/)’s fifth-largest bank by assets, after local units of Nordic lenders SEB AB, Swedbank AB, DNB ASA and Nordea Bank AB. The transaction will reduce payouts from the Baltic nation’s deposit insurer to 800 million litai, which the government plans to lend the fund.

“The achieved agreement will result in new and bigger possibilities of growth for our bank’s clientele, staff and shareholders, while the entire banking system in Lithuania will become stronger and even more competitive,” Siauliu Chairman Algirdas Butkus said in the statement.
Renewing ServicesThe contract, which the Lithuanian government and central bank supported, obliges Siauliu “to renew banking services for the customers of Ukio Bankas in the shortest time possible,”the Bank of Lithuania said in a separate e-mailed statement (http://www.lb.lt/a_contract_signed_to_transfer_the_liabilities_and_ assets_of_ukio_bankas_to_siauliu_bankas).

The Bank of Lithuania suspended Ukio’s activities Feb. 12 and appointed an administrator, saying the lender was insolvent after risky lending to related companies. Just over a year after the collapse of Snoras Bankas AB, the government was eager to avoid another bankruptcy that would test the state deposit-insurance fund.

The agreement “has ensured stability in the sector,”Sylvia Gansser-Potts, the EBRD director for financial institutions, said in an e-mailed statement.

The preliminary value of the assets transferred to Siauliu, determined by auditor KPMG Baltic, may be revised in three months after a more detailed assessment, in which case the liabilities of the parties to the contract will also be revised, the central bank said.

Bankruptcy proceedings are planned to recover remaining assets of Ukio, including property in Scotland (http://topics.bloomberg.com/scotland/) and elsewhere, for creditors, among whom the deposit-insurance fund will be the largest, according to the Bank of Lithuania.

The EBRD owns 19.6 percent of Siauliu, which after Ukio’s collapse is Lithuania’s only publicly traded bank. Siauliu shares rose 10 percent to 0.267 euro in Vilnius on Feb. 13, when the lender announced plans to negotiate for Ukio’s assets, and closed at that same level on Feb. 22.

Not sure what the bit in bold refers to ...

[Matty_Jack04]

http://mobile.bloomberg.com/news/2013-02-24/lithuanian-siauliu-bankas-agrees-to-assume-insolvent-ukio-assets.html

Link from phone so may not work. The pertinent part reads....

"Bankruptcy proceedings are planned to recover remaining assets of Ukio, including property in Scotland and elsewhere, for creditors, among whom the deposit-insurance fund will be the largest, according to the Bank of Lithuania."

Wiil the property in Scotland not be the old royal bank building at St. Andrews square? Don't know if they still have that or not.

[green glory]

http://www.bloomberg.com/news/2013-02-24/lithuanian-siauliu-bankas-agrees-to-assume-insolvent-ukio-assets.html

Not sure what the bit in bold refers to ...

It refers to Jambogeddon.

[Bostonhibby]

http://mobile.bloomberg.com/news/2013-02-24/lithuanian-siauliu-bankas-agrees-to-assume-insolvent-ukio-assets.html

Link from phone so may not work. The pertinent part reads....

"Bankruptcy proceedings are planned to recover remaining assets of Ukio, including property in Scotland and elsewhere, for creditors, among whom the deposit-insurance fund will be the largest, according to the Bank of Lithuania."

If I was one of the scarf twirlers and was wondering when the game was up this would be the time to lamely take to the streets and start twirling in protest, they haven't done much else except send a few more quid to the dear leader under the guise of a share issue. It's now about the manner of their demise and what the consequences are.

It might be bollock freezing and snowing down here but I am going to roll about in my back back garden in my Hibs strip to celebrate before heading to the pub.

[CyberSauzee]

Did ubig ever have any money or did they just receive loans from ukio which they in turn loaned to vlads other businesses. If this is the case then surely they only possible outcome for ubig is liquidation.

Correct. This is exactly what's happened. As Vlad effectively had (still has?) the majority stakeholding in Ukio Bankas, he could pretty much do what he wanted with whatever money came into the bank.

Vlad would have spent some of his own money to get the bank started, but for years he's been playing with other peoples money, whether in the form of small local cash deposits to leveraging the bank's 'credit' rating to secure foreign loans and finance.

Because of Vlad running the bank by himself, he was never going to get any guarantees in this country to operate, hence the Caste Street branch never got off the ground. Years ago one of the credit rating agencies put Ukio Bankas at the lowest rating they could because of the control Vlad had over every monetary aspect of its operation. 'Loan' cash to UBIG, and the trail of the money starts to get difficult to follow.

In turn of course any profits made by Ukio/UBIG could be squirrelled away to 'business' operations in various tax havens. In the initial offer document for HoMFC there were listed quite a few offshore companies in places such as the Cayman Islands. I would imagine Vlad has put quite a bit into these bolt holes over the years in case a situation like we're seeing now happening.

All very similar to Robert Maxwell for me .

[Dibben]

It refers to Jambogeddon.

:pray:

[Dashing Bob S]

It was such a jolly good idea for the Hearts fans to chip in just before Christmas to 'save' the club from something which is going to happen anyway!

If I ever needed a new conservatory built, just before the bank came to repossess my home, I'd make a phone call to the Merchiston Hearts Supporters Club, I'm sure they'd rally round.

[degenerated]

Correct. This is exactly what's happened. As Vlad effectively had (still has?) the majority stakeholding in Ukio Bankas, he could pretty much do what he wanted with whatever money came into the bank.

Vlad would have spent some of his own money to get the bank started, but for years he's been playing with other peoples money, whether in the form of small local cash deposits to leveraging the bank's 'credit' rating to secure foreign loans and finance.

Because of Vlad running the bank by himself, he was never going to get any guarantees in this country to operate, hence the Caste Street branch never got off the ground. Years ago one of the credit rating agencies put Ukio Bankas at the lowest rating they could because of the control Vlad had over every monetary aspect of its operation. 'Loan' cash to UBIG, and the trail of the money starts to get difficult to follow.

In turn of course any profits made by Ukio/UBIG could be squirrelled away to 'business' operations in various tax havens. In the initial offer document for HoMFC there were listed quite a few offshore companies in places such as the Cayman Islands. I would imagine Vlad has put quite a bit into these bolt holes over the years in case a situation like we're seeing now happening.

All very similar to Robert Maxwell for me .

Slightly more difficult to fall out of a submarine than a boat I imagine.

[Northernhibee]

It amazes me how the Hearts fans are doing nothing to save their club right now. We had Hands Off Hibs they have a Sale On Scones.

[#FromTheCapital]

It amazes me how the Hearts fans are doing nothing to save their club right now. We had Hands Off Hibs they have a Sale On Scones.

Certainly gives a new meaning to SOS

[green day]

It amazes me how the Hearts fans are doing nothing to save their club right now. We had Hands Off Hibs they have a Sale On Scones.

If you look at JKB the money problems are not even on page 1. They still think its all going to go away, or SOH are mega rich saviours.

I sincerely hope they are proven wrong on all counts.

[livi hibs 1875]

Will these smelly ****s just not die .one city one clib ggtth

[Jack Hackett]

If you look at JKB the money problems are not even on page 1. They still think its all going to go away, or SOH are mega rich saviours.

I sincerely hope they are proven wrong on all counts.

The yams were stupid enough to fall for his sales pitch while the rest of Scotland was raising it's collective eyebrows. There's no evidence to suggest they've grown any smarter in the interim.

As a side note, it's almost exactly 2 years since he ordered himself a wee jet plane so he could tour his empire. He's flown into a wee bit of turbulence since then :greengrin

[greenginger]

Don't want to pour any cold water on the Thread which has a lovely cosy warmth to it today, or come over like a brokeback poster, but what will the New Bank mean by " intending to liquidate the property assets in Scotland ....... "

Could it simply mean sell them off to the highest bidder ?

Step forward some maroon cardigan wearing consortium !

Will somone please allay these groundless fears.

[Ozyhibby]

Don't want to pour any cold water on the Thread which has a lovely cosy warmth to it today, or come over like a brokeback poster, but what will the New Bank mean by " intending to liquidate the property assets in Scotland ....... "

Could it simply mean sell them off to the highest bidder ?

Step forward some maroon cardigan wearing consortium !

Will somone please allay these groundless fears.

As they don't own Tynecastle the administrators of Ukio will first have to begin proceedings against Ubig. Once an administrator is appointed there Hearts will be deducted 18 points and sit at the foot of the SPL. As they have no cash and cannot generate a surplus, an administrator will quickly move to wind the company up as they have no way of getting their fees other than the sale of assets. Their only asset is Tynecastle which is worth more vacant than with a tennant. There is no sign that there are any bidders with enough money to outbid a property developer.
Finish the season? They'll be lucky to finish the week.

[HUTCHYHIBBY]

Time for them to start kicking Russian hats about outside that ramshackle stand again!

[HoboHarry]

As they don't own Tynecastle the administrators of Ukio will first have to begin proceedings against Ubig. Once an administrator is appointed there Hearts will be deducted 18 points and sit at the foot of the SPL. As they have no cash and cannot generate a surplus, an administrator will quickly move to wind the company up as they have no way of getting their fees other than the sale of assets. Their only asset is Tynecastle which is worth more vacant than with a tennant. There is no sign that there are any bidders with enough money to outbid a property developer.
Finish the season? They'll be lucky to finish the week.
Regardless of what we Hibees think of Hearts, it would be a very daring developer that knocked down Tynecastle to build houses. How would he persuade people in that area to buy a home on the graveyard of Hearts? If Easter Rd was knocked down in similar circumstances would you buy a house on the site? I know I wouldn't.

[The_Todd]

Regardless of what we Hibees think of Hearts, it would be a very daring developer that knocked down Tynecastle to build houses. How would he persuade people in that area to buy a home on the graveyard of Hearts? If Easter Rd was knocked down in similar circumstances would you buy a house on the site? I know I wouldn't.

Pfft, Edinburgh is lacking affordable housing within walking distance of the City Centre. Gorgie is the prime definition of "affordable". They'll sell like hot cakes (chortle).

[green day]

Regardless of what we Hibees think of Hearts, it would be a very daring developer that knocked down Tynecastle to build houses. How would he persuade people in that area to buy a home on the graveyard of Hearts? If Easter Rd was knocked down in similar circumstances would you buy a house on the site? I know I wouldn't.

Thousands of families live in edinburgh with no affiliation to either club - it wouldnt be an issue.

[Ozyhibby]

Regardless of what we Hibees think of Hearts, it would be a very daring developer that knocked down Tynecastle to build houses. How would he persuade people in that area to buy a home on the graveyard of Hearts? If Easter Rd was knocked down in similar circumstances would you buy a house on the site? I know I wouldn't.

The percentage of people who care about Hibs or Hearts that much that it would stop them buying the house they want is quite small. 450,000 people live in Edinburgh but only about 20,000 people would consider themselves regular attendees at Tynecastle. Let's face it, if the right house at the right price was available then a good few Hearts fans would tell themselves that it's not their fault the club went bust and it's time to move on, and anyway the wife really wants that flat.

[Springbank]

A developer will want to sell homes. Hearts home support is a Shan wee percentage of the local population (3% being generous) which leaves at least 97% of the property buying public who couldn't give a stuff about hearts. Buy that land would be my advice to a developer

[PatHead]

Regardless of what we Hibees think of Hearts, it would be a very daring developer that knocked down Tynecastle to build houses. How would he persuade people in that area to buy a home on the graveyard of Hearts? If Easter Rd was knocked down in similar circumstances would you buy a house on the site? I know I wouldn't.

There are far more people in Edinburgh who don't care about football than there are those who do. These houses would sell no problem apart from the smell from the brewery and the chemical place along the road. The site of (the soon to be defunct) Hearts ground wouldn't pose any problems. Builders would queue up to buy it if permissions were granted.

[Mikey]

Regardless of what we Hibees think of Hearts, it would be a very daring developer that knocked down Tynecastle to build houses. How would he persuade people in that area to buy a home on the graveyard of Hearts? If Easter Rd was knocked down in similar circumstances would you buy a house on the site? I know I wouldn't.

There are plenty of people who would. The buyer would most likely sit on the land for a while anyway as it'll increase in value eventually.

Remember, we're pretty much at the bottom of the market now and in 5-10 years time it'll be worth more. That land is a very good investment for someone with the money to buy it right now.

[Dashing Bob S]

Regardless of what we Hibees think of Hearts, it would be a very daring developer that knocked down Tynecastle to build houses. How would he persuade people in that area to buy a home on the graveyard of Hearts? If Easter Rd was knocked down in similar circumstances would you buy a house on the site? I know I wouldn't.

I'd very happily buy a flat there. It might become a proper little Hibernian enclave. Without the Yams, the neighbourhood, due to its proximity to the city centre, would probably appreciate in value very quickly.

[greenginger]

A recent Council appraisal of the site suggested it would be suitable for Social Housing.

But, being in Gorgie I would thought anti-social would have been a better description. :greengrin

[HoboHarry]

There are plenty of people who would. The buyer would most likely sit on the land for a while anyway as it'll increase in value eventually.

Remember, we're pretty much at the bottom of the market now and in 5-10 years time it'll be worth more. That land is a very good investment for someone with the money to buy it right now.
I can see that if there is someone who can afford to buy the land then sit on it. Emotions will be raw in the meantime though. May be loads of Jambos kicking their hats around and disturbing the peace :greengrin. Still I suppose the hats could take the place of the can in Kick the Can....(for older fans like me) :agree:

[Mikey]

Tesco could buy it, put up some stables, and the folk from the Gorgie Farm could look after their horses :agree:

[Crazyhorse]

Regardless of what we Hibees think of Hearts, it would be a very daring developer that knocked down Tynecastle to build houses. How would he persuade people in that area to buy a home on the graveyard of Hearts? If Easter Rd was knocked down in similar circumstances would you buy a house on the site? I know I wouldn't.

I'd buy one and take a pish in my back garden every night

[Purple & Green]

There are plenty of people who would. The buyer would most likely sit on the land for a while anyway as it'll increase in value eventually.

Remember, we're pretty much at the bottom of the market now and in 5-10 years time it'll be worth more. That land is a very good investment for someone with the money to buy it right now.

McEwan Fraser?

[Northernhibee]

I'd buy one and take a pish in my back garden every night

If I had the money I'd buy the land and erect a solid gold 100ft tall statue of oor Vlad in honour of his outstanding service.

[Www1875hfc]

What really gets me is,why does Romanov get an easy ride in all of this?

All the fans have done is raise cash for a fruitless effort in trying to save there club.

When will the scenes become ugly down gorgie way?

[blackpoolhibs]

What really gets me is,why does Romanov get an easy ride in all of this?

All the fans have done is raise cash for a fruitless effort in trying to save there club.

When will the scenes become ugly down gorgie way?

Surely when will the scenes not be ugly down gorgie way? :confused:

[Northernhibee]

What really gets me is,why does Romanov get an easy ride in all of this?

All the fans have done is raise cash for a fruitless effort in trying to save there club.

When will the scenes become ugly down gorgie way?

Because they've said it themselves, they won a cup final against us 5-1 and supposedly that's worth paying for in having no future for your football club. Madness.

[Dashing Bob S]

What really gets me is,why does Romanov get an easy ride in all of this?

All the fans have done is raise cash for a fruitless effort in trying to save there club.

When will the scenes become ugly down gorgie way?

They turned ugly some time ago.

The real question, as Blackpool says: when are they going to turn back?

[PatHead]

On Kickback this beauty

"We also need to remember that UBIG are entitled to take what ever money they want from us.

They are after all our parent company and they can argue that we have been on the take from them for long enough"

How far do they bend over?

[ScottB]

On Kickback this beauty

"We also need to remember that UBIG are entitled to take what ever money they want from us.

They are after all our parent company and they can argue that we have been on the take from them for long enough"

How far do they bend over?

To be fair, he's right.

In the situation they are in, UBIG could take everything that wasn't nailed down, then sell everything else that is.


They bent over years ago when they never thought to question the Vlad regime, it's far, far too late to change that now.

[Dashing Bob S]

Don't want to pour any cold water on the Thread which has a lovely cosy warmth to it today, or come over like a brokeback poster, but what will the New Bank mean by " intending to liquidate the property assets in Scotland ....... "

Could it simply mean sell them off to the highest bidder ?

Step forward some maroon cardigan wearing consortium !

Will somone please allay these groundless fears.

The groundless fears should be experienced by Jambos as the PBS becomes flats.

[Malthibby]

On Kickback this beauty

"We also need to remember that UBIG are entitled to take what ever money they want from us.

They are after all our parent company and they can argue that we have been on the take from them for long enough"

How far do they bend over?

That's gotta be one of us, shurely?:flag:
GG

[#FromTheCapital]

Just had the misfortune of meeting 2 lowlife ****bag hearts fans in shakespears. Apparently they check hibs.net regular. Must of been in their 50's and were only out to support the team who were playing hibs. Would feel sorry for them if I didn't strongly suspect them of paedophilea. Truly disgusting human beings I really hope their club die soon. Hope they enjoyed getting slaugtered in a busy pub by one man half their age. I certainly enjoyed it

[Hibee Ryan]

Anyone notice the advert on the bottom of Kickback...

"How To Declare Bankruptcy" :greengrin:greengrin:greengrin:greengrin

Gave me a wee chuckle

[clerriehibs]

Just had the misfortune of meeting 2 lowlife ****bag hearts fans in shakespears. Apparently they check hibs.net regular. Must of been in their 50's and were only out to support the team who were playing hibs. Would feel sorry for them if I didn't strongly suspect them of paedophilea. Truly disgusting human beings I really hope their club die soon. Hope they enjoyed getting slaugtered in a busy pub by one man half their age. I certainly enjoyed it

If hertz are on the telly whenever I'm in a boozer ... I only EVER support whoever they are playing.

[#FromTheCapital]

If hertz are on the telly whenever I'm in a boozer ... I only EVER support whoever they are playing.

Of course, im the same but I don't actively try to wind up any jambos while I'm in the process. Was really quite pathetic given how old they were, sad *******s.

[clerriehibs]

Of course, im the same but I don't actively try to wind up any jambos while I'm in the process. Was really quite pathetic given how old they were, sad *******s.

Well, I'll admit it doesn't start with that intention, but before too long, if there's any round, a fair bit of winding up does take place. Usually because these young hot bloods need taken down a peg or two ... :wink:

[Bostonhibby]

If hertz are on the telly whenever I'm in a boozer ... I only EVER support whoever they are playing.

:agree: A couple of us are thinking of going along to the wee cup final to cheer on the buddies - we have a good friend who supports them.

[The_Todd]

It's ok, PishyBreeks says its all going to be fine, so that's that then.


George Foulkes said at the game yesterday that things would start moving at quite a pace now. He knows some of the parties interested and believes it will work out ok in the long term.

Hold on, didn't Fatty bring The Submariner on board too?

[bingo70]

It's ok, PishyBreeks says its all going to be fine, so that's that then.



Hold on, didn't Fatty bring The Submariner on board too?

The man is a total slaver, he's been banging on about hearts being self sufficient for a while when its obvious that's far from the case which tells me he's not got a dink what's goin on.

[CyberSauzee]

136 guests viewing this thread - must be a few Yams. How does it feel? Sinking in at last that your crappy wee ground and club are going under in Vlad's submarine?

[HUTCHYHIBBY]

Got to get the truth from somewhere I suppose!

[Hibrandenburg]

It was such a jolly good idea for the Hearts fans to chip in just before Christmas to 'save' the club from something which is going to happen anyway!

If I ever needed a new conservatory built, just before the bank came to repossess my home, I'd make a phone call to the Merchiston Hearts Supporters Club, I'm sure they'd rally round.

You could almost say they've been taken for mugs but that would suggest that they're not mugs.

[Russell The Dug]

This is going to be a wonderful week. I have a feelin'

[Waxy]

I also have the same feeling.something major is going to happen.
Slipping down the plughole.

[MrSmith]

Don't mean to burst your bubble or hopes fellas, but I think they will limp on for a we while yet! None of the major announcements re UBIG have been made therefore, until this occurs then they will continue to struggle on!

[The Green Goblin]

To paraphrase a recent film: when they come to Easter Road next month and are royally humped and humiliated, when they have one last total doing to take with them, when their rotten club and stadium lie in ashes, when they finally have to face their debts and the price for their unchecked arrogance of the last few years, when they leave the field at Easter Road for the last time in their history deafened by the cheering of thousands of celebrating hibees....


......then they have our permission to die.

[Dashing Bob S]

I'm just wondering, does this League Cup final between the 2nd and 3rd bottom SPL clubs qualify for this romantic title? When was the last team two such lowly placed competed in a national final? I think even hearts and Gretna were better placed than this in the Scottish Cup final.

[Bostonhibby]

I'm just wondering, does this League Cup final between the 2nd and 3rd bottom SPL clubs qualify for this romantic title? When was the last team two such lowly placed competed in a national final? I think even hearts and Gretna were better placed than this in the Scottish Cup final.

God point Bob but am struggling with the title, how about Beauty & the Beasts? I have a good friend who is a Saints fan so they can be the beauty :wink:

[hibs0666]

I'm just wondering, does this League Cup final between the 2nd and 3rd bottom SPL clubs qualify for this romantic title? When was the last team two such lowly placed competed in a national final? I think even hearts and Gretna were better placed than this in the Scottish Cup final.

It used to be called the Consolation Cup when I played school fitba.

[Velma Dinkley]

Saints and Scroungers Cup?

[Golden Bear]

Don't mean to burst your bubble or hopes fellas, but I think they will limp on for a we while yet! None of the major announcements re UBIG have been made therefore, until this occurs then they will continue to struggle on!

The most likely scenario is that the yellow cardigan brigade will acquire their club for peanuts and all will be well in noddyland.

Unfortunately.

[cam75]

http://scotslawthoughts.wordpress.com/2013/02/17/the-administration-of-ukio-bankas-and-its-effect-on-hearts/
Decent read :-)

[CropleyWasGod]

http://scotslawthoughts.wordpress.com/2013/02/17/the-administration-of-ukio-bankas-and-its-effect-on-hearts/
Decent read :-)

...albeit wrong. Its basic errors devalue it for me.

[Dashing Bob S]

The most likely scenario is that the yellow cardigan brigade will acquire their club for peanuts and all will be well in noddyland.

Unfortunately.

That's certainly the best case scenario that they hope for, while we hope for the worst, which is lose Tynecastle, get demoted to third and carry on with scant investment groundsharing with Livvy/Pars/Spartans.

The truth is, nobody knows. We are in the hands of Lithuanian banks re asset disposal in the first instance, and probably a long investigation into where Vlad's money came from and went to in the second instance.

I think Hearts will stagger on till the end of the season. Its not in the Scottish Football authorities interests to act in any way before then, as in the Gretna scenario, owing to the fixture chaos this produces.

However, if those Lith bank/authorities investigations are ongoing into the close season, the Scottish football authorities will be compelled to act. The funding of the salaries of Kingston et all is potentially at least as big corruption as Rangers ETB's. The money for these payments came from somewhere. It seems now inevitable, given the new Lith government's priorities, that it will be investigated.

[Bobo]

Saints and Scroungers Cup?

Aye or Saints and Sinners .... don't think there's any level they haven't lowered themselves to or whored themselves for over the past decade.

Their demise can't come quick enough for me so that Scottish football can rid itself of them for a good while, preferably for ever.

[PatHead]

Does anyone know how the league would look if Hearts went to the wall? ie 3-0 victories awarded to the other sides or just matches scrubbed?

[Russell The Dug]

Does anyone know how the league would look if Hearts went to the wall? ie 3-0 victories awarded to the other sides or just matches scrubbed?

The league would look absolutely beautiful.

[JeMeSouviens]

Does anyone know how the league would look if Hearts went to the wall? ie 3-0 victories awarded to the other sides or just matches scrubbed?

"Club ceasing to play and be a member of the League
H5
If any Club
in the League ceases to operate or to be member of
the League for any reason, its playing record in the League may
be expunged and the number of relegation places from the
League shall be reduced accordingly."

[scoopyboy]

Does anyone know how the league would look if Hearts went to the wall? ie 3-0 victories awarded to the other sides or just matches scrubbed?

If they went to the wall now and couldn't fulfil their fixtures then their results would be wiped out.

We would lose 2 points but Killie would lose 9 and so on.

I could see the benefit in it.:greengrin

[green glory]

Meanwhile, at the Wonga Dome.



9400

[Aldo]

Does anyone know how the league would look if Hearts went to the wall? ie 3-0 victories awarded to the other sides or just matches scrubbed?

Tbh I wouldn't give a flying F bout the points. They'd be wiped out of existence and that would do me.

No dig intended mate good point raised but the points for me are irrelevant.

[AndyM_1875]

...albeit wrong. Its basic errors devalue it for me.

Seems to be the case these days that smug, Sellik-minded bloggers appear to mark themselves as no end of experts on the financial affairs of other football clubs.

They should stick to their tedious hysteria over Rangers.

[Biggie]

Tbh I wouldn't give a flying F bout the points. They'd be wiped out of existence and that would do me.

No dig intended mate good point raised but the points for me are irrelevant.

This :top marks

[Russell The Dug]

Tbh I wouldn't give a flying F bout the points. They'd be wiped out of existence and that would do me.

No dig intended mate good point raised but the points for me are irrelevant.


**** aye.

[Saorsa]

Tbh I wouldn't give a flying F bout the points. They'd be wiped out of existence and that would do me.

No dig intended mate good point raised but the points for me are irrelevant.:top marks

[Kato]

News item inferring Hearts are a "bad asset" and that bankruptcy will ensue.

http://www.15min.lt/en/article/business/bad-part-of-ukio-bankas-to-file-for-bankruptcy-527-310301

The temporary administrator told BNS later that the 'bad' part of Ūkio Bankas was valued between 400 million and 500 million litas (EUR 116-145m).

"Ūkio Bankas' bad assets are very risky. These include properties in Russia and Scotland. The recovery of these assets could be more difficult," he said at the news conference.

[Mikey]

News item inferring Hearts are a "bad asset" and that bankruptcy will ensue.

http://www.15min.lt/en/article/business/bad-part-of-ukio-bankas-to-file-for-bankruptcy-527-310301

The temporary administrator told BNS later that the 'bad' part of Ūkio Bankas was valued between 400 million and 500 million litas (EUR 116-145m).

"Ūkio Bankas' bad assets are very risky. These include properties in Russia and Scotland. The recovery of these assets could be more difficult," he said at the news conference.


:worms:

[livi hibs 1875]

News item inferring Hearts are a "bad asset" and that bankruptcy will ensue.

http://www.15min.lt/en/article/business/bad-part-of-ukio-bankas-to-file-for-bankruptcy-527-310301

The temporary administrator told BNS later that the 'bad' part of Ūkio Bankas was valued between 400 million and 500 million litas (EUR 116-145m).

"Ūkio Bankas' bad assets are very risky. These include properties in Russia and Scotland. The recovery of these assets could be more difficult," he said at the news conference.


Is the bad asset the bank he tried toset up or that pink thing (so called stadium ):confused:

[Part/Time Supporter]

News item inferring Hearts are a "bad asset" and that bankruptcy will ensue.

http://www.15min.lt/en/article/business/bad-part-of-ukio-bankas-to-file-for-bankruptcy-527-310301

The temporary administrator told BNS later that the 'bad' part of Ūkio Bankas was valued between 400 million and 500 million litas (EUR 116-145m).

"Ūkio Bankas' bad assets are very risky. These include properties in Russia and Scotland. The recovery of these assets could be more difficult," he said at the news conference.


Of course, "properties in Scotland" doesn't just mean Hearts. It also includes those buildings in St Andrews Sq that he bought near the top of the market.

http://www.bbc.co.uk/news/uk-scotland-scotland-business-16490988

[Dashing Bob S]

:top marks

Nothing against them and want to see this rivalry continue - albeit on a level playing field.

:fibber::fibber::fibber::fibber::fibber::fibber::f ibber::fibber:

FINISH 'EM OFF!!!

[bingo70]

Of course, "properties in Scotland" doesn't just mean Hearts. It also includes those buildings in St Andrews Sq that he bought near the top of the market.

http://www.bbc.co.uk/news/uk-scotland-scotland-business-16490988

Is it not far more likely to be hearts though?

That property will eventually be worth something again once the property market picks up again but hearts are always going to be *****?

[Part/Time Supporter]

Is it not far more likely to be hearts though?

That property will eventually be worth something again once the property market picks up again but hearts are always going to be *****?

Both.

[hibs0666]

Of course, "properties in Scotland" doesn't just mean Hearts. It also includes those buildings in St Andrews Sq that he bought near the top of the market.

http://www.bbc.co.uk/news/uk-scotland-scotland-business-16490988

I'm sure that the yaks will be included in the bad stuff. Anyone seeking to buy them will have to find:

more cash than any property developer would be willing to pay (£3 million say?)
a few million in working capital to keep it going (£2 million say?)
£5 million for a new stand.


So, all they need to do is find someone with £10 million to ***** away with no hope of ever getting a return on that money. Best of luck with that.

[livi hibs 1875]

I'm sure that the yaks will be included in the bad stuff. Anyone seeking to buy them will have to find:

more cash than any property developer would be willing to pay (£3 million say?)
a few million in working capital to keep it going (£2 million say?)
£5 million for a new stand.


So, all they need to do is find someone with £10 million to ***** away with no hope of ever getting a return on that money. Best of luck with that.

Why only that much ..will they not look for some of there other money that they are out of pocket

[CropleyWasGod]

Why only that much ..will they not look for some of there other money that they are out of pocket

They might look for it but, in this situation, they will take as much as they can get.

Sales like this become a buyer's market.

[livi hibs 1875]

They might look for it but, in this situation, they will take as much as they can get.

Sales like this become a buyer's market.

If its that easy why dont we run up debts of 70/80 million (equity swap) .then . No mention of admin or bankruptsy. 10 million is peanuts fot how much these smelly ****s have cheated over the last 10 years .my opion ofcourse .hate those unwashed tramps

[Jack Hackett]

They might look for it but, in this situation, they will take as much as they can get.

Sales like this become a buyer's market.

Cue FoH raising their bid to 750k :greengrin

[CropleyWasGod]

If its that easy why dont we run up debts of 70/80 million (equity swap) .then . No mention of admin or bankruptsy. 10 million is peanuts fot how much these smelly ****s have cheated over the last 10 years .my opion ofcourse .hate those unwashed tramps

Two points:-

1. you will be hard pushed to find any lender who would allow a business to go that far. UKIO/UBIG were a special case, as they had a business model which required that investment, and had the funds to support it. It failed.

2. it doesn't matter whether someone pays £3m or £20m for Tynie. The company (HMFC) is insolvent, and any money raised will go to its creditors.

[livi hibs 1875]

Two points:-

1. you will be hard pushed to find any lender who would allow a business to go that far. UKIO/UBIG were a special case, as they had a business model which required that investment, and had the funds to support it. It failed.

2. it doesn't matter whether someone pays £3m or £20m for Tynie. The company (HMFC) is insolvent, and any money raised will go to its creditors.

I understand those both points and agree with them .but they must also loose there poxy history and become a newco aswell then . That is what i was meaning possibly never said it correctly

[StevieC]

I'm sure that the yaks will be included in the bad stuff. Anyone seeking to buy them will have to find:

more cash than any property developer would be willing to pay (£3 million say?)
a few million in working capital to keep it going (£2 million say?)
£5 million for a new stand.


So, all they need to do is find someone with £10 million to ***** away with no hope of ever getting a return on that money. Best of luck with that.

Would they not also be buying a liquidated 3rd division team?

For them to avoid liquidation would they not also need to pay HMRC in full and at least some of the UBIG debt?

[livi hibs 1875]

Would they not also be buying a liquidated 3rd division team?

For them to avoid liquidation would they not also need to pay HMRC in full and at least some of the UBIG debt?

This lol thanks :thumbsup:

[HFC 0-7]

Not sure if this is at all possible, but a Hun told me he thought it was an option. Rangers buy hearts, debt and all, sell tynecastle change the name to rangers and be back in the spl. Obviously if they bought hearts debt and all, they would need to pay the debt back, but after selling off all of hearts assets the debt would be manageable for rangers and they would be back in the spl!

Again not sure if this could happen but would be interesting

[Part/Time Supporter]

Not sure if this is at all possible, but a Hun told me he thought it was an option. Rangers buy hearts, debt and all, sell tynecastle change the name to rangers and be back in the spl. Obviously if they bought hearts debt and all, they would need to pay the debt back, but after selling off all of hearts assets the debt would be manageable for rangers and they would be back in the spl!

Again not sure if this could happen but would be interesting

No, because they would need to get approval from the SFA to change the Hearts SFA membership to "Rangers". It was hard enough for them to get the "Rangers" SFA membership transferred from the dying company to Sevco.

[CropleyWasGod]

Not sure if this is at all possible, but a Hun told me he thought it was an option. Rangers buy hearts, debt and all, sell tynecastle change the name to rangers and be back in the spl. Obviously if they bought hearts debt and all, they would need to pay the debt back, but after selling off all of hearts assets the debt would be manageable for rangers and they would be back in the spl!

Again not sure if this could happen but would be interesting

Where are RFC going to get £24m to pay off the debt, plus the cost of the stadium?

And what assets do Hearts have?

[Kato]

Not sure if this is at all possible, but a Hun told me he thought it was an option. Rangers buy hearts, debt and all, sell tynecastle change the name to rangers and be back in the spl. Obviously if they bought hearts debt and all, they would need to pay the debt back, but after selling off all of hearts assets the debt would be manageable for rangers and they would be back in the spl!

Again not sure if this could happen but would be interesting

I heard something similar once but it involved a man called Rumplestiltskin and spinning thread into gold.

[jgl07]

No, because they would need to get approval from the SFA to change the Hearts SFA membership to "Rangers". It was hard enough for them to get the "Rangers" SFA membership transferred from the dying company to Sevco.

Has the rule been changed since the Airdrie United/Clydebank affair?

[hibs0666]

The dominoes begin to topple...

Bankruptcy to be declared on Ukio Bankas bad assets (http://www.interfax.com/newsinf.asp?id=398406)

[bingo70]

The dominoes begin to topple...

Bankruptcy to be declared on Ukio Bankas bad assets (http://www.interfax.com/newsinf.asp?id=398406)

So I'm maybe getting ahead of myself here but could hearts be made bankrupt tomorrow for example and then worry about the sale of tynecastle etc at a later date?

Is there a possibility hearts won't even see out the season or will this all take time to come to a head properly?

[lord bunberry]

So I'm maybe getting ahead of myself here but could hearts be made bankrupt tomorrow for example and then worry about the sale of tynecastle etc at a later date?

Is there a possibility hearts won't even see out the season or will this all take time to come to a head properly?

Hearts don't have any direct link to ukio. They owe the money to ubig, if ubig are liquidated that's when the problems start for hearts

[Kato]

So I'm maybe getting ahead of myself here but could hearts be made bankrupt tomorrow for example and then worry about the sale of tynecastle etc at a later date?


Don't be daft. Hearts are too big to fail. They won't be affected by the failure of Vlad's bank as its UBIG who owns Hearts although Hearts are a stand alone self-sufficient company these days.

[bingo70]

Hearts don't have any direct link to ukio. They owe the money to ubig, if ubig are liquidated that's when the problems start for hearts

Yes I know that, but could ubig call it a day with hearts tomorrow and then sell the assets later?

[Bostonhibby]

Don't be daft. Hearts are too big to fail. They won't be affected by the failure of Vlad's bank as its UBIG who owns Hearts although Hearts are a stand alone self-sufficient company these days.

:agree: They have all the cakes they can eat.

[SmashinGlass]

Yes I know that, but could ubig call it a day with hearts tomorrow and then sell the assets later?

In theory, yes. However, in reality it would likely take longer. Unfortunately

[hibs0666]

So I'm maybe getting ahead of myself here but could hearts be made bankrupt tomorrow for example and then worry about the sale of tynecastle etc at a later date?

Is there a possibility hearts won't even see out the season or will this all take time to come to a head properly?

I guess it will take a wee while to wash through the system. UBIG will be right in there amongst the bad bits, and will now be starved of any further capital. If UBIG is burning cash then the shutters would come down on UBIG very quickly if it cannot find any other sources of capital.

Since the security over tiny is held separately from UBIG I cannot see how UBIG can now sell the club easily and on the cheap, and so the yaks fate now goes hand-in-hand with that of UBIG.

Thing is, the geezer that runs the yaks is also a director of UBIG. If the yaks really wanted to know the fate of their club then the bloke that can provide the answers is sitting at tiny, except that those poor sods are terrified to ask the question.

[bingo70]

In theory, yes. However, in reality it would likely take longer. Unfortunately

I'm just thinking there's probably someone sat in an office in Lithuania either at ukio or ubig that must be noticing there's a 2 bob football club in Edinburgh that owes them a fortune, has assets but losing them a fortune every day they're open.

If it was me looking at it the first thing I'd say is let's take any cash from them, close them down so they don't lose any more money then look to sell the assets.

Suppose I just don't understand why they'd keep them open for a day longer when they're only going ti lose more money?

[Treadstone]

I'm just thinking there's probably someone sat in an office in Lithuania either at ukio or ubig that must be noticing there's a 2 bob football club in Edinburgh that owes them a fortune, has assets but losing them a fortune every day they're open.



Hope they are brighter than this guy on the Brokeback thread 'Bankruptcy':

jambosdad (http://www.hmfckickback.co.uk/index.php?/user/11744-jambosdad/)


There was always something funny about the sudden desperate call for funds to see us through the season.

[Kato]

http://www.scotsman.com/business/banking/hearts-assets-will-transfer-to-second-lithuanian-bank-1-2807982

The above is yesterdays headline "Hearts assets will transfer to second Lithuanian bank" although there is nothing in the copy to say this will happen. Smells like waffle.

[Leithenhibby]

http://www.scotsman.com/business/banking/hearts-assets-will-transfer-to-second-lithuanian-bank-1-2807982

The above is yesterdays headline "Hearts assets will transfer to second Lithuanian bank" although there is nothing in the copy to say this will happen. Smells like waffle.

And it looks like a story stuck away in the corner of the page... :wink:

Not exactly an "Extra, Extra Read All About It" moment!.. :greengrin

[Hibeesforever]

http://www.scotsman.com/business/banking/hearts-assets-will-transfer-to-second-lithuanian-bank-1-2807982

The above is yesterdays headline "Hearts assets will transfer to second Lithuanian bank" although there is nothing in the copy to say this will happen. Smells like waffle.

Yes, can someone call the Scottish auditors of Heart of Midlothian to establish.
1) who owns all the shares in Heart of Midlothian and
2) who the security on the debt is assigned to.

Not difficult questions for any ordinary company to answer.

Are there any trading while insolvent corporate laws that a Scottish board Director needs to be aware of ?
I am thinking eg. fraudulently asking for bake sale proceeds for share certificates or season ticket money when knowing that it is just a matter of time before bankruptcy occurs.

Does the local authority or HMRC have a statutory obligation to try and get its money ?

I notice that a European reconstruction bank is now going to be involved and need reassurance that Hearts are being treated just like any other Scottish club or institution.

I don't remember Third Lanark having this many lives.

[hibees 7062]

Where are RFC going to get £24m to pay off the debt, plus the cost of the stadium?

And what assets do Hearts have?
Ovens :wink:

[Saorsa]

Ovens :wink:they'll soon be sticking their heids in their ovens :greengrin

[Kato]

Ovens :wink:


...and face-paints,


they'll soon be sticking their heids in their ovens :greengrin

....so if required they can go out looking a zebra or a cat or something. Would an Ostrich be hard to do with face paints?

[Jack Hackett]

I'm just thinking there's probably someone sat in an office in Lithuania either at ukio or ubig that must be noticing there's a 2 bob football club in Edinburgh that owes them a fortune, has assets but losing them a fortune every day they're open.

If it was me looking at it the first thing I'd say is let's take any cash from them, close them down so they don't lose any more money then look to sell the assets.

Suppose I just don't understand why they'd keep them open for a day longer when they're only going ti lose more money?

Might have something to do with upcoming Cup Final/Season Ticket cash

[Leithenhibby]

Might have something to do with upcoming Cup Final/Season Ticket cash


I'm not so sure they will be spending any large amounts of cash on their team until matters are resolved one way or another :wink:

"The Penny Has Dropped" :greengrin

[Hermit Crab]

Hope they are brighter than this guy on the Brokeback thread 'Bankruptcy':

jambosdad (http://www.hmfckickback.co.uk/index.php?/user/11744-jambosdad/)

Got to be an agent undercover ??

[Iggy Pope]

Hope they are brighter than this guy on the Brokeback thread 'Bankruptcy':

jambosdad (http://www.hmfckickback.co.uk/index.php?/user/11744-jambosdad/)

What about that profile? Jambos 'Dad' thinks he needs to keep his gender secret?
Where would we be without these sparryheids eh?

[CropleyWasGod]

Yes, can someone call the Scottish auditors of Heart of Midlothian to establish.
1) who owns all the shares in Heart of Midlothian and
2) who the security on the debt is assigned to.

Not difficult questions for any ordinary company to answer. That information is in the public domain. A couple of quid to Companies House will find the answers.

Are there any trading while insolvent corporate laws that a Scottish board Director needs to be aware of ? It's against the law.
I am thinking eg. fraudulently asking for bake sale proceeds for share certificates or season ticket money when knowing that it is just a matter of time before bankruptcy occurs.

Does the local authority or HMRC have a statutory obligation to try and get its money ? Yes, but they can't get blood out of a stone.



.

[Just Alf]

Got this from brokeback on the bankruptcy thread..... Not as funny as the naked chicken dance but still a belter!





Murrayfield is the way forward, it would need to be redeveloped so its less 'fishbowl-ee' but is the correct way forward, tynecastle is NOT fit for purpose, please put your nostalgic feelings aside and look at it practically.
We need champions league football,
Our fan base can expand, at least to get more people attending

We cannot hope to compete with either of the ugly sisters because a common reason for players jumping ship is Celtic/sevco are a bigger club, that is harder to say when the stadium is a 60,000 seater - assuming minimally we can get 30,000 a week, something i believe is possible however the product on the park needs to improve drastically as well as the price to get in

(Tbh a 40,000 seater would be sufficient)

Would also do pre seasons in japan and build a foreign market

But thats just someone who wants to move forward


The best bit..... He really BELIEVES..... Couldn't understand why a couple of his fellow Savile's questioned it! :D

[Saorsa]

Got this from brokeback on the bankruptcy thread..... Not as funny as the naked chicken dance but still a belter!



[quote]
Murrayfield is the way forward, it would need to be redeveloped so its less 'fishbowl-ee' but is the correct way forward, tynecastle is NOT fit for purpose, please put your nostalgic feelings aside and look at it practically.
We need champions league football,
Our fan base can expand, at least to get more people attending

We cannot hope to compete with either of the ugly sisters because a common reason for players jumping ship is Celtic/sevco are a bigger club, that is harder to say when the stadium is a 60,000 seater - assuming minimally we can get 30,000 a week, something i believe is possible however the product on the park needs to improve drastically as well as the price to get in

(Tbh a 40,000 seater would be sufficient)

Would also do pre seasons in japan and build a foreign market

But thats just someone who wants to move forward

The best bit..... He really BELIEVES..... Couldn't understand why a couple of his fellow Savile's questioned it! :D:faf: :faf:

[Seveno]

Got this from brokeback on the bankruptcy thread..... Not as funny as the naked chicken dance but still a belter!





Murrayfield is the way forward, it would need to be redeveloped so its less 'fishbowl-ee' but is the correct way forward, tynecastle is NOT fit for purpose, please put your nostalgic feelings aside and look at it practically.
We need champions league football,
Our fan base can expand, at least to get more people attending

We cannot hope to compete with either of the ugly sisters because a common reason for players jumping ship is Celtic/sevco are a bigger club, that is harder to say when the stadium is a 60,000 seater - assuming minimally we can get 30,000 a week, something i believe is possible however the product on the park needs to improve drastically as well as the price to get in

(Tbh a 40,000 seater would be sufficient)

Would also do pre seasons in japan and build a foreign market

But thats just someone who wants to move forward


The best bit..... He really BELIEVES..... Couldn't understand why a couple of his fellow Savile's questioned it! :D

He had to be one of our own.

[SurferRosa]

Got this from brokeback on the bankruptcy thread..... Not as funny as the naked chicken dance but still a belter!



[quote]
Murrayfield is the way forward, it would need to be redeveloped so its less 'fishbowl-ee' but is the correct way forward, tynecastle is NOT fit for purpose, please put your nostalgic feelings aside and look at it practically.
We need champions league football,
Our fan base can expand, at least to get more people attending

We cannot hope to compete with either of the ugly sisters because a common reason for players jumping ship is Celtic/sevco are a bigger club, that is harder to say when the stadium is a 60,000 seater - assuming minimally we can get 30,000 a week, something i believe is possible however the product on the park needs to improve drastically as well as the price to get in

(Tbh a 40,000 seater would be sufficient)

Would also do pre seasons in japan and build a foreign market

But thats just someone who wants to move forward




Could that be a Hibee at the wind-up?

Coz, if it`s no.....then that is delusion on a staggering scale....

[Www1875hfc]

http://www.youtube.com/watch?v=GIQQhPTuRH4

[weecounty hibby]

Surely must be one of us undercover, if so well done. If not the medication must be wearing off. What a total balloon! No one can take that joke outfit with their moronic fans seriously. I would bet that every fan of every other club in the country who reads that nonsense just laughs and then hopes that their death come soon to put all of that "bigger than everyone" pish to bed once and for all

[Leithenhibby]

Murrayfield is the way forward, it would need to be redeveloped so its less 'fishbowl-ee' but is the correct way forward, tynecastle is NOT fit for purpose, please put your nostalgic feelings aside and look at it practically.
We need champions league football,
Our fan base can expand, at least to get more people attending

We cannot hope to compete with either of the ugly sisters because a common reason for players jumping ship is Celtic/sevco are a bigger club, that is harder to say when the stadium is a 60,000 seater - assuming minimally we can get 30,000 a week, something i believe is possible however the product on the park needs to improve drastically as well as the price to get in

(Tbh a 40,000 seater would be sufficient)

Would also do pre seasons in japan and build a foreign market

But thats just someone who wants to move forward





Priceless :top marks

[blackpoolhibs]

Pre season tours of Japan. :faf:

[Jack Hackett]

Could that be a Hibee at the wind-up?

Coz, if it`s no.....then that is delusion on a staggering scale....

There's definitely quite a few of them left.....Rolland on the Scotsman/EEN pages springs to mind as a prime example

[tamig]

Could that be a Hibee at the wind-up?

Coz, if it`s no.....then that is delusion on a staggering scale....

Its astounding. Great to see them back-tracking to the pieman's vision too. Erses.

[The_Todd]

Murrayfield is the way forward, it would need to be redeveloped so its less 'fishbowl-ee' but is the correct way forward, tynecastle is NOT fit for purpose, please put your nostalgic feelings aside and look at it practically.
We need champions league football,
Our fan base can expand, at least to get more people attending

We cannot hope to compete with either of the ugly sisters because a common reason for players jumping ship is Celtic/sevco are a bigger club, that is harder to say when the stadium is a 60,000 seater - assuming minimally we can get 30,000 a week, something i believe is possible however the product on the park needs to improve drastically as well as the price to get in

(Tbh a 40,000 seater would be sufficient)

Would also do pre seasons in japan and build a foreign market

But thats just someone who wants to move forward



Super. The financially crippled SRU will redevelop it's stadium (which it is capable of filling now and again for some test matches) to suit the needs of another financial basket case (which would never fill even half of it). Is that what that rocket really thinks is a realistic idea?

[jacomo]

Might have something to do with upcoming Cup Final/Season Ticket cash

Aye but selling season tickets when the directors know the club is insolvent is illegal. Perhaps Fedotovas is packing up his things as we speak, just in case he needs to go back to Lithuania in a hurry.

[jacomo]

There's definitely quite a few of them left.....Rolland on the Scotsman/EEN pages springs to mind as a prime example

Rolland is indeed a prize balloon. Use to argue with him but gave up years ago when I realised how deluded he was.

[Hermit Crab]

Its astounding. Great to see them back-tracking to the pieman's vision too. Erses.

Funny how times change. The pie mans dream all of a sudden their best option. Haha throbbers

[Hibeesforever]

Aye but selling season tickets when the directors know the club is insolvent is illegal. Perhaps Fedotovas is packing up his things as we speak, just in case he needs to go back to Lithuania in a hurry.

If it is illegal, would that mean that any organisation that actively provides assistance would also be culpable. Just now wondering where the SPL would sit in something like this ? I know they have difficulty saying when their fixtures will take place but it would seem that Hearts cash flow problems would be on a whole different level. If Hearts were thinking of selling season tickets to unsuspecting folks would the SPL or SFA have to sanction this first ? ie. see proof of their accounts ? Seems neither their supporters club or auditor have been able to do this but as the SPL sanction the competition there could be a rule to cover an event like the above ?
If you assume there is no bank in the land that will provide them with any further overdraft facilities, things must be very, very close to the wire. Must be easy to work out how long all the player contracts are to get their existing rough liabilities ? Add on the council tax and HMRC monies......
Wonder if the players are due bonus money if they do well in the League Cup final.....the bills just keep mounting!

As Vlad said above, it must all be a plan for one team in the city.
In years to come, children will ask why the buses are painted maroon....when Gorgie returns to parkland nature, only the buses will be left to change in the Capital city.

:flag:

[TrinityHibs]

Super. The financially crippled SRU will redevelop it's stadium (which it is capable of filling now and again for some test matches) to suit the needs of another financial basket case (which would never fill even half of it). Is that what that rocket really thinks is a realistic idea?

There is a difference. The financial basket case SRU will take in about £9M for 3 games in a couple of months excluding TV money and coporate stuff. To be fair they will have spent some of it on fireworks, pipers and face paint but they have away forward. Hertz dont. They are about to die. Their average attendance would fill less than a quarter of the ground.Deid

[Springbank]

Leslie Deans. Pretty short story. Brought the pieman to tynecastle. Ended in tears. Brought the Romanovs to tynecastle. Ended in..erm...

Leslie Deans

[Hank Schrader]

Rolland is indeed a prize balloon. Use to argue with him but gave up years ago when I realised how deluded he was.

Rolland is a waste of skin. Along with that other roaster Kiwi Doug that used to frequent there.

[DC_Hibs]

They are about to die. Their average attendance would fill less than a quarter of the ground.Deid

Make that a fifth as its about to plummet with bottom six fitba.

14,280 v Killie down to 11,325 for ICT

[Viva_Palmeiras]

Super. The financially crippled SRU will redevelop it's stadium (which it is capable of filling now and again for some test matches) to suit the needs of another financial basket case (which would never fill even half of it). Is that what that rocket really thinks is a realistic idea?

A Japanese preseason ? Wong on so many levels

[#FromTheCapital]

Make that a fifth as its about to plummet with bottom six fitba.

14,280 v Killie down to 11,325 for ICT

And the only reason they had so many against killie was due to the fact that fans attending that match were guaranteed a ticket for the final. Their attendances are dropping to what they were before the begging bowl came out in November.

[Crossgates Hibs]

Make that a fifth as its about to plummet with bottom six fitba.

14,280 v Killie down to 11,325 for ICT
The Killie crowd is piss poor considering it was a guaranteed final ticket.

[The_Todd]

The Killie crowd is piss poor considering it was a guaranteed final ticket.

Wee cup 5-1 1902 big team hobo big cup Tynecastle we owe it to ourselves.

That's the correct explaination for that, I believe.

[clerriehibs]

Wee cup 5-1 1902 big team hobo big cup Tynecastle we owe it to ourselves.

That's the correct explaination for that, I believe.


:top marks

[lord bunberry]

Make that a fifth as its about to plummet with bottom six fitba.

14,280 v Killie down to 11,325 for ICT

I thought they were going to have the old lady rocking on saturday.

[Jack Hackett]

Rolland is a waste of skin. Along with that other roaster Kiwi Doug that used to frequent there.

He now uses the handle 'Baldrick'.

Appropriate, don't you think? :faf:

Cunning plan, anyone? :greengrin

[clerriehibs]

Rolland is a waste of skin. Along with that other roaster Kiwi Doug that used to frequent there.

That mammary gland kiwi doug has a web site. Unbelievably smarmy git. When hearts die, i'll be posting my commiserations there ...

[Bostonhibby]

I thought they were going to have the old lady rocking on saturday.

Tae be fair, at her age and condition I think they really meant a more gentle affair entirely with just a few friends around for tea and cake before the old bird fell asleep forever.:trumpet:

[Aldo]

You couldnae make it up. Take it the SRU have no say in the stadium redevelopment??

Bunch if ****ing clue less clowns.

Dream in ya dafties, keep taking the tablets.

[pogo]

That mammary gland kiwi doug has a web site. Unbelievably smarmy git. When hearts die, i'll be posting my commiserations there ...

Just wondering what this site is? I actually figured out that I know kiwidoug/baldrick, as someone I used to work with. At that time he claimed to be a Meadowbank Thistle fan, but was always seriously anti-Hibs.

Would love to send him my commiserations when the fateful day finally comes!:greengrin

[Moulin Yarns]

Just wondering what this site is? I actually figured out that I know kiwidoug/baldrick, as someone I used to work with. At that time he claimed to be a Meadowbank Thistle fan, but was always seriously anti-Hibs.

Would love to send him my commiserations when the fateful day finally comes!:greengrin

C'mon Clerrie, name and shame. I had many an argument with him when he was a Kiwi Dug. Give us a link.

[clerriehibs]

C'mon Clerrie, name and shame. I had many an argument with him when he was a Kiwi Dug. Give us a link.

I'm not sure if it's an abuse of privacy, but he has a public username, and he lives in new zealand, and he hss a blog ...

[Hank Schrader]

I'm not sure if it's an abuse of privacy, but he has a public username, and he lives in new zealand, and he hss a blog ...

What was remarkable about him was the fact he was so in touch with all things Hearts from 12,000 miles away...

[s.a.m]

Jane Lewis‏@JaneLewisSportTune in to @BBCRadioScot (http://www.hibs.net/BBCRadioScot) 12:25 for an update on #Hearts (http://www.hibs.net/search?q=%23Hearts&src=hash) & their financial situation. Our reporter @BBCBMcLauchlin (http://www.hibs.net/BBCBMcLauchlin) has been digging!


I wonder if 'digging' means digging, or if it means reading hibs.net?:greengrin

[Spike Mandela]

“@BBCBMcLauchlin: Latest news on Hearts finances and impact of Ukio Bankas administration coming up soon on BBC Radio Scotland #bbcsportscot”

Hmmmmm, reading .net no doubt:rolleyes:

s.a.m. SNAP!!

[Jack Hackett]

One thing's for sure, he'll be creaming himself at the attention he's getting here.

Hiya Dug :wave:

Need to sort out smilies for mobile

[007 Mickey Weir]

Nothing new on report. Just detailing link between Hearts - UBIG - UKIO. They are informed that nothing possibly to worry about immediately. But with the transfer of assets like the stadium and the £22million debt. It doesn't look good.

[Spike Mandela]

“@BBCBMcLauchlin: Latest news on Hearts finances and impact of Ukio Bankas administration coming up soon on BBC Radio Scotland #bbcsportscot”

Hmmmmm, reading .net no doubt:rolleyes:

s.a.m. SNAP!!

Absolutely nothing new. Might take months blah blah, ubig own ukio blah blah, security on Tynecastle blah blah, source close to administrator aye right.

Brian Mcglauchlin knows nothing and effectively laughed it off saying McGlynn was more worried abot his defence. Cue McGlynn interview asked about criticism of Hearts finances he actually said how people enjoyed knocking Rangers during their troubles.

Absolutely laughable so called journalism and they deserve all they get.

[Sergey]

Absolutely nothing new. Might take months blah blah, ubig own ukio blah blah, security on Tynecastle blah blah, source close to administrator aye right.

Brian Mcglauchlin knows nothing and effectively laughed it off saying McGlynn was more worried abot his defence. Cue McGlynn interview asked about criticism of Hearts finances he actually said how people enjoyed knocking Rangers during their troubles.

Absolutely laughable so called journalism and they deserve all they get.

Sadly, what he gets comes directly from UK taxpayers coffers. He wouldn't be able to hold down a position in the mainstream media*. He's not got a ****in' scooby.

*Disclaimer - Barry Anderson manages to eke a living, so I'm proving the aforementioned statement wrong, m'lord.

[Treadstone]

Sadly, what he gets comes directly from UK taxpayers coffers. He wouldn't be able to hold down a position in the mainstream media*. He's not got a ****in' scooby.

*Disclaimer - Barry Anderson manages to eke a living, so I'm proving the aforementioned statement wrong, m'lord.

I went with a friend to Easter Road who does a bit of scouting, we always went to the press room for a cup of tea at half time. I say cup of tea because unless you went ten minutes before half time, you had no chance of a pie as the aforementioned Brian McLaughlin had snaffled at least two before 40 minutes of the first half had passed.

Just checking his twitter feed and the irony is he has just re-tweeted a story about Aberdeen withdrawing their pies.

[Spike Mandela]

I went with a friend to Easter Road who does a bit of scouting, we always went to the press room for a cup of tea at half time. I say cup of tea because unless you went ten minutes before half time, you had no chance of a pie as the aforementioned Brian McLaughlin had snaffled at least two before 40 minutes of the first half had passed.

Just checking his twitter feed and the irony is he has just re-tweeted a story about Aberdeen withdrawing their pies.

Ha ha:greengrin I had just tweeted him to ask if he had done the investigating for that report between his mid morning doughnut and lunch:cb hope he doesn't have body issues:greengrin

[lord bunberry]

Nothing new on report. Just detailing link between Hearts - UBIG - UKIO. They are informed that nothing possibly to worry about immediately. But with the transfer of assets like the stadium and the £22million debt. It doesn't look good.

All is Barry

[Moulin Yarns]

I'm not sure if it's an abuse of privacy, but he has a public username, and he lives in new zealand, and he hss a blog ...

Well, he is definately ahead of the game as har as his beloved Hearts is concerned. I googled the obvious name and "blog" and found this

kiwidoug
(http://p3nlhclust404.shr.prod.phx3.secureserver.net/SharedContent/redirect_0.html)
:greengrin

OMG I just found kiwidoug2
(http://www.youtube.com/watch?v=lqz9eJiBa_Q&NR=1&feature=endscreen) as well

[Oscar T Grouch]

So what I have read today, in Metro, EEN website and last nights EEN, yams seem to want rid of Fester, they all seem to think they can sack him and get a new manager in! Now are these merricks that thick that they don't understand that in order to sack a manger they have to pay his contract up? Loved the bit in metro today, Fester stating "Everyone will be taking great delight at kicking us when we're down." Oh aye Fester old man, you don't know how much pleasure and delight we're taking from this situation, but it is all deserved, cheating fekwit:greengrin

[Saorsa]

I think it would be a travesty if the got rid of Fester, manager of the year with the best you team in Scotland :agree:


They must remain as ***** as possible 'til they go doon the plug :agree:

[Golden Bear]

So what I have read today, in Metro, EEN website and last nights EEN, yams seem to want rid of Fester, they all seem to think they can sack him and get a new manager in! Now are these merricks that thick that they don't understand that in order to sack a manger they have to pay his contract up? Loved the bit in metro today, Fester stating "Everyone will be taking great delight at kicking us when we're down." Oh aye Fester old man, you don't know how much pleasure and delight we're taking from this situation, but it is all deserved, cheating fekwit:greengrin

He's a minger and not a manger and I wouldn't be at all surprised to find that he's been working without a contract.

:wink:

[EH6 Hibby]

He's a minger and not a manger and I wouldn't be at all surprised to find that he's been working without a contract.

:wink:

Well his wife works I'm led to believe, so you're probably right.

[Jack Hackett]

Well, he is definately ahead of the game as har as his beloved Hearts is concerned. I googled the obvious name and "blog" and found this

kiwidoug
(http://p3nlhclust404.shr.prod.phx3.secureserver.net/SharedContent/redirect_0.html)
:greengrin

OMG I just found kiwidoug2
(http://www.youtube.com/watch?v=lqz9eJiBa_Q&NR=1&feature=endscreen) as well

Looks like he's reading this thread.... The sites 'stepped out for a bit' :greengrin

[PatHead]

Looks like he's reading this thread.... The sites 'stepped out for a bit' :greengrin

Probably his Direct Debit for site maintainance bounced at Ukio Bankus

[Off the bar]

some more quotes from mcfud on the bbc http://www.bbc.co.uk/sport/0/football/21589777

including the epic;

"When you're down people boot you, that's how it goes," said McGlynn.
"We've brought it on [ourselves] but it's easy, isn't it? People probably thought we overspent, which might well have been the case."

no **** sherlock

[SurferRosa]

McGlynn..." We just concentrate on the football. That's what we are paid to do. "

He`s having a laugh isn`t he...?

[Baldy Foghorn]

So what I have read today, in Metro, EEN website and last nights EEN, yams seem to want rid of Fester, they all seem to think they can sack him and get a new manager in! Now are these merricks that thick that they don't understand that in order to sack a manger they have to pay his contract up? Loved the bit in metro today, Fester stating "Everyone will be taking great delight at kicking us when we're down." Oh aye Fester old man, you don't know how much pleasure and delight we're taking from this situation, but it is all deserved, cheating fekwit:greengrin

Straight out of the Derhun Bible, no-one likes us, no-one will help us......etc,etc,etc

[Russell The Dug]

Straight out of the Derhun Bible, no-one likes us, no-one will help us......etc,etc,etc


Piss poor attempt at creating a siege mentality down at the pink ****hole because he's making an erse of the job.

He has a point though - after years of them over spending and acting like bad winning tossers this "other fan" is taking great delight ya jimmy saville looking prick :aok::cb

[green glory]

McGlynn..." We just concentrate on the football. That's what we are paid to do. "

He`s having a laugh isn`t he...?

On 2 counts.

[Kato]

These people have zero shame and zero pride in what they do. For as long or as little as their downward slide lasts I'll be laughing and taking pleasure from their whimpering and bleating.

[green glory]

Piss poor attempt at creating a siege mentality down at the pink ****hole because he's making an erse of the job.

He has a point though - after years of them over spending and acting like bad winning tossers this "other fan" is taking great delight ya jimmy saville looking prick :aok::cb

Steady, that's a bit uncalled for? Jimmy Savile indeed.

A beard and one of those furry hats being kicked about PBS and he'd be a dead ringer for Gary Glitter.

[Mikey]

So what I have read today, in Metro, EEN website and last nights EEN, yams seem to want rid of Fester, they all seem to think they can sack him and get a new manager in! Now are these merricks that thick that they don't understand that in order to sack a manger they have to pay his contract up? Loved the bit in metro today, Fester stating "Everyone will be taking great delight at kicking us when we're down." Oh aye Fester old man, you don't know how much pleasure and delight we're taking from this situation, but it is all deserved, cheating fekwit:greengrin

That's actually a pretty basic error from the plumber. You'll have to look long and hard to find a Hearts fan who'll admit that they're down.

[Pete]

Straight out of the Derhun Bible, no-one likes us, no-one will help us......etc,etc,etc

The difference is that rangers probably would have finished second at worst if they hadn't overspent. Celtic were the big losers in that one.

Hearts on the other hand, have elevated themselves above many others who they should have been on a par with. Teams like Aberdeen, Motherwell, united and ourselves have been knocked out of tournaments and finished below where we should have because hearts have cheated.

Lots of teams will have absolutely no sympathy whatsoever if they fall apart. We've all suffered at their expense and they deserve all they get after living the high life on credit which they can't pay back.

[Kato]

Try mentioning "Financial Doping" on the Scotsman site. They don't like it.

[PatHead]

Not so sure Rangers would have always finished 2nd. Prior to the financial doping Rangers were not guaranteed 2nd place and often finished lower than that. It was them who raised the stakes that all the other clubs tried to compete with. Look at the state of Dundee, Dunfermline and Motherwell (when they went into Administration).

Their cheating hurt Scottish football far more than Hearts cheating did. However, both clubs deserve to go to the wall.

One down, one to go.

[Kato]

Not so sure Rangers would have always finished 2nd. Prior to the financial doping Rangers were not guaranteed 2nd place and often finished lower than that. It was them who raised the stakes that all the other clubs tried to compete with. Look at the state of Dundee, Dunfermline and Motherwell (when they went into Administration).

Their cheating hurt Scottish football far more than Hearts cheating did. However, both clubs deserve to go to the wall.

One down, one to go.

It was only down to Vlad's vagaries that Hearts didn't have more success. Rangers' (RIP) financial doping raised the bar too far for many but Hearts' was just as bad a rung or two further down. How many of their players would have been plying their trade elsewhere without VR spending his banks depositors' cash?

[Dashing Bob S]

Not so sure Rangers would have always finished 2nd. Prior to the financial doping Rangers were not guaranteed 2nd place and often finished lower than that. It was them who raised the stakes that all the other clubs tried to compete with. Look at the state of Dundee, Dunfermline and Motherwell (when they went into Administration).

Their cheating hurt Scottish football far more than Hearts cheating did. However, both clubs deserve to go to the wall.

One down, one to go.

I think Hearts financial doping will eventually be seen to be on a different level of corruption than Rangers. I say this because it's probable that Lithuanian banking and international law enforcement inquiries will eventually unearth the sources and purpose of their additional income. I think it will be from far dirty sources than the ETB's and for more nefarious purposes. The money to pay these inflated wages to these players came from somewhere and served a function, obviously beyond a Russian-based Lithuanian's desire to be altruistic to a Scottish club. Any Scottish club, given his previous bids. I believe Romanov, not entirely unreasonably, decided that Scottish football was a hopelessly corrupt backwater, based on sectarianism and OF pandering, and that the authorities and press would therefore ask very few questions about a club's owners or sources of money apparently coming into the game.

Now the SFA will be compelled to act on any findings the Lithuanian bankers/legal/law enforcement people arrive at. This could take time and potentially puts Hearts, as an entity, unable to participate in Scottish Football for the duration of these inquiries.

The Scotsman and the Edinburgh establishment and the football authorities and media apologists might not like the term 'financial doping' but it's going to gain plenty of moral and cultural currency with football supporters, who still, in spite of the way the game has been raped by money, aspire to a level playing field and sporting integrity. They may have to get used it.

[Golden Bear]

I think Hearts financial doping will eventually be seen to be on a different level of corruption than Rangers. I say this because it's probable that Lithuanian banking and international law enforcement inquiries will eventually unearth the sources and purpose of their additional income. I think it will be from far dirty sources than the ETB's and for more nefarious purposes. The money to pay these inflated wages to these players came from somewhere and served a function, obviously beyond a Russian-based Lithuanian's desire to be altruistic to a Scottish club. Any Scottish club, given his previous bids. I believe Romanov, not entirely unreasonably, decided that Scottish football was a hopelessly corrupt backwater, based on sectarianism and OF pandering, and that the authorities and press would therefore ask very few questions about a club's owners or sources of money apparently coming into the game.

Now the SFA will be compelled to act on any findings the Lithuanian bankers/legal/law enforcement people arrive at. This could take time and potentially puts Hearts, as an entity, unable to participate in Scottish Football for the duration of these inquiries.

The Scotsman and the Edinburgh establishment and the football authorities and media apologists might not like the term 'financial doping' but it's going to gain plenty of moral and cultural currency with football supporters, who still, in spite of the way the game has been raped by money, aspire to a level playing field and sporting integrity. They may have to get used it.

"Nefarious" - now that's a new word for me. I had to research the meaning and you're spot on in the context that you've used it.

Ain't education a wonderful thing!

[Onion]

The difference is that rangers probably would have finished second at worst if they hadn't overspent. Celtic were the big losers in that one.

Hearts on the other hand, have elevated themselves above many others who they should have been on a par with. Teams like Aberdeen, Motherwell, united and ourselves have been knocked out of tournaments and finished below where we should have because hearts have cheated.

Lots of teams will have absolutely no sympathy whatsoever if they fall apart. We've all suffered at their expense and they deserve all they get after living the high life on credit which they can't pay back.

McGlynn has accused others taking delight in Hearts dilemma. What a idiot, well suited to his horrible little club. The FACT is they have massively overspent and enjoyed the fruits of that financial doping for years, trampling on well run clubs in the process and lording it up on the terracings. Time has come to pay the piper, and they wonder why no one has any sympathy for them.

Just like the dead Huns, their day will come. Tick, tock you horrible little people :greengrin

[Hibeesforever]

I think Hearts financial doping will eventually be seen to be on a different level of corruption than Rangers. I say this because it's probable that Lithuanian banking and international law enforcement inquiries will eventually unearth the sources and purpose of their additional income. I think it will be from far dirty sources than the ETB's and for more nefarious purposes. The money to pay these inflated wages to these players came from somewhere and served a function, obviously beyond a Russian-based Lithuanian's desire to be altruistic to a Scottish club. Any Scottish club, given his previous bids. I believe Romanov, not entirely unreasonably, decided that Scottish football was a hopelessly corrupt backwater, based on sectarianism and OF pandering, and that the authorities and press would therefore ask very few questions about a club's owners or sources of money apparently coming into the game.

Now the SFA will be compelled to act on any findings the Lithuanian bankers/legal/law enforcement people arrive at. This could take time and potentially puts Hearts, as an entity, unable to participate in Scottish Football for the duration of these inquiries.

The Scotsman and the Edinburgh establishment and the football authorities and media apologists might not like the term 'financial doping' but it's going to gain plenty of moral and cultural currency with football supporters, who still, in spite of the way the game has been raped by money, aspire to a level playing field and sporting integrity. They may have to get used it.

I have to agree, the SPL and SFA have had plenty of time to prepare their respective defences for allowing their competitions to be hijacked by suspected money launderers.
The story is much more than just football. Brill Barry and Fester are correct to say nothing financial concerns them.

These questions will currently be the subject of the highest governmental committees.
Scottish and Westminister politicians should be doing more and be more visible. Mr Barry and Mr McGlynn do not seem to be capable of seeing the erroneous morality in their clubs ways.

I am sure many Heart of Midlothian supporters are confused why their club is such a Scottish societal embarrassment. This is after all supposed to be one of the most successful last twelve months they have ever had.

Who knows if Hearts will go bust and have to start in Div 3 but what is clear is that it would be a lot easier for Scottish football to thrive and regain its credibility if clubs that pursued business models like Mr Romanov just disappeared.

Even though it is Hearts, there is nothing community about foreign bankers ripping people off to buy worthless pieces of paper and blackmailing them into great bake-offs.

[steakbake]

On the share issue: I'm months behind. However, can anyone tell me what the outcome of that was and precisely how much these shares are now worth or what the purpose of them is/was?

[lucky]

Fester is quality, he actually sums them up completely. Bottom line is the puddledrinkers have spent their load and more at Vlad Vegas and now its time to settle their account and they don't like it. How gullible have they been. Vlad even screwed them for around a £1m before Xmas but not one of them is shouting about it. Surely his share issue con should be investigated by the authorities. Its rumoured that the BBC are going to have yam special of Hustle but canned it because no one is that gullible.

[Bighoose]

Picture that paints a thousand words

Just saw Hearts update on Reporting Scotland, camera cuts to club crest on stadium wall which has a big burd sheite splashed over it.

:greengrin

[JimBHibees]

On the share issue: I'm months behind. However, can anyone tell me what the outcome of that was and precisely how much these shares are now worth or what the purpose of them is/was?

Vlad was skint.

[The_Todd]

On the share issue: I'm months behind. However, can anyone tell me what the outcome of that was and precisely how much these shares are now worth or what the purpose of them is/was?

I gather they raised a fair amount, but nobody ever got any shares. Am I wrong on that?

[LeighLoyal]

Saw the BBC item. Not sure why they are not in administration, can't be far away.

[cocopops1875]

I gather they raised a fair amount, but nobody ever got any shares. Am I wrong on that?

There was numbers given of over £1 Million raised, However nobody is sure if that was fans "investing":greengrin in shares or if this included the "donations" Made from drinking at Shan Boozers, Bake Sales and selling the clubs historical momentos, one thing that is certain is it was nowhere near the £1.75 million they were looking for :agree:

[PatHead]

Everyone will be taking great delight at kicking us when we're down.

Journalists yet again failing to ask simple questions. Where is the delight, who is "everyone" and how are they kicking you?


I think Hearts have had an easy ride for years, even their belated punishments were a farce - a signing ban outwith the transfer window, a ban on signing anyone on higher wages than they can't afford to pay already. What punishment is that?

The old Rangers trick, blame everyone elseand whatever happens don't act with humility or apologise.

He really should get fined for bringing the game into disrepute.

[cocopops1875]

I gather they raised a fair amount, but nobody ever got any shares. Am I wrong on that?

Oh aye and Nobody has their certificate's yet and last i heard they share issue had not been registered (or something) Which is weird as they have always had a history of being on the register :greengrin

[Col2]

Saw the BBC item. Not sure why they are not in administration, can't be far away.

What did thy say?

[Mikey]

Picked this up from over the road.............




I recently exchanged emails with a person who is close to the club, and asked for clarification on a number of matters. I'm not going to say who it is, but this person is close to the situation, so it can be assumed that the response is accurate. On this thread, I'm going to focus on the financial question.

Question: Can you provide an update on the financial status of the Club? Many people feel that the share issue, transfer fees, additional League Cup games, and improved attendances at home games should have been enough to secure our short-term future. Is this correct?

Reply:

Unfortunately not. The share issue raised £1.1m of a targeted £1.8m and while this was a remarkable achievement from everyone concerned it has still left a hole. The majority of the Ryan McGowan transfer fee (I cannot say what the fee was but you'll be aware a figure has been widely reported publicly) was already built in to the cashflow projections for 2012/13 financial year so there is very little uplift from this. The advance of Lee Wallace transfer money is simply cash shifting rather than going any way to closing the deficit. Improved attendances at homes games v St Mirren, Celtic, Aberdeen, Dundee Utd and Kilmarnock did help but this effort was diluted by the lower attendances for the games v Dundee and Inverness at the weekend. Ticket sales for this weekend's game v Motherwell and next Tuesday's game v St Johnstone are also suggesting that there will be no improvement in our deficit. To be fair to Sergej he used the expression that "it was back in the hands of the supporters" however being unable to fill the ground for the recent and remaining games means a deficit continues to exist.


One other major factor that has not been put in to the figures and is of relevance is that we currently sit 10th in the SPL and heaven forbid could sink to 11th after tomorrow night's game. The club projected a 6th place finish which should have been more than reasonable for a club and team of Hearts standing, playing budget, squad ability etc. However the reality now is that every "dropped place" in the SPL costs the club in the region of £80,000 (final TV revenues). That means finishing tenth will cost this club in the region of £320,000. Add to this the lost revenue from Top 6 games at Tynecastle against Celtic (over £100k) and Hibernian (over £100k) then the club has an additional cash shortfall against budget of over £500k.

[Andy74]

Picked this up from over the road.............

Shame.

[DaveF]

"additional" suggets they were already short and that this guy is lumping another 500,000 on top.

Good stuff.

[PatHead]

Can someone create a grim reaper smiley. Think we will need it soon.

[Hibee Ryan]

Picked this up from over the road.............

so his "source" didn't actually give him any information and just repeated "it's the fans fault" line that the club have been saying since the share issue by saying that the defecit is getting worse because of the falling attendances... :faf:

[leither17]

Picked this up from over the road.............

Not all you will pick up over there lol

[Ozyhibby]

If Vlad stole this money to spend on Hearts then Hearts stole this money. Romanov is Hearts. He is the controlling mind of the club. Legally that puts the club in the frame.
How will the Scottish football authorities deal with a club stealing money to buy players they would not be able to fund themselves?
We are not there yet but we may well be soon.

[Mikey]

That whole thread is a fairly amusing read actually. There's a combination of those who are fully aware of the dire situation they're in, and a sprinkling of dafties who reckon they'll be ok simply because they're the famous Heart of Midlothian football club.

[PatHead]

Just thinking seeing as Hector may no longer be the cause of their downfall can the avatars be replaced with something more appropriate? Any suggestions. A coffin perhaps?

[Jack Hackett]

Just thinking seeing as Hector may no longer be the cause of their downfall can the avatars be replaced with something more appropriate? Any suggestions. A coffin perhaps?

How about an open grave with a tombstone reading 1874 - 2013?

[hibees 7062]

Just thinking seeing as Hector may no longer be the cause of their downfall can the avatars be replaced with something more appropriate? Any suggestions. A coffin perhaps?

Romanov :greengrin

[Kato]

Just thinking seeing as Hector may no longer be the cause of their downfall can the avatars be replaced with something more appropriate? Any suggestions. A coffin perhaps?

Vlad-notes.

[Kato]

Diddums

http://www.finanznachrichten.de/nachrichten-2013-02/26079271-nasdaq-omx-vilnius-removal-of-ukio-bankas-from-omx-baltic-benchmark-and-omx-baltic-10-252.htm

[jgl07]

Can someone create a grim reaper smiley. Think we will need it soon.

Preferably with a bowler hat on.

[HUTCHYHIBBY]

Picture that paints a thousand words

Just saw Hearts update on Reporting Scotland, camera cuts to club crest on stadium wall which has a big burd sheite splashed over it.

:greengrin

I wonder if it was the one hanging the Vlad banner out her windae?

[brog]

Picked this up from over the road.............

Some interesting stuff there if it's true, does sound that way.
1. They had budgeted to sell McGowan this season regardless.
2. The Wallace/Templeton fees were already included in their budget therefore projected loss was over & above that income!
3. The big team expected to finish 6th!
4. If they don't make top 6 they expect another £500k loss!
5. Looks like they were expecting/projecting crowds of around 15/16 k for rest of season. That's already gone oot the windae so losses could be even higher.

in summary, even withou the UKIO shenanigans they're insolvent. The UKIO/UBIG'S deal just means they'll be homeless as well! Shame :wink:

[Aldo]

Lets not forget that Fester is just another puppet in the line of other puppets brought to the forefront by the Mad One.

Fester does not have a clue about any of the finances at tip castle or so he says and knows even less about being a manager.

Aka. YESMAN

and if he says anything against the club or its ongoings then he's oot.

My good lady works in finance and she has asked some of her colleagues about the current state of affairs at the PBS.

They are if the opinion that if it anything bar a football club then the administrators would of been in a long long time ago.

We already know this but the waiting game continues.

[clerriehibs]

so his "source" didn't actually give him any information and just repeated "it's the fans fault" line that the club have been saying since the share issue by saying that the defecit is getting worse because of the falling attendances... :faf:

I actually agree with that; it IS the fans' fault, every festering one of them who's reached adulthood.

[PatHead]

Some interesting stuff there if it's true, does sound that way.
1. They had budgeted to sell McGowan this season regardless.
2. The Wallace/Templeton fees were already included in their budget therefore projected loss was over & above that income!
3. The big team expected to finish 6th!
4. If they don't make top 6 they expect another £500k loss!
5. Looks like they were expecting/projecting crowds of around 15/16 k for rest of season. That's already gone oot the windae so losses could be even higher.

in summary, even withou the UKIO shenanigans they're insolvent. The UKIO/UBIG'S deal just means they'll be homeless as well! Shame :wink:

Suspect they had also expected to sell Zalukus/Driver/both as well and factored that in. You have to ask why they signed 2 more players though?

[cocopops1875]

Suspect they had also expected to sell Zalukus/Driver/both as well and factored that in. You have to ask why they signed 2 more players though?

If its true they are not paying for the 2 players I don't see the issue, they needed a striker badly and it appears they got one for free who has done no bad

[The_Todd]

It's ok, some genius has come up with doubling ST prices. And he assumes that if they do that they'll still have 10,000 ST holders.


Double the prices for season tickets with the extra money being exchanged for enough of Ubig's shares to move control from Vlad to the fans. 10,000 season tickets at £700 average price

Barking, completely barking.

[Jack Hackett]

Suspect they had also expected to sell Zalukus/Driver/both as well and factored that in. You have to ask why they signed 2 more players though?

As we're voicing suspicions, I strongly suspect the rumours that they're not contributing anything, or very little, to their wages. Given the 'goodwill' from their meeting in the Europa, I also suspect that a fair amount of begging went into the request for the players from Liverpool, in the hope it would return some modicum of success from what was proving to be a disastrous season on the pitch as well as on the financial front. It would also give some return to the fans who dug deep over Christmas, with no additional cash outlay.


It's ok, some genius has come up with doubling ST prices. And he assumes that if they do that they'll still have 10,000 ST holders.



Barking, completely barking.

Completely ludicrous. Even, as you say, they persuaded 10k of them to part with £700 :faf:, season tickets are to watch football, not take control of a club.....that was what the share issue :faf: was about....well, 10% if you believe the 'Glorious Leader'

The desperation is oozing out of Keekbroke

[Springbank]

There was numbers given of over £1 Million raised, However nobody is sure if that was fans "investing":greengrin in shares or if this included the "donations" Made from drinking at Shan Boozers, Bake Sales and selling the clubs historical momentos, one thing that is certain is it was nowhere near the £1.75 million they were looking for :agree:

This is my kind of humour, what a description of the largely windowless hovels these fat cretins quaff in

[Hibee Ryan]

Some geezer has came up with the perfect solution to their problems:

"Still think we should have a survival match at Murrayfield. 67000 fans at £40-50 each with the proceeds to be held in a trust and used to pay running costs. 06 v 12 with Paulo and Hartley etc. The money should go nowhere near Romanov."

£40-50 EACH and he expects 67000 people to go to this game?! Hahahaha, they're off their rockets

[Ryan91]

how about an open grave with a tombstone reading 1876 - 2013?

ftfy

[Bostonhibby]

It's ok, some genius has come up with doubling ST prices. And he assumes that if they do that they'll still have 10,000 ST holders.



Barking, completely barking.


:confused:It just defies belief, if I wasn't completely blocked from there I was going to go on and ask if anyone fancied just clubbing together to buy the whole shooting match for £51m and be done with it. Could borrow the money against the club itself.........

[Jack Hackett]

ftfy

ty :greengrin

edit

anyone else having a hard time browsing the site tonight?

[ScottB]

So that amounts to Hearts again publicly stating they don't have the money to complete the season.

How is this not trading while insolvent? Aren't they admitting as much by putting out statements / emails / faxes saying they are on the verge of running out of money?

[cocopops1875]

Some geezer has came up with the perfect solution to their problems:

"Still think we should have a survival match at Murrayfield. 67000 fans at £40-50 each with the proceeds to be held in a trust and used to pay running costs. 06 v 12 with Paulo and Hartley etc. The money should go nowhere near Romanov."

£40-50 EACH and he expects 67000 people to go to this game?! Hahahaha, they're off their rockets

I just cant get my head round the need for a survival match, Are they in bother :confused::greengrin

[CropleyWasGod]

So that amounts to Hearts again publicly stating they don't have the money to complete the season.

How is this not trading while insolvent? Aren't they admitting as much by putting out statements / emails / faxes saying they are on the verge of running out of money?

It's normally a liquidator who makes the case for "insolvent trading". I can't think of any situation where directors have been charged with that whilst the company is still trading.

[ScottB]

It's normally a liquidator who makes the case for "insolvent trading". I can't think of any situation where directors have been charged with that whilst the company is still trading.

When they presumably eventually do go mammaries skyward, would these sort of statements be used as evidence to charge them with that after the event?

[PatHead]

Should the Directors not be calling in Administrators now? There is obviously no way they can trade out of their present state into profit.

[HoboHarry]

It's normally a liquidator who makes the case for "insolvent trading". I can't think of any situation where directors have been charged with that whilst the company is still trading.
So for the non-financial whizz-kids among us, can you give us the idiots guide summary of where it all stands at this point please?

[Hibeesforever]

So that amounts to Hearts again publicly stating they don't have the money to complete the season.

How is this not trading while insolvent? Aren't they admitting as much by putting out statements / emails / faxes saying they are on the verge of running out of money?

Certainly looks like it. I do not understand why creditors other than the Edinburgh council (via Hibs.net pressure) or HMRC have not challenged Hearts over their average 90 day payment terms. I find it hard to believe that all bills like electricity, water, police, training ground, hotels and stadium management fees are fully up to date. Importantly, I would think that all transactions have to go through the books of Heart of Midlothian. If any Lords or ladies are paying these sorts of liabilities personally "off balance sheet" then this would be a very very serious offence.

Directors would have to answer all questions like the above honestly. The SPL have very strict rules for non-compliance. The club formally known as Rangers can testify to this.

Still predicting administration before their cup final.

[CropleyWasGod]

When they presumably eventually do go mammaries skyward, would these sort of statements be used as evidence to charge them with that after the event?

TBH, if some of the rumours about UBIG are true, I think that would be the least of their worries.

The implications of "wrongful trading" convictions are that all debts incurred after insolvency is established are deemed to be those of the directors personally. The phrase "blood out of a stone" is a continuing theme on this thread. :rolleyes:


Certainly looks like it. I do not understand why creditors other than the Edinburgh council (via Hibs.net pressure) or HMRC have not challenged Hearts over their average 90 day payment terms. I find it hard to believe that all bills like electricity, water, police, training ground, hotels and stadium management fees are fully up to date. Importantly, I would think that all transactions have to go through the books of Heart of Midlothian. If any Lords or ladies are paying these sorts of liabilities personally "off balance sheet" then this would be a very very serious offence.

Directors would have to answer all questions like the above honestly. The SPL have very strict rules for non-compliance. The club formally known as Rangers can testify to this.

Still predicting administration before their cup final.

Not sure I understand you. It's quite common (and legal) for directors to pick up company bills in difficult times... or is that not what you mean?

[greenginger]

Certainly looks like it. I do not understand why creditors other than the Edinburgh council (via Hibs.net pressure) or HMRC have not challenged Hearts over their average 90 day payment terms. I find it hard to believe that all bills like electricity, water, police, training ground, hotels and stadium management fees are fully up to date. Importantly, I would think that all transactions have to go through the books of Heart of Midlothian. If any Lords or ladies are paying these sorts of liabilities personally "off balance sheet" then this would be a very very serious offence.

Directors would have to answer all questions like the above honestly. The SPL have very strict rules for non-compliance. The club formally known as Rangers can testify to this.

Still predicting administration before their cup final.

Yep, the Hearts Chairman, Roman Romanov will answer all these questions next time he is at Tynecastle.

I don't think he has been seen for over 5 years ! :greengrin

[SurferRosa]

Some geezer has came up with the perfect solution to their problems:

"Still think we should have a survival match at Murrayfield. 67000 fans at £40-50 each with the proceeds to be held in a trust and used to pay running costs. 06 v 12 with Paulo and Hartley etc. The money should go nowhere near Romanov."

£40-50 EACH and he expects 67000 people to go to this game?! Hahahaha, they're off their rockets

Michty, that`s brilliant. :faf:

The level of delusion in the minds of these idiots is utterly staggering. I bet they think the Earth is flat.

67000 morons at 50 quid a head....:faf:

[Mikey]

Yep, the Hearts Chairman, Roman Romanov will answer all these questions next time he is at Tynecastle.

I don't think he has been seen for over 5 years ! :greengrin

Is he hiding out in Russia with his old man?

[Northernhibee]

Some geezer has came up with the perfect solution to their problems:

"Still think we should have a survival match at Murrayfield. 67000 fans at £40-50 each with the proceeds to be held in a trust and used to pay running costs. 06 v 12 with Paulo and Hartley etc. The money should go nowhere near Romanov."

£40-50 EACH and he expects 67000 people to go to this game?! Hahahaha, they're off their rockets

Or even better, they make 400,000 scones and sell them for a tenner each to each of their fans, or as a job lot to Christian Nade for his lunch.

Got a few ideas for that lot to raise funds.

- A John McGlynn organised fashion show
- A Marius Zaliukas keep-fit video
- A DVD of all of the great goals Zaliukas has scored or created for Hibs in the Edinburgh derbies
- Strictly Come Dancing with Callum Elliot
- Proposing an imaginary "pump all yer cash into these suitcases" 'share' issue idea on Dragon's Den

Any other suggestions to help out our neighbours? :lolyam:

[PatHead]

A Mr "Good looking Hearts" competition with Stevie Fulton and thousands of supporters.

[lapsedhibee]

Proposing an imaginary "pump all yer cash into these suitcases" 'share' issue idea on Dragon's Den


:greengrin

[macca70]

Got a few ideas for that lot to raise funds.

- A John McGlynn organised fashion show
- A Marius Zaliukas keep-fit video
- A DVD of all of the great goals Zaliukas has scored or created for Hibs in the Edinburgh derbies
- Strictly Come Dancing with Callum Elliot
- Proposing an imaginary "pump all yer cash into these suitcases" 'share' issue idea on Dragon's Den

Any other suggestions to help out our neighbours? :lolyam:

A Levein v Hogg charity boxing match

Hogg can get him back for breaking his nose whilst falling out during a game, earning Levein a 14 march ban and Hogg 10 matches,

[Hibeesforever]

Not sure I understand you. It's quite common (and legal) for directors to pick up company bills in difficult times... or is that not what you mean?

Acknowledge that there are all sorts of bills being settled with all sorts of money from all sorts of sources. This is not illegal. However, provided that all these donations went through the main accounts, then there is no breach.
If on the other hand bills are being settled directly, then these are off balance sheet transactions and could be subject to all kinds of potential VAT and tax issues.

Here is an extract that the Heart of Midlothian Directors would have had to have taken very close note of when they undertook their bake sales, their auditors and risk advisors would have had to convey:

"Deliberately under-reporting or omitting income. This is self-explanatory: concealing income is fraudulent. Examples include a business owner's failure to report a portion of the day's receipts or a landlord failing to report rent payments.
Keeping two sets of books and making false entries in books and records. Engaging in accounting irregularities, such as a business's failure to keep adequate records, or a discrepancy between amounts reported on a corporation's return and amounts reported on its financial statements, generally demonstrates fraudulent intent. "


The fact that the Hearts supporters group are not able to see a valid set of accounts should prompt the SPL and SFA to investigate the trading arrangements put in place by Heart of Midlothian Football club. If they do nothing, then why would they not be implicated in a potential money laundering case against them.

I am sure there are a lot of very unhappy bankers in Lithuania and would see the conditions allowing such poor financial governance to be fostered in Edinburgh as scandalous.

Edinburgh was once looked to across the world as a shining example of Banking excellence and upstanding husbandry. The clowns and associates, who call themselves the current board of Heart of Midlothian have massively besmirched this reputation.

The scottish auditors for a start and sponsors of the share issue can hardly dodge their professional obligations when it is clear that they have been selling a dog of a company to the unsuspecting Hearts punter. John Robertson, that great Hibs supporter, did all he could to ask the right questions but was clearly lied to about their financial health or lack of.

As always, these entrepreneurs and hangers on, seem to think that they are immune from all the corporate laws that are in place.

What is the point of Scotland having any corporate lawyers at all if they are incapable or unwilling to take appropriate action.

At this moment in time the tax payer is looking at a loss of approximately £1.5 million. As a Hibs fan and member of the public, I think it is a disgrace that Heart of Midlothian are still trading and the Crown is not doing more to secure its position.
Having said that I would sacrifice a few more days of their current existence, provided Hibernian can beat them comprehensively on the 10th of March. 7-2 has a nice ring to it.

:flag:

[The Green Goblin]

Got a few ideas for that lot to raise funds.

- A John McGlynn organised fashion show
- A Marius Zaliukas keep-fit video
- A DVD of all of the great goals Zaliukas has scored or created for Hibs in the Edinburgh derbies
- Strictly Come Dancing with Callum Elliot
- Proposing an imaginary "pump all yer cash into these suitcases" 'share' issue idea on Dragon's Den

Any other suggestions to help out our neighbours? :lolyam:

:greengrin.

Pin the Taouil on the donkey?

[Liberal Hibby]

Michty, that`s brilliant. :faf:

The level of delusion in the minds of these idiots is utterly staggering. I bet they think the Earth is flat.

67000 morons at 50 quid a head....:faf:

The thing is - even if they did pull it off it's still not enough. It would raise maybe £3 million - a drop in the ocean of their debt (and less then they lost in a single year in their last set of accounts).

Maybe if they did it each week over the closed season?

[Spike Mandela]

Picked this up from over the road.............

Add to this the lost revenue from Top 6 games at Tynecastle against Celtic (over £100k) and Hibernian (over £100k) then the club has an additional cash shortfall against budget of over £500k.


......even more incentive to make the top six:flag:

[EuanH78]

Add to this the lost revenue from Top 6 games at Tynecastle against Celtic (over £100k) and Hibernian (over £100k) then the club has an additional cash shortfall against budget of over £500k.


......even more incentive to make the top six:flag:

Interesting that they seem to have given up on top six, the league is so tight that Ross county have went from 2nd bottom to 2nd top in 31 days. Top six is not beyond anyone bar Dundee at this point I would have thought. Still bunch of bellends anyway

[Gatecrasher]

Interesting that they seem to have given up on top six, the league is so tight that Ross county have went from 2nd bottom to 2nd top in 31 days. Top six is not beyond anyone bar Dundee at this point I would have thought. Still bunch of bellends anyway
They wont make the top 6, there arent enough games left and they arent good enough to win all of what games they have IMO.

[greenlex]

They wont make the top 6, there arent enough games left and they arent good enough to win all of what games they have IMO.

They. know 18 points are about to be taken from their total. They know its futile.

[CyberSauzee]

I've not seen the phrase "we owe the money to ourselves" used recently.

Any Yams care to explain its demise in the recent weeks either on The Scotsman or on BrokeBack?

[Mikeystewart]

:greengrin.

Pin the Taouil on the donkey?

Will need Darren Barr's consent first.

[Saorsa]

Just thinking seeing as Hector may no longer be the cause of their downfall can the avatars be replaced with something more appropriate? Any suggestions. A coffin perhaps?what about this? :greengrin

http://i19.photobucket.com/albums/b168/jamie1971/vlad.gif

[cam75]

what about this? :greengrin

http://i19.photobucket.com/albums/b168/jamie1971/vlad.gif

Quality and to the theme of benny hill :-)

[Ozyhibby]

They. know 18 points are about to be taken from their total. They know its futile.

Making the top 6 before admin would have protected them from relegation. They won't make top 6 now.
Let's just hope we do. Don't want them having a sold out derby at Tynecastle.

[matty_f]

I think they'll have budgeted the income for next season's season tickets as well as that will come in before this season ends.
They are on life support at the moment.

[Russell The Dug]

I think they'll have budgeted the income for next season's season tickets as well as that will come in before this season ends.
They are on life support at the moment.


Surely the flumps won't buy season tickets knowing the club is about to be flushed doon the pan? :greengrin


Making the top 6 before admin would have protected them from relegation. They won't make top 6 now.
Let's just hope we do. Don't want them having a sold out derby at Tynecastle.


Meaningless games, no derby & little money would be disaster for them. Losing the cup final even better :thumbsup::thumbsup::thumbsup: