Share Transfers Agreed/Cooling off period

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Originally Posted by desantos0773

of sun, winding up orders, lquidation, administration and bankruptcy. And I thought it was going to be empty without the fitba!

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Do you have any info on what's going to happen to them?

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Originally Posted by HoboHarry

I'm not a financial guy and don't pretend to understand much of this. However what I am curious about is why they are hanging on so long? By them I mean Sergejus Fedotovas and his ilk. Seemed like Vlad gave up pretty quick on Kanuas, basketball team etc etc. Not to mention the aluminium plant etc. Why are they trying so hard to keep Hearts alive? What will it gain for them in realistic terms?

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They don't want anyone finding out how much dirty money has been laundered through Hearts would be my guess.

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Originally Posted by Hermit Crab

Do you have any info on what's going to happen to them?

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I don't have a definitive order of events but some combination of all of the above!

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Originally Posted by desantos0773

I don't have a definitive order of events but some combination of all of the above!

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I wouldn't be too confident of it being sunny :everythin

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Originally Posted by EH6 Hibby

They don't want anyone finding out how much dirty money has been laundered through Hearts would be my guess.

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:agree:

Hearts is to Romanov what the Car Wash is to Walter "Heisenberg" White.

Additionally, the statement on the BBC would be exactly what I would expect. They don't want to panic any other creditors

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Originally Posted by desantos0773

of sun, winding up orders, lquidation, administration and bankruptcy. And I thought it was going to be empty without the fitba!

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Is liquidation likely? :rockin:

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Originally Posted by Hiberniankb

Is liquidation likely? :rockin:

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Was referring to UBIG. Administration to avoid winding up then bankruptcy.

Ok, my tuppence worth.

HMRC are playing the same game that they have been playing for some time now, with great success. They know that, in the event of administration or liquidation, they will get nothing. Therefore, the "short choke-chain" of threats has been employed and, thus far, it has worked; everything that is agreed as owed by Hearts has been paid. If they are late, in goes the threat of winding-up, and back comes the money.

Every time HMRC do it, of course, may be the last. They know that, but I don't see that they have any option.

I would like to see them continuing to play the same way for the rest of the summer. It's our money, remember, so we have a vested interest in their being successful. However, we all know that there is only so much blood in a bloodied turd.

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Originally Posted by CropleyWasGod

Ok, my tuppence worth.

HMRC are playing the same game that they have been playing for some time now, with great success. They know that, in the event of administration or liquidation, they will get nothing. Therefore, the "short choke-chain" of threats has been employed and, thus far, it has worked; everything that is agreed as owed by Hearts has been paid. If they are late, in goes the threat of winding-up, and back comes the money.

Every time HMRC do it, of course, may be the last. They know that, but I don't see that they have any option.

I would like to see them continuing to play the same way for the rest of the summer. It's our money, remember, so we have a vested interest in their being successful. However, we all know that there is only so much blood in a bloodied turd.

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I totally understand why HMRC are going in this direction but I think "great success " is a tad optimistic. I'm still not sure whether Yams are paying the £1.6mm penalty monthly or quarterly but at present it's unlikely more than 20/30% will have been paid. If Yams fold in summer I doubt HMRC will see any more of the balance. I'm not sure what else they can do but I think we as tax payers will be shafted again, as per Sevco..

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Originally Posted by Bajillions

:agree:

Hearts is to Romanov what the Car Wash is to Walter "Heisenberg" White.

Additionally, the statement on the BBC would be exactly what I would expect. They don't want to panic any other creditors

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:top marks for the Breaking Bad reference!

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Originally Posted by Treadstone

Makes you wonder how Craig Whyte got away with not paying for 9 months.:wink:

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I think Rangers, up until then, had been regular payers with no previous defaults. It was also HMRC that finally forced the issue at the Hun.

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Originally Posted by Bajillions

Hearts board seem to have gotten all their financial experience from playing monopoly, thus far they've been lucky with the Community Chest cards.

http://i39.tinypic.com/n1cpic.jpg

But we all know you can't rely on these to help with cashflow because whilst Hearts may be hoping for

http://i43.tinypic.com/2zoby13.jpg

They are far more likely to end up with

http://i40.tinypic.com/35lrsj4.jpg

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Those Hearts cards are very badly printed. The "a" in Community Cheat looks like an "s". :tsk tsk:

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Originally Posted by lapsedhibee

Those Hearts cards are very badly printed. The "a" in Community Cheat looks like an "s". :tsk tsk:

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Let the Photoshop spree begin... :greengrin

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Originally Posted by brog

I totally understand why HMRC are going in this direction but I think "great success " is a tad optimistic. I'm still not sure whether Yams are paying the £1.6mm penalty monthly or quarterly but at present it's unlikely more than 20/30% will have been paid. If Yams fold in summer I doubt HMRC will see any more of the balance. I'm not sure what else they can do but I think we as tax payers will be shafted again, as per Sevco..

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B - I'm certain that the money to HMRC is being paid back monthly. IIRC - Fedotovas mentioned this at their recent AGM.

Also, other monthly outgoing monies that won't show on previous balance sheets/annual accounts is the £20k monthly repayment of the £10M unsecured UBIG debt, plus the interest payments at circa £35k.

That's a lot of money to find over and above their day-to-day operating costs.

What a glorious day again today. The sunshine was just an added bonus :-D

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Originally Posted by Sergey

B - I'm certain that the money to HMRC is being paid back monthly. IIRC - Fedotovas mentioned this at their recent AGM.

Also, other monthly outgoing monies that won't show on previous balance sheets/annual accounts is the £20k monthly repayment of the £10M unsecured UBIG debt, plus the interest payments at circa £35k.

That's a lot of money to find over and above their day-to-day operating costs.

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he also mentioned that hearts are self sufficient and that all the money from ST sales would go to the playing staff!!

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Originally Posted by desantos0773

I don't have a definitive order of events but some combination of all of the above!

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Thanks :)

I'm sure that I'm not alone in pledging to this worthy cause, but I've received one solitary email and nowt else.

Are this mob just a bunch of attention seeking charlatans or what is their exact raison d'etre? It certainly doesn't look like pooling money is of great importance.

They're going to get one hell of a shock when they finally do ask for the promised cash.

What I really love is they have a thread over on brokeback going on about signing players ...... According to our financial guru at work ( a yam no less!) he says that if the £2.5 mill deficit is true (from AGM) then with all that's happening with UKIO and UBIG their *only* hope of lasting another 6 months is to be seen to have addressed that deficit moving forward.

To have a chance of survival they need to forget about new players and off load as much "cost" as possible. If they do that then a Lith admin "might" try selling them as a going concern.

He's not hopeful :D

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Originally Posted by Sergey

I'm sure that I'm not alone in pledging to this worthy cause, but I've received one solitary email and nowt else.

Are this mob just a bunch of attention seeking charlatans or what is their exact raison d'etre? It certainly doesn't look like pooling money is of great importance.

They're going to get one hell of a shock when they finally do ask for the promised cash.

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It's pointless them trying to get any money now as they won't raise anywhere near what is required. They also can't buy Hearts just now because the assets are still frozen.

A yam could win the Euromillions and offer to buy the club for £10m and they would get turned away. Way too many yams and the media overlook this very important fact frequently because it's inconvenient.

My favourite part about all of this is that the loonys running the asylum over there really haven't got the first clue about how to save Hearts. It's like watching a blind surgeon do open heart surgery on your worst enemy.

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Originally Posted by Bajillions

It's pointless them trying to get any money now as they won't raise anywhere near what is required. They also can't buy Hearts just now because the assets are still frozen.

A yam could win the Euromillions and offer to buy the club for £10m and they would get turned away. Way too many yams and the media overlook this very important fact frequently because it's inconvenient.

My favourite part about all of this is that the loonys running the asylum over there really haven't got the first clue about how to save Hearts. It's like watching a blind surgeon do open heart surgery on your worst enemy.

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If they had any sense they would of started trying to collect pledges months ago so they could build up a bit of cash to make a bid. As it stands they have the square root of **** all to make a bid when hearts can actually be bought (which will be after a 15 point deduction at the very least)

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Originally Posted by #FromTheCapital

If they had any sense they would of started trying to collect pledges months ago so they could build up a bit of cash to make a bid. As it stands they have the square root of **** all to make a bid when hearts can actually be bought (which will be after a 15 point deduction at the very least)

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I reckon they know they aren't going to get anywhere near enough so don't want to collect money as they'll just have to return it all anyway. Save themselves the inevitable headache of returning pledges.

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Originally Posted by Bajillions

I reckon they know they aren't going to get anywhere near enough so don't want to collect money as they'll just have to return it all anyway. Save themselves the inevitable headache of returning pledges.

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Stop it folks, your going to start making me well up.



















Greeting wi laughter :faf:

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Originally Posted by Bajillions

It's like watching a blind surgeon do open heart surgery on your worst enemy.

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I'm enjoying this simile of their situation.

PLEASING :fenlon

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Originally Posted by brog

I totally understand why HMRC are going in this direction but I think "great success " is a tad optimistic. I'm still not sure whether Yams are paying the £1.6mm penalty monthly or quarterly but at present it's unlikely more than 20/30% will have been paid. If Yams fold in summer I doubt HMRC will see any more of the balance. I'm not sure what else they can do but I think we as tax payers will be shafted again, as per Sevco..

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Personally, I think HMRC have played this one just right.

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Originally Posted by CropleyWasGod

Personally, I think HMRC have played this one just right.

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I'll think the same (if they snap them in two like a small twig).

Heriot watt have been quiet in all of this. Have they paid their tenancy to use the facilities?

Here's a conundrum.

UBIG are going to experience an insolvency event anytime in the next few weeks. This will trigger a 15 point penalty. If Hearts themselves enter Administration after UBIG this could feasibly trigger a further deduction (at the SPL's discretion)

However, what happens if UBIG's insolvency event happens after Hearts? It could be seen as even harsher to punish them for the parent company when the club itself is already in Admin.

What's to stop Hearts from diving feet first into Administration in an effort to try and keep some degree of control over the situation?

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Originally Posted by Bajillions

Here's a conundrum.

UBIG are going to experience an insolvency event anytime in the next few weeks. This will trigger a 15 point penalty. If Hearts themselves enter Administration after UBIG this could feasibly trigger a further deduction (at the SPL's discretion)

However, what happens if UBIG's insolvency event happens after Hearts? It could be seen as even harsher to punish them for the parent company when the club itself is already in Admin.

What's to stop Hearts from diving feet first into Administration in an effort to try and keep some degree of control over the situation?

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That's the only reason I could see them doing it. As others have said, for the moment they remain a source of income for a few individuals. Hence they are keeping things going, notwithstanding the fact that they are probably breaking the law by doing so.

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Originally Posted by CropleyWasGod

Personally, I think HMRC have played this one just right.

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I agree. Was speaking to a CA mate of mine who reckons similar and that lessons have been learned from the Rangers shambles where he reckoned HMRC made an awful lot of mistakes in their handling of.