Share Transfers Agreed/Cooling off period

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16-05-2013, 02:24 PM
JeMeSouviens

Quote:

Originally Posted by M17

I'm not exactly up to date on all of this, but does that not trigger a points deduction? And a whole load of other bad stuff? Is all still Barry?

When they actually suffer an insolvency event (administration, bankruptcy etc) the points deduction will kick in. It's been pretty obvious for months that UBIG is insolvent and heading that way, so this may just be a statement of the obvious. Suspect #allisbarry for a wee while longer on the UBIG front. Of course, if HMFC didn't pay all its wages then there's a reasonable chance they're heading for their own insolvency event before UBIG topples.

It's all good. :greengrin (Barry even. :wink:)
16-05-2013, 02:24 PM
#FromTheCapital

:thumbsup:
16-05-2013, 02:27 PM
blackpoolhibs

I cant for the life of me understand why they wouldn't want to take the hit now? Surely if they survive as a club, and have to shed players and staff, it would be much easier to survive in the 1st division, than take the points deduction in the SPL and get humped every week by the better teams?
16-05-2013, 02:30 PM
marinello59

Quote:

Originally Posted by blackpoolhibs

I cant for the life of me understand why they wouldn't want to take the hit now? Surely if they survive as a club, and have to shed players and staff, it would be much easier to survive in the 1st division, than take the points deduction in the SPL and get humped every week by the better teams?

Relegation now or a whole season of getting humped followed by relegation? Win,win.:thumbsup:
16-05-2013, 02:31 PM
blackpoolhibs

Quote:

Originally Posted by marinello59

Relegation now or a whole season of getting humped followed by relegation? Win,win.:thumbsup:

Not if you have money on relegation THIS season? :greengrin
16-05-2013, 02:31 PM
scoopyboy

Quote:

Originally Posted by blackpoolhibs

I cant for the life of me understand why they wouldn't want to take the hit now? Surely if they survive as a club, and have to shed players and staff, it would be much easier to survive in the 1st division, than take the points deduction in the SPL and get humped every week by the better teams?

Would liquidation not follow on from administration very quickly so it could be 3rd division or total boom?
16-05-2013, 02:32 PM
JeMeSouviens

Quote:

Originally Posted by blackpoolhibs

I cant for the life of me understand why they wouldn't want to take the hit now? Surely if they survive as a club, and have to shed players and staff, it would be much easier to survive in the 1st division, than take the points deduction in the SPL and get humped every week by the better teams?

The Cav/CWG analysis is that if they go into admin they won't come out. :wink:

Presumably they still desperately hope they can stick around long enough for a buyer to appear or that Santa and the tooth fairy will combine to see all their debt forgiven and the pledges will roll in to put them back in their oh so big and rightful place. :agree:

Be (very) afraid, Hobo! :cb
16-05-2013, 02:33 PM
Waxy

Quote:

Originally Posted by blackpoolhibs

I cant for the life of me understand why they wouldn't want to take the hit now? Surely if they survive as a club, and have to shed players and staff, it would be much easier to survive in the 1st division, than take the points deduction in the SPL and get humped every week by the better teams?

Exactly.They are almost gaurenteed to get relegated if they leave it till next year,and they will (probably) have to compete with The rangers for promotion from div 1 after this.Could kill them off.

So my personal message to the yams is.Hang in there guys,just one more week and you'll be in the top league next year. you can overcome a huge points deficit with a bunch of crap laddies.
16-05-2013, 02:33 PM
littleplum

This might be what we've been waiting for...

http://www.bloomberg.com/news/2013-0...body-says.html

Ukio Banko Investicine Grupe, or UBIG, the Lithuanian investment company that controls Scottish soccer club Heart of Midlothian, is insolvent, said the Baltic nation’s Department of Enterprise Bankruptcy Management today on its website.
The department, part of the Economy Ministry, said that Kaunas-based UBIG, at its own request, had been placed on a list of companies unable or unwilling to meet their obligations.
UBIG is a sister company of Ukio Bankas AB, a lender that Lithuania’s central bank closed in February for risky lending to related parties. Russian-born investor Vladimir Romanov controlled both companies.
UBIG owns 79 percent of Edinburgh-based Hearts as well as sport, aluminum and real-estate projects in several countries, according to its website.
16-05-2013, 02:33 PM
lord bunberry

Quote:

Originally Posted by hibby rae

They can't be expecting many to turn up if it's at Brauhaus, my toilet's bigger than that place.

Your toilet probably looks and smells nicer as well
16-05-2013, 02:35 PM
Hibby Kay-Yay

Hibs are going to Europe,
Hearts are now the hobo's,
Nananana, nananana...

Please be official news :cb
16-05-2013, 02:35 PM
HFC 0-7

Quote:

Originally Posted by littleplum

This might be what we've been waiting for...

http://www.bloomberg.com/news/2013-0...body-says.html

Ukio Banko Investicine Grupe, or UBIG, the Lithuanian investment company that controls Scottish soccer club Heart of Midlothian, is insolvent, said the Baltic nation’s Department of Enterprise Bankruptcy Management today on its website.
The department, part of the Economy Ministry, said that Kaunas-based UBIG, at its own request, had been placed on a list of companies unable or unwilling to meet their obligations.
UBIG is a sister company of Ukio Bankas AB, a lender that Lithuania’s central bank closed in February for risky lending to related parties. Russian-born investor Vladimir Romanov controlled both companies.
UBIG owns 79 percent of Edinburgh-based Hearts as well as sport, aluminum and real-estate projects in several countries, according to its website.

this sounds more promising
16-05-2013, 02:37 PM
lord bunberry

Quote:

Originally Posted by littleplum

this might be what we've been waiting for...

http://www.bloomberg.com/news/2013-0...body-says.html

ukio banko investicine grupe, or ubig, the lithuanian investment company that controls scottish soccer club heart of midlothian, is insolvent, said the baltic nation’s department of enterprise bankruptcy management today on its website.
The department, part of the economy ministry, said that kaunas-based ubig, at its own request, had been placed on a list of companies unable or unwilling to meet their obligations.
Ubig is a sister company of ukio bankas ab, a lender that lithuania’s central bank closed in february for risky lending to related parties. Russian-born investor vladimir romanov controlled both companies.
Ubig owns 79 percent of edinburgh-based hearts as well as sport, aluminum and real-estate projects in several countries, according to its website.

boom
16-05-2013, 02:38 PM
kdhibees1

Quote:

Originally Posted by littleplum

This might be what we've been waiting for...

http://www.bloomberg.com/news/2013-0...body-says.html

Ukio Banko Investicine Grupe, or UBIG, the Lithuanian investment company that controls Scottish soccer club Heart of Midlothian, is insolvent, said the Baltic nation’s Department of Enterprise Bankruptcy Management today on its website.
The department, part of the Economy Ministry, said that Kaunas-based UBIG, at its own request, had been placed on a list of companies unable or unwilling to meet their obligations.
UBIG is a sister company of Ukio Bankas AB, a lender that Lithuania’s central bank closed in February for risky lending to related parties. Russian-born investor Vladimir Romanov controlled both companies.
UBIG owns 79 percent of Edinburgh-based Hearts as well as sport, aluminum and real-estate projects in several countries, according to its website.

Holy sh*tsauce!!! :thumbsup:
16-05-2013, 02:38 PM
Peevemor

Quote:

Originally Posted by HFCDaveA

this sounds more promising

The official list thing looks like an insolvency event to me. :aok:
16-05-2013, 02:38 PM
JeMeSouviens

So according to the Lith govt, UBIG is offishully "unable to meet its obligations".

http://translate.google.co.uk/transl...2FNemokios.php

Sounds insolvent to me? Over to you, Dundee ...
16-05-2013, 02:41 PM
DaveF

Quote:

Originally Posted by littleplum

This might be what we've been waiting for...

http://www.bloomberg.com/news/2013-0...body-says.html

Ukio Banko Investicine Grupe, or UBIG, the Lithuanian investment company that controls Scottish soccer club Heart of Midlothian, is insolvent, said the Baltic nation’s Department of Enterprise Bankruptcy Management today on its website.
The department, part of the Economy Ministry, said that Kaunas-based UBIG, at its own request, had been placed on a list of companies unable or unwilling to meet their obligations.
UBIG is a sister company of Ukio Bankas AB, a lender that Lithuania’s central bank closed in February for risky lending to related parties. Russian-born investor Vladimir Romanov controlled both companies.
UBIG owns 79 percent of Edinburgh-based Hearts as well as sport, aluminum and real-estate projects in several countries, according to its website.

'ba is burst, no?
16-05-2013, 02:42 PM
lord bunberry

Quote:

Originally Posted by Peevemor

The official list thing looks like an insolvency event to me. :aok:

That's what it looks like to me, UBIG is insolvent so hearts must be deducted 18 points. Even better than that we relegated them
16-05-2013, 02:43 PM
Andy74

Dear SPL Board....
16-05-2013, 02:44 PM
littleplum

Quote:

Originally Posted by Peevemor

The official list thing looks like an insolvency event to me. :aok:

I suppose that's the key question- is self-proclaimed insolvency as reported and accepted by the relevant government authority an 'insolvency event'?
16-05-2013, 02:46 PM
HFC 0-7

Quote:

Originally Posted by Peevemor

The official list thing looks like an insolvency event to me. :aok:

Certainly would seem so, just hope that the rules for a points deduction dont relate only to administration or liquidation. I wonder if the people at UBIG had to do this now to save themselves from getting into trouble running a company whilst insolvent.

As UBIG are the owners of hearts and the rumours about non payment of salaries today, are the 2 things linked? It may be that putting themselves on this list has knock on effects like freezing bank accounts etc which could mean they cannot pay salaries even if the money is there?
16-05-2013, 02:47 PM
Waxy

Quote:

Originally Posted by littleplum

I suppose that's the key question- is self-proclaimed insolvency as reported and accepted by the relevant government authority an 'insolvency event'?

Surely can't be anything else by any stretch of the imagination.
16-05-2013, 02:48 PM
Andy74

Quote:

Originally Posted by Greendrongo

Surely can't be anything else by any stretch of the imagination.

Unable or unwilling to meet its obligations. Sounds like an insolvency event to me.
16-05-2013, 02:50 PM
Waxy

Quote:

Originally Posted by Andy74

Unable or unwilling to meet its obligations. Sounds like an insolvency event to me.

Thats exactly what i'm saying.
16-05-2013, 02:50 PM
Brightside

Clerry Jambo, on 16 May 2013 - 02:40 PM, said:

I think you maybe right mate, I don't have a nice gut feeling at the moment

Theres nothing there that we didnt already know really.

Edited by audrey65, Today, 14:44.

#allisSTILLbarry
16-05-2013, 02:51 PM
littleplum

Quote:

Originally Posted by Greendrongo

Surely can't be anything else by any stretch of the imagination.

Perhaps. I was just wondering if there is a particular definition to 'insolvency event' either in law or in the SPL rules that this development doesn't quite meet.
16-05-2013, 02:52 PM
bingo70

Quote:

Originally Posted by Andy74

Unable or unwilling to meet its obligations. Sounds like an insolvency event to me.

That enough for hearts to be relegated though or would they need to go through the admin process for the points deduction to kick in?
16-05-2013, 02:52 PM
Andy74

Quote:

Originally Posted by Greendrongo

Thats exactly what i'm saying.

I'm agreeing! Hope the SPL do to. It's coming together nicely.
16-05-2013, 02:53 PM
Waxy

Quote:

Originally Posted by littleplum

Perhaps. I was just wondering if there is a particular definition to 'insolvency event' either in law or in the SPL rules that this development doesn't quite meet.

I doubt it.Especially after last summer.The SPL will be on top of this now.It has to be admin now.
16-05-2013, 02:54 PM
lord bunberry

Quote:

Originally Posted by bingo70

That enough for hearts to be relegated though or would they need to go through the admin process for the points deduction to kick in?

I don't think so if UBIG suffer an insolvency event then hearts get deducted 18 points

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