Share Transfers Agreed/Cooling off period

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Originally Posted by wee fordy

"We are now on the way towards 6,000 direct debits. This is no longer a bid, it's a movement.:

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I'm reminded here of Alice's Restaurant :D

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Originally Posted by hibseleven

Most folk on here seem to think a % of pledges will get cancelled around Christmas time, or if they start to get a few trouncings. If the ****bos become a newco in Div3 owned by FOH do we think the pledges will disappear even quicker?

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Does nobody consider that it might now be the Lowland League? Serious question.

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Originally Posted by The Falcon

Does nobody consider that it might now be the Lowland League? Serious question.

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I consider it, the lower the better.

I would love to know what a graphology expert would make of that signature.

My thoughts are somewhat tainted but






Age 12 could well appear below it.

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Originally Posted by grunt

So does this mean that they also can't sell the assets?
Are you saying that because of events in Lithuania they can neither sell the club or the assets?

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I interpreted it as being difficult to sell without the secured creditor's consent.

I think UK law would trump Lith law in this instance, though?

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Originally Posted by Pedantic_Hibee

Are the SPFL or whatever they're called not a bit anxious that they won't be able to guarantee fulfilling their fixtures? Surely they would be aware of this?

Sidneyhibbie, sharpen that pencil and get writing another strongly worded, yet concerned, letter.

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Every organisation needs to have a Disaster Recovery Plan with risk/mitigation strategies. Top 2 risks to the SPFL are major sponsors pulling the plug and one/more of the clubs going bust mid season. Even a body as incompetent as our national football authorities must have at least considered what they would do if the unthinkable (now highly probable) was to happen.

In saying that, they're probably more concerned about how many World Cup tickets they'll each get and how they fast track their Sevco chums into the top league :rolleyes:

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Originally Posted by CropleyWasGod

I interpreted it as being difficult to sell without the secured creditor's consent.

I think UK law would trump Lith law in this instance, though?

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How come CWG?

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Originally Posted by grunt

So does this mean that they also can't sell the assets?
Are you saying that because of events in Lithuania they can neither sell the club or the assets?

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But EU regulation on insolvency says the law of the country where the insolvent company does najority of its business holds sway. Lithuania a signature to this EU regulation.

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Originally Posted by CropleyWasGod

I interpreted it as being difficult to sell without the secured creditor's consent.

I think UK law would trump Lith law in this instance, though?

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EU law would trump both. :cb


But I dont have a scooby what it is. I suspect it would be a case of getting the law journals open which would take time, which the Yams dont really have.

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Originally Posted by KeithTheHibby

How come CWG?

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Because HMFC are a UK company, I'm thinking, and the assets are theirs, albeit heavily secured.

But... disclaimer alert... I'm not a lawyer, so happy to be guided.

Edit... which Falcon has just done.:greengrin

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Originally Posted by The Falcon

EU law would trump both. :cb


But I dont have a scooby what it is. I suspect it would be a case of getting the law journals open which would take time, which the Yams dont really have.

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I'd love to see them scuttling through various case law citations in UK & Lithland, and copious EU directives. A great way to spend the last days of your club...

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Originally Posted by desantos0773

But EU regulation on insolvency says the law of the country where the insolvent company does najority of its business holds sway. Lithuania a signature to this EU regulation.

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Far from knowledgeable in this area, isn't it also to do with where proceedings are opened?
I'm looking at this EU reg 1346/2000, is it relevant and have I got the wrong end of the stick?

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Originally Posted by The Falcon

EU law would trump both. :cb

But I dont have a scooby what it is. I suspect it would be a case of getting the law journals open which would take time, which the Yams dont really have.

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Even if they had time, could they afford the legal team....

You're all idiots. Remember the political angle here as Ian Murray told us. :faf:

And pishy breeks was leaning on the Lith ambassador, literally.

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Originally Posted by Treadstone

You're all idiots. Remember the political angle here as Ian Murray told us. :faf:

And pishy breeks was leaning on the Lith ambassador, literally.

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Trying to give her a poke in the right direction apparantly.
Gone satisfyingly quiet as well.

Attachment 10524

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Originally Posted by Dashing Bob S

I'd love to see them scuttling through various case law citations in UK & Lithland, and copious EU directives. A great way to spend the last days of your club...

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Now now Bob, when it comes to paperwork don't forget that planning application. to quote "Now THATS what you call a planning application". :cb

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Originally Posted by jonty

Now now Bob, when it comes to paperwork don't forget that planning application. to quote "Now THATS what you call a planning application". :cb

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They'll probably find an escape clause just in time for the second generation of cheap flats to be thrown up on the site.

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Originally Posted by Dashing Bob S

I'd love to see them scuttling through various case law citations in UK & Lithland, and copious EU directives. A great way to spend the last days of your club...

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I'd like to see them go through the Lith courts not knowing what's being said. Someone getting pie face Murray to "sign here, here and here" and then giving him a shoebox wi' a Russian hat in it!

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Originally Posted by Treadstone

I'd like to see them go through the Lith courts not knowing what's being said. Someone getting pie face Murray to "sign here, here and here" and then giving him a shoebox wi' a Russian hat in it!

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:top marks

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Originally Posted by The Falcon

Does nobody consider that it might now be the Lowland League? Serious question.

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If they go tits up between now and the start of the season they will be lucky to play in a boys brigade league next season but 5 1

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Originally Posted by grunt

I'm reminded here of Alice's Restaurant :D

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good call,off to put the LP on :thumbsup:

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Originally Posted by The Green Goblin

Ross Caldwell. 90th minute. When all is said and done, he who laughs last...etc.

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Young Ross will go down as a true Hibs legend.

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Originally Posted by Dunderhall

Far from knowledgeable in this area, isn't it also to do with where proceedings are opened?
I'm looking at this EU reg 1346/2000, is it relevant and have I got the wrong end of the stick?


Even if they had time, could they afford the legal team....

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EU regulations mean proceedings must take place in country where company does majority of its business.

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Originally Posted by Bajillions

From my source:

As of today consensus is Liquidation is the only way forward as current bids are still nowhere near what is needed so unless one of them increases it significantly Hearts will "be split up and sold for scrap". Expect the process to be started as early as next week as BDO want it started before the season starts (I've heard separately they've been warned by the SPL)

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You missed the last bit.............

"They were just waiting for Mikey to get back" :tee hee:

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Originally Posted by Seveno

Young Ross will go down as a true Hibs legend.

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Already is for me

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Originally Posted by desantos0773

EU regulations mean proceedings must take place in country where company does majority of its business.

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Fair enough, so I've misinterpreted article 4 as to the applicable law?
As I said, on a learning curve for me.

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Originally Posted by Dunderhall

Far from knowledgeable in this area, isn't it also to do with where proceedings are opened?
I'm looking at this EU reg 1346/2000, is it relevant and have I got the wrong end of the stick?


Even if they had time, could they afford the legal team....

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Leaving aside the insolvency law, if we're talking about the sale of the assets, I still think that UK law (Scots Law, indeed) would prevail, no?

The PBS Is worth sod all:na na:

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Originally Posted by CropleyWasGod

Leaving aside the insolvency law, if we're talking about the sale of the assets, I still think that UK law (Scots Law, indeed) would prevail, no?

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Steady now, see the posts above, I'm the one asking the questions mainly through ignorance.
If I have looked at the right EU regs then I think it defines that in article 4.2.(i.) which would be as you say.

Stands back for slap down. :greengrin

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Originally Posted by Dunderhall

Steady now, see the posts above, I'm the one asking the questions mainly through ignorance.
If I have looked at the right EU regs then I think it defines that in article 4.2.(i.) which would be as you say.

Stands back for slap down. :greengrin

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Sorry, heat's getting to me. Wrong poster quoted.

I'll take my slap too :greengrin

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Originally Posted by Mikey

You missed the last bit.............

"They were just waiting for Mikey to get back" :tee hee:

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Is that you back yet?

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Originally Posted by CropleyWasGod

Leaving aside the insolvency law, if we're talking about the sale of the assets, I still think that UK law (Scots Law, indeed) would prevail, no?

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The men in grey suits from both countries will argue their case and this will drag on for some time (time that our pour friends over-by simply don't have).

This could run-and-run for the foreseeable and there won't be any quick 'get-out' for them. They're either in admin for the long-haul or they're liquidated.

I don't see a middle ground for negotiation.

I could be wrong - but I'll back myself with my own cash.

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Originally Posted by Sergey

The men in grey suits from both countries will argue their case and this will drag on for some time (time that our pour friends over-by simply don't have).

This could run-and-run for the foreseeable and there won't be any quick 'get-out' for them. They're either in admin for the long-haul or they're liquidated.

I don't see a middle ground for negotiation.

I could be wrong - but I'll back myself with my own cash.

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I know that I have long said that this would be a relatively quick administration, and it has been thus far. However, I'm wavering now.

If, as I'm starting to think, the SPFL demand a guarantee about the fixtures, it will end soon. That would back up what Bajillions is hearing. If they don't.... yeah, I'm with you on the long-haul theory.

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Originally Posted by CropleyWasGod

I know that I have long said that this would be a relatively quick administration, and it has been thus far. However, I'm wavering now.

If, as I'm starting to think, the SPFL demand a guarantee about the fixtures, it will end soon. That would back up what Bajillions is hearing. If they don't.... yeah, I'm with you on the long-haul theory.

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Where does the working capital come from for a long admin?

The 100k they Turned Down... apparently.. The administration team at Hearts couldnt even accept the offer.... :wink:

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Originally Posted by Fat Penlon

Where does the working capital come from for a long admin?

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It won't last for ever, of course.

Birch has said that they have enough to last until Christmas. That would give them time to buy some new ovens, or to try to generate some alternative funding.

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Originally Posted by Fat Penlon

Where does the working capital come from for a long admin?

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Originally Posted by CropleyWasGod

It won't last for ever, of course.

Birch has said that they have enough to last until Christmas. That would buy them time to buy some new ovens, or generate some alternative funding.

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Could BDO cancel ST sales (two acronyms in there already) and ask for cash payments at the turnstile to see them by?

Makes me wonder what BDO and Zebra have agreed with the CC scheme. That doesn't sit right, unless Zebra are holding back the monies and drip-dripping it to them.

Either way - things are grim and I'm starting to sway towards the comical farce that will see them start on -15 points.

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Originally Posted by CropleyWasGod

It won't last for ever, of course.

Birch has said that they have enough to last until Christmas. That would give them time to buy some new ovens, or to try to generate some alternative funding.

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And if it all goes pear shaped the ovens will still have a use ;)

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Originally Posted by CropleyWasGod

It won't last for ever, of course.

Birch has said that they have enough to last until Christmas. That would give them time to buy some new ovens, or to try to generate some alternative funding.

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And some new light bulbs and maybe a 5 Ltr tin of concrete paint for the steps

Jambos. This demands an immediate bake-sale, maybe even a facepainting/bouncy castle fun day. C'Mon, I know you have one last effort in you before the end.

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Originally Posted by CropleyWasGod

Leaving aside the insolvency law, if we're talking about the sale of the assets, I still think that UK law (Scots Law, indeed) would prevail, no?

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I'm not sure that one set of laws would 'trump' the other here as there is no direct conflict. UK/Scots Law is passive on the subject - i.e. it doesn't prevent sale of the assets but it doesn't force it either - but if EU/Lith Law is capable of preventing it the Brit version is in no position to dispute that.

It's a bit like the SPL and SFA each imposing a signing embargo over a club. The SPL might lift their ban, but the club still can't sign players because of the SFA rule.

I'm not sure the EU/Lith laws would extend that far though.

Tick tock as the bidders drop like flies :http://www.heraldscotland.com/mobile...under.21602831

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Originally Posted by Caversham Green

I'm not sure that one set of laws would 'trump' the other here as there is no direct conflict. UK/Scots Law is passive on the subject - i.e. it doesn't prevent sale of the assets but it doesn't force it either - but if EU/Lith Law is capable of preventing it the Brit version is in no position to dispute that.

It's a bit like the SPL and SFA each imposing a signing embargo over a club. The SPL might lift their ban, but the club still can't sign players because of the SFA rule.

I'm not sure the EU/Lith laws would extend that far though.

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Under EU regulations the law of the country where the company does the majority of its business prevails.

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Originally Posted by DoonTheSlope

Tick tock as the bidders drop like flies :http://www.heraldscotland.com/mobile...under.21602831

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so all thats left is massone and the foh talk about being between a rock and a hard place.:greengrin

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Originally Posted by sidneyhibbie

so all thats left is massone and the foh talk about being between a rock and a hard place.:greengrin

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Liquidation beckons me thinks!

Is there disciplinary hearing today?

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Originally Posted by bingo70

Is there disciplinary hearing today?

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What's this for Bingo?? Wages etc?

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Originally Posted by desantos0773

Under EU regulations the law of the country where the company does the majority of its business prevails.

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But what I'm saying is there's no actual conflict between the two regimes so prevalence needn't apply.

In my SPL/SFA analogy the SPL (after they've lifted their ban) don't disallow the signing of players but neither can they force it through in defiance of the SFA ruling. I think it might be similar with these circumstances - UK Commercial Law doesn't prevent the sale of assets, but International Criminal Law might. UK Commercial Law doesn't prevent me from driving my car at 100mph either - that doesn't mean I'm allowed to do it.

Their end is nigh.

We need to start preparing ourselves.























For the party!!!!!!!!

I suggest the car park behind the West, with behind the East as an overflow.

We need volunteers for the following jobs;

We need a bake sale, stuff like victorious sandwich should go down well. Any other suggestions?

We could have face painting stalls for the kids.

Does anyone have a contact that might donate a lend o a bouncy castle?

Folk could donate stuff for raffles. Maybe get the players would be up for going for a meal?

Get the players to pose for to have their pictures taken at £5 a pop. Can someone get a lifesize cardboard cut out of Sparky?

Talking about Sparky. You know them big foam pointy fingers? Does anyone have a contact that could do big foam thumbs?

Maybe someone with the required skills could make some home brew champagne. If we don't have time to brew this up we can just put some white wine through a sodastream.

We could sell tickets for a coach trip somewhere but not bother to book a coach - we don't have to tell anyone we've not booked a coach until its too late for them to do anything else!

We could charge an entry fee. I suggest either a bowl of jelly or a tub of ice cream which we can then sell on for cash.

Any other ideas guys and gals?

Oh, the Hibs are having a party
The Hibs are having a party
The Hibs are having a party
The hearts are nearly dead.
The hearts are nearly dead.
The hearts are nearly dead.
The Hibs are having a party ....

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Originally Posted by Jack

Their end is nigh.

We need to start preparing ourselves.























For the party!!!!!!!!

I suggest the car park behind the West, with behind the East as an overflow.

We need volunteers for the following jobs;

We need a bake sale, stuff like victorious sandwich should go down well. Any other suggestions?

We could have face painting stalls for the kids.

Does anyone have a contact that might donate a lend o a bouncy castle?

Folk could donate stuff for raffles. Maybe get the players would be up for going for a meal?

Get the players to pose for to have their pictures taken at £5 a pop. Can someone get a lifesize cardboard cut out of Sparky?

Talking about Sparky. You know them big foam pointy fingers? Does anyone have a contact that could do big foam thumbs?

Maybe someone with the required skills could make some home brew champagne. If we don't have time to brew this up we can just put some white wine through a sodastream.

We could sell tickets for a coach trip somewhere but not bother to book a coach - we don't have to tell anyone we've not booked a coach until its too late for them to do anything else!

We could charge an entry fee. I suggest either a bowl of jelly or a tub of ice cream which we can then sell on for cash.

Any other ideas guys and gals?

Oh, the Hibs are having a party
The Hibs are having a party
The Hibs are having a party
The hearts are nearly dead.
The hearts are nearly dead.
The hearts are nearly dead.
The Hibs are having a party ....

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Steady there Jack, we're not a big club.

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Originally Posted by Caversham Green

But what I'm saying is there's no actual conflict between the two regimes so prevalence needn't apply.

In my SPL/SFA analogy the SPL (after they've lifted their ban) don't disallow the signing of players but neither can they force it through in defiance of the SFA ruling. I think it might be similar with these circumstances - UK Commercial Law doesn't prevent the sale of assets, but International Criminal Law might. UK Commercial Law doesn't prevent me from driving my car at 100mph either - that doesn't mean I'm allowed to do it.

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It will be UK law that prevails but nothing can be sold/agreed upon without the say so of Ukio Bankas and UBIG or their administrators as the are the major creditors and shareholders.

So.....
Should no one want to buy our neighbours, or manage to put together an adequate bid, what happens next? Would BDO have to advise moving to liquidation at that stage? Or would they manage their affairs until the money runs out / someone with more money than sense eventually feels sorry for them / the Liths decide they want to cash in their securities? This is assuming that the football authorities don't force the issue in some way or other before then.

The authorities should be doing this now. It's going to cause alot of problems when they die before xmas. The authorities know it's going to happen so must shoulder the blame if they dont demote them before the league starts.

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Originally Posted by desantos0773

It will be UK law that prevails but nothing can be sold/agreed upon without the say so of Ukio Bankas and UBIG or their administrators as the are the major creditors and shareholders.

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We were talking about the sale of the assets, though, not the shareholding. The assets that belong to HMFC.

Would they still have a veto?

Bob the shoe salesman still sure AllisBarry with his bid and $45 million for the new Yam-dome is on the table.

http://www.scotsman.com/sport/footba...pute-1-3005153

One thing that puzzles me is this " we have enough cash for 3 - 4 months " line from BDO.

Did they not say they raised something like £750,000 from season tickets ,etc. about £200 K a month plus what they can take from pay at the gates ( Hibs, Celtic and Aberdeen ) say another £250 k.

Can Hearts be run on £250 - 300 thousand a month without racking up more debt ?

And, of course, running the club in admin. for another 4 months will just knock another large chunk off the money which could be sent back to Lithland.

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Originally Posted by s.a.m

So.....
Should no one want to buy our neighbours, or manage to put together an adequate bid, what happens next? Would BDO have to advise moving to liquidation at that stage? Or would they manage their affairs until the money runs out / someone with more money than sense eventually feels sorry for them / the Liths decide they want to cash in their securities? This is assuming that the football authorities don't force the issue in some way or other before then.

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One of (one of, Sidney:greengrin) the administrators' duties is to obtain a better return for creditors than they would otherwise do in liquidation.

In your scenario, that would be impossible, so they would move to another of their purposes, which is:-

"realising property to make a distribution to one or or more secured or preferential creditors." In this case, that would be UKIO and, perhaps, UBIG.

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Originally Posted by greenginger

Bob the shoe salesman still sure AllisBarry with his bid and $45 million for the new Yam-dome is on the table.

http://www.scotsman.com/sport/footba...pute-1-3005153

One thing that puzzles me is this " we have enough cash for 3 - 4 months " line from BDO.

Did they not say they raised something like £750,000 from season tickets ,etc. about £200 K a month plus what they can take from pay at the gates ( Hibs, Celtic and Aberdeen ) say another £250 k.

Can Hearts be run on £250 - 300 thousand a month without racking up more debt ?

And, of course, running the club in admin. for another 4 months will just knock another large chunk off the money which could be sent back to Lithland.

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Did you include TV money and SPFL advances?

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Originally Posted by Waxy

The authorities should be doing this now. It's going to cause alot of problems when they die before xmas. The authorities know it's going to happen so must shoulder the blame if they dont demote them before the league starts.

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Admins now likely in discussions with Ukio and UBIG and SPFL. FOH offer way too small for CVA and questions over Massone if he really has the money, is a fit and reliable person and bond may be needed but no capital to run club beyond Xmas. Liquidation really is now looming and SPFL should hatch plan "Morton" ASAP to avoid league looking like a laughing stock.

The 'rift' between Club 9 and Bob Jamieson stems from a payment issue.

Bob wants Club 9 to give him a tenner to top up his pay-as-you-go mobile and club 9 are refusing.:faf:

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Originally Posted by CropleyWasGod

Did you include TV money and SPFL advances?

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Nope, what will that add to their monthly budget ?

There will be no Europa League windfall TV money like the last couple of seasons, shame.

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Originally Posted by greenginger

Nope, what will that add to their monthly budget ?

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No idea, but it might eke out the shortfall that you were suggesting.

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Originally Posted by desantos0773

Admins now likely in discussions with Ukio and UBIG and SPFL. FOH offer way too small for CVA and questions over Massone if he really has the money, is a fit and reliable person and bond may be needed but no capital to run club beyond Xmas. Liquidation really is now looming and SPFL should hatch plan "Morton" ASAP to avoid league looking like a laughing stock.

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But here lies a problem - there's no one to liaise with at UBIG as the directors have all resigned and they're awaiting the appointment of an insolvency practitioner, and that in itself is currently under dispute as to who'll represent them.

There is currently no one with any legal clout that can 'sign-off' any proposals, not to mention the fact that the LT government have frozen their assets and the organisation are under investigation.

I'd like to know who you think BDO are in discussions with at UBIG.

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Originally Posted by desantos0773

Admins now likely in discussions with Ukio and UBIG and SPFL. FOH offer way too small for CVA and questions over Massone if he really has the money, is a fit and reliable person and bond may be needed but no capital to run club beyond Xmas. Liquidation really is now looming and SPFL should hatch plan "Morton" ASAP to avoid league looking like a laughing stock.

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Yeah alright in theory and is common sense but its the SPL sorry SPFL.

This will become farcical.

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Originally Posted by CropleyWasGod

One of (one of, Sidney:greengrin) the administrators duties is to obtain a better return for creditors than they would otherwise do in liquidation.

In your scenario, that would be impossible, so they would move to another purposes, which is:-

"realising property to make a distribution to one or or more secured or preferential creditors." In this case, that would be UKIO and, perhaps, UBIG.



Did you include TV money and SPFL advances?

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Thanks.
You're very patient. :greengrin

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Originally Posted by greenginger

And, of course, running the club in admin. for another 4 months will just knock another large chunk off the money which could be sent back to Lithland.

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Not to mention, it will increase the fees due to the administrator. :greengrin

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Originally Posted by greenginger

Did they not say they raised something like £750,000 from season tickets ,etc. about £200 K a month plus what they can take from pay at the gates ( Hibs, Celtic and Aberdeen ) say another £250 k.

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I thought the season ticket money was meant to keep them going from the point of administration to the start of the season, paying bills due plus salaries. They are relying on an advance of TV money, sponsorship, hospitality and PATG from then on, no? AKA, flying by the seat of their pants. :greengrin

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Originally Posted by Treadstone

The 'rift' between Club 9 and Bob Jamieson stems from a payment issue.

Bob wants Club 9 to give him a tenner to top up his pay-as-you-go mobile and club 9 are refusing.:faf:

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:confused: Heard that he was actually asking for cash for a new bottle of Calor gas for his caravan as he was unable to entertain "money" men interested in backing his bid because he couldn't put the kettle on, but I can see how international finanicial dealings would be impossible if he hasn't got any credit left - bit like the yams really.

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Originally Posted by greenginger

Nope, what will that add to their monthly budget ?

There will be no Europa League windfall TV money like the last couple of seasons, shame.

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SPL "pre-season" payment last year was £600K, though it was split into 2 with the 2nd half paid around the end of Aug.
Don't know the TV payment details.

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Originally Posted by GloryGlory

I thought the season ticket money was meant to keep them going from the point of administration to the start of the season, paying bills due plus salaries.

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Won't BDO be taking their fees out of the season ticket money?

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Originally Posted by lapsedhibee

Won't BDO be taking their fees out of the season ticket money?

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Over to you CWG :-)

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Originally Posted by Bostonhibby

:confused: Heard that he was actually asking for cash for a new bottle of Calor gas for his caravan as he was unable to entertain "money" men interested in backing his bid because he couldn't put the kettle on, but I can see how international finanicial dealings would be impossible if he hasn't got any credit left - bit like the yams really.

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Has anyone seen his caravan, just that I heard he was after a new horse for it so he could move back into town.
Any comments about his bid being done on the hoof are unrelated.
Haaarooold....

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Originally Posted by poolman

Over to you CWG :-)

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:fenlon


:greengrin

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Originally Posted by lapsedhibee

Won't BDO be taking their fees out of the season ticket money?

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No, the admin fees are deducted from the the sale of the club/assets before the proceeds are divi'd up amongst the creditors.

In reality, every month the administration goes on cost the Lithuanian tax payer £ 200 - 250 thousand pounds.

Sorry , month not week, getting carried away for a bit.

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Originally Posted by CropleyWasGod

I know that I have long said that this would be a relatively quick administration, and it has been thus far. However, I'm wavering now.

If, as I'm starting to think, the SPFL demand a guarantee about the fixtures, it will end soon. That would back up what Bajillions is hearing. If they don't.... yeah, I'm with you on the long-haul theory.

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Oi! I'm not having that! You promised if they went into Admin it would be straight to Liquidation. You can't go getting all our hopes up like that and then letting us down.

:grr:




Unless it was one of the many other Cropleys that said it :wink:

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Originally Posted by GloryGlory

I thought the season ticket money was meant to keep them going from the point of administration to the start of the season, paying bills due plus salaries. They are relying on an advance of TV money, sponsorship, hospitality and PATG from then on, no? AKA, flying by the seat of their pants. :greengrin

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The Hearts running costs without, counting staff costs, in 2011 - 12 season £ 3.876 million or £ 325,000 per month. I don't think BDO can have reduced that amount . Was there ever any indication what there staff costs were reduced by ?

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Originally Posted by keekaboo

Oi! I'm not having that! You promised if they went into Admin it would be straight to Liquidation. You can't go getting all our hopes up like that and then letting us down.

:grr:




Unless it was one of the many other Cropleys that said it :wink:

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Lesson 1. Accountants and lawyers never "promise". That way lies litigation :greengrin

Settle, though, I'm still on the side of liquidation. I'm just recognising the wee niggles that Sergey's info has put into my mind.

Are we pals again? :greengrin

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Originally Posted by greenginger

The Hearts running costs without, counting staff costs, in 2011 - 12 season £ 3.876 million or £ 325,000 per month. I don't think BDO can have reduced that amount . Was there ever any indication what there staff costs were reduced by ?

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They made 14 (?) staff redundant, plus cut the wages of some (most) players. They haven't, of course, paid Heriot-Watt for some time, plus they are overdue the police money. They were in arrears with their council tax, but I don't know what the current situation is. I would imagine there is probably backlog maintenance on the stadium, too.

Not sure if this has been pointed out elsewhere - http://www1.skysports.com/football/news/11095/8829048/

Hearing postponed until 1 August...

This meeting to decide their punishment has been postponed till the 1st of August :rolleyes:

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Originally Posted by GloryGlory

They made 14 (?) staff redundant, plus cut the wages of some (most) players. They haven't, of course, paid Heriot-Watt for some time, plus they are overdue the police money. They were in arrears with their council tax, but I don't know what the current situation is. I would imagine there is probably backlog maintenance on the stadium, too.

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All of that is irrelevant to the ongoing expenditure. It's in the pre-admin creditors pot.

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Originally Posted by greenginger

Bob the shoe salesman still sure AllisBarry with his bid and $45 million for the new Yam-dome is on the table.

http://www.scotsman.com/sport/footba...pute-1-3005153

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The right buyer could get Hibs for the same money and wouldn't have to spend a bean on the stadium. Virtually every other club in the country is a better investment opportunity than that lot.

Unless of course they're investing in the land and not the football club :wink:

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Originally Posted by CropleyWasGod

Lesson 1. Accountants and lawyers never "promise". That way lies litigation :greengrin

Settle, though, I'm still on the side of liquidation. I'm just recognising the wee niggles that Sergey's info has put into my mind.

Are we pals again? :greengrin

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Aye, OK, I'll let you have the Homer Simpson defense in this case



"Weaseling out of things is what humans do best,
it's what sets us apart from all the other animals,
..
except the weasel. (addendum: plus lawyers and accountants)"

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Originally Posted by #FromTheCapital

This meeting to decide their punishment has been postponed till the 1st of August :rolleyes:

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Been saying for over a week that this hearing would somehow be 'adjourned'.

Are you trying to tell me it took until TODAY for them to realise the main person dealing with their case was on paternity leave?!

Have never known an organisation to be so full of **** as the SFA.

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Originally Posted by Mikey

The right buyer could get Hibs for the same money and wouldn't have to spend a bean on the stadium. Virtually every other club in the country is a better investment opportunity than that lot.

Unless of course they're investing in the land and not the football club :wink:

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:agree: Why the Hell would an investor pump many millions into them to buy a new stadium unless they could make serious money from the sale of old Tynie? It is, after all, worthless - so we are told :wink:

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Originally Posted by Steve-O

Been saying for over a week that this hearing would somehow be 'adjourned'.

Are you trying to tell me it took until TODAY for them to realise the main person dealing with their case was on paternity leave?!

Have never known an organisation to be so full of **** as the SFA.

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Thought the exact same when I looked through that article. Did his mrs just randomly give birth yesterday!? Joke organisation, not even attempting to come up with a decent excuse

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Originally Posted by Steve-O

Been saying for over a week that this hearing would somehow be 'adjourned'.

Are you trying to tell me it took until TODAY for them to realise the main person dealing with their case was on paternity leave?!

Have never known an organisation to be so full of **** as the SFA.

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Maybe his partner went into labour early? Just trying to be fair, likes...:greengrin

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Originally Posted by Steve-O

Been saying for over a week that this hearing would somehow be 'adjourned'.

Are you trying to tell me it took until TODAY for them to realise the main person dealing with their case was on paternity leave?!

Have never known an organisation to be so full of **** as the SFA.

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Probably hoping that BDO save them the trouble of making a decision. Also, the golf's on.

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Originally Posted by BarneyK

:agree: Why the Hell would an investor pump many millions into them to buy a new stadium unless they could make serious money from the sale of old Tynie? It is, after all, worthless - so we are told :wink:

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Bob Jamieson's claim that someone in the USA is going to "invest" £45 million on a new stadium seems a total fantasy. The interest you'd pay on that sum each year would be virtually the entire Hearts turnover.

I'm of the opinion that the postponement is not a good sign for Hearts. I think the SFA realise that events are about to make any punishment look futile and probably best to let BDO wield the knife.

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Originally Posted by ballengeich

Probably hoping that BDO save them the trouble of making a decision. Also, the golf's on.



Bob Jamieson's claim that someone in the USA is going to "invest" £45 million on a new stadium seems a total fantasy. The interest you'd pay on that sum each year would be virtually the entire Hearts turnover.

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Absolutely. There is absolutely no money to be made in Scottish fitbaw, and to suggest otherwise is ridiculous. £45 million indeed...:faf:

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Originally Posted by s.a.m

Maybe his partner went into labour early? Just trying to be fair, likes...:greengrin

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Nahhhhhhh!

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Originally Posted by Ozyhibby

I'm of the opinion that the postponement is not a good sign for Hearts. I think the SFA realise that events are about to make any punishment look futile and probably best to let BDO wield the knife.

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I'm of a similar opinion. The paternity leave thing is a convenient excuse, IMO.

As I've suggested before, there will be confidential contact going on between BDO and the authorities. I reckon that these discussions are at a critical stage (they bloody should be, of course), and that a delay of a couple of weeks in the disciplinary process makes sense.

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Originally Posted by ballengeich

Bob Jamieson's claim that someone in the USA is going to "invest" £45 million on a new stadium seems a total fantasy. The interest you'd pay on that sum each year would be virtually the entire Hearts turnover.

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It's a bit unclear whether Jamieson means USD or Sterling. Let's assume he's talking about $45m... roughly, £30m at today's exchange rate.

Then let's say he uses the proceeds of the sale of Tynecastle to help fund the new stadium... let's be generous and say he nets £10m profit to sell it for development. That leaves him a minimum of £20m to finance.

This deal is not without risk, but let's just say he manages to borrow this £20m at 7% (considerably less than the cost of financing Man U and Liverpool with American money but again, let's give him the benefit of the doubt).

This means a return to investors of £1.4m a year, and he still needs to pay back the £20m somehow. This from a club with a turnover of £10m pa even in the good years. Does that sound even vaguely plausible?

I think it's only right that while we're all watching the Hibs in Europe tonight, having a good time enjoying ourselves, we should pause, even just for a minute, and spare a thought for what the Hearts fans will be continuing to worry and go through tonight, wondering if their club will survive or not.

..........aye right, GET IT UP you's!!! The Hibs are in Europe tonight and you's WILL be in your beds!

Various Jambos on the Scotsman forums still living in the land of make believe whereby a CVA will be arranged and they will be playing at either this new stadium or a refurbished Tynie.

Delusional at best but fans like that are worse than enemies. Their "everything is OK" line started when Romanov came in and continues now.

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Originally Posted by CropleyWasGod

All of that is irrelevant to the ongoing expenditure. It's in the pre-admin creditors pot.

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I thought his point was that they didn't pay it before, so might still not pay, hence reducing that running costs bottom-line.

Altbough I'd have thought admin types would be obliged to pay all ongoing commitments, reach agreement over them, or fold the company.

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Originally Posted by clerriehibs

I thought his point was that they didn't pay it before, so might still not pay, hence reducing that running costs bottom-line.

Altbough I'd have thought admin types would be obliged to pay all ongoing commitments, reach agreement over them, or fold the company.

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Ah, okay, I missed that point, if that's the case.

You're right, though, that costs have to be met, otherwise.... etc. etc.

Informed today that Hearts have moved their registered office from Tynecastle to City Point Haymarket. Mean anything ?

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Originally Posted by angus hibee

Informed today that Hearts have moved their registered office from Tynecastle to City Point Haymarket. Mean anything ?

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It was done a couple of weeks ago. That's BDO's office. No great significance in it.

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Originally Posted by CropleyWasGod

It was done a couple of weeks ago. That's BDO's office. No great significance in it.

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Brian Jackson no doubt bored of David Southern hanging around the office at Tynecastle like a bad smell. Have left him to come up with some zero-cost marketing initiatives while he and Birch get on with the real business at hand.

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Originally Posted by jacomoseven

Brian Jackson no doubt bored of David Southern hanging around the office at Tynecastle like a bad smell. Have left him to come up with some zero-cost marketing initiatives while he and Birch get on with the real business at hand.

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More likely it was to stop any of wrong sorts* of mail ending up in the shredder.


* Like ....... " Where's that £ 150 K that we sent for laundering last month " :greengrin

New Scottish Lowland League fixtures out today. No room for El Pinkos. Still, maybe next season if they play their cards right...

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Originally Posted by CropleyWasGod

It was done a couple of weeks ago. That's BDO's office. No great significance in it.

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:agree: It's standard practice in company insolvency to move the registered office of the company to that of the IP dealing with it. It is done to ensure that any writs/warrants etc against the company which may be served are received and actioned by the IP

Dont be daft. They are still celebrating their administration cup win.

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Originally Posted by CropleyWasGod

Lesson 1. Accountants and lawyers never "promise". That way lies litigation :greengrin

Settle, though, I'm still on the side of liquidation. I'm just recognising the wee niggles that Sergey's info has put into my mind.

Are we pals again? :greengrin

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The Sergey scenario, where Hearts stay in admin until they physically run out of cash after Christmas, simply because they cannot liquidate to sell their assets (the land the stadium is on) due to legal/criminal proceedings in Lithuania, is in the long run, the worse case for them. This is the one that potentially sees Hearts not exist as a footballing entity for several years, then have to work their way through the Scottish League structure.