Share Transfers Agreed/Cooling off period

[scoopyboy]

Assuming ST holders were entitled to two, not everyone would take their two, me and my mates (who have renewed), chose to take 1 each....

Steven, did I mention to you last Saturday how dapper you are looking these days?

Goin geez your other ticket mate.

[blackpoolhibs]

Hope you are right but cup finals bring every last fan out the woodwork.There is always someone who misses out.

:agree: I wonder why folk moan about part timers getting a ticket, if we only sold to folk who go regularly we'd have about 11-12 thousand fans at the final?

There are always going to be folk who want to go to the big games, and some who cant make it to easter road because of a number of reasons.

Until there is a membership scheme in place, we will continue to have arguments about final tickets. I hope we continue to have them for a good few years too.

[bingo70]

:agree: I wonder why folk moan about part timers getting a ticket, if we only sold to folk who go regularly we'd have about 11-12 thousand fans at the final?

There are always going to be folk who want to go to the big games, and some who cant make it to easter road because of a number of reasons.

Until there is a membership scheme in place, we will continue to have arguments about final tickets. I hope we continue to have them for a good few years too.

Agree, I don't see the problem with part timers coming out the woodwork for the final, its one of the great things about getting to a final, getting to go to a game with some mates I don't normally get to go with, It's a great day out normally.

Not everyone wants to go every week, not everyone can go every week, its not a crime and they're still hibs fans.

[greenlex]

Hope you are right but cup finals bring every last fan out the woodwork.There is always someone who misses out.
That's exactly what I'm saying. The more fans the merrier surely. As pointed out elsewhere if it was only regulars we would be lucky to get 10/11,000.

[Gus Fring]

Whoa, WHOA, WHOA

So I just caught up on this thread after coming back from a nice meal with the family only to find people are having what appears to be a serious discussion about emulating the actions of the Hearts board? The HEARTS BOARD?

I'm going to put this down to it being a Saturday night, on a bank holiday weekend just after payday so maybe everybody's been drunk-posting. Nutters

[Mikey]

A wee reminder of what happened when Morcambe let folk in for free.........

http://www.hibs.net/showthread.php?254271-Morecambe-v-Dagenham-amp-Redbridge-Free-Entry

Anyway, we're drifting off topic somewhat :wink:

[Saorsa]

A wee reminder of what happened when Morcambe let folk in for free.........

http://www.hibs.net/showthread.php?254271-Morecambe-v-Dagenham-amp-Redbridge-Free-Entry

Anyway, we're drifting off topic somewhat :wink::agree: Lets get back tae the elimination of the yams.

[Mikey]

:agree: Lets get back tae the elimination of the yams.

With the Lith admin looking for around £47m it should be fun :agree:

[Saorsa]

With the Lith admin looking for around £47m it should be fun :agree:I'm sure he might take £2m though :faf:

[Kato]

With the Lith admin looking for around £47m it should be fun :agree:

Has this been verified anywhere? I understand how it adds up to that amount but can they call back the debt forgiveness after the fact given it appeared on Hearts accounts as a deal that was done and dusted. Or have the found out they forgave it to themselves? :cb

[Mikey]

Has this been verified anywhere?

Aye. I say so :greengrin

[Saorsa]

Has this been verified anywhere? I understand how it adds up to that amount but can they call back the debt forgiveness after the fact given it appeared on Hearts accounts as a deal that was done and dusted. Or have the found out they forgave it to themselves? :cbThey forgave it tae themselves so they still owe it tae themselves really. I really think they should pay themselves back now, they've owed themselves it too long. :agree:

[Mikey]

They forgave it tae themselves so they still owe it tae themselves really. I really think they should pay themselves back now, they've owed themselves it too long. :agree:

Just because it happened a few years ago it doesn't take it out of the equation :agree:

[07hibee]

To settle an argument with my Jambos mate in the pub. How much is Tynecastle worth as an area of flats or shops to be built on (the land basically) They claim that Tynecastle won't be sold off because it is worth nothing because nothing cant be built in the area if Tynecastle was to be demolished., because the area is unsafe due to the brewery now pouring out bad gasses in air, therefore nothing can be built. Is this true or rubbish?

Don't think that's true,they just rebuilt Tynecastle high school a hundred yards from the cowp.

[Kaiser1962]

We have, but mainly for league cup ties against lower division opposition, no?

Today was £5 for everyone at Tynecastle and they got 16,300 attending. Clearly not all of them are going to go back but if it sows the seed in just a couple of hundred, those kay go on to become full paying ST holders in the not so distant future.

Sure, it was a gimmick today, but I would argue it was a gimmick worth doing.



The Hibernian Community Foundation gives away a lot of tickets to category B home matches throughout the season as well as interacting with a number of local charities and community groups.

[monktonharp]

The Hibernian Community Foundation gives away a lot of tickets to category B home matches throughout the season as well as interacting with a number of local charities and community groups. aye, and the next thing we'll be hearing is that city cabs throw in their taxi service as part of the deal:wtf:

[Kaiser1962]

aye, and the next thing we'll be hearing is that city cabs throw in their taxi service as part of the deal:wtf:

I dont think City Cabs are involved.

[monktonharp]

They forgave it tae themselves so they still owe it tae themselves really. I really think they should pay themselves back now, they've owed themselves it too long. :agree:big man, they might say to the lith admin that they forgot to mention that they forgave the Ubig mob, or the Ukio Bankio or whoever was meant to have been forgiven. I've forgot what I meant to say now.

[monktonharp]

I dont think City Cabs are involved. nah, I'll leave it at that mate. just feel that we are suddenly on another track. what city cabs denied doing for Hmofc and helping HFC is a totally different issue, as is the reduced prices for ER.

[Kaiser1962]

nah, I'll leave it at that mate. just feel that we are suddenly on another track. what city cabs denied doing for Hmofc and helping HFC is a totally different issue, as is the reduced prices for ER.

I must have missed that one. Apologies.

[Saorsa]

The Hibernian Community Foundation gives away a lot of tickets to category B home matches throughout the season as well as interacting with a number of local charities and community groups.We'd just got this thread back on track. This thread is for the demise of the windae lickers can we please keep tae that and discuss other issues elsewhere.

[greenginger]

http://translate.googleusercontent.com/translate_c?depth=1&hl=en&prev=/search%3Fq%3Dukio%2Bbankas%2B15min%26client%3Dfire fox-a%26hs%3DKbS%26hl%3Den%26rls%3Dorg.mozilla:en-US:official%26biw%3D1202%26bih%3D667&rurl=translate.google.co.uk&sl=lt&u=http://www.15min.lt/naujiena/aktualu/lietuva/vladimiras-romanovas-isvyko-i-maskva-56-332081&usg=ALkJrhidT-R53M_KLQehC-q5IaB2uzUoUw

Confirming Sergey's info of 24 hours ago.

No doubt the newspapers will catch up by Tuesday.

[Kaiser1962]

We'd just got this thread back on track. This thread is for the demise of the windae lickers can we please keep tae that and discuss other issues elsewhere.

I will consider myself duly reprimanded :greengrin

[Saorsa]

I will consider myself duly reprimanded :greengrin:thumbsup:

:greengrin

[Sanger]

UB lend £22m to UBIG to clear HMFC debt to HBOs then lend £15m direct to HMfC & £10m UBIG to finance £25m of further debt run up under Romanov from wages/transfer fees. UBIG convert £22m of debt to HMFC in 2008 & 2010 to equity and give equity to UB as security. UN owed directly £47m by UB & HMFC.

[Ozyhibby]

UB lend £22m to UBIG to clear HMFC debt to HBOs then lend £15m direct to HMfC & £10m UBIG to finance £25m of further debt run up under Romanov from wages/transfer fees. UBIG convert £22m of debt to HMFC in 2008 & 2010 to equity and give equity to UB as security. UN owed directly £47m by UB & HMFC.

Is this just speculation or has there been a release of info that shows their debt to be higher?

[Mikey]

Oooft :greengrin

[scoopyboy]

UB lend £22m to UBIG to clear HMFC debt to HBOs then lend £15m direct to HMfC & £10m UBIG to finance £25m of further debt run up under Romanov from wages/transfer fees. UBIG convert £22m of debt to HMFC in 2008 & 2010 to equity and give equity to UB as security. UN owed directly £47m by UB & HMFC.

I followed this until UN came into play, who they?

[Lucius Apuleius]

I followed this until UN came into play, who they?

They would have to get involved after Obama had said that we cannot let heros like this fade into obscurity.:wink:

[Col2]

I followed this until UN came into play, who they?

I assume that's the administrator / new bank

[HFC 0-7]

I followed this until UN came into play, who they?

Hearts had the begging bowl out to everyone and the United Nations listened to the cry for help, they couldnt let an institution that helped win a war go to the wall.

[EdinMike]

I assume that's the administrator / new bank

Valnetas UAB were appointed Admins, to be honest. I'll take this £47 mil with a pinch of salt until it's proven correct/right/soon.

[Kato]

Valnetas UAB were appointed Admins, to be honest. I'll take this £47 mil with a pinch of salt until it's proven correct/right/soon.



£47 mil AND a pinch of salt. That could be the straw that broke the camels back.

[Caversham Green]

Is this just speculation or has there been a release of info that shows their debt to be higher?

The £15m is certainly as blatant a case of gratuitous alienation as you'll see (see post 12789 for details) and they didn't even see fit to mention the switcheroo to the prospective shareholders. That's why HoMFC's directors resigned from the board of UBIG.

[Kato]

Valnetas UAB were appointed Admins, to be honest. I'll take this £47 mil with a pinch of salt until it's proven correct/right/soon.

One thing just occured to me though. Remember Vlad was asking for £50M when he first put the Skintoids up for sale, a figure seemingly plucked from thin air at the time.

Where is that Daffy Duck gif?

[LeighLoyal]

The £15m is certainly as blatant a case of gratuitous alienation as you'll see (see post 12789 for details) and they didn't even see fit to mention the switcheroo to the prospective shareholders. That's why HoMFC's directors resigned from the board of UBIG.


£47m makes sense given the £25m is just the Pieman's debt plus interest. They should be in administration right now.

[Sanger]

I followed this until UN came into play, who they?
UN a typo should be UB. Not difficult to follow. Current debt of HMfC £25m. £22m converted to equity by UBIG in 2008 & 2010. But UBIG still owe the £22m to UB that's why the UB hold the 79% equity or shares in HMFC. In short UB have lost £47m to HMFC directly or indirectly. And they'll settle with getting £2m!

[Col2]

UN a typo should be UB. Not difficult to follow. Current debt of HMfC £25m. £22m converted to equity by UBIG in 2008 & 2010. But UBIG still owe the £22m to UB that's why the UB hold the 79% equity or shares in HMFC. In short UB have lost £47m to HMFC directly or indirectly. And they'll settle with getting £2m!

Does that not mean that UB are majority owners and now that its confirms they have going through insolvency process, SPL rules should mean and automatic 18 point penalty, even if debt not called in yet??

[greenginger]

UN a typo should be UB. Not difficult to follow. Current debt of HMfC £25m. £22m converted to equity by UBIG in 2008 & 2010. But UBIG still owe the £22m to UB that's why the UB hold the 79% equity or shares in HMFC. In short UB have lost £47m to HMFC directly or indirectly. And they'll settle with getting £2m!

And the forgiveness debts, £ 8.8 million forgiven by Natborg Projects Corp. and £ 5.9 million forgiven by ImpExNet in the 2011 accounts. :confused:

Any idea where that debt is supported from ? I just don't get the idea that companies debts can be shunted off up a siding and forgotten about.They may be off the Yams books but UBIG or Ukio Bankas must have taken the financial hit for the losses.

[Sanger]

And the forgiveness debts, £ 8.8 million forgiven by Natborg Projects Corp. and £ 5.9 million forgiven by ImpExNet in the 2011 accounts. :confused:

Any idea where that debt is supported from ? I just don't get the idea that companies debts can be shunted off up a siding and forgotten about.They may be off the Yams books but UBIG or Ukio Bankas must have taken the financial hit for the losses.
UB have taken the hit they have either lent to UBIG or directly to HMFC. UBIG just a front to pass funds from UB to Romanov's projects (HMFC, Kaunas.
, basketball, sports stadium). That's why UB have a £300 million gap between assets and liabilities (loans) which had to be filled by Lithuanian state borrowing that money to keep depositors and good loans of UB afloat so could be transferred to other bank. UB losses to HMFC are 17% of that hole. The administrator will want to get as much of that money back as possible. Remember HMFC signed a deal to sell Tynie to Cala homes. While the administrators Willmot raise the sum agreed back then it is the route which will maximise he money they recover from HMFC.

[Kaiser1962]

And the forgiveness debts, £ 8.8 million forgiven by Natborg Projects Corp. and £ 5.9 million forgiven by ImpExNet in the 2011 accounts. :confused:

Any idea where that debt is supported from ? I just don't get the idea that companies debts can be shunted off up a siding and forgotten about.They may be off the Yams books but UBIG or Ukio Bankas must have taken the financial hit for the losses.

I am sure the "forgiveness" in the 2009-2010 accounts was £7.9m which in turn allowed them to post a £39k profit. This was followed by the £8.8m in 2010-2011 and the resultant profit of £511k.

In two years they wrote off £16.7m amongst "related parties" and so when you then add in the DFE swap of £22m you have to wonder how their debt is still IRO £25m. The notes will be priority reading although I do, however, detect a foul stench emitting from the official statements.

[Mikey]

UN a typo should be UB. Not difficult to follow. Current debt of HMfC £25m. £22m converted to equity by UBIG in 2008 & 2010. But UBIG still owe the £22m to UB that's why the UB hold the 79% equity or shares in HMFC. In short UB have lost £47m to HMFC directly or indirectly. And they'll settle with getting £2m!

Perhaps we're beginning to see why Vlad valued the club at £50m not so long ago!

[blackpoolhibs]

With a little bit of luck, todays rearranged game will be played after the cup final, making the end of season date a wee bit longer. :wink:

[Treadstone]

Perhaps we're beginning to see why Vlad valued the club at £50m not so long ago!

Vlad valued the club at £50m because he is mental and his lackeys are afraid to tell him otherwise.

[Kato]

Vlad valued the club at £50m because he is mental and his lackeys are afraid to tell him otherwise.

Or because that was how much he had, ahem, laundered through them via his "network".

I think what desantos0773 is saying is that out of the final amount UKIO Bankas is short, which the Lithuanian Govt is having to cover, circa £47M of it is directly attributable to Vlad's dalliance with HMFC. It is costing the Lithuanian tax-payer that amount to cover HMFC's spending over the last 8 or 9 years or so. On the books it may only amount to £25M but along with debt forgiveness the Lithuanian Govt will say their final bill is amounting to circa £50M.

The idea that they will accept £2M from FoH, or any other set of Jambo loons, given that background is, in this context , a bit of a stretch.

[Treadstone]

Or because that was how much he had, ahem, laundered through them via his "network".

I think what desantos0773 is saying is that out of the final amount UKIO Bankas is short, which the Lithuanian Govt is having to cover, circa £47M of it is directly attributable to Vlad's dalliance with HMFC. It is costing the Lithuanian tax-payer that amount to cover HMFC's spending over the last 8 or 9 years or so. On the books it may only amount to £25M but along with debt forgiveness the Lithuanian Govt will say their final bill is amounting to circa £50M.

The idea that they will accept £2M from FoH, or any other set of Jambo loons, given that background is, in this context , a bit of a stretch.

With a name like desantos we should get him onto the panamanian washing machine company Natborg.

[Kato]

With a name like desantos we should get him onto the panamanian washing machine company Natborg.


If it all comes out in the wash the jamboroids will be spewing.

http://img.thesun.co.uk/multimedia/archive/01582/Prod_main_1582300a.jpg

[jgl07]

Ian Black issued a plea to Vladimir Romanov to put the interests of Hearts first in the Herald today. He thinks that Romanov should be realistic and sell the club for the right price.

Is the numbskull not aware that the whole thing is outside the control of Romanov and any of his cronies? All of UBIGs assets are frozen and Romanov could soon be in jail. The administrator (receiver) is calling the shots. You would have thought that the journalist concerned should have been aware of this?

[Glesgahibby]

Ian Black issued a plea to Vladimir Romanov to put the interests of Hearts first in the Herald today. He thinks that Romanov should be realistic and sell the club for the right price.

Is the numbskull not aware that the whole thing is outside the control of Romanov and any of his cronies? All of UBIGs assets are frozen and Romanov could soon be in jail. The administrator (receiver) is calling the shots. You would have thought that the journalist concerned should have been aware of this?
It Realy is ""astonishing!""
there are so many people out there
who don't know what's going on.
Even this far into the great tyncastle
swindle
you would expect someone from the media to
break ranks and tell it how it is:rolleyes:

[monktonharp]

Ian Black issued a plea to Vladimir Romanov to put the interests of Hearts first in the Herald today. He thinks that Romanov should be realistic and sell the club for the right price.

Is the numbskull not aware that the whole thing is outside the control of Romanov and any of his cronies? All of UBIGs assets are frozen and Romanov could soon be in jail. The administrator (receiver) is calling the shots. You would have thought that the journalist concerned should have been aware of this? the journalist probably knows, but be fair to the interviewee. he's fi' Turnent:cb

[NOLA]

http://t.co/ezJqMl9r2D. Not seen this up yet, apologies if its old news, makes for a good wee read, apparently valnetas are laying claim to 79% of hertz shares

[Kato]

http://t.co/ezJqMl9r2D. Not seen this up yet, apologies if its old news, makes for a good wee read, apparently valnetas are laying claim to 79% of hertz shares


OK. There you go Scottish football media. Vlad isn't in control any more and hasn't been for weeks. After last Thursday showcase the dominos continue on their way.

[I'm_cabbaged]

http://t.co/ezJqMl9r2D. Not seen this up yet, apologies if its old news, makes for a good wee read, apparently valnetas are laying claim to 79% of hertz shares

Let's hope the wongadome is worth at least 5 million. :)

[greenpaper55]

The thing is the consortium hoping to buy hearts will be thinking that the Lithuanians will take £2 million just now but what is the rush ?, the bank could sit tight and demand rent from the Hearts until a buyer willing to pay more comes along. Either way their days of cheating are over and the decline has still a long way to go until the last of the big earners are out the door, just a wee thought are the Lithuanians in charge at Tynie the last of Vlads empire anywhere ?, they seem to be spouting pash every week as if they are in complete control when in fact the carpet is about to be whipped from under their feet any day now !.

[Deek01]

@markbenstead: Some days in this job you wake up to a rumour you hope isn't true, sadly this morning I think the rumour will be true.

Some news coming shortly?

[Heisenberg]

@markbenstead: Some days in this job you wake up to a rumour you hope isn't true, sadly this morning I think the rumour will be true.

Some news coming shortly?

I thought of the Hearts situation as soon as I saw that tweet too.

[Billy Whizz]

@markbenstead: Some days in this job you wake up to a rumour you hope isn't true, sadly this morning I think the rumour will be true.

Some news coming shortly?

Is this Mark a Jambo? I thought it was Mark Donaldson.

[Deek01]

Is this Mark a Jambo? I thought it was Mark Donaldson.

I'm not sure to be honest but a lot of replies suggest that the majority of people think this could be a THEM related tweet !

[Northernhibee]

@markbenstead: Some days in this job you wake up to a rumour you hope isn't true, sadly this morning I think the rumour will be true.

Some news coming shortly?

Maybe Kuqi's leaving Hibs.

I couldn't cope with that one anyway.

[HUTCHYHIBBY]

Is it not more likely to be about the Killie fan?

[#FromTheCapital]

Is it not more likely to be about the Killie fan?

Wouldnt of thought so, it's not exactly a rumour that the killie fan is dead.

[Geo_1875]

Is it not more likely to be about the Killie fan?

Don't see why. There's no rumour surrounding that story.

[HUTCHYHIBBY]

Fingers crossed then.

[Treadstone]

Is this Mark a Jambo? I thought it was Mark Donaldson.

His timeline seems a bit teasing at times. I'll take it with a pinch of salt that he is in the know. Although he did do one of the features before the game yesterday. Donaldson is a complete trumpet who likes to pretend that his opinions are rooted in fact.

[Gus Fring]

Is it possible for them to start Admin proceedings today what with it being a Bank Holiday?

[greenginger]

Is it possible for them to start Admin proceedings today what with it being a Bank Holiday?

Its not a Bank Holiday in Lithuania, the Vilnius Stock Exchange is trading, so the Lith-admin. will hopefully be oiling the mincer. :greengrin

[Gus Fring]

Its not a Bank Holiday in Lithuania, the Vilnius Stock Exchange is trading, so the Lith-admin. will hopefully be oiling the mincer. :greengrin

Good point.

[Treadstone]

Its not a Bank Holiday in Lithuania, the Vilnius Stock Exchange is trading, so the Lith-admin. will hopefully be oiling the mincer. :greengrin

'Oiling the mincer' Excellent.

[Gus Fring]

Mark Benstead (@markbenstead)
06/05/2013 09:44
Details in reference to previous tweet on #ssn shortly...

[Caversham Green]

I'm still interested in how that £15m debt came to be in Ulio's books.

Either HoMFC have racked it up in six months (since the security was transferred) which completely destroys their self-sufficiency claims or UBIG have sold it to Ukio either for cash or by way of a reduction of their own debt. Either way UBIG are £15m up on the deal and HoMFC's future is in the hands of Ukio's administrators. In other words UBIG have hung the yams out to dry.

The interesting bit about it all is that 'Mr Romanov' was in control of both UBIG and Ukio (I suspect he's not even in control of his own sphincter now) while 'Mr Fedotovas' was a director of both UBIG and HoMFC. Given the timescale of events there can be little doubt that both were fully aware that Ukio were close to entering administration and that HoMFC's debt was never going to be recovered in full, so apart from the yams the other ones that have really been stitched up are Ukio's investors and creditors.

On top of all this the actions of the HoMFC board (who were also directors of UBIG) has looked distinctly dodgy. They chose not to disclose this highly significant change of circumstances to prospective new shareholders (the security was transferred, and therefore presumably the debt was incurred while the share offer was still open); Fedotovas played down the debt to a ridiculous degree - see what he said about it in February (and remember he must have been fully aware of the extent of the debt)
http://www.heraldscotland.com/sport/football/floating-charge-of-68m-could-weigh-heavily-on-hearts.20290717


While admitting Ukio Bankas does provide Hearts with "some banking services and debt facility" – they owe UBIG £22.4m according to the last set of accounts – club director Sergejus Fedotovas said last week that events in his homeland would have little impact on the "day-to-day business" at the club.

and the entire board of UBIG (including those who were also directors of HoMFC) resigned when it all started coming to light - there may well be similar arrangements involving other UBIG companies.

In effect, UBIG have already sold HoMFC for £15m and washed their hands of them. The administrator now has to decide what to do about Ukio buying a virtually worthless asset for £15m.

[#FromTheCapital]

so the Lith-admin. will hopefully be oiling the mincer. :greengrin

:hilarious Lets hope they show no mercy with that mincer

[greenpaper55]

I'm still interested in how that £15m debt came to be in Ulio's books.

Either HoMFC have racked it up in six months (since the security was transferred) which completely destroys their self-sufficiency claims or UBIG have sold it to Ukio either for cash or by way of a reduction of their own debt. Either way UBIG are £15m up on the deal and HoMFC's future is in the hands of Ukio's administrators. In other words UBIG have hung the yams out to dry.

The interesting bit about it all is that 'Mr Romanov' was in control of both UBIG and Ukio (I suspect he's not even in control of his own sphincter now) while 'Mr Fedotovas' was a director of both UBIG and HoMFC. Given the timescale of events there can be little doubt that both were fully aware that Ukio were close to entering administration and that HoMFC's debt was never going to be recovered in full, so apart from the yams the other ones that have really been stitched up are Ukio's investors and creditors.

On top of all this the actions of the HoMFC board (who were also directors of UBIG) has looked distinctly dodgy. They chose not to disclose this highly significant change of circumstances to prospective new shareholders (the security was transferred, and therefore presumably the debt was incurred while the share offer was still open); Fedotovas played down the debt to a ridiculous degree - see what he said about it in February (and remember he must have been fully aware of the extent of the debt)
http://www.heraldscotland.com/sport/football/floating-charge-of-68m-could-weigh-heavily-on-hearts.20290717



and the entire board of UBIG (including those who were also directors of HoMFC) resigned when it all started coming to light - there may well be similar arrangements involving other UBIG companies.

In effect, UBIG have already sold HoMFC for £15m and washed their hands of them. The administrator now has to decide what to do about Ukio buying a virtually worthless asset for £15m.

You can't help but wonder that the Lithuanian authorities might take it out on the last of Vlads men spouting this nonsense ?, presumably all the "directors" of Hearts will still be drawing a fat salary , they will be looking to keep the last of the gravy train running for as long as they can.

[Col2]

Mark Benstead (@markbenstead)
06/05/2013 09:44
Details in reference to previous tweet on #ssn shortly...

Don't see how it will be yams related? Mark is a Liverpool fan so can only assume its something about Gerrard or Suarez leaving?

[#FromTheCapital]

I'm still interested in how that £15m debt came to be in Ulio's books.

Either HoMFC have racked it up in six months (since the security was transferred) which completely destroys their self-sufficiency claims or UBIG have sold it to Ukio either for cash or by way of a reduction of their own debt. Either way UBIG are £15m up on the deal and HoMFC's future is in the hands of Ukio's administrators. In other words UBIG have hung the yams out to dry.
.

Is it even possible for them to have racked up 15m debt in 6 months?

[HUTCHYHIBBY]

Theres already plenty mincers at Tynecastle on a matchday.

[Caversham Green]

You can't help but wonder that the Lithuanian authorities might take it out on the last of Vlads men spouting this nonsense ?, presumably all the "directors" of Hearts will still be drawing a fat salary , they will be looking to keep the last of the gravy train running for as long as they can.

Funnily enough only one of HoMFC's directors drew a salary from the club - he was the one in charge of the megastand project after the Portuguese boy was sacked - the rest were paid by UBIG until they resigned. Wonder what they're doing for income now.


Is it even possible for them to have racked up 15m debt in 6 months?

It's very unlikely, so I think the debt fiddle is more plausible.

They must be hoping for less dodgy owners if they survive - I hear Charles Green's looking for a new project.

[Gus Fring]

Looks like it's the story about Higdon being arrested for assault.

[s.a.m]

The Mark Benstead rumour seems to be the Higdon arrest story that Legetto broke on another thread.

Mark Benstead‏@markbenstead55s (http://www.hibs.net/markbenstead/status/331334419518464000)Michael Higdon arrested on suspicion of assault following PFA Scotland awards dinner. Subject of a report to the procurator fiscal.

[#FromTheCapital]

Oh well, lets get back to fantasising about well oiled Lithuanian mincing machines.

[Ozyhibby]

You would think that the lith admin would be calling in Ubig's debt as quickly as possible so that they could start proper investigations into what went on there?
Also, if Ukio now control 79% of hearts share does that not make them the parent company and there for hearts should be minus 18 points?
Barry was right. All is very confusing.

[Hibbyradge]

You would think that the lith admin would be calling in Ubig's debt as quickly as possible so that they could start proper investigations into what went on there?
Also, if Ukio now control 79% of hearts share does that not make them the parent company and there for hearts should be minus 18 points?
Barry was right. All is very confusing.

Complex. :wink:

[Saorsa]

Theres already plenty mincers at Tynecastle on a matchday.:tee hee:

[Sanger]

Complex. :wink:

UB have a claim on 79% of Hearts shares from the £22m loan to UBIG that was used to clear the HBOS overdraft when Romanov took over HMFC. UBIG turned the loan to Hearts to do this into equity in 2008 & 2010 but UBIG still had the back to back loan to UB. If UBIG can't pay the loan back to the administrator then the shares belong to the administrator to dispose of which is obviously going to happen. The additional £10 million that HMFC owe UBiG is a similar deal but the debt has not been converted to equity. In addition HMFC have a direct loan to UB which must have been transferred from UBIG with Tynecastle as security on that one. Romanov just used UBIG to flow cash (loans) through from UB to finance his crazy projects. UBIG will be declared bankrupt soon as part of the administration process when they can't repay any of their loans back to UB making Hearts bankrupt and UB's administrator will own Tynecastle & the majority of shares.

[Treadstone]

UB have a claim on 79% of Hearts shares from the £22m loan to UBIG that was used to clear the HBOS overdraft when Romanov took over HMFC. UBIG turned the loan to Hearts to do this into equity in 2008 & 2010 but UBIG still had the back to back loan to UB. If UBIG can't pay the loan back to the administrator then the shares belong to the administrator to dispose of which is obviously going to happen. The additional £10 million that HMFC owe UBiG is a similar deal but the debt has not been converted to equity. In addition HMFC have a direct loan to UB which must have been transferred from UBIG with Tynecastle as security on that one. Romanov just used UBIG to flow cash (loans) through from UB to finance his crazy projects. UBIG will be declared bankrupt soon as part of the administration process when they can't repay any of their loans back to UB making Hearts bankrupt and UB's administrator will own Tynecastle & the majority of shares.

"We're gonna need some more oil"

[#FromTheCapital]

UB have a claim on 79% of Hearts shares from the £22m loan to UBIG that was used to clear the HBOS overdraft when Romanov took over HMFC. UBIG turned the loan to Hearts to do this into equity in 2008 & 2010 but UBIG still had the back to back loan to UB. If UBIG can't pay the loan back to the administrator then the shares belong to the administrator to dispose of which is obviously going to happen. The additional £10 million that HMFC owe UBiG is a similar deal but the debt has not been converted to equity. In addition HMFC have a direct loan to UB which must have been transferred from UBIG with Tynecastle as security on that one. Romanov just used UBIG to flow cash (loans) through from UB to finance his crazy projects. UBIG will be declared bankrupt soon as part of the administration process when they can't repay any of their loans back to UB making Hearts bankrupt and UB's administrator will own Tynecastle & the majority of shares.


DAFFY!!! Think we have some reading that may excite you!

[CraigHibee]

UB have a claim on 79% of Hearts shares from the £22m loan to UBIG that was used to clear the HBOS overdraft when Romanov took over HMFC. UBIG turned the loan to Hearts to do this into equity in 2008 & 2010 but UBIG still had the back to back loan to UB. If UBIG can't pay the loan back to the administrator then the shares belong to the administrator to dispose of which is obviously going to happen. The additional £10 million that HMFC owe UBiG is a similar deal but the debt has not been converted to equity. In addition HMFC have a direct loan to UB which must have been transferred from UBIG with Tynecastle as security on that one. Romanov just used UBIG to flow cash (loans) through from UB to finance his crazy projects. UBIG will be declared bankrupt soon as part of the administration process when they can't repay any of their loans back to UB making Hearts bankrupt and UB's administrator will own Tynecastle & the majority of shares.

Good times are on the way then? :)

[Geo_1875]

UB have a claim on 79% of Hearts shares from the £22m loan to UBIG that was used to clear the HBOS overdraft when Romanov took over HMFC. UBIG turned the loan to Hearts to do this into equity in 2008 & 2010 but UBIG still had the back to back loan to UB. If UBIG can't pay the loan back to the administrator then the shares belong to the administrator to dispose of which is obviously going to happen. The additional £10 million that HMFC owe UBiG is a similar deal but the debt has not been converted to equity. In addition HMFC have a direct loan to UB which must have been transferred from UBIG with Tynecastle as security on that one. Romanov just used UBIG to flow cash (loans) through from UB to finance his crazy projects. UBIG will be declared bankrupt soon as part of the administration process when they can't repay any of their loans back to UB making Hearts bankrupt and UB's administrator will own Tynecastle & the majority of shares.

We're going to need a bigger mincer!!! (With apologies to Jaws)

[Ozyhibby]

UB have a claim on 79% of Hearts shares from the £22m loan to UBIG that was used to clear the HBOS overdraft when Romanov took over HMFC. UBIG turned the loan to Hearts to do this into equity in 2008 & 2010 but UBIG still had the back to back loan to UB. If UBIG can't pay the loan back to the administrator then the shares belong to the administrator to dispose of which is obviously going to happen. The additional £10 million that HMFC owe UBiG is a similar deal but the debt has not been converted to equity. In addition HMFC have a direct loan to UB which must have been transferred from UBIG with Tynecastle as security on that one. Romanov just used UBIG to flow cash (loans) through from UB to finance his crazy projects. UBIG will be declared bankrupt soon as part of the administration process when they can't repay any of their loans back to UB making Hearts bankrupt and UB's administrator will own Tynecastle & the majority of shares.

That's the kind of reassurance I was looking for. Just wish they would get a move on.

[Mikey]

UB have a claim on 79% of Hearts shares from the £22m loan to UBIG that was used to clear the HBOS overdraft when Romanov took over HMFC. UBIG turned the loan to Hearts to do this into equity in 2008 & 2010 but UBIG still had the back to back loan to UB. If UBIG can't pay the loan back to the administrator then the shares belong to the administrator to dispose of which is obviously going to happen. The additional £10 million that HMFC owe UBiG is a similar deal but the debt has not been converted to equity. In addition HMFC have a direct loan to UB which must have been transferred from UBIG with Tynecastle as security on that one. Romanov just used UBIG to flow cash (loans) through from UB to finance his crazy projects. UBIG will be declared bankrupt soon as part of the administration process when they can't repay any of their loans back to UB making Hearts bankrupt and UB's administrator will own Tynecastle & the majority of shares.

As I've just mentioned on the PM board, I reckon the only thing holding up the 18 point deduction is the 10 day appeal period.

And that would put Dundee 5 points ahead with 2 to play :whistle:

[Eyrie]

If I'm understanding the hard work done by desantos0773, Caversham Green and CropleyWasGod, it doesn't really matter if they owe £25m or £47m. They can't afford to repay either amount.

The only asset they have worth anything is the PBS because their playing squad is either out of contract or unproven kids so worth little in a transfer fire sale. So when the Lithuanian administrator takes control of the shares the PBS has to be sold on the open market and a property developer will be able to outbid the Save Hearts In Trouble coalition of supporters' groups, which leaves the club itself with no assets but large liabilities to the administrator and tax man. I think they then have two options

1 - the fans buy what is left, ie a SPL club starting 2013/14 on -15 points, massive liabilities and with a squad of kids that will be hot favourites for relegation and has nowhere to play.

2 - they take the Sevco route and start over in Division Three with no liabilities, but nowhere to play. Probably their better option as the £2m they want to bid for the club will keep them going for a few years in the lower leagues and should get them up to Division One pretty quickly.

Either way, the future looks bleak for them :thumbsup:

[PatHead]

As I've just mentioned on the PM board, I reckon the only thing holding up the 18 point deduction is the 10 day appeal period.

And that would put Dundee 5 points ahead with 2 to play :whistle:

I'm sure the Directors of Dundee will be right round to SFA/SPL offices to highlight this fact as well.

[PatHead]

If I'm understanding the hard work done by desantos0773, Caversham Green and CropleyWasGod, it doesn't really matter if they owe £25m or £47m. They can't afford to repay either amount.

The only asset they have worth anything is the PBS because their playing squad is either out of contract or unproven kids so worth little in a transfer fire sale. So when the Lithuanian administrator takes control of the shares the PBS has to be sold on the open market and a property developer will be able to outbid the Save Hearts In Trouble coalition of supporters' groups, which leaves the club itself with no assets but large liabilities to the administrator and tax man. I think they then have two options

1 - the fans buy what is left, ie a SPL club starting 2013/14 on -15 points, massive liabilities and with a squad of kids that will be hot favourites for relegation and has nowhere to play.

2 - they take the Sevco route and start over in Division Three with no liabilities, but nowhere to play. Probably their better option as the £2m they want to bid for the club will keep them going for a few years in the lower leagues and should get them up to Division One pretty quickly.

Either way, the future looks bleak for them :thumbsup:

Re option 1. Who is going to give them a facility to cover the massive debts with no security so it is surely a case of go directly to liquidation, do not pass go, do not collect £2m. They then have a club with no ground and no guarantee of a place in the SFL unless they are able to amalgamate with Spartans or Edinburgh City.

[Billy Whizz]

As I've just mentioned on the PM board, I reckon the only thing holding up the 18 point deduction is the 10 day appeal period.

And that would put Dundee 5 points ahead with 2 to play :whistle:

Do you mean we could technically relegate them on Sunday?

[Eyrie]

Re option 1. Who is going to give them a facility to cover the massive debts with no security so it is surely a case of go directly to liquidation, do not pass go. They then have a club with no ground and no guarantee of a place in the SFL unless they are able to amalgamate with Spartans or Edinburgh City.

Even better :greengrin

[HUTCHYHIBBY]

Sevco were only shoehorned into Div 3 cos of who they were, even though they hardly achieved any of the stipulations required for entry to the league. I doubt Hearts would be treated so leniently.

[Hibee87]

http://t.co/ezJqMl9r2D. Not seen this up yet, apologies if its old news, makes for a good wee read, apparently valnetas are laying claim to 79% of hertz shares

Cant read this at wrok for some reason.

However from scanning the posts after this is my take on it correct?

The admins of Ukio now own hearts share? If this is correct and there is no appeal within 10 days (i make that up till this sunday) then hearts should auto lose 18 points and hibs could effectivly releate them on sunday? or am i getting confused :confused:

[lapsedhibee]

oiling the mincer

:thumbsup:

[s.a.m]

If I'm understanding the hard work done by desantos0773, Caversham Green and CropleyWasGod, it doesn't really matter if they owe £25m or £47m. They can't afford to repay either amount.

The only asset they have worth anything is the PBS because their playing squad is either out of contract or unproven kids so worth little in a transfer fire sale. So when the Lithuanian administrator takes control of the shares the PBS has to be sold on the open market and a property developer will be able to outbid the Save Hearts In Trouble coalition of supporters' groups, which leaves the club itself with no assets but large liabilities to the administrator and tax man. I think they then have two options



:greengrin

[Craig_in_Prague]

Do you mean we could technically relegate them on Sunday?

bitter hobos.
allisbarry

[PatHead]

bitter hobos.
allisbarry

Don't forget 5-1, 1902

[WestEndHibee]

Don't forget 5-1, 1902

and wee team forever in our shadow :agree:

all valid and intelligent arguments.

[green glory]

Don't forget 5-1, 1902

Wee team, always in their shadow.

That sorts all their problems dontcha know?

[Mikey]

Do you mean we could technically relegate them on Sunday?

Sadly not.

A Dundee win the previous day will relegate them :greengrin

[clerriehibs]

As I've just mentioned on the PM board, I reckon the only thing holding up the 18 point deduction is the 10 day appeal period.

And that would put Dundee 5 points ahead with 2 to play :whistle:

Does the deduction not only happen when admin starts? And admin will only start when the admin of ukio call in the debt, surely? Given the mess the whole shooting match is in, that might take some time, no?

[Seveno]

If they go into liquidation and start again as a new club with no ground of their own, can the SFA really admit them back into SFL3 ? I think that Spartans would make a much better case for the vacant spot.

[greenlex]

Does the deduction not only happen when admin starts? And admin will only start when the admin of ukio call in the debt, surely? Given the mess the whole shooting match is in, that might take some time, no?
Ukio have been in Administration for months. They were in court and declared bankrupt last Thursday pending a 10 day appeal period. If they own Hearts the penalty should have been months ago when they first entered administration. It has only been since the bankruptcy hearing that the share ownership (everyone thought it was UBIG that owned then) that the bankruptcy company are laying claim to the shares. They should be docked the points now leaving them 5 points behind Dundee. Their SPL fate should be in our hands.

[Hibernia Na Eir]

Don't forget 5-1, 1902

anyone got the 1902 game on DVD? :wink: (nice shirt in 1902)

[Caversham Green]

If I'm understanding the hard work done by desantos0773, Caversham Green and CropleyWasGod, it doesn't really matter if they owe £25m or £47m. They can't afford to repay either amount.

The only asset they have worth anything is the PBS because their playing squad is either out of contract or unproven kids so worth little in a transfer fire sale. So when the Lithuanian administrator takes control of the shares the PBS has to be sold on the open market and a property developer will be able to outbid the Save Hearts In Trouble coalition of supporters' groups, which leaves the club itself with no assets but large liabilities to the administrator and tax man. I think they then have two options

1 - the fans buy what is left, ie a SPL club starting 2013/14 on -15 points, massive liabilities and with a squad of kids that will be hot favourites for relegation and has nowhere to play.

2 - they take the Sevco route and start over in Division Three with no liabilities, but nowhere to play. Probably their better option as the £2m they want to bid for the club will keep them going for a few years in the lower leagues and should get them up to Division One pretty quickly.

Either way, the future looks bleak for them :thumbsup:

You're right about the scale of the debt, although the bigger it is the more likely it is that the administrator will hold out for more - if the debt was only £4m he might well accept £2m in settlement. That's why I think the the debt transfer will cause them real problems.

It's worth noting that there are two 'assets' in play here - the PBS, owned by HoMFC but held as security by Ukio and the HoMFC shares, owned by UBIG but apparently also held by Ukio as security. As a business investment the shares are worthless, but the fact that it's a football club with emotional attachments, plus the limited intelligence of those likely to be wanting to buy means the administrator can put some value on them. The PBS is worth whatever the market value is and the administrator is very unlikely to settle for less.

If Lithuanian insolvency laws are similar to those in the UK I think the administrator might seek to reverse the transfer of the £15m debt and go after UBIG for the lot if he can't get a satisfactory amount from dealing with HoMFC. Assuming UBIG still has no directors and their assets are still frozen they'll be a sitting duck and will quickly go under - that may take us beyond the end of the season but if they do I think a points deduction will be the least of the yams worries.

[Kato]

Should be a show on CBEEBIES - "Uncle Vlad's Crazy Projects".

[Bostonhibby]

Don't forget 5-1, 1902
The lithuanian administrator is bound to take all of that into account when he considers how best to recover the money the citizens of Lithuania are out of pocket because of the dear leader and his friends criminality.

Don't mention the war.

[Twa Cairpets]

The lithuanian administrator is bound to take all of that into account when he considers how best to recover the money the citizens of Lithuania are out of pocket because of the dear leader and his friends criminality.

Don't mention the war.

Just as an aside in all this, The Hearts website still lists Rodney as their CEO? Is that right?

[greenginger]

Been having a peek over on kickback to see what they are saying about their accounts and there has only been 2 posts today on the thread. Both sort of say there must have been an element of forgiveness debt to get their profit and loss to nearly balance without the £ 1.5 million HMRC bill.

Obviously nobody on the site knows any more about the accounts than has been announced on the Yams own site.

One thing I did hear at the weekend , sort of second hand it must be said, was that Johnston Carmichael were not doing these accounts and that the Club had appointed new auditors :confused:. Will be very interested if true !

[Sanger]

The lithuanian administrator is bound to take all of that into account when he considers how best to recover the money the citizens of Lithuania are out of pocket because of the dear leader and his friends criminality.

Don't mention the war.

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

[SurferRosa]

The PBS is worth whatever the market value is and the administrator is very unlikely to settle for less.


:agree: Lets hope that the administrators aren`t the Lithuanian branch of Duff and Phelps....

[DaveF]

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

That article is dated 14th Feb.

[HibeesLA]

That article is dated 14th Feb.

Doesn't mean that the instruction from the Central Bank isn't still in play.

[Dashing Bob S]

Disappointed that Shaun Lawson hasn't chipped in on Sickshack. After all, he has his friends relegashaun, administrashaun and liquidashaun to play with.

[Hermit Crab]

Disappointed that Shaun Lawson hasn't chipped in on Sickshack. After all, he has his friends relegashaun, administrashaun and liquidashaun to play with.

Brilliant.

[Jack Hackett]

Disappointed that Shaun Lawson hasn't chipped in on Sickshack. After all, he has his friends relegashaun, administrashaun and liquidashaun to play with.

I see what you did there....Shaun plays with himself....Ees funny 'cos ees true :greengrin

[Bostonhibby]

Disappointed that Shaun Lawson hasn't chipped in on Sickshack. After all, he has his friends relegashaun, administrashaun and liquidashaun to play with.

His Ma has probably stopped wee shaun playing with the bad boys down gorgie way now that the truth is coming out so he will be frantically courting favour on another teams website somewhere. Don't check for him posting after dark though, his ma took the batteries out his torch.

[greenginger]

https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=555635&messageId=685432

Gintaras Adomonis, that is the guy who will be dealing with the Ukio Bankas bankruptcy.

Look him up on face book, he looks like one mean son-of-a-bitch. :greengrin

[SunshineOnLeith]

If they go into liquidation and start again as a new club with no ground of their own, can the SFA really admit them back into SFL3 ? I think that Spartans would make a much better case for the vacant spot.

Spartans (and others) were strongly 'advised' by certain 'interested parties' not to bid for entry to the SFL against NewHun last season, I doubt Hearts could exert the same sort of pressure.

[Craig_in_Prague]

https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=555635&messageId=685432

Gintaras Adomonis, that is the guy who will be dealing with the Ukio Bankas bankruptcy.

Look him up on face book, he looks like one mean son-of-a-bitch. :greengrin

is that a green scarf? :-)

[Billy Whizz]

https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.action?disclosureId=555635&messageId=685432

Gintaras Adomonis, that is the guy who will be dealing with the Ukio Bankas bankruptcy.

Look him up on face book, he looks like one mean son-of-a-bitch. :greengrin
Maybe we should all have him as our avatar's for a bit?

[rcarter1]

Maybe we should all have him as our avatar's for a bit?

:top marks

[macca70]

AN American property tycoon could be poised to swoop for debt-ridden Hearts.

SunSport can reveal the US investor has been investigating a Jambos buyout.
A UK-based middle man is working on behalf of the Stateside financier. Hearts’ future is shrouded in doubt after Ukio Bankas went bust last month.
The Lithuanian bank is around £300million in the red and owed £15m by the Jambos.
The Tynecastle club’s debt could be called in as administrators Valnetas UAB begin their work.
Any move by the bean counters to recoup the cash owed would almost certainly plunge Hearts into administration.
That could then see Valnetas auction off ownership of the club to the highest bidder.
An alternative could be for them to try to flog off Tynecastle and other assets.
But it’s understood the American’s go-between has already opened lines of communication with Valnetas in a bid to be one step ahead, whatever scenario arises.
Currently all discussions are at a very preliminary stage — but the Yank IS keen to get the ball rolling if the conditions are right.
Valnetas’ presence has freed the club from Vladimir Romanov’s hands.

http://www.thesun.co...l#ixzz2SYaxFHCR

[Sprouleflyer]

AN American property tycoon could be poised to swoop for debt-ridden Hearts.

SunSport can reveal the US investor has been investigating a Jambos buyout.
A UK-based middle man is working on behalf of the Stateside financier. Hearts’ future is shrouded in doubt after Ukio Bankas went bust last month.
The Lithuanian bank is around £300million in the red and owed £15m by the Jambos.
The Tynecastle club’s debt could be called in as administrators Valnetas UAB begin their work.
Any move by the bean counters to recoup the cash owed would almost certainly plunge Hearts into administration.
That could then see Valnetas auction off ownership of the club to the highest bidder.
An alternative could be for them to try to flog off Tynecastle and other assets.
But it’s understood the American’s go-between has already opened lines of communication with Valnetas in a bid to be one step ahead, whatever scenario arises.
Currently all discussions are at a very preliminary stage — but the Yank IS keen to get the ball rolling if the conditions are right.
Valnetas’ presence has freed the club from Vladimir Romanov’s hands.

http://www.thesun.co...l#ixzz2SYaxFHCR

A property tycoon........hmmm?

If this (a big IF as it is the Sun) is true, I can only see this as being bad news for Hearts! Someone can smell a huge profit in the land that the piggery sits upon....Vultures are already circling to feed on the carcass of HoMFC

[IWasThere2016]

A property tycoon........hmmm?

If this (a big IF as it is the Sun) is true, I can only see this as being bad news for Hearts! Someone can smell a huge profit in the land that the piggery sits upon....Vultures are already circling to feed on the carcass of HoMFC

Let us pray.

[robinp]

Let us pray.

Dear Lord, please have mercy on the club known as HOMFC......ah fck it, just kill them, kill them now.

Amen.

[gorgie greens]

Can picture the yams outside Tynecastle kicking cowboy hats about the car park:greengrin

[Treadstone]

A property tycoon........hmmm?

If this (a big IF as it is the Sun) is true, I can only see this as being bad news for Hearts! Someone can smell a huge profit in the land that the piggery sits upon....Vultures are already circling to feed on the carcass of HoMFC

Even the brokebackers are dubious. I'm guessing that it must have been someone close to the property tycoon or Valnetas UAB who told 'The Sun'!

[Jim44]

Let us pray.
Vultures? Maybe that should be 'let us prey' then. :-)

[Craig_in_Prague]

This is going to be one splendid spring/summer me thinks.

[greenpaper55]

The American wants to swoop as he is keen to keep paying Hearts ongoing tax bill and also to share in the huge profits to be made from them !, cobblers . What's to stop someone putting this story out to try and force the price of the tin shack up ?.

[Hibby Kay-Yay]

Mickey Forrester...American property tycoon???

Are you guys serious?

Nothing can happen to Hearts just now as long as UBIG still holds ownership (if that is the case?)

[bingo70]

Mickey Forrester...American property tycoon???

Are you guys serious?

Nothing can happen to Hearts just now as long as UBIG still holds ownership (if that is the case?)

What if that article in the herald was right yesterday and ukios actually own them, can they be sold then?

[matty_f]

There's a huge 'if' in that article. I would be hugely surprised if anyone thought Scottish football was a way to make a quick buck ( Sevco excluded).

[bighairyfaeleith]

What if that article in the herald was right yesterday and ukios actually own them, can they be sold then?

if the article is right then hearts should be deducted 18 points immediately

[greenginger]

Just had a look over on kickback and no mention of any Orc receiving their Hearts Accounts :confused:

Surely one of them must have a postal address or does the whole Royal Mail shut up shop on holiday weekends.

[HIBERNIAN-0762]

Mickey Forrester...American property tycoon???

Are you guys serious?

Nothing can happen to Hearts just now as long as UBIG still holds ownership (if that is the case?)

They are already claiming this guy is the white knight :hilarious

Whoa there boy! who is he? have you ever heard of him? what are his assets? what are his motives for this? property tycoon? must mean Tesco's will be getting the land sooner than they thought.

Pathetic and I mean really pathetic, one crook out another one comes in, Yam class as usual

[Hibby Kay-Yay]

Just had a look over on kickback and no mention of any Orc receiving their Hearts Accounts :confused:

Surely one of them must have a postal address or does the whole Royal Mail shut up shop on holiday weekends.

My wife's a shareholder so I'm also keen to see them...still waiting too

[bingo70]

if the article is right then hearts should be deducted 18 points immediately

Aye, mikey has told us enough times :-)

Just wondered if they'd be able to be sold though?

[HUTCHYHIBBY]

If the American tycoon thing is true then from a football point of view he is surely being linked with the wrong Edinburgh club. A wee shopping mall would look quite good down Gorgie way though!

[Gus Fring]

Aye, mikey has told us enough times :-)

Just wondered if they'd be able to be sold though?

I believe so, yes, but given they would almost certainly be in division 1 they would be an even less desireable purchase

The Yam's really will just believe whatever they want.

Last week The Sun said they were going into administration and they were calling it a rag of a paper, no truth, check their sources etc

Today The Sun says some American tycoon is buying them and they are taking it as gospel.

Mind you. Brokeback? Cowboys? :cb

[Aldo]

I must be being stupid cos I can't find anything bout this property tycoon.

Sorry having a bad morning.

[Gus Fring]

I must be being stupid cos I can't find anything bout this property tycoon.

Sorry having a bad morning.

http://www.thescottishsun.co.uk/scotsol/homepage/sport/spl/4917539/Yank-tycoon-Jambos-bid.html

[greenginger]

My wife's a shareholder so I'm also keen to see them...still waiting too

Apologies to your wife for referring to her as an Orc ! There are always exceptions to a rule. :greengrin

[greenpaper55]

They think it might be Donald Trump i kid you not , :hilarious i think they are Donald Ducked !.

[Mikey]

if the article is right then hearts should be deducted 18 points immediately

Correct. The administrator has stated that Ukio Bankas has a claim on 79% of Hearts shares and the last time I looked 79% was enough to confirm ownership.

I'll keep this simple so any passing Jambos, and Barry, can understand it.

The SPL Rules are clear about this............

A6.8 Where a Club which was a member of the League in the immediately preceding Season takes, suffers or is subject to an Insolvency Event that Club shall be deducted the greater of 10 points and one third, rounded up to the nearest whole number, of the total number of points, excluding any points deducted for any reason, gained by that Club in the League in the immediately preceding Season and where a Club which was not a member of the League in the immediately preceding Season takes, suffers or is subject to an Insolvency Event that Club shall be deducted 10 points. Where the Insolvency Event occurs during a Season, the requisite points deduction shall apply immediately. Where the Insolvency Event occurs during the Close Season the requisite points deduction shall apply in respect of the immediately following Season, such that the Club starts that immediately following Season on minus the requisite number of points.

A6.9 Where an Insolvency Event or in the event that such Insolvency Event is part of an Insolvency Process that process, continues and/or is subsisting for more than one Season then, for each such Season, during the whole or part of which such Insolvency Event or Insolvency Process is continuing and/or subsisting, the Club concerned shall be deducted 10 points and shall start each such Season on minus 10 points.

A6.10 In the event that a Club shall take, suffer or be subject to more than one Insolvency Event during any one Season and the immediately preceding Close Season, which, in the opinion of the Board, are not part of the same Insolvency Process, then that Club shall be deducted the requisite number of points determined in accordance with Rule A6.8 in respect of each separate such Insolvency Event.

A6.12 For the purposes of Rules A6.8 to A6.10 (inclusive) all references to a Club taking, suffering or being subject to an Insolvency Event and/or an Insolvency Process as well as including the owner and operator of a Club taking, suffering or being subject to an Insolvency Event and/or an Insolvency Process shall, if the Board so determines having regard to (i) the need to protect the integrity and continuity of the League; (ii) the reputation of the League; and (iii) the relationship between such owner and operator and the Group Undertaking concerned, also include any Group Undertaking of such an owner and operator taking, suffering or being subject to an Insolvency Event and/or an Insolvency Process.


Taken from here.....

http://www.scotprem.com/content/mediaassets/doc/RULES%20EFFECTIVE%203%20DECEMBER%202012.pdf

They should have had the 18 point deduction already. I really don't see how they can avoid it once the 10 day appeal period is up.




Aye, mikey has told us enough times :-)



Just in case you missed it :wink:

[#FromTheCapital]

Can't understand why anyone who doesn't have a connection to hearts would want to buy them, they are a shambles. If you were looking to buy a football club and were actually serious about it then surely you would avoid hearts like the plague

[Mikey]

Can't understand why anyone who doesn't have a connection to hearts would want to buy them, they are a shambles. If you were looking to buy a football club and were actually serious about it then surely you would avoid hearts like the plague

Correct. There's another club in Edinburgh that has very little debt, an up to date stadium and their own training facilities.

And the current owner wouldn't be difficult to deal with if the right person came along.

[Bostonhibby]

They are already claiming this guy is the white knight :hilarious

Whoa there boy! who is he? have you ever heard of him? what are his assets? what are his motives for this? property tycoon? must mean Tesco's will be getting the land sooner than they thought.

Pathetic and I mean really pathetic, one crook out another one comes in, Yam class as usual

Property tycoon? Bound to be declared a life long Yam soon.handy he is in the property game though, the £51m megasuperhotelstadium must be back on and maybe 2018 is the Champions league date? Christ they might even win another war. The clue might lie in property "tycoon". Maybe he's always wanted a debt ridden cash drain with all the other stigma that goes with this shower, not as if there are any other more viable clubs he could buy if he really wanted one, if indeed he exists!

[Cabbage East]

Correct. There's another club in Edinburgh that has very little debt, an up to date stadium and their own training facilities.

And the current owner wouldn't be difficult to deal with if the right person came along.

Bitter, bitter hobo.

5-1

1902

[Mikey]

Bitter, bitter hobo.

5-1

1902

You forgot -18

:hilarious

[Newry Hibs]

Correct. The administrator has stated that Ukio Bankas has a claim on 79% of Hearts shares and the last time I looked 79% was enough to confirm ownership.

I'll keep this simple so any passing Jambos, and Barry, can understand it.

The SPL Rules are clear about this............

...
A6.12 For the purposes of Rules A6.8 to A6.10 (inclusive) all references to a Club taking, suffering or being subject to an Insolvency Event and/or an Insolvency Process as well as including the owner and operator of a Club taking, suffering or being subject to an Insolvency Event and/or an Insolvency Process shall, if the Board so determines having regard to (i) the need to protect the integrity and continuity of the League; (ii) the reputation of the League; and (iii) the relationship between such owner and operator and the Group Undertaking concerned, also include any Group Undertaking of such an owner and operator taking, suffering or being subject to an Insolvency Event and/or an Insolvency Process.


Taken from here.....

http://www.scotprem.com/content/mediaassets/doc/RULES%20EFFECTIVE%203%20DECEMBER%202012.pdf

They should have had the 18 point deduction already. I really don't see how they can avoid it once the 10 day appeal period is up.





Just in case you missed it :wink:



What about the ' if the Board so determines ' above? What if 'they' don't determine it? Who are 'they'?

[Gus Fring]

https://si0.twimg.com/profile_images/2237202843/me_normal.jpg

Barry Anderson @BarryAnderson_ (https://twitter.com/BarryAnderson_8)

Sergejus Fedotovas tells #Hearts (https://twitter.com/search?q=%23Hearts&src=hash) fans £15m debt to Ukio won't be recalled right now & answers other finance questions in today's #EEN (https://twitter.com/search?q=%23EEN&src=hash).

#HMFC (https://twitter.com/search?q=%23HMFC&src=hash)9:11 AM - 7 May 2013 (https://twitter.com/BarryAnderson_8/statuses/331682663293403136)


I'd love to sit in on these conversations,

BA: "Awrite Serg, it's Barry is all still barry"
SF: "Yes, all is Barry Barry"
BA: "That's Barry"

[Aldo]

http://www.thescottishsun.co.uk/scotsol/homepage/sport/spl/4917539/Yank-tycoon-Jambos-bid.html

Sorry saw that article I think I meant the guy himself. Phone playing silly beggars.

Cheers again

[Not In The Know]

Correct. The administrator has stated that Ukio Bankas has a claim on 79% of Hearts shares and the last time I looked 79% was enough to confirm ownership.

I'll keep this simple so any passing Jambos, and Barry, can understand it.

The SPL Rules are clear about this............

A6.8 Where a Club which was a member of the League in the immediately preceding Season takes, suffers or is subject to an Insolvency Event that Club shall be deducted the greater of 10 points and one third, rounded up to the nearest whole number, of the total number of points, excluding any points deducted for any reason, gained by that Club in the League in the immediately preceding Season and where a Club which was not a member of the League in the immediately preceding Season takes, suffers or is subject to an Insolvency Event that Club shall be deducted 10 points. Where the Insolvency Event occurs during a Season, the requisite points deduction shall apply immediately. Where the Insolvency Event occurs during the Close Season the requisite points deduction shall apply in respect of the immediately following Season, such that the Club starts that immediately following Season on minus the requisite number of points.

A6.9 Where an Insolvency Event or in the event that such Insolvency Event is part of an Insolvency Process that process, continues and/or is subsisting for more than one Season then, for each such Season, during the whole or part of which such Insolvency Event or Insolvency Process is continuing and/or subsisting, the Club concerned shall be deducted 10 points and shall start each such Season on minus 10 points.

A6.10 In the event that a Club shall take, suffer or be subject to more than one Insolvency Event during any one Season and the immediately preceding Close Season, which, in the opinion of the Board, are not part of the same Insolvency Process, then that Club shall be deducted the requisite number of points determined in accordance with Rule A6.8 in respect of each separate such Insolvency Event.

A6.12 For the purposes of Rules A6.8 to A6.10 (inclusive) all references to a Club taking, suffering or being subject to an Insolvency Event and/or an Insolvency Process as well as including the owner and operator of a Club taking, suffering or being subject to an Insolvency Event and/or an Insolvency Process shall, if the Board so determines having regard to (i) the need to protect the integrity and continuity of the League; (ii) the reputation of the League; and (iii) the relationship between such owner and operator and the Group Undertaking concerned, also include any Group Undertaking of such an owner and operator taking, suffering or being subject to an Insolvency Event and/or an Insolvency Process.


Taken from here.....

http://www.scotprem.com/content/mediaassets/doc/RULES%20EFFECTIVE%203%20DECEMBER%202012.pdf

They should have had the 18 point deduction already. I really don't see how they can avoid it once the 10 day appeal period is up.





Just in case you missed it :wink:


Surely Dundee FC should be all over this?

[Danderhall Hibs]

Mikey- worth emailing the spl a copy of their rules along with a link to the herald article?

[kaimendhibs]

If I was involved with Dundee I would be in touch with the spl demanding answers as to why the 18 point penalty has not been applied!


Sent from my iPhone using Tapatalk

[matty_f]

https://si0.twimg.com/profile_images/2237202843/me_normal.jpg

Barry Anderson @BarryAnderson_ (https://twitter.com/BarryAnderson_8)

Sergejus Fedotovas tells #Hearts (https://twitter.com/search?q=%23Hearts&src=hash) fans £15m debt to Ukio won't be recalled right now & answers other finance questions in today's #EEN (https://twitter.com/search?q=%23EEN&src=hash).

#HMFC (https://twitter.com/search?q=%23HMFC&src=hash)9:11 AM - 7 May 2013 (https://twitter.com/BarryAnderson_8/statuses/331682663293403136)


I'd love to sit in on these conversations,

BA: "Awrite Serg, it's Barry is all still barry"
SF: "Yes, all is Barry Barry"
BA: "That's Barry"





Well, I'm convinced.

[Liberal Hibby]

https://si0.twimg.com/profile_images/2237202843/me_normal.jpg

Barry Anderson @BarryAnderson_ (https://twitter.com/BarryAnderson_8)

Sergejus Fedotovas tells #Hearts (https://twitter.com/search?q=%23Hearts&src=hash) fans £15m debt to Ukio won't be recalled right now & answers other finance questions in today's #EEN (https://twitter.com/search?q=%23EEN&src=hash).

#HMFC (https://twitter.com/search?q=%23HMFC&src=hash)9:11 AM - 7 May 2013 (https://twitter.com/BarryAnderson_8/statuses/331682663293403136)




No Fedotovas is right - the £15 million won't be recalled 'right now' - there's still another five days of the appeal to go...

[Mikey]

If I was involved with Dundee I would be in touch with the spl demanding answers as to why the 18 point penalty has not been applied!


Sent from my iPhone using Tapatalk

It's not been applied because no-one knew that the 79% had been transferred from UBIG to Ukio Bankas.

They do now!

[Newry Hibs]

If I was involved with Dundee I would be in touch with the spl demanding answers as to why the 18 point penalty has not been applied!


Sent from my iPhone using Tapatalk


But are the reports just that Ukio have a claim on the shares - so they don't actually own them (yet)?

[MacBean]

Without p*ssing on the parade, is the "Claim to 79% of Hearts" not just security pledge by UBIG, i.e. they dont actually own 79% of Hearts, but were they to call in UBIG's debt HEarts would be handed over in the event of non payment?

[green glory]

Barry Anderson @BarryAnderson_ (https://twitter.com/BarryAnderson_8)

Sergejus Fedotovas tells #Hearts (https://twitter.com/search?q=%23Hearts&src=hash) fans £15m debt to Ukio won't be recalled right now & answers other finance questions in today's #EEN (https://twitter.com/search?q=%23EEN&src=hash).

#HMFC (https://twitter.com/search?q=%23HMFC&src=hash)9:11 AM - 7 May 2013 (https://twitter.com/BarryAnderson_8/statuses/331682663293403136)

I'd love to sit in on these conversations,

BA: "Awrite Serg, it's Barry is all still barry"
SF: "Yes, all is Barry Barry"
BA: "That's Barry"




Barry just sends his wee Lloytron tape recorder round to the PBS in a taxi. An hour later it returns with his daily #allisbarry moonbeams on it.

Journalism of the highest order.

[greenpaper55]

How would he know it won't be recalled ?, they are just clinging on and hoping the dafties keep buying ST as it's another week without going on the Lithuanian dole que .

[Caversham Green]

I wonder if 'Allis' Barry thought to ask how the £15m came to be on Ukio's books in the first place when the share offer stated that it was all due to UBIG.

[Onion]

Heard from a couple of sources close to the club that they will do whatever it takes to get to the end of the season before going into admin. Lie, cheat, steal, beg and borrow. So, pretty much business as usual.

[clerriehibs]

Dundee's John Brown should get the guy who does his reading for him pick out the pertinent stuff from this thread. He'll be raging ... or smug.

[Mikey]

Dundee's John Brown should get the guy who does his reading for him pick out the pertinent stuff from this thread. He'll be raging ... or smug.

:hilarious

[WestEndHibee]

Fedotovas is probably right in saying that however at the moment its not the 15 million they need to worry about for the time being at least. It's the debt that UBIG owe UB. As soon as that is recalled UBIG will be declared bankrupt which should (although I wouldn't put anything past the incompetency of the SPL) put Hearts into admin for definite.

[Keith_M]

Without p*ssing on the parade, is the "Claim to 79% of Hearts" not just security pledge by UBIG, i.e. they dont actually own 79% of Hearts, but were they to call in UBIG's debt HEarts would be handed over in the event of non payment?


Correct.


At the moment, UB don't own Hearts, it's just one possibility (though the most likely one) of what will happen next.

[Gus Fring]

Fedotovas is probably right in saying that however at the moment its not the 15 million they need to worry about for the time being at least. It's the debt that UBIG owe UB. As soon as that is recalled UBIG will be declared bankrupt which should (although I wouldn't put anything past the incompetency of the SPL) put Hearts into admin for definite.

Spot on. :top marks

Hearts fans and staff seeming to be pinning their hopes on the fact that they are so insignificant to the administrator that by the time he gets to their debt, they'll have finished the season and be passed the cut off date. I have to assume however that UBIG will be much higher up the list. Possibly even first?

[EuanH78]

So, if no appeal within the ten days the claim to the shares is valid or what?
I manage to follow the sevco train crash pretty well but this is #allverycomplex and has me puzzled.
I take it after the ten days all debts to ukio are likely to be called in, and assuming ubigs inability to pay, they and in turn homo fc are buggered?

[Sanger]

Fedotovas is probably right in saying that however at the moment its not the 15 million they need to worry about for the time being at least. It's the debt that UBIG owe UB. As soon as that is recalled UBIG will be declared bankrupt which should (although I wouldn't put anything past the incompetency of the SPL) put Hearts into admin for definite.

Remember Ukio Bankas have a claim on the shares if UBIG can't repay the £22m that they converted to equity to fund the take over - (pay off Hearts overdraft to HBOS). Once apeal period over then administrtaor will start calling in the UB loans to UBIG (£32m of UBIG's loans lent on to Hearts of which £22m converted to shares) and Hearts (£15m which UB have Tynecastle as security). UBIG will be declared bankrupt and at that point Hearts. Might just miss end of season though.

[HUTCHYHIBBY]

Correct. There's another club in Edinburgh that has very little debt, an up to date stadium and their own training facilities.

And the current owner wouldn't be difficult to deal with if the right person came along.

See my previous post, quite right though.

[7062]

Remember Ukio Bankas have a claim on the shares if UBIG can't repay the £22m that they converted to equity to fund the take over - (pay off Hearts overdraft to HBOS). Once apeal period over then administrtaor will start calling in the UB loans to UBIG (£32m of UBIG's loans lent on to Hearts of which £22m converted to shares) and Hearts (£15m which UB have Tynecastle as security). UBIG will be declared bankrupt and at that point Hearts. Might just miss end of season though.

Would it only be if they went into liquidation that the timing wouldn't matter? i.e punted to div 3 or cease to exist

[Hibby Kay-Yay]

Remember Ukio Bankas have a claim on the shares if UBIG can't repay the £22m that they converted to equity to fund the take over - (pay off Hearts overdraft to HBOS). Once apeal period over then administrtaor will start calling in the UB loans to UBIG (£32m of UBIG's loans lent on to Hearts of which £22m converted to shares) and Hearts (£15m which UB have Tynecastle as security). UBIG will be declared bankrupt and at that point Hearts. Might just miss end of season though.

Even if it does miss the end of season they would still be rodgered as Tynie would be taken away/sold most likely to a property developer which would leave them homeless (or hobo's :wink: ) plus with a depleted squad and a minus against next seasons point tally.

I still think we're looking at a Jamco situation here regardless of the time period.

[Sproule Three]

Probably been discussed in one of the previous 433 pages but who is providing banking facilties for their current financial dealings ?
The money for the Season tickets and LC payout must be going somewhere unless its in a tin under the bed .They wouldn't have been putting any of it into UKIO since news of their insolvency

[RoscoHibby]

Even if it does miss the end of season they would still be rodgered as Tynie would be taken away/sold most likely to a property developer which would leave them homeless (or hobo's :wink: ) plus with a depleted squad and a minus against next seasons point tally.

I still think we're looking at a Jamco situation here regardless of the time period.


This is actually brilliant, they dont do irony at the PBS. Wonga splashed across the front of their shirts was last straw for me (kind of) regarding taking them seriously. But this is superb. Im going to start referring to them as hobos from now on, really just to confuse them, and once I've then had to explain it, to show up just how stupid they are and also just how donald ducked they really are!

[Gus Fring]

Here's Barry's article. Utter nonsense. It's all just conjecture on Fedotovas part. The general gist is that he's hoping to make a deal with administrator.


“£15m will not be called automatically. We plan to perform to the agreement and seek in co-operation with the administrator long-term future solutions. We believe that a sensible solution can be reached that satisfies the administrator and maintains the positive business momentum that the club has created.”

What either Fed or Barry fails to mention, is that the Administrator is well within his to listen to these proposals and tell them to bugger off!

He might as well just say "We plan on purchasing several lottery tickets between now and the start of next season and by simply picking 6 correct numbers we can secure the future of Hearts"

http://www.scotsman.com/edinburgh-evening-news/football/hearts/sergejus-fedotovas-reassures-hearts-fans-over-debt-1-2921887

[Hibby Kay-Yay]

The fact that the Hearts director was also on the previous UBIG board will probably raise some danger flags to the credibility of any Hearts payment plan.

[Geo_1875]

I wonder why they keep referring to the Administrator when they are Liquidators at this step of the process.

[Hibee87]

:faf::faf:

Fedotovas answered questions below from the Evening News in the wake of news that Ukio Bankas is to be liquidated:

Q What are Hearts’ plans for paying wages and bills during the summer months with no matches to generate income?

A “The wage bill will drop significantly in summer as much as business costs will go down in low season. We plan that enough cash will be available to take us to the start of the next season. The board is also working on varous investment options to bring more income and investment to the club.”

Q There are some suggestions that UBIG’s 79 per cent shareholding in Hearts has been transferred to Ukio Bankas. Can you tell us if this is true or false?

A “As far as we know it is false. The club had no indication this has happened.”

Q Do you know if the £15m debt Hearts owe Ukio Bankas will be recalled automatically?

A “£15m will not be called automatically. We plan to perform to the agreement and seek in co-operation with the administrator long-term future solutions. We believe that a sensible solution can be reached that satisfies the administrator and maintains the positive business momentum that the club has created.”

Q Do you have an indication of how long the liquidation of Ukio Bankas would take?

A “Ukio bankas is a relatively big business, it may take many months. The administrator will be in a position to advise once he gets hands on.”

Q Is it possible for Hearts to be sold to a new owner at the moment given Vladimir Romanov’s assets are frozen?

A “We believe certain possibilities exist given that all concerned parties will be in agreement.”

Q Bearing in mind the money owed by Hearts to UBIG and Ukio Bankas, what price would Mr Romanov be willing to accept to sell the club?

A “We are working on this at the moment, trying to establish the solution which will be best for Hearts.”

We belive, as far as we know etc are all meaningless reponses which ACTUALLY mean. 'I ken **** all!!' #all is barry

[Seveno]

Correct. There's another club in Edinburgh that has very little debt, an up to date stadium and their own training facilities.

And the current owner wouldn't be difficult to deal with if the right person came along.

I wish I knew what STF's long term intentions are with the Club. I hope that he puts them in the ownership of a Trust so that we are never owned by a crook, foreigner or both.

He sold Kwik-Fit to Ford so that he could protect the future of the company 'for his people'. Ford pumped money like there was no tomorrow, allowing them to buy all sorts of loss-making concerns. They eventually sold them to a VC who did the usual chop-chop and sold them on to another VC - more chop-chop and asset stripping. They are now in the hands of a Japanese consortium which, given the long term nature of Japanese business decision making, should secure their future. I wouldn't want Hibs to be under any forweign ownership though.

[Treadstone]

More answers may be forthcoming on the 23rd of this month at the club’s annual general meeting, which Fedotovas is expected to attend.

Very considerate of him.:aok:

[Mikey]

Q There are some suggestions that UBIG’s 79 per cent shareholding in Hearts has been transferred to Ukio Bankas. Can you tell us if this is true or false?

A “As far as we know it is false. The club had no indication this has happened.”



He was a director of UBIG when it happened. How can he not know about it?

[Hibby Kay-Yay]

He was a director of UBIG when it happened. How can he not know about it?

He's speaking as a Hearts director here, not a UBIG one :cb

[Seveno]

It annoys the hell out of me that the media keep buying the line that they are now self-sustaining. Since when did 'self-sustaining' mean conning your fans out of stumping up more cash, cake sales, face painting and selling club memorabilia. That seems to me to be a series of somewhat short term revenue streams.

[Ozyhibby]

Barry not think to ask how Hearts went from 'some banking facilities' to owing Ukio Bankas £15m in 6 months?

[Springbank]

#allisShanderson

[WestEndHibee]

He was a director of UBIG when it happened. How can he not know about it?

That one got me too. As a Director of UBIG AND of Hearts he should be in the best possible place to know that. If he knew that UB's claim wasn't valid he would come out and say it. Which leads me to two conclusions:

1. Seriously no-one knows now what has happened in terms of the money/equity being shifted around from place to place and Hearts are in an even bigger mess than previously thought.

2. He knows that UB's claim is valid but won't want to release his knowledge yet for obvious reasons.

[Treadstone]

Barry not think to ask how Hearts went from 'some banking facilities' to owing Ukio Bankas £15m in 6 months?




:tsk tsk: You give him too much credit.

[Hibby Kay-Yay]

Barry not think to ask how Hearts went from 'some banking facilities' to owing Ukio Bankas £15m in 6 months?

That's all the qualifications for being a Hearts puppet right there

[greenginger]

That one got me too. As a Director of UBIG AND of Hearts he should be in the best possible place to know that. If he knew that UB's claim wasn't valid he would come out and say it. Which leads me to two conclusions:

1. Seriously no-one knows now what has happened in terms of the money/equity being shifted around from place to place and Hearts are in an even bigger mess than previously thought.

2. He knows that UB's claim is valid but won't want to release his knowledge yet for obvious reasons.

Another question is what is Sergejus Fedotovas hanging around for ? Does he think he will get a position with the new owners if they ever materialise or is he hoping for political asylum or refugee status.

[Caversham Green]

Barry not think to ask how Hearts went from 'some banking facilities' to owing Ukio Bankas £15m in 6 months?

Fedotovas made that comment in February - after Ukio went into interim administration. In October the share offer prospectus stated that all of the debt was due to UBIG and Ukio in administration could not have taken on that debt so it was racked up between the end of October 2012 and February 2013 - and they didn't bother to inform anyone about it. Fedotovas's 'some banking facilities' comment along with the fact that he was a director of UBIG when it was all going on illustrates the character of the man.

If you believe a word from him I know of a Nigerian prince that's just dying to meet you.

[Mikey]

You would think that Barry would also have asked when the share certificates would be sent out while he had the chance.

[green glory]

You would think that Barry would also have asked when the share certificates would be sent out while he had the chance.

I keep asking him on Twitter, and he keeps ignoring this specific point.

[PerfectlyFranck]

http://www.heartsfc.co.uk/javaImages/f5/e6/0,,10289~9758453,00.jpg

[Treadstone]

You would think that Barry would also have asked when the share certificates would be sent out while he had the chance.


I keep asking him on Twitter, and he keeps ignoring this specific point.

Previously hid behind the 'after AGM at the end of April' no reason to believe otherwise that he will now be making that answer standard but May substituted for April.

[Gus Fring]

I keep asking him on Twitter, and he keeps ignoring this specific point.

He doesn't bite on Twitter anymore it seems, probably because he's made a breast of himself too many times. He's been deleting tweets a lot recently, too.

[Just Alf]

Previously hid behind the 'after AGM at the end of April' no reason to believe otherwise that he will now be making that answer standard but May substituted for April.

I also note that the "you can still attend the AGM regardless of having your certificates or not" has morphed into "you can attend future AGM's after this one"....

if this was a "normal" business the "share holders" would be up in arms.... the Yams seemed to have missed that.

[Mikey]

Have the accounts been sent out yet? They should be good for a laugh.

And if they haven't, why have they released the £25m debt figure?

[jgl07]

Have the accounts been sent out yet? They should be good for a laugh.

And if they haven't, why have they released the £25m debt figure?

They will probably require an Auditor's signature for that!

[WestEndHibee]

future agm's .

:faf:

[monktonharp]

This is actually brilliant, they dont do irony at the PBS. Wonga splashed across the front of their shirts was last straw for me (kind of) regarding taking them seriously. But this is superb. Im going to start referring to them as hobos from now on, really just to confuse them, and once I've then had to explain it, to show up just how stupid they are and also just how donald ducked they really are! are you saying that they are the Real Hobos? or is that Spanish for: Royal Homeless?:wink:

[greenlex]

He was a director of UBIG when it happened. How can he not know about it?
He ****ing knows alright. If I were a Jambo I would at him he spilled. They will get to next season and it will be confirmed. Dundee should be at the SPL till they get a definitive answer. If its proven to be lies Hearts should be thrown out if Scottish Fooball.

[The Falcon]

Have the accounts been sent out yet? They should be good for a laugh.

And if they haven't, why have they released the £25m debt figure?

There is no sign of them yet at Companies House either. Or share issues. Is this important/significant?

[Kato]

Notice Fedotas says "the club didn't know" - double speak. He knows everything and the SPL should be throwing the book at "the club". The lack of enquiry from the press, not Barry we know he is just a stooge pr man, is disgraceful. Particularly talking in terms as though Romanov has a decision to make as to whether to sell or not.

[Mikey]

Notice Fedotas says "the club didn't know" - double speak. He knows everything and the SPL should be throwing the book at "the club". The lack of enquiry from the press, not Barry we know he is just a stooge pr man, is disgraceful. Particularly talking in terms as though Romanov has a decision to make as to whether to sell or not.

It's just lie after lie after lie. As as soon as the points deduction can't affect them they'll plop themselves into administration.

[greenlex]

It's just lie after lie after lie. As as soon as the points deduction can't affect them they'll plop themselves into administration.
This is exactly why Dundee should be like a dug wi a bone. Get definitive answers instead of vague mibees aye mibees naw answers. If they are found to be lying further down the line more than a boot in the baws for punishment.

[robinp]

There is no sign of them yet at Companies House either. Or share issues. Is this important/significant?

They have to be agreed by the share holders at the AGM....well it will be by proxy, faxed from a Russian hospital bed, signed Mr Romanov.

[Dashing Bob S]

It's clear that the SPL administrators will do everything in their power to help Hearts get to the season finishing line before it goes tits up. Dundee really should be all over this and getting their lawyers to appeal for institution of the points deduction.

[weecounty hibby]

For **** sake!!! Surely we can't be the only ones to see how crooked and just plain wrong all of this is on so many levels. SPL/SFA, Uefa, criminal courts, media what the **** are they doing? Or have we got it wrong and are looking through green tinted specs and just want them gone so much that we are getting excited for no reason?

[greenginger]

They have to be agreed by the share holders at the AGM....well it will be by proxy, faxed from a Russian hospital bed, signed Mr Romanov.

Last year their accounts were published at Companies House on 10th May and their AGM was at the end of May.

[clerriehibs]

For **** sake!!! Surely we can't be the only ones to see how crooked and just plain wrong all of this is on so many levels. SPL/SFA, Uefa, criminal courts, media what the **** are they doing? Or have we got it wrong and are looking through green tinted specs and just want them gone so much that we are getting excited for no reason?

There's some stirrings on dundee forums, but I'd have expected them to be far more active.

[johnrebus]

For **** sake!!! Surely we can't be the only ones to see how crooked and just plain wrong all of this is on so many levels. SPL/SFA, Uefa, criminal courts, media what the **** are they doing? Or have we got it wrong and are looking through green tinted specs and just want them gone so much that we are getting excited for no reason?


The media don't really care about the situation at Hearts. Outside of Edinburgh no-one is really interested.

In this sad little country of ours the Bigot Brothers reign supreme.


:brickwall:

[Gus Fring]

Do Dundee have the resources (read: money to pay lawyers) to look further into this? It certainly seems that everything is not all as it seems at the PBS and Freddietopaz's question dodging in the Evening News today only increases the suspicion. It's the SPL who should be going to Hearts and asking them for clarification on a number of issues but they won't.

[AndyM_1875]

Do Dundee have the resources (read: money to pay lawyers) to look further into this? It certainly seems that everything is not all as it seems at the PBS and Freddietopaz's question dodging in the Evening News today only increases the suspicion. It's the SPL who should be going to Hearts and asking them for clarification on a number of issues but they won't.

Of course they(the SPL) won't do anything. As a body i maintain they dont give a toss about anything outside of a Celtic & Rangers. They were bitterly disappointed the SFL clubs shoved Rangers in the bottom tier instead of doing a straight swap with Dundee.
Their idea of sporting integrity is selective at best.

[Andy74]

They have to be agreed by the share holders at the AGM....well it will be by proxy, faxed from a Russian hospital bed, signed Mr Romanov.

No they don't.

[Mikey]

Dundee will swing into action when the 10 day appeal period is up :agree:

They'll have something concrete to work with then.

[Hibrandenburg]

Dundee will swing into action when the 10 day appeal period is up :agree:

They'll have something concrete to work with then.

When is that Mikey?

[Mikey]

When is that Mikey?

Sunday or Monday presumably. They'll have the rest of the week to get the points deduction approved.

[clerriehibs]

Sunday or Monday presumably. They'll have the rest of the week to get the points deduction approved.

:pray:

Wish their fans would get a bit more animated, though.

[connerg]

Dundee will swing into action when the 10 day appeal period is up :agree:

They'll have something concrete to work with then. :agree: Aye, that's what i was thinking too.

[littleplum]

Is it 10 days or 10 working days?

[Hibby D]

Do Dundee have the resources (read: money to pay lawyers) to look further into this? It certainly seems that everything is not all as it seems at the PBS and Freddietopaz's question dodging in the Evening News today only increases the suspicion. It's the SPL who should be going to Hearts and asking them for clarification on a number of issues but they won't.

Most likely not but I'm sure Mikey will organise some sort neighbourly fundraising event - every little helps :greengrin

[Caversham Green]

They have to be agreed by the share holders at the AGM....well it will be by proxy, faxed from a Russian hospital bed, signed Mr Romanov.


No they don't.

They need to be 'adopted' by the company in general meeting - i.e. the shareholders, but it's really a formality as the audited accounts can't be changed by the shareholders. Refusal to adopt would just be a vote of no confidence in the board. Civilised companies normally wait for adoption before submitting the accouts to Companies House but in HoMFC's case the majority shareholding means that adoption is a foregone conclusion, and the board hold the minority shareholders in such contempt that they won't bother with that courtesy.

[Mikey]

Do Dundee have the resources (read: money to pay lawyers) to look further into this? It certainly seems that everything is not all as it seems at the PBS and Freddietopaz's question dodging in the Evening News today only increases the suspicion. It's the SPL who should be going to Hearts and asking them for clarification on a number of issues but they won't.

All they need to do is call a full meeting of the SPL and let Hearts explain the situation. They won't be able to deal with the awkward questions that their fans (or Barry) won't ask.

The stench of BS will be overwhelming.

So.......

Tuesday - SPL meeting
Wednesday - 18 point deduction
Thursday - Hearts appeal
Friday - Appeal thrown out

Job done :greengrin

[Saorsa]

All they need to do is call a full meeting of the SPL and let Hearts explain the situation. They won't be able to deal with the awkward questions that their fans (or Barry) won't ask.

The stench of BS will be overwhelming.

So.......

Tuesday - SPL meeting
Wednesday - 18 point deduction
Thursday - Hearts appeal
Friday - Appeal thrown out


Job done :greengrinSaturday - the fans will be revolting.....

[Billy Whizz]

Saturday - the fans will be revolting.....

And on Sunday we will be celebrating at the Pink Bus Shelter

[Aldo]

All they need to do is call a full meeting of the SPL and let Hearts explain the situation. They won't be able to deal with the awkward questions that their fans (or Barry) won't ask.

The stench of BS will be overwhelming.

So.......

Tuesday - SPL meeting
Wednesday - 18 point deduction
Thursday - Hearts appeal
Friday - Appeal thrown out

Job done :greengrin

Wish it was simple as that Mikey (or is it)

[gorgie greens]

Saturday - the fans will be revolting.....

You hit the nail on the head,the fans are revolting,ugly,horrible the list goes on:greengrin

[KWJ]

Of course they(the SPL) won't do anything. As a body i maintain they dont give a toss about anything outside of a Celtic & Rangers. They were bitterly disappointed the SFL clubs shoved Rangers in the bottom tier instead of doing a straight swap with Dundee.
Their idea of sporting integrity is selective at best.

The SPL are the 12 clubs, not a body. Doesn't mean you're not wrong about their disappointment of the huns going to Div 3 though.

[blackpoolhibs]

Someone else mentioned the 11-1 voting rig surely must be invalid now if it is now one body of 42 clubs, Is this the case? :confused:

[KWJ]

Urgently required link to the fat bint with the GET VLAD OUT banner! Anybody have it, google search not helping me :greengrin

[green glory]

Urgently required link to the fat bint with the GET VLAD OUT banner! Anybody have it, google search not helping me :greengrin

Has something happened?

[Kojock]

Dundee will swing into action when the 10 day appeal period is up :agree:

They'll have something concrete to work with then.

What happens if an appeal is made, does this change timescales etc. :confused:

[Gus Fring]

Has something happened?

http://i.imgur.com/zQCPf.gif

[Vini1875]

I don't get the urgency. hearts have staggered along for so long the brink and a bit like the song three wheels on my wagon, they just keep rolling along. Personally I think it would be a good thing to have them in the SPL living within their means or cost cutting like the rest of us. I would like to see them getting humped and relegated by football means rather than through lawyers and financial mismanagement.

We know they are a mess, theyt know they are a mess and all the cake sales in the world won't save them. The collapse of the bank will take time to come knocking at their door but like a big credit card bill it is on its way.

[Diclonius]

Having surrendered the OF derby the SPL will be wanting to keep their other selling point - the Edinburgh derby.

For that reason alone I fully expect them to pull off the stops to ensure Hearts scrape through the SPL till Rangers come back up - or if there's no possible way, they'll try their damn hardest.

[Saorsa]

I don't get the urgency. hearts have staggered along for so long the brink and a bit like the song three wheels on my wagon, they just keep rolling along. Personally I think it would be a good thing to have them in the SPL living within their means or cost cutting like the rest of us. I would like to see them getting humped and relegated by football means rather than through lawyers and financial mismanagement.

We know they are a mess, theyt know they are a mess and all the cake sales in the world won't save them. The collapse of the bank will take time to come knocking at their door but like a big credit card bill it is on its way.I'd like tae see them eliminated using any and every means necessary and I'd like tae see it happen immediately if not sooner.

[bingo70]

Having surrendered the OF derby the SPL will be wanting to keep their other selling point - the Edinburgh derby.

For that reason alone I fully expect them to pull off the stops to ensure Hearts scrape through the SPL till Rangers come back up - or if there's no possible way, they'll try their damn hardest.

Tbf I can't see the Edinburgh derby being much of a selling point, It's been honking for years now, the Dundee derby is probably of more interest to neutrals now.

[Diclonius]

Tbf I can't see the Edinburgh derby being much of a selling point, It's been honking for years now, the Dundee derby is probably of more interest to neutrals now.

Regardless of the standard of football I'd expect the viewing figures to be much the same.

[KWJ]

But seriously, anybody got the picture of the fat yam lass hanging out the bedsheets?

[proud_and_green]

But seriously, anybody got the picture of the fat yam lass hanging out the bedsheets?

You are a sick, sick man!

[adhibs]

But seriously, anybody got the picture of the fat yam lass hanging out the bedsheets?

Come on people, hes got the cum sock looked out and just needs the picture

[KWJ]

Well, aye, but that's not important right now! :wink:

Some yam stuck a picture of a extremely dodgy Hibs fan, I need to rebuff him with picture of aforementioned yam.

:jamboak:

[proud_and_green]

Well, aye, but that's not important right now! :wink:

Some yam stuck a picture of a extremely dodgy Hibs fan, I need to rebuff him with picture of aforementioned yam.

:jamboak:

Yes, of course they did.....!

How long do you need with the picture?