Originally Posted by
brog
He actually, IMO, makes many good points but unfortunately much of it is undone by the guff in bold below. Maxing out the overdraft & credit card doesn't really account for stiffing creditors to the tune of £30m, including more than £2million to UK taxpayers. Strange also there's no mention of contracts & payments being funneled through Lithuania to allow Yams to avoid tax & buy players they could not otherwise afford! Now why does that sound familiar & is it sheer coincidence that Campbell (Teflon) Ogilvie was heavily involved with both Yams & Sevco at the time both clubs were flouting the rules & leaving a trail of debts?
Hearts, like many others, did (on a larger scale admittedly - and they shouldn't have) maxed out both overdraft and credit card.
They paid for it. They went into administration, took the massive points deduction that went with it, accepted their culpability and managed to appeal to the good grace of their creditors to negotiate a CVA that allowed them to get something back.
Far from ideal, and you would be hard-pressed to find a Hearts fan who is proud of what happened.