But who in their right mind is going to pay multiple millions for a club with no ground to play their ganes and a circa £500k season rent to then find.Quote:
Originally Posted by SunshineOnLeith
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But who in their right mind is going to pay multiple millions for a club with no ground to play their ganes and a circa £500k season rent to then find.Quote:
Originally Posted by SunshineOnLeith
When BDO have to call it a day and announce homfc have to be liquidated, is that it? Do the doors close immediately?
The company has to cease trading, so yes.Quote:
Originally Posted by clerriehibs
Some of them really don't get it do they? Kickback-Ugly American, on 30 July 2013 - 02:30 AM, said:A century of tradition
A rabid fan base
Biggest club in the 14th largest metro area in the UK
A dedicated effort by the supporters to buy the club and invest in it
A stadium as atmospheric as any in Britain
It will take some years, but I still see glory days for us again. Provided FoH get a hold of the club, some time in my lifetime, hopefully in the next decade, Hearts will finish top of the table in the top tier.
I really don't have that much doubt about this, actually.
Quote:
Originally Posted by PatHead
Surely this guy is not for real
Trying to find the SPFL rules and regulations regarding the pinkies across the road starting a season in administration and then being liquidated. All there is is this http://www.spfl.co.uk/ , a website under construction. What rules are hertz covered by? After the rebranding last week you would think it would be all systems go, but apparently not.
GGTTH
I've probably made a hash of it due to posting from a phone but, forgiving the point of who owns the place, the statement that the two can be separated is correct. No way they'd hold it as an investment or lease it back to the club though. But a property developer might prefer to acquire solely the land as an asset, rather than having to go through the hassle of dealing with winding up the club etc.Quote:
Originally Posted by CropleyWasGod
The company could then be sold, probably for a remarkably similar amount as BDO's fees, to FoH. Thereby avoiding a Newco scenario.
Essentially: security gets called in, tynecastle is sold, remaining company gets sold to the foundation, livi/SRU/us get a nice payday through a groundshare.
I took a Londoner relative of mine to a derby at Tynecastle.Quote:
Originally Posted by PatHead
He thought it was a weird pokey little stadium, like Fratton Park - the kind of grounds that remind you why football had to change. He didn't know whether to be nostalgic or to duck to avoid all the asbestos...and that was from the corner of the Roseburn next to the Wheatfield :)
Agreed that UKIO administrators wouldn't want the ground - getting the biggest return for the creditors is their remit - why would they want to rush getting their hands on cash?Quote:
Originally Posted by CropleyWasGod
And "keep hold of the ground" was just a clumsy way of saying that the two would be sold separately.
It's feasible, but a couple of points get in the way.Quote:
Originally Posted by SunshineOnLeith
1. UBIG would want their pound of flesh as well, so it wouldn't just be BDO's fees that would be paid through a sale of the company. I don't think FOH (or at least their backers) would be keen on paying that much for just the club's name.
2. there still remains the issue of the frozen assets.
They wouldn't necessarily be rushing, but they have to get it in as quickly as possible. Like BDO, they have to be mindful of their own costs racking up.Quote:
Originally Posted by crabis
It's not such a mind boggling concept for a company to lease premises - sometimes selling the premises to a lease-back company to achieve this.Quote:
Originally Posted by robinp
If anyone buys Hearts they will effectively be buying two things - the club and the ground. All I was saying that the UKIO administrators may get better value by selling separately. I'm not making a big deal over this but I reckon it is a possibility.
But the club has next to no value outside of the stadium. IIRC Rangers were 'bought' for £1 - that is crest, goodwill, history etc.Quote:
Originally Posted by crabis
True - but what about the club as a going concern in the SPL? That'd be worth more than a pound - 2 quid at least surely!Quote:
Originally Posted by Liberal Hibby
Maybe missed it in all the posts but is there a deadline on when revised bids have to be submitted?
The infighting on Brokeback just now over the Foundation of Yams is quality Haha
Any one got any ideas who else i can send letters ? my endless personal pursuit of justice must be continued until the day the PBS Is closed down and the yam fuds are doomed.
Sidney.:hnet:
Fixed it for him.Quote:
Originally Posted by PatHead
Sorry, I've lost track a bit. Has Sidney written to David Southern specifically about his lies?Quote:
Originally Posted by sidneyhibbie
How about Sidney writes to Westminster just to make sure Ian Murray is doing all the foundation nonsense in his own time and not taxpayers like he saysQuote:
Originally Posted by sidneyhibbie
seems to have lots of free time, even for a MP
FOH delay the direct debits until September until they are satisfied they can reach an agreement. - http://ow.ly/i/2Ki3E/original
More like they know the end is nigh!!!
I think they've thrown in the towel. They don't have the money to satisfy the Lithuanians, and they (correctly) won't go to Massone in a pact.Quote:
Originally Posted by kdhibees1
Do you really think that's the case??Quote:
Originally Posted by kdhibees1
Is there a real chance that liquidation will come before then?Quote:
Originally Posted by kdhibees1
What do FoH really expect to get? As I read it, they've 5500 folks pledging an average of circa £20 a skull - everything going well, that's income of only £110k per month. Given that the season ticket money has been spent, this whole 'movement' hasn't a hope in hell of keeping the club afloat.Quote:
Originally Posted by kdhibees1
Surely BDO and the Lith admins will tell them to bolt.
I am assuming so. Bit strange is not, to delay bids a whole month given their financial woes. I would be very worried if I was a yam!Quote:
Originally Posted by Hermit Crab
Have you tried Sindey Crosbie?Quote:
Originally Posted by sidneyhibbie
Quote:
Originally Posted by sidneyhibbie
Sidney's shrink?
Care to summarize for us as I refuse to even click on links to that festering ******* hole.Quote:
Originally Posted by Mon Dieu4
For the club and stadium to be seperated wouldn't that need to involve liquidation? And liquidation would result in them losing their SPFL status?Quote:
Originally Posted by crabis
To start selling assets, as a going concern, I would assume that a CVA would need to be agreed? It might well be that BDO could get enough in the pot from splitting assets to satisfy a CVA but would that not mean Hearts without a stadium? If if they dont have a stadium, why pay a couple of million towards a CVA? Just liquidate and start a couple of divisions lower with a clean slate?
If you don't give money you are not a real fan, aye you are, no your no, you are a bawbag and a roaster, yer ma is a roasterQuote:
Originally Posted by ginger_rice
FoH marketing and PR is shocking, do you want Alastair Campbell to do the PR, your ma is a roaster etc Haha
Odd sensible Yam contends that they are totally ****ed. Shouted down by hate mob of rapid paedos, who say world domination is only a heartbeat away.Quote:
Originally Posted by ginger_rice
The way things are going it would appear the John Collins famous quote about them being a Sunday League Pub Team are about to come to pass :greengrin
To be fair I think they have always said they would do that, wasn't July's payment the same?Quote:
Originally Posted by kdhibees1
The bit I don't get is they could have had extra upfront capital, so why turn it down?
OK there is the admin of returning it, but surely you would prefer the capital.
Maybe they don't see newco as that bad an option?
It's another guessing game being played here by FOH. I just don't think it makes sense at such a crucial time for them as you mentioned. All very complex - the Yams way of working.Quote:
Originally Posted by Dunderhall
Heart of Westlothian sharing a stadium in livingston in EoS league. :aok:Quote:
Originally Posted by Dunderhall
I think they'd said that any money taken would be returned if they were unsuccesful. I suspect that, as others have suggested, they know that they don't have enough and are postponing rather than the costly route of refunding. Also, the longer that they hang in there the more chance of the league starting and the higher the chance of them being allowed to continue in the SPFL after it all implodes.Quote:
Originally Posted by Dunderhall
Yes, it probably causes more problems than it solves. But I reckon that a bid less than the value of Tynecastle would not be countenanced and I wondered if there were other possibilities.Quote:
Originally Posted by StevieC
Cwg has already stated that it if liquidated they will cease trading immediately. I dont see how they could continue in the league after that, , whateverthe governing body might likeQuote:
Originally Posted by StevieC
Quote:
Originally Posted by PatHead
He is right about the bit in bold though.
Jim'll Fix It...... Nah, maybe no eh! :guesswho:Quote:
Originally Posted by sidneyhibbie
I'm still torn between wanting them liquidated before the start of the new season, and having them stagger on in some form, and face the humiliation of implosion en route, followed by liquidation. Decisions, decisions....
Lets just see them die asap for me! This waiting game is doing my head in.Quote:
Originally Posted by Dashing Bob S
The league chairmen would just need to vote to transfer their share to the Newco. That's what they tried to do with Rangers, but the majority voted against (after fan pressure). If a majority voted in favour of a transfer then they may be allowed to complete the season (unless the rules now prevent it).Quote:
Originally Posted by EuanH78
Me too, Bob.Quote:
Originally Posted by Dashing Bob S
Them starting the season in a moribund state, reliant on fans pledges which will undoubtedly peter-out once the internal squabbles and bickering within FoH really kick-in, and upon implosion, they're kicked-out of the SPL. Divisions...divisions
I'm struggling with that one myself, Bob. Instant fun and fireworks, or a protracted, slow-burn, gift-that-keeps-giving scenario?
On balance, I think I'm going to have to go for the more cautious 'bird in the hand is worth two in the bush' approach, and opt for instant extermination. You just never know. :coffee:
Will be get any warning so that we can rush down and watch the padlocks going on ?Quote:
Originally Posted by CropleyWasGod
Blimey, are there subsections of paedos over there? Slow, lingering, festering, grooming-for-years types, and then this other mob you mention? Committee meetings in The Fiddlers' Arms, chips out of the Rapido on the way home, that sort of thing?Quote:
Originally Posted by Dashing Bob S
FoH are the trumpe.., sorry "bidders" who'd do that - if they are that silly. I hope they succeed.Quote:
Originally Posted by robinp
Quote:
Originally Posted by sidneyhibbie
You'll have to start sharing your replies, I think, to fuel the fires of imaginative suggestions.
He'd need his own postcode if he started getting replies.Quote:
Originally Posted by clerriehibs
On the pledge part of the FoH site, it says the current date for DDs will be 2nd Aug with the caveat that if they are still in negotiations then "an appropriate date will be decided".Quote:
Originally Posted by StevieC
It looks like the timing is down to the minimum 3 working days notification under the DD guarantee scheme.
I don't think there is much to be read into the timing at this point unfortunately, the pledgers agree to pay any refund costs so they are covered that way as well.
It makes the decision not to take the payments strange to me.
I'm not arguing they may know the game's up for the current bid, just I don't see this as an indication of it.
Quote:
Originally Posted by Mon Dieu4
And the ground is now only worth £2m .. I'd say the ground is worth negative money myself, but it's the land that developers will be after ... and certainly not for only £2m!!!
Brilliant!Quote:
Originally Posted by The Green Goblin
:greengrinQuote:
Originally Posted by South Sub
I said weeks ago that FOH are unlikely to start taking Direct Debits. If they had taken the money out of peoples bank accounts on friday as planned and they didn't get control of Hearts or it drags on and on then people would be demanding refunds. That would be a massive pain to refund so many people. My guess is they know nothing is going to come of it but don't want to be the ones that give the game away.
If they implode this week then the league will have to carry on but with HoMFC unable to honour fixtures so every Hearts game would be recorded as a 3-0 victory for the opposition.Quote:
Originally Posted by s.a.m
Im warming to the idea of seeing the table at the end of the season with Hearts on -15 points and a -114 goal difference :greengrin
Why is Bryan Jackson all over the radio today stating he is still 'optimistic' of a deal be done with a bidder if it seems so inevitable that liquidation looms? Might UKIO do a deal if the bidders stump up a little bit more?Quote:
Originally Posted by Sergey
That's his job, he has to try his best to get the club sold as a going concern and shouldn't give up until liquidation is unavoidable. It's entirely possible at this stage that Hearts will still be sold. Just because liquidation is the most likelydoesn't mean it will eventually come to pass.Quote:
Originally Posted by Spike Mandela
I personally think its to be expected. Everything he says will be caveated with the L word, however. I think he's trying to keep the roasters onside but knows deep down the clock is tickingQuote:
Originally Posted by Spike Mandela
Do you think Rudi knew? The L he kept showing us was for LIQUIDATION http://www.hibs.net/images/icons/icon6.pngQuote:
Originally Posted by SmashinGlass
Oh, Roberto, what a dilemma right enough.Quote:
Originally Posted by Dashing Bob S
As a person of compassion, even towards the undeserving hoors of Gorgie, I would go for a quick death.
We must not let our personal feelings of Schadenfreude get the better of us. If we can help it......
Hey, leave the Rapido chippy and pizzeria out of this - it's never a yam place, definite Hibee leanings!Quote:
Originally Posted by lapsedhibee
And the pizzas are out of this world
:flag::flag:
Quote:
Originally Posted by Siralbertkidd
Maybe...it would explain why he (along with all those other players who took millions out of Hearts) have been so prominent, involved and vocal in trying to save them recen..... oh..... hold on....:greengrin
Oh I can see it now, a 'Liquidation all over the world picture thread':greengrinQuote:
Originally Posted by Siralbertkidd
ian murray must have seen that it was all going to turn out like this from the start
makes you wonder what was in it for him
the previously unknown 1st term labour mp
:greengrinQuote:
Originally Posted by rossc
"and what was it that attracted you to millionaire Paul Daniels?"
You're porbally suggesting it was to do with his profile, but I never even once saw his profile - it was always full-frontal, full-on, full-fat face.Quote:
Originally Posted by rossc
That's how roasters do it.Quote:
Originally Posted by lapsedhibee
He is a politician.Quote:
Originally Posted by rossc
His nature is to keep spouting the same old rubbish over and over again because he believes that the more often he says something, the more true it becomes and the more likely it is that ordinary people will believe it. No evidence to the contrary, certainly not incontrovertible fact, will ever convince him otherwise.
With the yams, he has the ideal "electorate". Gullible and desperate to believe.
The hypocrisy the man shows is quite stunning - his latest tweets include praise for the Church for tackling payday loan companies whilst criticising lack of Government stance/movement on the issue (the BBC link he posts has a go at Wonga in particular).Quote:
Originally Posted by rossc
Who sponsors Hearts again :wink: Quite happy for his football club to take their cash though eh :agree::aok: Not sure I heard him shout from the Tynie rooftops that it was a scandal they were taking Wonga's cash and proudly displaying them on their shirts........or am I mistaken :cb
First and only term mate, trust me. No Labour voter I know wants him representing them for another term (and I am/was one).
Have you tried contacting one of their own? Wee Shaun Lawson. Always has something intelligent and drawn out to say. Available on all good websites and bound to have his finger on the pulse, or wherever it is all good yams put their finger.Quote:
Originally Posted by sidneyhibbie
But it's all the one league organisation now so what share is it that would be transferred?Quote:
Originally Posted by StevieC
Whenever the Yams get liquidated, if the SPFL Chairmen then vote to keep a Yam Newco in the top league there will be riots in Govan. It would be much easier for the SPFL to bin them now and save all those shenanigans in a month or so's time.
Thought he had been kicked off kickback?Quote:
Originally Posted by Bostonhibby
This is where I get confused (easily done!)Quote:
Originally Posted by StevieC
If the Liquidiser arrives at Tynie the Yams wouldn't have the keys to the place so won't be able to play there.
unless of course a Newco buys the Yams and the ground for the UKIO/UBIG Admins asking price and right now its been shown that the current bidders aren't at the races.
I think! :confused:
Classic mrs merton that was.Quote:
Originally Posted by s.a.m
Looking at todays article in the EN, Massone still has not provided any proof that he has the capital to proceed with his bid, he has been given another 2 weeks to prove he has the cash or will be discounted from the bidding process.
Surely there was a deadline for this last week but BDO are obviously making it up as they go along.
So if Massone does drop out that leaves FoH with backing from around 5,500 Hearts fans, who have pledged money to run the club via a membership scheme if the FoH gains controls as the only show in town, and their bid is way below what the Lith admins will accept.
Doesn't sound good for them, does it. :greengrin
http://www.edinburghnews.scotsman.co...ding-1-3021320
The Lithuanians who have the security over Tyne (i.e. the land) have a sum in mind which they believe that land is worth if it is sold on the open market.Quote:
Originally Posted by Sir Alf R
The bidders need to satisfy not only the creditors via a CVA but also the holders of the security over the land. They (the Lithuanians) hold the aces because they hold the security over the land. If that's the only money-realisable asset (it seems to be so) then they are due all the money that comes from realising that asset (assuming it is less than the total they are owed = more than likely). Their debt (£15m) has to be paid first before anyone is paid because they are secured creditors.
So, if you are the secured creditor, you need to get as much from the bidders as you could get from an open market sale of the land.
The Lithuanians think the land is worth £5m (+++++++ depending on whose valuation you believe) on the open market, all of which (minus expenses) would go to them. Leaving SFA for the other creditors with zero.
The current offers are for the club + assets as a going concern with very small amounts for a CVA.
From the secured creditors POV these are rubbish offers because they believe they could realise more through a liquidation even though they might not get all their cash back.
The liquidators of the secured creditors are under a legal obligation to get the best possible price for the secured assets. If FoH and the other party can't meet their requirements in this regards, the secured creditor can force a liquidation in order to sell the secured asset (Tynie/land) and get some of their money back.
I think.
:thumbsup:Quote:
Originally Posted by PapillonVert
I heard from (almost) the horses mouth today of one Edinburgh based property developer very interested in the Tynecastle site. They are. 'watching with interest' at the moment.
Not going to name them but they aren't one that has been mentioned thus far in the thread eg Cala et al. Have done quite a bit redevelopment work in Edinburgh over the years though as well as abroad. They also redeveloped a site not a million miles away from Tynecastle several years ago.
http://img33.imageshack.us/edit_prev...&action=rotateQuote:
Originally Posted by Pretty Boy
He's a famous writer of wordy ingratiating drivel, so he is out there in the ether somewhere, maybe even on here now in one if his any guises..............as long as his ma lets him. :wink:Quote:
Originally Posted by Ozyhibby
From the secured creditors point of view, if they accept a cva then they have to share some of the money with the unsecured creditors or they will reject the cva?Quote:
Originally Posted by PapillonVert
But if the proceed to liquidation they will repossess the PBS and get to keep the proceeds themselves?
Is that about right?
Does #allisbathgate know this ?Quote:
Originally Posted by Pretty Boy
Sounds like a "SMART" idea :agree::aok:Quote:
Originally Posted by Pretty Boy
My non-financial expert PoV FWIW, why would a secured creditor accept a CVA if it could get more from a liquidation? As was said previously by Ginandtonic (sic) on behalf of the Lithuanians, "the bidders need to up their offers by millions" (or words to that effect).Quote:
Originally Posted by Ozyhibby
In other words, as I understand it, the bidders need to come up with substantially more than they have so far to avoid liquidation.
I'd be surprised if he does.Quote:
Originally Posted by Treadstone
Firstly because the Scotsman seems nothing more than a vehicle for Hearts to tell supporters what they want to hear. Secondly because no formal moves have started yet, I found out somewhat due to a slip of the tongue.
The holding company of the developer in question also has a diverse portfolio of businesses and the main development income now comes from abroad so unlikely they would be overly concerned about upsetting the yams in the short term.
Close but no cigar.Quote:
Originally Posted by worcesterhibby
Can anyone (maybe sergey) remind me of what happened to Kaunas FC when Romanov stopped using other people's money to fund them?
They resigned from A-Lyga and turned to amateur status and plied their trade in what's best described as ' Lithuanian Pub League' matches. Still amateur to this day. From what I've been told, they'll fold completely in the coming months.Quote:
Originally Posted by Fat Penlon
His other club, MTZ RIPO withdrew from the Belarus league during the 2012 season leaving the league in turmoil and they also went amateur. They re-branded (can't remember new name) and are now resigned to history.
Good things do come in three's, don't they?
Is that the million quid they gave them you're talking about?Quote:
Originally Posted by truehibernian
Is it possible for a property developer to make contact with the Lithuanians outwith BDO and make a bid for Tynecastle :wink:Quote:
Originally Posted by Pretty Boy
Just one PB ?Quote:
Originally Posted by Pretty Boy
1 that i'm aware off, there may be more in that area. There's certainly plenty in Edinburgh.Quote:
Originally Posted by hibees 7062
Ugly, ugly buildings (the ones near Tynecastle).
I thought it was the brothers that built all over gorgie . This would be right up their street and they wouldnd give a F about heartzQuote:
Originally Posted by Pretty Boy
Quote:
Originally Posted by Ozyhibby
Imagine being a yam roaster so bad that even Kickback launch you....
You're very good at not revealing your sources, that doesn't cut down the number at all!Quote:
Originally Posted by Pretty Boy
If it's the builders I'm thinking about, their website is decked out in nice colours. I worked on one of their developments in Muirston Place around 1987/88.
GGTTH
the Chinese, biggest population in the world as everyone knows, are buying up land ,properties , etc all over the place. Edin. quarter mile for example. alright, it's virtually built but what's to stop them gettin' a finger in the pie buying up disused premises next? someone mentioned a lot of money sloshing around, a few pages back but when it comes to a lot of money sloshing around, there are some very intelligent, business people with a lot of clout in the ever growing Chinese community in the whole of the UK.Quote:
Originally Posted by PapillonVert
The PM board is your friend.Quote:
Originally Posted by Jack
Saw on the news that the Chinese are trying to improve relations with the UK so once Ian Murray mp and George foulkes have a word with their heid honcho there'll no be a Chinese bulldozer in siteQuote:
Originally Posted by monktonharp
Me to , dont you think tiny is right up their street ?Quote:
Originally Posted by Hibs07p