Share Transfers Agreed/Cooling off period

We are all assuming because of the LC Final and reports of 5k ST's already sold that they should have funds to see them safely through the season and that is a reasonable assumption to make.

However.....we have no idea what they are doing with any money they take in. UBIG's trading has been severly limited by actions in Lith and it is not unfeasible that the money raised by HMFC is actually being used to fund UBIG at this time. UBIG are entitled to do so as Hearts are certainly owe UBIG plenty.

We have not seen any actuals produced since June 2011 and the last few sets of accounts have stated that the Yams were entirely dependant on UBIG support, which has been withdrawn. HMFC also brought in £1m from a share issue which has not yet been registered getting on for five months after the share issue closed. No one who made the purchase in good faith has recieved what they paid for, to date at least.

A lot of assumptions I know but in the absence of facts I do not think any of the above is unrealistic, and I beleive that this is ceratinly more probable that the #allisbarry nonsense spouted by "the succulent yam"

I do not know if admin looms or not but there is no doubt they are not in a good position.

Keep this gifs handy Steve :greengrin

Quote:

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Originally Posted by Desperate Dan

**** h****s

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Yep. Sorry about that DD.

Quote:

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Originally Posted by Kaiser1962

We are all assuming because of the LC Final and reports of 5k ST's already sold that they should have funds to see them safely through the season and that is a reasonable assumption to make.

However.....we have no idea what they are doing with any monet they take in. UBIG's trading has been severly limited by actions in Lith and it is not unfeasible that the money raised by HMFC is actually being used to fund UBIG at this time. UBIG are entitled to do so as Hearts are certainly owe UBIG plenty.

We have not seen any actuals produced since June 2011 and the last few sets of accounts have stated that the Yams were entirely dependant on UBIG support, which has been withdrawn. HMFC also brought in £1m from a share issue which has not yet been registered getting on for five months after the share issue closed. No one who made the purchase in good faith has recieved what they paid for.

A lot of assumptions I know but in the absence of facts I do not think any of the above is unrealistic, and I beleive taht this is ceratinly wore probable that the #allisbarry nonsemse spouted by "the succulent yam"

I do not know if admin looms or not but there is no doubt they are not in a good position.

Keep this gifs handy Steve :greengrin

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Pitty that animal Black is not still with them. He appreciated a nice painting job I believe. :wink:

Quote:

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Originally Posted by SteveHFC

FEARS were growing last night that Hearts are set to plunge into administration.

.....
UBIG have a 79 per cent stakeholding in Hearts, who are desperate to stave off any possible administration until at least June 1 when it’s understood their ‘golden’ SPL share would be formally confirmed again for 2013-14.
......

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That's interesting, that the season ends on June 1st and not May 18th at 4:45pm. So they could be 16 points clear on May18th, but still go into admin and relegated.

Incidentally, does anyone else notice that the jambo-minded journalists' tone has changed, or is that just wishful thinking colouring my judgement?

Quote:

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Originally Posted by SteveHFC

http://www.celticminded.com/forums/i...ies/frozen.gif:thumbsup:

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:faf::faf:

Evening News Sport ‏@edinburghsport 9m
#HMFC Hearts in battle for survival. The latest from Tynecastle on http://edinburghnews.com shortly



And in typical yam fasion, one of the pink mutants replied with "5-1 haha". Aye hide behind your 5-1 all you want but 5-1 can't save you now ya clown :bye::fenlon:faf::jamboclow:ostrich:

Only been checking on my phone but it looks as though #allisbarry has deleted his Yams admin tweets from yesterday , anyone confirm ?

Quote:

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Originally Posted by s.a.m

Incidentally, does anyone else notice that the jambo-minded journalists' tone has changed, or is that just wishful thinking colouring my judgement?

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He's no journalist, he hadn't heard anything until someone from here told him on Twitter. I've been asking him repeatedly when the EEN will cover the fact that the shares haven't been registered. He won't reply to that one.

IMO withholding information Sevco style. If it's bad news don't report it.

If it happens tomorrow it would be Yaministration on 1/5. If only somebody could think of some kind of hand gesture to go with that ...

http://www.scotsman.com/sport/footba...club-1-2913567


The Hootsman still going with the Allisbarry line this morning and judging by the comments the believers still believe.

Out of interest what happens to a believer when reality slaps them in the face ? :confused:

Quote:

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Originally Posted by Treadstone

Only been checking on my phone but it looks as though #allisbarry has deleted his Yams admin tweets from yesterday , anyone confirm ?

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:agree: looks like it

Quote:

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Originally Posted by 3pm

Yep. Sorry about that DD.

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:thumbsup:


GIRFU the banjo playin' http://i19.photobucket.com/albums/b1...ps6d6ab127.gif six toed, inbred, windae lickin' ****in' mutants.

Evening News reports this as "temporary" whn the Lithuanian central bank is going to make them bankrupt on Thursday! That is why all these administration rumours are coming out.

The Succulent Yam just tweeted a link to this.


http://m.scotsman.com/sport/football...ce=twitterfeed

Quote:

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Originally Posted by green glory

The Succulent Yam just tweeted a link to this.


http://m.scotsman.com/sport/football...ce=twitterfeed

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They tell him, he prints it. :agree:


B Anderson, journalist :faf:

Quote:

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Originally Posted by green glory

The Succulent Yam just tweeted a link to this.


http://m.scotsman.com/sport/football...ce=twitterfeed

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That's a rehash of the Sun story, repeating the 17 points nonsense.

I'm also curious how the Sun got hold of the "£15m due to UKIO Bankas." They can't be reading Hibs.net properly.

Quote:

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Originally Posted by Desperate Dan

They tell him, he prints it. :agree:

B Anderson, journalist :faf:

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Might take up the profession myself. Only requires switching a tape recorder on and transcribing the contents.

Below is th article linked above. Is Barry not missing the point? (Although, equally, I might be....) Surely the immediate risk is not a potential £15 million debt recall by UBIG, but UBIG themselves being placed in administration?



By BARRY ANDERSON
Published on 30/04/2013 08:36
HEARTS today responded to reports of imminent administration at Tynecastle by claiming their finances are under control.
Club officials did not deny administration is a possibility amid suggestions that Ukio Bankas administrators in Lithuania are about to call in up to £15million of debt. However, Hearts expect finance agreements with Ukio Bankas Investment Group (UBIG) and Ukio Bankas to continue.
The Edinburgh club are in debt to the tune of around £25million, £15m of which is owed to Ukio Bankas, the Lithuanian bank which is itself in temporary administration. All debt had been held by UBIG until late last year when £15m was transferred to Ukio Bankas.
Vladimir Romanov, the club’s majority shareholder, claims to be bankrupt and has been powerless to stop Lithuanian authorities shutting down his bank and splitting up its assets. The future of Hearts is at stake as any major recall of debt would force the Edinburgh club into administration, with the knock-on effects including a points deduction and possible relegation from the Scottish Premier League.
A Hearts spokesperson said today: “We are aware of rumours that surface every few months but the club has a firm
agreement in place with both UBIG and Ukio Bankas regarding debt arrangement.
“The club’s debt has reduced in recent years as it continues on its path to self-sustainability. Operationally, the club is working well and we expect to see more progress during the summer months as the squad is refreshed. It remains very much business as usual.”
Hearts confirmed that all players are currently fully paid to date, with suppliers and bills also being paid on time. UBIG had been helping to fund the club until January 2012, however, since then Tynecastle officials have been forced to work purely on whatever income the club generates by itself.
They will fight to avoid being placed in administration but the situation will be taken out of their hands if Ukio Bankas administrators recall the £15m.
That would trigger an automatic deduction of 17 points as per SPL rules regarding insolvency at clubs, which could be enough to relegate Hearts depending on results between now and the end of the season.
Were they to suffer administration after June 1 – the date that the new season officially starts – Hearts would remain in the SPL, although they could be deducted 12 points for the new campaign starting as a
percentage of their total from this season.

Quote:

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Originally Posted by green glory

The Succulent Yam just tweeted a link to this.


http://m.scotsman.com/sport/football...ce=twitterfeed

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Sometimes it's difficult to know where to start with his utter and total incompetence but ...

Bazza, if you're looking in:

1. It was the security that transferred, not the debt, and it wasn't a security for £15M.
2. Penalty this season is 18 not 17.
3. Penalty next season would be 14 (assuming no more HMFC points) not 12.
4. UKIO bank bankruptcy hearing is tomorrow, not worth a mention? You didn't know, did you ...


“The club’s debt has reduced in recent years as it continues on its path to self-sustainability. Operationally, the club is working well and we expect to see more progress during the summer months as the squad is refreshed. It remains very much business as usual.”

No tanks in Baghdad! :rolleyes:

A little while back the Lith admin. was quoted as saying the debt agreement with Ukio Bankas was in place until May / June, can't quite remember, and that the supporters have some time to get organised and save their Club.

Anyone remember the actual date ?

Quote:

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Originally Posted by CropleyWasGod

That's a rehash of the Sun story, repeating the 17 points nonsense.

I'm also curious how the Sun got hold of the "£15m due to UKIO Bankas." They can't be reading Hibs.net properly.

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Already tweeted him to say that if he is going to rip a story to get the deduction correct.

[IMG]http://i599.photobucket.com/albums/t...y/images-4.jpg[/IMG]

http://www.scotsman.com/edinburgh-ev...orts-1-2913863

Tick Tock, clock never stops!!!

Quote:

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Originally Posted by Treadstone

Only been checking on my phone but it looks as though #allisbarry has deleted his Yams admin tweets from yesterday , anyone confirm ?

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As with the thread that was on Kickback, David Southern will have been on the phone telling him to delete them.

You can call me any time you like David :wink:

Quote:

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Originally Posted by s.a.m

Below is th article linked above. Is Barry not missing the point? (Although, equally, I might be....) Surely the immediate risk is not a potential £15 million debt recall by UBIG, but UBIG themselves being placed in administration?



By BARRY ANDERSON
Published on 30/04/2013 08:36
HEARTS today responded to reports of imminent administration at Tynecastle by claiming their finances are under control.
Club officials did not deny administration is a possibility amid suggestions that Ukio Bankas administrators in Lithuania are about to call in up to £15million of debt. However, Hearts expect finance agreements with Ukio Bankas Investment Group (UBIG) and Ukio Bankas to continue.
The Edinburgh club are in debt to the tune of around £25million, £15m of which is owed to Ukio Bankas, the Lithuanian bank which is itself in temporary administration. All debt had been held by UBIG until late last year when £15m was transferred to Ukio Bankas.
Vladimir Romanov, the club’s majority shareholder, claims to be bankrupt and has been powerless to stop Lithuanian authorities shutting down his bank and splitting up its assets. The future of Hearts is at stake as any major recall of debt would force the Edinburgh club into administration, with the knock-on effects including a points deduction and possible relegation from the Scottish Premier League.
A Hearts spokesperson said today: “We are aware of rumours that surface every few months but the club has a firm
agreement in place with both UBIG and Ukio Bankas regarding debt arrangement.
“The club’s debt has reduced in recent years as it continues on its path to self-sustainability. Operationally, the club is working well and we expect to see more progress during the summer months as the squad is refreshed. It remains very much business as usual.”
Hearts confirmed that all players are currently fully paid to date, with suppliers and bills also being paid on time. UBIG had been helping to fund the club until January 2012, however, since then Tynecastle officials have been forced to work purely on whatever income the club generates by itself.
They will fight to avoid being placed in administration but the situation will be taken out of their hands if Ukio Bankas administrators recall the £15m.
That would trigger an automatic deduction of 17 points as per SPL rules regarding insolvency at clubs, which could be enough to relegate Hearts depending on results between now and the end of the season.
Were they to suffer administration after June 1 – the date that the new season officially starts – Hearts would remain in the SPL, although they could be deducted 12 points for the new campaign starting as a
percentage of their total from this season.

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The bit in bold is the green light for every small business owed money by them to get on the phone to Blacklocks and get legal proceedings moving. There's only one way they're going to get their money and sitting about waiting for it isn't the answer.

Quote:

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Originally Posted by bingo70

Nah, **** it I'm going to get excited. (You're probably right but the day I don't enjoy a story like this about hearts is the day I give up!)

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Don't get me wrong I also love a story like this, I just don't want to see everyone getting carried away again because we've been here before and nothing happened (such as when STV reported that hearts staff had been told they were going into admin). I will wait for something a bit more official before I crack open an ice cold bottle of beer to celebrate the next phase of hearts demise

Quote:

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Originally Posted by Mikey

As with the thread that was on Kickback, David Southern will have been on the phone telling him to delete them.

You can call me any time you like David :wink:

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Joking aside I think that's exactly what's happened here.

Quote:

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Originally Posted by Treadstone

Joking aside I think that's exactly what's happened here.

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I wasn't joking. He prints what he's told.

The reference to Hearts admitting that admin is a possibility will disappear shortly :wink:

Quote:

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Originally Posted by s.a.m

Below is th article linked above. Is Barry not missing the point? (Although, equally, I might be....) Surely the immediate risk is not a potential £15 million debt recall by UBIG, but UBIG themselves being placed in administration?

HEARTS today responded to reports of imminent administration at Tynecastle by claiming their finances are under control.

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Exactly, the begging bowl approach to their fans and the Rangers for a Wallace reduced fee, in addition to a (wee) cup final means they would always see out the season UNLESS events in the Lith conspire against them.

At a time when they want to rake in season ticket money - from deluded perverts - they are hardly going to jeopardise that by admitting things look ropey.
To be fair to those working at the Savile Dome, they only get fed any news when the Lith's can be @rsed anyway and that's when their pet monkey BAnderson comes in handy to pass it on.

It might take a while for anyone coming calling for their charge on the stadium but an imminent UBIG administration would be most welcome.

Quote:

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Originally Posted by JeMeSouviens

Sometimes it's difficult to know where to start with his utter and total incompetence but ...

Bazza, if you're looking in:

1. It was the security that transferred, not the debt, and it wasn't a security for £15M.
2. Penalty this season is 18 not 17.
3. Penalty next season would be 14 (assuming no more HMFC points) not 12.
4. UKIO bank bankruptcy hearing is tomorrow, not worth a mention? You didn't know, did you ...


“The club’s debt has reduced in recent years as it continues on its path to self-sustainability. Operationally, the club is working well and we expect to see more progress during the summer months as the squad is refreshed. It remains very much business as usual.”

No tanks in Baghdad! :rolleyes:

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Chemical Barry??