Share Transfers Agreed/Cooling off period

[lapsedhibee]

The current crisis at Tynecastle has generated a great deal of hyperbole.

Hearts are routinely compared with Third Lanark, Airdrieonians, Gretna, Clydebank, Dunfermline and the team formerly known as Rangers FC. Some observers would have us believe that the club is in imminent danger of liquidation.

There is, however, one fundamental difference between Hearts and these other troubled combinations which most observers have failed to mention. Heart of Midlothian remain the only football club in Great Britain whose fame is not solely founded on honours won on the sporting field.

Next year sees the centenary of the voluntary enlistment of a squad of idealistic young Hearts players in a battalion of Lord Kitchener’s New Army.

Their sacrifice single-handedly prevented the sport of professional football from being “stopped” by Herbert Asquith’s government.

In 2016 we will commemorate the centenary of the destruction of that magnificent battalion in one tragic hour on the Somme.

Growing up in Scotland in the 1960s I used to wonder at the open affection displayed towards Hearts throughout the country.

Prospective investors in the club must be made aware of the unique historical significance of this great Scottish institution.

Without Hearts, professional football as we know it would not exist.

Jack Alexander

McCrae’s Battalion Trust

Did you make that up yourself? If so, it's not a credible spoof of the real Jack Alexander, unless he's recently suffered some sort of neural event.

[StevieC]

and who will buy the club with it's debts? The fans? lol

I know you threw in a "lol" but actually, puchasing the club with the debt is probably the only way that a fans consortium could manage it.
Without any hard cash to meet the £7m security over Tynecastle, I reckon the only way that they could take control is with an agreement to continue to service all/part of the current debt.
If the club is liquidated then it's Tynecastle to the highest bidder, and it seems that the Lituanians (in their attempt to use BDO over KPMG) are looking for the best return.

[Phil D. Rolls]

Alex Salmond says Hearts will survive administration :fenlon

http://www.scotsman.com/news/alex-salmond-says-hearts-will-survive-administration-1-2970919

First Minister Alex Salmond today said Hearts will survive its current financial woes and emerge “at the other end of the tunnel.”

The SNP leader is a lifelong fan of the Tynecastle club and told a gathering of business leaders in Edinburgh that it was a time of “great anxiety” for staff at the club.

Hearts’ parent company UBIG is expected to lodge papers at the Court of Session today indicating the accountancy firm BDO as the Edinburgh club’s administrators.

“The situation affects fans like myself,” he told the National Economic forum today.

“Heart of Midlothian is a substantial employer in this city. Like other clubs who have gone through this process, it’s a time of great anxiety for employees of Heart of Midlothian.

“But other clubs have gone through this process and emerged at the end of the tunnel and that’s’ what I fully expect Heart of Midlothian to do.

“We’ve been around for a long time and I expect we will be around for a long time to come.”

Apparently Mick Jagger has been to the PBS more times than Eck.

Radge21
9:48 AM on 19/06/2013
Salmond, a liar from a Party of natural born liars.
We cant believe anything the buffoon says.
Mick Jagger has been to Tynecastle more times than liar Eck.
And I am a Jambo.

[lapsedhibee]

HMV employed more people but he didn't bother his arse when they went into admin.

On a side note, the SPL fixtures are arranged by a company in Canada and its incredibly complicated. There's no way it was fixed in favour of Hearts. It'll be club 12 that's playing Celtic etc anyway, not Hearts.

Possibly being a bit dim here, but what has Canada got to do with it? Has someone recently cut the metal cable running underneath the Atlantic through which electronic communications between North America and Europe are possible? :wink:

Obviously fixed for Hearts benefit.

[Phil D. Rolls]

Possibly being a bit dim here, but what has Canada got to do with it? Has someone recently cut the metal cable running underneath the Atlantic through which electronic communications between North America and Europe are possible? :wink:

Obviously fixed for Hearts benefit.

Nobody should do business with a nation that drinks bacon milkshakes.

ENDOF

ps, what were their first three fixtures last year?

[The Leith Dutch]

Possibly being a bit dim here, but what has Canada got to do with it? Has someone recently cut the metal cable running underneath the Atlantic through which electronic communications between North America and Europe are possible? :wink:

Obviously fixed for Hearts benefit.

Depends how you define "Hearts benefit".

If (and it's hopefully looking a less likely if by the day) there is a Hearts in the SPL next season then I'd expect the governing body would do anything in their power to try to ensure they complete their fixture list.

I'm not saying they have tweaked the fixture list but if they have then it's unlikely to be a case of showing favoritism to the yams and more likely a case of trying to avoid their own rank incompetence being cruelly exposed with the pig's ear they'd no doubt make of dealing with a club who can't complete their fixtures.

[Gus Fring]

Possibly being a bit dim here, but what has Canada got to do with it? Has someone recently cut the metal cable running underneath the Atlantic through which electronic communications between North America and Europe are possible? :wink:

Obviously fixed for Hearts benefit.

My point was that the company has to be impartial, so they chose one in another country. It's then calculated by computer based on a set of per determined parameters such as Celtic being at home first, european and international fixtures, alternating home and away as often as possible etc. it's an incredibly difficult and complex process.

But the silver bullet through the heart of the conspiracy theory is that the fixtures were completed last week. Before Hearts announced the ticket sales.

Trust me. The SPL aren't helping Hearts. If they could get them out the league now, they would

[KdyHby]

"“Heart of Midlothian is a substantial employer in this city. Like other clubs who have gone through this process, it’s a time of great anxiety for employees of Heart of Midlothian."

And what about the employees of the companies that are going to lose out because of the thieves at Tynie?

[Big Ed]

The current crisis at Tynecastle has generated a great deal of hyperbole.

Hearts are routinely compared with Third Lanark, Airdrieonians, Gretna, Clydebank, Dunfermline and the team formerly known as Rangers FC. Some observers would have us believe that the club is in imminent danger of liquidation.

There is, however, one fundamental difference between Hearts and these other troubled combinations which most observers have failed to mention. Heart of Midlothian remain the only football club in Great Britain whose fame is not solely founded on honours won on the sporting field.

Next year sees the centenary of the voluntary enlistment of a squad of idealistic young Hearts players in a battalion of Lord Kitchener’s New Army.

Their sacrifice single-handedly prevented the sport of professional football from being “stopped” by Herbert Asquith’s government.

In 2016 we will commemorate the centenary of the destruction of that magnificent battalion in one tragic hour on the Somme.

Growing up in Scotland in the 1960s I used to wonder at the open affection displayed towards Hearts throughout the country.

Prospective investors in the club must be made aware of the unique historical significance of this great Scottish institution.

Without Hearts, professional football as we know it would not exist.

Jack Alexander

McCrae’s Battalion Trust

I wonder what those brave young men who perished in that war, would think of the way that everyone connected with Hearts, almost 100 years later, danced like puppets, to the tune of a foreign crook?

[Denverhibby]

Nobody should do business with a nation that drinks bacon milkshakes.

ENDOF

ps, what were their first three fixtures last year?


Its true thy have bacon milk shakes
http://m.youtube.com/watch?v=JNmUHfcE8w4

[Speedway]

I wonder what those brave young men who perished in that war, would think of the way that everyone connected with Hearts, almost 100 years later, danced like puppets, to the tune of a foreign crook?

Liutaurus Varanavicius, former chairman of Ukio Bankas - one of Hearts main creditors - says liquidation is inevitable for the troubled Tynecastle club. (Daily Mail)

[Hibbyradge]

Debts Million
Comment







Original
22
debt for equity swaps on two years to UBIG



2
Forgiven by UBIG on take over



8.8
Forgiven by Panama company 2011



7.9
payment from FC Kaunas







Total converted/forgiven
40.7








Current debt
25








Total
65.7




I'm sure someone will have more accurate figures than me, but, if we assume Hearts' average annual turnover for the last 9 years was £7.5m = £67.5m, they actually spent £132.5m compared to the approx £58m we had!

Wow! 2 silver baubles, a goal against Liverpool and liquidation on the horizon in return?

Money well squandered, I'd say.

[StevieC]

I just laughed when i saw their first 3 home games were the 3 largest money earners for them, so blatant and obvious what has went on.


Their first 3 home games: us, the Sheep and Celtc ... and they think the SPL is against them?

I don't think it's been a fix. The SPFL will be more worried about them completing fixtures and they will be looking for guarantees for the end of the season not the start. If they don't get those guarantees, especially after talk of liquidation in the media today, then they may be forced to replace them.


Still, after 3 (hopefully humiliating) defeats, the walk up support should be starting to dwindle.

That's my thinking. If they field a poor side and get beat in their first home game of the season the fans will start to walk away.

There are lots of things that are still to play out (season tickets being cancelled, players released, administration, etc.) and if they manage to stumble to the start of the season and still failed to come out of administration I can't see how the SPFL have helped by "top loading" their first 3 fixtures.

[Cabbage East]

The current crisis at Tynecastle has generated a great deal of hyperbole.

Hearts are routinely compared with Third Lanark, Airdrieonians, Gretna, Clydebank, Dunfermline and the team formerly known as Rangers FC. Some observers would have us believe that the club is in imminent danger of liquidation.

There is, however, one fundamental difference between Hearts and these other troubled combinations which most observers have failed to mention. Heart of Midlothian remain the only football club in Great Britain whose fame is not solely founded on honours won on the sporting field.

Next year sees the centenary of the voluntary enlistment of a squad of idealistic young Hearts players in a battalion of Lord Kitchener’s New Army.

Their sacrifice single-handedly prevented the sport of professional football from being “stopped” by Herbert Asquith’s government.

In 2016 we will commemorate the centenary of the destruction of that magnificent battalion in one tragic hour on the Somme.

Growing up in Scotland in the 1960s I used to wonder at the open affection displayed towards Hearts throughout the country.

Prospective investors in the club must be made aware of the unique historical significance of this great Scottish institution.

Without Hearts, professional football as we know it would not exist.

Jack Alexander

McCrae’s Battalion Trust

:faf: :faf: :faf:

[Jamesie]

Barry Anderson suggesting on twitter that a UK consortium has sent a bid to UKIO for Hearts, as well as a draft Company Voluntary Arrangements.

#allisbarryagain? Let's see what UKIO makes of it!

[CropleyWasGod]

Barry Anderson suggesting on twitter that a UK consortium has sent a bid to UKIO for Hearts, as well as a draft Company Voluntary Arrangements.

#allisbarryagain? Let's see what UKIO makes of it!

Does he know that it's not up to a bidder to draft a CVA?

[Andy74]

Liutaurus Varanavicius, former chairman of Ukio Bankas - one of Hearts main creditors - says liquidation is inevitable for the troubled Tynecastle club. (Daily Mail)

Pleasing.

[Gus Fring]

Barry Anderson suggesting on twitter that a UK consortium has sent a bid to UKIO for Hearts, as well as a draft Company Voluntary Arrangements.

#allisbarryagain? Let's see what UKIO makes of it!


How on earth has this consortium managed to get enough information to draft a CVA?

[Craig_in_Prague]

How on earth has this consortium managed to get enough information to draft a CVA?

and why send a bid to UKIO - Should it not have went to the administrators.

[Spike Mandela]

My point was that the company has to be impartial, so they chose one in another country. It's then calculated by computer based on a set of per determined parameters such as Celtic being at home first, european and international fixtures, alternating home and away as often as possible etc. it's an incredibly difficult and complex process.

But the silver bullet through the heart of the conspiracy theory is that the fixtures were completed last week. Before Hearts announced the ticket sales.

Trust me. The SPL aren't helping Hearts. If they could get them out the league now, they would

Sorry don't buy it B. Just because Hearts Announced it last week doesn't mean it wasn't discussed and requested ages ago. If the Rangers debacle taught us anything it's that the authorities are doing backroom deals constantly to save their face and their clubs.

You are entitled to your belief in their integrity B and I respect that however I will never trust anything they say ever again and certainly wouldn't take it at face value.

[Gus Fring]

and why send a bid to UKIO - Should it not have went to the administrators.

Exactly, all they can buy from UKIO is the stadium and their 29% which hasn't crystallised yet. UKIO is the secured creditor, they don't get a vote on the CVA.

[Ozyhibby]

Barry Anderson suggesting on twitter that a UK consortium has sent a bid to UKIO for Hearts, as well as a draft Company Voluntary Arrangements.

#allisbarryagain? Let's see what UKIO makes of it!

We had all this last year with Rangers. Various tyre kickers and attention seekers popping up with bids.
Why make a bid to Ukio who don't own Hearts?
How can they draft a CVA proposal when nobody yet knows the extent of Hearts debt?
Ubig, who do own Hearts, have all their assets frozen?

[SurferRosa]

Barry Anderson suggesting on twitter that a UK consortium has sent a bid to UKIO for Hearts, as well as a draft Company Voluntary Arrangements.

#allisbarryagain? Let's see what UKIO makes of it!

A consortium who cant possibly have examined Hearts accounts have " lodged a bid ".

More #allisbarry pish.

[Andy74]

Does he know that it's not up to a bidder to draft a CVA?

I followed him for about a day, picked him up on one thing and he's ditched me. :greengrin

[WestEndHibee]

My point was that the company has to be impartial, so they chose one in another country. It's then calculated by computer based on a set of per determined parameters such as Celtic being at home first, european and international fixtures, alternating home and away as often as possible etc. it's an incredibly difficult and complex process.

But the silver bullet through the heart of the conspiracy theory is that the fixtures were completed last week. Before Hearts announced the ticket sales.

Trust me. The SPL aren't helping Hearts. If they could get them out the league now, they would

I have a friend in the SPL and I agree with this. He has told me that the general feeling in there is that Hearts are going to continue to be more trouble if they stay in the SPL and their life would be a lot easier without them but any decision that would get rid of them them (i.e. the points deduction in May) MUST be watertight as they cannot afford more controversy than has already occurred.

Saying that, it is a massive coincidence that these games fall where they do.

IMHO this is irrelevant as, even if Hearts are still alive then, the transfer embargo coupled with the fire sale will leave them open to utter drubbings in their first games.

[Gus Fring]

A consortium who cant possibly have examined Hearts accounts have " lodged a bid ".

More #allisbarry pish.

With the wrong company. Even the Hearts fans are questioning him now. Somebody keep him away from a computer

[hibs0666]

Sorry don't buy it B. Just because Hearts Announced it last week doesn't mean it wasn't discussed and requested ages ago. If the Rangers debacle taught us anything it's that the authorities are doing backroom deals constantly to save their face and their clubs.

You are entitled to your belief in their integrity B and I respect that however I will never trust anything they say ever again and certainly wouldn't take it at face value.

I'm struggling to see the 'so what if they did?' here.

[Craig_in_Prague]

We had all this last year with Rangers. Various tyre kickers and attention seekers popping up with bids.
Why make a bid to Ukio who don't own Hearts?
How can they draft a CVA proposal when nobody yet knows the extent of Hearts debt?
Ubig, who do own Hearts, have all their assets frozen?

The problem with the internet, is even idiots can own a PC (or buy one and just maybe pay for it later).

[Part/Time Supporter]

My point was that the company has to be impartial, so they chose one in another country. It's then calculated by computer based on a set of per determined parameters such as Celtic being at home first, european and international fixtures, alternating home and away as often as possible etc. it's an incredibly difficult and complex process.

But the silver bullet through the heart of the conspiracy theory is that the fixtures were completed last week. Before Hearts announced the ticket sales.

Trust me. The SPL aren't helping Hearts. If they could get them out the league now, they would

:agree:

There's a big risk of them being liquidated during the season, either by a CVA proposal failing or the administrator simply running out of cash. That would cause a much bigger problem practically for the SPL than even the Rangers situation. At least they had the good grace to have their CVA rejected during the close season, which meant there was some time to consider their application for share transfer and agree upon a replacement.

If Hearts had to be liquidated, the SPL/SPFL would then have two options:

1. Allow Hearts to transfer their league share to a newco and let them carry on as normal: Rangers would go absolutely ballistic. Not really a viable option.

2. Kick them out of the league. They would then have to figure out what the hell to do with the Hearts results to that date. Also causes the problem of the other 11 clubs losing one or two home gates during the rest of the season.

[Andy74]

The problem with the internet, is even idiots can own a PC (or buy one and just maybe pay for it later).

Then they get a job with the Evening News.

[greengnome]

The yams employ less than 200 people, mostly part time. Yet Alex Salmond thinks they are a major employer in Edinburgh. Clearly his grip on reality gets worse every day he get closer to the referendum. Can't trust a word he says.



He would be better shutting his trap....Get on with more important matters that affect Scotland as a whole, again,he will be looking at the situation as a points scorer... :cb

[Gus Fring]

He would be better shutting his trap....Get on with more important matters that affect Scotland as a whole, again,he will be looking at the situation as a points scorer... :cb

If he saves them, thats 400,000 guaranteed Yes votes?

[greengnome]

If he saves them, thats 400,000 guaranteed Yes votes?


Yep... Exactly!...:aok:

[Gus Fring]

Sky Sports News @SkySportsNews
(http://twitter.com/SkySportsNews)Sky sources: UK-based consortium makes offer to buy Hearts #SSN (http://twitter.com/search?q=%23SSN)

[SurferRosa]

With the wrong company. Even the Hearts fans are questioning him now. Somebody keep him away from a computer

SSN are actually reporting this. They just announced that a bid complete with a draft CVA had been lodged with UKIO Bankas administrators.

Does nobody that works within Sports journalism have a brain? Or even check facts.

[Gus Fring]

SSN are actually reporting this. They just announced that a bid complete with a draft CVA had been lodged with UKIO Bankas administrators.

Does nobody that works within Sports journalism have a brain? Or even check facts.

I could believe there is a bid, that part is plausible. If the second part is true then they've gone the wrong way about it. But seeing as the source appears to be Barry Anderson I can't believe any of it.

[The Leith Dutch]

687(!) pages in but it does look like proper end game time.

As I understand it Hearts are in Administation (or at least will be in once the papers are filed).

That would mean that by the start of next season (in 45 days time) they could (unless I'm missing something) be in one of three possible situations:

- Still in Administration
- Liquidated
- Out of Administration and trading "normally"

Wondering if I could impose further on the more astute people (both financially and football rulebook) who have already done such sterling work and ask them to clarify some stuff on those states.



If they're still in Administration (unlikely I know) can they actually start the season and would there be any further penalties beyond the 15 point deduction?
If they've been liquidated and their SPL share acquired by a newco (ala TRFC) can they play in the SPL?
If they become wee Sevco after liquidation but can't play in the SPL can they automatically get into D3 or are there further requirements?
Is there anything other than a CVA they need to be out of admin and trading normally?
Would either liquidation or out of administration be possible while the assets are frozen?


And feel free to ignore this if, you know, you have payed work to be getting on with :greengrin

[Phil D. Rolls]

Hearts first three home fixtures last year were St Johnstone, Inverness and Kilmarnock.

:hmmm:

[hibs0666]

If they're still in Administration (unlikely I know) can they actually start the season and would there be any further penalties beyond the 15 point deduction?

They are likely to be subject to other penalties like a transfer ban if things like players wages remain outstanding.


If they've been liquidated and their SPL share acquired by a newco (ala TRFC) can they play in the SPL?

Nope. If they are liquidated during the season they will be papped oot and the SPL will have a right balls-up to deal with.


If they become wee Sevco after liquidation but can't play in the SPL can they automatically get into D3 or are there further requirements?

Nothing automatic about it. It gets really bad for them if the season has already begun.


Is there anything other than a CVA they need to be out of admin and trading normally?

Cash, and a right good chunk of it.


Would either liquidation or out of administration be possible while the assets are frozen?


Yes. Liquidation is more likely the longer the asset is frozen.

[big-mo]

687(!) pages in but it does look like proper end game time.

As I understand it Hearts are in Administation (or at least will be in once the papers are filed).

That would mean that by the start of next season (in 45 days time) they could (unless I'm missing something) be in one of three possible situations:

- Still in Administration
- Liquidated
- Out of Administration and trading "normally"

Wondering if I could impose further on the more astute people (both financially and football rulebook) who have already done such sterling work and ask them to clarify some stuff on those states.



If they're still in Administration (unlikely I know) can they actually start the season and would there be any further penalties beyond the 15 point deduction?
If they've been liquidated and their SPL share acquired by a newco (ala TRFC) can they play in the SPL?
If they become wee Sevco after liquidation but can't play in the SPL can they automatically get into D3 or are there further requirements?
Is there anything other than a CVA they need to be out of admin and trading normally?
Would either liquidation or out of administration be possible while the assets are frozen?


And feel free to ignore this if, you know, you have payed work to be getting on with :greengrin

D3 would be in doubt now that we have a new league set-up, because the pyramidal system now in place they might have to be in the new South of Scotland league or what even it is being called.

[clerriehibs]

There's a lot of apparently informed allegations that the transfer of large amounts of hearts debt for equity, between them and ubig/ukio was ropey to say the least.

Will the amounts become public through the various admin processes?
Giventhe transfers did happen, and must have been rubber-stamped by some authority - if they were crooked, can they be reversed, giving potential homfc suitors an even bigger headache?

[big-mo]

If they fail to pay the players in July, what additional sanctions would be applied?

[Gus Fring]

If they fail to pay the players in July, what additional sanctions would be applied?

None. The transfer embargo will stay in place. If they are in Admin that supercedes the payments though, the players are just a creditor then.

[Hibee87]

If they fail to pay the players in July, what additional sanctions would be applied?

My guess somthing like the players would be able to leave under some freedom of contract rule, only a guess as I dont know how it all works. Any player with a brain will be oot like a shot I'd have though. IF they make next season its -15 points and most likely a minumin trnasfer embargo of a year (unless under 18/21, i think that was the rangers ruling) and have to be a free transfer not a paid for player.

[Hibee87]

The big question today is WHEN is the hearing due to be held in the courts to ACTUALLY appoint an administrator :-/

[Part/Time Supporter]

If they fail to pay the players in July, what additional sanctions would be applied?

None - assuming you mean that if that occurred with an administrator running the club. There's no point in fining them, they're going to be deducted 15 points for the insolvency and they are under transfer embargo for the duration of the administration anyway.

[Gus Fring]

The big question today is WHEN is the hearing due to be held in the courts to ACTUALLY appoint an administrator :-/

Friday apparently.

[Gus Fring]

Barry's article is up http://www.scotsman.com/edinburgh-evening-news/football/hearts/hearts-in-administration-new-bid-made-for-club-1-2971167

I'm suspicious now. Hearts announced they were going in to admin on Monday and this bid was apparently recieved not long afterwards. Now conveniently there are delays in appointing an Administrator?

[s.a.m]

My guess somthing like the players would be able to leave under some freedom of contract rule, only a guess as I dont know how it all works. Any player with a brain will be oot like a shot I'd have though. IF they make next season its -15 points and most likely a minumin trnasfer embargo of a year (unless under 18/21, i think that was the rangers ruling) and have to be a free transfer not a paid for player.

I was wondering about this myself - I should know the answer to is after the hours and days reading and enjoying the Sevco thread, but does administration enable the players to walk out, or does that only happen with liquidation? Or is there a period of 'no getting any wages' that triggers a contract release?

[Caversham Green]

Sky Sports News @SkySportsNews
(http://twitter.com/SkySportsNews)Sky sources: UK-based consortium makes offer to buy Hearts #SSN (http://twitter.com/search?q=%23SSN)


This is a strange one. If true I'm guessing it's Massone, but the fact remains that UBIG own 79.9% of HoMFC's share capital, notwithstanding that some of that has been pledged to Ukio. UBIG's assets remain frozen so UBIG simply can't sell. Ukio are a secured creditor and may also have an unsecured balance, but a CVA has to be offered to all unsecured creditors (and approved by 75% in value of them) - that can't possibly have happened. Finally due diligence is highly unlikely to have been carried out.

I think this is nothing more than a testing of the water.

[Andy74]

None - assuming you mean that if that occurred with an administrator running the club. There's no point in fining them, they're going to be deducted 15 points for the insolvency and they are under transfer embargo for the duration of the administration anyway.

I don't think that's true. The last time they defaulted the signing ban was lifted when they were up to date but as further punishment they were under a limited registration on a one out one in basis, on no more cash than the outgoing player and under 21 only.

If they get back to paying wages they still have the hearing to decide what further sanctions will be applied. They surely can't be any less than the previous one so there's no way that Hearts, even if they are sold or have some type of Lazarus type return, should be in a position to bring in any players over 21 for the whole of next season.

[Treadstone]

My point was that the company has to be impartial, so they chose one in another country. It's then calculated by computer based on a set of per determined parameters such as Celtic being at home first, european and international fixtures, alternating home and away as often as possible etc. it's an incredibly difficult and complex process.

But the silver bullet through the heart of the conspiracy theory is that the fixtures were completed last week. Before Hearts announced the ticket sales.

Trust me. The SPL aren't helping Hearts. If they could get them out the league now, they would

Sorry don't buy it B. Just because Hearts Announced it last week doesn't mean it wasn't discussed and requested ages ago. If the Rangers debacle taught us anything it's that the authorities are doing backroom deals constantly to save their face and their clubs.

You are entitled to your belief in their integrity B and I respect that however I will never trust anything they say ever again and certainly wouldn't take it at face value.

I'm with Spike here Bajillions, although with the caveat that they are doing it to help themselves not look like mugs as much as they are doing it for HMFC.

A few years ago a Scotland international (under the Burley reign) was scheduled before an Old firm fixture. Several players called off and lo and behold most were fit for the RanTic game. The bodies that run our game agreed to manage the fixture list better to help everybody. This included no Old firm game before/after internationals, home fixtures for teams before Euro competitions where possible and such like.

They gave the contract to a Canadian company (http://www.optimalplanning.com/clients/client_list.htm) well versed in setting fixture lists at high and unnecessary cost as to appease the fans of the ugly sisters into their independence. Fans that are not averse to calling into question the integrity of high court judges, lawyers, church officials and any other members of society they don't agree with.

The head honchos of fitba' in Scotland told us that they do it for MLB and other major leagues. MLB has a demanding schedule of playing 162 games in an approximately 180 day span taking into account the vast geographical nature of the US and achieving balance in the schedule.

This could easily have been given to a university to do as a project for little or no cost other than a donation to the academic institution. Again though the ugly sisters would complain about something- probably just easier for them to tell them Canadians are doing it as to alleviate the conspiracy theories. I'd actually fancy myself to knock up a decent fixture list with Excel, a pot of coffee and an afternoon off. So although the fixtures were possibly made last week, I don't see that transplanting a couple of fixtures would have been beyond them.:cb

ps I don't see MLB as their client anymore I think they may have went in house.

[Hibee87]

I'm with Spike here Bajillions, although with the caveat that they are doing it to help themselves not look like mugs as much as they are doing it for HMFC.

A few years ago a Scotland international (under the Burley reign) was scheduled before an Old firm fixture. Several players called off and lo and behold most were fit for the RanTic game. The bodies that run our game agreed to manage the fixture list better to help everybody. This included no Old firm game before/after internationals, home fixtures for teams before Euro competitions where possible and such like.

They gave the contract to a Canadian company (http://www.optimalplanning.com/clients/client_list.htm) well versed in setting fixture lists at high and unnecessary cost as to appease the fans of the ugly sisters into their independence. Fans that are not averse to calling into question the integrity of high court judges, lawyers, church officials and any other members of society they don't agree with.

The head honchos of fitba' in Scotland told us that they do it for MLB and other major leagues. MLB has a demanding schedule of playing 162 games in an approximately 180 day span taking into account the vast geographical nature of the US and achieving balance in the schedule.

This could easily have been given to a university to do as a project for little or no cost other than a donation to the academic institution. Again though the ugly sisters would complain about something- probably just easier for them to tell them Canadians are doing it as to alleviate the conspiracy theories. I'd actually fancy myself to knock up a decent fixture list with Excel, a pot of coffee and an afternoon off. So although the fixtures were possibly made last week, I don't see that transplanting a couple of fixtures would have been beyond them.:cb

ps I don't see MLB as their client anymore I think they may have went in house.

5 Years ago I worked for a company called ATOS Origin, there was a guy who done ALL the football fixtures in scotland and england, except the SPL.... I Always wondered WHY this was but never got an answer.......then they go and pay a canadian company to manage this, very strange indeed

[Hibee87]

Friday apparently.

Where did you hear this? Forth one radio news this morning said it was today - not doubting you just curious and also confused its taking so long, even with the lith's rejecting the KPMG appointment.

[Gus Fring]

Where did you hear this? Forth one radio news this morning said it was today - not doubting you just curious and also confused its taking so long, even with the lith's rejecting the KPMG appointment.

I've heard that's when the next appointment is to see a Judge. Could be wrong. Hope I am

[SurferRosa]

http://www.scotsman.com/edinburgh-evening-news/football/hearts/hearts-in-administration-new-bid-made-for-club-1-2971167

[SurferRosa]

Barry's article is up http://www.scotsman.com/edinburgh-evening-news/football/hearts/hearts-in-administration-new-bid-made-for-club-1-2971167

I'm suspicious now. Hearts announced they were going in to admin on Monday and this bid was apparently recieved not long afterwards. Now conveniently there are delays in appointing an Administrator?

Apologies, i never noticed you`d already posted the link.

[Treadstone]

Barry's article is up http://www.scotsman.com/edinburgh-evening-news/football/hearts/hearts-in-administration-new-bid-made-for-club-1-2971167

I'm suspicious now. Hearts announced they were going in to admin on Monday and this bid was apparently recieved not long afterwards. Now conveniently there are delays in appointing an Administrator?

What are you thinking here Bajillions ? UKIO and 'the consortium' calling each others bluff.

UKIO : "Make a bid or its admin"

'the consortium' : "Gaun then"

UKIO : "How do you like them apples?"

'the consortium' : "Delay it and we will show you our bid"

UKIO : "You have until Wednesday"

Feel free to shoot it down.:greengrin

[PapillonVert]

The yams employ less than 200 people, mostly part time. Yet Alex Salmond thinks they are a major employer in Edinburgh. Clearly his grip on reality gets worse every day he get closer to the referendum. Can't trust a word he says.



A "major employer" which has been using a decidedly dodgy (and economically unsustainable) business model to generate the income to pay its employees (when it could manage) whilst simultaneously avoiding handing over PAYE and NI contributions and other taxes to HMRC, thereby cheating all those taxpayers who pay their dues on time.

Is that the kind of "major employer" the city needs?

[StevieC]

Barry's article is up http://www.scotsman.com/edinburgh-evening-news/football/hearts/hearts-in-administration-new-bid-made-for-club-1-2971167

This just sounds like the Scandanavian lot. The ones that FoH said were nothing but wind and pish.

:dunno:

[Gus Fring]

What are you thinking here Bajillions ? UKIO and 'the consortium' calling each others bluff.

UKIO : "Make a bid or its admin"

'the consortium' : "Gaun then"

UKIO : "How do you like them apples?"

'the consortium' : "Delay it and we will show you our bid"

UKIO : "You have until Wednesday"

Feel free to shoot it down.:greengrin

I won't cause that's pretty much what I figured.

An alternative is that the consortium has shown UKIO their hand. UKIO now know that offers for the club will be poor. They've moved to appoint their own administrator.

I have corrected the Evening News' back page for them regardless.

http://i43.tinypic.com/2my0tno.jpg

[Tollhouse Hibee]

It is gonna be so funny when the Jambos realise Charles Green is involved in the new consortium.

Out of the frying pan into the fire

:thumbsup:

[Peevemor]

This just sounds like the Scandanavian lot. The ones that FoH said were nothing but wind and pish.

:dunno:



The Lithuanian administrator has indicated he will vote for our CVA, albeit with a 15-point penalty for Hearts for entering administration. It is up to the administrator at Hearts to go through that process. Our bid is predicated on a CVA

That's the interesting bit.

[PapillonVert]

This is a strange one. If true I'm guessing it's Massone, but the fact remains that UBIG own 79.9% of HoMFC's share capital, notwithstanding that some of that has been pledged to Ukio. UBIG's assets remain frozen so UBIG simply can't sell. Ukio are a secured creditor and may also have an unsecured balance, but a CVA has to be offered to all unsecured creditors (and approved by 75% in value of them) - that can't possibly have happened. Finally due diligence is highly unlikely to have been carried out.

I think this is nothing more than a testing of the water.

:agree: Any bid will most likely have conditions attached.

And due diligence, if properly carried out, could reveal a vipers' nest of issues for a new proprietor.

The Directors have not been exactly keen on daylight being thrown on the books for some time. God knows what horrors might creep out either through due diligence or administrator/liquidator moving in and getting their hands on the books (always assuming the relevant documentation has not been "accidentally" destroyed or gone missing somewhere - rather like the putative owner).

[greengnome]

That's the interesting bit.


Clarify please..... For us less well read Hibby's..(Me) :rolleyes:

[Treadstone]

I have corrected the Evening News' back page for them regardless.

http://i43.tinypic.com/2my0tno.jpg

Can you correct the one at the top 'First capital derby on second day of season' we play Motherwell that day could be stretching the squad a bit or we could play the Yams on the second weekend of the season.:cb

[SurferRosa]

That's the interesting bit.

I dont understand this at all. How can UKIOs administrator accept a CVA? My understanding is that UBIG hold the majority of unsecured debt so it`s their decision that would count in a CVA vote surely? And, as far as we know, there is nobody at UBIG who is authorised to do this.....until they have their own administrator appointed. :confused:

[Gus Fring]

I dont understand this at all. How can UKIOs administrator accept a CVA? My understanding is that UBIG hold the majority of unsecured debt so it`s their decision that would count in a CVA vote surely? And, as far as we know, there is nobody at UBIG who is authorised to do this.....until they have their own administrator appointed. :confused:

They can't. Barry Anderson wrote the Article. That should explain everything

[nribs]

Can one of the financial savy guys tell me does it look like these ****s sre really going to get away with all the cheating over the years!! It's affecting my work now.

[ScottB]

Why on Earth would the Lithuanians vote for a £500k CVA? Something doesn't add up...

[LeighLoyal]

Why on Earth would the Lithuanians vote for a £500k CVA? Something doesn't add up...



I don't get that either. :confused:

[Peevemor]

Clarify please..... For us less well read Hibby's..(Me) :rolleyes:

One of the major problems for anyone looking to take over Hearts is their debts to both UBIG and UKIO which include a security of the PBS. A CVA defines how much of these debts will be paid, eg. 10p in the £ or whatever. If a Lithuanian administrator has indicated that they are willing to accept the CVA proposed, then assuming a purchase price can also be agreed, this new consortium could take control of Hearts, including Tynecastle, debt free.

[Andy74]

Why on Earth would the Lithuanians vote for a £500k CVA? Something doesn't add up...

Where did the 500k come into it?

[Peevemor]

I dont understand this at all. How can UKIOs administrator accept a CVA? My understanding is that UBIG hold the majority of unsecured debt so it`s their decision that would count in a CVA vote surely? And, as far as we know, there is nobody at UBIG who is authorised to do this.....until they have their own administrator appointed. :confused:

Good point, but I'd imagine a CVA proposal which is acceptible to UKIO's administrator would also work for whoever's put in charge of UBIG.

[Leithenhibby]

I dont understand this at all. How can UKIOs administrator accept a CVA? My understanding is that UBIG hold the majority of unsecured debt so it`s their decision that would count in a CVA vote surely? And, as far as we know, there is nobody at UBIG who is authorised to do this.....until they have their own administrator appointed. :confused:


They can't. Barry Anderson wrote the Article. That should explain everything

It should, but how can UBIG make these decisions without Directors? :wink:

[JeMeSouviens]

Can one of the financial savy guys tell me does it look like these ****s sre really going to get away with all the cheating over the years!! It's affecting my work now.

1. The cheating over the years.

I think we should be careful about what we call cheating. They have overspent and racked up debt since Mercer days. Was that cheating? No, plenty of clubs have done it and if you can service the debt then there's nothing against it in the rules, however morally dubious it might be. On the other hand, when they started failing to pay their players on time but kept signing new ones, that absolutely is cheating and that's what the 15 pt admin penalty and last season's transfer embargo was for.

2. Are they going to get away with it?

The absolute best case scenario for Hearts is that they find new owners who can satisfy the security over Tiny and agree a CVA with the other creditors. Even if that best case scenario happens (and there are all sorts of things that can go wrong, not least finding someone who actually has the money when push comes to shove) they will start next season on -15 with a ***** squad that makes relegation all but certain. If that qualifies as getting away with it then, yes, they might.

[Ozyhibby]

Good point, but I'd imagine a CVA proposal which is acceptible to UKIO's administrator would also work for whoever's put in charge of UBIG.

Ukio's admin won't get a vote on a CVA. They are a secured creditor.

[greengnome]

One of the major problems for anyone looking to take over Hearts is their debts to both UBIG and UKIO which include a security of the PBS. A CVA defines how much of these debts will be paid, eg. 10p in the £ or whatever. If a Lithuanian administrator has indicated that they are willing to accept the CVA proposed, then assuming a purchase price can also be agreed, this new consortium could take control of Hearts, including Tynecastle, debt free.



Thanks for this info'.... Appreciated!.... My gut feeling is that the Yams are gonna get off very lightly... It seems that cheating does pay? Or maybe that is me being anti jambo?...
Again, thanks. :aok:

[Peevemor]

Can one of the financial savy guys tell me does it look like these ****s sre really going to get away with all the cheating over the years!! It's affecting my work now.

It shouldn't be that straightforward given the messy relationship between UBIG/UKIO/Hearts/whatever other holding companies are involved as well as any alleged illegal/money laundering/fraud stuff, but in Luthuania they may well take the global view that a bid of say £5-10m is better than nowt.

[clerriehibs]

1. The cheating over the years.

I think we should be careful about what we call cheating. They have overspent and racked up debt since Mercer days. Was that cheating? No, plenty of clubs have done it and if you can service the debt then there's nothing against it in the rules, however morally dubious it might be. On the other hand, when they started failing to pay their players on time but kept signing new ones, that absolutely is cheating and that's what the 15 pt admin penalty and last season's transfer embargo was for.

2. Are they going to get away with it?

The absolute best case scenario for Hearts is that they find new owners who can satisfy the security over Tiny and agree a CVA with the other creditors. Even if that best case scenario happens (and there are all sorts of things that can go wrong, not least finding someone who actually has the money when push comes to shove) they will start next season on -15 with a ***** squad that makes relegation all but certain. If that qualifies as getting away with it then, yes, they might.

Might not be a ***** squad. Dependent on who comes in (if and when) there may be no embargo and there may be money to burn on signings. Someone else's money, but par for the course.

[Peevemor]

What's the betting on Leslie Deans being involved with this new lot? He's been very quiet of late. :hmmm:

[jgl07]

Why on Earth would the Lithuanians vote for a £500k CVA? Something doesn't add up...

Was it a CVA. I interpreted the £500,000 as a investment secured against the transfer values of players to avoid administration. Some sort of third party ownership of player contracts. This would not be allowed in England (see the West Ham Carlos Tevez case) although I am not sure about Scotland. It seems rather implausible either way.

[Andy74]

Might not be a ***** squad. Dependent on who comes in (if and when) there may be no embargo and there may be money to burn on signings. Someone else's money, but par for the course.

There is a hearing due on not paying last wage.

The last time it happened the total ban was lifted when up to date but they got a restricted registration arrangement for the rest of the season.

I can't see how they could get any less this time so they shouldn't get any new players next year over 21.

[clerriehibs]

Might not be a ***** squad. Dependent on who comes in (if and when) there may be no embargo and there may be money to burn on signings. Someone else's money, but par for the course.

And ... no admin yet, so that scenario might not happen either.

[SurferRosa]

It should, but how can UBIG make these decisions without Directors? :wink:

They cant. An appointed administrator could though, which they haven`t got yet.

[Ozyhibby]

1. The cheating over the years.

I think we should be careful about what we call cheating. They have overspent and racked up debt since Mercer days. Was that cheating? No, plenty of clubs have done it and if you can service the debt then there's nothing against it in the rules, however morally dubious it might be. On the other hand, when they started failing to pay their players on time but kept signing new ones, that absolutely is cheating and that's what the 15 pt admin penalty and last season's transfer embargo was for.

2. Are they going to get away with it?

The absolute best case scenario for Hearts is that they find new owners who can satisfy the security over Tiny and agree a CVA with the other creditors. Even if that best case scenario happens (and there are all sorts of things that can go wrong, not least finding someone who actually has the money when push comes to shove) they will start next season on -15 with a ***** squad that makes relegation all but certain. If that qualifies as getting away with it then, yes, they might.

I imagine cheating is only declared when you fail to pay back the money you borrowed.

[HFC 0-7]

Ukio's admin won't get a vote on a CVA. They are a secured creditor.

They will get a vote. Their security is only for 6.8million. They are owed £15 million so they will have an input on the cva for what the security doesn't cover.

worth noting that the longer they take to go into admin the more debt they will be racking up, vat or PAYE will be due again soon.

the articles about them being bought and the people buying having a draft cva sounds strange as they would need them in admin to apply a cva?

[--------]

Might not be a ***** squad. Dependent on who comes in (if and when) there may be no embargo and there may be money to burn on signings. Someone else's money, but par for the course.

That thought's occurred to me too.

It all depends on who takes over and how quickly they can sort things out. Happy as I am that they're suffering right now, I hope we don't all end up with egg on our faces in the long run.

[Treadstone]

What's the betting on Leslie Deans being involved with this new lot? He's been very quiet of late. :hmmm:

Aye no heard of him since he wanted to bury deid Yams in exchange for their money.:cb

[Leithenhibby]

I dont understand this at all. How can UKIOs administrator accept a CVA? My understanding is that UBIG hold the majority of unsecured debt so it`s their decision that would count in a CVA vote surely? And, as far as we know, there is nobody at UBIG who is authorised to do this.....until they have their own administrator appointed. :confused:


They cant. An appointed administrator could though, which they haven`t got yet.

Thanks for that!

Still way too many avenues that this could go! Not sure how much I can take. :greengrin

What I would say though, I'm just glad that www, fb and twitter were nowhere to be seen when WM tried his sneaky move on us! :agree:

[Kato]

Interview with Varanavicius in The Daily Mail - "Bankruptcy and liquidation is the only way out for Hearts now."

Interview with Varanavicius in Edinburgh Evening News - "I think the debt will need to be written off and the club can start from scratch. I think that’s the only way.”

Both papers are obviously rags but one in particular is more raggy when it comes to HMFC - EEN article written by #AllisBarry

[joe breezy]

STV Sport ‏@STVSport 1m
BDO have been appointed as administrators at Hearts. More: http://sport.stv.tv

[joe breezy]

STV Sport ‏@STVSport 1m
BDO have been appointed as administrators at Hearts. More: http://sport.stv.tv

:greengrin

[HFC 0-7]

STV Sport ‏@STVSport 1m
BDO have been appointed as administrators at Hearts. More: http://sport.stv.tv

where does it say that?

[Leithenhibby]

where does it say that?

That's what I was thinking :wink:

[SaulGoodman]

Pleasing

[SaulGoodman]

where does it say that?

http://m.stv.tv/sport/football/229984-bdo-appointed-as-administrators-at-heart-of-midlothian-football-club/

[bounty]

Pleasing

https://twitter.com/BarryAnderson_8/status/347332505625571329

[Glorious]

where does it say that?

Second section down.

[Saorsa]

http://sport.stv.tv/football/clubs/hearts/229984-bdo-appointed-as-administrators-at-heart-of-midlothian-football-club/

[YehButNoBut]

On this link

http://sport.stv.tv/football/clubs/hearts/229984-bdo-appointed-as-administrators-at-heart-of-midlothian-football-club/

BDO have been confirmed as the administrators at Heart of Midlothian Football Club.

The firm, which is also currently overseeing the administration process at Dunfermline Athletic, were formally appointed on Wednesday afternoon.

Hearts signalled their intent to go into administration on Monday.

Valnetas UAB, the administrators of the company's major creditor Ukio Bankas, had made moves to appoint BDO after Hearts themselves had attempted to have KPMG appointed to the job.

[Ross4356]

13 months to the day aswell :)

[JeMeSouviens]

They will get a vote. Their security is only for 6.8million. They are owed £15 million so they will have an input on the cva for what the security doesn't cover.

worth noting that the longer they take to go into admin the more debt they will be racking up, vat or PAYE will be due again soon.

the articles about them being bought and the people buying having a draft cva sounds strange as they would need them in admin to apply a cva?

Not quite.

Ukio have a fixed charge of £6.8M over Tiny and a floating charge over all the rest of HMFC's assets covering the rest of the debt. It is all secured.

UBIG's £10M has been assumed unsecured based on Fedotovas comments at Yam AGM, but who knows? If there turns they also have a floating charge (they definitely did until at least late last year) then Hector will have block power and it's game over.

We shall see.

[pontius pilate]

Haha ****ing brilliant lith admins as well. They are going to **** the **** over big style. I have a feeling the **** and shut castle will be sold separately.GIRFUY.
Ya bunch if filthy puddle drinking wasters

[GlenrothesHibee]

Just when they thought it couldnt get any worse hahaha

[YehButNoBut]

Sky Sports News ‏@SkySportsNews BREAKING: Hearts go into administration #SSN

[Treadstone]

Interview with Varanavicius in The Daily Mail - "Bankruptcy and liquidation is the only way out for Hearts now."

Interview with Varanavicius in Edinburgh Evening News - "I think the debt will need to be written off and the club can start from scratch. I think that’s the only way.”

Both papers are obviously rags but one in particular is more raggy when it comes to HMFC - EEN article written by #AllisBarry

Incorrect Kato. Copy and pasted by #allisbarry :greengrin

[Jones28]

Hahahahahahahahahahahahaha girfuy

[jacomo]

Apologies if already posted:

http://www.scotsman.com/sport/football/english/rumour-mill-10m-wanyama-bid-hearts-celtic-fan-ban-1-2970893


• Former Ukio Bankas Liutauras Varanavicius believes that liquidation is a real possibility for Hearts. The former director at Tynecastle said: “I thought maybe the club would be sold before administration happened, but the market has been bad and it’s the wrong time to sell anything in football.

“Bankruptcy and liquidation is the only way out for Hearts now.” (Mail)

As a former director, he should know, right?

[SteveHFC]

Sky Sports News ‏@SkySportsNews BREAKING: Hearts go into administration #SSN


http://24.media.tumblr.com/tumblr_m3dd***VFz1rtuuo6o1_500.gif

[Haymaker]

Time for all those gifs you've saved up Steve!

[s.a.m]

https://twitter.com/BarryAnderson_8/status/347332505625571329

john david cameron ‏@camoes_john 12m (https://twitter.com/camoes_john/status/347332989199466496) @BarryAnderson_8 (https://twitter.com/BarryAnderson_8) lithuanians get thier way then#joke


John David Cameron's moral compass is pointing him in the wrong direction.
'Mon the Lithuanian tax payers and bank depositors,:protest:

[Caversham Green]

Not quite.

Ukio have a fixed charge of £6.8M over Tiny and a floating charge over all the rest of HMFC's assets covering the rest of the debt. It is all secured.

UBIG's £10M has been assumed unsecured based on Fedotovas comments at Yam AGM, but who knows? If there turns they also have a floating charge (they definitely did until at least late last year) then Hector will have block power and it's game over.

We shall see.

The law tends to rely on what is registered at Companies House (for example a director is only a director from the time his appointment is registered) and the securities according to Cos Hos in ranking order are:

Fixed security in favour of Ukio for the amount of £6.8m plus interest and charges over Tynecastle

Floating security in favour of Ukio over the assets

Floating security in favour of UBIG over the assets

As you say, that would mean that neither Ukio nor UBIG would have a vote for a CVA.

[YehButNoBut]

Kevin Bridges ‏@kevinbridges86 There's Hearts in administration.. Another team f****d. In 20 years Scottish football will be 2 guys playing longies.


We should be one of them :greengrin

[SteveHFC]

Time for all those gifs you've saved up Steve!

Already a thread mate ;)

[SurferRosa]

The law tends to rely on what is registered at Companies House (for example a director is only a director from the time his appointment is registered) and the securities according to Cos Hos in ranking order are:

Fixed security in favour of Ukio for the amount of £6.8m plus interest and charges over Tynecastle

Floating security in favour of Ukio over the assets

Floating security in favour of UBIG over the assets

As you say, that would mean that neither Ukio nor UBIG would have a vote for a CVA.

I`m assuming that this is good, yes?

[NOLA]

Ted Hankey set to sink his teeth into hearts?

[Moulin Yarns]

reading the Scotsman article by #allisbarry

There are a couple of things that don’t make sense to me. My limited knowledge of insolvency events, which is growing with each football season makes me think:



any bid should be made to Hearts, or the administrators, not a Creditor of Hearts (Ukio Bankas do not own Hearts, it is UBIG)
There is only the need for a CVA once they are in administration
only the administrator is in a position to propose a CVA

[Gus Fring]

Happy to be wrong about it being Friday.

I believe "Pleasing" is the correct term to use.

[greengnome]

I`m assuming that this is good, yes?



It must be...The **** on pishedbreekskeekboak are all excited! :greengrin

[Jim44]

A couple of days ago the ostriches were happy that the club wanted to appoint KPMG as it represented a gesture against their Lithuanian associates. They've changed their tune and are now delighted that the Lithuanian's choice of BDO is in charge.

[portyhibernian]

anyone else heard there's already a bid from a UK consortium? Could well be pish but I've just had a text about it.

*EDIT* Sky Sports News 'sources' saying this

[SurferRosa]

reading the Scotsman article by #allisbarry

There are a couple of things that don’t make sense to me. My limited knowledge of insolvency events, which is growing with each football season makes me think:



any bid should be made to Hearts, or the administrators, not a Creditor of Hearts (Ukio Bankas do not own Hearts, it is UBIG)
There is only the need for a CVA once they are in administration
only the administrator is in a position to propose a CVA



There appears to be very little about it that makes any sense. Why for instance, would wealthy businessmen ( hearts fans or not ) make a serious bid without any due diligence? People dont get to be wealthy by being this stupid.

As has been suggested, the only sense that could be made of it is that a group are chancing their arm by submitting a complete pisstake of a bid and hoping that the Liths bite...

[Dalkeith]

so at very least its a -15 start for them:greengrin

[Treadstone]

Happy to be wrong about it being Friday.

I believe "Pleasing" is the correct term to use.

Probably the keek spouted by Bathgate got into your consciousness.

http://www.scotsman.com/edinburgh-evening-news/football/hearts/hearts-administration-court-to-decide-club-s-fate-1-2970172

[rcarter1]

There appears to be very little about it that makes any sense. Why for instance, would wealthy businessmen ( hearts fans or not ) make a serious bid without any due diligence? People dont get to be wealthy by being this stupid.

As has been suggested, the only sense that could be made of it is that a group are chancing their arm by submitting a complete pisstake of a bid and hoping that the Liths bite...

Vlad begs to differ perhaps...

[JimBHibees]

A wee reminder of where all this might end up.

From BBC site.

It has been 1,859 days since then Premier League side Portsmouth lifted the FA Cup with a 1-0 win over Cardiff.

They will begin their League Two campaign at home to Oxford United.

[ac1]

There appears to be very little about it that makes any sense. Why would wealthy businessmen ( hearts fans or not ) make a serious bid without any due diligence? People dont get to be wealthy by being this stupid.

As has been suggested, the only sense that could be made of it is that a group are chancing their arm by submitting a complete pisstake of a bid and hoping that that the Liths bite...


Also if Hearts knew UKIO had been talking for weeks to this consortium then why did they want KPMG to do the adminstration and not BDO if a CVA has all but been agreed with UKIO? Does not make sense to me

[Gus Fring]

Probably the keek spouted by Bathgate got into your consciousness.

http://www.scotsman.com/edinburgh-evening-news/football/hearts/hearts-administration-court-to-decide-club-s-fate-1-2970172

Oh the shame :embarrass

[ionahibby]

anyone else heard there's already a bid from a UK consortium? Could well be pish but I've just had a text about it.

*EDIT* Sky Sports News 'sources' saying this

Yam friend i spoke to seems to think that the bid consists of edinburgh based business folk who are lying low on the radar and according to this "friend" seems to think they have been speaking folk in lith who have agreed that as long a percentage of what is owed is paid they will hand over club virtually debt free? Rubbish or is there truth in this?

[HFC 0-7]

The law tends to rely on what is registered at Companies House (for example a director is only a director from the time his appointment is registered) and the securities according to Cos Hos in ranking order are:

Fixed security in favour of Ukio for the amount of £6.8m plus interest and charges over Tynecastle

Floating security in favour of Ukio over the assets

Floating security in favour of UBIG over the assets

As you say, that would mean that neither Ukio nor UBIG would have a vote for a CVA.

What is the difference between floating and fixed? Does admin effect either one of them?

[heretoday]

At the end of the day only a fanatic would undertake to purchase the Hearts. It just doesn't make financial sense otherwise.

Chucking money away.

Mind you there is a fanbase to take advantage of. Plenty cash in those maroon pockets but surely not enough to justify spending millions in this uncertain climate.

[IndieHibby]

:faf: They are well and truly rooked.

[Dashing Bob S]

Now be prepared for rumours of EVERYBODY being desperate to buy Hearts. We've already had; Skando consortium, the fans, JK Rowling, British consortium, American consortium, son of Wallet, son of Vlad...the estate of Jimmy Savile...

[YehButNoBut]

Ewan Murray ‏@mrewanmurray Sergejus Fedotovas sent email to all Hearts staff today, thanking them for getting club through season and wishing well under 'new regime'


Would have been nicer if he had paid them. :rolleyes:

[CropleyWasGod]

What is the difference between floating and fixed? Does admin effect either one of them?

Fixed is a charge on a specific asset...in this case, Tynecastle.

Floating is a charge on all assets....in this case, Tynecastle, the SPFL share, the name, the fax machine.

[CyberSauzee]

At the end of the day only a fanatic would undertake to purchase the Hearts. It just doesn't make financial sense otherwise.

Chucking money away.

Mind you there is a fanbase to take advantage of. Plenty cash in those maroon pockets but surely not enough to justify spending millions in this uncertain climate.

Spot on - until the strips turn up mind :greengrin

[Mac]

Think the key thing missing here is that IF the Lithuanian Administrator offered the best option then why were Hearts/David Southern so desperate to have KPMG appointed???

[Onion]

Probably the keek spouted by Bathgate got into your consciousness.

http://www.scotsman.com/edinburgh-evening-news/football/hearts/hearts-administration-court-to-decide-club-s-fate-1-2970172

Jees, are these 5000 really going to start paying money into a slush fund just a few months after being duped into buying "shares" they will never see and are worthless ?? The likes of John Roberston and Gary MacKay should be ashamed of the part they played in encouraging Hearts fans to buy shares when it was evident the club was heading into Admin. If they were regulated financial advisers, they would be in jail by now.

[greengnome]

Be afraid Hibby's, the talk is about players coming in now.... 'Cos it is all hunky dory now!!

Well according to the deluded one's it is?



Hopefully those predicting a short straightforward admin and CVA are right. In and out with time to make a couple of quick signings before the end of the window in August.

[Ozyhibby]

One good thing about this new 'bid' is that it should slow down the conversion of pledges into cash at FoH. As a support they much prefer the thought of another sugar daddy.

[Baader]

Be afraid Hibby's, the talk is about players coming in now.... 'Cos it is all hunky dory now!!

Well according to the deluded one's it is?



Hopefully those predicting a short straightforward admin and CVA are right. In and out with time to make a couple of quick signings before the end of the window in August.


They are deluded beyond belief. That hasn't changed. Signing players, emerging debt free... What planet do these imbeciles live on?

[Heisenberg]

Be afraid Hibby's, the talk is about players coming in now.... 'Cos it is all hunky dory now!!

Well according to the deluded one's it is?



Hopefully those predicting a short straightforward admin and CVA are right. In and out with time to make a couple of quick signings before the end of the window in August.



Surely they won't be able to do that anyway due to the transfer ban?

[Caversham Green]

What is the difference between floating and fixed? Does admin effect either one of them?

A fixed charge is placed on a specific asset (or class of assets) - in this case the PBS - and means that the debtor can't sell that asset without the consent of the creditor. A floating charge is on a class of assets - such as players - (or all the assets that aren't covered by a fixed charge) and allows the creditor to trade in the assets, so HoMFC could continue to buy and sell individual players even though the asset class was covered by a floating charge.

A floating charge crystallises (becomes fixed) in the event of administration.

[Hank Schrader]

Hopefully those predicting a short straightforward admin and CVA are right. In and out with time to make a couple of quick signings before the end of the window in August.




Which ever Jambo mammary typed that clearly isn't in charge of the family brain cell today. :rolleyes:

[Treadstone]

Ewan Murray ‏@mrewanmurray Sergejus Fedotovas sent email to all Hearts staff today, thanking them for getting club through season and wishing well under 'new regime'


Would have been nicer if he had paid them. :rolleyes:

Wonder if thats the staff that Ewan thinks includes Bobby Robson, Claudio Ranieri, Kevin Keegan, Ossie Ardiles, Wim van Hanegem and Ottmar Hitzfeld.:greengrin

http://www.guardian.co.uk/football/2005/oct/28/newsstory.hearts (http://www.guardian.co.uk/football/2005/oct/28/newsstory.hearts)

[truehibernian]

Yam friend i spoke to seems to think that the bid consists of edinburgh based business folk who are lying low on the radar and according to this "friend" seems to think they have been speaking folk in lith who have agreed that as long a percentage of what is owed is paid they will hand over club virtually debt free? Rubbish or is there truth in this?

Absolute rubbish IMO - Edinburgh is a village when it comes to anything allegedly 'lying low' - it's too small a city.

Certainly the staff I know at Hearts are distraught having heard nowt, and one of my mates is good friends with someone actually behind FoH - they ain't heard anything either. The latter mixes in these very same Edinburgh business circles.

It's very reminiscent of transfer windows - lots and lots of players meant to be signing however very very few materialise and usually one's that we knew nothing about (unless scoopy, big mo or brooster post :greengrin) - same happened with Rangers, lots of so called bidders from all corners of the globe but it came down to the wire there too. Expect the same Far East/Singapore/American consortium stories for the next month or so. Then the 'Save the Gorgie Fry' campaign in the EEN :greengrin

Just surprised that Brian Kennedy hasn't popped up with a bid, only to scurry off under his cloak like a bad panto villian buying nowt.

[Andy74]

Be afraid Hibby's, the talk is about players coming in now.... 'Cos it is all hunky dory now!!

Well according to the deluded one's it is?



Hopefully those predicting a short straightforward admin and CVA are right. In and out with time to make a couple of quick signings before the end of the window in August.


Are they forgeting the hearing due for not paying wages?

[s.a.m]

?? The likes of John Roberston and Gary MacKay should be ashamed of the part they played in encouraging Hearts fans to buy shares when it was evident the club was heading into Admin. If they were regulated financial advisers, they would be in jail by now.

They're a compliant bunch, aren't they?





10351

[YehButNoBut]

From Sky

A UK-based consortium has lodged a takeover bid for Hearts

A UK-based consortium has lodged a takeover bid for stricken Scottish Premier League club Hearts.

The proposal is from a group of six wealthy businessmen and includes a draft Creditors' Voluntary Arrangement to help the Tynecastle club out of administration.

Administrators Valentas UAB of Ukio Bankas in Lithuania have indicated they would accept the CVA.

The consortium behind the bid wish to remain anonymous at this stage, but are fronted by Edinburgh businessmen Stephen Paterson and Fraser Kerr of Haines Watts accountants.

Paterson said: "We are acting for clients who don't wish to be named at this moment but they are Hearts-minded.

"The bid is for everything, it's not about splitting the ground from the team or anything. We want the club, the players, the ground, everything.

"The Lithuanian administrator has indicated he will vote for our CVA, albeit with a 15-point penalty for Hearts for entering administration.

"It is up to the administrator at Hearts to go through that process. Our bid is predicated on a CVA happening."

http://www1.skysports.com/football/news/11781/8783438/A-UK-based-consortium-has-lodged-a-takeover-bid-for-Hearts

[Andy74]

Okay - how quickly does the squad get further decimated and the news that season ticket holders are just creditors get announced?

[Haymaker]

Lord pishybreeks on SSN the now spouting pish.

[Peevemor]

Lord pishybreeks on SSN the now spouting pish.

What this guy?


CHAIRMAN George Foulkes has warned Hearts’ major shareholders not to scupper the deal to sell the club to Vladimir Romanov.


http://www.scotsman.com/sport/football/top-football-stories/foulkes-warns-shareholders-over-romanov-deal-1-556015

[greengnome]

Are they forgeting the hearing due for not paying wages?


Maybe one of our deep undercover keeckbackers can put a spoke in the wheel regards this? :greengrin



Hopefully those predicting a short straightforward admin and CVA are right. In and out with time to make a couple of quick signings before the end of the window in August.

[Mr White]

Just surprised that Brian Kennedy hasn't popped up with a bid, only to scurry off under his cloak like a bad panto villian buying nowt.
don't worry he's currently in a taxi on his way to Tynie with Gazza a couple of chicken sandwiches and a 6 pack.

[Haymaker]

What this guy?



http://www.scotsman.com/sport/football/top-football-stories/foulkes-warns-shareholders-over-romanov-deal-1-556015

Aye, he had "no choice" to sell to Romanov, the "riots" in the streets over selling the Saville Arena, Romanov "realised the potential" of Hearts, FoH have 600 pledges for over £1m.

[HibeeMG]

BDO

Bad Day at the Office (for the yams anyway)
Building Debts Overwith
Blood Doesn't..... Oh bugger!
Bulldozers Destroy Obviously
Best Day O​ftheyear

[green glory]

Why hasn't the thread been renamed Jambogeddon yet?

[GloryGlory]

Absolute rubbish IMO - Edinburgh is a village when it comes to anything allegedly 'lying low' - it's too small a city.

Certainly the staff I know at Hearts are distraught having heard nowt, and one of my mates is good friends with someone actually behind FoH - they ain't heard anything either. The latter mixes in these very same Edinburgh business circles.

It's very reminiscent of transfer windows - lots and lots of players meant to be signing however very very few materialise and usually one's that we knew nothing about (unless scoopy, big mo or brooster post :greengrin) - same happened with Rangers, lots of so called bidders from all corners of the globe but it came down to the wire there too. Expect the same Far East/Singapore/American consortium stories for the next month or so. Then the 'Save the Gorgie Fry' campaign in the EEN :greengrin

Just surprised that Brian Kennedy hasn't popped up with a bid, only to scurry off under his cloak like a bad panto villian buying nowt.

Once the administrator is in place and examining the books, the true financial picture should hopefully become clearer. Then the "bidders" can also do their own due diligence and reach a conclusion about the true value of the business. A lot of people think they can pick up bargains from administrators, only to see the finances are much worse than they originally thought, enough to blow a big hole in any business plan they may have in mind. For example, even if Hearts keep the SavileDome, the main stand must be close to being refused a safety certificate and condemned. How will they finance the costs of that?

What about the season ticket cash - where has that gone? If they have to honour season tickets - and as "Hearts-minded" folk, surely they will :wink: - the cashflow next season could be dire. Or maybe His Lordship Pishybreeks will use his allowances to help them out? :greengrin

[Treadstone]

Aye, he had "no choice" to sell to Romanov, the "riots" in the streets over selling the Saville Arena, Romanov "realised the potential" of Hearts, FoH have 600 pledges for over £1m.

To be fair it was soon after what Pishybreeks calls a 'half bottler' and everyone else calls lunch.

[lapsedhibee]

They are deluded beyond belief. That hasn't changed. Signing players, emerging debt free... What planet do these imbeciles live on?

Dan has a picture of the planet they live on. They and their banjos. :agree:

[CropleyWasGod]

From Sky

A UK-based consortium has lodged a takeover bid for Hearts

A UK-based consortium has lodged a takeover bid for stricken Scottish Premier League club Hearts.

The proposal is from a group of six wealthy businessmen and includes a draft Creditors' Voluntary Arrangement to help the Tynecastle club out of administration.

Administrators Valentas UAB of Ukio Bankas in Lithuania have indicated they would accept the CVA.

The consortium behind the bid wish to remain anonymous at this stage, but are fronted by Edinburgh businessmen Stephen Paterson and Fraser Kerr of Haines Watts accountants.

Paterson said: "We are acting for clients who don't wish to be named at this moment but they are Hearts-minded.

"The bid is for everything, it's not about splitting the ground from the team or anything. We want the club, the players, the ground, everything.

"The Lithuanian administrator has indicated he will vote for our CVA, albeit with a 15-point penalty for Hearts for entering administration.

"It is up to the administrator at Hearts to go through that process. Our bid is predicated on a CVA happening."

http://www1.skysports.com/football/news/11781/8783438/A-UK-based-consortium-has-lodged-a-takeover-bid-for-Hearts

I know Stevie Paterson from years back, and am surprised that he is saying what he is saying.

Unless he knows something I don't, the Lith administrator doesn't have a vote in a CVA.

[Caversham Green]

Okay - how quickly does the squad get further decimated and the news that season ticket holders are just creditors get announced?

It could be quite slow going now, depending on what the administrator discovers. IIRC Duff & Phelps took about three weeks to get to the stage of writing to creditors, then there was a further two weeks before the creditors meeting and the CVA took another month or more to produce, so they are very unlikely to be out of admin by the start of the season.

[HIBERNIAN-0762]

The usual pile of keek from pishypants Foulkes.

How on earth he can get away with claiming he will be meeting with the Lith president to make sure everything goes "smoothly" its nothing but utter garbage.

Since when was a politician allowed to use political pressure to save a football team, surely this is illegal?

[truehibernian]

don't worry he's currently in a taxi on his way to Tynie with Gazza a couple of chicken sandwiches and a 6 pack.

Is Eidur Gudjohnsen making his own way there :greengrin hope he brings his pen with him to sign that contract that's been sitting there for him since 2006 :aok:

[HFC 0-7]

A fixed charge is placed on a specific asset (or class of assets) - in this case the PBS - and means that the debtor can't sell that asset without the consent of the creditor. A floating charge is on a class of assets - such as players - (or all the assets that aren't covered by a fixed charge) and allows the creditor to trade in the assets, so HoMFC could continue to buy and sell individual players even though the asset class was covered by a floating charge.

A floating charge crystallises (becomes fixed) in the event of administration.


So even although the securities have been over valued, they still won't be able to vote? If that's the case then how will there be a cva? Ubig and ukio could sell all the assets and still be short which would leave nothing! If a bid come in for hearts would ukio and ubig get all that cash as well as sell off all the assets not covered under the sale, for example, if someone bid 2 million for the brand and history but not the stadium, ukio and ubig would take the 2 million, then sell off the stadium and keep the proceeds of that as well leaving zero for the other creditors?

[greengnome]

Once the administrator is in place and examining the books, the true financial picture should hopefully become clearer. Then the "bidders" can also do their own due diligence and reach a conclusion about the true value of the business. A lot of people think they can pick up bargains from administrators, only to see the finances are much worse than they originally thought, enough to blow a big hole in any business plan they may have in mind. For example, even if Hearts keep the SavileDome, the main stand must be close to being refused a safety certificate and condemned. How will they finance the costs of that?

What about the season ticket cash - where has that gone? If they have to honour season tickets - and as "Hearts-minded" folk, surely they will :wink: - the cashflow next season could be dire. Or maybe His Lordship Pishybreeks will use his allowances to help them out? :greengrin


Splutter Splutter..... Ye God's man.... What about my Lagavulin...! :devil:

[greengnome]

Dan has a picture of the planet they live on. They and their banjos. :agree:


:faf:......... BUTTON MOON.

[Mr White]

Is Eidur Gudjohnsen making his own way there :greengrin hope he brings his pen with him to sign that contract that's been sitting there for him since 2006 :aok:

Eidurs getting a lift from peter odemwingie later.

[PatHead]

Thought I read in a paper there was a "football" rule that Administrators were only allowed to do one football club per year. If so, how are BDO doing Hearts and Dunfermline. With regard to Dunfermline they didn't hang about in making players redundant so hold on to your seats and enjoy the ride!

[Gus Fring]

Just been forwarded the email Fedotovas sent to the staff this morning. I believe it's genuine.


From: Sergejus Fedotovas
Sent: 19 June 2013 12:00
To: All Staff
Subject: Message from the Board [Scanned]


Dear colleagues,


Our club is on the verge of transformation that will hopefully bring a new fortunes to Tynecastle


The events in Lithuania and our income recently were not according to the most conservative plan and it made impossible to sustain the business with all means available to us. At our last meeting at the end of may we have been honestly positive regarding our future hoping that reasonably assessed season ticket sales will carry us forward till the start of the season but it was not our expectation to see UBIG filing for insolvency and this to have so negative impact on our revenues.


I need to thank you all for your work and enormous efforts that helped us finish last season. I hope all you will get deserved recognition and will be treated well under the new regime


I would like to thank all of you for your work and dedication to this football club, all you have done will take its place in history


on behalf of the Board,
Sergejus Fedotovas

[HFC 0-7]

Just read this and seems ubig and ukio will have a say at a cva. According to this, if the assets are only worth 2 million but they are owed 3million, they will have a say in a cva for 1 million. That's bad news as it means the liths are in control of the cva.

http://www.purnells.co.uk/limited-company/company-voluntary-arrangements/new-type-cva/banks-and-other-secured-creditors.html

[greengnome]

Just been forwarded the email Fedotovas sent to the staff this morning. I believe it's genuine.

From: Sergejus Fedotovas
Sent: 19 June 2013 12:00
To: All Staff
Subject: Message from the Board [Scanned]


Dear colleagues,


Our club is on the verge of transformation that will hopefully bring a new fortunes to Tynecastle


The events in Lithuania and our income recently were not according to the most conservative plan and it made impossible to sustain the business with all means available to us. At our last meeting at the end of may we have been honestly positive regarding our future hoping that reasonably assessed season ticket sales willl carry us forward till the start of the season but it was not our expectation to see UBIG filing for insolvencey and this to have so negative impact on our revenues.


I need to thank all for your work and enormous efforts that helped us finish last season. I hope you all will get deserved recognition and will be treated well under the new regime


I would like to thank all of you for your work and dedication to this football club, all you have done will take its place in history


on behalf of the Board,
Sergejus Fedotovas



And thank you too mate....! :greengrin

[truehibernian]

Just read this and seems ubig and ukio will have a say at a cva. According to this, if the assets are only worth 2 million but they are owed 3million, they will have a say in a cva for 1 million. That's bad news as it means the liths are in control of the cva.

http://www.purnells.co.uk/limited-company/company-voluntary-arrangements/new-type-cva/banks-and-other-secured-creditors.html

So basically Jimmy Sandison and the boys were a bit hasty painting those steps then and thus increasing the value of Tynie :greengrin

[Gus Fring]

The part I find most interesting in that email was the bit about UBIG's insolvency. If they were self sufficient, that shouldn't have mattered.

[JeMeSouviens]

The part I find most interesting in that email was the bit about UBIG's insolvency. If they were self sufficient, that shouldn't have mattered.

I presume he's blaming the poor ST sales on the negative impact of the -15 they were going to get from UBIG's insolvency?

[Hibiza]

hearts ( sevco Edinburgh west) v Rangers (sevco Scotland , aye ready).:flag:

[Treadstone]

The part I find most interesting in that email was the bit about UBIG's insolvency. If they were self sufficient, that shouldn't have mattered.

How was he to know about UBIG remember he resigned from them in a totally independent and unrelated act. Aye right.

[southsider]

Hi guys, once BDO (of if) uncover all the facts can they be instructed bu UKIO to sell the pbs as hertz have no income stream and who now owns their pot to piss in ?

[SlickShoes]

Once the administrator is in place and examining the books, the true financial picture should hopefully become clearer. Then the "bidders" can also do their own due diligence and reach a conclusion about the true value of the business. A lot of people think they can pick up bargains from administrators, only to see the finances are much worse than they originally thought, enough to blow a big hole in any business plan they may have in mind. For example, even if Hearts keep the SavileDome, the main stand must be close to being refused a safety certificate and condemned. How will they finance the costs of that?

What about the season ticket cash - where has that gone? If they have to honour season tickets - and as "Hearts-minded" folk, surely they will :wink: - the cashflow next season could be dire. Or maybe His Lordship Pishybreeks will use his allowances to help them out? :greengrin

Exactly, it's common knowledge that Hearts owe £25m but when has anything there been transparent, if there is £25m that everyone knows about you can bet your right baw that things are a lot worse than £25m owed to UBIG and UKIO.

They either write of the Season Tickets just sold and have hardly anyone buy the new season tickets that appear, or the honour them and sell almost no season tickets, the cash flow is dried up, they will be running on donations if they are running at all, and with no season ticket income they can forget signing players too.

[Fat Penlon]

The part I find most interesting in that email was the bit about UBIG's insolvency. If they were self sufficient, that shouldn't have mattered.

From: Sergejus Fedotovas
Sent: 19 June 2013 12:00
To: All Staff
Subject: Message from the Board [Scanned]


Dear colleagues,


Our club is on the verge of transformation that will hopefully bring a new fortunes to Tynecastle


The events in Lithuania and our income recently were not according to the most conservative plan and it made impossible to sustain the business with all means available to us. At our last meeting at the end of may we have been honestly positive regarding our future hoping that reasonably assessed season ticket sales willl carry us forward till the start of the season but it was not our expectation to see UBIG filing for insolvencey and this to have so negative impact on our revenues.


I need to thank all for your work and enormous efforts that helped us finish last season. I hope you all will get deserved recognition and will be treated well under the new regime


I would like to thank all of you for your work and dedication to this football club, all you have done will take its place in history


on behalf of the Board,
Sergejus Fedotovas



Shouldnt this be enough for the SPL to retrospectively deduct 18 points from last season and relegate them? He is openly admitting that the insolvency event of the parent company caused the club problems!!!! Oh but wait a minute the spl said there was no insolvency event!!!! corrupt the lot of them.

[Juice-Terry]

Isn't it time someone put (independent) pressure on the Jambo board about the share issue again? The obvious suspicion is that they knew, or at least had VERY good reason to believe, that they would soon be going into administration. Issuing shares on such a basis is a clear case of serious fraud. Hopefully BDO will be all over this (and all the other ***** they'll no doubt uncover).

:flag:

[GordonHFC]

Hi guys, once BDO (of if) uncover all the facts can they be instructed bu UKIO to sell the pbs as hertz have no income stream and who now owns their pot to piss in ?

No one as they never had one to begin with :greengrin

[JeMeSouviens]

A complication that might affect a potential newco:

When the Huns went belly up, Sevco applied to the SPL to transfer over the Hun share. This was rejected by the SPL, so Sevco had to go and apply for a new membership in the SFL.

As of the new season, there will be no SFL. If NewYams apply to the SPFL for transfer of the Yam share and are rejected, will they still be able to apply to the SPFL to join at the bottom?

[southsider]

Isn't it time someone put (independent) pressure on the Jambo board about the share issue again? The obvious suspicion is that they knew, or at least had VERY good reason to believe, that they would soon be going into administration. Issuing shares on such a basis is a clear case of serious fraud. Hopefully BDO will be all over this (and all the other ***** they'll no doubt uncover).

:flag:

This could well be a minefield. Hope BDO have plenty staff......and they can charge from £200 -£380 per person per hour. Going to bill a rather big bill.

[Mathias Jack]

Happy *****ing Wednesday everyone!

My sides are splitting here!

Can't wait for the the first derby at Tynie next season...provided the Yams are still in existence of course! :faf: :faf:

:flag::fenlon :flag:

[Spike Mandela]

Isn't it time someone put (independent) pressure on the Jambo board about the share issue again? The obvious suspicion is that they knew, or at least had VERY good reason to believe, that they would soon be going into administration. Issuing shares on such a basis is a clear case of serious fraud. Hopefully BDO will be all over this (and all the other ***** they'll no doubt uncover).

:flag:

Ubig, Ukio and Hearts dodgy dealings have been intertwined for years now so I find it highly unlikely that BDO will 'out' any wrongdoing of the companies they are working for. Yes I know that people will trot out the line they are working in the interest of the creditors but we know from Duff and Phelps performance this is a pile of horse**** and the reason all intersted parties are in a rush to appoint their own administrators.

[Oscar T Grouch]

Can someone with knowledge of SFA/SPL rule answer this one for me? I thought that if you are gonna buy a Scottish Fitba' club there should be due diligence done on the person/persons buying said club. If this is correct who is responsible for this due diligence?

Or am I just being daft (considering what went down in Govan recently:confused:)

[PatHead]

Isn't it time someone put (independent) pressure on the Jambo board about the share issue again? The obvious suspicion is that they knew, or at least had VERY good reason to believe, that they would soon be going into administration. Issuing shares on such a basis is a clear case of serious fraud. Hopefully BDO will be all over this (and all the other ***** they'll no doubt uncover).

:flag:

It was well covered in the prospectus that there was never any likelihood of there being a return so I doubt anyone could get any further with that. (By the way there is now no board and it would be the administrator or police you would contact.)

[Spike Mandela]

A complication that might affect a potential newco:

When the Huns went belly up, Sevco applied to the SPL to transfer over the Hun share. This was rejected by the SPL, so Sevco had to go and apply for a new membership in the SFL.

As of the new season, there will be no SFL. If NewYams apply to the SPFL for transfer of the Yam share and are rejected, will they still be able to apply to the SPFL to join at the bottom?

There is no complication. The SPL and no doubt SPFL leave everything suitably vague such that Hearts in any form will have no trouble whatsoever gaining readmission I would imagine.

[Treadstone]

A complication that might affect a potential newco:

When the Huns went belly up, Sevco applied to the SPL to transfer over the Hun share. This was rejected by the SPL, so Sevco had to go and apply for a new membership in the SFL.

As of the new season, there will be no SFL. If NewYams apply to the SPFL for transfer of the Yam share and are rejected, will they still be able to apply to the SPFL to join at the bottom?

Very interesting.

Surely they would approve of them starting at the bottom but how far down would that be now ? Isn't there now a pyramid system in place now that brings the non-leaguers into play.

[Gus Fring]

Shouldnt this be enough for the SPL to retrospectively deduct 18 points from last season and relegate them? He is openly admitting that the insolvency event of the parent company caused the club problems!!!! Oh but wait a minute the spl said there was no insolvency event!!!! corrupt the lot of them.

There hasn't been an insolvency event. There wasn't one then and there still hasn't been one when it comes to UBIG. You can't punish a club for a vague sentence in an email to staff on his way out the door!

The current SPL Board comprises:

Ralph Topping (SPL Chairman)
Neil Doncaster (SPL Chief Executive)
Stewart Robertson (Motherwell)
Eric Riley (Celtic)
Stewart Gilmour (St Mirren)
Rod Petrie (Hibernian)

As I've mentioned before, I have a very good source who tells me these 6 men looked high and low for a reason to punish Hearts and get them out of the league before the season ended but both sets of legal advice was that they didn't have a case to do so. They are watching what is happening very carefully. They can't do anything until they actually give a concrete reason though.

They can't kick Hearts out the league because they "think" they might not complete their fixtures. It must be watertight.

[greengnome]

A question on the keekback board.... Thoughts?


That email was sent after BDO were confirmed as administrators; and after today's bid was announced.

This looks like a pre-pack, doesn't it?

[Spike Mandela]

There hasn't been an insolvency event. There wasn't one then and there still hasn't been one when it comes to UBIG. You can't punish a club for a vague sentence in an email to staff on his way out the door!

The current SPL Board comprises:

Ralph Topping (SPL Chairman)
Neil Doncaster (SPL Chief Executive)
Stewart Robertson (Motherwell)
Eric Riley (Celtic)
Stewart Gilmour (St Mirren)
Rod Petrie (Hibernian)

As I've mentioned before, I have a very good source who tells me these 6 men looked high and low for a reason to punish Hearts and get them out of the league before the season ended but both sets of legal advice was that they didn't have a case to do so. They are watching what is happening very carefully. They can't do anything until they actually give a concrete reason though.

They can't kick Hearts out the league because they "think" they might not complete their fixtures. It must be watertight.

No Rod Petrie according to their website..........

Board members are elected annually by representatives of the 12 SPL clubs and meet monthly to discuss strategic issues. The Board's main responsibility is for corporate governance, strategic development, the delivery of the SPL objectives and the application of the SPL Rules.

The current SPL Board is made up of Ralph Topping (SPL Chairman), Neil Doncaster (SPL Chief Executive),*Eric Riley (Celtic FC), Stephen Thompson (Dundee United FC), Duncan Fraser (Aberdeen FC) and Michael Johnston (Kilmarnock FC).

[PatHead]

There hasn't been an insolvency event. There wasn't one then and there still hasn't been one when it comes to UBIG. You can't punish a club for a vague sentence in an email to staff on his way out the door!

The current SPL Board comprises:

Ralph Topping (SPL Chairman)
Neil Doncaster (SPL Chief Executive)
Stewart Robertson (Motherwell)
Eric Riley (Celtic)
Stewart Gilmour (St Mirren)
Rod Petrie (Hibernian)

As I've mentioned before, I have a very good source who tells me these 6 men looked high and low for a reason to punish Hearts and get them out of the league before the season ended but both sets of legal advice was that they didn't have a case to do so. They are watching what is happening very carefully. They can't do anything until they actually give a concrete reason though.

They can't kick Hearts out the league because they "think" they might not complete their fixtures. It must be watertight.

Rod isn't on the SPL board so your source got that wrong. Current board is Ralph Topping (SPL Chairman), Neil Doncaster (SPL Chief Executive), Eric Riley (Celtic FC), Stephen Thompson (Dundee United FC), Duncan Fraser (Aberdeen FC) and Michael Johnston (Kilmarnock FC).

[Gus Fring]

No Rod Petrie according to their website..........

Board members are elected annually by representatives of the 12 SPL clubs and meet monthly to discuss strategic issues. The Board's main responsibility is for corporate governance, strategic development, the delivery of the SPL objectives and the application of the SPL Rules.

The current SPL Board is made up of Ralph Topping (SPL Chairman), Neil Doncaster (SPL Chief Executive),*Eric Riley (Celtic FC), Stephen Thompson (Dundee United FC), Duncan Fraser (Aberdeen FC) and Michael Johnston (Kilmarnock FC).

My bad, copied it from another page. http://www.scotprem.com/content/default.asp?page=s82

The rest still stands.

[Treadstone]

Ubig, Ukio and Hearts dodgy dealings have been intertwined for years now so I find it highly unlikely that BDO will 'out' any wrongdoing of the companies they are working for. Yes I know that people will trot out the line they are working in the interest of the creditors but we know from Duff and Phelps performance this is a pile of horse**** and the reason all intersted parties are in a rush to appoint their own administrators.

:agree:

[GordonHFC]

My bad, copied it from another page. http://www.scotprem.com/content/default.asp?page=s82

The rest still stands.

Isn't oor Rod on the SFA Board?

[YehButNoBut]

Update on BDO administrators

The man who brought Roman Abramovich to Chelsea is set to oversee the administration process at Heart of Midlothian.

Trevor Birch, the former Stamford Bridge chief executive who brokered the deal for the Russian billionaire to purchase Chelsea for £140m in 2003, is expected to head up the operation to save Hearts in his capacity as an insolvency expert at BDO.

He will be joined at Tynecastle by Bryan Jackson, who is also in charge of the administration of Dunfermline Athletic.

Birch, 55, also held high powered positions at Sheffield United and Derby County, before seeing Portsmouth through to a successful buy-out from administration last year.

The business restructuring executive had a modest career as a player with Shrewsbury Town, Chester City and Runcorn before taking up roles off the field.

BDO were appointed as Hearts administrators on Wednesday.

The club had originally hoped to appoint KPMG to the job but moved instead to BDO after discussions with the major creditors in Lithuanian, Ukio Bankas and UBIG.

http://sport.stv.tv/football/clubs/hearts/229992-man-who-brought-abramovich-to-chelsea-to-oversee-hearts-administration/

[Gus Fring]

I'll also add that my understanding of what happens if Hearts (or any club) are unable to complete fixtures is that they will have their SPL share revoked. Their matches will then be voided and the league table recalculated. The remaining money after this point will then be distributed amongst the remaining teams in the league to make up for loss of earnings. Any cup results will still stand, their next opponents will get a buy through to the next round.

[Juice-Terry]

Ubig, Ukio and Hearts dodgy dealings have been intertwined for years now so I find it highly unlikely that BDO will 'out' any wrongdoing of the companies they are working for. Yes I know that people will trot out the line they are working in the interest of the creditors but we know from Duff and Phelps performance this is a pile of horse**** and the reason all intersted parties are in a rush to appoint their own administrators.

So someone (one of you finance savvy chaps?) should go directly to the police and press criminal charges! :aok:

[JeMeSouviens]

So someone (one of you finance savvy chaps?) should go directly to the police and press criminal charges! :aok:

Why? Fleecing the muppets for £1M+ that can't now go towards the new regime seems positively laudable to me. :wink:

[Paisley Hibby]

Update on BDO administrators

The man who brought Roman Abramovich to Chelsea is set to oversee the administration process at Heart of Midlothian.

Trevor Birch, the former Stamford Bridge chief executive who brokered the deal for the Russian billionaire to purchase Chelsea for £140m in 2003, is expected to head up the operation to save Hearts in his capacity as an insolvency expert at BDO.

He will be joined at Tynecastle by Bryan Jackson, who is also in charge of the administration of Dunfermline Athletic.

Birch, 55, also held high powered positions at Sheffield United and Derby County, before seeing Portsmouth through to a successful buy-out from administration last year.

The business restructuring executive had a modest career as a player with Shrewsbury Town, Chester City and Runcorn before taking up roles off the field.

BDO were appointed as Hearts administrators on Wednesday.

The club had originally hoped to appoint KPMG to the job but moved instead to BDO after discussions with the major creditors in Lithuanian, Ukio Bankas and UBIG.

http://sport.stv.tv/football/clubs/hearts/229992-man-who-brought-abramovich-to-chelsea-to-oversee-hearts-administration/

Did Chuckles Green not have an involvement with SUFC too?

[Juice-Terry]

Why? Fleecing the muppets for £1M+ that can't now go towards the new regime seems positively laudable to me. :wink:

Yes, I certainly have no problem with that, but it would be VERY good/funny to see the Yam board in the dock on criminal charges. :greengrin

[Treadstone]

Why? Fleecing the muppets for £1M+ that can't now go towards the new regime seems positively laudable to me. :wink:

:agree: Any money that went in then is money not going in now. Relegation was only postponed by a year and that's a best case scenario.

[The_Horde]

Hearts fans fantasising because the guy overseeing their admin is the guy who brought abramovich to Chelsea. They really do enjoy a wet dream to themselves.

Believe

[Paisley Hibby]

A question on the keekback board.... Thoughts?


That email was sent after BDO were confirmed as administrators; and after today's bid was announced.

This looks like a pre-pack, doesn't it?

Would be very interested to hear what CAV and CWG say but having had a quick look at this http://en.wikipedia.org/wiki/Pre-packaged_insolvency it seems to make sense? The timing of the news about a new bid would also tie in with this. No wonder the Lith's wanted their own administrator if this is true. Presumably this would mean the UK tax payers lose out?

[CropleyWasGod]

Would be very interested to hear what CAV and CWG say but having had a quick look at this http://en.wikipedia.org/wiki/Pre-packaged_insolvency it seems to make sense? The timing of the news about a new bid would also tie in with this. No wonder the Lith's wanted their own administrator if this is true. Presumably this would mean the UK tax payers lose out?

The UK taxpayer is going to take a hit no matter which way it goes, unless Mr. Silly comes in with silly money.

My gut feeling is that the pre-pack is a bit of straw-clutching.

However, even if this does happen, the fact that the SPFL share will be transferred to a Newco means that that newco will have to apply to the League and SFA for membership.

[JeMeSouviens]

Would be very interested to hear what CAV and CWG say but having had a quick look at this http://en.wikipedia.org/wiki/Pre-packaged_insolvency it seems to make sense? The timing of the news about a new bid would also tie in with this. No wonder the Lith's wanted their own administrator if this is true. Presumably this would mean the UK tax payers lose out?

A pre-pack is a packaged asset sale, similar to what eventually happened with the Huns but without going through the CVA attempt first. If this is a pre-pack then it's liquidation for HMFC as we know and (don't) love.

[Caversham Green]

Ubig, Ukio and Hearts dodgy dealings have been intertwined for years now so I find it highly unlikely that BDO will 'out' any wrongdoing of the companies they are working for. Yes I know that people will trot out the line they are working in the interest of the creditors but we know from Duff and Phelps performance this is a pile of horse**** and the reason all intersted parties are in a rush to appoint their own administrators.

Remember that Duff & Phelps were the nominees of Craig Whyte and his chum at Collyer Bristow - who they subsequently sued for £25m (using the creditors money of course).

Right now the interests of HoMFC are in direct conflict with those of Ukio and it was Ukio who 'appointed' BDO. The people who carried out any wrongdoing have left all three organisations now and two of the three are definitely in the waste pipe while the third is circling the drain.

In whose interest do you think BDO will act - Ukio, UBIG, HoMFC or BDO?

[God Petrie]

Ubig, Ukio and Hearts dodgy dealings have been intertwined for years now so I find it highly unlikely that BDO will 'out' any wrongdoing of the companies they are working for. Yes I know that people will trot out the line they are working in the interest of the creditors but we know from Duff and Phelps performance this is a pile of horse**** and the reason all intersted parties are in a rush to appoint their own administrators.

Don't forget UKIO and UBIG are now effectively the Lithuanian govt trying to fix Romanovs mess. The original gadgies who ran the axis of evil aren't really involved at all.

[SmashinGlass]

Would be very interested to hear what CAV and CWG say but having had a quick look at this http://en.wikipedia.org/wiki/Pre-packaged_insolvency it seems to make sense? The timing of the news about a new bid would also tie in with this. No wonder the Lith's wanted their own administrator if this is true. Presumably this would mean the UK tax payers lose out?

I've never seen a Pre- pack that doesn't involve a newco. As for losing out, everyone they owe money to does. I can't see a cva proposal that would benefit anyone bar the secured creditors here, which is directly in contravention to the purpose of a cva

[KeithTheHibby]

Email just sent to me from FOH. Already pledged the square root of heehaw.



Thank you most sincerely for having pledged support to the Foundation of Hearts campaign.
View this email in your browser
PLEDGE SYSTEM GOES LIVE FOR MONTHLY CONTRIBUTIONS
Dear Pledger

The Foundation of Hearts is delighted to announce that the system for converting your pledge to a monthly direct debit is now live.

We all know how critical the next few weeks will be for the club and the Foundation is moving quickly to try to formulate a credible bid by the end of this month. The level of bid will be determined by the number of pledges and the number that are converted.

On the conversion page (www.foundationofhearts.org/now-is-the-time-to-make-history/), you will see a range of buttons, each corresponding to a level of contribution. Click the button that you wish to choose as your monthly direct debit and it will take you through to the simple automated system run by GoCardless. Also on the page is a pledgers’ marketing document, a draft membership agreement, a draft Board and Election Policy document and a draft Directors’ Policy document. These are all drafts. They will be adopted at the first AGM of the Foundation and can be altered and developed by the members.

If you are an overseas pledger, you will not be able to use this system. However, an overseas system will be available very soon.

We had set the direct debit drawdown date as 4 July but we have altered this to 2 August following advice about likely bid timescales. However, we will come back to you if we wish to push this date back or bring it forward. We will collect no money until we are sure a deal can be concluded.

The instructions on setting up your own account are contained in the conversion system.

The process of fan ownership is not an easy task but with your help we have a once in a lifetime opportunity to make it happen.

On behalf of the Foundation of Hearts and every Hearts supporter – thank you.

Yours faithfully

Ian Murray
Chairman, Foundation of Hearts

www.foundationofhearts.org/now-is-the-time-to-make-history






This email was sent to
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Foundation of Hearts · Edinburgh, United Kingdom · Edinburgh, Midlothian EH8 8DP

[HFC 0-7]

Remember that Duff & Phelps were the nominees of Craig Whyte and his chum at Collyer Bristow - who they subsequently sued for £25m (using the creditors money of course).

Right now the interests of HoMFC are in direct conflict with those of Ukio and it was Ukio who 'appointed' BDO. The people who carried out any wrongdoing have left all three organisations now and two of the three are definitely in the waste pipe while the third is circling the drain.

In whose interest do you think BDO will act - Ukio, UBIG, HoMFC or BDO?

What do you think the likely outcome is now, now that we know ubig and ukio can vote in a cva? I still think tynecastle must be separated in a sale, foh or whoever will pay for hearts brand and history regardless of whether it comes with tynecastle as there is no way they will let 5-1 die. The plums think this will happen quickly but I just can't see it. Hearts have been a basket case for ages, accounts out of date, accounts questionable, ownership unknowns. Surely an admin will need to confirm all of that first before looking for offers?

[Hibs7]

If they fail to agree a CVA they could stay in administration or liquidation could follow. At that point, parties could buy the club's assets - players, Tynecastle Stadium, the Riccarton training base, SPL/SPFL share, Scottish Football Association membership - and apply to play in the new SPFL.


BBC reporting at its best ... The Riccarton training base !!!!!!! They don't own if yah ***** numpties :na na:

[Hibernianinc]

A question on the keekback board.... Thoughts?


That email was sent after BDO were confirmed as administrators; and after today's bid was announced.

This looks like a pre-pack, doesn't it?

It's speculation, but I don't like it.

I'm assuming BDO is bad news for herts because they (current directors) wanted KPMG. However, I'm not keen on any talk about folk with money and people willing to do deals.

I imagine, just like last summer, this will have quite a few twists and turns to go....

[Gatecrasher]

So they lie to the SPL saying they were self sufficient and get Dundee relegated and less than a month later they are in administration eh, wonder if there will be any action taken on this whether it be because of the lies, bringing the game into disrepute or allowing relegation to Dundee happen?

[Saorsa]

Dan has a picture of the planet they live on. They and their banjos. :agree::agree:

http://i40.tinypic.com/nvtmwo.gif

[FFupper]

Email just sent to me from FOH. Already pledged the square root of heehaw.



Thank you most sincerely for having pledged support to the Foundation of Hearts campaign.
View this email in your browser
PLEDGE SYSTEM GOES LIVE FOR MONTHLY CONTRIBUTIONS
Dear Pledger

The Foundation of Hearts is delighted to announce that the system for converting your pledge to a monthly direct debit is now live.

We all know how critical the next few weeks will be for the club and the Foundation is moving quickly to try to formulate a credible bid by the end of this month. The level of bid will be determined by the number of pledges and the number that are converted.

On the conversion page (www.foundationofhearts.org/now-is-the-time-to-make-history/), you will see a range of buttons, each corresponding to a level of contribution. Click the button that you wish to choose as your monthly direct debit and it will take you through to the simple automated system run by GoCardless. Also on the page is a pledgers’ marketing document, a draft membership agreement, a draft Board and Election Policy document and a draft Directors’ Policy document. These are all drafts. They will be adopted at the first AGM of the Foundation and can be altered and developed by the members.

If you are an overseas pledger, you will not be able to use this system. However, an overseas system will be available very soon.

We had set the direct debit drawdown date as 4 July but we have altered this to 2 August following advice about likely bid timescales. However, we will come back to you if we wish to push this date back or bring it forward. We will collect no money until we are sure a deal can be concluded.

The instructions on setting up your own account are contained in the conversion system.

The process of fan ownership is not an easy task but with your help we have a once in a lifetime opportunity to make it happen.

On behalf of the Foundation of Hearts and every Hearts supporter – thank you.

Yours faithfully

Ian Murray
Chairman, Foundation of Hearts

www.foundationofhearts.org/now-is-the-time-to-make-history






This email was sent to
why did I get this? unsubscribe from this list update subscription preferences
Foundation of Hearts · Edinburgh, United Kingdom · Edinburgh, Midlothian EH8 8DP

I really hope he had someone else from FoH sent this e-mail on his behalf, after all he's not working on the Hearts issue during the time he's doing his MP's duties :cb

[Gus Fring]

So they lie to the SPL saying they were self sufficient and get Dundee relegated and less than a month later they are in administration eh, wonder if there will be any action taken on this whether it be because of the lies, bringing the game into disrepute or allowing relegation to Dundee happen?

They didn't lie. UBIG still hasn't hasn't been officially declared insolvent. Whether Hearts were "self sufficient" or not is irrelevant.

[Sanger]

Why? Fleecing the muppets for £1M+ that can't now go towards the new regime seems positively laudable to me. :wink:

Breaks section 118 on fraud of the Financial services and markets act 2000 as I have said several times

[YehButNoBut]

Probably a lot of crap but this guy claims to be "in the know" concerning the new bid for Hearts.

Anyone work out who it might be??

HeartsITK ‏@HeartsItk The main figure head has been in charge of previous Scottish clubs and is very wealthy.


HeartsITK ‏@HeartsItk all the guesses so far have been wrong, he's not owned a club for a while so you won't get his name.

[CropleyWasGod]

Probably a lot of crap but this guy claims to be "in the know" concerning the new bid for Hearts.

Anyone work out who it might be??

HeartsITK ‏@HeartsItk The main figure head has been in charge of previous Scottish clubs and is very wealthy.


HeartsITK ‏@HeartsItk all the guesses so far have been wrong, he's not owned a club for a while so you won't get his name.

The only person I know who has been in charge of clubs (plural) is Bryan Jackson..... administrator at Dunfermline, Dundee, Airdrie?.... and now assistant at Hearts :greengrin

[Hibercelona]

Probably a lot of crap but this guy claims to be "in the know" concerning the new bid for Hearts.

Anyone work out who it might be??

HeartsITK ‏@HeartsItk The main figure head has been in charge of previous Scottish clubs and is very wealthy.


HeartsITK ‏@HeartsItk all the guesses so far have been wrong, he's not owned a club for a while so you won't get his name.

The Pieman? :dunno:

[jonty]

I really hope he had someone else from FoH sent this e-mail on his behalf, after all he's not working on the Hearts issue during the time he's doing his MP's duties :cb
Interesting donation amounts. £51 and no £70. They are adults, aren't they? :rolleyes: Its probably their way of identifying bogus pledges.

[bodoglimt]

The Pieman? :dunno:

Fergus McCann (the bunnet?) just a thought?:rolleyes:

[Gus Fring]

I'm always wary of those who claim to be in the know about several bids as theres nothing that ties all of them things together? How would one person become aware of a UK consortium and an American consortium? It just seems strange as there is no middle man for those preparing a bid that would be able to give this kind of info away?

That twitter account has said UK, Scottish and American consortium all in the last day. That's very broad. Seems a bit like spaghetti flinging to me.

[Caversham Green]

What do you think the likely outcome is now, now that we know ubig and ukio can vote in a cva? I still think tynecastle must be separated in a sale, foh or whoever will pay for hearts brand and history regardless of whether it comes with tynecastle as there is no way they will let 5-1 die. The plums think this will happen quickly but I just can't see it. Hearts have been a basket case for ages, accounts out of date, accounts questionable, ownership unknowns. Surely an admin will need to confirm all of that first before looking for offers?

You have to bear in mind that Ukio, UBIG and BDO will all ultimately be acting in their own best interests and those generally conflict with the interests of HoMFC. There's no real value to any of them in taking a hit to keep a chronic loss-making football club alive. The administrator of Ukio will want the best possible return from the PBS regardless of what happens to the football club - if that means keeping the club alive while retaining their full debt and collecting the interest then that's what they'll do, otherwise they'll expect the full market value whether it be from FoH, Sevco of Midlothian or Tesco. UBIG are a basket case and their debt and shareholding is probably worth virtually nothing. BDO will want to raise enough to pay their fees plus satisfy the parties to a CVA - they will also want to stay within the law and maintain their reputation.

Whatever happens, it ain't gonna happen quickly unless it's a case of pulling the plug.

[blackpoolhibs]

Email just sent to me from FOH. Already pledged the square root of heehaw.



Thank you most sincerely for having pledged support to the Foundation of Hearts campaign.
View this email in your browser
PLEDGE SYSTEM GOES LIVE FOR MONTHLY CONTRIBUTIONS
Dear Pledger

The Foundation of Hearts is delighted to announce that the system for converting your pledge to a monthly direct debit is now live.

We all know how critical the next few weeks will be for the club and the Foundation is moving quickly to try to formulate a credible bid by the end of this month. The level of bid will be determined by the number of pledges and the number that are converted.

On the conversion page (www.foundationofhearts.org/now-is-the-time-to-make-history/), you will see a range of buttons, each corresponding to a level of contribution. Click the button that you wish to choose as your monthly direct debit and it will take you through to the simple automated system run by GoCardless. Also on the page is a pledgers’ marketing document, a draft membership agreement, a draft Board and Election Policy document and a draft Directors’ Policy document. These are all drafts. They will be adopted at the first AGM of the Foundation and can be altered and developed by the members.

If you are an overseas pledger, you will not be able to use this system. However, an overseas system will be available very soon.

We had set the direct debit drawdown date as 4 July but we have altered this to 2 August following advice about likely bid timescales. However, we will come back to you if we wish to push this date back or bring it forward. We will collect no money until we are sure a deal can be concluded.

The instructions on setting up your own account are contained in the conversion system.

The process of fan ownership is not an easy task but with your help we have a once in a lifetime opportunity to make it happen.

On behalf of the Foundation of Hearts and every Hearts supporter – thank you.

Yours faithfully

Ian Murray
Chairman, Foundation of Hearts

www.foundationofhearts.org/now-is-the-time-to-make-history






This email was sent to
why did I get this? unsubscribe from this list update subscription preferences
Foundation of Hearts · Edinburgh, United Kingdom · Edinburgh, Midlothian EH8 8DP

I and a few of my friends have these too. :wink:

[Waxy]

Probably a lot of crap but this guy claims to be "in the know" concerning the new bid for Hearts.

Anyone work out who it might be??

HeartsITK ‏@HeartsItk The main figure head has been in charge of previous Scottish clubs and is very wealthy.


HeartsITK ‏@HeartsItk all the guesses so far have been wrong, he's not owned a club for a while so you won't get his name.David Murray

[HibeeMG]

I and a few of my friends have these too. :wink:

What!!? That can't be right. They have filtered out all the bogus pledges they say. All 6000 pledges are genuine surely.



:yw:

[AlbertK86]

Probably a lot of crap but this guy claims to be "in the know" concerning the new bid for Hearts.

Anyone work out who it might be??

HeartsITK ‏@HeartsItk The main figure head has been in charge of previous Scottish clubs and is very wealthy.

HeartsITK ‏@HeartsItk all the guesses so far have been wrong, he's not owned a club for a while so you won't get his name.

STF .... Daein a Mercer !!

[Peevemor]

David Murray

Dougie Crombe

[cam75]

David Murray

That's my thoughts!!!

[HibeeMG]

Probably a lot of crap but this guy claims to be "in the know" concerning the new bid for Hearts.

Anyone work out who it might be??

HeartsITK ‏@HeartsItk The main figure head has been in charge of previous Scottish clubs and is very wealthy.


HeartsITK ‏@HeartsItk all the guesses so far have been wrong, he's not owned a club for a while so you won't get his name.


I had a couple of teams down the Pitz a few years ago but I'm not even slightly wealthy nevermind 'very'.

So, I'm out.

[Leithenhibby]

Remember that Duff & Phelps were the nominees of Craig Whyte and his chum at Collyer Bristow - who they subsequently sued for £25m (using the creditors money of course).

Right now the interests of HoMFC are in direct conflict with those of Ukio and it was Ukio who 'appointed' BDO. The people who carried out any wrongdoing have left all three organisations now and two of the three are definitely in the waste pipe while the third is circling the drain.

In whose interest do you think BDO will act - Ukio, UBIG, HoMFC or BDO?

:top marks Love it..........

[jacomo]

http://www.foundationofhearts.org/no...o-make-history

Hurr, hurr, £51, hurr hurr, that's a bit like 5-1 isn't it, hurr hurr take that hobos!

Even here, in desperate times, they need a Hibs reference somewhere. Such is the life of the Yam.-

[Hibercelona]

:agree:

http://i40.tinypic.com/nvtmwo.gif

They're no that close to Earth. :wink:

[Springbank]

David murrays only interest would be in shutting hearts out of Tynie and into a new stadium on his green belt land, the so-called garden district.

To continue the analogy, hearts would play at the compost heap near the sight hill roundabout on the bypass (soulless) but hed be using hearts angle to curry favour with planning as he's not got a leg to stand on otherwise.

No puns intended

[HFC 0-7]

Dougie Crombe

Massone

[greengnome]

http://www.foundationofhearts.org/no...o-make-history

Hurr, hurr, £51, hurr hurr, that's a bit like 5-1 isn't it, hurr hurr take that hobos!



Even here, in desperate times, they need a Hibs reference somewhere. Such is the life of the Yam.-




Imagine if we were sold to new owners as a pre pack, in and out admin, no debt and we beat Hibs early doors.

There'd be a queue of Hibs fans waiting to jump off the bridges.

http://www.hmfckickback.co.uk/public/style_emoticons/default/jj.png
Out of admin. Registration embargo lifted. Goodwillie, Boyd and Skacel with by the goals.


Back to top (http://www.hibs.net/#ipboard_body)



Another Hibs reference, as you say, desperate!!!!

[Dashing Bob S]

[/B]



Imagine if we were sold to new owners as a pre pack, in and out admin, no debt and we beat Hibs early doors.

There'd be a queue of Hibs fans waiting to jump off the bridges.

http://www.hmfckickback.co.uk/public/style_emoticons/default/jj.png
Out of admin. Registration embargo lifted. Goodwillie, Boyd and Skacel with by the goals.


Back to top (http://www.hibs.net/#ipboard_body)



Another Hibs reference, as you say, desperate!!!!






As the old saying goes: "imagine your auntie with testicles..."

[Hank Schrader]

[/B]



Imagine if we were sold to new owners as a pre pack, in and out admin, no debt and we beat Hibs early doors.

There'd be a queue of Hibs fans waiting to jump off the bridges.

http://www.hmfckickback.co.uk/public/style_emoticons/default/jj.png
Out of admin. Registration embargo lifted. Goodwillie, Boyd and Skacel with by the goals.


Back to top (http://www.hibs.net/#ipboard_body)




Another Hibs reference, as you say, desperate!!!!






They hoping to draw us in the league cup?

[HibeeMG]

As the old saying goes: "imagine your auntie with testicles..."

My Auntie Dave hates that saying.

[joe breezy]

Email just sent to me from FOH. Already pledged the square root of heehaw.



Thank you most sincerely for having pledged support to the Foundation of Hearts campaign.
View this email in your browser
PLEDGE SYSTEM GOES LIVE FOR MONTHLY CONTRIBUTIONS
Dear Pledger

The Foundation of Hearts is delighted to announce that the system for converting your pledge to a monthly direct debit is now live.

We all know how critical the next few weeks will be for the club and the Foundation is moving quickly to try to formulate a credible bid by the end of this month. The level of bid will be determined by the number of pledges and the number that are converted.

On the conversion page (www.foundationofhearts.org/now-is-the-time-to-make-history/), you will see a range of buttons, each corresponding to a level of contribution. Click the button that you wish to choose as your monthly direct debit and it will take you through to the simple automated system run by GoCardless. Also on the page is a pledgers’ marketing document, a draft membership agreement, a draft Board and Election Policy document and a draft Directors’ Policy document. These are all drafts. They will be adopted at the first AGM of the Foundation and can be altered and developed by the members.

If you are an overseas pledger, you will not be able to use this system. However, an overseas system will be available very soon.

We had set the direct debit drawdown date as 4 July but we have altered this to 2 August following advice about likely bid timescales. However, we will come back to you if we wish to push this date back or bring it forward. We will collect no money until we are sure a deal can be concluded.

The instructions on setting up your own account are contained in the conversion system.

The process of fan ownership is not an easy task but with your help we have a once in a lifetime opportunity to make it happen.

On behalf of the Foundation of Hearts and every Hearts supporter – thank you.

Yours faithfully

Ian Murray
Chairman, Foundation of Hearts

www.foundationofhearts.org/now-is-the-time-to-make-history


Me too

:lolyam::brokenyam::lolyam:





This email was sent to
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Foundation of Hearts · Edinburgh, United Kingdom · Edinburgh, Midlothian EH8 8DP


Me too

:lolyam::lolyam:

[Hibercelona]

[/B]



Imagine if we were sold to new owners as a pre pack, in and out admin, no debt and we beat Hibs early doors.

There'd be a queue of Hibs fans waiting to jump off the bridges.

http://www.hmfckickback.co.uk/public/style_emoticons/default/jj.png
Out of admin. Registration embargo lifted. Goodwillie, Boyd and Skacel with by the goals.


Back to top (http://www.hibs.net/#ipboard_body)


Another Hibs reference, as you say, desperate!!!!






That lot do a lot of "imagining".

[Andy74]

[/B]



Imagine if we were sold to new owners as a pre pack, in and out admin, no debt and we beat Hibs early doors.

There'd be a queue of Hibs fans waiting to jump off the bridges.

http://www.hmfckickback.co.uk/public/style_emoticons/default/jj.png
Out of admin. Registration embargo lifted. Goodwillie, Boyd and Skacel with by the goals.


Back to top (http://www.hibs.net/#ipboard_body)



Another Hibs reference, as you say, desperate!!!!






If the same company come out of admin then they are still to receive punishment for missing wages. Hearing still to take place. Last year that resulted in prolonged limitations of registrations even after the wages were settled. They won't be brining those type of players in regardless of what happens.

[SaulGoodman]

http://www.foundationofhearts.org/no...o-make-history

Hurr, hurr, £51, hurr hurr, that's a bit like 5-1 isn't it, hurr hurr take that hobos!

Even here, in desperate times, they need a Hibs reference somewhere. Such is the life of the Yam.-

Coincidently you can't pledge £70 :cb

[Waxy]

Are David and Ian Murray related?

[jacomo]

[/B]



Imagine if we were sold to new owners as a pre pack, in and out admin, no debt and we beat Hibs early doors.

There'd be a queue of Hibs fans waiting to jump off the bridges.

http://www.hmfckickback.co.uk/public/style_emoticons/default/jj.png
Out of admin. Registration embargo lifted. Goodwillie, Boyd and Skacel with by the goals.


Back to top (http://www.hibs.net/#ipboard_body)



Another Hibs reference, as you say, desperate!!!!






Yeah, imagine if Andy Murray and Rafa Nadal decided to broker a deal between Hibs and Real Madrid, and Christiano Ronaldo came to Easter Road on loan for next season.

Isn't imagination great?