Share Transfers Agreed/Cooling off period

[Craig_in_Prague]

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.

I am a believer of not letting anyone suffer, so in that case, can someone switch it off please & lights out.

[matty_f]

I am a believer of not letting anyone suffer, so in that case, can someone switch it off please & lights out.

I'll volunteer!

[PatHead]

what about this? :greengrin

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

I like. :top marks

[MacBean]

http://www.lithuaniatribune.com/30731/ukio-bankas-collapse-can-strengthen-lithuanias-position-in-joining-euro-finance-minister-201330731/

Looks like Friday is the day...


Siauliu Bankas, a Lithuanian bank controlled by the European Bank for Reconstruction and Development (EBRD) and a group of local investors, is expected to complete the takeover of the “good” assets and liabilities of Ukio Bankas by Friday. The remaining “bad” part will be declared bankrupt.

:cb

[Time For Heroes]

http://www.lithuaniatribune.com/30731/ukio-bankas-collapse-can-strengthen-lithuanias-position-in-joining-euro-finance-minister-201330731/

Looks like Friday is the day...


:cb

This is great to read, cant wait till Friday, im more excited than a kid at Christmas!

[matty_f]

This is great to read, cant wait till Friday, im more excited than a kid at Christmas!

I doubt anything will happen on Friday, this is likely to be a drawn out process so don't get too excited!

[Saorsa]

I doubt anything will happen on Friday, this is likely to be a drawn out process so don't get too excited!spoilsport :greengrin

[greenginger]

I doubt anything will happen on Friday, this is likely to be a drawn out process so don't get too excited!


Look it as Friday being the day of the Judges decision and sentence.

Execution will be at a slightly later date to allow last rites and a family visit. :greengrin

[MacBean]

I doubt anything will happen on Friday, this is likely to be a drawn out process so don't get too excited!

I don't think it will be as drawn as you may be suggesting.

If the ball starts rolling on Friday as that article mentions, things will hit crisis mode within a matter of weeks and we will know Hearts fate (good or bad) before the split.

[Ozyhibby]

Hearts are losing money on a daily basis. Someone somewhere will stop it soon.

[bingo70]

Hearts are losing money on a daily basis. Someone somewhere will stop it soon.

Will administrators be called in or will they just stop hearts trading?

[hibs0666]

Will administrators be called in or will they just stop hearts trading?

We need someone who is owed money to pull the trigger and take them to court. From there it's bye bye PDQ. Moan the cooncil. :thumbsup:

[GreenCastle]

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

This would be the perfect scenario :cheers::pray:

It's key they don't make the top 6 as already pointed out IF (a massive IF) they get deducted points then top 6 would mean safe from relegation - being in the bottom 6 would give Dundee a chance of survival - lots of wishful thinking :greengrin

[StevieC]

Will administrators be called in or will they just stop hearts trading?

Hearts will keep trading till at least the end of the season. The alternative, in terms of SPL, cup final and the league situation, is too catastrophic to contemplate. If need be the SPL will advance them their league money (and rightly so IMO, as they did with Gretna) to help get them over the line.

After the league finishes though ... :dunno:

[Part/Time Supporter]

Some folk really need to take a chill pill. Nobody is going to make a conscious decision to stop Hearts trading overnight because they are making trading losses. Pretty much every professional team in Scotland (except Celtic, thanks to the CL money) will be making a trading loss, but there is only serious danger to Hearts and Dunfermline at present.

The two dangers to Hearts are as follows:

1. UBIG entering bankruptcy, meaning that they can't renew their debt facility in the summer.

2. Running out of cash. This won't happen before the summer due to the league cup final, selling STs early and getting that advance from Sevco.

The only real impact you may see before the summer is if UBIG enter bankruptcy quickly, and the SPL then decide to enforce their rule that an owner and operator entering bankruptcy is the same as the club itself entering bankruptcy.

[PatHead]

We need someone who is owed money to pull the trigger and take them to court. From there it's bye bye PDQ. Moan the cooncil. :thumbsup:

Be lovely (and ironic) if it were Hibs for non payment of ticket money. C'mon the Hibs

[Dashing Bob S]

I doubt anything will happen on Friday, this is likely to be a drawn out process so don't get too excited!

Every day they delay, they are losing money. This bank isn't like UKIOS, it's a proper bank. They don't like losing money. Expect swift and ruthless action. It won't be another set of veiled warnings for them to ignore or try and negotiate their way around. It will be a straightforward decision.

[Saorsa]

Every day they delay, they are losing money. This bank isn't like UKIOS, it's a proper bank. They don't like losing money. Expect swift and ruthless action. It won't be another set of veiled warnings for them to ignore or try and negotiate their way around. It will be a straightforward decision.Swift and ruthless, I like that:thumbsup: :top marks

[WindyMiller]

Some folk really need to take a chill pill. Nobody is going to make a conscious decision to stop Hearts trading overnight because they are making trading losses. Pretty much every professional team in Scotland (except Celtic, thanks to the CL money) will be making a trading loss, but there is only serious danger to Hearts and Dunfermline at present.

The two dangers to Hearts are as follows:

1. UBIG entering bankruptcy, meaning that they can't renew their debt facility in the summer.

2. Running out of cash. This won't happen before the summer due to the league cup final, selling STs early and getting that advance from Sevco.

The only real impact you may see before the summer is if UBIG enter bankruptcy quickly, and the SPL then decide to enforce their rule that an owner and operator entering bankruptcy is the same as the club itself entering bankruptcy.

If the monies raised aren't syphoned off. Where did last season's S.T. money go?

[MacBean]

Some folk really need to take a chill pill. Nobody is going to make a conscious decision to stop Hearts trading overnight because they are making trading losses. Pretty much every professional team in Scotland (except Celtic, thanks to the CL money) will be making a trading loss, but there is only serious danger to Hearts and Dunfermline at present.

The two dangers to Hearts are as follows:

1. UBIG entering bankruptcy, meaning that they can't renew their debt facility in the summer.

2. Running out of cash.

I dont think anyone is suggesting that after Friday Hearts won't exist or they wont make it across the finish line. We all know that these things dont happen overnight (it took 6 months for SEVCO to be liquidated). Hearts WILL see out this season, it is just whether they are here next season, and if so in what state/division.

What we may know from Friday is whether or not UBIG are considered bad debt by the new bank and therefore inevitably being put into adminstration/liquidation when the debt is called in. This would then leave Hearts facing an 18 point deduction and in the likely position of losing Tynecastle. Again, neither of those things will happen overnight (the deduction would probably take a week due to SFA's inability to act on anything!) but we may be in a position to know that is their fate.

[Part/Time Supporter]

If the monies raised aren't syphoned off.

I don't think there's any serious suggestion of that.


Where did last season's S.T. money go?

The STs sold last spring/summer went towards paying the bills built up during 2011/12. Romanov stopped funding them completely in January 2012, having provided only intermittent funding over the previous few months. They've been chasing their tail ever since.

[poolman]

For anybody who wants The Yams to survive this


Say No To Hobos said:
Wallace Mercer, Rest in Peace.

http://i202.photobucket.com/albums/aa297/tommikerr/waldosiggy.jpg

1946 - 2006. Should have ended the vermin when you had the chance. Absolutely hate the dirty, manky Hubs barstads. Honestly, every one of their slum dwelling unemployed fans talks the same amount of sh*te about their shnide little club. Floodlights, shirt advertisement, Europe.. STFU, no one cares.

One smelly Granton refugee on Talk 107 tonight justified the 107 year Scottish Cup drought by saying 'Hearts will be gone in a year, re-enter in Division Three and then they will have NEVER won the Scottish Cup'. Straw clutching ****s.


**** them :agree:

[matty_f]

For anybody who wants The Yams to survive this


Say No To Hobos said:
Wallace Mercer, Rest in Peace.

http://i202.photobucket.com/albums/aa297/tommikerr/waldosiggy.jpg

1946 - 2006. Should have ended the vermin when you had the chance. Absolutely hate the dirty, manky Hubs barstads. Honestly, every one of their slum dwelling unemployed fans talks the same amount of sh*te about their shnide little club. Floodlights, shirt advertisement, Europe.. STFU, no one cares.

One smelly Granton refugee on Talk 107 tonight justified the 107 year Scottish Cup drought by saying 'Hearts will be gone in a year, re-enter in Division Three and then they will have NEVER won the Scottish Cup'. Straw clutching ****s.


**** them :agree:

One city, one team :aok:

[Greendub]

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

We have the winnners....

http://i897.photobucket.com/albums/ac179/Brianmk6fezzy/406614_264247043703985_1525593232_n_zpsc3a5d884.jp g

[Saorsa]

For anybody who wants The Yams to survive this


Say No To Hobos said:
Wallace Mercer, Rest in Peace.

http://i202.photobucket.com/albums/aa297/tommikerr/waldosiggy.jpg

1946 - 2006. Should have ended the vermin when you had the chance. Absolutely hate the dirty, manky Hubs barstads. Honestly, every one of their slum dwelling unemployed fans talks the same amount of sh*te about their shnide little club. Floodlights, shirt advertisement, Europe.. STFU, no one cares.

One smelly Granton refugee on Talk 107 tonight justified the 107 year Scottish Cup drought by saying 'Hearts will be gone in a year, re-enter in Division Three and then they will have NEVER won the Scottish Cup'. Straw clutching ****s.


**** them :agree:Soon the FTB's vision of one team in the Capital will emerge, he just picked the wrong team

he's deid, they'll soon be deid, **** the h****s.

[PatHead]

We have the winnners....

http://i897.photobucket.com/albums/ac179/Brianmk6fezzy/406614_264247043703985_1525593232_n_zpsc3a5d884.jp g

Quality. Is the one on the right a man, woman or transexual? Answers on a postcard

[EuanH78]

Hearts will keep trading till at least the end of the season. The alternative, in terms of SPL, cup final and the league situation, is too catastrophic to contemplate. If need be the SPL will advance them their league money (and rightly so IMO, as they did with Gretna) to help get them over the line.

After the league finishes though ... :dunno:

I'm not sure this can work with Hearts situation. Surely the only way this could work is if the SPL payed the wages/ daily/ matchday costs directly as putting any money at all into Hearts would have to go to the creditors no? Is that even legal?

[green glory]

Quality. Is the one on the right a man, woman or transexual? Answers on a postcard

Looks like a fachan to me.



9401



Whereas the guy on the left...



9402

[Ozyhibby]

They will only be able to keep the doors open if there is the cash to do so. Selling next years season tickets will not be done by the administrators as they are not allowed to create more creditors.

[GreenCastle]

Is it really safe for their fans to buy a season ticket when they haven't a clue where the money will be ending up :confused:

It will be interesting to see how many they do sell as next season when their team won't be full of over paid players who were actually above average SPL players.

[hibs0666]

Looks like a fachan to me.

A fachan ersehole more like.

[Haymaker]

Didnt the sfa pay for a team of guff players to get them to the end? They released all their main/expensive players?

[StevieC]

I'm not sure this can work with Hearts situation. Surely the only way this could work is if the SPL payed the wages/ daily/ matchday costs directly as putting any money at all into Hearts would have to go to the creditors no? Is that even legal?

If you remember, The Rangers were still operational (and losing money) during administration whilst avenues were explored to put together a rescue package. It would be the same for Hearts, they could play on during administration whilst avenues were explored. Creditors would only receive money if an agreement couldn't be reached to come out of administration and only when remaining assets were sold.

[Twa Cairpets]

If you remember, The Rangers were still operational (and losing money) during administration whilst avenues were explored to put together a rescue package. It would be the same for Hearts, they could play on during administration whilst avenues were explored. Creditors would only receive money if an agreement couldn't be reached to come out of administration and only when remaining assets were sold.

Only surely if the administrators see the business as viable in the medium/long term, which the inhabitants of Mordor clearly are/were.
Hearts, with the running costs they have and the access to income they have in the immediate future, possibly not so much? (HMRC debt, policing, wages etc). If they're not self sufficient now, they wont be when an administrator comes. Also, its nice to remember that ultimately, Rangers were liquidised. (I know its liquidated, but liquidised sounds much more fun to watch)

[jgl07]

Only surely if the administrators see the business as viable in the medium/long term, which the inhabitants of Mordor clearly are/were.
Hearts, with the running costs they have and the access to income they have in the immediate future, possibly not so much? (HMRC debt, policing, wages etc). If they're not self sufficient now, they wont be when an administrator comes. Also, its nice to remember that ultimately, Rangers were liquidised. (I know its liquidated, but liquidised sounds much more fun to watch)

But surely Hearts on a realistic player budget could be self-sufficient playing at, say, Livingston with crowds of 7-8,000?

The only two things of value in Hearts are 1. The stadium and 2. The SPL/SFL franchise. I suspect that the two will be sold off separately for whatever they can raise by the administrators for UKIO/UBIG.

The club would be financially crippled from the start but ought to survive. Just!

[lord bunberry]

If you remember, The Rangers were still operational (and losing money) during administration whilst avenues were explored to put together a rescue package. It would be the same for Hearts, they could play on during administration whilst avenues were explored. Creditors would only receive money if an agreement couldn't be reached to come out of administration and only when remaining assets were sold.

But hearts wouldn't be in administration its ubig. Hearts could still limp on till the end of the season as long as they keep paying the bills. Its not until the whole mess that is ubig gets unravelled will hearts fate be decided

[StevieC]

Only surely if the administrators see the business as viable in the medium/long term, which the inhabitants of Mordor clearly are/were.
Hearts, with the running costs they have and the access to income they have in the immediate future, possibly not so much? (HMRC debt, policing, wages etc). If they're not self sufficient now, they wont be when an administrator comes.

There's no reason why Hearts, in whatever form, wouldn't be a viable medium/long term business.
The whole point of administration though is an opportunity to save a company and have it back trading within its means. It all depends on whether the majority of the creditors are willing to accept whatever is offered to exit administration. I think the difference to Rangers is that HMRC are in the minority this time around so it could be down to UBIG/UKIO to prevent liquidation.

[Cracker]

But hearts wouldn't be in administration its ubig. Hearts could still limp on till the end of the season as long as they keep paying the bills. Its not until the whole mess that is ubig gets unravelled will hearts fate be decided

Would the domino effect not continue Ukio want money owed from Ubig hell we are skint Hearts can pay us back ,what your skint too! Well its admin\liquidation all round.

[StevieC]

But hearts wouldn't be in administration its ubig. Hearts could still limp on till the end of the season as long as they keep paying the bills. Its not until the whole mess that is ubig gets unravelled will hearts fate be decided

Which is kinda what I was saying. :wink: that Hearts will make it to the end of the season.

[lord bunberry]

Would the domino effect not continue Ukio want money owed from Ubig hell we are skint Hearts can pay us back ,what your skint too! Well its admin\liquidation all round.

I think that's what would happen but I don't think it would happen before the end of the season.


Which is kinda what I was saying. :wink: that Hearts will make it to the end of the season.

Unfortunately I think they will. It would be nice if their last season was to finish in relegation though

[StevieC]

Would the domino effect not continue Ukio want money owed from Ubig hell we are skint Hearts can pay us back ,what your skint too! Well its admin\liquidation all round.

I doubt that UBIG have any money, and I'm pretty sure that Hearts don't. All that's left to do is transfer all the assets to Siauliu Bankas who, I suspect, will try to recoup as much as they can from them.

[Moulin Yarns]

Looks like a fachan to me.



9401




I haven't seen a fachan for ages, you've just prompted me to go on the hunt at a certain Speyside site :aok:

[Sergey]

I doubt that UBIG have any money, and I'm pretty sure that Hearts don't. All that's left to do is transfer all the assets to Siauliu Bankas who, I suspect, will try to recoup as much as they can from them.

Stevie - Siauliu Bankas aren't taking over the Yams debt, that's one of the 'bad' assets on Ukio's books. The recovery of that debt is in the hands of the Lithuanian authorities.

The authorities will subsequently control the security of Tynecastle, not Siauliu Bankas.

[clerriehibs]

Why are the media not all over this? It was 3 or 4 pages worth every day on all the papers last year when it was the sevco. The gtetna collapse had moe coverage, FFS!!!

[jgl07]

But hearts wouldn't be in administration its ubig. Hearts could still limp on till the end of the season as long as they keep paying the bills. Its not until the whole mess that is ubig gets unravelled will hearts fate be decided

Don't you mean start paying their bills?

[StevieC]

The authorities will subsequently control the security of Tynecastle, not Siauliu Bankas.

Hmmm, I can see Salmond getting involved there then and pressuring for an outcome that won't tarnish Lithuanian/Scottish relations. :rolleyes:

[clerriehibs]

Hmmm, I can see Salmond getting involved there then and pressuring for an outcome that won't tarnish Lithuanian/Scottish relations. :rolleyes:

Whereas, I can't. Aren't independence yes/no debates held on the holy ground?

[EuanH78]

I doubt that UBIG have any money, and I'm pretty sure that Hearts don't. All that's left to do is transfer all the assets to Siauliu Bankas who, I suspect, will try to recoup as much as they can from them.

As far as my untrained eye goes, Hearts are already insolvent and have only been able to operate due to the largess of Ubig who in turn relied on the (probably illegal workings) largess of Ukio. Now Ukio is being liquidated I would expect Ubig will follow and Hearts too in turn.

Not sure I see there being any value in appointing an administrator as their situation is hopeless - surely straight to liquidation?

Like I said, my untrained eye. Maybe someone with better knowledge could say if that is likely or not.

[green glory]

Hmmm, I can see Salmond getting involved there then and pressuring for an outcome that won't tarnish Lithuanian/Scottish relations. :rolleyes:

I doubt it.

[Smidge]

There's a fair bit of confusion about the positioning of Hearts' debt vis a vis the bank that are taking on the "good" part of Ukio Bankas, apparently on Friday. For the avoidance of doubt, this is how I see it...

...As many Yams have been quick to point out, their debt is to UBIG, a totally separate company for legal purposes, though there was undoubtedly a close commercial relationship.

...It would appear that a significant reason for Ukio's extraordinarily bad financial position was the over-extension of debt facilities, and the lax treatment of those facilities subsequently, to entities related to Vlad. One of these entities is, of course, UBIG, though there could be others.

...The implication is that there are likely to be a substantial shortfall in the potential recovery to cover UBIG's debt to Ukio, which means that it will be treated as part of "bad" bank and will be subject to the liquidation process that the Lithuanian authorities will instigate shortly. It would appear inevitable that UBIG will face an insolvency process of some sort.

...Hearts' debt to UBIG is one of UBIG's assets and, therefore, realisation of that debt will be required in order to obtain the maximum recovery possible of UBIG's debt to Ukio. Their debt will be part of the "bad" bank unless by some miracle the new bank take an assignment of the debt, but this is unlikely given the asset shortfall evident.

...There are three possible outcomes to the realisation process: (1) someone buys the debt from UBIG at a substantial discount, so Hearts will still owe the full amount to a new creditor; (2) Hearts make an offer to repay the debt at a discount - in reality, this would only be through the introduction of fresh capital - either shares or new debt; or (3) the debt cannot be sold or repaid.

...In the first scenario, there is no certainty that Hearts' new creditor will be friendly - in fact, this might be an easy way for a developer to get hold of the land without having to pay stamp duty. There would be a substantial risk of separation of the ground and the football club in this outcome.

...The outcome of the second scenario is undoubtedly the best for the continuation of the club, playing at the ground, but requires a new investor to have sufficient funds to fully satisfy the liquidator of both Ukio and UBIG (which I'm guessing could be one and the same) and provide enough working capital to see them through at least until the end of season 2013/2014, as the current owners will be seeking to repatriate as much cash as possible to Lithuania at present, PLUS the upgrading in short over of the main stand. Incidentally, I've been told by a Jambo that there are already concerns about the lifespan of other three bus shelters.

...The third scenario would almost certainly lead to the ground being sold independently of the club. The assignation of the security from UBIG to Ukio provides the means for the liquidators of the latter to go straight to this option if Hearts default on their debt. That default could be triggered by either a failure to repay as at 30th June, which we have been told is the debt review date, or through a technical trigger in the debt documentation, probably concerning a material change in their ability to satisfy the bet in full. This situation would provide the liquidators of Ukio a far cleaner sale of the property, without concerning themselves with the messy business of a football club.

...If this latter scenario plays out, the liquidator of Hearts - with substantial debts that cannot be refinanced and no major asset, the directors would almost certainly be obliged to bypass administration and go straight to liquidation, though I'm a little fuzzy on the relevant company law - would be looking to sell the intellectual property of the football club: it's name and memberships of various sporting bodies. This would be similar to Sevco and could lead to it being acquired by FoH or similar and restarting at the bottom of the pile.

If I was a Yam, and thank the Good Lord that I'm not, I would be worried. The most likely scenario is surely that there is no repayment or refinance of the debt, as no one is likely to have the sufficient resources or stupidity to meet the Lithuanian authorities' asking price, and the ground is sold from under them. Restarting in D3, at best and in whatever form, is a highly likely outcome.

[brog]

I don't think there's any serious suggestion of that.



I think there's every possibility that when the truth finally emerges this will be seen as a major financial scandal which will dwarf anything Murray & Whyte got up to. I believe there's a real possibility of criminal charges, albeit less likely to be in this country. I have no faith in the accuracy of any accounts produced in recent years nor that any monies earned over last few years have actually ended up where they're meant to be. Who is meant to be keeping track over cash income from cake bakes etc? There's been no share certificates issued so even those numbers can't be verified. Meanwhile the Yams bend over a little further each time!!
FWIW I still can't work out what Romanov's game plan was!

[rcarter1]

There's a fair bit of confusion about the positioning of Hearts' debt vis a vis the bank that are taking on the "good" part of Ukio Bankas, apparently on Friday. For the avoidance of doubt, this is how I see it...

...As many Yams have been quick to point out, their debt is to UBIG, a totally separate company for legal purposes, though there was undoubtedly a close commercial relationship.

...It would appear that a significant reason for Ukio's extraordinarily bad financial position was the over-extension of debt facilities, and the lax treatment of those facilities subsequently, to entities related to Vlad. One of these entities is, of course, UBIG, though there could be others.

...The implication is that there are likely to be a substantial shortfall in the potential recovery to cover UBIG's debt to Ukio, which means that it will be treated as part of "bad" bank and will be subject to the liquidation process that the Lithuanian authorities will instigate shortly. It would appear inevitable that UBIG will face an insolvency process of some sort.

...Hearts' debt to UBIG is one of UBIG's assets and, therefore, realisation of that debt will be required in order to obtain the maximum recovery possible of UBIG's debt to Ukio. Their debt will be part of the "bad" bank unless by some miracle the new bank take an assignment of the debt, but this is unlikely given the asset shortfall evident.

...There are three possible outcomes to the realisation process: (1) someone buys the debt from UBIG at a substantial discount, so Hearts will still owe the full amount to a new creditor; (2) Hearts make an offer to repay the debt at a discount - in reality, this would only be through the introduction of fresh capital - either shares or new debt; or (3) the debt cannot be sold or repaid.

...In the first scenario, there is no certainty that Hearts' new creditor will be friendly - in fact, this might be an easy way for a developer to get hold of the land without having to pay stamp duty. There would be a substantial risk of separation of the ground and the football club in this outcome.

...The outcome of the second scenario is undoubtedly the best for the continuation of the club, playing at the ground, but requires a new investor to have sufficient funds to fully satisfy the liquidator of both Ukio and UBIG (which I'm guessing could be one and the same) and provide enough working capital to see them through at least until the end of season 2013/2014, as the current owners will be seeking to repatriate as much cash as possible to Lithuania at present, PLUS the upgrading in short over of the main stand. Incidentally, I've been told by a Jambo that there are already concerns about the lifespan of other three bus shelters.

...The third scenario would almost certainly lead to the ground being sold independently of the club. The assignation of the security from UBIG to Ukio provides the means for the liquidators of the latter to go straight to this option if Hearts default on their debt. That default could be triggered by either a failure to repay as at 30th June, which we have been told is the debt review date, or through a technical trigger in the debt documentation, probably concerning a material change in their ability to satisfy the bet in full. This situation would provide the liquidators of Ukio a far cleaner sale of the property, without concerning themselves with the messy business of a football club.

...If this latter scenario plays out, the liquidator of Hearts - with substantial debts that cannot be refinanced and no major asset, the directors would almost certainly be obliged to bypass administration and go straight to liquidation, though I'm a little fuzzy on the relevant company law - would be looking to sell the intellectual property of the football club: it's name and memberships of various sporting bodies. This would be similar to Sevco and could lead to it being acquired by FoH or similar and restarting at the bottom of the pile.

If I was a Yam, and thank the Good Lord that I'm not, I would be worried. The most likely scenario is surely that there is no repayment or refinance of the debt, as no one is likely to have the sufficient resources or stupidity to meet the Lithuanian authorities' asking price, and the ground is sold from under them. Restarting in D3, at best and in whatever form, is a highly likely outcome.

AWESOME WORK.. :thumbsup: :top marks

[clerriehibs]

I think there's every possibility that when the truth finally emerges this will be seen as a major financial scandal which will dwarf anything Murray & Whyte got up to. I believe there's a real possibility of criminal charges, albeit less likely to be in this country. I have no fai


th in the accuracy of any accounts produced in recent years nor that any monies earned over last few years have actually ended up where they're meant to be. Who is meant to be keeping track over cash income from cake bakes etc? There's been no share certificates issued so even those numbers can't be verified. Meanwhile the Yams bend over a little further each time!!
FWIW I still can't work out what Romanov's game plan was!

How angry will we be when the sfa spl decide the merricks are victims rather than peepetrators???

[brog]

How angry will we be when the sfa spl decide the merricks are victims rather than peepetrators???

I must confess that's a worry I have but I believe whatever happens they'll be seen to have gained an advantage by these dealings so will ( hopefully ) receive appropriate punishment.

[Russell The Dug]

There's a fair bit of confusion about the positioning of Hearts' debt vis a vis the bank that are taking on the "good" part of Ukio Bankas, apparently on Friday. For the avoidance of doubt, this is how I see it...

...As many Yams have been quick to point out, their debt is to UBIG, a totally separate company for legal purposes, though there was undoubtedly a close commercial relationship.

...It would appear that a significant reason for Ukio's extraordinarily bad financial position was the over-extension of debt facilities, and the lax treatment of those facilities subsequently, to entities related to Vlad. One of these entities is, of course, UBIG, though there could be others.

...The implication is that there are likely to be a substantial shortfall in the potential recovery to cover UBIG's debt to Ukio, which means that it will be treated as part of "bad" bank and will be subject to the liquidation process that the Lithuanian authorities will instigate shortly. It would appear inevitable that UBIG will face an insolvency process of some sort.

...Hearts' debt to UBIG is one of UBIG's assets and, therefore, realisation of that debt will be required in order to obtain the maximum recovery possible of UBIG's debt to Ukio. Their debt will be part of the "bad" bank unless by some miracle the new bank take an assignment of the debt, but this is unlikely given the asset shortfall evident.

...There are three possible outcomes to the realisation process: (1) someone buys the debt from UBIG at a substantial discount, so Hearts will still owe the full amount to a new creditor; (2) Hearts make an offer to repay the debt at a discount - in reality, this would only be through the introduction of fresh capital - either shares or new debt; or (3) the debt cannot be sold or repaid.

...In the first scenario, there is no certainty that Hearts' new creditor will be friendly - in fact, this might be an easy way for a developer to get hold of the land without having to pay stamp duty. There would be a substantial risk of separation of the ground and the football club in this outcome.

...The outcome of the second scenario is undoubtedly the best for the continuation of the club, playing at the ground, but requires a new investor to have sufficient funds to fully satisfy the liquidator of both Ukio and UBIG (which I'm guessing could be one and the same) and provide enough working capital to see them through at least until the end of season 2013/2014, as the current owners will be seeking to repatriate as much cash as possible to Lithuania at present, PLUS the upgrading in short over of the main stand. Incidentally, I've been told by a Jambo that there are already concerns about the lifespan of other three bus shelters.

...The third scenario would almost certainly lead to the ground being sold independently of the club. The assignation of the security from UBIG to Ukio provides the means for the liquidators of the latter to go straight to this option if Hearts default on their debt. That default could be triggered by either a failure to repay as at 30th June, which we have been told is the debt review date, or through a technical trigger in the debt documentation, probably concerning a material change in their ability to satisfy the bet in full. This situation would provide the liquidators of Ukio a far cleaner sale of the property, without concerning themselves with the messy business of a football club.

...If this latter scenario plays out, the liquidator of Hearts - with substantial debts that cannot be refinanced and no major asset, the directors would almost certainly be obliged to bypass administration and go straight to liquidation, though I'm a little fuzzy on the relevant company law - would be looking to sell the intellectual property of the football club: it's name and memberships of various sporting bodies. This would be similar to Sevco and could lead to it being acquired by FoH or similar and restarting at the bottom of the pile.

If I was a Yam, and thank the Good Lord that I'm not, I would be worried. The most likely scenario is surely that there is no repayment or refinance of the debt, as no one is likely to have the sufficient resources or stupidity to meet the Lithuanian authorities' asking price, and the ground is sold from under them. Restarting in D3, at best and in whatever form, is a highly likely outcome.


Please please please please....

[jgl07]

I think there's every possibility that when the truth finally emerges this will be seen as a major financial scandal which will dwarf anything Murray & Whyte got up to. I believe there's a real possibility of criminal charges, albeit less likely to be in this country. I have no faith in the accuracy of any accounts produced in recent years nor that any monies earned over last few years have actually ended up where they're meant to be. Who is meant to be keeping track over cash income from cake bakes etc? There's been no share certificates issued so even those numbers can't be verified. Meanwhile the Yams bend over a little further each time!!
FWIW I still can't work out what Romanov's game plan was!

I think he had the idea that he could dominate Scottish Football in the way that he did with Kaunas in Lithuania. He was horrified to find that the Old Firm (and the Scottish Football Establishment) did not stand aside and allow him to do this. The reason he was so anti-OF was that he thought he should be getting away with what they were doing.

Once it transpired that his grand plan was not going to work he sort of lost interest. However he was then far too deeply involved financially to pull out. Hence the reluctant debt for equity swaps and small scale cash injections to keep the wolf from the door.

Had he sold Hearts at a knock down price that would have probably have put UBIG in jeapody since their balance sheet would have been propped up by an over-valuation of Hearts and his other property in Edinburgh. Now the game is up with UBIG that will all stop.

[Spike Mandela]

There's a fair bit of confusion about the positioning of Hearts' debt vis a vis the bank that are taking on the "good" part of Ukio Bankas, apparently on Friday. For the avoidance of doubt, this is how I see it...

...As many Yams have been quick to point out, their debt is to UBIG, a totally separate company for legal purposes, though there was undoubtedly a close commercial relationship.

...It would appear that a significant reason for Ukio's extraordinarily bad financial position was the over-extension of debt facilities, and the lax treatment of those facilities subsequently, to entities related to Vlad. One of these entities is, of course, UBIG, though there could be others.

...The implication is that there are likely to be a substantial shortfall in the potential recovery to cover UBIG's debt to Ukio, which means that it will be treated as part of "bad" bank and will be subject to the liquidation process that the Lithuanian authorities will instigate shortly. It would appear inevitable that UBIG will face an insolvency process of some sort.

...Hearts' debt to UBIG is one of UBIG's assets and, therefore, realisation of that debt will be required in order to obtain the maximum recovery possible of UBIG's debt to Ukio. Their debt will be part of the "bad" bank unless by some miracle the new bank take an assignment of the debt, but this is unlikely given the asset shortfall evident.

...There are three possible outcomes to the realisation process: (1) someone buys the debt from UBIG at a substantial discount, so Hearts will still owe the full amount to a new creditor; (2) Hearts make an offer to repay the debt at a discount - in reality, this would only be through the introduction of fresh capital - either shares or new debt; or (3) the debt cannot be sold or repaid.

...In the first scenario, there is no certainty that Hearts' new creditor will be friendly - in fact, this might be an easy way for a developer to get hold of the land without having to pay stamp duty. There would be a substantial risk of separation of the ground and the football club in this outcome.

...The outcome of the second scenario is undoubtedly the best for the continuation of the club, playing at the ground, but requires a new investor to have sufficient funds to fully satisfy the liquidator of both Ukio and UBIG (which I'm guessing could be one and the same) and provide enough working capital to see them through at least until the end of season 2013/2014, as the current owners will be seeking to repatriate as much cash as possible to Lithuania at present, PLUS the upgrading in short over of the main stand. Incidentally, I've been told by a Jambo that there are already concerns about the lifespan of other three bus shelters.

...The third scenario would almost certainly lead to the ground being sold independently of the club. The assignation of the security from UBIG to Ukio provides the means for the liquidators of the latter to go straight to this option if Hearts default on their debt. That default could be triggered by either a failure to repay as at 30th June, which we have been told is the debt review date, or through a technical trigger in the debt documentation, probably concerning a material change in their ability to satisfy the bet in full. This situation would provide the liquidators of Ukio a far cleaner sale of the property, without concerning themselves with the messy business of a football club.

...If this latter scenario plays out, the liquidator of Hearts - with substantial debts that cannot be refinanced and no major asset, the directors would almost certainly be obliged to bypass administration and go straight to liquidation, though I'm a little fuzzy on the relevant company law - would be looking to sell the intellectual property of the football club: it's name and memberships of various sporting bodies. This would be similar to Sevco and could lead to it being acquired by FoH or similar and restarting at the bottom of the pile.

If I was a Yam, and thank the Good Lord that I'm not, I would be worried. The most likely scenario is surely that there is no repayment or refinance of the debt, as no one is likely to have the sufficient resources or stupidity to meet the Lithuanian authorities' asking price, and the ground is sold from under them. Restarting in D3, at best and in whatever form, is a highly likely outcome.

If any new owners of a phoenix Hearts could keep hold of the stadium, and with league reconstruction to 3 leagues in the pipeline, then two years in lower leagues would probably be considered a price worth paying by most Hearts supporters for the two cups (hopefully not 3) and the relative success they have had compared to other clubs in the Vlad years imo.

[EdinMike]

If any new owners of a phoenix Hearts could keep hold of the stadium, and with league reconstruction to 3 leagues in the pipeline, then two years in lower leagues would probably be considered a price worth paying by most Hearts supporters for the two cups (hopefully not 3) and the relative success they have had compared to other clubs in the Vlad years imo.

Thing is, I don't think Hearts will get the same treatment as Rangers did. If it goes balls to the walls for them I reckon it'll be a Gretna scenario.

And I then think it should be Spartans turn to show everyone how a "Proper 2 team City" Works :wink:

[Russell The Dug]

Thing is, I don't think Hearts will get the same treatment as Rangers did. If it goes balls to the walls for them I reckon it'll be a Gretna scenario.

And I then think it should be Spartans turn to show everyone how a "Proper 2 team City" Works :wink:


TV demanded Rangers get back in. They also had Ibrox and Murray Park.

Hearts will have sod all and TV won't give a ****. Can't see them being allowed back in either :greengrin:greengrin:greengrin

[MB62]

If any new owners of a phoenix Hearts could keep hold of the stadium, and with league reconstruction to 3 leagues in the pipeline, then two years in lower leagues would probably be considered a price worth paying by most Hearts supporters for the two cups (hopefully not 3) and the relative success they have had compared to other clubs in the Vlad years imo.

You seem confident the Yams would be good enough to gain such promotions?

[Spike Mandela]

You seem confident the Yams would be good enough to gain such promotions?

Even if it takes longer MB I still think that if a phoenix Hearts can pull off a financial scam like Sevco managed then the average Hearts supporter will be satisfied with how it turned out. Retaining the 'good' assets like sevco managed will be key.

[Smidge]

If any new owners of a phoenix Hearts could keep hold of the stadium, and with league reconstruction to 3 leagues in the pipeline, then two years in lower leagues would probably be considered a price worth paying by most Hearts supporters for the two cups (hopefully not 3) and the relative success they have had compared to other clubs in the Vlad years imo.

I just cannot see any new owner having sufficient resources to buy, the club, the stadium and provide working capital until the end of 2013/2014, let alone finance to address the urgent issues with the stadium. If Hearts fans have any sense (!!!), then they'll prioritise survival of the club over keeping them playing at the PBS. The potential recovery from separating the land from the club has to be greater than selling as a package, as it should have been with Sevco. There will be no kindly administrators here, the liquidators of Ukio/UBIG will need to get the best possible return.

[Dashing Bob S]

I've been baying for the Yams demise for some time now, but it's strange, I've come round to Hearts supporters way of thinking and I'm now totally relaxed about it.

There is absolutely nothing to worry about.







Swift and ruthless.

[jonty]

I've been baying for the Yams demise for some time now, but it's strange, I've come round to Hearts supporters way of thinking and I'm now totally relaxed about it.

There is absolutely nothing to worry about.







Swift and ruthless.

Sorry Bob, had sand in my ears. Worry about what?

[Sergey]

Just a thought - but those new shares that raised £1M that the fans bought, would said fans now also be liable for part of the debt if an administrator is called in?

[green glory]

Just a thought - but those new shares that raised £1M that the fans bought, would said fans now also be liable for part of the debt if an administrator is called in?

As owners of 10% of the club I think I would assume so. Obviously Vlad being the majority shareholder would be liable for the majority of the debt though. Will still be a tidy sum though.

[Ozyhibby]

Just a thought - but those new shares that raised £1M that the fans bought, would said fans now also be liable for part of the debt if an administrator is called in?

It's a PLC so there would be no personal liability even if they were real shares. And they only sold 5% of the fake shares.

[JeMeSouviens]

Just a thought - but those new shares that raised £1M that the fans bought, would said fans now also be liable for part of the debt if an administrator is called in?

No, under certain circumstances directors can be held liable but not common or garden shareholders.

[Gus Fring]

STV are having a live interview on their website with Alex Mackie of FOH and Bryan Bradley, the Bloomberg reporter along with a couple of fans.

Have to give credit to Alex Mackie, he doesn't come across as your typical yam and is actually making some sense. Say's theyve done proper valuation of Tynecastle and it was "in the low millions" and that the current playing squad isn't worth anything. He gives the impression that Fedotovas is grossly over valuing the club. He also says it's difficult for anyone to make any serious offers without a set of accounts

http://sport.stv.tv/football/clubs/hearts/215677-google-hangout-your-questions-answered-on-hearts-financial-future/

[Ozyhibby]

STV are having a live interview on their website with Alex Mackie of FOH and Bryan Bradley, the Bloomberg reporter along with a couple of fans.

Have to give credit to Alex Mackie, he doesn't come across as your typical yam and is actually making some sense. Say's theyve done proper valuation of Tynecastle and it was "in the low millions" and that the current playing squad isn't worth anything. He gives the impression that Fedotovas is grossly over valuing the club. He also says it's difficult for anyone to make any serious offers without a set of accounts

http://sport.stv.tv/football/clubs/hearts/215677-google-hangout-your-questions-answered-on-hearts-financial-future/

Hardly a shock that a man wanting buy something says it's worth very little and the man selling says it's worth loads.
Problem for FOH is that Vlad can't sell Hearts unless he give Ukio Bank £6.8m.

[Gus Fring]

He also said that they could secure Hearts future if he could convince 15,000 Hearts to pledge £3000 each. Hearts can't even convince 15,000 fans to pledge £25 for a Semi Final!

[Geo_1875]

He also said that they could secure Hearts future if he could convince 15,000 Hearts to pledge £3000 each. Hearts can't even convince 15,000 fans to pledge £25 for a Semi Final!

So they need £45,000,000 to secure their future. Surely that's only £125 each for the big club.

[lapsedhibee]

So they need £45,000,000 to secure their future. Surely that's only £125 each for the big club.

:tsk tsk: Even less - £112.50 - unless they've lost some of the gloryhunting fans now that they're no longer CL winners elect.

[jacomo]

:tsk tsk: Even less - £112.50 - unless they've lost some of the gloryhunting fans now that they're no longer CL winners elect.

Are Hearts no longer after Pavel Nedved then?

[Smidge]

Hardly a shock that a man wanting buy something says it's worth very little and the man selling says it's worth loads.
Problem for FOH is that Vlad can't sell Hearts unless he give Ukio Bank £6.8m.


Given that Ukio will be liquidated and UBIG are likely to follow, the liquidator - the Lithuanian authorities - will probably not be in a position to hold out for £6.8m. Just because something is secured for that amount, does not mean that is how much it will take to get it discharged - this will be a commercial transaction and it is a case of how big the Lithuanians' loss is going to be, rather than there being no loss at all.

However, that does not mean that they will settle for FOH's (or any other person chancing it) potential offer "in the low millions". They will be trying to maximise the recovery on behalf of Lithuanian taxpayers. This is why I think that there is a very good chance of the club and their ground being separated: anyone with the desire to save the club is not going to have the resources to satisfy the liquidator - only an open market sale of the land will achieve that.

[EskbankHibby]

Are Hearts no longer after Pavel Nedved then?

Afraid not, think there might be a delay on that new stand as well.

[Andy74]

Given that Ukio will be liquidated and UBIG are likely to follow, the liquidator - the Lithuanian authorities - will probably not be in a position to hold out for £6.8m. Just because something is secured for that amount, does not mean that is how much it will take to get it discharged - this will be a commercial transaction and it is a case of how big the Lithuanians' loss is going to be, rather than there being no loss at all.

However, that does not mean that they will settle for FOH's (or any other person chancing it) potential offer "in the low millions". They will be trying to maximise the recovery on behalf of Lithuanian taxpayers. This is why I think that there is a very good chance of the club and their ground being separated: anyone with the desire to save the club is not going to have the resources to satisfy the liquidator - only an open market sale of the land will achieve that.

Aye. We all thought the same about Rangers though didn't we. Green got a team, stadium and training ground for next to nowt.

[Waxy]

Remember way back when.Romanov was going to build a massive stadium for around 60000 screaming yams.
And this year they would have been parading the champions league around that stadium.
living nightmare.glad it was all horsemeat.

[bathhibby]

Aye. We all thought the same about Rangers though didn't we. Green got a team, stadium and training ground for next to nowt.

Yeah and that was all down to an Administrator who was crooked and in Bed with Green & Co
Hopefully the Lithuanian Administrators will be less crooked and more professional than D&F

[DC_Hibs]

Given that Ukio will be liquidated and UBIG are likely to follow, the liquidator - the Lithuanian authorities - will probably not be in a position to hold out for £6.8m. Just because something is secured for that amount, does not mean that is how much it will take to get it discharged - this will be a commercial transaction and it is a case of how big the Lithuanians' loss is going to be, rather than there being no loss at all.

However, that does not mean that they will settle for FOH's (or any other person chancing it) potential offer "in the low millions". They will be trying to maximise the recovery on behalf of Lithuanian taxpayers. This is why I think that there is a very good chance of the club and their ground being separated: anyone with the desire to save the club is not going to have the resources to satisfy the liquidator - only an open market sale of the land will achieve that.

We just need to hope that Housebuilders/Supermarkets/Developers have an interest in the site which is far from certain. There are no meaningful offers on the table for the club so there shouldn't be much competition from consortia.

Anyone wishing to buy the whole shooting match -at this stage- will inherit a £1.5m debt to HMRC payable over 3 years so they are starting at a disadvantage already. The Savilles would need to be in administration or worse for that liability to disappear as it's not going to be paid by any other means.

Things continue to move in the right direction anyway.

[Smidge]

Aye. We all thought the same about Rangers though didn't we. Green got a team, stadium and training ground for next to nowt.

As someone has already said, one of the key differences is that the liquidator of UBIG/Ukio will not settle for a pishy deal the way Dumb & Dumber did. The Lithuanian authorities will be looking to maximise the recovery and will not be concerned about saving face in Edinburgh.

[Smidge]

We just need to hope that Housebuilders/Supermarkets/Developers have an interest in the site which is far from certain. There are no meaningful offers on the table for the club so there shouldn't be much competition from consortia.

Anyone wishing to buy the whole shooting match -at this stage- will inherit a £1.5m debt to HMRC payable over 3 years so they are starting at a disadvantage already. The Savilles would need to be in administration or worse for that liability to disappear as it's not going to be paid by any other means.

Things continue to move in the right direction anyway.

I can't believe that a site of that size and nature will not be of interest to someone, even on a speculative basis. The number of candidates for that is a lot lower than 5 years ago, but I think there would still be some.

[Peevemor]

I can't believe that a site of that size and nature will not be of interest to someone, even on a speculative basis. The number of candidates for that is a lot lower than 5 years ago, but I think there would still be some.

One of my (sort of) bosses, a developer, effectively made too much money in the last year and is now in the process of buying up chunks of land to develop in the long term (whilst reducing his current tax liability).

It's a pity that he won't venture as far as Edinburgh, but it's not impossible that someone might buy Tynie with a view to developing it, but letting the Merricks stay there on a short term lease in the meantime.

[Aldo]

Blinkered Yam at work is very confident there are no financial issues at the PBS and if so David Murray will come to their rescue with a share if a new stadium in the west of city to share with Edinburgh rugby.

Would only say their debt is nowhere near the 25 mill mark and that they have plenty if dish out aside for wages already this and next season from share issue etc.

[Dashing Bob S]

Blinkered Yam at work is very confident there are no financial issues at the PBS and if so David Murray will come to their rescue with a share if a new stadium in the west of city to share with Edinburgh rugby.

Would only say their debt is nowhere near the 25 mill mark and that they have plenty if dish out aside for wages already this and next season from share issue etc.

He's not wrong. I can't see them having any problems. It'll all be plain sailing.

[Eyrie]

Blinkered Yam at work is very confident there are no financial issues at the PBS and if so David Murray will come to their rescue with a share if a new stadium in the west of city to share with Edinburgh rugby.

Would only say their debt is nowhere near the 25 mill mark and that they have plenty if dish out aside for wages already this and next season from share issue etc.

He's got the bit in bold correct - has to be far more than that by now.

[joe breezy]

but but but 5-1

shower of ********s

[Aldo]

He's not wrong. I can't see them having any problems. It'll all be plain sailing.

I couldn't, well could believe what he was saying cos that's what he's like, maroon tinted speaks.

[Hibby70]

plenty if dish out aside for wages already this and next season from share issue etc.
Dishes are all they will have, they'll need a clean though

[Aldo]

Dishes are all they will have, they'll need a clean though

Finger problems

[The_Todd]

Blinkered Yam at work is very confident there are no financial issues at the PBS and if so David Murray will come to their rescue with a share if a new stadium in the west of city to share with Edinburgh rugby.

Would only say their debt is nowhere near the 25 mill mark and that they have plenty if dish out aside for wages already this and next season from share issue etc.

Oh David Murray. The same David Murray whose long term legacy at Rangers was liquidation? If that's the sort of person they want involved...

[Bostonhibby]

Blinkered Yam at work is very confident there are no financial issues at the PBS and if so David Murray will come to their rescue with a share if a new stadium in the west of city to share with Edinburgh rugby.

Would only say their debt is nowhere near the 25 mill mark and that they have plenty if dish out aside for wages already this and next season from share issue etc.

The Champions league money should sort it, there's millions for winning it, I wouldn't be surprised to see the Megasuperhotelstadium coming up on the blindside and being built shortly, they did have lots of pictures of big boxes full of drawings, and there's always the share issue to fall back on, I wouldn't be surprised to see and interim dividend on these shares being declared any day now. Wish I'd got some.

Everythings barry.

[Springbank]

Dundee closing in on arch nemesis...

[Col2]

This wouldn't be a good time for the yams to get say a 18 point deduction with a rejuvenated Dundee.....

[surreyhibbie]

But if they get the deduction after the split, they won't go down......:confused:

[CropleyWasGod]

But if they get the deduction after the split, they won't go down......:confused:

They will if they're in the bottom 6, Shirley?

[Eyrie]

Heasrts won't make the split, and that's added incentive for us to make sure we do because it will deprive them of a lucrative home derby.

[Big_Franck]

Heasrts won't make the split, and that's added incentive for us to make sure we do because it will deprive them of a lucrative home derby.

If we do finish bottom six I won't be going to the game at the peadodome for the first time in years. Haven't missed a derby there for at least 5 years, but there is no way I want to play any part in helping them struggle on until the end of the season.

[Col2]

They will if they're in the bottom 6, Shirley?

Non chance of them making top 6. It's not only 9 point gap plus goal difference AND even if we tumbled down there are several other teams that won't tumble. It's almost mathematically impossible given the volume of teams and the few number of games left.

[Dashing Bob S]

The only good thing about their current plight is that the business with this bank in Lithuania won't effect them at all, and it'll be business as usual. With a two cups under the belt and a third guaranteed, and the best crop of youngsters in Scottish football, the future is rosy pink.

[Beefster]

Anyone on here who likes to bang on about how the Yams are much better supporters than us and always back the club in times of adversity should have a quick look at Sickbag this morning. Hysteria, venom and a complete lack of 'seeing the bigger picture'.

[Steviie]

Every day can be Pay Day with Wonga :duck:

Lolol

[Part/Time Supporter]

Anyone on here who likes to bang on about how the Yams are much better supporters than us and always back the club in times of adversity should have a quick look at Sickbag this morning. Hysteria, venom and a complete lack of 'seeing the bigger picture'.

Yams have known hardly any true adversity in the last 30 years. As bad as its got is the (very) odd humping and maybe the odd duff manager here or there (eg Tommy McLean).

[s.a.m]

BBC Sport Scotland‏@BBCSportScotRobinson pens new Hearts contract: Hearts midfielder Scott Robinson has signed a new two-year deal with the Ty... http://bbc.in/YHTEVz (http://t.co/NYUivBIsQT)


:yamlaugh:

[Saorsa]

BBC Sport Scotland‏@BBCSportScotRobinson pens new Hearts contract: Hearts midfielder Scott Robinson has signed a new two-year deal with the Ty... http://bbc.in/YHTEVz (http://t.co/NYUivBIsQT)


:yamlaugh:I must say I admire their optimism giving out 2 year deals :faf:

[JollyGreenGiant]

BBC Sport Scotland‏@BBCSportScotRobinson pens new Hearts contract: Hearts midfielder Scott Robinson has signed a new two-year deal with the Ty... http://bbc.in/YHTEVz (http://t.co/NYUivBIsQT)


:yamlaugh:

What are they all about, I think I noticed on Sky sports before Hibs game that they had offered a couple of other youngsters 1-2 year contracts??

Are they trying to increase their value, signing up all their future superstar youngsters, hoping someone will offer £zillions for them??

[Mikey]

I picked up an interesting wee snippet this morning. It seems the guys left behind in Edinburgh to run the place are looking into the implications of putting the club into administration before the brown stuff hits the fan in Lithuania. Their reasoning is that they know the 18 point deduction is coming their way anyway when UBIG goes bust (this week or next) and by jumping the gun they'll get a more sympathetic administrator in Scotland than they would if the Liths take control.

I'm told it'll be Friday or Monday if they do it. Friday would seem more likely as UKIO's administrator is due to make an announcement tomorrow and they need to get in ahead of that.

It certainly makes sense and the source is decent.

Any experts care to confirm if the minions left behind can actually do that?

[Treadstone]

Now wishing Dundee had scudded us three times.

[greenginger]

I picked up an interesting wee snippet this morning. It seems the guys left behind in Edinburgh to run the place are looking into the implications of putting the club into administration before the brown stuff hits the fan in Lithuania. Their reasoning is that they know the 18 point deduction is coming their way anyway when UBIG goes bust (this week or next) and by jumping the gun they'll get a more sympathetic administrator in Scotland than they would if the Liths take control.

I'm told it'll be Friday or Monday if they do it. Friday would seem more likely as UKIO's administrator is due to make an announcement tomorrow and they need to get in ahead of that.

It certainly makes sense and the source is decent.

Any experts care to confirm if the minions left behind can actually do that?

http://www.companyrescue.co.uk/company-rescue/guides/detailed-administration

Couple of obstacles to a locally inspired quick admin.

First, it has to be sought by the company/director. David Southern is Chief Executive but not a director.

Second, 5 days notice has to be given to floating charge holder ( UBIG / Ukio Bankas or their Admin )

[Part/Time Supporter]

I picked up an interesting wee snippet this morning. It seems the guys left behind in Edinburgh to run the place are looking into the implications of putting the club into administration before the brown stuff hits the fan in Lithuania. Their reasoning is that they know the 18 point deduction is coming their way anyway when UBIG goes bust (this week or next) and by jumping the gun they'll get a more sympathetic administrator in Scotland than they would if the Liths take control.

I'm told it'll be Friday or Monday if they do it. Friday would seem more likely as UKIO's administrator is due to make an announcement tomorrow and they need to get in ahead of that.

It certainly makes sense and the source is decent.

Any experts care to confirm if the minions left behind can actually do that?

They could do it if they have the consent of UBIG, the clear majority shareholder. I don't see many advantages to it other than providing some short term protection from creditors. The disadvantage is that it automatically enforces the 18 point deduction, whereas if only UBIG go under I suspect they would challenge such a ruling.

[MacBean]

They could do it if they have the consent of UBIG, the clear majority shareholder. I don't see many advantages to it other than providing some short term protection from creditors. The disadvantage is that it automatically enforces the 18 point deduction, whereas if only UBIG go under I suspect they would challenge such a ruling.

I'm pretty sure it is stated in the summer rule change that if a parent company / majority shareholder, enters administration / is declared bankrupt, then the football club suffers 1/3 of last season's point total (in Hearts case 18 points), or ten points deduction (whichever is larger).

[Part/Time Supporter]

I'm pretty sure it is stated in the summer rule change that if a parent company / majority shareholder, enters administration / is declared bankrupt, then the football club suffers 1/3 of last season's point total (in Hearts case 18 points), or ten points deduction (whichever is larger).

That's right, the rules were changed to include such a provision for the "owner and operator" of a club to count the same as if the club itself entered insolvency. I would expect that rule to apply but I would also expect Hearts to challenge it because it would be the first time that it had been applied in Scotland. They may try to argue that although UBIG is their owner, it is not their operator, for example.

[hibs0666]

It looks like agreement has been reached over what constitutes the 'good' and 'bad' bits of the Ukio Bankas portfolio, and the yaks are amongst the baddies.

[MacBean]

It looks like agreement has been reached over what constitutes the 'good' and 'bad' bits of the Ukio Bankas portfolio, and the yaks are amongst the baddies.

Already? I like these Lith Authorities, swift action!

[HibbyDave]

Already? I like these Lith Authorities, swift action!

And Ruthless to follow!!!!!

[jgl07]

I'm pretty sure it is stated in the summer rule change that if a parent company / majority shareholder, enters administration / is declared bankrupt, then the football club suffers 1/3 of last season's point total (in Hearts case 18 points), or ten points deduction (whichever is larger).

Portsmouth went into administration as soon as their parent company Convers Sports Initiatives entered administration.

That's what happens if you are owned by a Russian born crook involved with a Lithuanian Bank!

[HibbyDave]

Already? I like these Lith Authorities, swift action!

And Ruthless to follow!!!!!


:thumbsup::thumbsup::thumbsup:

[Hibee Ryan]

The liths are working for a bank and when was the last time a bank should any compassion? They'll be gone by the end of the season, limp on like Gretna did and its bye bye after that!

All in my humble opinion of course ;)

[greenginger]

That's right, the rules were changed to include such a provision for the "owner and operator" of a club to count the same as if the club itself entered insolvency. I would expect that rule to apply but I would also expect Hearts to challenge it because it would be the first time that it had been applied in Scotland. They may try to argue that although UBIG is their owner, it is not their operator, for example.

They might try it , but with the same directors and same bank account it might prove awkward.

[jgl07]

The liths are working for a bank and when was the last time a bank should any compassion? They'll be gone by the end of the season, limp on like Gretna did and its bye bye after that!

All in my humble opinion of course ;)

Gretna only staggered on till the end of the season because the SPL bankrolled the administrators to do so.

It will cost vastly more to keep Hearts on life support than was the case for Gretna.

[Hibee Ryan]

Gretna only staggered on till the end of the season because the SPL bankrolled the administrators to do so.

It will cost vastly more to keep Hearts on life support than was the case for Gretna.

The SPL will surely give them some prize money early if it means they can finish their fixtures as it would be an embarrassment for Scotland if a team in the top flight had to forfeit matches!

[MacBean]

It looks like agreement has been reached over what constitutes the 'good' and 'bad' bits of the Ukio Bankas portfolio, and the yaks are amongst the baddies.

Just out of curiosity, where has your info come from? :devil:

[Saorsa]

The SPL will surely give them some prize money early if it means they can finish their fixtures as it would be an embarrassment for Scotland if a team in the top flight had to forfeit matches!the money the get for being 11th :greengrin winnae last long.

[Hibee Ryan]

the money the get for being 11th :greengrin winnae last long.

Only till the end of the season I presume! :greengrin

[green glory]

Only till the end of the season I presume! :greengrin

It'll be spent already.

[EuanH78]

The SPL will surely give them some prize money early if it means they can finish their fixtures as it would be an embarrassment for Scotland if a team in the top flight had to forfeit matches!

Its not just about prize money - thats a piss in the paddling pool to be honest. For HoMo FC to be propped up till the end of the season, someone will need to start servicing their debt so they dont default. Thats going to be a lot of bake sales just to drag the corpse over the line.

[Dashing Bob S]

Make it Swift and Ruthless!

http://www.youtube.com/watch?v=yIVk7983XTA

[Off the bar]

the money the get for being 11th :greengrin winnae last long.

nor will the prize money for 12th which is what they're looking at after admin :thumbsup:

[hibbyboy1]

How would the league look if hearts go bust and all games against them are void

[PapillonVert]

That's right, the rules were changed to include such a provision for the "owner and operator" of a club to count the same as if the club itself entered insolvency. I would expect that rule to apply but I would also expect Hearts to challenge it because it would be the first time that it had been applied in Scotland. They may try to argue that although UBIG is their owner, it is not their operator, for example.

They couldn't scrape together a £1,000 to challenge a red card a couple of weeks ago. Wonder where they will find the cash from?

[clerriehibs]

nor will the prize money for 12th which is what they're looking at after admin :thumbsup:

They'd take that as a settlement right now if offered. Mugs.

[Mikey]

http://www.companyrescue.co.uk/company-rescue/guides/detailed-administration

Couple of obstacles to a locally inspired quick admin.

First, it has to be sought by the company/director. David Southern is Chief Executive but not a director.

Second, 5 days notice has to be given to floating charge holder ( UBIG / Ukio Bankas or their Admin )

With McGlynn getting the heave today it's clear that someone in Edinburgh is making high level decisions. So there could be something in this after all.

[MacBean]

We'd only lose 2 points so would maybe work in our favour. It won't happen though, they will see out the season

[JeMeSouviens]

With McGlynn getting the heave today it's clear that someone in Edinburgh is making high level decisions. So there could be something in this after all.

With just over a fortnight to go until next payday, I'm amazed that ST renewals haven't started yet. I guess this might explain it.

[Craig_in_Prague]

They couldn't scrape together a £1,000 to challenge a red card a couple of weeks ago. Wonder where they will find the cash from?

and with the dohnut frenzy in Edinburgh, not sure there's a demand for fairy cakes etc right now.

[Ozyhibby]

I think that this would be a good move for Hearts. It would give them some much needed protection from events in Lithuania and allow some full disclosure to interested bidders.
They are still likely to lose Tynecastle, and admin would bring about a points deduction and possibly losing the remaining high earners at the club but their options are limited anyway.

[WindyMiller]

and with the dohnut frenzy in Edinburgh, not sure there's a demand for fairy cakes etc right now.

THE Capital’s new Krispy Kreme doughnut store is set to cash in on its popularity after lodging an application for permission to trade through the night.
Doughnut lovers will be able to pop into the US chain’s Hermiston Gait store – Scotland’s first – at five in the morning if council chiefs approve its bid for a late-night catering licence.


The Yams will need to bake round the clock



:greengrin


p.s. Surely only Yams could bake doh-nuts.

[Hibs07p]

THE Capital’s new Krispy Kreme doughnut store is set to cash in on its popularity after lodging an application for permission to trade through the night.
Doughnut lovers will be able to pop into the US chain’s Hermiston Gait store – Scotland’s first – at five in the morning if council chiefs approve its bid for a late-night catering licence.


The Yams will need to bake round the clock



:greengrin


p.s. Surely only Yams could bake doh-nuts.

Further reports suggest that due to demand, Krispy Kreme will soon be opening another store, in a soon to be vacant central location. A Krispy Kreme spokesperson said "we believe we have found the perfect site, where up to 14,000 doughnut lovers, congregate regularly, but the 400,000 global doughnut fan base, is out of this world."

[Dashing Bob S]

With bakery goods production the key to the Yams recovery, it has to be Robbo in the hotseat.

[Scònaldò]

I emailed the reporter that's covering Ukio's demise on Bloomberg again. Just thought I'd share:


Hi. Yes, that's my understanding. But no clarity on what hearts-related rights, security or property is actually on Ukio's books.



---
Sent From Bloomberg Mobile MSG

---- Original Message ----
From: Ross Scott <[email protected]>
At: 2/28/2013 16:52

Sorry to bother you again but could you tell me if you got any new opinions on what will happen to Hearts FC?

From what I've read it looks like they have been put on the 'bad asset' shelve. Would this be your understanding?

Thanks again.

[Finbar]

McGlynn out, Locke in please. He'd be perfect.

[Sergey]

I've just had a wee peek over on Kickback to find out how things are with our city friends, as that's obviously where the sensible football and financial conversation takes place, and I stumbled upon an interview with David Southern. I didn't watch it, but he seeming states, and I quote: "Hearts currently have the second highest salary bill".

Now, given the crap that permeates throughout the squad, the so called cost-cutting and the development of youth players, that is a staggering fact.

2nd bottom of the league and claiming that they're now self-sufficient. I think not!

[cocopops1875]

I've just had a wee peek over on Kickback to find out how things are with our city friends, as that's obviously where the sensible football and financial conversation takes place, and I stumbled upon an interview with David Southern. I didn't watch it, but he seeming states, and I quote: "Hearts currently have the second highest salary bill".

Now, given the crap that permeates throughout the squad, the so called cost-cutting and the development of youth players, that is a staggering fact.

2nd bottom of the league and claiming that they're now self-sufficient. I think not!

I seen this Sergey but the Thread that really Amused me was the Who Next for manager one :greengrin STILL DELUDED, Oh aye and they Dinnie like Steven Pressley :greengrin

[Dashing Bob S]

I've just had a wee peek over on Kickback to find out how things are with our city friends, as that's obviously where the sensible football and financial conversation takes place, and I stumbled upon an interview with David Southern. I didn't watch it, but he seeming states, and I quote: "Hearts currently have the second highest salary bill".

Now, given the crap that permeates throughout the squad, the so called cost-cutting and the development of youth players, that is a staggering fact.

2nd bottom of the league and claiming that they're now self-sufficient. I think not!

It's only fitting that a team who has the second highest wage bill in the League should be second...whoops, wait...

This shows the level incompetence that characterised the Romanov era. In terms of what they've spent, two Scottish Cups (yes, and the inevitable third League Cup) is a pretty paltry return for the ludicrous level of investment.

[truehibernian]

In two months I think personally Heart of Midlothian will cease to exist (as we know it).

[Sergey]

I seen this Sergey but the Thread that really Amused me was the Who Next for manager one :greengrin STILL DELUDED, Oh aye and they Dinnie like Steven Pressley :greengrin

I've just read page 1 of that thread and I see what you mean. I kid you not - Di Canio - Butcher - Zico

There's probably a lot more delusion on the other pages, but I gave up reading fairy stories way back in my childhood.

[Ozyhibby]

We're not immune from this kind of incompetence. We had the fourth biggest budget the last two years and under performed.
Third highest budget this year and currently 6th.

[Geo_1875]

We're not immune from this kind of incompetence. We had the fourth biggest budget the last two years and under performed.
Third highest budget this year and currently 6th.

Cheer up FFS.

Comparing our performance to HoMFC is so yammish.

[Treadstone]

I emailed the reporter that's covering Ukio's demise on Bloomberg again. Just thought I'd share:


Hi. Yes, that's my understanding. But no clarity on what hearts-related rights, security or property is actually on Ukio's books.


Is that from Bryan Bradley ? I'm following him on Twitter and watched him on the web chat with Mackie from (without) Foundation of Yams and a couple of Yam supporters, and my conclusion is he just an interpreter masquerading as a journalist. Offered no real insight and just seemed to confirm what had already been said.

[cocopops1875]

We're not immune from this kind of incompetence. We had the fourth biggest budget the last two years and under performed.
Third highest budget this year and currently 6th.

But we have improved significantly and live pretty much within our means :wink:

[WindyMiller]

We're not immune from this kind of incompetence. We had the fourth biggest budget the last two years and under performed.
Third highest budget this year and currently 6th.

We haven't blown £50m+ (Over and above our income) in 7 years.

[stoneyburn hibs]

David Southern " We will appeal to a wide range of potential managers " :faf:

[MSK]

David Southern " We will appeal to a wide range of potential managers " :faf:Or ..a wide ..orangy brown coloured manager ..9409

[WindyMiller]

David Southern " We will appeal to a wide range of potential managers " :faf:


I've just heard that.
Obviously he's taking uppers.

https://www.google.co.uk/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&cad=rja&ved=0CDMQtwIwAA&url=http%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3DFBA XWz-8arw&ei=qqkvUY2YHIPO0QWGj4CIDQ&usg=AFQjCNH1UeoovUnphsA4iZJH-G8k15DdhQ&bvm=bv.43148975,d.d2k

Billy Dodds recommends Lockie. :top marks

[cocopops1875]

David Southern " We will appeal to a wide range of potential managers " :faf:

I Think thats all in the reading mate Some folk might read that as
"The Hearts job is attractive to many very well thought of managers"
or
"We Hearts will be Begging anyone to come and take the job" :greengrin

I Know Which One I Think :thumbsup:

[Matty_Jack04]

I know there's been some folk posting that there close to admin recently on this and other threads, I heard today from a guy at my sons football there expecting a 'financial statement' from Lithuania tomorrow he said ' I'm no sure if it'll be good or bad' haha sometimes you have to wonder about these people eh so fingers crossed its UBIG's turn to hit the skids

[Treadstone]

I know there's been some folk posting that there close to admin recently on this and other threads, I heard today from a guy at my sons football there expecting a 'financial statement' from Lithuania tomorrow he said ' I'm no sure if it'll be good or bad' haha sometimes you have to wonder about these people eh so fingers crossed its UBIG's turn to hit the skids

:faf:

This board was right about Fester news well before anyone else. Not be able to sleep tonight will be like Xmas eve.

[One Day Soon]

If they lose their ground, as now seems a racing certainty, they will clearly become itinerant. Requiring temporary lodgings elsewhere.

That would mean they were homeless.

This means they will in fact be Hobos. Do you think they realise this yet?

[The_Todd]

If they lose their ground, as now seems a racing certainty, they will clearly become itinerant. Requiring temporary lodgings elsewhere.

That would mean they were homeless.

This means they will in fact be Hobos. Do you think they realise this yet?

this is the most beautiful irony in the history of ironies.

[mca]

If they lose their ground, as now seems a racing certainty, they will clearly become itinerant. Requiring temporary lodgings elsewhere.

That would mean they were homeless.

This means they will in fact be Hobos. Do you think they realise this yet?


Id also Expect a massive Shortage of Clothes-pegs at some point.. stock up now folks.. :aok:

[sambajustice]

Looks like the current club of Fat Jim Knew is in an even worse state than his old one!

Don't be surprised if FJK is spotted lurking around Edinburgh changing rooms!

Talking of ironies, rangers going tits up is the only reason hearts will stay up this year!

[Hibernia Na Eir]

this is the most beautiful irony in the history of ironies.

the littlest Hobos Hahaha

[scoopyboy]

If they lose their ground, as now seems a racing certainty, they will clearly become itinerant. Requiring temporary lodgings elsewhere.

That would mean they were homeless.

This means they will in fact be Hobos. Do you think they realise this yet?

"Oh the Jambos are Hobos" to the tune of "Oh the Hibees are happy":greengrin

[Saorsa]

David Southern " We will appeal to a wide range of potential managers " :faf:http://i19.photobucket.com/albums/b168/jamie1971/smilies%202/fall_off_chair_laughing.gif

[One Day Soon]

And someone will need to give Phil Anderton a tinkle and ask if he has any clever names for an Edinburgh team that plays at home in Livingston. By that stage they'd give their right arms to be as close as 'Docksiders'.

[hibsbollah]

And someone will need to give Phil Anderton a tinkle and ask if he has any clever names for an Edinburgh team that plays at home in Livingston. By that stage they'd give their right arms to be as close as 'Docksiders'.

They will doubtless play their future games at the West Lothian Wongadome. The WW.:cb

[One Day Soon]

And what happens to 'Away up in Gorgie at Tynecastle Park...'? :lips seal

[Fife-Hibee]

And what happens to 'Away up in Gorgie at Tynecastle Park...'? :lips seal

Its no longer there cos its turned into flats #

[Cabbage]

They've dug up the pitch and theyve knocked the stands doon
The jambos have had to move oot of the toon

[GreenOnions]

Its no longer there cos its turned into flats #

:greengrin

[Viva_Palmeiras]

And what happens to 'Away up in Gorgie at Tynecastle Park...'? :lips seal
"The Jambos are restless and kept in the dark
The Punters were scammed and so was Mcgoo
The revolting club's being flushed down the loo

[Kato]

C.H.E.A.T.S. if you canny spell it then here's what is says.

[Ozyhibby]

Admin tomorrow? It's what I'm hearing. Anyone else?

[Kaiser1962]

We're not immune from this kind of incompetence. We had the fourth biggest budget the last two years and under performed.
Third highest budget this year and currently 6th.

Aberdeen spend more than us.

[SteveHFC]

Admin tomorrow? It's what I'm hearing. Anyone else?

http://i976.photobucket.com/albums/ae247/Mainboy/Pleasing/f1jj0w.gif Please be true :thumbsup:

[matty_f]

Admin tomorrow? It's what I'm hearing. Anyone else?

Not a chance, IMHO.

My guess is that when the time comes (and it will come) they'll not have the luxury of a period in administration to get used to having no club. I think one day they'll rock up and the gates will be locked and the game will be up. It'll just happen. Plug pulled. Do not pass go.

There's no chance they are hitting administration tomorrow.

[EdinMike]

Admin tomorrow? It's what I'm hearing. Anyone else?

Another little piece of the story will come out tomorrow. But it won't be administration.

It'll be one step closer to knowing, but nothing we haven't already speculated. Don't go waking up at 5am trying to catch Santa Kids ! :wink:

[SHODAN]

Admin tomorrow? It's what I'm hearing. Anyone else?

Like the last 2,526,703 times they were going to go into admin tomorrow?

[Hank Schrader]

Like the last 2,526,703 times they were going to go into admin tomorrow?

Do you post anything other than complete and utter claptrap?

[Ferry Hibbee]

Don't recall seeing this posted anywhere else, but do the Yams realise that their terrace chant "Away down in Gorgie" has a second line that refers to them as being a "wee fitba team". Brilliant stuff, possibly soon to be Hobos added to being a wee team. Great stuff from Sergey and his friend.
I know I have a low post count, which raises suspicions , but let me assure you, green blood flows through my veins and many childhood days around Abbey Street.

[Dashing Bob S]

I suspect that a fortnight from now that club will be in such a mess that if you could back in a time machine and offer them administration tomorrow they would bite your hand off. There is a big mess to be unraveled here, and will take time. Possibly the biggest enemy of Hearts right now is not very much happening.

We've speculated about this for years, but this was when the club was in the hands of a strange individual with an obscure agenda.

This is no longer the case.

[Aldo]

I picked up an interesting wee snippet this morning. It seems the guys left behind in Edinburgh to run the place are looking into the implications of putting the club into administration before the brown stuff hits the fan in Lithuania. Their reasoning is that they know the 18 point deduction is coming their way anyway when UBIG goes bust (this week or next) and by jumping the gun they'll get a more sympathetic administrator in Scotland than they would if the Liths take control.

I'm told it'll be Friday or Monday if they do it. Friday would seem more likely as UKIO's administrator is due to make an announcement tomorrow and they need to get in ahead of that.

It certainly makes sense and the source is decent.

Any experts care to confirm if the minions left behind can actually do that?

If this is true (I do pray it's true) we'll let you run doon the street bollox naked Mikey... Bit like that beans in the bath thing with Deek

That a fair deal Mikey??

[Spike Mandela]

If this is true (I do pray it's true) we'll let you run doon the street bollox naked Mikey... Bit like that beans in the bath thing with Deek

That a fair deal Mikey??

Wouldn't get too excited. As Rangers have proved, administration or even liquidation doesn't damage a club too much and the authorities in this country are feeble when it comes to any punishment.

[poolman]

David Southern " We will appeal to a wide range of potential managers " :faf:


Aye :rolleyes: and the last one managed Raith & Easthouses Lily :faf:

[Aldo]

Wouldn't get too excited. As Rangers have proved, administration or even liquidation doesn't damage a club too much and the authorities in this country are feeble when it comes to any punishment.

Spike I will agree (ish). I will say the big difference being the fan base. 40,000 thousand season ticket holders for a club starting from scratch that and some TV revenue helps in a big way.

That's how they've managed to come thro this sort of unscathed.

As for getting excited well, it's always the same when I hear of their demise cos of the ***** at my work who wear very very Maroon tinted specks.

[s.a.m]

Wouldn't get too excited. As Rangers have proved, administration or even liquidation doesn't damage a club too much and the authorities in this country are feeble when it comes to any punishment.

I'll see your The Rangers, and raise you Gretna.:greengrin


You might well be right, but keep hoping!

[The Falcon]

There are massive assumptions being made by Yams as to their future. They talk about administration like that its part of a successful plan. They are going to need lots and lots of good fortune, extremely placid and stupid creditors along with benign and inept administrators to pull it off.

They are, IMO, in a far more perilous predicament that Rangers ever were, and certainly far more than the intelectually challenged maroon hordes realise.

[Hermit Crab]

Do you post anything other than complete and utter claptrap?

The boys got a point!! Hearts have been going bust for years now, been going into administration how many times and were see still waiting on it happening. If we were to believe everything we read on here tynecastle would be flats by now and we would be the only team in Edinburgh

[Gingertosser]

I see From the sun that Vlad has claimed all his assets are frozen and all he has left is the money in his pocket !!
He has said he will drive taxis for a living or go back to being an electrician !!

[lucky]

Administration might not to bad for them. Only 3 points behind Dundee with 10 games to go. But the big question will their creditors accept a % in the £. If their debt is £30 million a deal of 18p in the £might swing it. The crazy Italian who had Livi was offering £5m for them. But the elephant in the room is owns the PBS

[bingo70]

The boys got a point!! Hearts have been going bust for years now, been going into administration how many times and were see still waiting on it happening. If we were to believe everything we read on here tynecastle would be flats by now and we would be the only team in Edinburgh

Surely you can see the circumstances are different now with vlads bank going tits up?

[DaveF]

I see From the sun that Vlad has claimed all his assets are frozen and all he has left is the money in his pocket !!
He has said he will drive taxis for a living or go back to being an electrician !!

No more lightbulb issues at the PBS then :greengrin

[monktonharp]

The boys got a point!! Hearts have been going bust for years now, been going into administration how many times and were see still waiting on it happening. If we were to believe everything we read on here tynecastle would be flats by now and we would be the only team in Edinburghno ordinary fan, be it them or be it us, actually knows what's going on over there but it is turning into one of the best entertainment comedy shows we have had for years. for most on here, it looks like they are staring into the abyss. for quite a lot over on the dark side, all is barry. one thing is sure, they are in no position to call the shots, as to the way forward with their club. Lithuania used to be an unheard of, behind the curtain backwater to most people in Scotland. now it is full of intrigue.it could be a place that closes a chapter of Edinburgh fitba' for ever. let the show go on .:cb

[flash]

Wouldn't get too excited. As Rangers have proved, administration or even liquidation doesn't damage a club too much and the authorities in this country are feeble when it comes to any punishment.

Well apart from the fact that the Huns no longer exist of course.

[MB62]

I see From the sun that Vlad has claimed all his assets are frozen and all he has left is the money in his pocket !!
He has said he will drive taxis for a living or go back to being an electrician !!

Ah, a bright spark taking the Yams for a ride then :wink: :thumbsup:

[Spike Mandela]

Well apart from the fact that the Huns no longer exist of course.

I know that, you know that and they know that but in the mysterious alternate universe we call Scottish football nothing has changed has it.............and nor will it for any newco Hearts.

There is still a team the media call Rangers, who play in blue shirts, play at Ibrox and sing sectarian songs.

[Viva_Palmeiras]

Medals got on at Haymarket and sat opposite me on the train West.
sporting a "show racism the red card" wrist band. I resisted temptation but did leave my page on the McGoo sacking on the table then held up when reading the opposite pages.

what would you have done - really?

[SMAXXA]

Youve got to laugh really, according to the Beeb Gossip Column Bradford boss Phil Parkinson has emerged as a candidate for the job aswell :faf:

This is the same guy whos thill trying to get promotion and has just been beaten in the LC final at Wembley. Im sure his stock is alot higher then what Hearts could hope for.

[Ozyhibby]

I know that, you know that and they know that but in the mysterious alternate universe we call Scottish football nothing has changed has it.............and nor will it for any newco Hearts.

There is still a team the media call Rangers, who play in blue shirts, play at Ibrox and sing sectarian songs.

That does not mean there will always be a team playing in maroon at Tynecastle.

[fat freddy]

Medals got on at Haymarket and sat opposite me on the train West.
sporting a "show racism the red card" wrist band. I resisted temptation but did leave my page on the McGoo sacking on the table then held up when reading the opposite pages.

what would you have done - really?


at the very least i would have entered into conversation with him to try and get an insiders perspective on the car crash comedy club....i would have left his previous racist utterings out of it as he has obviously seen the light if he is going to the lengths of wearing a wristband to prove he's anti racist...we all have skeletons from our younger days after all...i would have farted as i left my seat and left a lingering one behind.

[lucky]

Medals got on at Haymarket and sat opposite me on the train West.
sporting a "show racism the red card" wrist band. I resisted temptation but did leave my page on the McGoo sacking on the table then held up when reading the opposite pages.

what would you have done - really?

I had a meeting with show racism the red card on Monday about setting up a couple forums and got round to discussing ''medals''. Apparently he is claiming it was homophobic abuse he used against Harper. But he and lots of professionals have learned from their mistakes

[#FromTheCapital]

Medals got on at Haymarket and sat opposite me on the train West.
sporting a "show racism the red card" wrist band. I resisted temptation but did leave my page on the McGoo sacking on the table then held up when reading the opposite pages.

what would you have done - really?


I would have politely asked if I could piss on him. Regardless of his reply I would then piss on him

[Mikey]

A relative of mine sits near medals at the bus shelter and they sometimes speak. His opinion is that a fresh start in Div 3 is the best they can hope for.

[cocopops1875]

I would have politely asked if I could piss on him. Regardless of his reply I would then piss on him

That's pretty Kinky stuff never knew you were into that kinda stuff, Each to their own and all that though :-)

[HibeeMassive]

One of the guys in work was speaking to Scott Crabbe yesterday and asked him his thoughts on who should take over, he reckons ... wait for it ... wait for it .... Henrik Larsson :faf: :spammy:

[blackpoolhibs]

A relative of mine sits near medals at the bus shelter and they sometimes speak. His opinion is that a fresh start in Div 3 is the best they can hope for.

Unbelievable Jeff, you have a relative who supports hertz????????????????

[#FromTheCapital]

That's pretty Kinky stuff never knew you were into that kinda stuff, Each to their own and all that though :-)

Its the new craze started by Gary Locke :agree:

[green glory]

I would have politely asked if I could piss on him. Regardless of his reply I would then piss on him

Wear a dress and a wig and offer the same to Gary Locke. You might even be able to charge him for it.

[Mikey]

Unbelievable Jeff, you have a relative who supports hertz????????????????

Several times removed :greengrin

[NOLA]

I see From the sun that Vlad has claimed all his assets are frozen and all he has left is the money in his pocket !!
He has said he will drive taxis for a living or go back to being an electrician !!

Lucky for us we already have a sparky

[Saorsa]

Several times removed :greengrinIf I were you I'd have them completely removed :greengrin

[lord bunberry]

I would have politely asked if I could piss on him. Regardless of his reply I would then piss on him

If he complained you could say you thought he was gary locke

[#FromTheCapital]

Wear a dress and a wig and offer the same to Gary Locke. You might even be able to charge him for it.

:faf:

Please keep that off the main forum! We don't want the jambos to get any new fundraising ideas now that everyone's spending their dosh on Krispy Kreme doughnuts

[Saorsa]

A relative of mine sits near medals at the bus shelter and they sometimes speak. His opinion is that a fresh start in Div 3 is the best they can hope for.Lets hope for the worst then :agree:

[Sweet Left Peg]

I would have politely asked if I could piss on him. Regardless of his reply I would then piss on him

I wouldn't give him the steam off mine.

[Treadstone]

I see From the sun that Vlad has claimed all his assets are frozen and all he has left is the money in his pocket !!
He has said he will drive taxis for a living or go back to being an electrician !!

Taxi driver you say. Interesting.

http://murderpedia.org/male.R/r/romanov-vladmir.htm :gun:

[Caversham Green]

Administration might not to bad for them. Only 3 points behind Dundee with 10 games to go. But the big question will their creditors accept a % in the £. If their debt is £30 million a deal of 18p in the £might swing it. The crazy Italian who had Livi was offering £5m for them. But the elephant in the room is owns the PBS

The vast majority of their debt is owed to UBIG and is secured on the assets. Secured creditors don't get a vote for a CVA and the almost certain negative equity means there would be sod-all available for the ordinary creditors. Also, Hector's £1.5m looks like being the biggest of the non-UBIG creditors and we all know how he voted when Rangers welched on their debts.

I can't see how HoMFC could survive administration unless new owners agreed long-term repayment of the debts rather than a pence in the pound agreement.

[JeMeSouviens]

The vast majority of their debt is owed to UBIG and is secured on the assets. Secured creditors don't get a vote for a CVA and the almost certain negative equity means there would be sod-all available for the ordinary creditors. Also, Hector's £1.5m looks like being the biggest of the non-UBIG creditors and we all know how he voted when Rangers welched on their debts.

I can't see how HoMFC could survive administration unless new owners agreed long-term repayment of the debts rather than a pence in the pound agreement.

Ooh, that sounds nice. :wink:

Given the security is ~£6.8M but the debt is well over £20M, do they get a vote for the part in excess of the security? Or no vote at all?

[Caversham Green]

Ooh, that sounds nice. :wink:

Given the security is ~£6.8M but the debt is well over £20M, do they get a vote for the part in excess of the security? Or no vote at all?

That £6.8m is only the part of the security that was passed to Ukio - the full £24m+ is secured on all the assets. The fact that it's all secured means they get no vote at all regardless of the debt probably being much greater than the value of the assets.

[JeMeSouviens]

That £6.8m is only the part of the security that was passed to Ukio - the full £24m+ is secured on all the assets. The fact that it's all secured means they get no vote at all regardless of the debt probably being much greater than the value of the assets.

Got you, thanks. That's a much better picture than I thought. Puts Hector in the driving seat. :thumbsup:

[PatHead]

C'mon the Hectors!

[IWasThere2016]

A relative of mine sits near medals at the bus shelter and they sometimes speak. His opinion is that a fresh start in Div 3 is the best they can hope for.

I think more and more Yams are coming round to that way of thinking - even some proper numbskulls!

I have some Pars cousins who fully expect a similar fate soon.

[Dashing Bob S]

It's increasingly difficult to imagine a scenario where they don't get well and truly shafted big time. I'm sure there will be a lot of white knight and council rescue fantasy's spilling forth from Sickback over the next few weeks, but it doesn't look good.

The short-to-mid-term aspects with creditors and asset disposal are bleak enough.

But if the investigations in Lithuania into where the actual money came from that went into the Hearts accounts are thorough and ongoing, this could hang over them for years and really tear the club apart.

[Killiehibbie]

It's increasingly difficult to imagine a scenario where they don't get well and truly shafted big time. I'm sure there will be a lot of white knight and council rescue fantasy's spilling forth from Sickback over the next few weeks, but it doesn't look good.

The short-to-mid-term aspects with creditors and asset disposal are bleak enough.

But if the investigations in Lithuania into where the actual money came from that went into the Hearts accounts are thorough and ongoing, this could hang over them for years and really tear the club apart.
I think some of the money laundering depositors might want to tear Vlad apart.

[poolman]

You can order your cakes by APP now :faf:


http://www.scotsman.com/edinburgh-evening-news/latest-news/hearts-phone-app-sees-snacks-delivered-to-seats-1-2817462

[Russell The Dug]

They are well and truely ****ed.

[#FromTheCapital]

You can order your cakes by APP now :faf:


http://www.scotsman.com/edinburgh-evening-news/latest-news/hearts-phone-app-sees-snacks-delivered-to-seats-1-2817462

I would of thought they'd be desperate for a trip to the pie stand to get away from the eye bleeding football on display.

[Engels74]

Vlad's Lost his Fortune!


http://www.heraldscotland.com/news/home-news/romanov-ive-lost-my-fortune.20382228 (http://www.heraldscotland.com/news/home-news/romanov-ive-lost-my-fortune.20382228) :greengrin

[Stevie Reid]

You can order your cakes by APP now :faf:


http://www.scotsman.com/edinburgh-evening-news/latest-news/hearts-phone-app-sees-snacks-delivered-to-seats-1-2817462


http://www.youtube.com/watch?v=QX0r6DsvXAU

[greenginger]

It's increasingly difficult to imagine a scenario where they don't get well and truly shafted big time. I'm sure there will be a lot of white knight and council rescue fantasy's spilling forth from Sickback over the next few weeks, but it doesn't look good.

The short-to-mid-term aspects with creditors and asset disposal are bleak enough.

But if the investigations in Lithuania into where the actual money came from that went into the Hearts accounts are thorough and ongoing, this could hang over them for years and really tear the club apart.


Yep, when it is shown that the Yams have bee living off the proceeds of organised crime money laundering I think some of the maroon cardigan wearers might get a tad squeamish.

Their success funded by a cut from drug dealing, gun running, people trafficing, child prostitution, and all the rest, does not sit well with their " Heart and Soul of Edinburgh " bullst!t.

[Lucius Apuleius]

Vlad's Lost his Fortune!


http://www.heraldscotland.com/news/home-news/romanov-ive-lost-my-fortune.20382228 (http://www.heraldscotland.com/news/home-news/romanov-ive-lost-my-fortune.20382228) :greengrin

Lith property market must be booming to sell his properties immediately. Unless of course he used McEwan Fraser :confused:

[Peevemor]

Vlad's Lost his Fortune!


http://www.heraldscotland.com/news/home-news/romanov-ive-lost-my-fortune.20382228 (http://www.heraldscotland.com/news/home-news/romanov-ive-lost-my-fortune.20382228) :greengrin

:violin:

[Time For Heroes]

Came across this on kickbackandwatchusimplode.co.uk

View Post Gorgiewave, on 01 March 2013 - 10:51 AM, said:My favourite"type" of team is 3-4-3 with wing backs. I think we need two forwards on the team.

These morons need to go, absolute ****wits, i thinj this bloke need to do the chicken dance pronto

[calumhibee1]

Their success funded by a cut from drug dealing, gun running, people trafficing, child prostitution, and all the rest, does not sit well with their " Heart and Soul of Edinburgh " bullst!t.

Care to expand? I haven't heard about any of this!

[Moulin Yarns]

A very rough calculation (I deducted points only) if they go bust before the end of the season.

Celtic 53pts
Motherwell 42pts
St Johnstone 40pts
Inverness 39pts
Ross county 39pts
Hibernian 37pts
Aberdeen 36pts
Dundee Utd 34pts
Kilmarnock 29pts
St Mirren 26pts
Dundee 11pts

[Saorsa]

Vlad's Lost his Fortune!


http://www.heraldscotland.com/news/home-news/romanov-ive-lost-my-fortune.20382228 (http://www.heraldscotland.com/news/home-news/romanov-ive-lost-my-fortune.20382228) :greengrinyou've got tae feel sorry for him efter he's done such a great job of trashing the yams :agree: :thumbsup:


but seriously what does he expect? Violins? http://i33.photobucket.com/albums/d96/freakofnature3/Emoticons/violin.gif http://www.ytv.com/boards/images/smilies/7314474053.gifhttp://images.neopets.com/neoboards/smilies/violin.gif http://i19.photobucket.com/albums/b168/jamie1971/smilies%202/violin2.gifhttp://www.longdog.freeuk.com/smilies/violin.gif http://i19.photobucket.com/albums/b168/jamie1971/smilies%202/violin1.gif I wonder how much his scheming and scams has cost the investors in his bank.

[jacomo]

You can order your cakes by APP now :faf:


http://www.scotsman.com/edinburgh-evening-news/latest-news/hearts-phone-app-sees-snacks-delivered-to-seats-1-2817462

Good to see they are focusing on the most important things...

That's both Hearts and the ES, by the way. Has Edinburgh's newspaper officially decided to bury its head in the sand too?

[PatHead]

It's increasingly difficult to imagine a scenario where they don't get well and truly shafted big time. I'm sure there will be a lot of white knight and council rescue fantasy's spilling forth from Sickback over the next few weeks, but it doesn't look good.

The short-to-mid-term aspects with creditors and asset disposal are bleak enough.

But if the investigations in Lithuania into where the actual money came from that went into the Hearts accounts are thorough and ongoing, this could hang over them for years and really tear the club apart.

The big thing is that they won't be shafted. They have played with some big bad boys, taken the benefits and it is now payback time. No shafting involved.

[Hibby Gav]

when it all implodes will it be in 3 D ?
:greengrin

[CyberSauzee]

Care to expand? I haven't heard about any of this!

Ukio bankas being investigated for having multiple known money launderers as account holders.

[Dashing Bob S]

Yep, when it is shown that the Yams have bee living off the proceeds of organised crime money laundering I think some of the maroon cardigan wearers might get a tad squeamish.

Their success funded by a cut from drug dealing, gun running, people trafficing, child prostitution, and all the rest, does not sit well with their " Heart and Soul of Edinburgh " bullst!t.

It's the way of these things that financial investigations are invariably formed by criminal prosecution. Then the football authorities here will be compelled to act.

[Rasta_Hibs]

Whats the general feeling then, administration before the season ends or after?

[SHODAN]

Do you post anything other than complete and utter claptrap?

I'll be delighted if/when it actually happens but I really don't see the point in setting ourselves up for yet another big disappointment.

[Kato]

Good to see they are focusing on the most important things...

That's both Hearts and the ES, by the way. Has Edinburgh's newspaper officially decided to bury its head in the sand too?


Yes...and they retweet Anti-Hibs jokes. Haven't bought it for a year now. Semi-Chem has a good deal on bog roll.

[AinsterHibs]

I keep on popping on, and off this board and yet - the yak are still operating?
Can they not just hurry the up and die?

[Dashing Bob S]

The longer this goes on the worse it's going to get for them. Yes, we've been saying that for years, but never in a post Vlad scenario. I think, with SPL/SFA help, they'll try and stagger on till the end of the season, then we'll have a summer of incredible revelation and bloodletting which will render them unfit for any participation in football in season 2013-14.

That's the good news.

The even better news: I really doubt whether they will be able to continue till the end of the season, but all the above will still happen anyway.

[Hibee Ryan]

The longer this goes on the worse it's going to get for them. Yes, we've been saying that for years, but never in a post Vlad scenario. I think, with SPL/SFA help, they'll try and stagger on till the end of the season, then we'll have a summer of incredible revelation and bloodletting which will render them unfit for any participation in football in season 2013-14.

That's the good news.

The even better news: I really doubt whether they will be able to continue till the end of the season, but all the above will still happen anyway.


So how long until we can say "told you so" to the yams over the road? :greengrin:greengrin:greengrin

[Sergey]

The longer this goes on the worse it's going to get for them. Yes, we've been saying that for years, but never in a post Vlad scenario. I think, with SPL/SFA help, they'll try and stagger on till the end of the season, then we'll have a summer of incredible revelation and bloodletting which will render them unfit for any participation in football in season 2013-14.

That's the good news.

The even better news: I really doubt whether they will be able to continue till the end of the season, but all the above will still happen anyway.

Never a truer word spoken, Robert.

Even though they might make the seasons end, albeit with the prospect of administration looming, they've still to get last years accounts signed off and the auditors have to acknowledge that they are a viable trading concern. That's when it could get very messy as by their own admission, UBIG aren't funding them and they're 'on there own' financially.

The SPL/SFL have procedures in place that demands that participating clubs have the collateral to see them through to the seasons end. There is no guarantee that Yams will even make it to the seasons start, let alone its end.

This isn't wishful thinking and/or hobonomics - it's a simple statement of fact.

Isn't their AGM meant to be at the end of this month? That should be a hoot, or whatever noise ostriches make!

[Dashing Bob S]

So how long until we can say "told you so" to the yams over the road? :greengrin:greengrin:greengrin

I think it's a matter of steps. We were already able to start doing so when:

1) Vlad said he's unable to support them and they have to 'pay their way' - check
2) UKIOS collapsed - check

The next ones will be a mess of sold assets, fines, dispute about club ownership, possible admin, liquidation etc. It won't be long now. The difference between this and our previous wishing is that this time there really is no money, funny or otherwise, coming into the club and and owner who needs to dispose of all bad assets.


Never a truer word spoken, Robert.

Even though they might make the seasons end, albeit with the prospect of administration looming, they've still to get last years accounts signed off and the auditors have to acknowledge that they are a viable trading concern. That's when it could get very messy as by their own admission, UBIG aren't funding them and they're 'on there own' financially.

The SPL/SFL have procedures in place that demands that participating clubs have the collateral to see them through to the seasons end. There is no guarantee that Yams will even make it to the seasons start, let alone its end.

This isn't wishful thinking and/or hobonomics - it's a simple statement of fact.

Isn't their AGM meant to be at the end of this month? That should be a hoot, or whatever noise ostriches make!

The AGM...oh to be a fly on the wall at that one. It's been an annoyingly long if occasionally entertaining wait, but I'm relying on them to pull of a spectacular end game to make it all worthwhile.

If they last until the end of the season (which I doubt) I can't see anybody being mug enough to take on player contracts in May till late July when they earn a running income on ate receipts. They would then be in a situation of probably having no ground, no registered players, possibly no owners and in breach of SFA regulations in preparation for the 2013-14 season.

It also raises the question about advance ST sales for next season - this is a genuine scam, given their current financial status.

[StevieC]

Isn't their AGM meant to be at the end of this month?

Will that be open to "psuedo" shareholders as well as "proper" shareholders?

Be interesting to see if all those that bought shares last year get an "official" invite. :wink: