You are cynical.Quote:
Originally Posted by keekaboo
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You are cynical.Quote:
Originally Posted by keekaboo
Quote:
Originally Posted by Weststandwanab
Why thank you
:greengrin
264 guest, yams coming here from the real info. :na na:
That first point has been lost and dispelled as a Hobo myth a long time ago , swamped by the steady flow of positive energy generated by the biggest bowel movement in football history. Good luck to BJ and BDO in trying to backtrack to that soundbite :) If BJ manages to escape with accused of being a money-grabbing, lying, peg-selling Hobo that will be a result for him.Quote:
Originally Posted by LeithenHibby
You can. I worked on the admin and liquidation of the same company. :aok:Quote:
Originally Posted by CropleyWasGod
Pyramid system starts next season. At end of 2014/15 winners of Lowland & Highland Leagues play off for the right to play the 10th team in League 2 ( 4th tier ). IMO if Yams want to get into Tier 4 they need to announce the big L asap at end of season, ie in about 2 months from now! Tick tock indeed.Quote:
Originally Posted by LeithenHibby
....................... and that, despite the contempt and disbelief they attach to what's discussed over here. Then again, we are maybe a car crash they can't keep their eyes off. I suspect it's to do with their insecurity.Quote:
Originally Posted by Hermit Crab
You are welcome and I agree with your comment.Quote:
Originally Posted by keekaboo
Indeed, they are, even the die hard faithful are realising that the Big L is looming large for the famous.Quote:
Originally Posted by Hermit Crab
I don't think that BDO have any backtracking to do. They have been consistent in their public statements, particularly in terms of the difficulty in getting the shares.Quote:
Originally Posted by Onion
FOH and Ian Murray, on the other hand.....:rolleyes:
Cool. Cheers.Quote:
Originally Posted by robinp
You can understand my point about conflict of interest, though. Not that you would be swayed.... :greengrin
Struggling to see any reason why BDO would propose the Big L any earlier than absolutely necessary. It's too late to save them from utter carnage whenever it happens.Quote:
Originally Posted by keekaboo
They'll be lucky to get 4th tier will they not? I thought the highland/lowland leagues join the league structure?Quote:
Originally Posted by Ozyhibby
There may even be a derby in the EOS league next year:greengrin
No chance - Hibernian EOS have already secured promotion, I believe.Quote:
Originally Posted by Winston Ingram
Now that I would enjoy.Quote:
Originally Posted by Winston Ingram
As with robinp's account, I also worked on both. None of the cases I worked on were as controversial however. In normal cases it's fine, however i suspect here that creditors may want a different liquidator appointed and ultimately, it's down to them.Quote:
Originally Posted by CropleyWasGod
A very valid point.:agree:Quote:
Originally Posted by CropleyWasGod
Maybe you can both answer one of my questions on that.Quote:
Originally Posted by SmashinGlass
Is it part of the Liquidator's job to review the conduct of the administration? As you say, in most cases that shouldn't be an issue but, as in RFC's case and, less so, here.... it's all about perception.
If I remember correctly it will have to be ratified as a resolution at one of the meetings of creditors, to have BDO appointed as liquidators (if that happens).Quote:
Originally Posted by SmashinGlass
Like the UKIO situation with the State Deposit Insurance debt this morning, IIRC UKIO/UBIG carry all the weight in this possible decision, due to the sums due by Hearts to them, and, ultimately, it will be their call to agree/disagree. (I wouldn't have thought they (BDO) would have put that in the proposals doc if it wasn't cleared with the banks in advance).
Perception being the correct word and the public not being party to the facts.Quote:
Originally Posted by CropleyWasGod
The Liquidator can review the transactions of the administrator (IIRC) but that sort of work would be carried out by the IP, of which your question would also be. I'm not sure if it is or isn't one of his duties, statutory or otherwise. I think SmashinGlass has much more corporate experience in that regard, he may be able to expand more on this topic.
I'll try to remember to PM you later on the Rangers case/conflict.
Great signature robinp :faf:
Quote:
In safe hands - Fedotovas
15.12.2009
In an exclusive interview, director Sergejus Fedotovas reveals he is confident that Hearts is well positioned to manage the economic storm affecting Scottish football.
Sergejus spoke exclusively to Hearts News at Tynecastle and emphasised that Hearts is cushioned from the external financial pressures faced by other clubs.
The debt carried by many football clubs is headline news at present, how exposed is Hearts to its existing debt?
The key fact, that sets Hearts apart from many other clubs, is that our debt is in the form of funding from our own parent company Ukio Banko Investicine Grupe (UBIG). We are not exposed to the external debt levels of other highly geared businesses.
Our positive funding arrangement means that it is our own Group that finances Hearts and not external financial institutions. We therefore do not consider this as "real" debt - in simple terms, we owe the money to ourselves as Hearts is owned by UBIG. This positive funding arrangement provides security of funding for the club and, in turn, this allows us to both weather the current challenging economic conditions but, most importantly, develop the business for the future.
The club does not pay the interest on the debt, just accumulates it - it shows that the owners are not profiting from the club.
While UBIG is a well resourced and financed multi-national organisation our positive funding arrangement does not mean that we are ambivalent in our management of Hearts. The onus is to ensure Hearts is run efficiently and is maximising its revenue generating opportunities.
UBIG offered a 'funding-for-equity' deal previously to reduce the club's debt by £12m in July 2007, do you think this would be an option again in the future?
Yes. At present we are considering and assessing plans for a further funding-for-equity deal which is realistic.
Is UBIG still fully committed to Hearts?
It is 'fact' that UBIG is 100% behind the club and its future development plans. UBIG has been an essential backer and partner of Hearts since the outright purchase of the club in February 2005. In the five years we have been at the club and we have achieved some success and at some times were deprived of success, but at all times we remain committed to the club. If you look at the board of the club, closest representatives of the owner are there and it shows the level of importance and commitment.
Since we came in the financial situation has been solid. All payments are ok at the club. The players are paid for five years since we have bought the club and the bonuses are paid when the team deserves a bonus.
UBIG provides funding for the club along with a range of other resources such as business expertise, connections to other football organisations and business contacts. This is evidenced in our ongoing planning for the Tynecastle stadium redevelopment, our bank development and other projects and business opportunities in Edinburgh.
Hearts enjoys an excellent relationship with UBIG and as long as Hearts maintains a focus on operational efficiencies and progressing the club in business development terms then we can look forward to many more years of support from the organisation.
And what about Ukio Bankas, the club's bankers, how do you view that relationship in light of the pressures being faced by financial institutions?
Ukio Bankas maintains ambitious development plans and the bank remains profitable unlike most others in UK and elsewhere in Europe. Ukio Bankas is a very supportive partner of the club. For example, our banking relationship ensures that Hearts receives first class quality and timely service.
Does the economic climate prohibit Hearts from securing further investment funding for projects such as the stadium redevelopment?
We are working to deliver an investment solution that will allow us to generate a profit for the club from an enhanced stadium which provides the best spectator experience.
We continue to envisage a redeveloped stadium at Tynecastle which provides great benefits to the club and its supporters. External funding is not a necessary element of our future strategy but we remain open minded about partnership opportunities that will help develop the club. We are currently assessing certain investment options and we believe that we are making good progress in this area.
What can we expect from the forthcoming Annual Results?
We will be issuing our annual results in the early part of next year and they are in line with expectations. We expect to demonstrate significant savings in key operational areas.
When they went into admin, it replaced my original signature.....which was this little beauty:Quote:
Originally Posted by jacomoseven
That's an application!
http://www.heartsfc.co.uk/javaImages...3534023,00.jpg
Hearts: the gift that keeps on giving! :aok:
Sorry if this has been posted elsewhere but I see they have failed in another (back door) attempt to get gonzo back in, will they ever give up?
http://www.edinburghnews.scotsman.co...kets-1-3344072
:na na:
Here is the report on today's meeting,
http://translate.googleusercontent.c...9iyaX5Rf-XM4sw
Yams get a short mention and seem to be least problematic part of the Ukio process. Can't see any mention of next meeting.
I remember the day well. I pitched into a 'debate' on the Scotsman forum - it was chock full of Believers bragging about how the future was maroon, shouting down anyone who expressed any doubts.Quote:
Originally Posted by robinp
Plus ça change, plus c'est la même chose.
The story I'm reading opens with this paragraph,Quote:
Originally Posted by greenginger
Quote:
An administrator failed bank Adomonis Amber claims that the bankruptcy process is drowning in legal disputes. The first meeting of creditors Economy Bank on Tuesday he said he could not confirm that the settlement with all creditors...
Oh dear !Quote:
Originally Posted by greenginger
Has someone told the Yams ?
http://www.heartsfc.co.uk/javaImages...3361154,00.jpg
:faf:, Talk about the field of dreams !.
That story contains this little nugget too:Quote:
Originally Posted by HIBERNIAN-0762
Gary Locke needn't worry about this at all. He'll be looking for a new job in the summer whatever happens.Quote:
Hearts raid fears
Gary Locke fears other clubs coming in to swoop for his young squad as the exit from administration drags on.
A total of 12 players are out of contract this summer, and renegotiations can’t begin until the club has been handed over by BDO.
We've been telling the yams for years but it goes in one ear and straight out the other.....nothing to stop the progress you seeQuote:
Originally Posted by Weststandwanab
....Oh! and 5-1, 1902 etc etc blahblahblah
Saw this snippet from today's meeting. Anyone know what it means.
Sounds Scottish football club Hearts managing the company's "Heart of Midlothian Plc Debt Economy Bank seeks to 61.6 million. LTL. All interested parties are covered by the decision of the creditors' peaceful way of an agreement. High probability that the bank will recover part of the loan.
http://s28.postimg.org/44k2y6dzh/hea...sfc_310807.jpgQuote:
Originally Posted by greenpaper55
My reading of that is that Hearts are due 61.6 Million Lita's (about £15m) and the Administrator of UKIO and BDO have come to a peaceful agreement (the CVA) and they will recover at least some of the debt (The money from the CVA).Quote:
Originally Posted by Hot Shot Hamish
Quote:
Originally Posted by Bajillions
Your definitely not the flavour of the month over the road Baj :greengrin
Baj is a bit like the Hibs version of Phil Ma Gobble Giver, he talks some ***** and what he doesn't know he makes up, which is pretty much everything.
The same way some Celtic fans believe his every word, Baj the raj has the same influence of the Easter Rodents.
I wonder if he'll go underground when we come out of this at the other end and his credibility is buried along side the Hearts underneath the Mecanno constructed and often empty East Stand.
Keep up the good wotk Baj :thumbsup:
TBH, no idea, but if you were a Hearts supporter you'd probably see a wee glimmer of hope in that statement, as it indicates a willingness to accept the CVA.Quote:
Originally Posted by Hot Shot Hamish
There is also a high probability that the bank will recover part of the loan if HMFC are liquidated though, so maybe a little early to celebrate.
Love the translation:Quote:
Originally Posted by greenginger
Russian company "Russian loaf of Moscow owns a large commercial building. The company's debt Economy Bank of more than 207.3 million. LTL....."
Tickety, tockety, boom!:greengrin
field of reams would be more appropriate.Quote:
Originally Posted by greenpaper55
'Rodents'. Charmed, so I am.Quote:
Originally Posted by poolman
Quote:
Originally Posted by kdhibees1
:faf:
It still does not give them the shares.Quote:
Originally Posted by jacomoseven
So after todays veryimportantmeeting the have moved towards getting out of admin not a jot.
When's the next veryimportantmeeting?
Indeed not. Nor does it progress things on at all.Quote:
Originally Posted by greenpaper55
Quote:
Originally Posted by kdhibees1
:hilarious
So after today are they any further forward to coming out of admin, that is the question???:dunno:
No. If anything they are less further forward. Another day passed with no movement means another day closer to liquidationQuote:
Originally Posted by Hermit Crab
I can honestly say that after today I am more optimistic and upbeat about the future of Hearts than ever.
Sideshow Bob might be getting a consortium together for a liquidation sale. That might be the only route for some Jambo supporter representation since Budge is taking 100% control if the CVA goes through. Liquidation might not be as bad an option for the pioneers of fan ownership.
Quote:
Originally Posted by Dashing Bob S
:tee hee:
I doubt it. He couldn't provide proof of funding to BDO it's unlikely he'd be able to provide it to a liquidator. He'd need to raise a lot more money as wellQuote:
Originally Posted by GreenLake
If there is a willingness, it's on the part of the administrator. Accepting it would make his job easier.Quote:
Originally Posted by jacomoseven
However, it's not his call. It's effectively, the State Insurance people who will decide.
There's still the (outside) chance that slime will win the day. That "hooligan/chemical spillage/asbestos ridden section in the agenda for today's non-event shows that slime is seeping in the background. How anyone can be so gullible as to think that those aspects would scupper selling the land on is beyond me. Saying that those working on the Lithuanian side will hard-nosed, so maybe their slime is just stringing the plums slime along before whipping the carpet from underneath them.Quote:
Originally Posted by Dashing Bob S
Heart of Midlothian, the Arse and Hole of Edinburgh.
GoodQuote:
Originally Posted by Bajillions
I'm wet alsoQuote:
Originally Posted by Dashing Bob S
Effing hope not.Quote:
Originally Posted by Kato
On the face of it a pretty good outcome for them, even though they'd lose their SPFL place and zero guarantee they'd be parachuted into the 4th tier a bit too late for it all to happen really. Sideshow owning their hovel with A Budge owning the club with no in which to ply their trade would be funny though, instant emergency with loads of official sounding meetings; cardigans, minute books and headed notepaper flying all over the place.Quote:
Originally Posted by GreenLake
Never underestimate slime - even low-grade slime like what they have got {yes Lord Faults, I'm looking at you}.Quote:
Originally Posted by Hermit Crab
Allow me to chuck in my prediction....they won't be liquidated.
I remain optimistic that liquidation will eradicate the long standing slime problems in this area.Quote:
Originally Posted by Kato
Allow me mine They will get liquidated.Quote:
Originally Posted by Pedantic_Hibee
Attachment 12198
I thought this was taken fresh after the balotelli brothers recent sexual shenanigans.
However, somebody just informed them that Hearts were exiting admin.
"Kommen sie bitte und listen to Kraftwerk!"
I hope you win the title in our two-man prediction league.Quote:
Originally Posted by Weststandwanab
I think they will be liquistrated and become the financial eunuchs of Scottish Football.Quote:
Originally Posted by Weststandwanab
I confidently believe Hearts will exit administration at the end of this season.
Quote:
Originally Posted by Dashing Bob S
....and the asbestos door will hit them on their wiy oot.
i doubt it as well,ann budge is in the background with the money to help them through,disappointing thoughQuote:
Originally Posted by Pedantic_Hibee
She would have to kiss goodbye to the cash then as while they are in administration, my understanding is that BDO cant take on any debt. Given the conditions she`s placed on her 'prospective' loan already, i`d doubt if she`d be willing to just piss away a few hundred grand.Quote:
Originally Posted by weonlywon6-2
Through to what?Quote:
Originally Posted by weonlywon6-2
Thank you I appreciate the support.Quote:
Originally Posted by Pedantic_Hibee
And go straight to the big L ?Quote:
Originally Posted by Dashing Bob S
She may well be the main beneficiary of Liquidation.Quote:
Originally Posted by weonlywon6-2
Attachment 12199Quote:
Originally Posted by Dashing Bob S
I am am not convinced that anyone has explained this away yet. Can we have an explanation as to why this is not potentially good news for the yams.Quote:
Originally Posted by Hot Shot Hamish
What is contained in that report is the administrator's view.Quote:
Originally Posted by Seveno
It's not his call, though, whether the CVA is approved. That's down to the main creditor of UKIO, the State insurance chappies.
For all those lovely Hearts fans looking in...Quote:
Originally Posted by CropleyWasGod
The above are the people you have to address as "Mr/Mrs" for the time being.
The bank aren't the yams' problem - Jackson announced that an agreement in principal had been reached with them a couple of months ago. The stumbling block is still the UBIG shareholding which remains frozen (together with all their assets) pending investigation by the Lith authorities.Quote:
Originally Posted by Seveno
Quote:
Originally Posted by Kato
:tee hee:
Thanks, CWG. I'll sleep better tonight.Quote:
Originally Posted by CropleyWasGod
I can't see Mr and Mrs Lithuanian State Insurance being difficult to deal with. Plain sailing from now on in.Quote:
Originally Posted by Kato
The bank are a problem, in that their creditors (ie Mr and Mrs State Insurance) haven't yet approved the CVA. The agreement was with the administrator, and it isn't his call.Quote:
Originally Posted by Peevemor
Conversely, getting the agreement of the UBIG creditors will be, IMO, the easiest of the 3 requirements.
Obviously nothing in the process is a given, but is their biggest problem not that nothing (apart from liquidation) can happen until UBIG's assets are unfrozen, and nobody knows when this might happen?Quote:
Originally Posted by CropleyWasGod
Yep, that's the biggest problem.Quote:
Originally Posted by Peevemor
Getting the UKIO creditors to agree the CVA is the second.
Getting the UBIG creditors to agree the share transfer is, IMO, the easiest.
All 3 are necessary to exit admin.
I don't think they will have a problem getting agreement from either. It's time that's the factor.Quote:
Originally Posted by CropleyWasGod
And the frozen shares.
:-)
Correct.Quote:
Originally Posted by Ozyhibby
It is the time delays which will mean the cash runs out which will result in the big L.
They probably really need something to happen by the end of next week or they'll declare liquidation. Even then, it may already be too late.Quote:
Originally Posted by Weststandwanab
I'm not normally one to post on this sort of speculation thread, but I seem to recall 'out of admin by Christmas' being mentioned last year - then it was Jan - then Feb - then March - then April - now it seems to be May.Quote:
Originally Posted by Dashing Bob S
I really must try to keep up - I don't have a clue as to what's happening.
You really are an amateur! Keep up, son!:cbQuote:
Originally Posted by Sergey
It's in the proposal to creditors of July 26 2013.
Quote:
That in the event there are sufficient funds to enable a payment by way of distribution to unsecured creditors then we, as Joint Administrators, will cause the Company to be placed into Creditors’ Voluntary Liquidation, with Bryan Alan Jackson, Trevor Nigel Birch and James Bernard Stephen being appointed as Joint Liquidators, by filing the requisite forms with the Registrar of Companies pursuant to Paragraph 83 of Schedule B1 to the Insolvency Act 1986.
At one point they were going to be out of admin, debt free and signing players in the August window. :greengrinQuote:
Originally Posted by Sergey
I noticed on your link that Brian Jackson is named as Brian Alan Jackson....BAJ. Is anyone thinking what Im thinking?Quote:
Originally Posted by JeMeSouviens
It is too late already IMOQuote:
Originally Posted by Dashing Bob S
Standards are slipping ere.Quote:
Originally Posted by Sergey
Good spot.Quote:
Originally Posted by JeMeSouviens
Which August though ?Quote:
Originally Posted by JeMeSouviens
No........Quote:
Originally Posted by fat freddy
Bajillions always denies his source is Brian Jackson. But has he ever denied he IS Brian Jackson?Quote:
Originally Posted by fat freddy
You join the dots and... Wow. I hope none of The Famous read this tonight, or the whole thing might get rumbled.
Another Lith. news article covering the meeting. Nothing new in the text, but there is a good slide show of pictures taken at the meeting.
http://www.lrytas.lt/-13951312891394...m#.UyjiLqh_tig
Nobody seems very happy .
Since Vlad systematically closed their textile industry, one poor sod still has a reindeer jumper on.Quote:
Originally Posted by greenginger
Al the best GG
Bajillions
I'm keeping a careful watch on this thread... I'm hoping to score the SIX MILLIONTH view!!!!
:wink:
REAL people, suffering REAL hardship; all so the yams could pursue their 'Big Team' pipe-dream. This is their shame, and very soon, their epitaph.Quote:
Originally Posted by greenginger
:top marksQuote:
Originally Posted by crewetollhibee
Never seen such a dull set of photos in my puff, an empty cloakroom FFS! I think the only decent one was towards the end where 3 folk had walked out because there were no biscuits!Quote:
Originally Posted by greenginger
12 comments added under the article, wonder if there is anything of any interest in there.Quote:
Originally Posted by greenginger
Would be interesting to get this translated and posted up?
'What are your thoughts on Heart of Midlothian Football Club blatantly overspending and wasting UKIO Bank Customers hard earned savings and their fans continue to hail Vladimir Romanov as a Hero?'
I can save everyone the bother:Quote:
Originally Posted by macca70
"5-1"
"1902"
"Killed you as a club"
"Methadone swilling drugs ridden hobos"
"Please Mr eh...Somebody...can we have the shares?"
"You don't need to ask them - it's in the bag!"
"Who are you? I think you have the wrong forum?"
"I'm an MP from the UK blah blah..."
Because Stuart Bathgate hasn't pounced on it and splashed it over the back page of the Scotsman. :-)Quote:
Originally Posted by Seveno
Maybe not next week but it must be getting close.Quote:
Originally Posted by Dashing Bob S
What is "pleasing" is that the bean counters on this board are generally of the same opinion. Overall suggestion is, and has been for a while now, that liquidation is the most likely outcome.Quote:
Originally Posted by Weststandwanab
This is supported by the posts of both Sergey and Bajillions.
For any Yams looking in as I said , PLEASING.
I have been of that opinion since the start of the season because, IMO, they will simply run out of cash.Quote:
Originally Posted by Kaiser1962
CWG and others has, on occasion, made excellent points which have caused me to pause and think but am still of the same opinion the only way forward is the big L unless Budge opens the purse strings and, in my experience, people with her wealth are not known for acts of financial folly.
To the large number of Yam visitors, wake up, get Plan B out of the closet and get going with Newco Jambos which hopefully will see derbies return in a few seasons.
Thanks for that :aok:Quote:
Originally Posted by JeMeSouviens