Share Transfers Agreed/Cooling off period

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Originally Posted by mutley

let's hope th 12th is D-day

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6th of June is D-Day! :)

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Originally Posted by desantos0773

Keep The Faith - Liquidation here they go!

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Could one of the experts kindly explain what kind of scenarios we can expect tomorrow for jambogeddon? With it looking likely that its going to be between FOH and club 9 all barring any late arrivals I'm not quite sure what's in store...if anything.

can BDO say 'well FOH offer isn't good enough and the club 9 chancers havent got a pot to piss in so we're pushing the button on this chaps' or can they extend the deadline to see if they can tempt others into the mix

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Originally Posted by Matty_Jack04

Could one of the experts kindly explain what kind of scenarios we can expect tomorrow for jambogeddon? With it looking likely that its going to be between FOH and club 9 all barring any late arrivals I'm not quite sure what's in store...if anything.

can BDO say 'well FOH offer isn't good enough and the club 9 chancers havent got a pot to piss in so we're pushing the button on this chaps' or can they extend the deadline to see if they can tempt others into the mix

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Been plenty of time to get any real bids to come out. BDO will now move to liquidation where they can maximise money for creditors. Sell the ground and what's left of the club separately.

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Originally Posted by Matty_Jack04

Could one of the experts kindly explain what kind of scenarios we can expect tomorrow for jambogeddon? With it looking likely that its going to be between FOH and club 9 all barring any late arrivals I'm not quite sure what's in store...if anything.

can BDO say 'well FOH offer isn't good enough and the club 9 chancers havent got a pot to piss in so we're pushing the button on this chaps' or can they extend the deadline to see if they can tempt others into the mix

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First off, we probably won't have any definitive news tomorrow. Whatever happens, the deadline for bids is (I think) 5pm, so BDO will be considering their options over the weekend.

They may extend the deadline, a la Rangers, although that is only likely if there are other potential bidders who haven't yet finalised their bids. Indeed, BDO may be under pressure from the SPFL and SFA not to do so.

On the bids themselves, it's unclear what the Club9 bid is based on, ie through a CVA or a NewCo. There have been conflicting stories in the BBC on that.

I would expect that, whatever bids are in, BDO will be in touch with the UKIO admins over the weekend, to try and gauge their attitude. It will probably be next week before we know what their next move is.

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Originally Posted by Matty_Jack04

Could one of the experts kindly explain what kind of scenarios we can expect tomorrow for jambogeddon? With it looking likely that its going to be between FOH and club 9 all barring any late arrivals I'm not quite sure what's in store...if anything.

can BDO say 'well FOH offer isn't good enough and the club 9 chancers havent got a pot to piss in so we're pushing the button on this chaps' or can they extend the deadline to see if they can tempt others into the mix

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No point in an extension of the deadline. There will be no more bidders. The size [in monetary terms] of the bids from the two groups reflect the fact that they are goosed.
There is no mega wallet waiting to ride into town & throw cash at Hearts. There wasn't a mega wallet for the huns ,so there sure isn't going to be one for the yams. They're ****ed. Big time.

Phanny

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Originally Posted by NeilOrrSquareBa

Quote attributed to Bob Jamieson in this morning's Scotsman:

“I’m a lifelong Hearts supporter who has kept an interest in this club for some time. Hearts is a club with a great reputation, it is 140 years old and has the potential to attract a big customer base even around Edinburgh. Neutrals would come to Hearts because it is a nice venue and there would be space. They were always a glamour club for me and have a good reputation for doing things properly.”

Dear Bob
What planet have you been on for the past 12 years?
or
Can I have some of what he's been having?
or
Are you in such denial that you are unable to be honest with yourself?
or
Just beat it weirdo!
:cb

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.'neutrals would come to hearts because it is a nice venue and there would be space.'

Bob jaimieson 10 years old

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Originally Posted by Matty_Jack04

.'neutrals would come to hearts because it is a nice venue and there would be space.'

Bob jaimieson 10 years old

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... unless you're over 4'6" tall and are sitting in the old stand.

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Originally Posted by desantos0773

Been plenty of time to get any real bids to come out. BDO will now move to liquidation where they can maximise money for creditors. Sell the ground and what's left of the club separately.

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Originally Posted by CropleyWasGod

First off, we probably won't have any definitive news tomorrow. Whatever happens, the deadline for bids is (I think) 5pm, so BDO will be considering their options over the weekend.

They may extend the deadline, a la Rangers, although that is only likely if there are other potential bidders who haven't yet finalised their bids. Indeed, BDO may be under pressure from the SPFL and SFA not to do so.

On the bids themselves, it's unclear what the Club9 bid is based on, ie through a CVA or a NewCo. There have been conflicting stories in the BBC on that.

I would expect that, whatever bids are in, BDO will be in touch with the UKIO admins over the weekend, to try and gauge their attitude. It will probably be next week before we know what their next move is.

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Originally Posted by ****pile

No point in an extension of the deadline. There will be no more bidders. The size [in monetary terms] of the bids from the two groups reflect the fact that they are goosed.
There is no mega wallet waiting to ride into town & throw cash at Hearts. There wasn't a mega wallet for the huns ,so there sure isn't going to be one for the yams. They're ****ed. Big time.

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Thanks guys :aok:

Any danger that a newco proposal could include Tynie like the Rangers situation? Who'd have though tens of millions of quid of property could have been bought for £5m?

Granted, they would need deep pockets to maintain or develop it.

As an aside.

We are bidding c£150k-£200k for a new player - to be determined if successful but no doubting the creditability

The yams are having a "admin cup" game on Saturday that they hope will raise c£10k each in terms of fund raising.

Poles apart. GIRUY HOMFC (IA)

"When Dylan McGowan signed for the club he didn't have a locker; he put his clothes behind the washing machine because there was no room for them." :not worth

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Originally Posted by Andy74

Any danger that a newco proposal could include Tynie like the Rangers situation? Who'd have though tens of millions of quid of property could have been bought for £5m?

Granted, they would need deep pockets to maintain or develop it.

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It's possible, but there is one major difference.

If the recent adverts are to be believed, then BDO have already been marketing the property separately. D&P didn't do that for Ibrox, to my knowledge.

If, therefore, a NewCo gets Tynecastle , they will have got it at market value, even if that value might be perceived as being "on the cheap".

"Glamour club" lol.

They're about as glamourous as MacKay's medal collection.

:lolyam:

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Originally Posted by Part/Time Supporter

EEN said last Friday that FOH had secured some up front funding for a bid, but no figures were mentioned and the amount was contingent upon on how many pledges are made.

My guess is that FOH will be the only serious bid and they will be nominated preferred bidder by BDO. The process will then drag on for longer as FOH will want to go through a CVA rather than go straight to a newco situation. BDO will attempt to secure the UBIG shares for sale and negotiations will go on about the price. Only if that then fails would you then be heading towards an alternative resolution (either a newco led by FOH or full liquidation).

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Ian Murray has said they have another source of finance aside from the pledges. It would be deeply stupid of him to say this if it was just a bluff.

I don't think it's impossible that they could have secured a lump sum up front, but if its a loan that needs to be repaid, what's it secured against? I presume the only option is the freehold for the PBS.

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Originally Posted by mutley

Anyone else find it quite annoying when a "deadline" gets extended...........if you can extend it then it's hardly a deadline!let's hope th 12th is D-day, feel sorry for Morton though as they will be this season's Dundee

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Wouldn't Morton be 'invited' to the top division (or maybe that was for the separate SPL last season) and could say no? I wonder if they would turn down the chance of a season in the top division (especially as we are certs for relegation without the Thumb blah blah 5-1 etc etc).

Dave Anderson, who was forced to resign because of the Edinburgh City Council Repairs episode, is involved in the Bob Jamieson / Club 9 Hearts bid.

Article


Nice company these people keep.

Yup, now Jumbo Jim says the Romanov era was a disaster:

http://www.scotsman.com/sport/footba...arts-1-2997096

Happy enough to take his coin at the time though, and defend the regime in public. Yet another two-faced Yam who was happy to toe the line when it suited them and is now trying to ingratiate themselves with the fans / potential new owners again.

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Originally Posted by NeilOrrSquareBa

Quote attributed to Bob Jamieson in this morning's Scotsman:

“I’m a lifelong Hearts supporter who has kept an interest in this club for some time. Hearts is a club with a great reputation, it is 140 years old and has the potential to attract a big customer base even around Edinburgh. Neutrals would come to Hearts because it is a nice venue and there would be space. They were always a glamour club for me and have a good reputation for doing things properly.”

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"Yesterday, Anderson confirmed that he was now advising Borders-based shoe salesman Bob Jamieson on his bid to buy out Hearts and sell off the Tynecastle stadium to developers. While employed by the city council, Anderson was involved in producing a report on the club’s future that concluded the refurbishment of Tynecastle was “not a viable option” and a new home for the club should be found."

So which is it, Dave? A "nice venue" or "not a viable option" in urgent need of replacement? Oh, sorry, the "neutral" you're advising wants to demolish the slum and replace it with bijou city-centre flats/bargain-basement shopping mall/shoe-manufacturing sweatshop? So it really doesn't matter, does it?

Gonnae get your criminal associates on the Council to build a "community" stadium for you for free? Or should I say that so glamorous a club with such an excellent business reputation for honesty, financial probity and transparency in all their dealings should have no trouble in attracting investment to build a new 400,000 seater Super-Maracana for the new club, rumoured to be named the Gorgie Gargoyles?

Wouldn't it be funny if these guys bought the stadium and began demolition, only to be told that the ground was so toxic due to the noxious effluvia from the distillery next door that they couldn't build anything on for at least a hundred years? :devil:

Well suited to each other by the looks of it, this guy's got some balls.

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Originally Posted by NeilOrrSquareBa

Quote attributed to Bob Jamieson in this morning's Scotsman:

“I’m a lifelong Hearts supporter who has kept an interest in this club for some time. Hearts is a club with a great reputation, it is 140 years old and has the potential to attract a big customer base even around Edinburgh. Neutrals would come to Hearts because it is a nice venue and there would be space. They were always a glamour club for me and have a good reputation for doing things properly.”

Dear Bob
What planet have you been on for the past 12 years?
or
Can I have some of what he's been having?
or
Are you in such denial that you are unable to be honest with yourself?
or
Just beat it weirdo!
:cb

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Glamour Club?!? The fans of that Bloodied Turd coloured institution are famed for stretching the credulity but GLAMOUROUS?!?!? FFS there is more glamour in a dose of botulism - maybe he's getting glamour mixed up with glitter - they were always a Glitter club - now THAT would make sense.

As for "good reputation for doing things properly" :faf: words fail me!

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Originally Posted by Andy74

Any danger that a newco proposal could include Tynie like the Rangers situation? Who'd have though tens of millions of quid of property could have been bought for £5m?

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Ibrox, Murray Park and the car park area were bought by Newhun for the princely sum of £1.5m. The properties were valued in the Rangers accounts, prior to their demise, at over £100m and were independently valued by The Rangers a matter of weeks after their acquisition for, from memory, £40m.

The rats are emerging from their holes and showing their true colours. I always suspected that Anderson was one of the maroon balloon persuasion.

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Originally Posted by jacomoseven

Ian Murray has said they have another source of finance aside from the pledges. It would be deeply stupid of him to say this if it was just a bluff.

I don't think it's impossible that they could have secured a lump sum up front, but if its a loan that needs to be repaid, what's it secured against? I presume the only option is the freehold for the PBS.

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I am hearing the bid will be close to 3m, with 1.5m upfront and 1.5m in 12months. :agree:

Anyone else starting to hear the fat lady sing? :na na:

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Originally Posted by jacomoseven

Yup, now Jumbo Jim says the Romanov era was a disaster:

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Disgusted.

Anyone with any integrity would have spoken up years ago.
Even some of the players tried to.

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Originally Posted by jacomoseven

Ian Murray has said they have another source of finance aside from the pledges. It would be deeply stupid of him to say this if it was just a bluff.

I don't think it's impossible that they could have secured a lump sum up front, but if its a loan that needs to be repaid, what's it secured against? I presume the only option is the freehold for the PBS.

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Hope it's nothing to do with the council/government or other MPs

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Originally Posted by The Falcon

Ibrox, Murray Park and the car park area were bought by Newhun for the princely sum of £1.5m. The properties were valued in the Rangers accounts, prior to their demise, at over £100m and were independently valued by The Rangers a matter of weeks after their acquisition for, from memory, £40m.

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£5.5m, no?

From Sickbag:

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Surely the bid will have to be >£4M?

The liquidators will value Tynecastle at or around that .
I appreciate there are significant deconstruction & decontamination costs before the site could be made fit for rebuilding though.

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Admirable self awareness there I thought. :greengrin

Jeffries?

Rewind a few years and this grovelling prick was hiding in a changing room waiting on a phonecall from the Dear Leader.

Happy enough to take a tainted wage when Vlad could be bothered to pay it, eh? They really are a shameless species.

7-0, 6-2, CIS final, relegated by Hibs. Cheer up!

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Originally Posted by JeMeSouviens

From Sickbag:



Admirable self awareness there I thought. :greengrin

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:faf:

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Originally Posted by Prof. ****gy

Disgusted.

Anyone with any integrity would have spoken up years ago.
Even some of the players tried to.

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Yup the 'Riccarton Three' are the only ones with integrity and the moral high ground to comment.....

According to STV the foundation of hearts are depending on 5k supporters donating money every month. What happens when the supposed 5k slowly start to cancel the direct debit through whatever reason.

I'm no businessman but depending on people donating monthly doesnt sound a great business plan. As much as you might love the club you support, any change of financial circumstances for whatever reason and that would be the first direct debit I would be cancelling.

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Originally Posted by hibeesjoe

According to STV the foundation of hearts are depending on 5k supporters donating money every month. What happens when the supposed 5k slowly start to cancel the direct debit through whatever reason.

I'm no businessman but depending on people donating monthly doesnt sound a great business plan. As much as you might love the club you support, any change of financial circumstances for whatever reason and that would be the first direct debit I would be cancelling.

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My thoughts as well you have FOH on one hand as u say dependant on at least 5k people not loosing there jobs,having kids,moving house etc etc and then club9 who have already failed numerous times at taking over football clubs, it's bleak very very bleak and very very pleasing :cb

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Originally Posted by hibeesjoe

According to STV the foundation of hearts are depending on 5k supporters donating money every month. What happens when the supposed 5k slowly start to cancel the direct debit through whatever reason.

I'm no businessman but depending on people donating monthly doesnt sound a great business plan. As much as you might love the club you support, any change of financial circumstances for whatever reason and that would be the first direct debit I would be cancelling.

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Once the immediate danger of extinction has passed, I suspect the majority of DDs will be cancelled.

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Originally Posted by down-the-slope

Yup the 'Riccarton Three' are the only ones with integrity and the moral high ground to comment.....

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Not really - they weren't complaining about unsustainable spending or the unfairness in terms of the competition.

They were complaining about internal practices that they thought were hampering their ability to take their rightful place challenging at the top.

They also backed down a bit when there were chances of returns, just like the rest of them.

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Originally Posted by hibeesjoe

According to STV the foundation of hearts are depending on 5k supporters donating money every month. What happens when the supposed 5k slowly start to cancel the direct debit through whatever reason.

I'm no businessman but depending on people donating monthly doesnt sound a great business plan. As much as you might love the club you support, any change of financial circumstances for whatever reason and that would be the first direct debit I would be cancelling.

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The numbers will begin to dwindle as more and more struggle to cover their bedroom tax.

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Originally Posted by Newry Hibs

Wouldn't Morton be 'invited' to the top division (or maybe that was for the separate SPL last season) and could say no? I wonder if they would turn down the chance of a season in the top division (especially as we are certs for relegation without the Thumb blah blah 5-1 etc etc).

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I reckon Morton are as well in the SPL this year. If they live within their means, and pocket a visit from Celtic. Then it's back down to D1 and two visits from Sevco.

The attempted re-writing of recent history from down Tynie is lamentable.

Is it only us that can see it? Or are the MSM not interested enough to accurately report the situation?

As far as i remember yams have always turned easily once results go wrong.
And this year will be a belter IF they somehow play SPFL.
How much in pledges will be left when they go down?

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Originally Posted by HUTCHYHIBBY

The attempted re-writing of recent history from down Tynie is lamentable.

Is it only us that can see it? Or are the MSM not interested enough to accurately report the situation?

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We are the only ones who are obsessed :rolleyes:

Unbelievable, working at the council and earning 123K:shocked: per year

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Originally Posted by hibeesjoe

According to STV the foundation of hearts are depending on 5k supporters donating money every month. What happens when the supposed 5k slowly start to cancel the direct debit through whatever reason.

I'm no businessman but depending on people donating monthly doesnt sound a great business plan. As much as you might love the club you support, any change of financial circumstances for whatever reason and that would be the first direct debit I would be cancelling.

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The FOH model may be ok for working capital but I can't see it coming up with the initial capital the Liths will want for the club+ground although there was a comment from Ian Murray about the DD set up leveraging in the capital for the initial purchase (if you believe what IM says).

However, if you run a couple of FOH DD scenarios:-
1) HOMFC have a good start and pick up some points and the DDs mostly continue with some gradually cancelling because of personal reasons.
2) HOMFC youngsters start getting stuffed, crowds fall, key players get injured/suspended, fans get annoyed with management/team/situation because they have been used to overspending for decades, knocked out of cup early. Many DDs get cancelled and working capital goes into a death spiral.

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Originally Posted by Doddie

[COLOR=#800000]

Wouldn't it be funny if these guys bought the stadium and began demolition, only to be told that the ground was so toxic due to the noxious effluvia from the distillery next door that they couldn't build anything on for at least a hundred years? :devil:

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Oh, Doddie, you are awful...

https://www.youtube.com/watch?v=dJmg-879j5o

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Originally Posted by CropleyWasGod

We are the only ones who are obsessed :rolleyes:

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Typical wee team mentality.

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Originally Posted by MurrayfieldHibs

The FOH model may be ok for working capital but I can't see it coming up with the initial capital the Liths will want for the club+ground although there was a comment from Ian Murray about the DD set up leveraging in the capital for the initial purchase (if you believe what IM says).

However, if you run a couple of FOH DD scenarios:-
1) HOMFC have a good start and pick up some points and the DDs mostly continue with some gradually cancelling because of personal reasons.
2) HOMFC youngsters start getting stuffed, crowds fall, key players get injured/suspended, fans get annoyed with management/team/situation because they have been used to overspending for decades, knocked out of cup early. Many DDs get cancelled and working capital goes into a death spiral.

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I don't follow what FoH are really saying now. Why would they need ongoing working capital. Surely the aim is for the club to only spend what it gets in? I'd assumed they needed the income to repay initial lending they would need to arrange to buy the club. That was the initial intention was it not, to raise the cash to fund a purchase?

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Originally Posted by Filled Rolls

I reckon Morton are as well in the SPL this year. If they live within their means, and pocket a visit from Celtic. Then it's back down to D1 and two visits from Sevco.

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Derby against St Mirren as well.

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Originally Posted by Andy74

I don't follow what FoH are really saying now. Why would they need ongoing working capital. Surely the aim is for the club to only spend what it gets in? I'd assumed they needed the income to repay initial lending they would need to arrange to buy the club. That was the initial intention was it not, to raise the cash to fund a purchase?

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Because they have already spent the ST money and there will be fewer walk-ups during the season.

The chat is getting more desperate.


FOUNDATION of Hearts will submit their bid to take control of the club within the next 24 hours.



Edinburgh MP Ian Murray, the fan group’s independent chair, is to lodge what he described as a “credible, affordable and realistic” offer with administrators BDO prior to tomorrow’s 5pm deadline. Today, he urged Hearts fans to help the Foundation seize the moment and take control of their club’s future.

Legal checks on the bid were being done yesterday before it can be presented. The Foundation currently has more than 5000 cash pledges from supporters and access to investors to help with purchasing of shares in Hearts. Those investors would need to be repaid should the fan-led organisation ultimately gain control.

Other offers could arrive to rival the Foundation but, as of this morning, BDO had yet to receive any. A Scandinavian consortium remains interested in getting involved with the Foundation but, after meeting last night, do not plan to submit their own offer after having a £500,000 bid rejected last month.

The UK-based group fronted by Gordon McKie and Stephen Paterson are also in the background, willing to assist Murray and Foundation of Hearts. Club 9 Sports, the American sports 
management agency, are said to be preparing a bid, but have yet to submit one.

Murray today outlined the opportunity open to Hearts supporters if they back the Foundation, which plans to run the club through a membership scheme. He wants more cash pledges to help secure preferred bidder status before trying to get the club out of administration.

“This is a real chance for Hearts fans to seize the moment,” he told the Evening News. “If they just want to wait for a mysterious ‘white knight’ to come in, that’s all good and well. For every converted pledge we have, the process is an awful lot easier. Don’t wake up on Saturday morning with BDO locking the club up because there are no bids in.

“Hearts are still in the premier league. We have a small squad and we have sanctions to come but we might just have a chance of getting out of this. We have some of the best youngsters in the country and if three or four of them click we might just stave off relegation. Then the future becomes very bright.”

Murray is aware some fans remain unconvinced about the Foundation. “What I’d say to the fans who are still sceptical and haven’t pledged is: By five o’clock tomorrow, if the Foundation of Hearts bid is not in, or we can’t afford it or we decide not to do it, there might not be anybody else. Other potential bidders may or may not be there, it may be just speculation, they may or may not be able to pull their bid together.

“I’m not suggesting any of the other bidders are being inappropriate, all I’m saying is we’re being transparent. We’re going to walk through the doors of Tynecastle before tomorrow’s deadline and give them our bid. It’s the only bid that is really on the table, that is truly transparent and that the fans can truly influence.

“We can fall short of our pledges target, we can reach our target or we can smash it. Personally, I’d much prefer to smash it. If I’ve got 25,000 people paying £100 a month then it makes the process an awful lot easier than having 1000 people at £10 a month. Every single penny given to the Foundation goes back into the club.

“If the fans own the club, the membership then decides what is the future. Once the club is financially stable and any purchasing debt has been paid off, then the club will have a revenue stream to add to its current revenue stream, which tends to be quite profitable anyway. That can be ploughed back into the club.

“The key to all that is you would have to pay off all the capital you might need to purchase the club first. Then you reach a stable financial footing and go from there.”

The Scandinavian consortium released the following statement following last night’s meeting. “The Scandinavian group remain interested in Heart of Midlothian FC, but have decided not to field a separate bid for Heart of Midlothian FC by the deadline set by the joint administrators.

“As Hearts fans first and foremost, they feel it would be inappropriate at this stage to bid against fan driven takeover bids already in place. They wish all bidders best of luck and will continue to monitor the situation and remain available and interested in talking to the club in the future to see how they can contribute to a healthy and stable Heart of Midlothian FC in the long term.”

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Originally Posted by CropleyWasGod

Because they have already spent the ST money and there will be fewer walk-ups during the season.

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I get that next year but that seems to be their ongoing model for fan owership? Keep taking money from fans to spend more cash than they would get from tickets etc?

"Lifelong ... Taken an interest... for some time..."
This is a guy that doesn't know the difference between his shoes and his kex ;)

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Originally Posted by Andy74

The chat is getting more desperate.


FOUNDATION of Hearts will submit their bid to take control of the club within the next 24 hours.



Edinburgh MP Ian Murray, the fan group’s independent chair, is to lodge what he described as a “credible, affordable and realistic” offer with administrators BDO prior to tomorrow’s 5pm deadline. Today, he urged Hearts fans to help the Foundation seize the moment and take control of their club’s future.

Legal checks on the bid were being done yesterday before it can be presented. The Foundation currently has more than 5000 cash pledges from supporters and access to investors to help with purchasing of shares in Hearts. Those investors would need to be repaid should the fan-led organisation ultimately gain control.

Other offers could arrive to rival the Foundation but, as of this morning, BDO had yet to receive any. A Scandinavian consortium remains interested in getting involved with the Foundation but, after meeting last night, do not plan to submit their own offer after having a £500,000 bid rejected last month.

The UK-based group fronted by Gordon McKie and Stephen Paterson are also in the background, willing to assist Murray and Foundation of Hearts. Club 9 Sports, the American sports 
management agency, are said to be preparing a bid, but have yet to submit one.

Murray today outlined the opportunity open to Hearts supporters if they back the Foundation, which plans to run the club through a membership scheme. He wants more cash pledges to help secure preferred bidder status before trying to get the club out of administration.

“This is a real chance for Hearts fans to seize the moment,” he told the Evening News. “If they just want to wait for a mysterious ‘white knight’ to come in, that’s all good and well. For every converted pledge we have, the process is an awful lot easier. Don’t wake up on Saturday morning with BDO locking the club up because there are no bids in.

“Hearts are still in the premier league. We have a small squad and we have sanctions to come but we might just have a chance of getting out of this. We have some of the best youngsters in the country and if three or four of them click we might just stave off relegation. Then the future becomes very bright.”

Murray is aware some fans remain unconvinced about the Foundation. “What I’d say to the fans who are still sceptical and haven’t pledged is: By five o’clock tomorrow, if the Foundation of Hearts bid is not in, or we can’t afford it or we decide not to do it, there might not be anybody else. Other potential bidders may or may not be there, it may be just speculation, they may or may not be able to pull their bid together.

“I’m not suggesting any of the other bidders are being inappropriate, all I’m saying is we’re being transparent. We’re going to walk through the doors of Tynecastle before tomorrow’s deadline and give them our bid. It’s the only bid that is really on the table, that is truly transparent and that the fans can truly influence.

“We can fall short of our pledges target, we can reach our target or we can smash it. Personally, I’d much prefer to smash it. If I’ve got 25,000 people paying £100 a month then it makes the process an awful lot easier than having 1000 people at £10 a month. Every single penny given to the Foundation goes back into the club.

“If the fans own the club, the membership then decides what is the future. Once the club is financially stable and any purchasing debt has been paid off, then the club will have a revenue stream to add to its current revenue stream, which tends to be quite profitable anyway. That can be ploughed back into the club.

“The key to all that is you would have to pay off all the capital you might need to purchase the club first. Then you reach a stable financial footing and go from there.”

The Scandinavian consortium released the following statement following last night’s meeting. “The Scandinavian group remain interested in Heart of Midlothian FC, but have decided not to field a separate bid for Heart of Midlothian FC by the deadline set by the joint administrators.

“As Hearts fans first and foremost, they feel it would be inappropriate at this stage to bid against fan driven takeover bids already in place. They wish all bidders best of luck and will continue to monitor the situation and remain available and interested in talking to the club in the future to see how they can contribute to a healthy and stable Heart of Midlothian FC in the long term.”

---

Desperate and frankly quite obscene.

Quote:

---

Originally Posted by Andy74

I get that next year but that seems to be their ongoing model for fan owership? Keep taking money from fans to spend more cash than they would get from tickets etc?

---

...which may not be a bad model, if there was a consistent (and reliable) core of fan payment. More income from fans = more investment on the park.

It's not a model I would like to follow, though.

#allisbarry is back!! Remember folks, he's the one to follow for the truth in this shambolic affair.

"credible, affordable and realistic offer" perhaps in FoH's eyes, I doubt The Lith's will be falling over themselves to accept.

Quote:

---

Originally Posted by Andy74

The chat is getting more desperate.
FOUNDATION of Hearts will submit their bid to take control of the club within the next 24 hours....

---

Ian 'I'm an MP' Murray disagreeing with himself.

Quote:

---

Don’t wake up on Saturday morning with BDO locking the club up because there are no bids in.

---

Quote:

---

We’re going to walk through the doors of Tynecastle before tomorrow’s deadline and give them our bid.

---

Quote:

---

then the club will have a revenue stream to add to its current revenue stream, which tends to be quite profitable anyway. That can be ploughed back into the club.

---

Please let them win.

''If I’ve got 25,000 people paying £100 a month'' :rolleyes:

cloud-cuckoo-land

Can a bid be accepted when the assets are frozen?

25000 fans paying £100 a month ! Hahahahahahahaha

If I drink 10 pints tomorrow instead of 2, I will be more drunk. Or 15 pints, if I prefer to get smashed.
Am I getting this right Ian? I know I'm not an MP...
25000 hahaha, thought they had 400,000 fans.

Quote:

---

Originally Posted by Andy74

The Foundation currently has more than 5000 cash pledges from supporters and access to investors to help with purchasing of shares in Hearts. Those investors would need to be repaid should the fan-led organisation ultimately gain control.


If I’ve got 25,000 people paying £100 a month then it makes the process an awful lot easier than having 1000 people at £10 a month.

---

Two quotes that I've picked out ..

The first suggests that they have someone willing to put up a loan (exactly how much is open to debate) as they know that they do not have the ability to meet the financial demands for a succesful bid. I suspect that this would put the person that gives them the loan the ones in command and the "fan led" bid would become "fan funded" bid as the monthly donations would simply go towards the repayment of the loan. Where that leaves them for working capital is anybodies guess (unless it is a defered repayment).

The second quote suggests that they may actually be sitting at no more than 1,000 "converted" pledges. If not, why would they give this figure? Surely you would give the lowest figure that you have converted to show that you are pretty close to what is needed?

In the EEN, Murray states :

“If the fans own the club, the membership then decides what is the future. Once the club is financially stable and any purchasing debt has been paid off, then the club will have a revenue stream to add to its current revenue stream, which tends to be quite profitable anyway. That can be ploughed back into the club.
“The key to all that is you would have to pay off all the capital you might need to purchase the club first. Then you reach a stable financial footing and go from there.”

So they are borrowing money to buy the club which will then have to be paid back by the DD scheme before they have any money to actually run the club. In a weaker moment, I could almost feel sorry for the deluded Yamboids. But only 'almost'.

Maybe the Scottish Government will make a bid for Tynecastle after all.

http://www.bbc.co.uk/news/uk-scotland-23255326

Quote:

---

Originally Posted by Andy74

The chat is getting more desperate.


FOUNDATION of Hearts will submit their bid to take control of the club within the next 24 hours.



Edinburgh MP Ian Murray, the fan group’s independent chair, is to lodge what he described as a “credible, affordable and realistic” offer with administrators BDO prior to tomorrow’s 5pm deadline. Today, he urged Hearts fans to help the Foundation seize the moment and take control of their club’s future.

Legal checks on the bid were being done yesterday before it can be presented. The Foundation currently has more than 5000 cash pledges from supporters and access to investors to help with purchasing of shares in Hearts. Those investors would need to be repaid should the fan-led organisation ultimately gain control.

Other offers could arrive to rival the Foundation but, as of this morning, BDO had yet to receive any. A Scandinavian consortium remains interested in getting involved with the Foundation but, after meeting last night, do not plan to submit their own offer after having a £500,000 bid rejected last month.

The UK-based group fronted by Gordon McKie and Stephen Paterson are also in the background, willing to assist Murray and Foundation of Hearts. Club 9 Sports, the American sports 
management agency, are said to be preparing a bid, but have yet to submit one.

Murray today outlined the opportunity open to Hearts supporters if they back the Foundation, which plans to run the club through a membership scheme. He wants more cash pledges to help secure preferred bidder status before trying to get the club out of administration.

“This is a real chance for Hearts fans to seize the moment,” he told the Evening News. “If they just want to wait for a mysterious ‘white knight’ to come in, that’s all good and well. For every converted pledge we have, the process is an awful lot easier. Don’t wake up on Saturday morning with BDO locking the club up because there are no bids in.

“Hearts are still in the premier league. We have a small squad and we have sanctions to come but we might just have a chance of getting out of this. We have some of the best youngsters in the country and if three or four of them click we might just stave off relegation. Then the future becomes very bright.”

Murray is aware some fans remain unconvinced about the Foundation. “What I’d say to the fans who are still sceptical and haven’t pledged is: By five o’clock tomorrow, if the Foundation of Hearts bid is not in, or we can’t afford it or we decide not to do it, there might not be anybody else. Other potential bidders may or may not be there, it may be just speculation, they may or may not be able to pull their bid together.

“I’m not suggesting any of the other bidders are being inappropriate, all I’m saying is we’re being transparent. We’re going to walk through the doors of Tynecastle before tomorrow’s deadline and give them our bid. It’s the only bid that is really on the table, that is truly transparent and that the fans can truly influence.

“We can fall short of our pledges target, we can reach our target or we can smash it. Personally, I’d much prefer to smash it. If I’ve got 25,000 people paying £100 a month then it makes the process an awful lot easier than having 1000 people at £10 a month. Every single penny given to the Foundation goes back into the club.

“If the fans own the club, the membership then decides what is the future. Once the club is financially stable and any purchasing debt has been paid off, then the club will have a revenue stream to add to its current revenue stream, which tends to be quite profitable anyway. That can be ploughed back into the club.

“The key to all that is you would have to pay off all the capital you might need to purchase the club first. Then you reach a stable financial footing and go from there.”

The Scandinavian consortium released the following statement following last night’s meeting. “The Scandinavian group remain interested in Heart of Midlothian FC, but have decided not to field a separate bid for Heart of Midlothian FC by the deadline set by the joint administrators.

“As Hearts fans first and foremost, they feel it would be inappropriate at this stage to bid against fan driven takeover bids already in place. They wish all bidders best of luck and will continue to monitor the situation and remain available and interested in talking to the club in the future to see how they can contribute to a healthy and stable Heart of Midlothian FC in the long term.”

---

So, key points for me:


Does he genuinely think there are no other serious bidders in play, or is he just trying to ensure FoH come out on top for his own ego purposes?

I'm guessing they are currently on course to miss their target.

The Scandinavians are back! But seem only interested in investing once the club has emerged from the current mess. So they're useless in effect.

Is the BDO locking the gates line a threat to bully fans into converting their pledges (4,000 pledges already converted... Aye right, isn't that the original total of pledgers including all the Hibs joke ones?) or has he been told by BDO it's curtains if no suitable bids are lodged tomorrow?

Quote:

---

Originally Posted by Seveno

In the EEN, Murray states :

“If the fans own the club, the membership then decides what is the future. Once the club is financially stable and any purchasing debt has been paid off, then the club will have a revenue stream to add to its current revenue stream, which tends to be quite profitable anyway. That can be ploughed back into the club.
“The key to all that is you would have to pay off all the capital you might need to purchase the club first. Then you reach a stable financial footing and go from there.”

So they are borrowing money to buy the club which will then have to be paid back by the DD scheme before they have any money to actually run the club. In a weaker moment, I could almost feel sorry for the deluded Yamboids. But only 'almost'.

---

... and if they got that far, all they have left to do is sign an actual team and rebuild their crumbling main stand. Simples. :wink:

Quote:

---

Originally Posted by Seveno

In the EEN, Murray states :

“If the fans own the club, the membership then decides what is the future. Once the club is financially stable and any purchasing debt has been paid off, then the club will have a revenue stream to add to its current revenue stream, which tends to be quite profitable anyway. That can be ploughed back into the club.
“The key to all that is you would have to pay off all the capital you might need to purchase the club first. Then you reach a stable financial footing and go from there.”

So they are borrowing money to buy the club which will then have to be paid back by the DD scheme before they have any money to actually run the club. In a weaker moment, I could almost feel sorry for the deluded Yamboids. But only 'almost'.

---

Surely as a club recently exited from administration, or as a newco, nobody will even offer them a bank account, nevermind a loan?

I wonder what's the worst that could happen for them this weekend?
Could the gates get padlocked?

Quote:

---

Originally Posted by Waxy

I wonder what's the worst that could happen for them this weekend?
Could the gates get padlocked?

---

Very unlikely.

As I said earlier, it's likely that there will be little news of any substance until the beginning of the week.

Quote:

---

Originally Posted by Waxy

I wonder what's the worst that could happen for them this weekend?
Could the gates get padlocked?

---

As CWG says, but expect more rhetoric from FoH at the weekend.

Quote:

---

Originally Posted by CropleyWasGod

Very unlikely.

As I said earlier, it's likely that there will be little news of any substance until the beginning of the week.

---

Hibs better not put the derby tickets on sale yet.......

I think BDO hope the process will be:

- get a bunch of bids in by tomorrow, throw away the worst of the bargain hunters
- negotiate/work with what's left to get at least close to something they think creditors will accept (iirc, Ukio's liquidator, Valnetas, is also a BDO group company or has some formal relationship with them, so BDO should be as well informed as an admin can be).
- name one of them as preferred bidder, work on detail of bid to satisfaction of secured creditors
- put CVA proposal to unsecured creditors

All that should take a fair bit of time and of course exit via CVA requires the UBIG situation to be resolved.

Quote:

---

Originally Posted by StevieC

Two quotes that I've picked out ..

The first suggests that they have someone willing to put up a loan (exactly how much is open to debate) as they know that they do not have the ability to meet the financial demands for a succesful bid. I suspect that this would put the person that gives them the loan the ones in command and the "fan led" bid would become "fan funded" bid as the monthly donations would simply go towards the repayment of the loan. Where that leaves them for working capital is anybodies guess (unless it is a defered repayment).

The second quote suggests that they may actually be sitting at no more than 1,000 "converted" pledges. If not, why would they give this figure? Surely you would give the lowest figure that you have converted to show that you are pretty close to what is needed?

---

I think you're on the right track here. I also love the quote about buying shares, what shares? There's a million £ worth of share certificates sitting in Vlad's back room already!
Separately I don't believe there will be any credible bids by tomorrow. FoH are well meaning but have no business plan & I can't see how BDO would be fulfilling their statutory obligations by accepting a bid based on dribs & drabs of sweeties coming in at irregular intervals. The others sniffing around are the usual cowboys/predators/asset strippers looking to make a quick buck & their bids (if any ) will be pitifully low. Nope, end game now very close, liquidation for Yams, fizzy liquids for Hobos!

ENDOF :cool:

The process tomorrow will be as follows :

1700 - Deadline for bids comes into effect.
1705 - BDO open the envelope containing the bid from FoH.
1710 - BDO analyse bid.
1715 - BDO collapse on the floors in fits of laughter.
1720 - BDO phone Lithuania
1725 - Translator tells BDO that message from Lithuania is along the lines of 'GTF'.
1730 - Gates are padlocked.

A loan, you say? It'll be okay: it'll be just like owing it to themselves.

Quote:

---

Originally Posted by Seveno

The process tomorrow will be as follows :

1700 - Deadline for bids comes into effect.
1705 - BDO open the envelope containing the bid from FoH.
1710 - BDO analyse bid.
1715 - BDO collapse on the floors in fits of laughter.
1720 - BDO phone Lithuania
1725 - Translator tells BDO that message from Lithuania is along the lines of 'GTF'.
1730 - Gates are padlocked.

---

1735 - Messrs Locke, Robertson, McKay, pishy breeks and Satan himself all drown in floods of their own tears
1736 - 'mr' Romanov makes himself known ala slugworth at the end of Charlie and the chocolate factory
1737 - 400,000 are seen jumping off the brewery rooftops
1738 - everyone else in Scottish fitba laughs their ***** off
2359 -... Until they can laugh no more
0000 - genesis. new era. One team in Edinburgh :D

ENDOF

Quote:

---

Originally Posted by Seveno

The process tomorrow will be as follows :

1700 - Deadline for bids comes into effect.
1705 - BDO open the envelope containing the bid from FoH.
1710 - BDO analyse bid.
1715 - BDO collapse on the floors in fits of laughter.
1720 - BDO phone Lithuania
1725 - Translator tells BDO that message from Lithuania is along the lines of 'GTF'.
1730 - Gates are padlocked.

---

Funny that was my dream last night. No admin in right mind going to accept £1.5m now and £1.5m in direct debits over 3 years. Any Newco including Tynie would cost £5m for Tynie and £1.5 for rest. So a no go. Break up and liquidation. FOH buy club exTynie and look to rent a pitch and apply for div 3. The latter may take a couple of years if ever!

Quote:

---

Originally Posted by Seveno

The process tomorrow will be as follows :

1700 - Deadline for bids comes into effect.
1705 - BDO open the envelope containing the bid from FoH.
1706 - Claude Litner interviews Ian (I'm an MP you know) Murray re bid
1707 - Ian Murray scuttles from room with Litner stating that Jordan was more credible than FoH
1710 - BDO analyse bid.
1715 - BDO collapse on the floors in fits of laughter.
1720 - BDO phone Lithuania
1725 - Translator tells BDO that message from Lithuania is along the lines of 'GTF'.
1730 - Gates are padlocked.

---

Fixed that for you.:greengrin

Quote:

---

Originally Posted by Bad Martini

1737 - 400,000 are seen jumping off the brewery
ENDOF

---

So long as they stay away from the Forth Road Bridge, don't want to be late getting to Kirkcaldy :cb

Quote:

---

Originally Posted by desantos0773

Funny that was my dream last night. No admin in right mind going to accept £1.5m now and £1.5m in direct debits over 3 years. Any Newco including Tynie would cost £5m for Tynie and £1.5 for rest. So a no go. Break up and liquidation. FOH buy club exTynie and look to rent a pitch and apply for div 3. The latter may take a couple of years if ever!

---

As someone has said before, keep talking like that and I'll have to close the curtains :greengrin

Quote:

---

Originally Posted by CropleyWasGod

Very unlikely.

As I said earlier, it's likely that there will be little news of any substance until the beginning of the week.

---

Oh!! I thought it was me that said that :wink:

Quote:

---

Originally Posted by Seveno

The process tomorrow will be as follows :

1700 - Deadline for bids comes into effect.
1705 - BDO open the envelope containing the bid from FoH.
1710 - BDO analyse bid.
1715 - BDO collapse on the floors in fits of laughter.
1720 - BDO phone Lithuania
1725 - Translator tells BDO that message from Lithuania is along the lines of 'GTF'.
1730 - Gates are padlocked.

---

That would be completely lovely.

However, how I see it 'going forward'* (I'm not an optimistic sort :greengrin) is:

1700 - deadline for bids etc...
1700 - Deadline for bids comes into effect.
1705 - BDO open the envelope containing the bid from FoH.
1710 - BDO analyse bid.
1715 - BDO collapse on the floors in fits of laughter. However, they're going to give it a 'right good go', so....
1720 - BDO phone Lithuania
1725 - Translator tells BDO that message from Lithuania is along the lines of 'Who are you again? Heart of WHO? A FOOTBALL club?That's ******* hilarious, but since it's going to take forever to sort out this godforsaken mess at this end, they might as well carry on in the meantime. We'll get back to you. Mibbe this time next year.'

....and Hearts struggle on with their transfer-embargoed squad, getting regularly hammered but not quite going away.........

I can't see a happy ending for them, but I'm starting to get impatient.:I'm waiti



* actually, if I'm being honest, I can't see them finishing the season, if they do manage to start it. But I don't want to get my hopes up. :greengrin

Quote:

---

Originally Posted by GodWasCropley

Oh!! I thought it was me that said that :wink:

---

Definitely me.

Originally Posted by CropleyWasGod
First off, we probably won't have any definitive news tomorrow. Whatever happens, the deadline for bids is (I think) 5pm, so BDO will be considering their options over the weekend.

They may extend the deadline, a la Rangers, although that is only likely if there are other potential bidders who haven't yet finalised their bids. Indeed, BDO may be under pressure from the SPFL and SFA not to do so.

On the bids themselves, it's unclear what the Club9 bid is based on, ie through a CVA or a NewCo. There have been conflicting stories in the BBC on that.

I would expect that, whatever bids are in, BDO will be in touch with the UKIO admins over the weekend, to try and gauge their attitude. It will probably be next week before we know what their next move is.

You mean all you God/Cropley combos aren't the same guy? :confused:

Quote:

---

Originally Posted by JeMeSouviens

You mean all you God/Cropley combos aren't the same guy? :confused:

---

And when they've finished living in the past tense you may want to bring this up with "CropleyIsGod".

#AllIsCropleyAndComplex

Quote:

---

Originally Posted by JeMeSouviens

You mean all you God/Cropley combos aren't the same guy? :confused:

---

No, I changed my name to muddy the waters!!

OK, here is a wee snippet from my boss, who is a senior Planner.

He thinks there might be a spanner in the works re the sale of Tynecastle for Housing - Contaminated land :greengrin

More seriously Sports Scotland have a policy that no Sports Grounds can be lost to development if there can be seen to be a need for them, so in the deprived inner city slum that is Gorgie a sports facility is seen as an essential social enterprise!! :devil:

Quote:

---

Originally Posted by GodWasCropley

No, I changed my name to muddy the waters!!

---

I think you'll find it's THE Muddy Waters.

Quote:

---

Originally Posted by GodWasCropley

No, I changed my name to muddy the waters!!

OK, here is a wee snippet from my boss, who is a senior Planner.

He thinks there might be a spanner in the works re the sale of Tynecastle for Housing - Contaminated land :greengrin

More seriously Sports Scotland have a policy that no Sports Grounds can be lost to development if there can be seen to be a need for them, so in the deprived inner city slum that is Gorgie a sports facility is seen as an essential social enterprise!! :devil:

---

Cala Fairydean it is then.

Quote:

---

Originally Posted by jonty

Cala Fairydean it is then.

---

:greengrin

How long have you been saving that one up for?

Quote:

---

Originally Posted by CropleyWasGod

:greengrin

How long have you been saving that one up for?

---

A flash of inspiration yesterday. And since it went unnoticed on the 'newyamco names' thread I thought i'd repeat it :greengrin

Quote:

---

Originally Posted by jonty

A flash of inspiration yesterday. And since it went unnoticed on the 'newyamco names' thread I thought i'd repeat it :greengrin

---

Timing is.



Everything.

Quote:

---

Originally Posted by CropleyWasGod

£5.5m, no?

---

I think Mr. Falcon is right here.

The amount realised by Duff and Phelps for heritable properties, in the creditors report of 24th August 2012, was, indeed, £1.5m. Plant and machinery a further £1.25m and player registrations and contracts the most at £2,749,990. Other "assets" (goodwill, SPL share and SFA membership) went for £1 a pop and I suspect this included their history as well.

The interim report up to 31st December 2012, published on 4th March 2013 by Rangers International Football Club PLC contained the information, in the Financial Review section;

"A revaluation process was undertaken during the period; Ibrox stadium and Murray
Park were revalued at £40m, and intangibles were valued at £19m on acquisition."

On the face of it, it dosent appear to be the worst deal ever done. If you werent a creditor of Rangers that is.

Quote:

---

Originally Posted by Kaiser1962

I think Mr. Falcon is right here.

The amount realised by Duff and Phelps for heritable properties, in the creditors report of 24th August 2012, was, indeed, £1.5m. Plant and machinery a further £1.25m and player registrations and contracts a further £2,749,990. Other "assets" (goodwill, SPL share and SFA membership) went for £1 a pop and I suspect this included their history as well.

The interim report up to 31st December 2012, published on 4th March 2013 by Rangers International Football Club PLC contained the information, in the Financial Review section;

"A revaluation process was undertaken during the period; Ibrox stadium and Murray
Park were revalued at £40m, and intangibles were valued at £19m on acquisition."

On the face of it, it dosent appear to be the worst deal ever done. If you werent a creditor of Rangers that is.

---

Yeah, you're right. I misread his post.

Still, whether it was £1.5m or £5.5m, his point still stands.

BDO, hopefully, will be on that. How much we love them just now. :greengrin

Quote:

---

Originally Posted by jonty

Cala Fairydean it is then.

---

Quote:

---

Originally Posted by CropleyWasGod

:greengrin

How long have you been saving that one up for?

---

To keep up to date should it not be Cala Fairydean Rovers FC :cb

Quote:

---

Originally Posted by GodWasCropley

More seriously Sports Scotland have a policy that no Sports Grounds can be lost to development if there can be seen to be a need for them, so in the deprived inner city slum that is Gorgie a sports facility is seen as an essential social enterprise!! :devil:

---

Tell Spartans that.

Quote:

---

Originally Posted by CropleyWasGod

Yeah, you're right. I misread his post.

Still, whether it was £1.5m or £5.5m, his point still stands.

BDO, hopefully, will be on that. How much we love them just now. :greengrin

---

I think, reading it, you would have to question why players contracts and registration, which were subject to TUPE and therefore optional on the players part, was actually deemed to be worth significantly more than the properties?

Cmon the BDO

They could very soon be my favourite people ever, in history. :not worth

Quote:

---

Originally Posted by down-the-slope

Yup the 'Riccarton Three' are the only ones with integrity and the moral high ground to comment.....

---

.....except us. :cb

None of the "3" said anything about the outdandish wages being paid at the pbs. This helped bring about their downfall. 5pm tomorrow......tick tick tick...

Quote:

---

Originally Posted by southsider

None of the "3" said anything about the outdandish wages being paid at the pbs. This helped bring about their downfall. 5pm tomorrow......tick tick tick...

---

Should it not be "tock, tock, tock"?

Hearts can't get tick.

Quote:

---

Originally Posted by southsider

None of the "3" said anything about the outdandish wages being paid at the pbs. This helped bring about their downfall. 5pm tomorrow......tick tick tick...

---

Well naturally...the outlandish wages were being paid to themselves.

My point was just that they did speak out. JJ never did.