No pay/Board Statement/Various Yam Threads Merged

[Bostonhibby]

How can you tell if a Yam is the right way up ? Erse/ face .... hmmmm.......tricky.

Schoolboy error on my part, I assumed that as they talk out of it, so it must be a face. In my defence the 2 features are often similar and are kissed equally in Yammish circles.............

[Seveno]

Schoolboy error on my part, I assumed that as they talk out of it, so it must be a face. In my defence the 2 features are often similar and are kissed equally in Yammish circles.............

Tut tut. You don't really think that a Yam talks out of it's mouth do you ?

[Saorsa]

Doesnt matter really ..you can plant them anyway you want ..

:agree:Aye but usually this way :greengrin

http://i19.photobucket.com/albums/b168/jamie1971/yamfud2.jpg

[...WentToMowAnSPL]

:top marks:not worth

If only someone had started a Christmas Tune thead :aok: :top marks

[Skol]

My money is on (so to speak) Ryan Stevenson...he looks like a painter/decorator type

[MSK]

Aye but usually this way :greengrin

http://i19.photobucket.com/albums/b168/jamie1971/yamfud2.jpgAw gawd ..thats ugly !!! :greengrin

[lapsedhibee]

My money is on (so to speak) Ryan Stevenson...he looks like a painter/decorator type

It was said that players sometimes deliberately got themselves sent off just before Christmas so they could spend more time with their families. I wonder if this season we could have had the first case of a player deliberately getting himself sent off so that he could get away early to his other, paying, job? :dunno:

[Northernhibee]

When told that he might not be paid untill March, Paulo Sergio said that their players were overcome with emulsion.

[Fat Penlon]

And you might like to know that it'll make the papers tomorrow, too :greengrin Who is it then?

[degenerated]

If only someone had started a Christmas Tune thead :aok: :top marks

I'll suggest Because of you by dexys midnight runners for One of their christmas tunes

http://www.youtube.com/watch?v=lRAve3-H_6o&feature=youtube_gdata_player

[iwasthere1972]

I'll suggest Because of you by dexys midnight runners for One of their christmas tunes

http://www.youtube.com/watch?v=lRAve3-H_6o&feature=youtube_gdata_player

or

http://www.youtube.com/watch?v=RpDsQN98Qmw

[magpie1892]

And you might like to know that it'll make the papers tomorrow, too :greengrin

Indeed it is, in The Sun, which is on the presses as I type this.

[degenerated]

Indeed it is, in The Sun, which is on the presses as I type this.

When will it be online?

[CyberSauzee]

Just had a scan of UKIO Bonkers accounts to 30 Sep this year.

UKIO Bankas issued shares 295,824,000

Vlad's holding 53.10% = 157,082,544
(UBIG own 8.30% of which Vlad will own a significant chunk - not included in calcs)

Share price at close today 0.172 LTL (worth close to 1.50 at their peak about 5 years ago)

Exchange rate £1 = 4.10273 LTL

Sterling value = 157,082,544 * 0.172 * (1 / 4.10273) = £6,585,419.36

£6,585,419.36 = Vlad's skint

[essexhibee]

Who is it then?

Ian black.

Hes missing training to do so apparently.

[Fat Penlon]

Ian black.Hes missing training to do so apparently. Can this panto get any better?

[iwasthere1972]

Ian black.

Hes missing training to do so apparently.

He only lasted half a day. Foreman sacked him at noon for kicking over a full tin of Emerald Green paint.

[magpie1892]

When will it be online?

The website starts getting updated from just shy of 11 and goes on for several hours, depending. But not every story in the print edition goes up on site, of course.

Best guess, should be something up about midnight. Don't quote me on that, though!

[iwasthere1972]

Can this panto get any better?

Oh yes it can.

It's behind you. (Ian Black's football career)

[greenginger]

Just had a scan of UKIO Bonkers accounts to 30 Sep this year.

UKIO Bankas issued shares 295,824,000

Vlad's holding 53.10% = 157,082,544
(UBIG own 8.30% of which Vlad will own a significant chunk - not included in calcs)

Share price at close today 0.172 LTL (worth close to 1.50 at their peak about 5 years ago)

Exchange rate £1 = 4.10273 LTL

Sterling value = 157,082,544 * 0.172 * (1 / 4.10273) = £6,585,419.36

£6,585,419.36 = Vlad's skint

It was actually 0.172 euro closing price or 0.595 LTL = £22,780,955.00 = Still skint cos the yams owe about £35 Million to themselves

[CyberSauzee]

It was actually 0.172 euro closing price or 0.595 LTL = £22,780,955.00 = Still skint cos the yams owe about £35 Million to themselves

Well spotted GG, my mistake, didn't see the options at the top of the page. Still a big from from the paper valuation of a few years ago.

[magpie1892]

It was actually 0.172 euro closing price or 0.595 LTL = £22,780,955.00 = Still skint cos the yams owe about £35 Million to themselves

£40+ million in debt, I am reasonably reliably informed and losing £10,000 a day (still).

Trying not to get too excited but it seems this is it, the big one.

[Coco Bryce]

30k a week they are loosing. From an ex assistant manager ;)

[Peevemor]

I was wondering what had happened to Vlad's laddie.


Aye but usually this way :greengrin

http://i19.photobucket.com/albums/b168/jamie1971/yamfud2.jpg

[iwasthere1972]

:singing: Away up in Gorgie at Pinkcastle Park
There's a skint fitba' team that won’t pay Ian Black
He’s told Vlad to stuff it and now works for his mate
He’s painting and decorating and winnae get paid late :singing:

[PaulSmith]

:singing: Away up in Gorgie at Pinkcastle Park
There's a skint fitba' team that won’t pay Ian Black
He’s told Vlad to stuff it and now works for his mate
He’s painting and decorating and winnae get paid late :singing:

Paint, paint glorious paint

[magpie1892]

30k a week they are loosing. From an ex assistant manager ;)

More. Much more. £10,000 a day.

I spoke to Laszlo yesterday at Tollcross (you should see his crappy motor, btw) and he reckoned about £8,000 a day, 'possible it is more'.

[PaulSmith]

More. Much more. £10,000 a day.

I spoke to Laszlo yesterday at Tollcross (you should see his crappy motor, btw) and he reckoned about £8,000 a day, 'possible it is more'.

Agree, I'd be surprised if hearts yearly losses were only 1.5m per year

[Pedantic_Hibee]

Two salient points that I feel I have to make here, chaps. I have a couple of concerns with the "we owe it to ourselves" mantra that's been peddled along the years by not only their fans (you can almost forgive them as they are deluded by default) but also one of their faceless directors.

1) If you owed money to yourself, why would you charge yourself interest? For example, if I was skint towards the end of the month and I thought "Awww sheeeeite, I need some cash to get me by....I know, I'll take £50 oot my savings account and I'll put £60 back into it on payday" I'd have to repeat the process the next month and so on, with the money borrowed being higher and the date I'm skint moving closer to the start of the month as time wore on. Utterly pointless exercise, what's the point in charging yourself money when, if you afford yourself the luxury of borrowing from yourself, you can just put in what you took out instead of kicking your own erse?

2) Using this similar logic, and forgiving the interest rates in point 1, if you took money out of your right hand pocket to put into your left hand pocket (because anything you spend you owe to yourself), if and when the money had dried out in your right hand pocket and you were "skint", surely you would dip into your left hand pocket and use the cash in there and vice versa?

I don't get it, why do I not get it? If you owe money to yourself, how can you ever be skint? "You got £20 mate?" - *checks left hand pocket* "No, no sorry I don't" - "What about your other pocket?" - *checks* "Oh, yep, right enough, here you go, spend wisely".

Can someone explain it to me? If I put money in my piggy bank and then I'm running short, I'd dip into my piggy bank. Problem solved, bosh, back of the net, cashback. So...........what, how, why? How does it work, or in this case, inherently not work?

http://3.bp.blogspot.com/_YGLQQZTHoU0/SaK7nlZY9wI/AAAAAAAAHkQ/g51QL_RlgOg/s400/add-up.jpg

[magpie1892]

Agree, I'd be surprised if hearts yearly losses were only 1.5m per year

You'd be surprised? VR would be delighted. £1.5m/yr losses could be traded out of by a club that size using intelligence and a bit of luck but £3.5m/yr loss with attendant £40m debt and a main stand now attracting the attentions it should have been getting from H&S for the last, ooh, 20 years = simply not possible.

[ballengeich]

More. Much more. £10,000 a day.

I spoke to Laszlo yesterday at Tollcross (you should see his crappy motor, btw) and he reckoned about £8,000 a day, 'possible it is more'.

Given the sums written off by debt to equity transfers in recent annual reports, the sum of £10,000 a day may be on the conservative side. After all that would be less than £4 million each year, a sum which any of us could easily deal with.:greengrin

[PaulSmith]

I'm away to ma scratcher now but when I wake up I expect there to be a really, really!, fun story tomorrow.... Oh ma sides just cannae handle this anymore!!

[magpie1892]

I'm away to ma scratcher now but when I wake up I expect there to be a really, really!, fun story tomorrow.... Oh ma sides just cannae handle this anymore!!

The moonlighting player is being named in more than one paper tomorrow.

[matty_f]

The moonlighting player is being named in more than one paper tomorrow.

I believe he may also get a mention in the wee personal ad bits in Tesco, where you can also find a phone number for him to paint your kitchen and that.:thumbsup:

[PaulSmith]

The moonlighting player is being named in more than one paper tomorrow.

Seemingly his namesake was actually a real painter..:)

http://www.artfact.com/artist/black-ian-irxk4fdy2c

[magpie1892]

I believe he may also get a mention in the wee personal ad bits in Tesco, where you can also find a phone number for him to paint your kitchen and that.:thumbsup:

Hope so. Need a wee bit of work done here. Cash, and no questions asked.

[Sergey]

The moonlighting player is being named in more than one paper tomorrow.

:hmmm:

Why does that not surprise me!

[magpie1892]

:hmmm:

Why does that not surprise me!

Because it's a superb story?

[Twa Cairpets]

The moonlighting player is being named in more than one paper tomorrow.

Hope they don't gloss over any details.

[Pedantic_Hibee]

I'm devastated that Ian Black has had to resort to taking on a second job as a painer to make ends meet......I'm overcome with emulsion at the thought of it.

[Kato]

Hope they don't gloss over any details.

I don't believe it. The Sun is just stirring the pot. Rag.

[lapsedhibee]

If only someone had started a Christmas Tune thread

Shirley what the diminutive Hearts star will be hearing every time he turns up for this other, more worthwhile, job will be "Paint it, Black"?

[Twa Cairpets]

I'm devastated that Ian Black has had to resort to taking on a second job as a painer to make ends meet......I'm overcome with emulsion at the thought of it.

It'll be a close brush with the taxman though.

Hearts definitely in the vinyl countdown now.

He needs the money to give his family a top end, du-lux Christmas.

[magpie1892]

Hope they don't gloss over any details.

Och, don't start, seeing this thread pun up any more than it already has done will be like watching paint dry.

[Sergey]

Och, don't start, seeing this thread pun up any more than it already has done will be like watching paint dry.

Whatever statement HoMFC put out now is merely papering over the cracks :agree:

[IWasThere2016]

If you had debt for a car say, and a family member then bought that debt, you would owe your family rather than the finance company so everything is fine.
Except, your family member is quite happy with the debt as it's just a figure sitting there. but still charging you interest on the debt.
Effectively you don't have a debt to any financial establishment and are therefore liquid. But your family member is taking your dosh which raises another question.

What have you done to your family member to make them treat you like that?

STF and RP have loans to HFC and are charging 'the family' interest!

[magpie1892]

Whatever statement HoMFC put out now is merely papering over the cracks :agree:

You say that as if it really matt-ers.

[iwasthere1972]

Whatever statement HoMFC put out now is merely papering over the cracks :agree:

I feel this is a step up the ladder from his last job.

[magpie1892]

Shirley what the diminutive Hearts star will be hearing every time he turns up for this other, more worthwhile, job will be "Paint it, Black"?

:aok:

[robinp]

Whatever statement HoMFC put out now is merely papering over the cracks :agree:

The yams will no doubt brush aside this latest story as more anti romanov slander.

[matty_f]

Does this effectively make the Yams a part-time club then?:greengrin

[robinp]

Does this effectively make the Yams a part-time club then?:greengrin

Thats below the workmans belt

[iwasthere1972]

Ian Black will just be filling in for someone.

[Jack]

Hello Ian, eh I mean meester Black. I vould like you to paint my big pink bus shelter.

How big boss?

Eet eez shuge meester Black.

That'll be a load o dough boss, will I have to buy the paint up front boss?

Good idea meester Black, I vill pay you vonce you alf completed zee job.

Eh. alright boss, what's your name.

Vladimir Smeeth

[cad]

Fresh coat for Melbourne Victory’s Dulux sponsorship

Dulux have renewed their sponsorship of Australian soccer club Melbourne Victory for the 2011/12 A-League season.
The deal will see the painting and decorating brand continue as the Victory’s membership partner for a sixth year. Dulux will feature prominently in all materials associated with the scheme and distributed to club members. The club will soon be releasing further details of the partnership renewal.
Phil White, the general manager, trade, at Dulux, said: “Plenty of professional trade painters are avid football supporters, so it made sense for Dulux to support the game they follow. While we’ve been involved with the club since day one, we became the Official Membership partner back in season two and have enjoyed plenty of success with Melbourne Victory over the years.”
" In fact the club ,Im told are looking for player`s who not only play football but are a dab hand at the old painting and decorating we are at this time looking at 2 Scottish players who are going through a hard time with there club just now ,suffice to say I cant mention the team as the 2 are still under contract but he is doing a few homers at this moment in time with the youth player the reason the youth player is working with him is because hes awfi wee and is very handy for the skirting's ,ceilings are not his forte ,the sponsor's are delighted with the verve in which these 2 have taken on board the deal that Dulux has given our club , we will endeavour to sign these players at the earliest opportunity end of Jan is our window "
Im told he does them as well hes an all rounder this guy "

[Northernhibee]

http://www.youtube.com/watch?v=djIZyGPZ4rM

[magpie1892]

http://www.youtube.com/watch?v=djIZyGPZ4rM

It's getting cruel now. Rise above it. :wink:

[Northernhibee]

It's getting cruel now. Rise above it. :wink:

Oh no, at their closing down party, I plan to be outside singing "ROMAN ROMANOV" and playing a selection of Proclaimers tunes.

[magpie1892]

Oh no, at their closing down party, I plan to be outside singing "ROMAN ROMANOV" and playing a selection of Proclaimers tunes.

That's so infantile.

And I kind of like it.

[magpie1892]

http://www.thescottishsun.co.uk/scotsol/homepage/sport/spl/3997336/Wages-row-takes-gloss-off-for-Black.html

[The Green Goblin]

http://www.thescottishsun.co.uk/scotsol/homepage/sport/spl/3997336/Wages-row-takes-gloss-off-for-Black.html

At least that story just talks about Black and doesn't try to tarnish all of them with the same brush...

[Peevemor]

At least that story just talks about Black and doesn't try to tarnish all of them with the same brush...

:agree: It's better than being satin the house doing nothing.

[iwasthere1972]

A pub quiz question for the very near future.

Q. What have the 2006 Scottish Cup Finalists got in common?

A. :greengrin

[The Green Goblin]

:agree: It's better than being satin the house doing nothing.

:greengrin

[SteveHFC]

A pub quiz question for the very near future.

Q. What have the 2006 Scottish Cup Finalists got in common?

A. :greengrin

They both entered administration :greengrin

[The Green Goblin]

A pub quiz question for the very near future.

Q. What have the 2006 Scottish Cup Finalists got in common?

A. :greengrin


They sacrificed their own existence for a failed shot at glory?

[jgl07]

They sacrificed their own existence for a failed shot at glory?

But Rangers weren't in the 2006 Cup Final!

[Lucius Apuleius]

Guess he won't be getting plastered very often then. ePoxy little prick anyway.

[Kaiser1962]

STF and RP have loans to HFC and are charging 'the family' interest!


Keeps things tidy and professional TQM.


(And I doubt this is Rod's money so you cant pin that on the man :greengrin)

[Barney McGrew]

STF and RP have loans to HFC and are charging 'the family' interest!

How much are the loans for?

[Caversham Green]

How much are the loans for?

The one that carries interest is £250k. There's also an 'amount due to parent company' of £1.25m that is interest free.

[IWasThere2016]

Keeps things tidy and professional TQM.


(And I doubt this is Rod's money so you cant pin that on the man :greengrin)

Just stating the facts. It also provides balance and perspective :wink: :greengrin

[Barney McGrew]

I'm loving the fact that the blinkered yam supporters still don't get it.

I've been having a chat with one this morning who still believes that they'll be OK and that everything is rosy because they're still above us in the league. It'll also be OK when the players go in January because it will leave the U-19s to play who 'have more passion'.

Unreal. You honestly couldn't make it up.

Does anyone else have bonkers yam acquaintances who are still buying Romanov's spin?

[WindyMiller]

Just stating some of the facts. It also provides balance and perspective :wink: :greengrin

Edited. :aok:

[Golden Bear]

Looks like our favourite QC has kindly offered his services to the poor hawrts players.

Anything for a bit of publicity eh Paul?






http://www.dailyrecord.co.uk/football/spl/2011/12/14/i-ll-help-hearts-players-for-free-in-their-wages-battle-with-vladimir-romanov-says-top-lawyer-paul-mcbride-86908-23634187/

[Barney McGrew]

Looks like our favourite QC has kindly offered his services to the poor hawrts players.

Anything for a bit of publicity eh Paul?






http://www.dailyrecord.co.uk/football/spl/2011/12/14/i-ll-help-hearts-players-for-free-in-their-wages-battle-with-vladimir-romanov-says-top-lawyer-paul-mcbride-86908-23634187/

I think that article is wrong (surprise surprise).

The £216k wage packet it mentions is what they're due a WEEK not a month. Tick tock......

[Beefster]

Looks like our favourite QC has kindly offered his services to the poor hawrts players.

Anything for a bit of publicity eh Paul?






http://www.dailyrecord.co.uk/football/spl/2011/12/14/i-ll-help-hearts-players-for-free-in-their-wages-battle-with-vladimir-romanov-says-top-lawyer-paul-mcbride-86908-23634187/

You're very cynical.

I'll need to request free representation from Mr McBride if I ever need legal services. I'm sure the fact that it won't create publicity for him won't be an issue.

[johnrebus]

You're very cynical.

I'll need to request free representation from Mr McBride if I ever need legal services. I'm sure the fact that it won't create publicity for him won't be an issue.


Please no!

I actually thought we had seen the last of that wankker following his disgraceful slur in the Hibs support.

No such luck.


:sick:

[bingo70]

I think that article is wrong (surprise surprise).

The £216k wage packet it mentions is what they're due a WEEK not a month. Tick tock......

So to pay the players up to date they have to find the best part of £2m?

is it today they're meant to be getting paid their december wage?

[IWasThere2016]

Edited. :aok:

No - think you'll find it was fact :aok:

[Andy74]

So to pay the players up to date they have to find the best part of £2m?

is it today they're meant to be getting paid their december wage?

That's about right.

Friday I think is wages day.

[Barney McGrew]

So to pay the players up to date they have to find the best part of £2m?

is it today they're meant to be getting paid their december wage?

Looks like it. Since their wage bill is circa £10m, it will be £216k a week. If it was £216k a month, that would mean they'd miraculously managed to cut their wages by 75%, which I think is highly unlikely.

I think it's due this week, maybe tomorrow or Friday though.

[IWasThere2016]

So to pay the players up to date they have to find the best part of £2m?

is it today they're meant to be getting paid their december wage?


That's about right.

Friday I think is wages day.


Looks like it. Since their wage bill is circa £10m, it will be £216k a week. If it was £216k a month, that would mean they'd miraculously managed to cut their wages by 75%, which I think is highly unlikely.

I think it's due this week, maybe tomorrow or Friday though.

More invisble BACS transfers / rubber cheques - wee shames.

[Aldo]

Mmmmm let me think (yes dangerous). 216,000 a week WTF...
864,000 ish a month. Holy ***** where the hell they finding that sort of dosh... O their not!

I really hope Santa brings me the best Xmas present ever.... The demise of the Yams.

Wait. Is the 216k the top players wages or the wage bill for the club. Have heard in the region of 12k a day plus the arrears at. Riccarton etc

The are well and truly screwed unless the Sultan of Qatar who has loads of Yam millionaire friends (tee her) buys the club??
;)

[CentreLine]

http://www.dailyrecord.co.uk/football/spl/hearts/2011/12/14/hearts-boss-paulo-sergio-fears-cash-crisis-will-affect-his-players-in-spl-clash-with-dunfermline-86908-23633640/

He said: “I would like to have a full Tynecastle for the match on Saturday.

“Our players deserve it and our supporters should show the world how strong they are and how much they are together with the team.

Should read, "we need the money so that me and the players can get a few hundred quid each to see us over the weekend" The whole situation is just wrong!!!

[DC_Hibs]

So they need to find more than £800k to cover a months wages for all employees on Friday.

In addition c20 senior pros are still due November's salary (less the token £1000).

Good news, as this will be dragging on for some time yet.

The two home games coming up with max 8000 walk ups in total at give away prices is hardly going to generate much cash - even if they buy the extra pies.
Police and Stewarding costs will take a fair chunk of that.

Still there's nothing to worry about according to the 400,000 ostriches.

Cheerio.

[Jack]

What's happened to all the season ticket money they collected for this season? :hide:

[frazeHFC]

Someone on FB says that a Hearts worker who was let off has said they will enter administration this weekend. I cannot get on kickback but a Hibee on twitter says they are also saying it on JK..........:faf: It really would be an early Christmas! :lolyam:

[scoopyboy]

That's about right.

Friday I think is wages day.

Friday is spot on.

A wee birdie has told me that the players might not trap on Saturday unless their wages are in on Friday.

[MB62]

Someone on FB says that a Hearts worker who was let off has said they will enter administration this weekend. I cannot get on kickback but a Hibee on twitter says they are also saying it on JK..........:faf: It really would be an early Christmas! :lolyam:

I know people are saying this has been discussed and explained to death (I must have missed it or ignored it) but from what I understand, administration is a non starter as they are due the vast amount of money to themselves.
Struggling to get my head around this administration/receivership stuff but I would say the latter is a more likely scenario, although I'm not even sure this is an option if Vlad decides against it.

[Hibbyradge]

The one that carries interest is £250k. There's also an 'amount due to parent company' of £1.25m that is interest free.


Just stating the facts. It also provides balance and perspective :wink: :greengrin

What you're doing, G, is spreading malicious innuendo. As per usual.

And it's tiresome, but obviously not to you.

[JeMeSouviens]

I know people are saying this has been discussed and explained to death (I must have missed it or ignored it) but from what I understand, administration is a non starter as they are due the vast amount of money to themselves.
Struggling to get my head around this administration/receivership stuff but I would say the latter is a more likely scenario, although I'm not even sure this is an option if Vlad decides against it.

In a normal administration, the owners of the company admit they are heading under and call in the administrator who tries to salvage the company as a going concern by trimming costs where possible and then getting the creditors to agree to accept a part payment to settle their debts so that the company can exit administration. If no such agreement can be reached, the administrator will wind things up and try and get as much as possible to the creditors.

In Hearts case, UBIG are both the owners of the company and by far the largest creditor. The only way it would make sense for them to do this is if Vlad is intending either to write off a huge chunk of their debt or shut the place down.

Mind you, if they can't pay their bills and a creditor asks a court to appoint an administrator, I don't think there's anything they can do stop it.

[Andy74]

Friday is spot on.

A wee birdie has told me that the players might not trap on Saturday unless their wages are in on Friday.

Not fulfilling fixtures is what got Livi the heave to the Third wasn't it?

[Part/Time Supporter]

Not fulfilling fixtures is what got Livi the heave to the Third wasn't it?

Under SFL rules. I don't know what the SPL rules are on this.

[JeMeSouviens]

Under SFL rules. I don't know what the SPL rules are on this.

The same. Gretna were initially put in the 3rd for being unable to guarantee fixtures in the new season but then went out of business before they actually played a game.

Edit: d'oh! they'd already been relegated to Div 1 though. Hmmmm.

[Aldo]

Friday is spot on.

A wee birdie has told me that the players might not trap on Saturday unless their wages are in on Friday.

Excellent Scoops. Apparantly Heriot Watt are in the process of submitting papers for a court order or egarever re unpaid rent and it goes back longer than I was told (aug) looks like 6 months plus. They could and probably will have to train at the PBS or the public park at Roseburn.

Roll on the weekend. £800k in 48 hours. Do we think The Mad One is going to pull the rabbit out of the hat on this occasions or delve into his vast fortune?????


Me thinks not!!

[Andy74]

Excellent Scoops. Apparantly Heriot Watt are in the process of submitting papers for a court order or egarever re unpaid rent and it goes back longer than I was told (aug) looks like 6 months plus. They could and probably will have to train at the PBS or the public park at Roseburn.

Roll on the weekend. £800k in 48 hours. Do we think The Mad One is going to pull the rabbit out of the hat on this occasions or delve into his vast fortune?????


Me thinks not!!

If its unpaid that long surely they would have stopped them using it in the interim, and then try and recoup the cash through the courts?

[Peevemor]

If its unpaid that long surely they would have stopped them using it in the interim, and then try and recoup the cash through the courts?

Do they not use Riccarton under a long term lease? I'm fairly certain there will be offices and other areas which will be used exclusively by Hearts, meaning an eviction would be the normal course of action.

[MB62]

In a normal administration, the owners of the company admit they are heading under and call in the administrator who tries to salvage the company as a going concern by trimming costs where possible and then getting the creditors to agree to accept a part payment to settle their debts so that the company can exit administration. If no such agreement can be reached, the administrator will wind things up and try and get as much as possible to the creditors.

In Hearts case, UBIG are both the owners of the company and by far the largest creditor. The only way it would make sense for them to do this is if Vlad is intending either to write off a huge chunk of their debt or shut the place down.

Mind you, if they can't pay their bills and a creditor asks a court to appoint an administrator, I don't think there's anything they can do stop it.

So as a for instance,

Say company A = Ubig/Ukio/Vlad and they are due £30m from HMFC

Company B = Players unpaid wages £2m

Company C = Security company unpaid services £500,000


If companies B & C file for administration for their outstanding debt and they agree on 10p in the £1, does this mean that company A has to accept this too or could they still hold out to for their unpaid £30m to themselves?

[JeMeSouviens]

So as a for instance,

Say company A = Ubig/Ukio/Vlad and they are due £30m from HMFC

Company B = Players unpaid wages £2m

Company C = Security company unpaid services £500,000


If companies B & C file for administration for their outstanding debt and they agree on 10p in the £1, does this mean that company A has to accept this too or could they still hold out to for their unpaid £30m to themselves?

In your example, no they wouldn't have to accept it because they represent such a large share of the debt. I think the agreement has to represent 75% of the creditors by value of their debt. So, in your example, if A&B agreed, C would have to lump it.

[Peevemor]

In your example, no they wouldn't have to accept it because they represent such a large share of the debt. I think the agreement has to represent 75% of the creditors by value of their debt. So, in your example, if A&B agreed, C would have to lump it.

If they were forced into receivership, then it's be a different story altogether.

[IWasThere2016]

What you're doing, G, is spreading malicious innuendo. As per usual.

And it's tiresome, but obviously not to you.

Nonsense as per. What is malicious about the facts?

All in oor hoose isnae rosy. Hence the perspective :wink:

I can laugh at them - but I am mindful of where we are also.

[MB62]

In your example, no they wouldn't have to accept it because they represent such a large share of the debt. I think the agreement has to represent 75% of the creditors by value of their debt. So, in your example, if A&B agreed, C would have to lump it.

Yes, but if B & C accepted and A didn't, A would still be due C£30m in full?

[Part/Time Supporter]

Yes, but if B & C accepted and A didn't, A would still be due C£30m in full?

If more than 25% of the creditors reject a CVA, it isn't passed. The administrator would have to come up with a new CVA or liquidate the company.

[Andy74]

Nonsense as per. What is malicious about the facts?

All in oor hoose isnae rosy. Hence the perspective :wink:

I can laugh at them - but I am mindful of where we are also.

No it isn't all rosy but it's worlds apart from having an underperforming team to what is going on across the road.

Are you suggesting there is anything in the set up of the club structure or finances that has not been done for good reason and directly for the benefit of the football club?

[IWasThere2016]

No it isn't all rosy but it's worlds apart from having an underperforming team to what is going on across the road. Are you suggesting there is anything in the set up of the club structure or finances that has not been done for good reason and directly for the benefit of the football club?

I am suggesting that our on and off the field positions are not good enough - and lest we forget that.

IMHO, any action that transfers cash from HFC to the holdings is not good for the football club.

I reiterate what I said was factual - not 'malicious' :wink:

[iwasthere1972]

Against Dunfermlne and Motherwell.

Do you think that any of the Yam pay of the gate punters will boycott the two games knowing full well that all the proceeds will just be going into Uncle Vlad's back pocket and that none of the players will see any of of it. He's already pocketed all the season ticket money so they may as well turn up.

For a bonus point. If this was Hibs would you boycott the games?

[CallumLaidlaw]

Can't imagine I would boycott hibs. I go to support the team on the park. The jambos do like a wee boycott tho

[Keith_M]

....If this was Hibs would you boycott the games?

Maybe, but we're not due to go there till March


:greengrin

[johnrebus]

Against Dunfermlne and Motherwell.

Do you think that any of the Yam pay of the gate punters will boycott the two games knowing full well that all the proceeds will just be going into Uncle Vlad's back pocket and that none of the players will see any of of it.

For a bonus point. If this was Hibs would you boycott the games?


In the Yams case it is pointless.

Most of them are season ticket holders - walk up and pay at the gate punters can only number a few hundred anyway.


Oh, the Hearts are dead



:singing:

[MB62]

If more than 25% of the creditors reject a CVA, it isn't passed. The administrator would have to come up with a new CVA or liquidate the company.

I assume you mean 25% of the debt e.g. UBIG themselves could halt any agreement?

Assuming they are not going to accept a CVA that is going to cost them a lot of dosh, administration is just NOT a possibility.

What would be the effective result of liquidation?

[iwasthere1972]

Maybe, but we're not due to go there till March


:greengrin

Things may be so desperate at Tynie by then that the administrators will have slashed tickets prices and a cheeky wee fiver will be all that's requird.

[Golden Bear]

I think I heard on the radio that the Yams are offering both these games to Adults for the princely sum of £25. They're obviously desperate for cash up front but whether that leads to an increase in actual income over the two games must be extremely doubtful.

[magpie1892]

Very straightforward result of liquidation:

Release/sale of playing staff (if still legally contracted to HMFC), Tynecastle up for sale, closure of club.

Unless Vlad wants to take a £43m bath, which seems unlikely.

[DaveSo]

If Hearts are going to be using their U19's come January onwards them boys are going to have to work hard for their (non existant) wages cos surely they will also have U19 fixtures to complete too ??

[RoxburghHibs]

If Hearts are going to be using their U19's come January onwards them boys are going to have to work hard for their (non existant) wages cos surely they will also have U19 fixtures to complete too ??

I'd guess if they promote six U19 players to the First Team squad, for example, then they would simply promote six players from the U17 team to the U19 and so on.

[Hibbyradge]

Nonsense as per. What is malicious about the facts?

All in oor hoose isnae rosy. Hence the perspective :wink:

I can laugh at them - but I am mindful of where we are also.

The fact is STF has loaned Hibs £1.25m, interest free, but you didn't say that.

You chose to use innuendo to enigmatically say that RP and STF were charging "the family" interest on a loan. You didn't point out that the loan was only £250k and at a favourable rate of interest.

That's being deliberately selective and it's malicious.

Of course, it could be that you actually don't know what you're talking about or doing.

That would suggest something else.

[Andy74]

IMHO, any action that transfers cash from HFC to the holdings is not good for the football club.



That's not true if we were able to obtain funding at a time we needed it at a favourable rate and are now paying out less interest on it than we otherwise would. That is certainly something that has been done to benefit the football club.

[Kaiser1962]

The one that carries interest is £250k. There's also an 'amount due to parent company' of £1.25m that is interest free.

Is the interest not about £5kpa or something? Around 2%?

This is such a minuscule amount one would surmise there was a very good reason for this being there.

[Barney McGrew]

Is the interest not about £5kpa or something? Around 2%?

This is such a minuscule amount one would surmise there was a very good reason for this being there.

If that's true then the 'family' is being charged £5k per annum for £1.5m of loans.

I'm no financial expert, but it sounds like a very good deal to me :wink:

[Caversham Green]

Is the interest not about £5kpa or something? Around 2%?

This is such a minuscule amount one would surmise there was a very good reason for this being there.

:agree: £5,104 in the last accounts. That, the rent for the ticket office and interest received on its own cash (which was lost when the £1.25m was transferred to the club) is all the income the holding co receives. It tends to break even over the years.

[Caversham Green]

So as a for instance,

Say company A = Ubig/Ukio/Vlad and they are due £30m from HMFC

Company B = Players unpaid wages £2m

Company C = Security company unpaid services £500,000


If companies B & C file for administration for their outstanding debt and they agree on 10p in the £1, does this mean that company A has to accept this too or could they still hold out to for their unpaid £30m to themselves?

The problem with administration is that the administrator needs to be paid and takes top priority - otherwise no-one would do it.

The order of priority is

1. Administrator (and they don't come cheap)
2. Secured creditors - Vlad's companies are secured to well above the likely liquidation value of the Yams' assets
3. Everyone else - because of 1. and 2. they would get SFA.

If 'Mr Romanov' brought in the administrators all he'd be doing is diminishing the amount he would get from the secured debt by having to pay them. He's better to 'asset strip' as much as he can and then sell the club or shut up shop (probably the latter IMO).

As I mentioned on th PM board though, IMO the best advice for the the directors (and that probably includes 'Mr Romanov') is to close the doors now to avoid accusations of trading while insolvent.

[Saorsa]

The problem with administration is that the administrator needs to be paid and takes top priority - otherwise no-one would do it.

The order of priority is

1. Administrator (and they don't come cheap)
2. Secured creditors - Vlad's companies are secured to well above the likely liquidation value of the Yams' assets
3. Everyone else - because of 1. and 2. they would get SFA.

If 'Mr Romanov' brought in the administrators all he'd be doing is diminishing the amount he would get from the secured debt by having to pay them. He's better to 'asset strip' as much as he can and then sell the club or shut up shop (probably the latter IMO).

As I mentioned on th PM board though, IMO the best advice for the the directors (and that probably includes 'Mr Romanov') is to close the doors now to avoid accusations of trading while insolvent.Either or, great advice IMO :agree:


http://i19.photobucket.com/albums/b168/jamie1971/doonthepan.jpg

[The_Todd]

It's ok, it's a materplan. Hearts would like these players to leave. It frees up space in the squad for new, better players. Only a Hobo could possibly believe anything that's going down in Tynecastle is because Vlad is skint\deranged\bored of Hearts\bored of football\a cowboy\a loose cannon\unpredictable\insane. It's all part of his long term strategy for Hearts don't you see?

Oh, and he kept Hearts at Tynecastle. He'll be forever remembered as a saviour.

[CyberSauzee]

That's about right.

Friday I think is wages day.

Friday I think is IOU day.

[The_Todd]

Friday I think is IOU day.

I don't think they even get an IOU. That would imply that the players should expect to get paid at any point in the future.

[Springbank]

I assume the O in a Tynecastle IOU stands for "own"

[Greenblood70]

Jan 14th is my birthday. Be some pish up if that mob finally go pop,:party::party::party:

It's beginning to look like they won't last til then mind.:I'm waiti

[Hibercelona]

Jan 14th is my birthday. Be some pish up if that mob finally go pop,:party::party::party:

It's beginning to look like they won't last til then mind.:I'm waiti

Christmas or New Year would certainly do though. :thumbsup:

[degenerated]

In the Yams case it is pointless.

Most of them are season ticket holders - walk up and pay at the gate punters can only number a few hundred anyway.


Oh, the Hearts are dead



:singing:

Season ticket money would only cover, at best, 4 months of wages for them. Therefore not entirely surprising that around 4 months into the season they didnt have a pot to piss in :agree:

[DaveF]

A part time yam I know has taken up the £25 for two games offer so there will be, IMO, a bigger crowd than normal at these 2 games.

I mean, the club is dying on its arse so would you expect a few more of the unwashed to turn up.

[crewetollhibee]

Let it snow, let it snow, let it snow.:aok:

[Hibrandenburg]

If the next game was possibly the very last Hibs game, would you be there?

[greenginger]

Has it been said anywhere that the youths and admin. staff will definitely be getting paid on Friday ?

[iwasthere1972]

Let it snow, let it snow, let it snow.:aok:

Some of that really heavy stuff would be great especially if most of it lands on that big garden shed in Gorgie.

[HibbyAndy]

Against Dunfermlne and Motherwell.

Do you think that any of the Yam pay of the gate punters will boycott the two games knowing full well that all the proceeds will just be going into Uncle Vlad's back pocket and that none of the players will see any of of it. He's already pocketed all the season ticket money so they may as well turn up.

For a bonus point. If this was Hibs would you boycott the games?



They can boycott all they want. It aint in there hands..Makes no difference if there is 17K at Pinkcastle or 7K,,Fact is Hearts are finished.


Get yer laughing gear round that...One way or another Hearts are doomed..Hell lets say 100K turned up at The Chocolate factory it really makes no odds. End.Finito.Shut the door oan way oot.Turn the lights oot etc. Hearts are a spent force.


See ya :cb

[HibbiesandtheBaddies]

Let it snow, let it snow, let it snow.:aok:

:greengrin

[The Green Goblin]

Christmas or New Year would certainly do though. :thumbsup:

I`m coming over from Brazil and want to see us win one more derby. They can go t!ts up on Jan 3rd. :greengrin

GG

[Sergey]

Can't stop the pre-*** in the fact that oor old favourite, Shan Lawson is getting it real tight on KB.

Seems somewhat chameleonesque in his rantings.

Sad :fibber:

[Hibby cal]

Cec councillor Steve cardownie today proclaims that
" if it wasn't for vlad we'd be playing in the first division
At murrayfield "
He also states we are still the third biggest club in Scottish
Football ,with a chance of finishing third in the table and we have
A benevolent owner and bank and a squad of good young players,
A lot of clubs would like to be in our position .

Is this man the most deluded yam on the planet ?????

I can't think of any club that would swap places with them,
But it's so funny that ,what they thought they were saved from
With vlads millions is about to come true
First/second/third division here you come
:pfgwa:pfgwa:pfgwa

[joe breezy]

Words of a total mentalist, his son's a good lad though; was one of my pals growing up and is now a news cameraman for Sky.

[goosano]

This is how good Vlad is being to them according to this am's Herald

The five-man group – it comprises two London-based financiers, two Edinburgh businessmen, and a well-known former footballer – first expressed an interest in buying the Edinburgh club more than a month ago but have subsequently been denied access to Hearts' accounts and vital paperwork, Romanov instead asking that they submit a bid "blind" without having seen any of the figures first.

A source close to the group admitted the process has become increasingly frustrating for them, adding that the consortium believe that, if Romanov does not sell Hearts by early next month, the club will "fall into the abyss".

There is a growing feeling among the consortium that Romanov, despite his public declaration to the contrary, has, in fact, no intention of selling Hearts and will use the lack of any formal offers for his shareholding as an excuse to offload Tynecastle stadium in a bid to recoup some of the club's mounting debt. The group claim that Romanov, who took over Hearts in 2005, has recently made the stadium and the club separate entities, meaning one can now be sold off without the other.

The consortium believe Romanov's £50m valuation of Hearts to be vastly overstated and hope that the owner will eventually agree to a deal in which he writes off most or all of the £36m debt in return for a more realistic pay-off. What that sum might be, however, cannot be decided as long as Romanov denies potential investors access to the books.

"Hearts are publically saying the club is up for sale but the consortium doesn't believe it actually is," added the source. "Hearts have offered them non-disclosure agreements but, when they've offered to sign them to accept paperwork and get hold of the numbers Hearts have, they not been prepared to give them anything. They want this group to make a bid without seeing the documents first.

"Normally, in a situation like this they're desperate for you to get all available data so they can get you to buy as soon as possible. I've never seen a potential transaction where they won't give out information."

The Hearts players have still not been paid their November wages in full and are not expected to receive their December wages on time tomorrow. That may prompt some or all of the squad to invoke FIFA's Article 14 and break their contract with "just cause", allowing them to walk away. The prospect of that, and possible lawsuits further down the line, makes the buying consortium believe a deal needs to be struck imminently if it's going to be done at all.

"The group think there are 10 days in January – from the first onwards – in which this club needs to be sold or otherwise it will probably fall into the abyss," the source added. "There's a half-decent squad there but if you lose all of that it will be very difficult to rebuild it. If the players walk out, as is threatened, then it could kill the club."

Anyone coming in to buy Hearts then knows the first thing they will likely face is being sued by former players for unpaid wages. If that happens then Hearts will have problems for the next decade."

[Hibby cal]

With nut jobs like cardownie on the cec
And supreme leader salmond also a yam
I wouldn't put it past them to come up
With a plan !!!

[Kaiser1962]

The fact that all scenarios I have seen seem to involve Vlad writing off the best part of £40m beggars belief. Why would he do that? The way the Yams are looking at they seem to think that it is duty to take a huge hit for the good of Hearts which is incredibly naive given that the man barely knew who they were before he bought them.

This was a business venture which failed, pure and simple, and Vlad's duty is to get as much as he can from the wreckage and if this means closing the club down then so be it, he probably cares less than we do.

FWIW I believe he will keep it going as long as he can paying the players the equivalent of minimum wage whilst taking what he can for as long as he can. If he unearths a player of decent talent then it's a bonus. Tynecastle is probably gone already. Once he has got something back, over the next few seasons, then he will offload it to some mug (minus a ground) for whatever he can screw out of them.

The only question left for our Yam friends is; Was it worth it?

[Barney McGrew]

Cec councillor Steve cardownie today proclaims that " if it wasn't for vlad we'd be playing in the first division at murrayfield "

He's got that a wee bit mixed up.
It's because of Vlad they'll be playing in the First Division at Murrayfield :greengrin

[Spike Mandela]

Reading the Herald article it again shows that any business proposition seems to be dependant on Vlad writing off the best part of £36 m.

We all know the madness of Vlad but would they honestly expect anyone to write off that amount? Yet again because it is a football club people are expected to dispense with any businesss acumen because of an emotional argument.

Is Vlad mad enough that it is worth trying?

[Jack]

What a tynie world they live in. Cant they see the bigger picture?

Don’t they realize that if the mad one was to write off, or reduce, the debt for a sale his whole business empire would crash around his ears. Every part of his empire is interlinked through a myriad of debt and dodgy equity deals, its about as stable as a pint of 80/- on top of a house of cards.

We all know that ain't going to happen.

[bawheid]

You hear this all the time from the Main Merricks who were involved in bringing Vlad to Tynecastle - Cardownie, Foulkes, Deans, MacKay.

"If it weren't for Romanov, we'd be playing at Murrayfield in the 1st division."

Really guys? Really??

What would probably have happened, would have been that Chris Robinson would have cleared Hearts debts to zero, with a decent bit of cash left over to put towards a new stadium. Times were good back then, particularly for the City of Edinburgh Council, who had yet to experience trams meltdown. I have no doubt that a "Community Stadium" would have been erected pretty sharpish and the Yams would have been playing in the SPL, debt free at a tidy new stadium.

Oh well...

[YehButNoBut]

Like the final quote from the Herald story.

"I think there are 10 days in January – from the first onwards – in which this club needs to be sold. Otherwise it will probably fall into the abyss." :thumbsup:

http://www.heraldscotland.com/sport/football/consortium-believe-vladimir-romanov-has-no-intention-of-selling-hearts-but-tynecastle-is-a-different-matter.16163

[matty_f]

What a complete ******* fruitloop.

How do you find words to describe that level of utter idiocy? I'm off to consult the Yamasauras to see if there's a word that fits.

In fact the whole lot of them are delusional idiots. Vlad write off £35m quid?! Do they even know how much of a loss that actually is?! They make it sound like a reasonable request. Total, total trumpets.

[Auckland Hibs]

What a complete ******* fruitloop.

How do you find words to describe that level of utter idiocy? I'm off to consult the Yamasauras to see if there's a word that fits.

In fact the whole lot of them are delusional idiots. Vlad write off £35m quid?! Do they even know how much of a loss that actually is?! They make it sound like a reasonable request. Total, total trumpets.

Tick tock to the MotherF's.......................

However, I have this deep down bad feeling that the Yams will walk away from this somehow, not sure how or when but somehow they will? Is the mad-one really that mad that he'll let them escape without getting his laundered money back?!

I guess it's sad times when the biggest thing I can get excited about is the Yams folding.... come on Pat give us some cheer!

[Hainan Hibs]

I can't believe people like Cardownie are in the positions they are.

[MB62]

What a tynie world they live in. Cant they see the bigger picture?

Don’t they realize that if the mad one was to write off, or reduce, the debt for a sale his whole business empire would crash around his ears. Every part of his empire is interlinked through a myriad of debt and dodgy equity deals, its about as stable as a pint of 80/- on top of a house of cards.

We all know that ain't going to happen.

And things going from bad to worse on a dailt basis for the Mad One

http://www.nasdaqomxbaltic.com/market/?instrument=LT0000102352&list=2&currency=EUR&pg=details&tab=realtime

[DC_Hibs]

That lot just think write offs are par for the course due to Vlad previously taking a hit and various debt for equity swaps.

Even if he does write it off he still claims the club is worth £50m.
If he took half that in full and final payment the diddy men buyers would still get nowhere close to the amount needed to buy it.

Hearts can only have assets of £12m-£15m (Tynecastle and c£1.5m of players - to be sold in Jan) which would mean max borrowing avail (who'd be daft enough to lend though) of c£10m leaving £15m still to be found by the buyer from cash or borrowed against personal assets they have.

Are they prepared to pay 200% of what the club is actually worth?
Maybe somebody would for a decent investment that could be turned around but that club is haemorrhaging money and nowhere close to breaking even for the forseeable. Football clubs arent exactly money making machines and especially not ones in Scottish football which is dying a death currently.

Their crowds and income will soon plummet once the Hertz fan(nie)s realise what they will be watching each week now that they have been forced to buy and pay players they can actually afford (first time in a long time).

Lastly, their tin pot stadium isnt fit for purpose, cannot be redeveloped according to them so it will have to be sold at some point whilst the begging continues for the council to bail them out of their self inflicted predicament.

The futures bright........

[TrinityHibs]

The problem with administration is that the administrator needs to be paid and takes top priority - otherwise no-one would do it.

The order of priority is

1. Administrator (and they don't come cheap)
2. Secured creditors - Vlad's companies are secured to well above the likely liquidation value of the Yams' assets
3. Everyone else - because of 1. and 2. they would get SFA.

If 'Mr Romanov' brought in the administrators all he'd be doing is diminishing the amount he would get from the secured debt by having to pay them. He's better to 'asset strip' as much as he can and then sell the club or shut up shop (probably the latter IMO).

As I mentioned on th PM board though, IMO the best advice for the the directors (and that probably includes 'Mr Romanov') is to close the doors now to avoid accusations of trading while insolvent.

Where does the tax man sit in this? Is he above or below 1?

[Kammy1875]

Dear God, please make it 10th of January with no bid for the tramps.

Yours,
Kammy1875.

[HIBERNIAN-0762]

I can't believe people like Cardownie are in the positions they are.


Niether can I..he's an arrogant wide-o and if you knew him you simply would not believe he was in the job he does, a total trumpet and a Leither to boot which makes me feel more sick to my stomach

[Iain G]

I can't believe people like Cardownie are in the positions they are.

He's a self publicising, self important, smallminded, shifty Edinburgh Councillor, he's hardly a standout in that regard in the Cooncil is he! :greengrin

[Phil D. Rolls]

He's got that a wee bit mixed up.
It's because of Vlad they'll be playing in the First Division at Murrayfield :greengrin


You hear this all the time from the Main Merricks who were involved in bringing Vlad to Tynecastle - Cardownie, Foulkes, Deans, MacKay.

"If it weren't for Romanov, we'd be playing at Murrayfield in the 1st division."

Really guys? Really??

What would probably have happened, would have been that Chris Robinson would have cleared Hearts debts to zero, with a decent bit of cash left over to put towards a new stadium. Times were good back then, particularly for the City of Edinburgh Council, who had yet to experience trams meltdown. I have no doubt that a "Community Stadium" would have been erected pretty sharpish and the Yams would have been playing in the SPL, debt free at a tidy new stadium.

Oh well...

To me it is down to the Yams themselves. With the arrogance that can only come from sheer ignorance, they have seen a succession of owners buy the club in debt, then clear off leaving it in greater debt. Through all that they have refused to learn.

Mercer bought them in debt. Robinson bought them in debt. Romanov bought them in debt. At no time, has anyone (bar the pieman) attempted to get them to live within their means. They are like the chronic gambler who thinks the only solution to his losses is to gamble even more on increasingly unlikely winners.

[Kojock]

Found this paragraph from the Herald interesting.

"The reality is the club is insolvent and, as it stands, it should be in administration. You can't trade if you can't pay your bills; it's illegal. Romanov has run the club into the ground. It's probably in a worse state now than it was under Chris Robinson.

Certainly contradicts what that maroon balloon Cardownie says. Plus if its illegal what the Gorgie tramps are doing why is nobody doing anything about it. :confused:

[PatHead]

Where does the tax man sit in this? Is he above or below 1?

Beside 3 as they are no longer preferential creditors

[IWasThere2016]

You hear this all the time from the Main Merricks who were involved in bringing Vlad to Tynecastle - Cardownie, Foulkes, Deans, MacKay.

"If it weren't for Romanov, we'd be playing at Murrayfield in the 1st division."

Really guys? Really??

What would probably have happened, would have been that Chris Robinson would have cleared Hearts debts to zero, with a decent bit of cash left over to put towards a new stadium. Times were good back then, particularly for the City of Edinburgh Council, who had yet to experience trams meltdown. I have no doubt that a "Community Stadium" would have been erected pretty sharpish and the Yams would have been playing in the SPL, debt free at a tidy new stadium.

Oh well...

I spoke to wee Donald Ford 3 years ago and he forecast doom for them and relegation last season.

He was not correct but very astute.

The end game is in play! :thumbsup:

[IWasThere2016]

Is the interest not about £5kpa or something? Around 2%?

This is such a minuscule amount one would surmise there was a very good reason for this being there.

So why bother?

[IWasThere2016]

The fact is STF has loaned Hibs £1.25m, interest free, but you didn't say that.

You chose to use innuendo to enigmatically say that RP and STF were charging "the family" interest on a loan. You didn't point out that the loan was only £250k and at a favourable rate of interest.

That's being deliberately selective and it's malicious.

Of course, it could be that you actually don't know what you're talking about or doing.

That would suggest something else.

My statement was factual. That is the point. You are the one being selective - but avoiding the fact that it was a fact. I didnt mention any figures as I didn't look them up. Doesn't make what I said untrue, selective nor malicious - just a fact. if it is £5k as mentioned - why bother???

[IWasThere2016]

The problem with administration is that the administrator needs to be paid and takes top priority - otherwise no-one would do it.

The order of priority is

1. Administrator (and they don't come cheap)
2. Secured creditors - Vlad's companies are secured to well above the likely liquidation value of the Yams' assets
3. Everyone else - because of 1. and 2. they would get SFA.

If 'Mr Romanov' brought in the administrators all he'd be doing is diminishing the amount he would get from the secured debt by having to pay them. He's better to 'asset strip' as much as he can and then sell the club or shut up shop (probably the latter IMO).

As I mentioned on th PM board though, IMO the best advice for the the directors (and that probably includes 'Mr Romanov') is to close the doors now to avoid accusations of trading while insolvent.

An earlier post - quoting the Herald story I think - says VR has split (eg stripped) the 'asset' of Tynie from the club.

I've no idea if this is correct, but should be another worry for the Yams if so.

[tanfield]

Pref creditors would come after the administrators and before the secured creditor. This would be wage claims and the like.

[Hibernia Na Eir]

Cec councillor Steve cardownie today proclaims that
" if it wasn't for vlad we'd be playing in the first division
At murrayfield "
He also states we are still the third biggest club in Scottish
Football ,with a chance of finishing third in the table and we have
A benevolent owner and bank and a squad of good young players,
A lot of clubs would like to be in our position .

Is this man the most deluded yam on the planet ?????

I can't think of any club that would swap places with them,
But it's so funny that ,what they thought they were saved from
With vlads millions is about to come true
First/second/third division here you come
:pfgwa:pfgwa:pfgwa


Cardownie fails to say that a huge chunk of Hearts plight is in no way down to his actions in 2005 :agree:

[degenerated]

What a complete ******* fruitloop.

How do you find words to describe that level of utter idiocy? I'm off to consult the Yamasauras to see if there's a word that fits.

In fact the whole lot of them are delusional idiots. Vlad write off £35m quid?! Do they even know how much of a loss that actually is?! They make it sound like a reasonable request. Total, total trumpets.

enough use of the words "us", "we" and "We're" in that article to preclude him from having any involvement in any official capacity in anything relating to the jamtards!

http://www.dailyrecord.co.uk/football/spl/2011/12/15/hearts-fans-must-give-vladimir-romanov-a-break-without-him-we-d-be-playing-in-the-first-division-says-lithuanian-s-pal-86908-23636088/

[Hibbyradge]

My statement was factual. That is the point. You are the one being selective - but avoiding the fact that it was a fact. I didnt mention any figures as I didn't look them up. Doesn't make what I said untrue, selective nor malicious - just a fact. if it is £5k as mentioned - why bother???

Eh? How can I be selective by quoting your exact statement.

What was the purpose of you saying that RP and STF were charging the Family interest, if it wasn't designed to besmirch them, as you do in all your posts about them?

If someone was to ask me about Colin Calderwood's time as Hibernian manager and I replied "Well, he took Hibs to Ibrox and we won 3 - 0", I'd be stating a fact.

Why didn't you post that Hibs also have an interest free loan, 5 times the size of the one on which we pay nominal interest? Oh aye, you didn't look them up.

As I suggested then, you don't know your subject.

[MB62]

As I mentioned on th PM board though, IMO the best advice for the the directors (and that probably includes 'Mr Romanov') is to close the doors now to avoid accusations of trading while insolvent.

So if they are in fact, trading whilst insolvent, who is responsible for investigating and then declaring this is actually the case?

I assume it is some government body which would do this but how would they find out such a thing?

[IWasThere2016]

As I suggested then, you don't know your subject.

:faf: Youngest DOF in Scotland in my sector when appointed and on merit - so you'll be right and I'll be wrong :faf:

[matty_f]

enough use of the words "us", "we" and "We're" in that article to preclude him from having any involvement in any official capacity in anything relating to the jamtards!

http://www.dailyrecord.co.uk/football/spl/2011/12/15/hearts-fans-must-give-vladimir-romanov-a-break-without-him-we-d-be-playing-in-the-first-division-says-lithuanian-s-pal-86908-23636088/


:ostrich:

What's basically happened here is the journalist has asked if the guy's worried and I imagine started listing off a few reasons why he should be worried, and Carclownie has stuck his fingers in his ears, shut his eyes really tight and that, and started with the loud "la la la"s before bringing his very best in-denial speech out.

[Hibbyradge]

:faf: Youngest DOF in Scotland in my sector on merit - so you'll be right and I'll be wrong :faf:

Right, so you did know that STF has loaned Hibs £1.25m interest free, but chose not to mention that fact?

I thought as much.

You were being malicious.

[IWasThere2016]

Right, so you did know that STF has loaned Hibs £1.25m interest free, but chose not to mention that fact?

I thought as much.

You were being malicious.

No I stated a fact - a different fact - which you keep ignoring.

[Jones28]

He's got that a wee bit mixed up.
It's because of Vlad they'll be playing in the First Division at Murrayfield :greengrin


Third

Meadowbank

:greengrin

[Hibbyradge]

No I stated a fact - a different fact - which you keep ignoring.

Indeed you did and I haven't ignored anything. You stated a selected fact to portray STF and RP in a bad light, as you always do.

You keep ignoring my question as to why you decided to do so.

You were either being malicious, or you don't know your subject.

You choose.

[Bad Martini]

2 words to sum up this utter mentalness of the merricks.

Stone Radge.

One word in closing...

ENDOF

[Hibbyradge]

:ostrich:

What's basically happened here is the journalist has asked if the guy's worried and I imagine started listing off a few reasons why he should be worried, and Carclownie has stuck his fingers in his ears, shut his eyes really tight and that, and started with the loud "la la la"s before bringing his very best in-denial speech out.

Actually, I think he's pleading with Romanov via the media (who Vlad hates) and trying to use their "friendship" to eek some sympathy out of the mad one.

I doubt it will work. If nothing else, Romanov is ruthless. Look at how he's dealt with numerous managers and players in the past, most of who he knew better than Cardonkey.

Cardownie is insignificant compared to Steven Pressley, for example, plus he's part of the council who let him down on the shady stadium promises.

[Hibbyradge]

I wonder how much this bank is actually worth now.

Shares are trading around the 0.16 Euro mark which compares to 1.20 in the heady Asset rich, cash poor days of 2007. (What does that make them now?)

Maybe Hearts should get a loan from Ukio then buy it.

That way they really would owe the money to themselves.

That's how it works, isn't it?

Ukio Watch. (http://www.nasdaqomxbaltic.com/market/?currency=EUR&instrument=LT0000102352&list=2&pg=details&tab=trading&lang=en)

[IWasThere2016]

Indeed you did and I haven't ignored anything. You stated a selected fact to portray STF and RP in a bad light, as you always do.

You keep ignoring my question as to why you decided to do so.

You were either being malicious, or you don't know your subject.

You choose.

:faf:

I have nothing but respect and admiration for STF. You have decided I am a "RP hater" - never met the mind but there's you selectively telling me what I am and what I think.

As for "you don't know your subject" - that is offensive. Hope you're proud.

[matty_f]

:faf:

I have nothing but respect and admiration for STF. You have decided I am a "RP hater" - never met the mind but there's you selectively telling me what I am and what I think.

As for "you don't know your subject" - that is offensive. Hope you're proud.

What was your avatar before you changed it recently?:wink:

[Hibbyradge]

:faf:

I have nothing but respect and admiration for STF. You have decided I am a "RP hater" - never met the mind but there's you selectively telling me what I am and what I think.

As for "you don't know your subject" - that is offensive. Hope you're proud.

Again you ignore my question and try a wee red herring.

The subject, as if you didn't know, is the loans from RP and STF to Hibernian.

I couldn't give a monkeys what you do for a living or how brilliant and young you may be.

If you didn't know about the £1.25m interest free loan, as you suggested earlier, then you didn't know the subject.

However, if you did indeed know, you decided to omit it from your post and were therefore, being malicious.

I think it was the latter, but only you know the truth.

[IWasThere2016]

Again you ignore my question and try a wee red herring.

The subject, as if you didn't know, is the loans from RP and STF to Hibernian.

I couldn't give a monkeys what you do for a living or how brilliant and young you may be.

If you didn't know about the £1.25m interest free loan, as you suggested earlier, then you didn't know the subject.

However, if you did indeed know, you decided to omit it from your post and were therefore, being malicious.

I think it was the latter, but only you know the truth.

No - you've told I was malicious and/or questionned my professional opinion/ability.

I am genuinley offended - particularly by the latter, and that's no red herring. No more from me on the matter.

[Col2]

:hijack::hijack::hijack::hijack::hijack:

[Hibbyradge]

No - you've told I was malicious and/or questionned my professional opinion/ability.

I am genuinley offended - particularly by the latter, and that's no red herring. No more from me on the matter.

Aye very good. You take the huff if it suits you, Garry.

As well you know, I said you either didn't know what you were talking about regarding the loans, or you were being malicious, as usual, about RP. I gave you the choice, but you kept wriggling.

I have no interest in your professional ability.

[Hibbyradge]

:hijack::hijack::hijack::hijack::hijack:

Sorry.

[Saorsa]

He's a self publicising, self important, smallminded, shifty Edinburgh Councillor, he's hardly a standout in that regard in the Cooncil is he! :greengrinAye they'll need mair than him tae save them, they'll need the help of a real politician tae get them out of this mess. I give you........

































.......auld pishy breeks :greengrin


http://img580.imageshack.us/img580/9600/pishy2.jpg (http://imageshack.us/photo/my-images/580/pishy2.jpg/)





oh wait a minute, he was another one responsible for bringing in the mad submariner :greengrin

[KeithTheHibby]

Out of interest if the yams don't get paid tomorrow is there any planned demonstration for the game on Saturday?

Or are those spineless *******s just going to take it up the rear again?

[robinp]

The Vlad Iron Curtain of (bought) Silence is back:

Elliot agreed a severance package with Hearts last week, which included a confidentiality clause preventing him discussing the ongoing wage delays.
http://www.scotsman.com/edinburgh-evening-news/football/hearts/cal_relishing_his_fresh_start_1_2010328

[PatHead]

If it was Hibs, don't think I would boycott a Hibs game but I might get a russian hat and kick it about the car park in a very angry manner to show my disgust.

[Seveno]

Out of interest if the yams don't get paid tomorrow is there any planned demonstration for the game on Saturday?

Or are those spineless *******s just going to take it up the rear again?

Well I'm up for a demonstration in support of Agent R if you are. :not worth

[Seveno]

What a tynie world they live in. Cant they see the bigger picture?

Don’t they realize that if the mad one was to write off, or reduce, the debt for a sale his whole business empire would crash around his ears. Every part of his empire is interlinked through a myriad of debt and dodgy equity deals, its about as stable as a pint of 80/- on top of a house of cards.

We all know that ain't going to happen.

This is terrible news !






We need to rally round and start up a ' Save our 80 bob' campaign immediately. :flag:

[JeMeSouviens]

Tell you what, that Herald article is an absolute joy to read. :wink:



"You have to be in a position to invest in the players and also, at some point, to move to a better stadium. The group know about the problems at Tynecastle and so there's got to be a move one day to somewhere nearby. A new stadium could cost £30m to build but if you could sell the old asset you could then afford to buy a new one. Without that, there's just nothing there.

"The only way any transaction works is if someone pays Romanov a sum and he agrees to write off all the debt. That's what the consortium would like him to do."


So the only white knights on the horizon (presumably Deans and Mackay are 2 of them) want Vlad to sell them the club including the stadium, for buttons presumably, *and* write off all the debt. Not asking much are they? :rolleyes:

Vlad is throwing them a deefy in order to separate out the club from stadium and sell off Tynie. And why wouldn't he? That's the only conceivable way he can get any of his £40M back. If their saleable assets walk on Jan 14, we could indeed be looking at NewHearts FC with no ground and no players. It's not even a certainty a club in that state would get back in to Div 3!

Ho, ho and indeed ho. :agree:

[Smidge]

An earlier post - quoting the Herald story I think - says VR has split (eg stripped) the 'asset' of Tynie from the club.

I've no idea if this is correct, but should be another worry for the Yams if so.


If that is the case, then there might be questions regarding undue preference to be answered in due course. IIt's been a long time since I looked at the law in this respect, but I would suspect it's not entirely unlikely that the asset stripping could be reversed and UBIG is relegated to the same status as other creditors, ranking alongside them in an insolvency event. They would then be behind the employees who are due outstanding wages.

[ano hibby]

As of today, ie at share price of 0.16 Ukio Bankas on the Vilnius Stock Exchange has a Market cap,ie equity value, of €47m. Vladimir Romanov owns a declared 53.1% of this, ie a stake "worth" of €25m. I'm sure he has plenty :wink: of other assets but as you say based on this asset alone this suggests a far cry from the £200/300m he once had / was rumoured to have had.:greengrin

[Jack Ferrigan]

Consortium believe Vladimir Romanov has no intention of selling Hearts, but Tynecastle is a different matter

You couldn't make this up.

You phone for the schedule but, puzzlingly, the estate agent won't let you have it. Well, can I at least take a look around the house so I can size up what to bid? No, sorry, that won't be possible. Well, what about a survey? Can I get one of those done to get a better idea of what the property's worth, to ensure there are no hidden surprises? No, again that can't be done right now. Just give us an offer and we'll get back to you. Well, we might. We might not.

Welcome to the wacky world of Hearts, a club that announces that it is up for sale but then won't release the sort of information that would expedite a transaction. Little wonder that those who have expressed an interest in buying out Vladimir Romanov are becoming increasingly exasperated in their futile attempts to make any headway.

See the rest of this at
http://www.heraldscotland.com/sport/football/consortium-believe-vladimir-romanov-has-no-intention-of-selling-hearts-but-tynecastle-is-a-different-matter.16163

[Smidge]

I wouldn't pay too much attention to the market capitalisation figure at the moment, as no one in their right mind will be investing in Lithuanian banking shares. The key issues will be their actual capital and liquidity positions, particularly if they need to start thinking about a 75% writedown of the value of the asset that is the Yams in the books of UBIG and, ultimately, Ukio Bankas (as I mentioned on another thread). The market capitalisation is probably a substantial discount to net asset value, but who knows what that actually consists of.

[Andy74]

I was driving past Herriot Watt today and had never seen the facilities there so given the fuss recently I thought I would nip past.

Now, I'd heard quite a number of yams having a go at our facilities and suggesting that Riccarton was superior. I've always been failry sure that this was unliklely but had thought that there probably wasn't much in it other than the fact we own ours.

Well, I have to say there's not even a contest! The obvious difference is that any old punter can drive past, walk past, walk across the pitches, stop and look, not to mention the student accomodation that seems to look over the pitches.

The pitches don't seem too much of a step up from a public park, although I'm sure inside they have access to half decent gym facilities that they share with the students.

I've been to East Mains a few times now and it's light years ahead.

As for the training. I stopped the car for five minutes and witnessed a game of 30 a side in the mud that took me back to my younger days in the local park.

Interestingly Darren Barr and John Sutton were two pitches across, just the two of them, passing the ball to each other over and over again. Back to basics or not best pals with Vlad currently? Probably not a diffcult one to answer.

At least they were there seeing as they don't get paid for it, but deary me, I'd expected something a bit more impressive down there.

[hibs0666]

The Vlad Iron Curtain of (bought) Silence is back:

http://www.scotsman.com/edinburgh-evening-news/football/hearts/cal_relishing_his_fresh_start_1_2010328

I remember in the good old days that there were yams who rated Clum as better than Fletcher. While we got £3.5 million plus 5% of any future transfers they got a homo-erotic youtube video.

Disnae seem fair somehow.

[DC_Hibs]

What are the realistic January fire sale proceeds that Hertz could expect if they avoid a mass walk out?

Templeton 500k
Driver 500k

The following are out of contract in the summer
Kello 200k
Jonsson 200k
Stevenson 200k

The top two would only attract interest from the old firm or championship level I would think and clubs are aware of Hertz financial situ so will play on this.
Nobody else is worth a bolt or is Zaliukas possibly despite even the Gonads thinking he is p!sh?

[Kaiser1962]

My statement was factual. That is the point. You are the one being selective - but avoiding the fact that it was a fact. I didnt mention any figures as I didn't look them up. Doesn't make what I said untrue, selective nor malicious - just a fact. if it is £5k as mentioned - why bother???

As mentioned earlier it would appear there may be other reasons for this sitting n the accounts. What they are I cant even guess but it does seem strange that we have a £250k parent company loan sitting n our accounts with no plans, or attempt, to pay this back. This £250k pays interest to the parent co. of a mere £5k pa when STF moves over £1m to the football club which doesn't attract interest. About the only thing we CAN be sure about is that the FC is not being harmed by this as the amount of interest is pretty insignificant.

[bawheid]

I play 7's there most weeks. It ain't that great.

[Bad Martini]

...churches league division three...nae ****in nets. Its a ****in kickaboot!

:greengrin

[Andy74]

Like the final quote from the Herald story.

"I think there are 10 days in January – from the first onwards – in which this club needs to be sold. Otherwise it will probably fall into the abyss." :thumbsup:

http://www.heraldscotland.com/sport/football/consortium-believe-vladimir-romanov-has-no-intention-of-selling-hearts-but-tynecastle-is-a-different-matter.16163

Still talking about investment and challenging Rangers and Celtic as well, deary dear. It's time that everyone just ackowledged that any deal is all about just saving a dying club and looking no further than that.

[bawheid]

Youngest DOF in Scotland in my sector when appointed and on merit

:faf:

Did you really just post that????

:rolleyes:

:faf:

[SteveHFC]

pay or else but still none of them has the baws to do it themself

http://news.bbc.co.uk/sport1/hi/football/16195333.stm

[GreenCastle]

pay or else but still none of them has the baws to do it themself

http://news.bbc.co.uk/sport1/hi/football/16195333.stm

"One complaint would be enough to trigger an investigation by the SPL"

:worms:could then see this happening..:******:

[bawheid]

Still talking about investment and challenging Rangers and Celtic as well, deary dear. It's time that everyone just ackowledged that any deal is all about just saving a dying club and looking no further than that.

It's a mental illness I think. It's absolutely impossible for them to see themselves as anything other than the rightful "3rd Force" and main challengers to the Old Firm.

A spell in the 3rd division would probably only see them comparing themselves to Manchester City when they were in the doldums. It would be best for everybody if they just died.

[Andy74]

What are the realistic January fire sale proceeds that Hertz could expect if they avoid a mass walk out?

Templeton 500k
Driver 500k

The following are out of contract in the summer
Kello 200k
Jonsson 200k
Stevenson 200k

The top two would only attract interest from the old firm or championship level I would think and clubs are aware of Hertz financial situ so will play on this.
Nobody else is worth a bolt or is Zaliukas possibly despite even the Gonads thinking he is p!sh?

Can't see them getting close to it. Most clubs will want to pay nowt for any player that isn't getting paid.

I think they will just be happy to get anyone they can off the wage bill.

Andy Driver currently only has a reputation within Craig Levein's head. I'd be amazed if any club would consider any fee for him.

[carnoustiehibee]

and there still doing better than us:rolleyes:

[Peevemor]

I think Ukio (the bank) is a smallish part of Vlad's empire, with UBIG being the bigger player (aluminium mines and suchlike). The funding to Hearts comes (or doesn't) from UBIG and it looks like it is them who have the cash flow problem.

Either way, I suspect that Vlad's daffied!

[Andy74]

and there still doing better than us:rolleyes:

They are. Having 60 players, half of them on 3 or 4k a week minimum will get you a better and deeper squad.

It was just a comment on the facilities as I hadn't seen them before.

We've proved pretty well recently that they only work for you if you have the players in the first place and if the facilities are used to their full extent.

[Andy74]

"One complaint would be enough to trigger an investigation by the SPL"

:worms:could then see this happening..:******:

Next week should be interesting if the SPL get free reign to start looking into Hearts.

Mind you, any league should be set up to see the bleeding obvious long before this stage but I believe that SPL rules are going to come into line with the UEFA Fair Play thing and that clubs will struggle to get licences if they don't fit the criteria and so it's not just about whether you can play in Europe or not.

[Caversham Green]

Pref creditors would come after the administrators and before the secured creditor. This would be wage claims and the like.

That's true of floating securities, but fixed securities such as Mr Romanov's companies have over Tynie take priority over preferred creditors - no-one can sell the asset without the creditor's consent, so they have to. In HoMFC's case, because the secured debt is much greater than the value of the asset there would be nothing left for everyone else whether preferred or not. I suppose if they could sell some players there would be some scope for distribution after the fixed security, but I think it would be negligible.

[CentreLine]

I recall when Riccarton was being opened the talk then was that it would take minimum five years for hahahahearts to see the rewards of having their “own” dedicated training facilities. I also remember John Collins saying something similar when we opened our facilities (immediately before he ran away). I cannot understand why anyone would expect us, or any other club, to get instant results from having East Mains. I am always a little surprised to see people make derogatory comments about our lack of success from East Mains. The paint on the place has not even had time to dry

[hibsfan7]

i see a maroon door and i want to paint it BLACK


:na na::na na::na na::na na::na na:

[PatHead]

Wel,l not quite, but they are allowing Union to take matters up with SPL on their behalf if they do not receive pay on Friday. The clock ticks.........

[steakbake]

Have to say, the lack of action by the SFA and the SPL is pitiful. What kind of Football Association allows players not to be paid and for seeming mismanagement of finances to go uncommented on?

What happened to the fit and proper persons tests, financial stability requirements, honouring of contracts etc?

[Caversham Green]

So if they are in fact, trading whilst insolvent, who is responsible for investigating and then declaring this is actually the case?

I assume it is some government body which would do this but how would they find out such a thing?

It only kicks in when an actual loss (rather than a potential one) is suffered, and that needs an insolvency event to occur. The sequence of events would be something like:

- Yams go into administration/receivership/iquidation
- Creditors find out they are not going to get the full amount they were due
- Creditors sue the directors for their loss on the basis that they were trading while insolvent
- Court reviews case and rules as approporiate
- Criminal charges for fraud may follow depending on the circumstances

My reason for advising them to shut up shop immediately would be that I am in no doubt that they are trading while insolvent, so every debt they now incur on behalf of HoMFC could become their personal liability. They could already be liable for debts, but the sooner they close the stronger their defence in court. It can only get worse if they continue to trade.

[Andy74]

Have to say, the lack of action by the SFA and the SPL is pitiful. What kind of Football Association allows players not to be paid and for seeming mismanagement of finances to go uncommented on?

What happened to the fit and proper persons tests, financial stability requirements, honouring of contracts etc?

How do the SPL know the players haven't been paid until one of them tells them and asks them to get involved?

The SFA have made clear that they cannot act as they are the body who would hear any appeal and the SPL have said they will act as soon as they get a complaint.

[JimBHibees]

Have to say, the lack of action by the SFA and the SPL is pitiful. What kind of Football Association allows players not to be paid and for seeming mismanagement of finances to go uncommented on?

What happened to the fit and proper persons tests, financial stability requirements, honouring of contracts etc?

No doubt wary of getting involved in anything which might end up in court action however you would have thought that there should have been a few comments flying about expressing their anxiety, concern about the situation.

[Hibee87]

Hearts players are revolting :jamboak::jamboak::jamboak:

[Hibee87]

It only kicks in when an actual loss (rather than a potential one) is suffered, and that needs an insolvency event to occur. The sequence of events would be something like:

- Yams go into administration/receivership/iquidation
- Creditors find out they are not going to get the full amount they were due
- Creditors sue the directors for their loss on the basis that they were trading while insolvent
- Court reviews case and rules as approporiate
- Criminal charges for fraud may follow depending on the circumstances

My reason for advising them to shut up shop immediately would be that I am in no doubt that they are trading while insolvent, so every debt they now incur on behalf of HoMFC could become their personal liability. They could already be liable for debts, but the sooner they close the stronger their defence in court. It can only get worse if they continue to trade.

So would this be the reason any interested parties in buying hearts have been refused access to the accounts??? :confused:

[cocopops1875]

To be fair those are the training pitches for day to day training, these are also used by the students for uni league matches. The pitch you saw them on today is bigger than the others dunno if its scale of the piggery, they also have 2 pitches at the back should they need privacy ;-) both piggery sized one artificial and one grass. Their indoor pitch is far better than ours around 3/4 sized not sure how good the turf is however. Barr and Sutton were working where the physio puts the rehab guys through their paces (its always basics)

[ShanksSaidNo]

I was driving past Herriot Watt today and had never seen the facilities there so given the fuss recently I thought I would nip past.

Now, I'd heard quite a number of yams having a go at our facilities and suggesting that Riccarton was superior. I've always been failry sure that this was unliklely but had thought that there probably wasn't much in it other than the fact we own ours.

Well, I have to say there's not even a contest! The obvious difference is that any old punter can drive past, walk past, walk across the pitches, stop and look, not to mention the student accomodation that seems to look over the pitches.

The pitches don't seem too much of a step up from a public park, although I'm sure inside they have access to half decent gym facilities that they share with the students.

I've been to East Mains a few times now and it's light years ahead.

As for the training. I stopped the car for five minutes and witnessed a game of 30 a side in the mud that took me back to my younger days in the local park.

Interestingly Darren Barr and John Sutton were two pitches across, just the two of them, passing the ball to each other over and over again. Back to basics or not best pals with Vlad currently? Probably not a diffcult one to answer.

At least they were there seeing as they don't get paid for it, but deary me, I'd expected something a bit more impressive down there.

I use the facilities twice a week, as an amateur player and I can confirm that this part of your findings is completely untrue. The pitches at Riccarton are widely regarded as the best place to play amateur football in Edinburgh. A massive step up in quality from a cooncil park!

Everything else you've commented on is accurate!

[grunt]

This probably deserves a thread of its own.

http://www.heartsfc.co.uk/articles/20111215/board-statement_2241384_2548626

[Hibbyradge]

"We have already done some business that allowed us to pay wages and tax this month and will allow us to minimise the risk of delays in the future."

Sold someone already?

[Peevemor]

Bams!


"Mr Romanov has been at Hearts for quite a while and apart from help to sell Scottish papers, he has invested around £70m in the club, kept the club at Tynecastle and prolonged its history for at least 7 years.
"Now he is leaving and without his help it will be much more difficult to make ends meet, or target the top of the league. People who are wrongly happy about it can pass on their thanks to the likes of Gary Mackay, George Foulkes, Anderton, Rix, Burley and others that used the club for their personal agendas, pretending to be supporters of the club but in fact seeking supporters for themselves. And a special thanks to Mr Murdoch and his exemplary journalism methods that have been adopted in various forms by many football writers in Scotland.



:bye:

[Saorsa]

This probably deserves a thread of its own.

http://www.heartsfc.co.uk/articles/20111215/board-statement_2241384_2548626So that's November sorted, now just have tae pay Decembers tomorrow :greengrin


Usual hilarity with the rest of the statement :hilarious

[Hibbyradge]

Apart from wondering what business they have conducted to allow them to pay last month's wages, I wonder if the involvement of yon Lawyer, called their bluff.

Also, wlll they be paid tomorrow too or will it drag on again?

[Keith_M]

So, they operate in a totally un-businesslke manner, not paying players they are contracted to pay, and it's STILL everyone else's fault.


I'm sure quite a lot on that statement is just cause for a libel suit, should anyone care enough about it.

[Bad Martini]

Having read the entire article and now headin to the shower as I do feel dirty :greengrin I can confirm the following:

1. Just when you thought things could get nae radger, they do
2. Ill never criticise the pr and press statements we make again
3. The merricks are completely, totally and utterly ****ed

That is all

ENDOF

[Twa Cairpets]

Do you think Romanov really believes this p!sh or it's more keech to kep the lobotomised mutants over by on-message?

I'll miss him a lot when he's gone.

[Sir David Gray]

Breaking news on Sky Sports News;

The Hearts players have been paid November's wages in full.

However, if they haven't been paid this month's wages by tomorrow, they have authorised PFA Scotland to contact the SPL on their behalf.

[Hibby cal]

What about Decembers wages ?????
I'm sure they are due tomorrow
How long do you think they will
Have to wait for them ????

[Caversham Green]

So would this be the reason any interested parties in buying hearts have been refused access to the accounts??? :confused:

I can't see it. New buyers would bring the club back into some semblance of solvency either by new investment or getting the debt written off so the insolvency event would never happen. The only reason I can think of for not allowing access to tne books (assuming he genuinely does want to sell) is that there's something to hide in there - additional debt or criminal activity.

[Andy74]

Can you imagine us allowing our club to come out with that sort of crap on a regular basis.

They've come up with some way to ensure the players cannot claim breach of contract. Probably more borrowing in return for a promise to punt players. Whether anyone pays for them is a different matter.

It is a great confirmation that they are struggling and virtually out of ideas or options on what to do about it.

[Hibbyradge]

Does anyone think Sergio wrote that loady pash?

[Peevemor]

It's the bit about prolonging Hearts existance by 7 years that gets me.

The worst that was going to happen before Vlad arrived was that they were going to sell Tynie (paying off nearly all of their debt in doing so) and become tenants at Murrayfield.

Now, even if they sell Tynie, they're still anywhere between £20m-£40m in debt. I don't like Gary MacKay, but even I couldn't hold him responsible for that.

[iwasthere1972]

They have no class. Getting the boot into all and sundry and failing to take any of the blame themselves for the mismanagement of the club. It would have been more professional if they had just said that the players have been paid November wages and left it at that. Ah but this is the Yams of course.

:cb

[Andy74]

I'll bet the players are actually gutted that they are still contracted to these clowns! Oh well. :na na:

[JimBHibees]

Now he is leaving and without his help it will be much more difficult to make ends meet, or target the top of the league. People who are wrongly happy about it can pass on their thanks to the likes of Gary Mackay, George Foulkes, Anderton, Rix, Burley and others that used the club for their personal agendas, pretending to be supporters of the club but in fact seeking supporters for themselves. And a special thanks to Mr Murdoch and his exemplary journalism methods that have been adopted in various forms by many football writers in Scotland.

As always the list of the forever damned is brilliant. :greengrin

[Saorsa]

but they're no as bad as the fans.......:greengrin

[proud_and_green]

Well, that's a relief. I for one can categorically say that this statement has provided me with all the reassurance i needed about Hearts future. Unfortunately for Hearts, i don't think they are the same reassurances that Hearts fans need or the same future that they are hoping for!!!

[Bad Martini]

I just wonder where they're hiding the Brazilian World Cup stars and those Champions League Trophies, not forgetting the un-seen 400,000 yams with a love for all things jobbie brown.

Stone radge this situation and nae mistake.

ENDOF

[Andy74]

Breaking news on Sky Sports News;

The Hearts players have been paid November's wages in full.

However, if they haven't been paid this month's wages by tomorrow, they have authorised PFA Scotland to contact the SPL on their behalf.

Although the SPL are unlikley to take too much action over wages that have not been paid for a day I'd reckon.

If they wanted action they should have made the complaint by now.

As it stands they have received all money owed to them by the looks of things and the SPL have had no prior complaint about late payments.

[mixumatosis]

"You may have noticed that no one really cares to suggest how to improve or help the situation, but would rather speak about how bad it is."

Sorry ???

So you've scunnered yourselves by paying ridiculous wages to mediocre players and treating your paying punters like mushrooms (kept in the dark & fed manure) and you're pi$$ing & moaning because the rest of the country's supporters ("docksiders"), organisations ("Mafia") and media ("Monkeys") haven't put their thinking caps on to think of a solution to help you ?

Ram it you shower of *****.

[poolman]

See, it's what all big European clubs do :agree:



"A very big part of Europe is in trouble now. Very many clubs do not pay their players' salaries for months.


Dearie me, they're blaming every man and his dug apart from themselves for the situation they're in

Cretins, the lot of them :agree:

[Peevemor]

As always the list of the forever damned is brilliant. :greengrin

Was Rix not a "hero" at one point?

[brog]

Looks like Vlad's contribution has jumped from £50mm to £70mm in a week!! That's some wage bill!!