Share Transfers Agreed/Cooling off period

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23-05-2013, 02:47 PM
Onion

Quote:

Originally Posted by Kato

What he means is that they are self-reliant - as in they have to rely upon themselves to fund their endeavours. "Self-sufficient" means that they can meet their costs, which is a totally different thing. He's not very good with English is ol' Barry.

By self-sufficient, he means they've completely exhausted their latest source of dirty money and and having to operate like a viable business... until they can find their next sucker to bed.

And no mention of the ££££££ of accumulated debt that they have no chance of replaying (just assume it will go away).
23-05-2013, 02:53 PM
CropleyWasGod

Just watching the Fedotovas video.

He says that the UBIG £10m debt is unsecured. I had understood that this was the subject of a floating charge.

Anyone?
23-05-2013, 02:55 PM
Kato

Quote:

Originally Posted by CropleyWasGod

Just watching the Fedotovas video.

He says that the UBIG £10m debt is unsecured. I had understood that this was the subject of a floating charge.

Anyone?

If he told me frogs hop I'd check with David Attenborough before believing him....and probably Dickie as well, just for a second opinion.
23-05-2013, 02:58 PM
Hero76

By the sounds of it someone will come in a table a offer of a few million pound and inherit the ****s & the PBS debt free.
23-05-2013, 03:00 PM
Gus Fring

Quote:

Originally Posted by Hero76

By the sounds of it someone will come in a table a offer of a few million pound and inherit the ****s & the PBS debt free.

The secured debt is very unlikely to just disappear.
23-05-2013, 03:02 PM
Kato

Quote:

Originally Posted by Hero76

By the sounds of it someone will come in a table a offer of a few million pound and inherit the ****s & the PBS debt free.

Which sounds are these?
23-05-2013, 03:06 PM
Phil D. Rolls

Quote:

Originally Posted by Hero76

By the sounds of it someone will come in a table a offer of a few million pound and inherit the ****s & the PBS debt free.

Sounds like a fantasy. Although, I hear that a Mr. Kipling is running his eye over a rival business in the West of Edinburgh. Burton's Biscuits deny it's them.
23-05-2013, 03:15 PM
Andy74

Quote:

Originally Posted by Kato

If he told me frogs hop I'd check with David Attenborough before believing him....and probably Dickie as well, just for a second opinion.

Frogs hop? Like on one foot?
23-05-2013, 03:26 PM
Platinum Scotty

Quote:

Originally Posted by Hero76

By the sounds of it someone will come in a table a offer of a few million pound and inherit the ****s & the PBS debt free.

Based on what sounds, all I have seen - ignoring the raging fud Banderson - suggests the opposite................what you hearing?
23-05-2013, 03:28 PM
Kato

Quote:

Originally Posted by Andy74

Frogs hop? Like on one foot?

Yes. And sometimes two.
23-05-2013, 03:30 PM
Ross4356

Quote:

Originally Posted by Part/Time Supporter

Just as well, because Hibs were *technically* insolvent during the early 2000s (before the cark park sale and the "golden generation" coming through).

Someone explain this, news to me
23-05-2013, 03:33 PM
HibbyAndy

These ***** are gonna get off scot free!! You just know it.
23-05-2013, 03:44 PM
Beefster

Quote:

Originally Posted by CropleyWasGod

Just watching the Fedotovas video.

He says that the UBIG £10m debt is unsecured. I had understood that this was the subject of a floating charge.

Anyone?

I wouldn't pay much attention to anything he says. He's as big a snake oil salesman as Vlad.
23-05-2013, 03:45 PM
SlickShoes

How do you buy the club and wipe out the debt without paying it? Serious question.

If UBIG aren't run by admin I can see them just wanting to offload hearts and eat the debt, but if UBIG are run by an administrator they won't just let £25m slip by.
23-05-2013, 03:45 PM
Gus Fring

Quote:

Originally Posted by HibbyAndy

These ***** are gonna get off scot free!! You just know it.

We don't, though. Namely because every bit of common sense, logic and business knowledge would indicate they won't.
23-05-2013, 03:46 PM
Hero76

Quote:

Originally Posted by HibbyAndy

These ***** are gonna get off scot free!! You just know it.

Although i am no expert in this I agree with the above, the most that will happen will be 15 point deduction for going into admin. UBIG/UKIO would be mad not to accept a offer of a few million, whats the alternative ?
If a consortium can get the club and ground debt free the offers will be stacking up.
23-05-2013, 03:49 PM
JeMeSouviens

Quote:

Originally Posted by CropleyWasGod

Just watching the Fedotovas video.

He says that the UBIG £10m debt is unsecured. I had understood that this was the subject of a floating charge.

Anyone?

Done some digging and have turned up their accounts (warning for those of a nervous disposition, cover contains cup final imagery :rolleyes:):

http://www.scribd.com/doc/140824200/...counts-2011-12

The very last page (note 24) is relevant. £15M of debt has gone to Ukio Bankas along with the fixed charge over Tiny and floating charge over the assets of the company.

So looks like the £10M to UBIG might have been shuffled to unsecured just in time for the Yams. Which, presuming the acquiescence of the Lithquidators, could potentially see them bump the taxman for £1M or so?
23-05-2013, 03:53 PM
StevieC

Quote:

Originally Posted by Hero76

Although i am no expert in this I agree with the above, the most that will happen will be 15 point deduction for going into admin. UBIG/UKIO would be mad not to accept a offer of a few million, whats the alternative ?

Take £2m a year out of the club in interest charges and loan repayments for the outstanding amount? :dunno:

Why take £5m all-in now when you could receive the same amount over a 3 year period (and still have security over all the assets)?
23-05-2013, 03:53 PM
proud_and_green

Quote:

Originally Posted by Kato

What he means is that they are self-reliant - as in they have to rely upon themselves to fund their endeavours. "Self-sufficient" means that they can meet their costs, which is a totally different thing. He's not very good with English is ol' Barry.

I was going to post exactly the same point.

This is all part of the PR machine to encourage prospective buyers. Although, it beats me why anyone would want to buy a football club other than as emotional purchase:

There is one certain way of making a small fortune and that is to invest a large fortune in a football club!
23-05-2013, 03:57 PM
Leithenhibby

Quote:

Originally Posted by Hero76

Although i am no expert in this I agree with the above, the most that will happen will be 15 point deduction for going into admin. UBIG/UKIO would be mad not to accept a offer of a few million, whats the alternative ?
If a consortium can get the club and ground debt free the offers will be stacking up.

I'll believe it when I see it :wink:
23-05-2013, 03:57 PM
Gus Fring

Quote:

Originally Posted by Hero76

Although i am no expert in this I agree with the above, the most that will happen will be 15 point deduction for going into admin. UBIG/UKIO would be mad not to accept a offer of a few million, whats the alternative ?
If a consortium can get the club and ground debt free the offers will be stacking up.

Where has this notion come from that Administrators will accept pennies for companies?

A significant part of the debt is secured! That fact is incredibly important and should not be ignored. Too many people are under the inaccurate assumption that an administrator will just take what offer they get and move on. If the offer isn't high enough, they will liquidate the company.

Nobody who thinks Hearts will be purchased a) cheaply and b) debt free has ever given an even remotely plausible scenario of how that could occur.
23-05-2013, 03:58 PM
JeMeSouviens

Quote:

Originally Posted by Hero76

Although i am no expert in this I agree with the above, the most that will happen will be 15 point deduction for going into admin. UBIG/UKIO would be mad not to accept a offer of a few million, whats the alternative ?
If a consortium can get the club and ground debt free the offers will be stacking up.

Sell Tiny to a property company who are happy to take £1M a year in rent off of any (old or new) club that wants to play there while sitting on the land for future development.
23-05-2013, 03:58 PM
proud_and_green

Quote:

Originally Posted by rosscarnie

Someone explain this, news to me

technical insolvency means that your liabilities outweigh your assets. It does not necessarily mean though that you will be declared insolvent though as you may actually be able to service your debt.
23-05-2013, 03:59 PM
Hero76

Quote:

Originally Posted by StevieC

Take £2m a year out of the club in interest charges and loan repayments for the outstanding amount? :dunno:

Why take £5m all-in now when you could receive the same amount over a 3 year period (and still have security over all the assets)?

Like I say Stevie Im no expert but I just have a feeling these ***** will walk away from this smelling of roses.
23-05-2013, 04:01 PM
Kato

Quote:

Originally Posted by Hero76

UBIG/UKIO would be mad not to accept a offer of a few million, whats the alternative ?

It's not up to UBIG/UKIO any more - it's up to the administrators of UKIO and the soon to be appointed administrators/liquidators of UBIG.

The alternative to making a few million by selling cheap could be to sell Tynecastle for a few million x3 and the shares in the FC for what they can get.

If you are out to maximise the amount coming back to the Lithuanian tax-payer what would you accept - 3-5M pounds or 7-10M pounds?
23-05-2013, 04:03 PM
Hero76

Quote:

Originally Posted by Kato

It's not up to UBIG/UKIO any more - it's up to the administrators of UKIO and the soon to be appointed administrators/liquidators of UBIG.

The alternative to making a few million by selling cheap could be to sell Tynecastle for a few million x3 and the shares in the FC for what they can get.

If you are out to maximise the amount coming back to the Lithuanian tax-payer what would you accept - 3-5M pounds or 7-10M pounds?

Thats the worrying part its out of Romanov;s hands now and there was no way he would have let the club go on the cheap.
23-05-2013, 04:07 PM
Kato

Quote:

Originally Posted by Hero76

Thats the worrying part its out of Romanov;s hands now and there was no way he would have let the club go on the cheap.

I find myself unworried as to Hearts fate.

What is exactly is there to worry about?
23-05-2013, 04:07 PM
Liberal Hibby

Quote:

Originally Posted by Hero76

Like I say Stevie Im no expert but I just have a feeling these ***** will walk away from this smelling of roses.

I guess if they are playing on Saughton Park they're more likely to be smelling of roses than they are at Tiny where they smell of the distillery...
23-05-2013, 04:11 PM
Phil D. Rolls

Quote:

Originally Posted by Hero76

Thats the worrying part its out of Romanov;s hands now and there was no way he would have let the club go on the cheap.

I think a couple of million for the brand is acceptable. Your looking at a name that's all. No stadium,no players, lower league.
23-05-2013, 04:17 PM
Stonewall

Quote:

Originally Posted by proud_and_green

technical insolvency means that your liabilities outweigh your assets. It does not necessarily mean though that you will be declared insolvent though as you may actually be able to service your debt.

I think the claim was made by David Glenn of PWC in their annual report into the financial health of Scottish football so It has some credibility. At the time our debt was at it's maximum (circa 16m I think), the original Sky TV deal had been lost and we had yet to sell the car park.