Share Transfers Agreed/Cooling off period

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Originally Posted by CropleyWasGod

Sidney takes it wrong :greengrin

If a NewCo has bought the assets of OldCo, NewCo owns the PBS.

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And where does a Newco get the finance to purchase Tyncastle from the OldCo? BDO aren't under the same political and social pressures Duff and Phelps were to sell cheap. Tyncastle will go to the highest bidder, to cover the security held by UBIG, who will themselves be flogging everything off to the highest bidder to pay their creditors.

How much is Tyncastle worth as land? It can be built on outside the blast zone, and is next to the city centre. Who is going to lend FOH the cash to buy over a dilapidated and inadequate facility like Tyncastle?

If Hearts start off again as a Newco, they may have to move elsewhere anyway.

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Originally Posted by CropleyWasGod

Hmmm, not sure I agree.

I could start up a company today. It would therefore be ready to take over the assets of HMFC at any time.

The issue, though, would be the transfer of the SFA memberships and SPFL share. They would need to be ratified, and it's that that would take time.

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I propose the Cropley, Caversham, Desantos and Sergey PLC start a company under the name Heart of Midlothian Original Football Club in order to take control of the newco

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Originally Posted by CropleyWasGod

Sidney takes it wrong :greengrin

If a NewCo has bought the assets of OldCo, NewCo owns the PBS.

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Even when Tynie is secured to Ukio?

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Originally Posted by Ray-in-ireland

Even when Tynie is secured to Ukio?

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Yes.

Newco buys the PBS from the OldCo. The Oldco pays UKIO what it can towards the security.

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Originally Posted by GodWasCropley

I propose the Cropley, Caversham, Desantos and Sergey PLC start a company under the name Heart of Midlothian Original Football Club in order to take control of the newco

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We already have all their assets, Fraser Mullen. :wink:

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Originally Posted by 500miles

And where does a Newco get the finance to purchase Tyncastle from the OldCo? .

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That's their problem.

To clarify, when we say NewCo, we are meaning a NEW owner of the assets of HMFC. That, of course, could be a company that wants to own a football club. It might not be.

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Originally Posted by GodWasCropley

I propose the Cropley, Caversham, Desantos and Sergey PLC start a company under the name Heart of Midlothian Original Football Club in order to take control of the newco

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I'm out.

The words "shave my eyeballs with a machete" come to mind.

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Originally Posted by CropleyWasGod

Yes.

Newco buys the PBS from the OldCo. The Oldco pays UKIO what it can towards the security.

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That's pretty poor, Old Co get to sell off an asset that they have already used as secured debt!

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Originally Posted by CropleyWasGod

Why is that?

The administrator has specific statutory duties. He can't just come in and say immediately "there's no money about, no offers, let's just shut it down". He has to go through the process set down by law. He also has to allow bidders the time to organise their own bids and finance.

I always thought that this would be a relatively short administration, and that's how it looks to be panning out. Yes, this is a short one.

However, if there's no CVA, I don't think you can point a finger at BDO. If there is no decent offer, then that's life; that's not their fault.

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BDO have enticed 3000 people to part with a lot of cash on the premise that this would give Hearts a decent shot at exiting Administration and assumption they would be playing SPL football in the coming season. They must have done this with some knowledge of the creditors likely demands and FOH/others funding positions. Their job is to broker a deal.

Yet just DAYS after squeezing fans for cash they get bearish and start talking about admin problems and possible Newco (with likely 3rd Div football ???). Whole thing feels like a legalised scam - process or not :rolleyes:

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Originally Posted by Ray-in-ireland

That's pretty poor, Old Co get to sell off an asset that they have already used as secured debt!

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It's no different to selling a house, that has been used as security for a loan. You own the house, but you have to pay off the lender from the proceeds of the sale.

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Originally Posted by Onion

BDO have enticed 3000 people to part with a lot of cash on the premise that this would give Hearts a decent shot at exiting Administration and assumption they would be playing SPL football in the coming season. They must have done this with some knowledge of the creditors likely demands and FOH/others funding positions. Their job is to broker a deal.

Yet just DAYS after squeezing fans for cash they get bearish and start talking about admin problems and possible Newco (with likely 3rd Div football ???). Whole thing feels like a legalised scam - process or not :rolleyes:

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They are the BIG support, they can afford it!

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Originally Posted by CropleyWasGod

It's no different to selling a house, that has been used as security for a loan. You own the house, but you have to pay off the lender from the proceeds of the sale.

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A house you have more chance of getting value for, my concern is the case of Ibrox & Murray Park.

Apologies if this has already been mentioned but I've been out of the loop for the last week and a half and only been able to catch snippets of the thread.

Hearts didn't sell the 3000 season tickets in 2 weeks they wanted to but they have raised enough money to survive for the time being my source tells me. Morale is starting to drop again significantly despite this. The staff still haven't got a clue what's going on and all the talk of different consortiums is getting frustrating now, "every few days theres a new interested party and we forget about the old one, this process repeats at least once every 3 days" they said.

Another quote

"Foundation of Hearts have no chance of owning the club, the administrator doesn't think they've got a viable business model so wouldn't sell to them, they are just keeping them sweet because they'd get lynched by fans if they told them to beat it. The only way that shower will have any involvement is if they get tacked on to another, far more credible bid"

Nothing earth shattering but then I'm told nothing exciting is really happening at Tynecastle, it's all very mundane, going through the motions until the season starts

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Originally Posted by Onion

BDO have enticed 3000 people to part with a lot of cash on the premise that this would give Hearts a decent shot at exiting Administration and assumption they would be playing SPL football in the coming season. They must have done this with some knowledge of the creditors likely demands and FOH/others funding positions. Their job is to broker a deal.

Yet just DAYS after squeezing fans for cash they get bearish and start talking about admin problems and possible Newco (with likely 3rd Div football ???). Whole thing feels like a legalised scam - process or not :rolleyes:

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It's one thing having discussions with possible buyers, and quite another getting bids out of them. That is why BDO set the deadline for bids, to see who is serious. They set it early, recognising the cash shortfall, and tried to create a safety net by selling more ST's. That is only right; again, it's in their job spec.

They ARE trying to broker a deal; that's part of their job. But, like an estate agent trying to sell your house..... if the bid doesn't actually materialise, no matter how hard they work, its not their fault.

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Originally Posted by Ray-in-ireland

A house you have more chance of getting value for, my concern is the case of Ibrox & Murray Park.

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As I mentioned above, this is a different situation.

AFAIK, D&P didn't market the RFC assets in the public domain. The criticism is therefore that they didn't sell for market value.

If the BDO advert in the FT this week is genuine, then they ARE marketing the Hearts' assets. That way, they WILL be sold for market value, even if it is peanuts.

Big problem for buying assets from Oldco for Newco is that none of the interested parties have sufficient funds to meet the minimum Ukio Bankas/UBIG administrators require. That is why a complete liquidation of Tynie & HMFC is on the cards.

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Originally Posted by desantos0773

Big problem for buying assets from Oldco for Newco is that none of the interested parties have sufficient funds to meet the minimum Ukio Bankas/UBIG administrators require. That is why a complete liquidation of Tynie & HMFC is on the cards.

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How much is that?

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Originally Posted by CropleyWasGod

How much is that?

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I would say £8 million cash upfront

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Originally Posted by desantos0773

I would say £8 million cash upfront

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That's probably a decent shout. But, bottom line, if there are no bids of that much, then they have to take what's offered, or else take possession of the PBS and sell it themselves.

What happens during the season if they have to form a Newco?
I'm presuming also, it would require the new league body to transfer the share.
If this had been answered before I apologise.

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Originally Posted by Billy Whizz

What happens during the season if they have to form a Newco?
I'm presuming also, it would require the new league body to transfer the share.
If this had been answered before I apologise.

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Nobody knows, TBH. We've not been here before :greengrin

But, yes, the share (and the SFA membership) would have to be transferred.

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Originally Posted by Caversham Green

Just to put the record straight, I don't think they acted in the best interest of the creditors either. BDO will certainly not whitewash the issue, but nor will they make any accusations if D&P had a strong legal case for acting the way they did. That's life.

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When you say "if D&P had a strong legal case for acting the way they did." do you mean a more expensive legal team? ;-)

More seriously, if indeed this is serious for us, two questions please.

Why is it important to secure the shares?
Given they are now worthless and the BDO have been installed by a court of law, why can't they just write to the shareholders and say that and that we are trying to clear up the mess - and then get on with it. It seems the share problem is holding everything up and devaluing what they are trying to gain. And

The secured creditor status.
Sorry this is an old one that's been bugging me. Certainly in this case it just seems that an ordinary creditor has been given special status cause they're 'mates' while everyone else is left scrambling about for the scraps. In laymen terms, please, why is this apparent con allowed?

Thanks.

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Originally Posted by Pames McJake

It seems obvious to me that a Newco is going to be the solution - they're just going through the motions at the moment.

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I got the sack from a sewage treatment plant cause they said I was going the the motions. It was a 5hit job anyway.

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Originally Posted by CropleyWasGod

Nobody knows, TBH. We've not been here before :greengrin

But, yes, the share (and the SFA membership) would have to be transferred.

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Thanks, I'm sure the governing bodies are looking at this closely. This could turn into a real mess, if they start the season and then a Newco was to kick in

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Originally Posted by Billy Whizz

Thanks, I'm sure the governing bodies are looking at this closely. This could turn into a real mess, if they start the season and then a Newco was to kick in

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Surely the SPFL should be asking for guarantees that Hertz will be able to survive till the end of the season then if not expulsion from the SPL should follow.

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Originally Posted by Jack

When you say "if D&P had a strong legal case for acting the way they did." do you mean a more expensive legal team? ;-)

More seriously, if indeed this is serious for us, two questions please.

Why is it important to secure the shares?
Given they are now worthless and the BDO have been installed by a court of law, why can't they just write to the shareholders and say that and that we are trying to clear up the mess - and then get on with it. It seems the share problem is holding everything up and devaluing what they are trying to gain. And

The secured creditor status.
Sorry this is an old one that's been bugging me. Certainly in this case it just seems that an ordinary creditor that's been given special status cause they're 'mates' while everyone else is left scrambling about for the scraps. In laymen terms, please, what is this apparent con allowed?

Thanks.

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1. by securing the shares, Cav means the shares that UBIG (and others) have in HMFC. BDO need to take possession of them before they can complete the administration. It's crucial to the process.

2. secured creditors are usually banks that have lent a company (or an individual, eg for a mortgage) substantial amounts of money. They have taken more risk than most creditors and, in return for that risk, can take out a security. That security gives them preferential status in a situation like this.

It's nothing to do with being mates or a scam. If a bank couldn't have that security, with its legal privileges, they just wouldn't lend.

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Originally Posted by Billy Whizz

Thanks, I'm sure the governing bodies are looking at this closely. This could turn into a real mess, if they start the season and then a Newco was to kick in

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Think SPL or whatever they are now called ha a plan B in place. July 12 will be key date as BDO will announce no meaningful bids and move to liquidation/newco at which point plan b

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Originally Posted by desantos0773

Think SPL or whatever they are now called ha a plan B in place. July 12 will be key date as BDO will announce no meaningful bids and move to liquidation/newco at which point plan b

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Interesting, might not be a derby on the 10th August then

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Originally Posted by CropleyWasGod

That's probably a decent shout. But, bottom line, if there are no bids of that much, then they have to take what's offered, or else take possession of the PBS and sell it themselves.

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Thanks for that, I was thinking that Ukio would have to take what was offered and not have the opportunity to take hold of the asset. :thumbsup:

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Originally Posted by Ray-in-ireland

Thanks for that, I was thinking that Ukio would have to take what was offered and not have the opportunity to take hold of the asset. :thumbsup:

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TBH, I don't know if they would take hold of the PBS in practice. Given that they have to get a decent return for their creditors, they would still have to sell it.

So... in reality.... take £5m (say) for it through the administration.... or.... take possession of it, and still end up getting the same, less all the marketing costs.

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Originally Posted by desantos0773

Think SPL or whatever they are now called ha a plan B in place. July 12 will be key date as BDO will announce no meaningful bids and move to liquidation/newco at which point plan b

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What is a "meaningful" bid. Seems to me to be anything you decide it to mean. If someone offered a "not-at-the_moment _meaningful-but-might_be,b9" would that be meaningful?

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Originally Posted by PapillonVert

What is a "meaningful" bid. Seems to me to be anything you decide it to mean. If someone offered a "not-at-the_moment _meaningful-but-might_be,b9" would that be meaningful?

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Definitely not !

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Originally Posted by desantos0773

Definitely not !

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Ach, I'm just a simpleton in these matters.

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Originally Posted by CropleyWasGod

Hmmm, not sure I agree.

I could start up a company today. It would therefore be ready to take over the assets of HMFC at any time.

The issue, though, would be the transfer of the SFA memberships and SPFL share. They would need to be ratified, and it's that that would take time.

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May'be thats why this company was kept alive. Would'nt even have to change the name.




http://wck2.companieshouse.gov.uk//compdetails


And seeing how the Company was formed in 1990 the Yams will claim its not a NewCo ! :greengrin

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Originally Posted by greenginger

May'be thats why this company was kept alive. Would'nt even have to change the name.




http://wck2.companieshouse.gov.uk//compdetails


And seeing how the Company was formed in 1990 the Yams will claim its not a NewCo ! :greengrin

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Do you know that none of your CH links ever work? :greengrin

They work when I click them :confused: I think I need lessons or a new lap-top

What would happen if, on the back of the FT advert someone said to the administrators that they would happily bid £5.5M for the stadium alone for development.

Meanwhile the highest bid for the club is £5.25M plus enough to satisfy the creditors with a CVA.

Do BDO have a duty to keep the club a going concern if at all possible or would they simply sell the ground then sell the other assets to the highest bidder through liquidation?

It would be stunning if a for sale board went up at the PBS And they get evicted, the perfect scenario is liquidation and horsed out of the HWU Due to unpaid rent currently 160k and rising this scenario could happen if the Liths do not play ball.

Best to get the seat belts on as this is gonna be fun.:flag:

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Originally Posted by sidneyhibbie

It would be stunning if a for sale board went up at the PBS And they get evicted, the perfect scenario is liquidation and horsed out of the HWU Due to unpaid rent currently 160k and rising this scenario could happen if the Liths do not play ball.

Best to get the seat belts on as this is gonna be fun.:flag:

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Suzy agrees :agree:

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Originally Posted by CropleyWasGod

TBH, I don't know if they would take hold of the PBS in practice. Given that they have to get a decent return for their creditors, they would still have to sell it.

So... in reality.... take £5m (say) for it through the administration.... or.... take possession of it, and still end up getting the same, less all the marketing costs.

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But BDO say they'll take their fees from the sale proceeds.

To my mind the administrators of Ukio Bankas would be better to take possession of the PBS in exchange for writing off their debt, and that way they get the proceeds less marketing fees, which will surely be a higher amount than the proceeds less BDO's fees.

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Originally Posted by sidneyhibbie

It would be stunning if a for sale board went up at the PBS And they get evicted, the perfect scenario is liquidation and horsed out of the HWU Due to unpaid rent currently 160k and rising this scenario could happen if the Liths do not play ball.

Best to get the seat belts on as this is gonna be fun.:flag:

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I've mentioned this on the PM forum and I'm happy to say it again - The LT government are under extreme political pressure to call the Ukio bankruptcy right - ie, in the best interests of the LT taxpayer.

This is a fairly new government and they campaigned strongly prior to coming to power on correcting the wrongs of the LT financial markets. Bankas Snoras went belly-up a few years ago and the aftermath was mismanaged from Day 1. The current incumbents in power really focused on this case in their political campaign and are now under the microscope to do what's right for the nation - not what's right for some two-bob, bigoted, SPL club.

I'm confident that the Lith's can't play ball even if they wanted to.

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Originally Posted by CyberSauzee

**** me - nearly 600 guests on a pre season friendly thread. Notice also a registered Yam is on here. Must be wondering how teams with a bit of money do their pre-seasons.

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Gary Cock's team were playing the mighty Selkirk today, I think.

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Originally Posted by Sergey

　　

I've mentioned this on the PM forum and I'm happy to say it again - The LT government are under extreme political pressure to call the Ukio bankruptcy right - ie, in the best interests of the LT taxpayer.

This is a fairly new government and they campaigned strongly prior to coming to power on correcting the wrongs of the LT financial markets. Bankas Snoras went belly-up a few years ago and the aftermath was mismanaged from Day 1. The current incumbents in power really focused on this case in their political campaign and are now under the microscope to do what's right for the nation - not what's right for some two-bob, bigoted, SPL club.

I'm confident that the Lith's can't play ball even if they wanted to.

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Liking what you are saying Sergey :flag: to them on broke back who mock me and Sergey go and bake a cake:na na:

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Originally Posted by desantos0773

99.99999%

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I love your exemplary understanding of probability and Yams liquidation.

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Originally Posted by desantos0773

Think SPL or whatever they are now called ha a plan B in place. July 12 will be key date as BDO will announce no meaningful bids and move to liquidation/newco at which point plan b

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There will be a Renfrewshire derby next season?

Skint cheats

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Originally Posted by Hibernia Na Eir

Gary Cock's team were playing the mighty Selkirk today, I think.

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6-2 for the filth.

I Bagsy the 1st call to drive the bulldozer through the PBS :flag:

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Originally Posted by 3pm

6-2 for the filth.

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Got a nice ring to it, that scoreline

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Originally Posted by sidneyhibbie

I Bagsy the 1st call to drive the bulldozer through the PBS :flag:

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Too late, Sidney already claimed it for himself

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Originally Posted by sultan

After reading the latest Ian Murray MP's (jeeze, is this trumpet really an MP, God help us!) FOH delusional witterings, it is not a case of what planet is this character is on, but what parallel universe does he reside in?

The gist of of seems to be, if any sense could possibly be ascertained, is: if only those Liths would hurry up and do the decent thing and appoint a administrator to UBIG, then the 25 million pounds debt will be written off, the shares, company, the stadium, whole shooting match, will be ours, debt free!

I'm surprised he's not asking for a few million quid to be thrown in as well, as Lockie needs a warchest before the window closes to mount a "serious challenge".

Dear oh dear, isn't it about time that someone took him quietly aside and explained, in the simplest possible terms, that money doesn't actually grow on trees!!!

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There is something wrong with the fact this MP seems to be advocating all this debt just being dumped at the expense of the taxpayer...the Lithuanian one admittedly but none the less still seems very wrong. He also has a massive jamboface.

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Originally Posted by CropleyWasGod

TBH, I don't know if they would take hold of the PBS in practice. Given that they have to get a decent return for their creditors, they would still have to sell it.

So... in reality.... take £5m (say) for it through the administration.... or.... take possession of it, and still end up getting the same, less all the marketing costs.

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What value would have to be offered in a CVA for the Liths to pocket £5m - assuming they have to share the pot with others and with BDO?

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Originally Posted by Albion Hibs

There is something wrong with the fact this MP seems to be advocating all this debt just being dumped at the expense of the taxpayer...the Lithuanian one admittedly but none the less still seems very wrong. He also has a massive jamboface.

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Massive, I mean it's ****ing huge!!

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Originally Posted by 3pm

6-2 for the filth.

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Also 5 1 photos with Gary Locke. :rolleyes:

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Originally Posted by hibees 7062

Also 5 1 photos with Gary Locke. :rolleyes:

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-15

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Originally Posted by hibees 7062

Also 5 1 photos with Gary Locke. :rolleyes:

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A centerfold shot for the inevitable EEN liquidation commemorative pull out.

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Originally Posted by sidneyhibbie

Liking what you are saying Sergey :flag: to them on broke back who mock me and Sergey go and bake a cake:na na:

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I also like what Sergey is saying but I still think that somehow HMFC or some variation thereof is going to escape the noose. Somehow or another they are going to get out of this and come out smelling of roses. Unfair and no way this should happen but somehow I think it will......

Just what I think.

Selkirk gave them half the gate money

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Originally Posted by hibees 7062

Selkirk gave them half the gate money

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Pitiful. An amateur team feels it has to share a payday to help out The Big Club.

#noshame

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Originally Posted by hibees 7062

Selkirk gave them half the gate money

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Nice of them to help a wee team in trouble

Gary Locke optimises that club - a well suited partnership

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Originally Posted by steakbake

Pitiful. An amateur team feels it has to share a payday to help out The Big Club.

#noshame

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Non whatsoever , joke of a club @gdown:

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Originally Posted by PapillonVert

I also like what Sergey is saying but I still think that somehow HMFC or some variation thereof is going to escape the noose. Somehow or another they are going to get out of this and come out smelling of roses. Unfair and no way this should happen but somehow I think it will......

Just what I think.

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I'm more of a 'glass-half-full' than 'half-empty' type of person. My info on the situ has been almost spot-on in recent months (or Nov 8th 2012 to be exact) and I've not got any concerns that things will take a turn for the benefit of Yos Yambolinos in the coming weeks or months. This scenario could (and will) take months and if not years to unravel.

Change your meds and relax :greengrin

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Originally Posted by hibees 7062

Selkirk gave them half the gate money

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scrounging money from a provincial amateur club only highlights the depths to which they have sunk...like a piss stained jakey tramp begging for money they are without dignity.

Big Team?.. Selkirk are bigger.

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Originally Posted by hibees 7062

Selkirk gave them half the gate money

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They have no shame...

Of course, they'll tell themselves that these wee clubs are helping out due to their stature in Scottish football.

Embarrassing to the end!

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Originally Posted by Treadstone

Hope so. Just wondered why now he is never off ma telly and does photo calls at Swynie. Feel he is unlikely to do that if it was to blow up in his boat race. Although maybe he is getting high on the oxygen of publicity, plenty are of that persuasion.

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Desperation as the end game approaches hopefully.

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Originally Posted by hibees 7062

Selkirk gave them half the gate money

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Probably about a 250 gate at £2 entry gives them enough to pay the petrol and a tenner for everyone in the squad.
Get quite alot at aldis for that.

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Originally Posted by Sergey

I'm more of a 'glass-half-full' than 'half-empty' type of person. My info on the situ has been almost spot-on in recent months (or Nov 8th 2012 to be exact) and I've not got any concerns that things will take a turn for the benefit of Yos Yambolinos in the coming weeks or months. This scenario could (and will) take months and if not years to unravel.

Change your meds and relax :greengrin

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I hope it's not the same sources that were telling you Hearts were going into Administration by such and such a date for the last 5 years ;-)

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Originally Posted by FranckSuzy

Suzy agrees :agree:

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Who cares what Suzy thinks?

Springbank wants to know what Franck thinks so he can tell Sydney

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Originally Posted by lapsedhibee

:confused: If a deal for £4m was agreed well before 2010 and the value of the land in 2010 was less than £4m and John Smart never overpays for a site, then shirley John Smart would have found a way to pull out of the deal? What you seem to be saying, as well as that John Smart never overpays for a site, is that John Smart has overpaid for a site!

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I think you've missed my point! I'm pretty sure Smarts bought that site well before 2010. People will associate it with that date because the development was launched around then.

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Originally Posted by sidneyhibbie

I Bagsy the 1st call to drive the bulldozer through the PBS :flag:

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Maybe Craigieboy from Brokeback is missing a trick here? He could auction this cheeky wee scenario?

A few folk getting a 10 minute stint on a bulldozer to rip through the PBS :greengrin

Its about the only thing that knob hasn't thought of, to raise some much needed revenue.

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Originally Posted by Www1875hfc

Its about the only thing that knob hasn't thought of, to raise some much needed revenue.

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Has the insufferable Hearts **** suggested getting Hibees to pay to chuck buckets of sh*te at him? I'd pay serious money for such an event.

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Originally Posted by PapillonVert

I also like what Sergey is saying but I still think that somehow HMFC or some variation thereof is going to escape the noose. Somehow or another they are going to get out of this and come out smelling of roses. Unfair and no way this should happen but somehow I think it will......

Just what I think.

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It depends what you mean by escaping the noose etc. Not that long ago, and probably on this very thread, some were saying that HoMFC going into administration was wishful thinking, that they'd start the season with no points deduction and continue to offer better wages than anyone else. There might or might not be a HoMFC playing football next season, but their position as it stands is:

They have gone bust - entering administration is a result of that.
If they start the season at all they will be 15 points behind everyone else.
The squad that finished 10th last season has been significantly weakened.

Those three points are indisputable the following is almost certain:

They have spent all of their season ticket money before the season has started and are unlikely to get any finance to replace it.
Even if they did they are unlikely to be able or allowed to sign any more players before January at the earliest.
There is a strong possibility that they will have no stadium to play in.

They might not disappear off the face of the earth , like many of us want, but they are not in a good place and they sure ain't smelling of roses.

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Originally Posted by Smidge

I think you've missed my point! I'm pretty sure Smarts bought that site well before 2010. People will associate it with that date because the development was launched around then.

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Developers purchasing sites just prior to 2008 probably overpaid. Some also overpaid in 2009 thinking the market had bottomed out. The Robertson Avenue site was available for purchase even after Smarts had started on site. Smarts take a long term view of property that they keep so any over payment would wash through eventually. Your previous appraisal ignored affordable housing which would knock 20-25% of the land value depending on what deal was struck with a Housing Association.

Quote:

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Originally Posted by Caversham Green

It depends what you mean by escaping the noose etc. Not that long ago, and probably on this very thread, some were saying that HoMFC going into administration was wishful thinking, that they'd start the season with no points deduction and continue to offer better wages than anyone else. There might or might not be a HoMFC playing football next season, but their position as it stands is:

They have gone bust - entering administration is a result of that.
If they start the season at all they will be 15 points behind everyone else.
The squad that finished 10th last season has been significantly weakened.

Those three points are indisputable the following is almost certain:

They have spent all of their season ticket money before the season has started and are unlikely to get any finance to replace it.
Even if they did they are unlikely to be able or allowed to sign any more players before January at the earliest.
There is a strong possibility that they will have no stadium to play in.

They might not disappear off the face of the earth , like many of us want, but they are not in a good place and they sure ain't smelling of roses.

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:applause: The term many used was 'unscathed'. They WILL not be unscathed.

un·scathed

[uhn-skeythd]
adjectivenot scathed; unharmed; uninjured: She survived the accident unscathed.


Origin:
1325–75; Middle English; see un-1 , scathed

Synonyms
unhurt, unscratched, untouched, safe, whole.

Quote:

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Originally Posted by Caversham Green

It depends what you mean by escaping the noose etc. Not that long ago, and probably on this very thread, some were saying that HoMFC going into administration was wishful thinking, that they'd start the season with no points deduction and continue to offer better wages than anyone else. There might or might not be a HoMFC playing football next season, but their position as it stands is:

They have gone bust - entering administration is a result of that.
If they start the season at all they will be 15 points behind everyone else.
The squad that finished 10th last season has been significantly weakened.

Those three points are indisputable the following is almost certain:

They have spent all of their season ticket money before the season has started and are unlikely to get any finance to replace it.
Even if they did they are unlikely to be able or allowed to sign any more players before January at the earliest.
There is a strong possibility that they will have no stadium to play in.

They might not disappear off the face of the earth , like many of us want, but they are not in a good place and they sure ain't smelling of roses.

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:rockin:

Quote:

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Originally Posted by hibees 7062

Selkirk gave them half the gate money

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Aye, but they only got £20 for the gate. It was in need of some repair, so the puddle drinkers on brokeback are giving it a couple of coats of paint (left over from the steps) and are gonna auction it off, as they do.

http://www.scotsman.com/sport/footba...ment-1-2992372


The Admin. in today's Scotland on Sunday trying to break it as gentle as possible to the Yams ( I hope )

" If the stadium is worth say £10 million for housing or £ 1 million offered by a group of fans what am I meant to do ? and what will the Lithuanians say ? "

I think he is saying his hands are tied !

Quote:

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Originally Posted by greenginger

http://www.scotsman.com/sport/footba...ment-1-2992372


The Admin. in today's Scotland on Sunday trying to break it as gentle as possible to the Yams ( I hope )

" If the stadium is worth say £10 million for housing or £ 1 million offered by a group of fans what am I meant to do ? and what will the Lithuanians say ? "

I think he is saying his hands are tied !

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Yep & that's virtually the same scenario I envisaged/questioned a week or so ago. I'm glad he finally explained the Danny Wilson scenario though & IMO basically confirmed he acted beyond his remit in signing him. If he thinks someone is going to pay £500,000 for DW 6 months after he was available for nothing then the brewery fumes at PBS are seriously clouding his judgement. Interesting scenario though in that best possible outcome for Yams is for them to sell their captain half way through the season. I guess that's what big teams do!

Quote:

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Originally Posted by PapillonVert

I also like what Sergey is saying but I still think that somehow HMFC or some variation thereof is going to escape the noose. Somehow or another they are going to get out of this and come out smelling of roses. Unfair and no way this should happen but somehow I think it will......

Just what I think.

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"Some variation" of Hearts will definitely be around. The best you can hope for is a shell of a club with no stadium playing at Almondvale.

If your aim is to see them completely disappear you are setting yourself up for disappointment. The death of the current incarnation of their loathsome club and years struggling to get zombie hearts back into the top league will do me.

Quote:

---

Originally Posted by greenginger

http://www.scotsman.com/sport/footba...ment-1-2992372


The Admin. in today's Scotland on Sunday trying to break it as gentle as possible to the Yams ( I hope )

" If the stadium is worth say £10 million for housing or £ 1 million offered by a group of fans what am I meant to do ? and what will the Lithuanians say ? "

I think he is saying his hands are tied !

---

Haha the comments are great.

How are they going to use Tynecastle for houses when there is a 24 hour human cord ion around it averaging 10000 at a time.

Quote:

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Originally Posted by Springbank

Who cares what Suzy thinks?

Springbank wants to know what Franck thinks so he can tell Sydney

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:greengrin Sidney will be along soon to tell us what Sidney thinks, I'm sure :agree: Franck? Well, :not worth :boo hoo:

Quote:

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Originally Posted by Pames McJake

If your aim is to see them completely disappear you are setting yourself up for disappointment. The death of the current incarnation of their loathsome club and years struggling to get zombie hearts back into the top league will do me.

---

:agree:

This

Quote:

---

Originally Posted by greenginger

http://www.scotsman.com/sport/footba...ment-1-2992372


The Admin. in today's Scotland on Sunday trying to break it as gentle as possible to the Yams ( I hope )

" If the stadium is worth say £10 million for housing or £ 1 million offered by a group of fans what am I meant to do ? and what will the Lithuanians say ? "

I think he is saying his hands are tied !

---

Or he's interpreting what his actual job is for the deluded and hard of intelligence.

He's probably had to put up with all sorts of discussions, emails and letters from people offering piggy bank money or trying to sell him baked goods or a face painting. He's probably not reached our Sidney's letter yet for all the works of fiction and fantasy that are piling up on his desk suggesting how the big hoose can stay open.

Quote:

---

Originally Posted by greenginger

http://www.scotsman.com/sport/footba...ment-1-2992372


The Admin. in today's Scotland on Sunday trying to break it as gentle as possible to the Yams ( I hope )

" If the stadium is worth say £10 million for housing or £ 1 million offered by a group of fans what am I meant to do ? and what will the Lithuanians say ? "

I think he is saying his hands are tied !

---

Why is he even asking what he should do as if its a choice? He is there to maximise the return for the creditors isn't that right CWG?

Quote:

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Originally Posted by Fat Penlon

Why is he even asking what he should do as if its a choice? He is there to maximise the return for the creditors isn't that right CWG?

---

I would suggest this is something of a rhetorical question...

Suppose that FoH do take over hearts, be that in their current form or a newco. What will Ian Murrays role be after that? Considering he's supposed to be an MP which should be a full time job, he seems to be spending far too much of his time doing FoH stuff as it is.
Fwiw I can't stand the wee ******** and the fact that his profile has been raised throughout all this is starting to get on my tits. Typical hearts fud who's on a par with pishy breeks George Foulkes.

Quote:

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Originally Posted by Twa Cairpets

I would suggest this is something of a rhetorical question...

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:agree: The SoS will have edited out the "FFS" which followed the question....

Quote:

---

Originally Posted by greenginger

http://www.scotsman.com/sport/footba...ment-1-2992372


The Admin. in today's Scotland on Sunday trying to break it as gentle as possible to the Yams ( I hope )

" If the stadium is worth say £10 million for housing or £ 1 million offered by a group of fans what am I meant to do ? and what will the Lithuanians say ? "

I think he is saying his hands are tied !

---

Agree totally.
He's telling them their bid will have to be substantial or it's time to move onto Livingston / Fife / Selkirk to groundshare. They might have had a chance sharing at Nitten' but they already did the dirty on them previously. :greengrin

GGTTH

Ye Ha, first post on page 777, unless the admins start deleting / moving posts again.

Since the money was raised to sustain them through the admin they have been steadily preparing the yams for the loss of the stadium and newco. By the time it happens they will have accepted it as inevitable and worth it for 5-1.

Quote:

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Originally Posted by Pames McJake

"Some variation" of Hearts will definitely be around. The best you can hope for is a shell of a club with no stadium playing at Almondvale.

If your aim is to see them completely disappear you are setting yourself up for disappointment. The death of the current incarnation of their loathsome club and years struggling to get zombie hearts back into the top league will do me.

---

Damn! Only a Murray win this afternoon will bring me out of my depression. :greengrin

Quote:

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Originally Posted by atomheartfather

Damn! Only a Murray win this afternoon will bring me out of my depression. :greengrin

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A good cure for depression is having a look on brokenbucket... Some of the Tom T** they write makes me smile.


It's good to be a Hibby........ :thumbsup:



:pfgwa:flag::flag::flag::flag::flag:

Quote:

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Originally Posted by #FromTheCapital

Suppose that FoH do take over hearts, be that in their current form or a newco. What will Ian Murrays role be after that? Considering he's supposed to be an MP which should be a full time job, he seems to be spending far too much of his time doing FoH stuff as it is.
Fwiw I can't stand the wee ******** and the fact that his profile has been raised throughout all this is starting to get on my tits. Typical hearts fud who's on a par with pishy breeks George Foulkes.

---

As a resident of South Edinburgh it is my misfortune to be represented by this man...it is questionable if he is actually doing the job of representing his constituents at the moment as he appears to spend every waking moment trying to keep his favourite administered West Edinburgh company afloat. Surely the Labour Party leadership has to step in at some stage and demand that this man should start taking his day job a bit more seriously? With a small majority I cant see him securing his seat at the next election as his attention seeking antics have left many of his constituents deeply dismayed.

Quote:

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Originally Posted by Hibs07p

Agree totally.
He's telling them their bid will have to be substantial or it's time to move onto Livingston / Fife / Selkirk to groundshare. They might have had a chance sharing at Nitten' but they already did the dirty on them previously. :greengrin

GGTTH

Ye Ha, first post on page 777, unless the admins start deleting / moving posts again.

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Substantial is the key word. Jambo Accountant buddy of mine of the cynical persuasion reckons unless between 10 and 15 million hits the table everyone is wasting their time.
That's it to get the club and stadium and satisfy the CVA from Lithuania. If that's not there then its Liquidation and proceed to Newco and here's a map of how to get to Elgin and Peterhead.

Quote:

---

Originally Posted by AndyM_1875

Substantial is the key word. Jambo Accountant buddy of mine of the cynical persuasion reckons unless between 10 and 15 million hits the table everyone is wasting their time.
That's it to get the club and stadium and satisfy the CVA from Lithuania. If that's not there then its Liquidation and proceed to Newco and here's a map of how to get to Elgin and Peterhead.

---

I'm liking the sound of your Jambo buddy.
:flag::flag::flag:

GGTTH

Quote:

---

Originally Posted by AndyM_1875

Substantial is the key word. Jambo Accountant buddy of mine of the cynical persuasion reckons unless between 10 and 15 million hits the table everyone is wasting their time.
That's it to get the club and stadium and satisfy the CVA from Lithuania. If that's not there then its Liquidation and proceed to Newco and here's a map of how to get to Elgin and Peterhead.

---

I would be astonished if they knocked back anything like that. I think the highest bid they will get will be around £4.5M but I think that will be borderline whether it's accepted or not.

Quote:

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Originally Posted by Mellow Hibee

I would be astonished if they knocked back anything like that. I think the highest bid they will get will be around £4.5M but I think that will be borderline whether it's accepted or not.

---

4.5m might get you the stadium. That still won't satisfy the CVA or provide a stream of working capital as they have none now having spent all the income from STs.

Quote:

---

Originally Posted by Fat Penlon

Why is he even asking what he should do as if its a choice? He is there to maximise the return for the creditors isn't that right CWG?

---

As has been said, it's a rhetorical question..... with the Hearts support as his target, to explain his legal position.

Is he at Wimbledon today?

http://i1277.photobucket.com/albums/...ps5de11df6.jpg

I would be astonished if the Liths or BDo havent yet instructed a valuation of the PBS. We need a mole in Rydens and/ or the rest of the main Surveyors in Edinburgh.

Quote:

---

Originally Posted by fat freddy

As a resident of South Edinburgh it is my misfortune to be represented by this man...it is questionable if he is actually doing the job of representing his constituents at the moment as he appears to spend every waking moment trying to keep his favourite administered West Edinburgh company afloat. Surely the Labour Party leadership has to step in at some stage and demand that this man should start taking his day job a bit more seriously? With a small majority I cant see him securing his seat at the next election as his attention seeking antics have left many of his constituents deeply dismayed.

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This FoH will do him harm at all. For every Hibs fan that votes against him a yam will vote for him. MPs get involved in a lot of issues, look at the number that are lawyers or company directors. Lucky if he does an hour a day spouting pish for them.

Quote:

---

Originally Posted by FranckSuzy

:greengrin Sidney will be along soon to tell us what Sidney thinks, I'm sure :agree: Franck? Well, :not worth :boo hoo:

---

"Screens matron - screens!"

Quote:

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Originally Posted by lucky

This FoH will do him harm at all. For every Hibs fan that votes against him a yam will vote for him. MPs get involved in a lot of issues, look at the number that are lawyers or company directors. Lucky if he does an hour a day spouting pish for them.

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Think you are wrong there lucky - I too live in IM's constituency and have already told him directly my vote will be cast elsewhere due to his work with Hearts - not the fact it is Hearts, but due to him showing absolutely no contrition on behalf of Hearts at their mismanagement, non payment of taxes and the redundancies whilst employing rich footballers (regardless of what admin law states).

I've spoken to a fair few people who live, work and have companies in the area, many of whom have no interest in football - most don't have time for him and many that voted Labour are now considering other parties or not casting a vote.

I'd like him campaigning for more investment in sporting facilities, better changing rooms, more 3G pitches in and around public parks in Edinburgh South - not campaigning for an ailing football club who has failed to do what other competitor clubs have done bar a couple and that is pay it's dues. As with many politicians, for me his moral compass has gone array and been clouded by an emotional attachment to a football club. I wonder if he's provided ant help and assistance to those staff that lost their job ? Might be a good question to pose to him ? His replies to me were just condescending political nonsense if truth be told. Bring back Nigel 'come into my office:wink:' Griffiths :greengrin

Quote:

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Originally Posted by Seveno

I would be astonished if the Liths or BDo havent yet instructed a valuation of the PBS. We need a mole in Rydens and/ or the rest of the main Surveyors in Edinburgh.

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Maybe that's what the step painting was all about. After all, who doesn't tart up their midden when the surveyor is coming around to do a valuation. Freshly painted steps will add at least a fiver.