Share Transfers Agreed/Cooling off period

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Originally Posted by Filled Rolls

The wise man built his house upon the rock and all that.

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...And the foolish man built his upon a ****hole financed with stolen, toxic cash from Lithuania, yeah I remember that one.

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Originally Posted by H18sry

He is a decent guy, I've known him for a good few years, and he will be hurting just like we hurt in the past.

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I personally don't know him, I'm just going by his twitter and public comments in the media. Roaster.

Nae offence.:aok:

http://dailym.ai/129ZJb0

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Originally Posted by rcarter1

For reading addicted insomniacs...

Hearts. An Edinburgh Institution.

A bit like RBS. Both institutions pushed the financial boat far too far from the shore.
RBS, bailed by the government, the tax payer, continues to trade. The future of Hearts remains in the balance. Perhaps the Edinburgh rate payer should foot the 25 million bill? Or perhaps the UK government should lean on the Lithuanians to foot the bill – all in order for a football club to continue in its present form. A football club, that like RBS was the sole architect in its own downfall. Both examples of the hubris that rages throughout the capitalist free market economic model.

So how should Scottish football judge this sorry mess? On the one hand, having lost Rangers from the league, an argument can be made for protecting another prominent club from folding. This argument is based on very loose assertions that the SPL cannot survive, or is devalued without Hearts. The survival argument is tenuous at best – given that the loss of Rangers was far less damaging than had been predicted. The bottom line is, Hearts as an organisation created their current situation, and it is difficult to see why anyone should pay for their poor management.

Football is an emotive business of course. Sport attracts supporters in a way no other industry quite matches. A contest that epitomises the competitive spirit, it is pride that is at stake for those who pay through the turnstiles. This is the other side of the argument for those interested bystanders watching from the side lines.

Apart from the legalities of debt and financial fair play, sporting integrity is what matters most to many of Scotland’s football supporters. Supporters who see their pride damaged on the pitch by opponents gaining unfair financial advantage inevitably have no sympathy for those opponents suffering when the debts are recalled.

The supporters of Hibernian have more reason than most to hope for financial justice to be done to their rivals across the city. Years of derby domination by Hearts has been a hard slog for these supporters, in the knowledge that their own club were trying their hardest to make ends meet. The overwhelming sense of superiority held by many Hearts fans in this period, was all down to the financial plan of one man, Vladimir Romanov.

That his vision ultimately failed, his businesses bankrupt, and his financial support for Hearts withdrawn, is no direct fault of the Hearts fans, or any employee of the club. Nonetheless by buying into his vision, accepting his wages, shouting from the rooftops at their glory, they cannot now avoid facing whatever fate befalls them – and can expect no sympathy.

The 25 million pounds owed by Hearts to UKIO/UBIG, is ultimately part of a large pool of debt owed to a host of creditors - probably including Lithuanian taxpayers, who have no interest in Hearts or Scottish football. It is a sign of the mean and callous side of human nature, that there are many who would be happy to see these creditors foot the bill for all those players that passed through the gates of Tynecastle.

After all they are in Lithuania right? Surely we just send a gun boat to the Baltic Sea and call the whole thing quits. Or perhaps, the organisation responsible for accumulating this debt should be held accountable. If this results in the Stadium being sold, the club being liquidated, then how can this be seen to be in anyway unfair, or even harsh?

For sure there will be many people associated with Hearts who will be devastated, many club employees looking for jobs. Is it the Lithuanian creditor who is at fault and should suffer instead? Loss of jobs is always a personal tragedy, and it is an indictment of our society that a person can – through no fault of their own – go from respectable contributor, to drain on society overnight. Once again however it is Hearts financial imprudence that has most directly led to this.

From this observers view point, I hope that a Hearts team plays football, if not now, but in the future. In the meantime, I also hope that they reap what they have sown.

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Well written piece Mr Carter.

It's a stoic and objective observation and compares rather well to the childish and hysterical "5-1, 1902, we killed your club last May" nonsense we hear from Kickback and elsewhere.

I've copied it to my FB and credited it to you.

I would disagree with one thing though. You suggest that "The overwhelming sense of superiority held by many Hearts fans in this period, was all down to the financial plan of one man, Vladimir Romanov." I think Mercer started it, it was then continued by Robinson and finally taken to the extreme by Romanov.

Edit: PS I hope you don't mind, but I split it into paragraphs as it makes for easier reading. Cheers.

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Originally Posted by Kato

...And the foolish man built his upon a ****hole financed with stolen, toxic cash from Lithuania, yeah I remember that one.

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:agree: ..in a blast zone. On contaminated land. In a hemmed-in inner city location, making it nigh-on impossible to adapt it, to render it regulation compliant.



Acht well. Musn't grumble.
:fenlon

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Originally Posted by ...WentToMowAnSPL

Scary or Pleasing?
Hearts going into liquidation and life as a newco is inevitable, says former colleague of Vladimir ... http://t.co/3RoiSxWWPT

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Originally Posted by andrew70

http://dailym.ai/129ZJb0

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At last the media are waking up, or at least quoting people who are telling it like it is - a swindle.

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‘He invested way too much in Hearts,’ he said. ‘And it wasn’t his money. He is paying for his mistakes now.‘I told him that at the time — that’s why I left. I only understand one way of doing football business. The first part is to break even; the second is to make decisions about investment.

‘The problem was Romanov was spending money which belonged to the institutions. The management should have said something. They should have stopped it.’- Liutauras Varanavicius former chairman of UKIO Bankas

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How come hearts are in 60m debt? Can anyone explain this...

Seen a poster above

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Originally Posted by Leishy1995

How come hearts are in 60m debt? Can anyone explain this...

Seen a poster above

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It's not that they are £60m in debt. Romanov et al have invested £60m in the club over the years, and much of that has been forgiven or converted to shares.

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Originally Posted by Leishy1995

How come hearts are in 60m debt? Can anyone explain this...

Seen a poster above

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The various debt for equity swaps weren't a debt write off.

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Originally Posted by Leishy1995

How come hearts are in 60m debt? Can anyone explain this...

Seen a poster above

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That figure includes the debt for equity swaps and debt forgiveness manoeuvres that have been carried out over the years.

Cheers guys!

Their first 3 home games: us, the Sheep and Celtc ... and they think the SPL is against them? :rolleyes:

Still, after 3 (hopefully humiliating) defeats, the walk up support should be starting to dwindle. :cb

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Originally Posted by Dashing Bob S

I think the reaction by the sporting media to Hearts demise shames Scottish society. They shouldn't be selfishly asking whether the SPL can survive without Hearts, they should be considering the broader implications for western democracy as a whole.

In the thirties and forties, only Hearts stood between us and being kitted out in Hugo Boss today.

Now the fear is that we'll all have towels wrapped round our heads and be reciting verses from the Koran next season.

The only people who will be 'having a party' will be the Hitlers and Bin Laden's of this world.

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Can't believe I'm the first person giving you credit for this post...... Laughing so much I'm almost doing an impersonation of old pishy breeks :top marks

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Originally Posted by JeMeSouviens

Their first 3 home games: us, the Sheep and Celtc ... and they think the SPL is against them? :rolleyes:

Still, after 3 (hopefully humiliating) defeats, the walk up support should be starting to dwindle. :cb

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Not according to my calculatons.

They are more likely to kick off in Division Three in August and be at home to Annan Athletic on the opening day, followed by a trip to Stirling Albion.


:thumbsup:

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Originally Posted by brog

You're up early S! I posted identical a couple of days ago. Unless they can quickly sell some players, most unlikely, they have no income until start of next season & continual outgoings. I think administrators, will stick their head in (with a hobo clothes peg on their nose) take one look & sniff & declare this is a dead club, sorry institution.
They're doomed!!

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Pegs don't sell themselves B! Seriously though, prudently run and fiscally astute football clubs don't just run themselves :wink:

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Originally Posted by JeMeSouviens

Their first 3 home games: us, the Sheep and Celtc ... and they think the SPL is against them? :rolleyes:

Still, after 3 (hopefully humiliating) defeats, the walk up support should be starting to dwindle. :cb

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:top marks I just laughed when i saw their first 3 home games were the 3 largest money earners for them, so blatant and obvious what has went on.

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Originally Posted by PatHead

Any chance the new firm of Caversham, Cropley and Desantos can be appointed.

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That has a certain ring to it :agree:

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Originally Posted by CropleyWasGod

It's not that they are £60m in debt. Romanov et al have invested £60m in the club over the years, and much of that has been forgiven or converted to shares.

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Is this 60M that Ukio Bankas invested, possibly fraudulently, and would the auditors be entitled to look for it back through their administration process. Apologies for ignorance as I know sod all about accounting processes.

The current crisis at Tynecastle has generated a great deal of hyperbole.

Hearts are routinely compared with Third Lanark, Airdrieonians, Gretna, Clydebank, Dunfermline and the team formerly known as Rangers FC. Some observers would have us believe that the club is in imminent danger of liquidation.

There is, however, one fundamental difference between Hearts and these other troubled combinations which most observers have failed to mention. Heart of Midlothian remain the only football club in Great Britain whose fame is not solely founded on honours won on the sporting field.

Next year sees the centenary of the voluntary enlistment of a squad of idealistic young Hearts players in a battalion of Lord Kitchener’s New Army.

Their sacrifice single-handedly prevented the sport of professional football from being “stopped” by Herbert Asquith’s government.

In 2016 we will commemorate the centenary of the destruction of that magnificent battalion in one tragic hour on the Somme.

Growing up in Scotland in the 1960s I used to wonder at the open affection displayed towards Hearts throughout the country.

Prospective investors in the club must be made aware of the unique historical significance of this great Scottish institution.

Without Hearts, professional football as we know it would not exist.

Jack Alexander

McCrae’s Battalion Trust

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Originally Posted by Craig_in_Prague

They are in serious trouble, they have no cash and UKIO have a huge hole to fill and want the best return they can get from Hearts. That surely will be liquidation & the sale of the PBS.

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Would the best return not be to sell the club along with the debt? (That's what Murray did with Rangers)

They must be making close to £1m a year from the interest on the debt (assuming it can all be lumped together). Add to that some sort of "repayment" agreement and it's a nice little earner for the Lithuanian government over the next 50 years.

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Originally Posted by Dashing Bob S

I think the reaction by the sporting media to Hearts demise shames Scottish society. They shouldn't be selfishly asking whether the SPL can survive without Hearts, they should be considering the broader implications for western democracy as a whole.

In the thirties and forties, only Hearts stood between us and being kitted out in Hugo Boss today.

Now the fear is that we'll all have towels wrapped round our heads and be reciting verses from the Koran next season.

The only people who will be 'having a party' will be the Hitlers and Bin Laden's of this world.

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Originally Posted by The Story So Far...

The current crisis at Tynecastle has generated a great deal of hyperbole.

Hearts are routinely compared with Third Lanark, Airdrieonians, Gretna, Clydebank, Dunfermline and the team formerly known as Rangers FC. Some observers would have us believe that the club is in imminent danger of liquidation.

There is, however, one fundamental difference between Hearts and these other troubled combinations which most observers have failed to mention. Heart of Midlothian remain the only football club in Great Britain whose fame is not solely founded on honours won on the sporting field.

Next year sees the centenary of the voluntary enlistment of a squad of idealistic young Hearts players in a battalion of Lord Kitchener’s New Army.

Their sacrifice single-handedly prevented the sport of professional football from being “stopped” by Herbert Asquith’s government.

In 2016 we will commemorate the centenary of the destruction of that magnificent battalion in one tragic hour on the Somme.

Growing up in Scotland in the 1960s I used to wonder at the open affection displayed towards Hearts throughout the country.

Prospective investors in the club must be made aware of the unique historical significance of this great Scottish institution.

Without Hearts, professional football as we know it would not exist.

Jack Alexander
McCrae’s Battalion Trust

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:hmmm:

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Originally Posted by StevieC

Would the best return not be to sell the club along with the debt? (That's what Murray did with Rangers)

They must be making close to £1m a year from the interest on the debt (assuming it can all be lumped together). Add to that some sort of "repayment" agreement and it's a nice little earner for the Lithuanian government over the next 50 years.

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and who will buy the club with it's debts? The fans? lol

that is why I said without any real bidder, I can't see anything but liquidation.

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Originally Posted by The Story So Far...

The current crisis at Tynecastle has generated a great deal of hyperbole.

Hearts are routinely compared with Third Lanark, Airdrieonians, Gretna, Clydebank, Dunfermline and the team formerly known as Rangers FC. Some observers would have us believe that the club is in imminent danger of liquidation.

There is, however, one fundamental difference between Hearts and these other troubled combinations which most observers have failed to mention. Heart of Midlothian remain the only football club in Great Britain whose fame is not solely founded on honours won on the sporting field.

Next year sees the centenary of the voluntary enlistment of a squad of idealistic young Hearts players in a battalion of Lord Kitchener’s New Army.

Their sacrifice single-handedly prevented the sport of professional football from being “stopped” by Herbert Asquith’s government.

In 2016 we will commemorate the centenary of the destruction of that magnificent battalion in one tragic hour on the Somme.

Growing up in Scotland in the 1960s I used to wonder at the open affection displayed towards Hearts throughout the country.

Prospective investors in the club must be made aware of the unique historical significance of this great Scottish institution.

Without Hearts, professional football as we know it would not exist.

Jack Alexander

McCrae’s Battalion Trust

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Please tell me that's not real.

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Originally Posted by Kaiser1962

The problem with football is that cheating is endemic and accepted as part of the game, be it on the field or in the boardroom. Any punishments in football are lenient in the extreme which, in turn, makes the cheating viable.

Hearts being the latest example in that the vast majority of Hearts fans (and pundits) portray Hearts as the victims and fully expect that the club will emerge intact and debt free. And its not beyond the realms of possibility that they do so. They even have a sitting MP and Lord fighting their corner despite there very dubious financial dealing.

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Well said!! Yes, the Hearts situation is not good for football but Hearts only have themselves to blame. Every single one of the people connected with that club has reaped the benefits of Vlads funding using other people's money - and they have revelled in it. Few raised any concerns when it was all milk and honey. Jackie Mac is quoted in today's Mail that any Hibs fans who are dancing on Hearts grave are "narrow minded", when all focus should be on the how Hearts have cheated their way to trophies and should be punished for that. Hibs & Hibs fans are one of the main victims of Hearts cheating over the years, yet will receive not one penny in compensation. Our "compensation" is in seeing them rightfully punished. If they come through this relatively intact, that would be the biggest crime of all.

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Originally Posted by The Story So Far...

The current crisis at Tynecastle has generated a great deal of hyperbole.

Hearts are routinely compared with Third Lanark, Airdrieonians, Gretna, Clydebank, Dunfermline and the team formerly known as Rangers FC. Some observers would have us believe that the club is in imminent danger of liquidation.

There is, however, one fundamental difference between Hearts and these other troubled combinations which most observers have failed to mention. Heart of Midlothian remain the only football club in Great Britain whose fame is not solely founded on honours won on the sporting field.

Next year sees the centenary of the voluntary enlistment of a squad of idealistic young Hearts players in a battalion of Lord Kitchener’s New Army.

Their sacrifice single-handedly prevented the sport of professional football from being “stopped” by Herbert Asquith’s government.

In 2016 we will commemorate the centenary of the destruction of that magnificent battalion in one tragic hour on the Somme.

Growing up in Scotland in the 1960s I used to wonder at the open affection displayed towards Hearts throughout the country.

Prospective investors in the club must be made aware of the unique historical significance of this great Scottish institution.

Without Hearts, professional football as we know it would not exist.

Jack Alexander


McCrae’s Battalion Trust

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If that is real then Jack Alexander has lost the plot. Totally.

Alex Salmond says Hearts will survive administration :fenlon

http://www.scotsman.com/news/alex-sa...tion-1-2970919

First Minister Alex Salmond today said Hearts will survive its current financial woes and emerge “at the other end of the tunnel.”

The SNP leader is a lifelong fan of the Tynecastle club and told a gathering of business leaders in Edinburgh that it was a time of “great anxiety” for staff at the club.

Hearts’ parent company UBIG is expected to lodge papers at the Court of Session today indicating the accountancy firm BDO as the Edinburgh club’s administrators.

“The situation affects fans like myself,” he told the National Economic forum today.

“Heart of Midlothian is a substantial employer in this city. Like other clubs who have gone through this process, it’s a time of great anxiety for employees of Heart of Midlothian.

“But other clubs have gone through this process and emerged at the end of the tunnel and that’s’ what I fully expect Heart of Midlothian to do.

“We’ve been around for a long time and I expect we will be around for a long time to come.”

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Originally Posted by YehButNo But

Alex Salmond says Hearts will survive administration :fenlon

http://www.scotsman.com/news/alex-sa...tion-1-2970919

First Minister Alex Salmond today said Hearts will survive its current financial woes and emerge “at the other end of the tunnel.”

The SNP leader is a lifelong fan of the Tynecastle club and told a gathering of business leaders in Edinburgh that it was a time of “great anxiety” for staff at the club.

Hearts’ parent company UBIG is expected to lodge papers at the Court of Session today indicating the accountancy firm BDO as the Edinburgh club’s administrators.

“The situation affects fans like myself,” he told the National Economic forum today.

“Heart of Midlothian is a substantial employer in this city. Like other clubs who have gone through this process, it’s a time of great anxiety for employees of Heart of Midlothian.

“But other clubs have gone through this process and emerged at the end of the tunnel and that’s’ what I fully expect Heart of Midlothian to do.

“We’ve been around for a long time and I expect we will be around for a long time to come.”

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Really?

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Originally Posted by RickyS

Really?

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Yes reapplying as Newco without a ground to DIV 3. That's how they will survive!

The yams employ less than 200 people, mostly part time. Yet Alex Salmond thinks they are a major employer in Edinburgh. Clearly his grip on reality gets worse every day he get closer to the referendum. Can't trust a word he says.

HMV employed more people but he didn't bother his arse when they went into admin.

On a side note, the SPL fixtures are arranged by a company in Canada and its incredibly complicated. There's no way it was fixed in favour of Hearts. It'll be club 12 that's playing Celtic etc anyway, not Hearts.