Well, I'm convinced.Quote:
Originally Posted by Bajillions
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Well, I'm convinced.Quote:
Originally Posted by Bajillions
No Fedotovas is right - the £15 million won't be recalled 'right now' - there's still another five days of the appeal to go...Quote:
Originally Posted by Bajillions
It's not been applied because no-one knew that the 79% had been transferred from UBIG to Ukio Bankas.Quote:
Originally Posted by kaimendhibs
They do now!
Quote:
Originally Posted by kaimendhibs
But are the reports just that Ukio have a claim on the shares - so they don't actually own them (yet)?
Without p*ssing on the parade, is the "Claim to 79% of Hearts" not just security pledge by UBIG, i.e. they dont actually own 79% of Hearts, but were they to call in UBIG's debt HEarts would be handed over in the event of non payment?
Barry just sends his wee Lloytron tape recorder round to the PBS in a taxi. An hour later it returns with his daily #allisbarry moonbeams on it.Quote:
Originally Posted by Bajillions
Journalism of the highest order.
How would he know it won't be recalled ?, they are just clinging on and hoping the dafties keep buying ST as it's another week without going on the Lithuanian dole que .
I wonder if 'Allis' Barry thought to ask how the £15m came to be on Ukio's books in the first place when the share offer stated that it was all due to UBIG.
Heard from a couple of sources close to the club that they will do whatever it takes to get to the end of the season before going into admin. Lie, cheat, steal, beg and borrow. So, pretty much business as usual.
Dundee's John Brown should get the guy who does his reading for him pick out the pertinent stuff from this thread. He'll be raging ... or smug.
:hilariousQuote:
Originally Posted by clerriehibs
Fedotovas is probably right in saying that however at the moment its not the 15 million they need to worry about for the time being at least. It's the debt that UBIG owe UB. As soon as that is recalled UBIG will be declared bankrupt which should (although I wouldn't put anything past the incompetency of the SPL) put Hearts into admin for definite.
Quote:
Originally Posted by MacBean
Correct.
At the moment, UB don't own Hearts, it's just one possibility (though the most likely one) of what will happen next.
Spot on. :top marksQuote:
Originally Posted by HH_MYB
Hearts fans and staff seeming to be pinning their hopes on the fact that they are so insignificant to the administrator that by the time he gets to their debt, they'll have finished the season and be passed the cut off date. I have to assume however that UBIG will be much higher up the list. Possibly even first?
So, if no appeal within the ten days the claim to the shares is valid or what?
I manage to follow the sevco train crash pretty well but this is #allverycomplex and has me puzzled.
I take it after the ten days all debts to ukio are likely to be called in, and assuming ubigs inability to pay, they and in turn homo fc are buggered?
Remember Ukio Bankas have a claim on the shares if UBIG can't repay the £22m that they converted to equity to fund the take over - (pay off Hearts overdraft to HBOS). Once apeal period over then administrtaor will start calling in the UB loans to UBIG (£32m of UBIG's loans lent on to Hearts of which £22m converted to shares) and Hearts (£15m which UB have Tynecastle as security). UBIG will be declared bankrupt and at that point Hearts. Might just miss end of season though.Quote:
Originally Posted by HH_MYB
See my previous post, quite right though.Quote:
Originally Posted by Mikey
Would it only be if they went into liquidation that the timing wouldn't matter? i.e punted to div 3 or cease to existQuote:
Originally Posted by desantos0773
Even if it does miss the end of season they would still be rodgered as Tynie would be taken away/sold most likely to a property developer which would leave them homeless (or hobo's :wink: ) plus with a depleted squad and a minus against next seasons point tally.Quote:
Originally Posted by desantos0773
I still think we're looking at a Jamco situation here regardless of the time period.
Probably been discussed in one of the previous 433 pages but who is providing banking facilties for their current financial dealings ?
The money for the Season tickets and LC payout must be going somewhere unless its in a tin under the bed .They wouldn't have been putting any of it into UKIO since news of their insolvency
Quote:
Originally Posted by Hibby Kay-Yay
This is actually brilliant, they dont do irony at the PBS. Wonga splashed across the front of their shirts was last straw for me (kind of) regarding taking them seriously. But this is superb. Im going to start referring to them as hobos from now on, really just to confuse them, and once I've then had to explain it, to show up just how stupid they are and also just how donald ducked they really are!
Here's Barry's article. Utter nonsense. It's all just conjecture on Fedotovas part. The general gist is that he's hoping to make a deal with administrator.
What either Fed or Barry fails to mention, is that the Administrator is well within his to listen to these proposals and tell them to bugger off!Quote:
“£15m will not be called automatically. We plan to perform to the agreement and seek in co-operation with the administrator long-term future solutions. We believe that a sensible solution can be reached that satisfies the administrator and maintains the positive business momentum that the club has created.”
He might as well just say "We plan on purchasing several lottery tickets between now and the start of next season and by simply picking 6 correct numbers we can secure the future of Hearts"
http://www.scotsman.com/edinburgh-ev...debt-1-2921887
The fact that the Hearts director was also on the previous UBIG board will probably raise some danger flags to the credibility of any Hearts payment plan.
I wonder why they keep referring to the Administrator when they are Liquidators at this step of the process.
:faf::faf:
Fedotovas answered questions below from the Evening News in the wake of news that Ukio Bankas is to be liquidated:
Q What are Hearts’ plans for paying wages and bills during the summer months with no matches to generate income?
A “The wage bill will drop significantly in summer as much as business costs will go down in low season. We plan that enough cash will be available to take us to the start of the next season. The board is also working on varous investment options to bring more income and investment to the club.”
Q There are some suggestions that UBIG’s 79 per cent shareholding in Hearts has been transferred to Ukio Bankas. Can you tell us if this is true or false?
A “As far as we know it is false. The club had no indication this has happened.”
Q Do you know if the £15m debt Hearts owe Ukio Bankas will be recalled automatically?
A “£15m will not be called automatically. We plan to perform to the agreement and seek in co-operation with the administrator long-term future solutions. We believe that a sensible solution can be reached that satisfies the administrator and maintains the positive business momentum that the club has created.”
Q Do you have an indication of how long the liquidation of Ukio Bankas would take?
A “Ukio bankas is a relatively big business, it may take many months. The administrator will be in a position to advise once he gets hands on.”
Q Is it possible for Hearts to be sold to a new owner at the moment given Vladimir Romanov’s assets are frozen?
A “We believe certain possibilities exist given that all concerned parties will be in agreement.”
Q Bearing in mind the money owed by Hearts to UBIG and Ukio Bankas, what price would Mr Romanov be willing to accept to sell the club?
A “We are working on this at the moment, trying to establish the solution which will be best for Hearts.”
We belive, as far as we know etc are all meaningless reponses which ACTUALLY mean. 'I ken **** all!!' #all is barry
I wish I knew what STF's long term intentions are with the Club. I hope that he puts them in the ownership of a Trust so that we are never owned by a crook, foreigner or both.Quote:
Originally Posted by Mikey
He sold Kwik-Fit to Ford so that he could protect the future of the company 'for his people'. Ford pumped money like there was no tomorrow, allowing them to buy all sorts of loss-making concerns. They eventually sold them to a VC who did the usual chop-chop and sold them on to another VC - more chop-chop and asset stripping. They are now in the hands of a Japanese consortium which, given the long term nature of Japanese business decision making, should secure their future. I wouldn't want Hibs to be under any forweign ownership though.
Very considerate of him.:aok:Quote:
More answers may be forthcoming on the 23rd of this month at the club’s annual general meeting, which Fedotovas is expected to attend.
He was a director of UBIG when it happened. How can he not know about it?Quote:
Q There are some suggestions that UBIG’s 79 per cent shareholding in Hearts has been transferred to Ukio Bankas. Can you tell us if this is true or false?
A “As far as we know it is false. The club had no indication this has happened.”
He's speaking as a Hearts director here, not a UBIG one :cbQuote:
Originally Posted by Mikey
It annoys the hell out of me that the media keep buying the line that they are now self-sustaining. Since when did 'self-sustaining' mean conning your fans out of stumping up more cash, cake sales, face painting and selling club memorabilia. That seems to me to be a series of somewhat short term revenue streams.