Share Transfers Agreed/Cooling off period

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Originally Posted by jdships

From Herald this morning

" Hearts may have to repay a £15 million debt to Vladimir Romanov's collapsed bank in full within two and a half years.
But as it stands, Hearts would only have until December 2015 to come up with that amount plus £150,000 every three months in interest service charges. "

If this supposition is correct what prospective buyer will be in a position to put up that sort of cash before 2015 plus servicing the debt ?
I am not a money man ' so any thoughts guys ?

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As others have said, the accounts are absolutely clear that the £15m is interest only with the capital sum due in Decemebr 2015. They can't negotiate it away as part of a deal to buy the club because Ukio aren't the selling party and the administrator could not sanction such a deal and they will find it virtually impossible to refinance the loan with another bank.

In addition the £10m due to UBIG is due in March 2015 and is being paid down at the rate of £20k per month with effect from April 2013. That's going to leave them trying to find £9.6m in March 2015. Whilst that could conceivably have been negotiated away UBIG's insolvency makes that much more unlikely to happen. The accounts also state that they need money from player sales and a membership scheme to meet their more immediate cash-flow needs.

I would put their prospects of survival into three words (or one if the swear filter allowed it).

Not.

A.

Chance.

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Originally Posted by jdships

From Herald this morning

" Hearts may have to repay a £15 million debt to Vladimir Romanov's collapsed bank in full within two and a half years.
But as it stands, Hearts would only have until December 2015 to come up with that amount plus £150,000 every three months in interest service charges. "

If this supposition is correct what prospective buyer will be in a position to put up that sort of cash before 2015 plus servicing the debt ?
I am not a money man ' so any thoughts guys ?

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That's an awful lot of 1s and 5s.... :greengrin

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Originally Posted by Treadstone

In the next set of accounts what would the 'Share' money received come under ? I suggest 'Payment Launch Under Management Structure'.

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:top marks:thumbsup:

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Originally Posted by The Green Goblin

That's an awful lot of 1s and 5s.... :greengrin

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Fitting! 1-5 killed Hearts, and their fans went into it all with eyes side open 8)

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Originally Posted by Hibs07p

PLUMS :thumbsup:

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Defo plums

Hector's file is
Named under: Finance Under Direct Scrutiny

I think tomorrow is going to be disappointing

I think the worst they'll get is a transfer embargo

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Originally Posted by 1two

I think tomorrow is going to be disappointing

I think the worst they'll get is a transfer embargo

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I disagree. No chance whatsoever that this will be the only punishment. It has to be a points deduction, or else the SPL had better be ready for fireworks from Dundee and the rangers

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Originally Posted by 1two

I think tomorrow is going to be disappointing

I think the worst they'll get is a transfer embargo

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I'm not sure thats one of the available punishments? Pretty sure they'll either deduct points or explain that UBIG aren't close enough for it to apply.

My overall point on this whole thing still stands though, if the SPL were going to bottle it, they'd have done it on Thursday. The SPL have already had a line of communication with Hearts RE: Players wages, so they will know better than most about their financial situation. They're not falling for all this "self-sufficient" BS that Barry and Co keep pedalling. Their attitude has always been evidence or GTFO.

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Originally Posted by Bajillions

I'm not sure thats one of the available punishments? Pretty sure they'll either deduct points or explain that UBIG aren't close enough for it to apply

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Any idea when we will expect an announcement tomorrow? 1st thing or end of play?

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Originally Posted by SmashinGlass

I disagree. No chance whatsoever that this will be the only punishment. It has to be a points deduction, or else the SPL had better be ready for fireworks from Dundee and the rangers

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:agree:

It'll have to be something more severe, even if it is just to appease the orcs.

Really wouldn't surprise me if the SPL found a way to deduct Hearts just ten points so they're in the SPL next season with a smaller points deduction. Really wouldn't at all.

TV companies now loosing the edinburgh derby if this all comes through tomorrow, what could that mean for the SPL as a whole?

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Originally Posted by Northernhibee

Really wouldn't surprise me if the SPL found a way to deduct Hearts just ten points so they're in the SPL next season with a smaller points deduction. Really wouldn't at all.

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This won't happen, it'll either be the full whack or none at all depending on the legal aspects. They'll make the decision and they'll have accurate backing for it, otherwise could you imagine the uproar from the Sevconians?

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Originally Posted by Hibercelona

:agree:

It'll have to be something more severe, even if it is just to appease the orcs.

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This is where we need chucky at the orcs, he would have been screaming about this for the past week!

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Originally Posted by Northernhibee

Really wouldn't surprise me if the SPL found a way to deduct Hearts just ten points so they're in the SPL next season with a smaller points deduction. Really wouldn't at all.

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Ironically if that happens, Hearts would have an even better claim to get it reversed as that's not one of the available sanctions.

My understanding is that only one of three things will happen tomorrow, they are

1) Hearts will be deducted 18 points and thus relegated from the SPL. (The most likely as this is the most universally accepted interpretation of the rules.)

2) Hearts will be deducted 15 points for next season (this is the least likely because the "insolvency event" occurred this season, it would take a fair bit of bending)

3) The SPL will declare that UBIG are seperate enough from Hearts that a points deduction is not required at this stage. (This would come under massive scrutiny as there will be many interested parties, specifically Dundee and Rangers but is plausible)

So worst case scenario is 3 but even if that does happen, nothing really changes and Hearts STILL have major financial difficulties coupled with a couple of administrators potentially chasing them.

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Originally Posted by Togs91

TV companies now loosing the edinburgh derby if this all comes through tomorrow, what could that mean for the SPL as a whole?

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Nothing. The TV deals are in place. What would have happened if Hearts had been relegated via the traditional method? Nothing. If anything Rangers being in Division 3 has actually been better for the rest of the league as its meant higher attendances and a TV deal that didn't exist before.

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Originally Posted by Bajillions

Nothing. The TV deals are in place. What would have happened if Hearts had been relegated via the traditional method? Nothing. If anything Rangers being in Division 3 has actually been better for the rest of the league as its meant higher attendances and a TV deal that didn't exist before.

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The SPL have no sponsor for next season. Was listening to the St Johnstone chairman on the radio today, he said that no sponsor would cost his club £200,000 per season, on top of this Hibs could lose around £250,000 with no Derby's next season. A huge hit potentially for us as well

You have to laugh at their claims to be self sufficient when they haven't paid their office staff for 2 months, they must be consigned to the dustbin as soon as possible

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Originally Posted by 1two

I think tomorrow is going to be disappointing

I think the worst they'll get is a transfer embargo

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I agree,have feeling that they will get of lightly.There is just not enough definite answers for the sfa to make a big decision.
Really hope im proved wrong !

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Originally Posted by Bajillions

Ironically if that happens, Hearts would have an even better claim to get it reversed as that's not one of the available sanctions.

My understanding is that only one of three things will happen tomorrow,

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There is a fourth Bajillions and in my view most likely. A postponement of decision to gather more info to give themselves some thinking time and possibly hope the Lith situation reveals itself with unopposable clarity.

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Originally Posted by Treadstone

There is a fourth Bajillions and in my view most likely. A postponement of decision to gather more info to give themselves some thinking time and possibly hope the Lith situation reveals itself with unopposable clarity.

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That's what I think will happen too

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Originally Posted by Treadstone

There is a fourth Bajillions and in my view most likely. A postponement of decision to gather more info to give themselves some thinking time and possibly hope the Lith situation reveals itself with unopposable clarity.

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Ah, the usual way of dealing with things then.

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Originally Posted by Hibercelona

Ah, the usual way of dealing with things then.

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Yep they definitely have previous for it.

What time is this meeting tomorrow?

Sorry if this has already been mentioned, but I looking over at JKB and noticed a post from a new organisation - 1874 Fighting Fund [Ed - who they?]. It's along similar lines to the Foundation of Hearts ruse, where their looking for pledges with little or no agenda.

I know that that lot are a gullible bunch, but surely having different fans groups championing for cash simply dilutes what could be raised if they acted as one.

24 hours before their club could face oblivion/extinction, reality looks to have finally dawned and between both groups they haven't raised a penny in hard cash.

They honestly never thought the day would come.

:ostrich:

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Originally Posted by Treadstone

There is a fourth Bajillions and in my view most likely. A postponement of decision to gather more info to give themselves some thinking time and possibly hope the Lith situation reveals itself with unopposable clarity.

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:agree:Agree with this. The SPL are a bunch of incompetents with an embarrassing track record of procrastinating, hoping that the problem just goes away. Now that the season has ended, it is just far too easy for them to say" we don't have enough information yet" which in SPL speak means that they've yet to consult with the OF, TV broadcasters and the Glasgow Press. They cannot afford to cock this up, as they did with Sevco.

Hearts have been heading towards this iceberg for over a year, so what have the SPL been doing in that time ? You've guessed, crossing their fingers hoping it doesn't happen. If this was a private company or government body, you just could not get away with this. It would have been in the top 5 risks to the business with clear sight of the implications.

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Originally Posted by Sergey

Sorry if this has already been mentioned, but I looking over at JKB and noticed a post from a new organisation - 1874 Fighting Fund [Ed - who they?]. It's along similar lines to the Foundation of Hearts ruse, where their looking for pledges with little or no agenda.

I know that that lot are a gullible bunch, but surely having different fans groups championing for cash simply dilutes what could be raised if they acted as one.

24 hours before their club could face oblivion/extinction, reality looks to have finally donned and between both groups they haven't raised a penny in hard cash.

They honestly never thought the day would come.

:ostrich:

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They don't care.

5-1 is all that matters.

ENDOF

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Originally Posted by Sergey

Sorry if this has already been mentioned, but I looking over at JKB and noticed a post from a new organisation - 1874 Fighting Fund [Ed - who they?]. It's along similar lines to the Foundation of Hearts ruse, where their looking for pledges with little or no agenda.

I know that that lot are a gullible bunch, but surely having different fans groups championing for cash simply dilutes what could be raised if they acted as one.

24 hours before their club could face oblivion/extinction, reality looks to have finally dawned and between both groups they haven't raised a penny in hard cash.

They honestly never thought the day would come.

:ostrich:

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Is there a link tae make a pledge (or two or three) tae this group? :greengrin I've pledged heavily tae the other group, I think it only fair tae pledge here too. :agree:

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Originally Posted by Sergey

I know that that lot are a gullible bunch, but surely having different fans groups championing for cash simply dilutes what could be raised if they acted as one.
:ostrich:

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There's too many "bus organizers" on that site.

I can assure you that any money that goes towards these "fund raisers" will be diluted down to absolutely 0. :cb

For those asking about the time tomorrow. On the radio yesterday they said there was a full meeting of the SPL re reconstruction and a board meeting would take place afterwards when they expected Hearts situation would be discussed.