Share Transfers Agreed/Cooling off period

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Originally Posted by PapillonVert

That's what gets me. They assure the SPL Board on Monday that they're "self-sufficient" (presumably that equates to a going concern) and so what happens in Lithuania re. "we're-insolvent-just-don't-let-onto-the-SPL" owners is irrelevant to their trading position. Then on Thursday they're blithely announcing at their AGM that they have a £2.5 million funding shortfall for next season.

Seems like an admission of de facto insolvency to me.

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No de facto about it. They owe a huge amount of money with no plan or means to repay it, they openly admit to needing charity payments to cover their day to day operating costs and have no prospect of raising cash against their assets. That's not a viable business in any sense of the word and the SPL are burying their heads .

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Originally Posted by The Falcon

The 2009-2010 accounts directors report highlights a "£7.9m investment via forgiveness of debt by the clubs main shareholder and related parties" which, ultimately, resulted in a profit for the season of £39k. The Yams did this to "meet future UEFA financial fair play guidelines".

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Thanks add that to the £57.8 million and we now have £65.7 million. Rapidly approaching that £70 million number!

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Originally Posted by The Falcon

You neglect to mention the £7.9m which was "forgiven" the year prior to the £8.8m, or this/last years "compensation income" from FTB Kaunus of a further £2.9m. Did neither of these sums originate from UKIO, or did they come from elsewhere?

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The Kaunas payment is the real sham one, and needs highlighting imho.

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Originally Posted by matty_f

The Kaunas payment is the real sham one, and needs highlighting imho.

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Yes that probably came from Ukio Bankas as loan through UBIG to Kaunas. That makes the total real debt Hearts have run up £68.6 million. Yes £70 million real debt was a good estimate! Scandalous.

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Originally Posted by Sir Alf R

On phone so can't be bothered looking back but maybe he's simply not read the thread (including the fact that it was mentioned Jannies are pretty key people in many places) or kept up with what the SPL were saying and that its simply a paraphrase of that?

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Agree. Wouldn't it help take the heat out of this debate if, since its the yams we are talking about, we substituted Janitor with Proctologist? Apologies to any proctologists who are looking in but it does seem a more yammish choice given their circumstances and preferences.

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Originally Posted by Geo_1875

What I don't understand is who these people are talking to. UBIG are the"owners" but have no board and all their assets are frozen. They are not yet officially in administration so are not part of the Ukio bankruptcy process. Are they talking to Romanov as the owner (he can't sell), the Ukio administrator (he can't sell) or the UBIG janitor (he surely can't be in a position to sell).

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Despite what he is saying publically Fedetovas obviously knew what was happening with Ubig and he knws the situation with Hearts.

I am certain that with the aid of contacts, ex board members, Lithuanian officials palms greased, Romanov himself, knowledge of both Lithuanian and UK insolvency law he will be orchestrating all the factors within his cotrol and probably pulling a few strings of others with control in other crucial areas so that Hearts will get as soft a landing as possible and end up at new owners at a cheap rate.

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Originally Posted by Kaiser1962

I was paraphrasing the extremely ignorant comment, justifying the SPL's decision to ignore UBIG's obvious "insolvency event", suggesting that it may have been a janitor who told the Lithuanian Government that UBIG was insolvent.

I meant no slur on janitors and if my comment was percieved as such, I apologise.

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Nae probs,I was in a bit of a grump yesterday

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Originally Posted by AndyB_70

Does anyone know the likely value of the land that the PBS Wongadome sits on? I think this value will be a major factor if they live or die. Some YAMs have it between £2m and £13m. I hope it's high so some potential savour will be put off trying to buy them on the cheap.

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I believe its worth very little due to the fact it sits next to the distillery and chemical plant and housing permision would not get granted.

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Originally Posted by desantos0773

The £10m loan of UBIG to Hearts has a back to back one between Ukio Bankas and UBIG. There are also £22m and £8.8m loans with a similar structure that I mentioned above but UBIG have converted to shares/forgiven to Hearts. Ukio Bankas hold the shares in this conversion against the £40.8m (22 + + 8.8 + 10) lent to UBIG that was lent on to Hearts.

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Sorry, I'm still not hearing you.

Is the £10m loan from UKIO to HMFC secured? It could be important.

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Originally Posted by CropleyWasGod

Sorry, I'm still not hearing you.

Is the £10m loan from UKIO to HMFC secured? It could be important.

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I assume there is a growing number of us thinking that the £10m loan is now unsecured as to give them the power to hold all the voting aces in a CVA. Please tell me i am wrong.:confused:

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Originally Posted by CropleyWasGod

Sorry, I'm still not hearing you.

Is the £10m loan from UKIO to HMFC secured? It could be important.

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According to Fedotovas and the note in the accounts the £10m is unsecured, but that doesn't appear to tie in with what's been lodged at Companies House and makes a nonsense of the £6.8m specified as transferred security back in December. My best guess now is that it's not secured.

As you say, £10m unsecured debt due to UBIG would give them the casting vote in a CVA so it is potentially important if HoMFC themselves go into administration - they could actually come out of it again.

Great article in the Scottish Daily Mail (no link) - the first one I have seen getting right to the core of their problems - based around last night's AGM.
Three articles covering 2 pages with headings 'Fans accept Gorgie grief', 'Fedotovas warns of worthless shares', 'Hearts ask fans to fill £2.5m gap'. Worth nipping out to get one!

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Originally Posted by Treadstone

I assume there is a growing number of us thinking that the £10m loan is now unsecured as to give them the power to hold all the voting aces in a CVA. Please tell me i am wrong.:confused:

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Where "them" = the Lithquidators. Not necessarily going to be Yam-favourable.

Reminder: Yam accounts are here http://www.scribd.com/doc/140824200/...counts-2011-12

I'm sure Cav will do proper analysis but in the meatime there are 2 relevant bits that I can see:

Under Note 11 (amounts falling due within 1 year):

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During the year the balance owed to UAB Ukio Bankas Investicine Grupe was secured by a standard security over Tynecastle Stadium and a floating charge across the assets of the company. Since the year end these securities have been satisfied and replaced with new securities as explained in note 24.

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Under Note 24 (post balance sheet events):

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Since the year end £15.0 milion of debt due to the company's parent company UAB Ukio Bankas Investicine Grupe has been transferred to AB Ukio Bankas. This debt now falls due for repayment in full on 31 December 2015 and attracts interest of 4.0% per annum payable quarterly. In addition, the security held by UAB Ukio Bankas Investicine Grupe over Tynecastle Stadium has been transferred to AB Ukio Bankas. AB Ukio Bankas also holds a floating charge across the assets of the company and a share pledge agreement in relation to 29.9% of the company's share capital. AB Ukio Bankas entered administration in February 2013.

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Originally Posted by desantos0773

http://www.dundeefc.co.uk/dfcforum/t...TOPIC_ID=31891

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I assume the post you refer to is this one:

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Originally posted by Some peh muncher
PICKED THIS UP FROM THE HERALD ONLINE FROM A PHIL LAWRENCE WHO IS BASED IN LITHUANIA!! Very, very, very interesting and I "think" this will come down to a similar vote to last year between "money" and "sporting integrity"

What has repeatedly been missed and never explored to any degree is the attitude with which the legal system treats defaulting companies in Lithuania. The country has a codified civil law legal system which, although based on some Western models, is maturing as a system in its own rights. The very suggestion that a company which has requested to be declared as insolvent would NOT be declared so is to completely ignore the law of that land. And clutch at utterly non-existent straws.

In Eastern European business circles it is the norm to try to walk away from debt or financial delinquency and the very fact that UBIG has requested insolvency illustrates that those at the helm have been completely backed into a corner and have no other escape route. It is a 100% certainty that there is no way back for UBIG, but frankly anyone who paid the slightest bit of attention to the company's conduct over the past years would have known that t be the case. After Snoras Bankas hit the buffers it was simply a matter of time before Ukio Bankas and UBIG did similar.

In terms of the Lithuanian process the insolvency of UBIG is done and dusted - the only imponderable is the timetable.

But what strikes me as the oddest thing is that none of the Scottish newspapers or other media outlets have picked up the phone and engaged with Pricewaterhouse Coopers, Deloitte Touche Tohmatsu (both with offices in Edinburgh and the latter has been Ukio's own auditor) or other international auditors which all have offices in Lithuania. A couple of calls in that direction would confirm what I have outlined above. Instead we have input from people like Ian Murray who frankly seems not to give two hoots about Lithuanian due process and plays to his constituency as the saviour of Hearts when the long and the short of it is that he has not added anything factual to the debate. The media has been as guilty as any party in clouding the issue here.

Get quotes from the auditing firms who deal with this stuff every day of every week of every month and end the confusion about the "is it or isn't it" insolvency event.

As for the SPL's decision on Monday, what price a postponement to a later date?

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The approach he describes is the only one that I can see makes any practical sense and makes the SPL's verdict look very questionable. I'm going to take a lot of convincing that the SPL got it right.

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Originally Posted by Caversham Green

I assume the post you refer to is this one:



The approach he describes is the only one that I can see makes any practical sense and makes the SPL's verdict look very questionable. I'm going to take a lot of convincing that the SPL got it right.

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Well seen you're not a lawyer! :wink:

As per the Huns, I think the SPL has been frantically scrabbling around looking for new ways not to implement its own rules. :rolleyes:

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Originally Posted by CropleyWasGod

Sorry, I'm still not hearing you.

Is the £10m loan from UKIO to HMFC secured? It could be important.

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not the Hearts to UBIG but the UBIG to Ukio Bankas leg is by on the claim Ukio Bankas have on Heart's shares as security of loans to UBIG that they made on to Hearts. Hearts may be better to go into administration before UBIG declared bankrupt to stop the administrators of Ukio Bankas claiming the shares and then disposing of the club. If they did this all the would loose is Tynecastle as this is secured to Ukio Bankas for £15m loan made directly to Hearts.

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Originally Posted by gogsy23

I believe its worth very little due to the fact it sits next to the distillery and chemical plant and housing permision would not get granted.

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You believe wrong - Tynecastle was valued at £20 million for housing when Cala were going to deal with the pieman. That was at the top of the market, so it will be less now - but not that much.

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Originally Posted by JeMeSouviens

Where "them" = the Lithquidators. Not necessarily going to be Yam-favourable.

Reminder: Yam accounts are here http://www.scribd.com/doc/140824200/...counts-2011-12

I'm sure Cav will do proper analysis but in the meatime there are 2 relevant bits that I can see:

Under Note 11 (amounts falling due within 1 year):



Under Note 24 (post balance sheet events):

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We need a bespoke version of Excel, with new IF calculations for 'Vlad friendly' versus 'Lith-man/woman-on-the-street friendly'. :greengrin

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Originally Posted by gogsy23

I believe its worth very little due to the fact it sits next to the distillery and chemical plant and housing permision would not get granted.

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I posted this in post #12680 in this thread:

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the report produced for HoMFC and the council states:

"Under this site specific risk assessment of the ethanol storage, the majority of the site falls out with the consultation zones arising from a major event in the ethanol storage tanks. Our assessment concludes that the effects of a major accident hazard in the ethanol storage tanks to be acceptable and should not therefore place a restriction on any re-development of the majority of the site. It is recommended that the club officials discuss the findings of this report with the local planning authority."

Basically, whilst the exclusion zone covers most of Tynecastle at present, this is based on the zone being taken from the edge of the distillery site, and not the specific risk within the distillery site (the ethanol tanks) if the zone is taken from the risk within the distillery site, then the majority of Tynecastle is out with the exclusion zone and could be redeveloped for any use. This could be used by a developer to support any development they wanted. At the time of this report, HoMFC themselves stated that the site would be worth around £8m-£10m on the open market, so I would imagine the administrator of UKIO will be looking to fully satisfy the £6.8m security they have over the ground. The FOH or whoever wishes to bid will have to come up with at least that much to get the club.

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See the report here. They are relying on the planning department allowing a relaxation, but considering the CEC managed to get planning for the redevelopment of the Tynecastle High School based on the same analysis, then I'd imagine they wouldn't have many grounds for a rejection.

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Originally Posted by gogsy23

I believe its worth very little due to the fact it sits next to the distillery and chemical plant and housing permision would not get granted.

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Originally Posted by Liberal Hibby

You believe wrong - Tynecastle was valued at £20 million for housing when Cala were going to deal with the pieman. That was at the top of the market, so it will be less now - but not that much.

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Correct... There's a thread on keekback where one of the FOH bod's says they commissioned a valuation at the tail end of last year and it came in around £6.5-7 million..... oh and as an aside he also put to bed the "no chance" of getting housing permission bit as well. The document I saw quoted was really clear in that the issue is with space/clearance around one particular chemical storage tank and that only impacts a small corner of the site which would most likely be used as soft landscaping or residents parking in any case.

Also (I should really keep a track of all these when I spot them so it would be easier to link to it :-( ) ...... while no official planning application was made at the time, HoMFC/CALA did get a letter from the council saying there'd be no issues with a change of use planning application (do they call it a letter of comfort or summat?) ..... pieman produced it at the time to show the bid was serious etc etc....

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Originally Posted by Sir Alf R

Correct... There's a thread on keekback where one of the FOH bod's says they commissioned a valuation at the tail end of last year and it came in around £6.5-7 million..... oh and as an aside he also put to bed the "no chance" of getting housing permission bit as well. The document I saw quoted was really clear in that the issue is with space/clearance around one particular chemical storage tank and that only impacts a small corner of the site which would most likely be used as soft landscaping or residents parking in any case.

Also (I should really keep a track of all these when I spot them so it would be easier to link to it :-( ) ...... while no official planning application was made at the time, HoMFC/CALA did get a letter from the council saying there'd be no issues with a change of use planning application (do they call it a letter of comfort or summat?) ..... pieman produced it at the time to show the bid was serious etc etc....

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It suited them to get as much as they could for it back then and the council were happy to help.

Now they're talking it down as they want to buy the whole lot, debt free, for this mythical £2m figure they keep repeating.

That piece of land will be very attractive to a property developer, even if it does mean sitting on it for a few years while emotions die down before building. We're still not far off the bottom of the market and there's money to be made from it in the medium term.

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Originally Posted by Onion

No de facto about it. They owe a huge amount of money with no plan or means to repay it, they openly admit to needing charity payments to cover their day to day operating costs and have no prospect of raising cash against their assets. That's not a viable business in any sense of the word and the SPL are burying their heads .

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The SPL have no powers to do anything else.

Am I right in thinking that the SPL left themselves a bit of room to still apply the 18 point deduction this season, rather than hit them with 15 points next season? It's obvious that they're not going to see out next season.

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Originally Posted by Mikey

Am I right in thinking that the SPL left themselves a bit of room to still apply the 18 point deduction this season, rather than hit them with 15 points next season? It's obvious that they're not going to see out next season.

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Further to that can two separate admin deductions be applied ? Seems a bit unfair but well c'est la vie and all that.:cb

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Originally Posted by JeMeSouviens

Where "them" = the Lithquidators. Not necessarily going to be Yam-favourable.

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Cheers.:aok:

In my haste I was thinking 'them' as 'them' and not the liquidators. The laughable 'political angle' :faf: will surely be trotted out again. I have no such worries on that score.

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Originally Posted by Mikey

It suited them to get as much as they could for it back then and the council were happy to help.

Now they're talking it down as they want to buy the whole lot, debt free, for this mythical £2m figure they keep repeating.

That piece of land will be very attractive to a property developer, even if it does mean sitting on it for a few years while emotions die down before building. We're still not far off the bottom of the market and there's money to be made from it in the medium term.

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Wouldn't be ironic of STF took an interest in the PBS development opportunity and agreed a deal with the Lith Admins for the land. £5 or 6 M would be a reasonable starting bid, and maybe a little payback for the way he was shafted by the Yam Council when he tried to buy the land behind ER :greengrin

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Originally Posted by Mikey

Am I right in thinking that the SPL left themselves a bit of room to still apply the 18 point deduction this season, rather than hit them with 15 points next season? It's obvious that they're not going to see out next season.

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You probably read this at some point

"HEARTS will begin next season in the Scottish Premier League – but with a 15-point deduction if majority shareholder UBIG is declared insolvent.



That is the all-but-certain position faced by the Tynecastle club after an SPL board meeting earlier today ruled that UBIG had yet to suffer an “insolvency event”.

The board left itself the option of reconsidering the situation in the unlikely situation of further evidence being unearthed about UBIG’s current standing in Lithuanian law. Crucially, however, if it were to have an effect on this season’s league table, that evidence would have to relate to events which occurred before the last SPL fixtures were played at the weekend. Under rules adopted last summer, Hearts would be docked a third of last season’s points total of 51 (the figure of 17.3 would be rounded up to 18) if they or a parent company were deemed to have become insolvent before the end of the season."

from the Hootsmon .... http://www.scotsman.com/sport/footba...tion-1-2937144

There's a very good point about the recent share issue been raised on the PM board.

They've been saying for months that the share certificates were about to be sent out, and that news has mostly come out through their pal Barry. However, they're now saying that the process couldn't be completed until yesterday's AGM was out of the way and only now can they work towards sending them out.

So either Barry has been told a pack of lies by Hearts knowing full well that he would print them, or Barry himself is in on it and knew that what he was printing was a load of nonsense.

If it's the former then any journalist with any balls whatsoever would be on the phone to David Southern right after the AGM asking why he'd been used in that way. If it's the latter then his boss should fire him right away.

Maybe someone could tweet him and ask.

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Originally Posted by Sir Alf R

You probably read this at some point

"HEARTS will begin next season in the Scottish Premier League – but with a 15-point deduction if majority shareholder UBIG is declared insolvent.



That is the all-but-certain position faced by the Tynecastle club after an SPL board meeting earlier today ruled that UBIG had yet to suffer an “insolvency event”.

The board left itself the option of reconsidering the situation in the unlikely situation of further evidence being unearthed about UBIG’s current standing in Lithuanian law. Crucially, however, if it were to have an effect on this season’s league table, that evidence would have to relate to events which occurred before the last SPL fixtures were played at the weekend. Under rules adopted last summer, Hearts would be docked a third of last season’s points total of 51 (the figure of 17.3 would be rounded up to 18) if they or a parent company were deemed to have become insolvent before the end of the season."

from the Hootsmon .... http://www.scotsman.com/sport/footba...tion-1-2937144

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As mentioned above, under Lith law what UBIG has done is effectively an insolvency event. It's just not how it's done here.

The SPL should get them out the league before they implode or we'll have 11 teams completing next season. And that would also be of more help to Hearts as 9 months with no game whatsoever would be a huge obstacle for them.

Having said that, I'm warming to having a Hearts team mostly made up of the kids that finished 9th in the U20 league, less £1m of their best talent (that's a joke btw), trying to make up a 15 point deficit.

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Originally Posted by poolman

Sorry guv,next time I see you i'll dof me flat cap and give you a wave with me sweep in brush

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The Janitor comment, I would presume, is because Ralph Topping claimed not to know whether it was someone authorised to register UBIG as insolvent or 'just a janitor' (his words). If there is actually no-one running the affairs at UBUG, then it must have been said Janitor that forced through Rodney's re-appointment.

This shows the SPLs decision on Monday, and its so-called 'investigative process', for the farce that it actually was.

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Originally Posted by AndyB_70

Does anyone know the likely value of the land that the PBS Wongadome sits on? I think this value will be a major factor if they live or die. Some YAMs have it between £2m and £13m. I hope it's high so some potential savour will be put off trying to buy them on the cheap.

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I believe its worth very little due to the fact it sits next to the distillery and chemical plant and housing permision would not get granted.

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Originally Posted by gogsy23

I believe its worth very little due to the fact it sits next to the distillery and chemical plant and housing permision would not get granted.

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It was worth £20m 9 years ago.

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Originally Posted by gogsy23

I believe its worth very little due to the fact it sits next to the distillery and chemical plant and housing permision would not get granted.

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Then how does that tally with the 18M the Pieman was going to sell it for, for the purpose of building houses on?

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Originally Posted by Mikey

There's a very good point about the recent share issue been raised on the PM board.

They've been saying for months that the share certificates were about to be sent out, and that news has mostly come out through their pal Barry. However, they're now saying that the process couldn't be completed until yesterday's AGM was out of the way and only now can they work towards sending them out.

So either Barry has been told a pack of lies by Hearts knowing full well that he would print them, or Barry himself is in on it and knew that what he was printing was a load of nonsense.

If it's the former then any journalist with any balls whatsoever would be on the phone to David Southern right after the AGM asking why he'd been used in that way. If it's the latter then his boss should fire him right away.

Maybe someone could tweet him and ask.

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I believe Barry Anderson is on the payroll at Hearts in some capacity. Think the Traynor arrangement with the huns. In fact, someone tweeted something similar to Barry the other day, this was one of the many tweets that he conveniently ignored.

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Originally Posted by Mikey

There's a very good point about the recent share issue been raised on the PM board.

They've been saying for months that the share certificates were about to be sent out, and that news has mostly come out through their pal Barry. However, they're now saying that the process couldn't be completed until yesterday's AGM was out of the way and only now can they work towards sending them out.

So either Barry has been told a pack of lies by Hearts knowing full well that he would print them, or Barry himself is in on it and knew that what he was printing was a load of nonsense.

If it's the former then any journalist with any balls whatsoever would be on the phone to David Southern right after the AGM asking why he'd been used in that way. If it's the latter then his boss should fire him right away.

Maybe someone could tweet him and ask.

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Easy Mikey.

Barry Anderson ‏@BarryAnderson_823 Apr
@Elblondiso Shares won't be registered till AGM (date TBC). Then Companies House must be informed within 1 month by law.

Barry Anderson ‏@BarryAnderson_84 May
New #Hearts shareholders will get certificates a few weeks after AGM on 23 May, according to #HMFC. Existing shareholders only at AGM.

Although he should be putting in some caveats after tweeting this and linking a story that turned out not to be accurate.

Barry Anderson ‏@BarryAnderson_822 Apr
"@jj_bruce @BarryAnderson_8 When will the EEN be covering the Hearts share issue?" > http://bit.ly/YGDLMK

http://www.scotsman.com/edinburgh-ev...-agm-1-2849430

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Originally Posted by Treadstone

Easy Mikey.

Barry Anderson ‏@BarryAnderson_823 Apr
@Elblondiso Shares won't be registered till AGM (date TBC). Then Companies House must be informed within 1 month by law.

Barry Anderson ‏@BarryAnderson_84 May
New #Hearts shareholders will get certificates a few weeks after AGM on 23 May, according to #HMFC. Existing shareholders only at AGM.

Although he should be putting in some caveats after tweeting this and linking a story that turned out not to be accurate.

Barry Anderson ‏@BarryAnderson_822 Apr
"@jj_bruce @BarryAnderson_8 When will the EEN be covering the Hearts share issue?" > http://bit.ly/YGDLMK

http://www.scotsman.com/edinburgh-ev...-agm-1-2849430

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He was wittering on about them being sent out in March at one point.

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Originally Posted by Mikey

He was wittering on about them being sent out in March at one point.

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Aye can't quite find that on the tweet machine at the moment. When I do i will re-tweet it and see if he replies.

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Originally Posted by Mikey

Am I right in thinking that the SPL left themselves a bit of room to still apply the 18 point deduction this season, rather than hit them with 15 points next season? It's obvious that they're not going to see out next season.

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:agree:

Ralph Topping would not be drawn on whether the points deduction would be applied this season or next, he made no definitive statements. He did however say that they would revisit it once the matter progresses in lithuania.

Once again, after speaking to my source within Hampde, the SPL have not done anything to let hearts off or bottled this decision. Quite the opposite. As it stands UBIG have not officially suffered an insolvency event yet, it may be inevitable but that doesn't give the SPL any right to punish before it actually happens.

The SPL need to make sure their bums are covered because if they had have applied the 18 point deduction last friday, Hearts would have had it overturned in court with the greatest of ease. The SPL doesn't need that hassle because that brings with it the ever watchful eye of FIFA and after last years debacle with Rangers, it's better to be safe than sorry.

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Originally Posted by keekaboo

Then how does that tally with the 18M the Pieman was going to sell it for, for the purpose of building houses on?

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Was a minimum of £20.5M according to this, though it does say that it's subject to consent and had been valued at £16M: -

http://www.heartsfc.co.uk/articles/2...2241384_553846

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Originally Posted by Mikey

He was wittering on about them being sent out in March at one point.

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Barry Anderson ‏@BarryAnderson_821 Feb
#Hearts fans: I'm told share certificates will be posted out around mid-March (for those asking) #HMFC

Check the date!

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Originally Posted by Onion

Wouldn't be ironic of STF took an interest in the PBS development opportunity and agreed a deal with the Lith Admins for the land. £5 or 6 M would be a reasonable starting bid, and maybe a little payback for the way he was shafted by the Yam Council when he tried to buy the land behind ER :greengrin

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I would love this to happen, just a pitty STF is not as shallow as they f...ers !

Less than 9 years ago, Chris Robinson agreed to sell Tynecastle for £20.5m. See here.

How much is it worth today? I don't know how much property prices have fallen since then, but for FOH to suggest it's only worth £2m is ludicrous.

If it's being offered at that price maybe I should see my bank manager... :hmmm:

:wink:


edit - I foiund this cartoon from 2004

http://www.boylecartoon.co.uk/book/h...osama96184.jpg

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Originally Posted by Stevie Reid

Was a minimum of £20.5M according to this, though it does say that it's subject to consent and had been valued at £16M: -

http://www.heartsfc.co.uk/articles/2...2241384_553846

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Ah, I posted a separate thread with an article from the Evening News.

I thought the information needed aired...

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Originally Posted by Treadstone

Barry Anderson ‏@BarryAnderson_821 Feb
#Hearts fans: I'm told share certificates will be posted out around mid-March (for those asking) #HMFC

Check the date!

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If ever any more proof was needed that Barry just tweets and writes what he's told without questioning it. He's been lied to by Hearts which in turn has meant he's lied to his readers. He of course claimed yesterday he doesn't lie but I think this proves he does.

The deal they want is £2m with no debt.

It's bonkerstastic.

I think the main claim, which they're putting their hopes on, is that the land Tynecastle is on is not worth anything other than for football use. While the value may not be 20M any more, the mere fact that this was already offered for the land uder such 'non football use' kills that lie instantly.


Sorry guys, other people might want to bid for the land after all.

One half of Yams current two man board earning his keep.

http://www.dailyrecord.co.uk/sport/football/hearts-build-their-hopes-on-new-man-1013754

"The new director, Vitalijus Vasiliauskas, will manage the £51million project that includes the building of a..."
10,000 main stand http://officeimg.vo.msecnd.net/en-gb...A001117940.gif
hotel http://officeimg.vo.msecnd.net/en-gb...A001117940.gif
office space http://officeimg.vo.msecnd.net/en-gb...A001117940.gif
residential apartments. http://officeimg.vo.msecnd.net/en-gb...A001117940.gif

Job done then.

Attachment 9977

http://www.scotsman.com/sport/footba...arts-1-2943559

Allisbarry

Quote:

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Originally Posted by Craig_in_Prague

http://www.scotsman.com/sport/footba...arts-1-2943559

Allisbarry

---

They have "between 5 and 10 million available"? So they may actually have twice as much as the lower figure? You think they would have more an idea, really. Not vague at all.

Quote:

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Originally Posted by Stevie Reid

They have "between 5 and 10 million available"? So they may actually have twice as much as the lower figure? You think they would have more an idea, really. Not vague at all.

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Not very good at bargaining, are they?

I'll give you between £5m and £10m.

Thanks, I'll take £10m.

Quote:

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Originally Posted by Hibbyradge

It was worth £20m 9 years ago.

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Quote:

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Originally Posted by keekaboo

Then how does that tally with the 18M the Pieman was going to sell it for, for the purpose of building houses on?

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Given all the new housing in the area im not sure there is the demand for the new housing as such,that and the fact the prices have plummeted for land value and i very much doubt they would get permission to build anyway.

Reckon realistically its worth circa £5-6 million. Not sure how that would work with the 10 million that is secured against the stadium.

Its also in the blast zone which is related to the aforementioned neighbouring sites.

Quote:

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Originally Posted by Mikey

Not very good at bargaining, are they?

I'll give you between £5m and £10m.

Thanks, I'll take £10m.

---

There are some outstanding moments in that article: -

The Scandinavians’ plan would be to offer a cash payment for the majority shareholding without any debt and become Hearts’ new owners, and they have between £5m and £10m available. “That valuation is not completely wrong,” said a source close to the consortium today.

“We have a strategy for how to get the shareholding. Whether it will work is another question. There is the possibility some of the shareholding could be transferred to Ukio Bankas. As far as we know, that transaction hasn’t happened yet so the shares are still formally owned by UBIG. Our strategy involves taking over a club which is free of debt to Ukio Bankas and UBIG. Obviously that is going to take some sort of cash payment to deal with the current debt. How big that cash payment will be is still an open question.

“What is very clear is that the consortium would not enter a deal where Ukio Bankas or UBIG would maintain any of the debt after a deal was done. If there is any debt left, it would not be to those parties. That part of it would need to be closed completely.

“We have not negotiated a price, we are not anywhere close to that yet. Probably not a lot is going to happen until the UBIG situation is resolved. We believe that once things get started we should be in a pretty good position. We think we know the full picture now. The administrators of both parties will have a say in this. There may also be other parties involved.”

The consortium would be able to move “within days” once the picture relating to UBIG becomes clearer. “They wouldn’t take the bother to do all this work for nothing but a decision has not been made. They will walk away if something happens to change the business completely,” said the source.

“They are still investigating whether this could be a profitable business. Once the UBIG situation becomes clear, we would have initial talks to get a feel for what offer should be placed. They could move within days to close negotiations once they decide to make an offer, but we have not reached that point yet. These people are Hearts fans from the outset but they are also businessmen looking to do a good deal. They are not looking to throw their money away.”

Of the group, the four Norwegians have studied in Edinburgh and consider themselves active supporters of Hearts. The youngest member of the consortium is said to be “around 40”, with the oldest in his 60s.

Meanwhile, Hearts manager Gary Locke has held talks with former team-mate David Weir about becoming the club’s new assistant manager. Weir, a youth coach at Everton, is in contention to replace David Moyes at Goodison Park but would consider returning to Tynecastle under Locke.

Quote:

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Originally Posted by Craig_in_Prague

http://www.scotsman.com/sport/footba...arts-1-2943559

Allisbarry

---

Of the group, the four Norwegians have studied in Edinburgh and consider themselves active supporters of Hearts. The youngest member of the consortium is said to be “around 40”, with the oldest in his 60s.


Top class journalism as ever.

Is the youngest member a 'The Stig from Top Gear' type of person? 'he's said to be around 40 years old, loves Hearts and some say he can milk money out of his nipples and waste it on whatever he wants.....all we know is Barry Andersons a welt".

Quote:

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Originally Posted by Stevie Reid

Meanwhile, Hearts manager Gary Locke has held talks with former team-mate David Weir about becoming the club’s new assistant manager. Weir, a youth coach at Everton, is in contention to replace David Moyes at Goodison Park but would consider returning to Tynecastle under Locke.

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Does the bit in red actually say what I think it says?

Quote:

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Originally Posted by Stevie Reid

There are some outstanding moments in that article: -

The Scandinavians’ plan would be to offer a cash payment for the majority shareholding without any debt and become Hearts’ new owners, and they have between £5m and £10m available. “That valuation is not completely wrong,” said a source close to the consortium today.

---

Take any word out of that sentence apart from 'wrong' and it makes more sense. :faf:

Quote:

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Originally Posted by Mikey

Does the bit in red actually say what I think it says?

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Unbelievable, isn't it? The SSN correspondent who covers Liverpool said the other day that Weir had been interviewed for the Everton job along with Stubbs and Neville, the three internal candidates. I'm sure he's itching to get back to Tynie.

Quote:

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Originally Posted by gogsy23

Given all the new housing in the area im not sure there is the demand for the new housing as such,that and the fact the prices have plummeted for land value and i very much doubt they would get permission to build anyway.

Reckon realistically its worth circa £5-6 million. Not sure how that would work with the 10 million that is secured against the stadium.

Its also in the blast zone which is related to the aforementioned neighbouring sites.

---

Sorry, but what has happened between September 2004 and now that has reduced the value of the land to a quarter of it's previous price?

Has your house dropped by 75%?

The demand for new housing has never been greater, particularly affordable property. The population of Edinburgh, Scotland and the UK is increasing year on year.

Blast zone? What blast zone and wasn't it there 8 years ago?

Quote:

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Originally Posted by gogsy23

Given all the new housing in the area im not sure there is the demand for the new housing as such,that and the fact the prices have plummeted for land value and i very much doubt they would get permission to build anyway.

Reckon realistically its worth circa £5-6 million. Not sure how that would work with the 10 million that is secured against the stadium.

Its also in the blast zone which is related to the aforementioned neighbouring sites.

---

Can you tell me where this blast zone of yours actually is?

There is Murrayfield on one side, a recently built Sainsburys on another, housing on another and a brand new High school on the other.

I would be really interested where the boundaries of the zone are.

Quote:

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Originally Posted by Mikey

Does the bit in red actually say what I think it says?

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Yes unbelievable: 'Sorry I'm dropping out of the running for the Everton job because Hearts want me as assistant to the tactical genius that is Gary 'Pish on my face please' Locke.

Can we compile a list of Bandersonballs?

Quote:

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Originally Posted by gogsy23

Given all the new housing in the area im not sure there is the demand for the new housing as such,that and the fact the prices have plummeted for land value and i very much doubt they would get permission to build anyway.

Reckon realistically its worth circa £5-6 million. Not sure how that would work with the 10 million that is secured against the stadium.

Its also in the blast zone which is related to the aforementioned neighbouring sites.

---

Is that you Barry?

Quote:

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Originally Posted by Crazyhorse

Yes unbelievable: 'Sorry I'm dropping out of the running for the Everton job because Hearts want me as assistant to the tactical genius that is Gary 'Pish on my face please' Locke.

Can we compile a list of Bandersonballs?

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The Andybarryson_8 account has retweeted a few today,

• https://si0.twimg.com/profile_images...e4_normal.jpegAndy Barryson ‏@AndyBarryson_8
  RT @BarryAnderson_8 That blocks any sale of club for now. (2/2)And yit, Barry still writes aboot takeover bids?
  
• https://si0.twimg.com/profile_images...e4_normal.jpegAndy Barryson ‏@AndyBarryson_8
  RT @BarryAnderson_8As expected, Vladimir Romanov's assets have been frozen in Lithuania, including his #Hearts shares. (1/2)
  
• https://si0.twimg.com/profile_images...e4_normal.jpegAndy Barryson ‏@AndyBarryson_826m
  RT @barryanderson_8 Think it may be #SFA policy not to pick anyone with criminal charges pending. Barry Bannan left out when caught drink...
  
• https://si0.twimg.com/profile_images...e4_normal.jpegAndy Barryson ‏@AndyBarryson_8
  RT @BarryAnderson_8 Crowd at Tynecastle tonight is 10,080. #HMFC #SPL
  
• https://si0.twimg.com/profile_images...e4_normal.jpegAndy Barryson ‏@AndyBarryson_8
  RT "@BarryAnderson_8#Hearts fans: I'm told share certificates will be posted out around mid-March (for those asking) #HMFC"
  

Quote:

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Originally Posted by Bajillions

The Andybarryson_8 account has retweeted a few today,

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Re-tweeted the mid march shares one myself. Should put a stop to some of his flippant replies to anyone that challenges him on facts.

Quote:

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Originally Posted by scoopyboy

Can you tell me where this blast zone of yours actually is?

There is Murrayfield on one side, a recently built Sainsburys on another, housing on another and a brand new High school on the other.

I would be really interested where the boundaries of the zone are.

---

See my previous post in reply to gogsy23, which he/she must have missed. The exclusion zone exists, but is a generic zone based on current guidance. Specific site risk assessments commissioned by Hearts and the CEC have determined that in reality this zone can be reduced. If you can be bothered, pages 60-63 of the joint report that I linked in my previous post has all the details. CEC applied for permission to redevelop the Tyncastle High School site and it was granted on a similar basis. A school or football stadium is considered higher risk than housing as the density of people on the site is higher and current guidance says that any development that would lessen risk is likely to be considered in a favourable light.

Quote:

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Originally Posted by Treadstone

Re-tweeted the mid march shares one myself. Should put a stop to some of his flippant replies to anyone that challenges him on facts.

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It was funny yesterday when he retweeted that bloke and it just ended up with Barry getting even more abuse. Barry telling everyone he doesn't lie is like Jimmy Saville saying he's a trustworthy babysitter.

He flip flops between Hearts being "Self-sufficient" and that there's no real issues at tynecastle but then the next day tells us theres people desperate to buy the club but they don't know if its profitable? Surely they should just ask Barry and he'll explain it all to them?

Hearts fans always believe the good news (takeover bids, fanciful player targets) but dismiss the bad news (financial trouble) as a load of cobblers.

Quote:

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Originally Posted by Bajillions

It was funny yesterday when he retweeted that bloke and it just ended up with Barry getting even more abuse. Barry telling everyone he doesn't lie is like Jimmy Saville saying he's a trustworthy babysitter.

He flip flops between Hearts being "Self-sufficient" and that there's no real issues at tynecastle but then the next day tells us theres people desperate to buy the club but they don't know if its profitable? Surely they should just ask Barry and he'll explain it all to them?

Hearts fans always believe the good news (takeover bids, fanciful player targets) but dismiss the bad news (financial trouble) as a load of cobblers.

---

:thumbsup:The comments underneath the latest takeover a prime example.

Quote:

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Originally Posted by Stevie Reid

There are some outstanding moments in that article: -

“We have not negotiated a price, we are not anywhere close to that yet. Probably not a lot is going to happen until the UBIG situation is resolved. We believe that once things get started we should be in a pretty good position. We think we know the full picture now. The administrators of both parties will have a say in this. There may also be other parties involved.”

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So who are the administrators of 'both parties'? One is Ukio and the other I assume is UBIG - which suggests they are a lot further down the road than 'expressing an intention'...

Quote:

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Originally Posted by Hibbyradge

Sorry, but what has happened between September 2004 and now that has reduced the value of the land to a quarter of it's previous price?

Has your house dropped by 75%?

The demand for new housing has never been greater, particularly affordable property. The population of Edinburgh, Scotland and the UK is increasing year on year.

Blast zone? What blast zone and wasn't it there 8 years ago?

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the floating charge of the UKio Bankas claim is close to its valuation - around £8m. So anybody wanting to buy Hearts in the liquidation needs to pay another £2m on top of that for the club plus have sufficient funds to pay off HMRC and fill the funding gap for next season. In total they need about £14 million.

Quote:

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Originally Posted by Bajillions

It was funny yesterday when he retweeted that bloke and it just ended up with Barry getting even more abuse. Barry telling everyone he doesn't lie is like Jimmy Saville saying he's a trustworthy babysitter.

He flip flops between Hearts being "Self-sufficient" and that there's no real issues at tynecastle but then the next day tells us theres people desperate to buy the club but they don't know if its profitable? Surely they should just ask Barry and he'll explain it all to them?

Hearts fans always believe the good news (takeover bids, fanciful player targets) but dismiss the bad news (financial trouble) as a load of cobblers.

---

Eh, 5-1,111 years.....erm.....it just is right!

Quote:

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Originally Posted by Liberal Hibby

So who are the administrators of 'both parties'? One is Ukio and the other I assume is UBIG - which suggests they are a lot further down the road than 'expressing an intention'...

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There will be an adminstrator appointed at UBIG at some point but this hasn't been done yet.

Quote:

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Originally Posted by Sir Alf R

You probably read this at some point

"HEARTS will begin next season in the Scottish Premier League – but with a 15-point deduction if majority shareholder UBIG is declared insolvent.



That is the all-but-certain position faced by the Tynecastle club after an SPL board meeting earlier today ruled that UBIG had yet to suffer an “insolvency event”.

The board left itself the option of reconsidering the situation in the unlikely situation of further evidence being unearthed about UBIG’s current standing in Lithuanian law. Crucially, however, if it were to have an effect on this season’s league table, that evidence would have to relate to events which occurred before the last SPL fixtures were played at the weekend. Under rules adopted last summer, Hearts would be docked a third of last season’s points total of 51 (the figure of 17.3 would be rounded up to 18) if they or a parent company were deemed to have become insolvent before the end of the season."

from the Hootsmon .... http://www.scotsman.com/sport/footba...tion-1-2937144

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I prefer this article form #allisbarry himself

http://www.scotsman.com/sport/footba...arts-1-2943559

in particular.....

The consortium is also speaking with potential administrators of UBIG after the company declared itself insolvent last week

Quote:

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Originally Posted by Bajillions

There will be an adminstrator appointed at UBIG at some point but this hasn't been done yet.

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Ah - point taken, but earlier in the article it implies they've been in discussions with the people who are lined up to administer UBIG. If they have identified administrators/liquidators - it surely has to be a fully functioning insolvency event?

This is the bit I can't get my head round


Fudevastos or whatever his name is has been saying that there is/will be a 2.5 million pound.

Now is that on top of what ST money they will bring in or is that 2.5 million extra just to survive till then end of season?

If this is indeed the case they cannot be self sufficient.

Quote:

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Originally Posted by Liberal Hibby

Ah - point taken, but earlier in the article it implies they've been in discussions with the people who are lined up to administer UBIG. If they have identified administrators/liquidators - it surely has to be a fully functioning insolvency event?

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I think you're forgetting who wrote the article.

They really live in dream land don't they and the Yam frothers just lap it up. :yw::lolyam:

http://www.teamtalk.com/hearts/87318...top-three-spot

Fedotovas eyes top-three spot

Hearts director Sergejus Fedotovas has targeted a top-three finish next season - despite the threat of a 15-point deduction.

Majority shareholder UBIG last week indicated its insolvency and Hearts could face Scottish Premier League punishment if that declaration is ratified in the Lithuanian courts in the coming weeks.

Hearts were already cutting back on wage costs for the second year running after finishing 10th in the SPL but Fedotovas expects major improvement under Gary Locke, who replaced John McGlynn as manager in March.

Fedotovas told Hearts TV: "I think we really need to be targeting at least the top-three places.

"Obviously this will be pretty much a new team so it will be important how Gary will be able to glue new faces into a good team and deliver results.

"I believe it's not the first time it has happened in football. Reconstruction of a football team happens a lot everywhere and we are viewing it positively.

"Having in mind the result we had last season, this is really painful to speak about it, but we are looking to radically improve this situation next season."

Hearts have released Mehdi Taouil, Danny Grainger, Darren Barr, Gordon Smith and Fraser Mullen from their squad but Fedotovas has promised replacements.

"We are clearing up in order for new people to come in who can hopefully improve the squad and make it better in terms of results from last season," he said.

"The faces are identified and people are working to get the negotiations right and get the deals done.

"We are very hopeful we will be able to start announcing people coming in and be ready for the next season."

Andy Barryson @AndyBarryson_8
"Hearts target top 3 finish" am targetting that when a get hame Katy Perry and Holly Willoughby are waitin tae nosh me oaf. No likely tho

:faf:

Quote:

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Originally Posted by Bajillions

Is that you Barry?

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Extremely harsh.....and no its not.

Quote:

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Originally Posted by Sergio sledge

See my previous post in reply to gogsy23, which he/she must have missed. The exclusion zone exists, but is a generic zone based on current guidance. Specific site risk assessments commissioned by Hearts and the CEC have determined that in reality this zone can be reduced. If you can be bothered, pages 60-63 of the joint report that I linked in my previous post has all the details. CEC applied for permission to redevelop the Tyncastle High School site and it was granted on a similar basis. A school or football stadium is considered higher risk than housing as the density of people on the site is higher and current guidance says that any development that would lessen risk is likely to be considered in a favourable light.

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On my phone and missed the link sorry. Sounds about right sergio am sure theres a few other posts earlier in the thread.

Quote:

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Originally Posted by Bajillions

If ever any more proof was needed that Barry just tweets and writes what he's told without questioning it. He's been lied to by Hearts which in turn has meant he's lied to his readers. He of course claimed yesterday he doesn't lie but I think this proves he does.

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Technically :wink: he doesn't lie .. he just forwards lies on. :greengrin

Quality stuff.......


Heart of Midlothian Football Club can today confirm that Mr Roman Romanov has been re-appointed as a Director.

A poll was taken at the AGM on Thursday 23rd May to vote on Resolution 2: 'To re-appoint Mr Roman Romanov as a Director.'

The results show that 99.91% voted For the resolution, while 0.09% voted Against.


http://www.heartsfc.co.uk/articles/2...241384_3189685

Quote:

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Originally Posted by Mikey

Quality stuff.......


Heart of Midlothian Football Club can today confirm that Mr Roman Romanov has been re-appointed as a Director.

A poll was taken at the AGM on Thursday 23rd May to vote on Resolution 2: 'To re-appoint Mr Roman Romanov as a Director.'

The results show that 99.91% voted For the resolution, while 0.09% voted Against.


http://www.heartsfc.co.uk/articles/2...241384_3189685

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:faf: :faf: :faf:

Quote:

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Originally Posted by YehButNo But

They really live in dream land don't they and the Yam frothers just lap it up. :yw::lolyam:

http://www.teamtalk.com/hearts/87318...top-three-spot

Fedotovas eyes top-three spot

Hearts director Sergejus Fedotovas has targeted a top-three finish next season - despite the threat of a 15-point deduction.

Majority shareholder UBIG last week indicated its insolvency and Hearts could face Scottish Premier League punishment if that declaration is ratified in the Lithuanian courts in the coming weeks.

Hearts were already cutting back on wage costs for the second year running after finishing 10th in the SPL but Fedotovas expects major improvement under Gary Locke, who replaced John McGlynn as manager in March.

Fedotovas told Hearts TV: "I think we really need to be targeting at least the top-three places.

"Obviously this will be pretty much a new team so it will be important how Gary will be able to glue new faces into a good team and deliver results.

"I believe it's not the first time it has happened in football. Reconstruction of a football team happens a lot everywhere and we are viewing it positively.

"Having in mind the result we had last season, this is really painful to speak about it, but we are looking to radically improve this situation next season."

Hearts have released Mehdi Taouil, Danny Grainger, Darren Barr, Gordon Smith and Fraser Mullen from their squad but Fedotovas has promised replacements.

"We are clearing up in order for new people to come in who can hopefully improve the squad and make it better in terms of results from last season," he said.

"The faces are identified and people are working to get the negotiations right and get the deals done.

"We are very hopeful we will be able to start announcing people coming in and be ready for the next season."

---

And this fits in with selling £1 million of 'talent'?

Quote:

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Originally Posted by Mikey

Quality stuff.......


Heart of Midlothian Football Club can today confirm that Mr Roman Romanov has been re-appointed as a Director.

A poll was taken at the AGM on Thursday 23rd May to vote on Resolution 2: 'To re-appoint Mr Roman Romanov as a Director.'

The results show that 99.91% voted For the resolution, while 0.09% voted Against.




http://www.heartsfc.co.uk/articles/2...241384_3189685

---

Total and utter contempt for the very people they're pinning their survival on.

Quote:

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Originally Posted by matty_f

Total and utter contempt for the very people they're pinning their survival on.

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Quite rightly IMO

In fact no they are beneath contempt.

Quote:

---

Originally Posted by Mikey

Quality stuff.......


Heart of Midlothian Football Club can today confirm that Mr Roman Romanov has been re-appointed as a Director.

A poll was taken at the AGM on Thursday 23rd May to vote on Resolution 2: 'To re-appoint Mr Roman Romanov as a Director.'

The results show that 99.91% voted For the resolution, while 0.09% voted Against.


http://www.heartsfc.co.uk/articles/2...241384_3189685

---

I smell a rat. Why would they bother doing this if they intend on selling up? Especially when it was voted down

Quote:

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Originally Posted by Bajillions

I smell a rat. Why would they bother doing this if they intend on selling up? Especially when it was voted down

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It wasn't voted down, though. The absentee shareholders voted him in, presumably by proxy.

Meanwhile, Hearts manager Gary Locke has held talks with former team-mate David Weir about becoming the club’s new assistant manager. Weir, a youth coach at Everton, is in contention to replace David Moyes at Goodison Park but would consider returning to Tynecastle under Locke.



now, does that not read as though David Weir would prefer to be Locke's assistant than take over as Everton gaffer. I suppose Hearts are the big team so that might be right!

Perhaps they need to keep Roman in Tynecastle, so that all the dodgy paper work doesnt get read by anyone else!!:wink:

*** why does the system change swine castle to ******** ??? ** when i first typed it in it overwrote that with **'s weird...

90% of the shareholders will be Lithuanian. The fans only hold 10% so there was only going to be one winner.

Quote:

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Originally Posted by Mikey

Quality stuff.......
Heart of Midlothian Football Club can today confirm that Mr Roman Romanov has been re-appointed as a Director.

A poll was taken at the AGM on Thursday 23rd May to vote on Resolution 2: 'To re-appoint Mr Roman Romanov as a Director.'

The results show that 99.91% voted For the resolution, while 0.09% voted Against.

---

On brokeback

Quote:

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Spot on. A GIRUY story if I have even seen one. It's almost is if we have the cheek to challenge a board recommendation. But then we will be the people who the board come running to for more short term funding. Joke.
They could have just put a one liner out.

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The poster ? Russian Hats. Ye couldnae make it up.:protest:

Quote:

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Originally Posted by YehButNo But

They really live in dream land don't they and the Yam frothers just lap it up. :yw::lolyam:

http://www.teamtalk.com/hearts/87318...top-three-spot

Fedotovas eyes top-three spot

Hearts director Sergejus Fedotovas has targeted a top-three finish next season - despite the threat of a 15-point deduction.

Majority shareholder UBIG last week indicated its insolvency and Hearts could face Scottish Premier League punishment if that declaration is ratified in the Lithuanian courts in the coming weeks.

Hearts were already cutting back on wage costs for the second year running after finishing 10th in the SPL but Fedotovas expects major improvement under Gary Locke, who replaced John McGlynn as manager in March.

Fedotovas told Hearts TV: "I think we really need to be targeting at least the top-three places.

"Obviously this will be pretty much a new team so it will be important how Gary will be able to glue new faces into a good team and deliver results.

"I believe it's not the first time it has happened in football. Reconstruction of a football team happens a lot everywhere and we are viewing it positively.

"Having in mind the result we had last season, this is really painful to speak about it, but we are looking to radically improve this situation next season."

Hearts have released Mehdi Taouil, Danny Grainger, Darren Barr, Gordon Smith and Fraser Mullen from their squad but Fedotovas has promised replacements.

"We are clearing up in order for new people to come in who can hopefully improve the squad and make it better in terms of results from last season," he said.

"The faces are identified and people are working to get the negotiations right and get the deals done.

"We are very hopeful we will be able to start announcing people coming in and be ready for the next season."

---

It's a misquote. What he means is if they get liquidated he can see no reason why they can't finish top 3 in Div 3.:cb

Quote:

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Originally Posted by CropleyWasGod

It wasn't voted down, though. The absentee shareholders voted him in, presumably by proxy.

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Add this to their list of things they don't understand, how voting at an AGM works. They actually though a handful of token shareholders could have an impact on a vote?

Quote:

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Originally Posted by Andy74

Add this to their list of things they don't understand, how voting at an AGM works. They actually though a handful of token shareholders could have an impact on a vote?

---

:agree: Or believe that the power player would listen to the floor.

Quote:

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Originally Posted by Treadstone

I assume there is a growing number of us thinking that the £10m loan is now unsecured as to give them the power to hold all the voting aces in a CVA. Please tell me i am wrong.

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Quote:

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Originally Posted by Caversham Green

My best guess now is that it's not secured. As you say, £10m unsecured debt due to UBIG would give them the casting vote in a CVA so it is potentially important if HoMFC themselves go into administration - they could actually come out of it again.

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Quote:

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Originally Posted by JeMeSouviens

Where "them" = the Lithquidators. Not necessarily going to be Yam-favourable.

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I think Cav has it right here (doesn't he always) - the "them" is the creditors, not the liquidators. If UBIG now have a £10m unsecured loan due from HMFC, that makes them the majority creditor capable of voting in any potential CVA for HMFC, and means they can vote to approve a CVA put forward. Meaning that it is now feasible that HMFC could go into administration and come out the other side via a CVA. This must have been the objective of the recent loan movements.

Is this not a major game changer, Cav?

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Originally Posted by grunt

I think Cav has it right here (doesn't he always) - the "them" is the creditors, not the liquidators. If UBIG now have a £10m unsecured loan due from HMFC, that makes them the majority creditor capable of voting in any potential CVA for HMFC, and means they can vote to approve a CVA put forward. Meaning that it is now feasible that HMFC could go into administration and come out the other side via a CVA. This must have been the objective of the recent loan movements.

Is this not a major game changer, Cav?

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As JeMeSouviens says, the 'them' is likely to be the liquidators and not UBIG themselves.

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Originally Posted by grunt

I think Cav has it right here (doesn't he always) - the "them" is the creditors, not the liquidators. If UBIG now have a £10m unsecured loan due from HMFC, that makes them the majority creditor capable of voting in any potential CVA for HMFC, and means they can vote to approve a CVA put forward. Meaning that it is now feasible that HMFC could go into administration and come out the other side via a CVA. This must have been the objective of the recent loan movements.

Is this not a major game changer, Cav?

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It is and it isn't.

Whilst it is theoretically possible for a CVA to take place, an administrator will take a look at the reality of the situation..... ie one major asset, which is pledged to the secured creditor... and say "there is nothing here for the ordinary creditors, so it's as well going into liquidation."

The only potential way round that is if the sale of the ground realises more than the UKIO debt, in which case there IS a dividend to ordinary creditors. However, unless the sale of the ground is to one of these consortia, they won't be playing at Tynie.

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Originally Posted by grunt

I think Cav has it right here (doesn't he always) - the "them" is the creditors, not the liquidators. If UBIG now have a £10m unsecured loan due from HMFC, that makes them the majority creditor capable of voting in any potential CVA for HMFC, and means they can vote to approve a CVA put forward. Meaning that it is now feasible that HMFC could go into administration and come out the other side via a CVA. This must have been the objective of the recent loan movements.

Is this not a major game changer, Cav?

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Not some financial shenanigans from board members prior to resignig en masse, surely not:rolleyes: corrupt to the core.

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Originally Posted by grunt

I think Cav has it right here (doesn't he always) - the "them" is the creditors, not the liquidators. If UBIG now have a £10m unsecured loan due from HMFC, that makes them the majority creditor capable of voting in any potential CVA for HMFC, and means they can vote to approve a CVA put forward. Meaning that it is now feasible that HMFC could go into administration and come out the other side via a CVA. This must have been the objective of the recent loan movements.

Is this not a major game changer, Cav?

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They would not have moved loan to UB and given Tynecastle as security in order to have a cva as it takes the only asset worth anything out of the equation. Ukio Bankas realised UBIG insolvent and unable to pay any loans back so getting as much security on assets of companies UBIG lent money on to. Ukio Bankas went insolvent/bankrupt because of 1.6 trillion litas of bad loans made to Romanov companies. This would have all been carried out via UBIG. The 79% of Hearts shares held by Ukio Bankas are a claim against the £53.6 (68.6 -15) million lent to UBIG that was lent on to/forgiven to Hearts ( see my previous posts to see how £68.6m is arrived at). UKio Bankas administrator will be the largest creditor in any CVA. Any action would be suspended on appeal from the UB administrators because of the pending bankruptcy of UB/UBIG if UBIG tried to play a fast one.

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Originally Posted by desantos0773

They would not have moved loan to UB and given Tynecastle as security in order to have a cva as it takes the only asset worth anything out of the equation. Ukio Bankas realised UBIG insolvent and unable to pay any loans back so getting as much security on assets of companies UBIG lent money on to. Ukio Bankas went insolvent/bankrupt because of 1.6 trillion litas of bad loans made to Romanov companies. This would have all been carried out via UBIG. The 79% of Hearts shares held by Ukio Bankas are a claim against the £53.6 (68.6 -15) million lent to UBIG that was lent on to/forgiven to Hearts ( see my previous posts to see how £68.6m is arrived at). UKio Bankas administrator will be the largest creditor in any CVA. Any action would be suspended on appeal from the UB administrators because of the pending bankruptcy of UB/UBIG if UBIG tried to play a fast one.

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Would it in reality, though? Is it not a fact universally acknowledged that The Huns sold The Big House & Murray Park for a laughably small amount to The The Huns, without (so far) any comeback? When are the supposed controls over this sort of abuse going to come into play, and are the Lith authorities any more assiduous than the Scotch authorities when fast ones are played? :dunno:

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Originally Posted by lapsedhibee

Would it in reality, though? Is it not a fact universally acknowledged that The Huns sold The Big House & Murray Park for a laughably small amount to The The Huns, without (so far) any comeback? When are the supposed controls over this sort of abuse going to come into play, and are the Lith authorities any more assiduous than the Scotch authorities when fast ones are played? :dunno:

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Ukio Bankas a secured creditor of Hearts and UBIG. No secured creditor at the Huns.