You certainly could have. It was all fun and games with the Jambos down at Staggs with their Yamanomics theory #allisnot2surenowQuote:
Originally Posted by hibees 7062
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You certainly could have. It was all fun and games with the Jambos down at Staggs with their Yamanomics theory #allisnot2surenowQuote:
Originally Posted by hibees 7062
Have to agree. No way Ukio would have told them to proceed without knowing they would accept.Quote:
Originally Posted by #FromTheCapital
This. We have called them deluded for months but they have nailed it. The CVA is all but accepted and they have got out of this still having Tynecastle and in a financial shape that is a million miles better than they started.Quote:
Originally Posted by #FromTheCapital
I really wonder how bad it would have to he for a decent sized football club to actually go bust and then cease to exist in something resembling their previous form. Fiorentina is probably the closest example but they are pretty much back to where they where and have been for a few years. Rangers: same name, same stadium, same strip, keep the honours lose the debt. Leeds and Portsmouth are still in existence, Motherwell haven't done too badly since admin, Airdrie had a few years with a stupid name but are still basically the same club and now have the name back, Dunfermilne got out of admin and now Hearts have sneaked out with a 15 point deduction for their years of overspending. It wouldn't surprise me one bit now if they beat us on Tuesday and avoid relegation on the final day of the season.
UKIO is aware of how much the bid is for and appears to be on board with getting Hearts in to the hands of FOH who have increased their offer by a fair bit since the original. BDO have also done a good job of convincing UKIO it's not worth much. UBIG/The Lith Authorities are the only stumbling block now but the good news is that BDO have been told that they've got a mountain to climb regarding getting the UBIG shares.
Football administration is the business plan all football supporters of clubs with large debts should be praying for. Having an owner who pays bills, tax, wages and services debt stunts the progress of a football club.Quote:
Originally Posted by Pretty Boy
You had me worried there. My neighbour also said that the game is on Tuesday, but I am sure that it is on Wednesday. BBC website says Wednesday 30th.Quote:
Originally Posted by Pretty Boy
Jeez, you're a barrel of laughs!Quote:
Originally Posted by Pretty Boy
The Huns, Leeds and Portsmouth are hardly in top shape, or Airdrie, who were in the top division and cup semis and finals not so long ago, come to that. Dunfermline are going to be on shaky territory for the forseeable and hopefully Hearts will follow them.
Anyway, there is nothing to stop overspending in professional football, see under Abramovich, R. They only started cheating (imo) when the money was clearly drying up but they tried to carry on spending. A season with a pish team and almost certain relegation leading to a year or 2 of lower league pishness seems a fair punishment to me.
I'd have loved to see them lose Tiny and have to zombie around from Div3 somewhere else but I really don't get all the wrist slitting on here. Hopefully beating the ***** next week should cheer folk up. :wink:
They will have to put out a team they can afford for the first time in 30 years. Be interesting to see how they cope with that.Quote:
Originally Posted by Pretty Boy
The amount of free money they have had in that time between Vlad, smg and mercer is massive.
I thought you had deserted us! :greengrinQuote:
Originally Posted by Bajillions
Delete everyone's posts in this thread except Bajillions'.Quote:
Originally Posted by Bajillions
There's a mountain to climb in unpicking that shambles and it won't be resolved anytime soon either way. They are no longer our rivals anyway. 5-1 led to one club being the dominant force in Edinburgh and it wasn't them.
All of this.Quote:
Originally Posted by JeMeSouviens
and particularly this
I have followed this thread from word dot but can someone confirm this to me.Quote:
Originally Posted by Bajillions
It's okay proceeding and agreeing a CVA but they do need all the shares (or majority thereof) for the FOH to take control of the club.
Basically what your saying bajillions is that they can agree what they want re a CVA but it's pointless cos they won't get the shares.
Confused I am a bit or got myself muddled somewhere.
Sorry
Just listened to sportsound and they said that the big thing is what liquidator the Lith courts appoint for UBIG. If its the same as UKIO then that's obviously advantageous but if its a "hostile luquidator" then the Poppy thiefs could have major problems..
'Mon the hostile!!!
Im not sure how UBIG can do much apart from play ball. Any money - up to the value of the security- in the CVA goes to UKIO. If UBIG say no deal, liquidation happens, and then who gets what from the sale of Tynie - didnt think it was UBIG (?). If its 50% because of their shares, then it changes things, but BDO recently commented that their shares were in effect worthless (I took it to mean they get nothing post liquidation). To block the CVA would be extremely hostile, and would require a group of Hibs fans masquerading as Lithuanian administrators. :greengrinQuote:
Originally Posted by 1875er
I said a few days ago that for the bid to succeed then FoH are dependant on getting their hands on the 50% shareholding that UBIG hold.Quote:
Originally Posted by 1875er
Given that they are currently frozen by the Lith Fraud Squad, this is not in the hands of either Ukio or BDO. No UBIG shares equates to no takeover.
The Yams still don't get it...but that's of no great surprise.
Cheers for that Sergey. I thought that was indeed the case.Quote:
Originally Posted by Sergey
They'll never get it. The club (and fans) with no shame.
Is it correct that UBIG's main creditor is Ukio Bankas?
If that's the case then forget about the UBIG Administrator being a problem.
IMO The only remaining hope is the UBIG shares remaining frozen.
Are you certain the Heart's shareholding is still with UBIG ?Quote:
Originally Posted by Sergey
I can't get my head round why Vlad and all his gang would abandon UBIG if there were anything of value still in the Company. The asset freeze did'nt happen until April, so there was opportunity to transfer the shares to a safer location. The Lithuanians were bleeding the new share issue money and the season ticket cash so why take the chance of loosing control.
Quote:
Originally Posted by Bajillions
Ah Bajillions...let me count the ways I loveth thee...
Ah Sergey...you too cometh to Bobby's rescue in his hour of need...Quote:
Originally Posted by Sergey
Assuming it's not the same admin then they still have to generate their own fees. They have something of value, the Hearts shares, so I doubt they are going to just give it away.Quote:
Originally Posted by EK_Hibs
http://www.bloomberg.com/news/2013-0...-s-assets.htmlQuote:
Originally Posted by EK_Hibs
The assets including the Yam shares were frozen at the request of several companies that are suing Vlad and his sister. So its not just up to Ukio Bankas.
It's a fair question, GG and I can't give a definitive 100% answer either way. I assume (never a good idea) that BDO and/or Ukio might be privy to the information about the shareholding, and their recent statements would suggest that they are still in the UBIG portfolio, but paperwork was never a priority where UBIG is concerned.Quote:
Originally Posted by greenginger
To counteract the above, there was a story in The Times about 3 months ago that suggested that the shares may well have been moved to a Swiss company. Not sure how factually accurate this was, but it does help in the conspiracy theories.
Time (not something Hearts have a lot of) will tell.
May I ask a couple of question, Sergey?Quote:
Originally Posted by Sergey
1. How long are the shares likely to be frozen?
2. What happens when they become unfrozen?
If Hearts were liquidated would the UBIG shares have any value?
I'm thinking here along the lines of the Rangers liquidation where the clubs name and history were apparently purchased as part of the £5.5m deal.
According to the last Companies House return made last December, 15% of the shares were held by Quantum Holdings. They are Swiss based and the only director is the Yam Queen of Fashion, Julija Goncaruk.Quote:
Originally Posted by Sergey
It would be nice to think the other 49.47% of the shares followed the Von-Trapp route to the safety of Switzerland. :greengrin
It would certainly explain Fedotavas's claim that Vlad still controlled Hearts, months after leaving UBIG to sink.
Footnote. In BDO's statement they list the Company share holders as listed in the last Hearts return. So they don't appear to know any more than anyone else.
Seems like nobody can give a definitive answer as to the status of shares. I think there could be some interesting play over the next few weeks. (For Jambo fans looking in - I guarantee none of this will take place on the field at the PBS).
Pure supposition on my part, but in answer to Q1 - Indefinitely, as they are the held under our equivalent of the 'Proceeds of Crime Act'. Here in the UK a case has to be concluded before the state can sell/claw back monies of a criminals ill-gotten gains. Given Vlad is AWOL then I really don't see a speedy outcome if the laws of the UK were the laws of Lithuania. There was seemingly a new piece of legislation recently passed in Lithuania regarding company insolvency and the legal ramifications could drag on for some time.Quote:
Originally Posted by PapillonVert
Q2 - The assets won't be dealt out like cards at a poker school as there's umpteen folks in almost every continent wanting a divvy at the morsels on offer.
I'm not personally over concerned about the CVA statement by BDO yesterday. There's no precedent as to what will happen regards the UBIG situation and I'm cosy that things are still on track.
I'm also in the lets not go all hand wringing and wrist slitting if somehow the Yams slither their way out of this one. To be honest the longer this has gone on the less I have found myself caring too much about the final outcome.
I have to say I never thought for a second that the Yams would cease to be, there are just too many examples of football clubs going to the brink for whatever reason and keeping going.
The good thing is that the Yams look very likely to get relegated. They have a massive game at the weekend and unfortunately for them Killie appear to have found a bit of form just at the wrong time. Or if you are a Killie or Hibs fan, the right time.
If they go down they will easily have the financial clout to have a team capable of doing well in the Scottish Championship. Unfortunately for them the Zombies will have a hell of a lot more, which leaves them needing to win a play off. Though I have no doubt whatsoever that the SPFL will be thinking hard about increasing the size of the Premiership to 14 teams in order to get the Zombies and the Yams back ASAP.
Whatever happens it will be a long long time before the Yams ever get back to the dizzy hights they achieved by cheating their way to the qualifying round of the Champions league and Scottish Cup wins.
The one thing that really will bug me is if the media and football authorities contine to ignore that fact that this football club have tarnished the reputation ( such as it is ) of Scottish football and allowed its own name to be dragged through the mud. In fact, if the SFA had any baws at all they would begin an investigation to determine if the circumstances under which Heart of Midlothian FC won the Scottish Cup in 2012 amounted to cheating, given the fact that the club were well aware a long time before the competition even started that they had a team full of players they couldnt afford to pay. In fact didnt pay ... if the fact remains that the Yams who played that day are still waiting for their bonuses.
Never mind the pain day that caused us as supporters. If you look at it from a business point of view Hibernian FC must have lost a fortune in merchandising, sponsorship and reduced season ticket sales as a result of not only losing that game, but to whom it was lost and the manner of the defeat. An argument could be made that we were cheated in a business sense ..... though how the law would look at that I have no idea.
Here's a wee text from my man (or woman) on the inside. Make of it what you will
"CVA news conveniently coincided with a big drop in morale amongst the support and the squad so that should shift a few extra tickets for the weekend and the cup game. Brians no daft"
Hmm, possibly BDO have known about the agreement in principal for time and only decided to make it public after said drop in morale. Either way it's still not great news.Quote:
Originally Posted by Bajillions