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Yeah, but this ground isn't in the middle of a *****hole part of Weegieland. It might not have CALA drooling over it any more but it's got to be worth more as real estate than continuing use as a football stadium.Quote:
Originally Posted by EH6 Hibby
there could be trouble ahead:singing:
When are their wages due?
:faf::faf:
are you forgetting, there will be a huge new stand with a hotel complex attached to it one of these days:cbQuote:
Originally Posted by JeMeSouviens
Really really really hope you're right.Quote:
Originally Posted by JeMeSouviens
The Lithuanian Robert Maxwell's house of cards is crumbling. Good news to lift last night's gloom.
Thursday 14th if due in the middle of the month, normally meant to be paid on 16th Saturday.Quote:
Originally Posted by Sergey
Unless Hearts have cash in a separate bank or a safe at the PBS they really should stop trading as they will be incurring debts they have no means of satisfying.
Admin. here as well ? Cav./Cwg/ other learned people Hibs.Net need you. :greengrin
UBIG transferred 6.5M squids worth of their security over Tynie to UKIO a few weeks ago.Quote:
Originally Posted by JeMeSouviens
I'm sure someone was keeping Share issue ready cash in a suitcase just before Christmas.Quote:
Originally Posted by greenginger
Tick Tock......
Well done Vlad, you are playing a blinder:greengrin
Those will be the new shares that have yet to be lodged at Companies House?Quote:
Originally Posted by Treadstone
It looks like Vlad's parting gift was to rob the fans of circa £1,000,000 in cash :thumbsup:
I can't understand why the bank did not just bake a few cakes, that normally works for companies in trouble?
Ooh, I missed that. :aok:Quote:
Originally Posted by Kato
http://www.jamesmaybe.com/blog/wp-co...arty-squid.jpg
Not 100% sure but did the big huns not go into admin on valentines day last year? wonder if we'll have a repeat in 2 days time :devil:
NASDAQ announcement link for anyone who is interested:
https://newsclient.omxgroup.com/cdsP...ssageId=666870
Link for above copied statement:
http://www.finanznachrichten.de/nach...ointed-252.htm
Interestingly they are the most active in the NASDAQ shares trades. Volume of 86 trades, nearest if 47.
http://www.nasdaqomxbaltic.com/market/?lang=en
Ooh .... Fraud probe started now!
covers the period 2005/2012.
wonder if our pink chums will be involved?
V. Vasiliauskas: The priority of the Bank of Lithuania—continuity of the banking operations of Ūkio bankas
Vilnius, Lithuania, 2013-02-12 12:48 CET (GLOBE NEWSWIRE) -- The Board of the Bank of Lithuania considers its highest priority the restructuring of Ūkio bankas that would best guarantee further fulfilling of obligations to its clients, and would have the least influence on public finances. Such a provision was given to the temporary bank administrator, who has been ordered to assess, in no more than six days, the possibilities and means to restore the bank’s activities
“A lot will depend on the actual financial standing of the bank, which will be registered by the administrator and the auditors who inspect the bank, but our priority is clear—continuity of the operation of the bank in fulfilling obligations to its clients and ensuring that the restructuring would be the most effective, rational and cheapest means for the state in solving the problem,” said Vitas Vasiliauskas, the Chairman of the Board of the Bank of Lithuania, after a meeting with the temporary administrator of Ūkio bankas.
The Laws of the Republic of Lithuania lay down plenty of means to strengthen the stability of the financial system. The Republic of Lithuania Law on Financial Sustainability and the Law on Banks provide possibilities for the banks to render government guarantees, to transfer the problematic bank’s assets and obligations to another bank operating in Lithuania. The latter measure was adopted on 17 November 2011, when the Seimas approved the appropriate amendments to the Republic of Lithuania Law on Banks.
In order to find the fastest way of solving this problem, the Bank of Lithuania intends to immediately begin consultations with other banks regarding their participation in the restructuring of Ūkio bankas.
Transferring of obligations and assets to another bank will be implemented if the administrator’s detailed analysis will show that such means of restructuring are the most economical and rational.
On 12 February the Board of the Bank of Lithuania authorised Adomas Audickas, the temporary administrator, to examine and assess the financial standing of Ūkio bankas, the possible means of re-establishing the stability and reliability of the operation of the bank, and solutions to the bank’s problems. The Bank of Lithuania must be presented with a conclusion and proposals, along with interim financial statements from the assessment of the financial standing. The conclusion and proposals, inter alia, must provide a comparative feasibility analysis, the likely expenses and benefits of the possible means of re-establishing the stability and reliability of the operation of the bank and the effective implementation of solutions for solving the bank's other problems.
The Bank of Lithuania has indicated that the administrator’s conclusions on the re-establishment of the operation of Ūkio bankas must be presented within six days of being appointed. Taking into account the need to find a solution to the problem of Ūkio bankas in the most operative way, the Board of the Bank of Lithuania today called for the temporary administrator to present his conclusions and proposals as soon as possible.
The Bank of Lithuania
Public Relations Division
NASDAQ OMX
Baltic Market
Issuer Services
+370 5 272 1705
www.nasdaqomxbaltic.com
Quote:
Originally Posted by MacBean
Bit in bold is what got me...:cb
Beat me to it :pray:Quote:
Originally Posted by Hibee87
It could be that the small businesses around Edinburgh and the Lothians that have been waiting patiently for their money have missed the boat now. I wonder if we'll see a run of claims just so they have something legal to fall back on.
The big winners here will be Blacklocks :greengrin
:greengrin:greengrinQuote:
Originally Posted by blackpoolhibs
Mikey - I can't see any way how the yams can avoid administration now, as the administrator simply isn't going to pump cash into a failing business/black hole. This months wages won't get paid and the winding-up orders will be piling in as I type.Quote:
Originally Posted by Mikey
I'm off out to buy some bunting.
Just think how much bunting you'll be able to buy when they finish bottom :greengrinQuote:
Originally Posted by Sergey
It seems like great news on the face of it, but won't this just mean that Vlad is under more pressure to get Hertz off his hands?
He may be pressured into doing a deal with the devil.
I guess we'll know by Monday if that's happened or not. There is the possibility that UBIG could wire them the money I suppose?Quote:
Originally Posted by Sergey
Mapping Hearts' finances: Following the money at the Tynecastle club
http://sport.stv.tv/football/clubs/h...necastle-club/
It's hard to see how UBIG can survive now as they are surely what the regulator meant by 'risky investments'.
The administrator will need to protect depositors in the first instance and that will mean cashing in on the security over the PBS.
In our efforts to assist the ordinary depositors, we should set up a scheme whereby we pay to be allowed to drive a bulldozer for a day. Does anyone know if Stephen Dalton is a Hibby ?
SloopJB will be along the now wanting FACTS :greengrin
I'm past caring to be honest.
We've got enough problems of our own and these are the ones that really concern me.
i just cant help but.............
http://ranaarmoush.files.wordpress.c...ughing-men.gif
Did I read somewhere that ubig were also in severe financial trouble. If this is the case then the bank going into administration today might be the beginning of the end for the jambos. I get the feeling that the fat lady is clearing her throat
Why did you click on this thread thenQuote:
Originally Posted by Golden Bear
Been here so many times and always disappointed...
... But maybe, just maybe, this time it is over for the mutants.
Agree 100%. Said it before too, Hibs need Hearts and vice versa. What happens over the road happens - I just want a better, stronger Hibs on the park. We concern ourselves too much with that mob - I love beating them simple as that, so want them to survive. Nowt beats going into a working week having beaten Hearts - plus I know two of the younger coaches who are thoroughly decent guys - it's just their fans I find nauseating at times :-)Quote:
Originally Posted by Golden Bear
It's an opinion. I think we're still allowed them.Quote:
Originally Posted by lord bunberry
My question is this - where's that Daffy Duck avatar when you really need it?
There are problems, and there are problems? Ours are mere moleholes compared to the much bigger molehills across the city.Quote:
Originally Posted by Golden Bear
I posted this link last week (sorry - it's in Lith)Quote:
Originally Posted by lord bunberry
http://verslas.delfi.lt/verslas/ubig....d?id=60596587
The headline reads "UBIG has pledged all its assets"
I don't see them wiring over the Jan/Feb wages for the yams, as they clearly don't have a pot to piss in.
Over in Yamland, they can't understand the implications but plenty of their 'correspondents' are suggesting a look over here to get the detailed analysis. Pretty certain it is without any sarcasm.
Do you have any real evidence that robbo is a lady?Quote:
Originally Posted by lord bunberry
TBH on my part, I have never followed closely all the UKIO, UBIG & any other parts of the group, but stick me down in the list that hopes Hearts go tits up and fold. Good riddance to bad rubbish.
Jambos on Facebook (Clearly in denial or just ignorant)
"The bank has nothing to do with us, won't affect us"
:hyper::scarf::faf:
Interesting bit from Lix's post
The shareholders of Ūkio bankas and the management did not fulfil the loan
restructuring plan, disregarded the Bank of Lithuania’s order to essentially
reduce the part of the loan portfolio related to the main shareholder, or they
only formally complied. Particularly the loans issued to companies related to
the main shareholder make up the largest part of the problem loan portfolio.
Sounds like a reference to Vlad's er... empire to me - loss making empire held up by the bank. Not for much longer I suspect
Quote:
Originally Posted by EdinMike
You forgot stupid.
If the bank is being restructured then another bank may take on the debt. They could either keep the debt on the same terms, restructure the debt meaning higher interest payments or call it in. Looks like all options are outwith Vlads control. Interesting next few days and weeks ahead.
There is "No real direct link between Ukio & HMFC" according to Mark Donaldson.Quote:
Originally Posted by EdinMike
:rolleyes:
I didn't want to be too mean :wink:Quote:
Originally Posted by Treadstone
Anyway.. If I knew you were dieing...
http://www.youtube.com/watch?v=honSSKeXME8
Nah. I'm willing to risk the disappointment of never playing them again. And I'm not up for putting a sympathetic spin on it just because a couple of decent guys work for them. They are a despicable outfit through and through and I for one would happily dance on their grave. Mind you, I don't see it happening and they'll come out of jt smelling of roses as usual.Quote:
Originally Posted by truehibernian
Is there a pretend one then?Quote:
Originally Posted by makaveli_619
That lot are in complete denial. :faf::faf:Quote:
Originally Posted by makaveli_619
amazing :)
as the guiness advert once said
"tick follows tock" :greengrin
Quote:
Originally Posted by makaveli_619
What a pathetic, misinformed quote from an alleged, in-the-know journalist to make.
(It wouldn't surprise me one jot if the PR folks at HoMFC release a statement later today along similar lines)
Do any of our financial experts know if this is true? Is there any evidence from their annual reports as to their creditors or even who they bank with?Quote:
Originally Posted by makaveli_619
I would suggest Ukios floating charge of £6.8m over Tynecastle IS A DIRECT LINK
Apart from the fact they own Tynecastle.Quote:
Originally Posted by makaveli_619
Do they?Quote:
Originally Posted by scoopyboy
Is it the case that UKIO not UBIG now have the floating charge over the pink Savile dome?
If so, Saughton Park had better start building ash terracing.
Donaldsons last couple of tweets
Mark Donaldson @Donaldson007
Indirect link to Hearts - since December, Ukio Bankas has owned a company that owns 17 percent of UBIG shares.
Expand
1h
Mark Donaldson @Donaldson007
Ukio Bankas is a business arm of UBIG, just like Hearts is. HMFC debt, on the whole, owed to UBIG. No real direct link between Ukio & HMFC.
Expand
From Yakback - "Hearts own Tynecastle. If Hearts decide to sell it, it will be to raise funds for Hearts."
I'd say that he's not the sharpest tool in the box.
Look at me - I own a £3 million villa in the south of France. Ok, I have a £2.9 million mortgage on it which I can't pay. If I sell it, can I keep the £3 mil ?
Worth re-quoting the Bloomberg article from last week, I feel.
"UBIG, which controls Scottish football team Hearts, on Jan. 8 took advantage of a new Lithuanian law allowing the company to pledge all of its assets as collateral for a purpose it has not disclosed."
Sounds legit. :agree:
Until I see the headline "Heart of Midlothian definitively cease trading and plunge into eternal obscurity" all these debt collection/UKIO etc stories are ripples in a far off ocean as far as I'm concerned.
Quote:
Originally Posted by makaveli_619
So what does this actually mean? **** all is going to happen in this instances....again?
Hearing a lot of people talking about lad possibly selling hearts off on the cheap just to get rid but I am not sure he can do it now. If ukio have security over Tynie I am not sure it will be in his powers to do so. I am pretty sure at potential buyers wouldn't rush into a sale either without being sure that vlad has written the debt off.
This surely can't be good news for hearts, if hearts don't have any money left, no bank in the uk would provide overdrafts etc and they will just keep defaulting.
2 floating charges satisfied in full by hearts in the last two days, can't find out whom they were due to though (they've cleared all the bank of Scotland ones over the last month or so).
Still at least one floating charge in effect due to ubig (rather than ukio). Info may be incomplete, only had a cursory glance.
More like If I have a piggery of a stadium in Edinburgh worth between £5m and £7m and have a £28m mortgage on it which I can't pay........Quote:
Originally Posted by Joy Zipper
(BN) Lithuanian Lender Ukio Suspended in Latest Baltic Bank Blow
(1)
+------------------------------------------------------------------------------+
Lithuanian Lender Ukio Suspended in Latest Baltic Bank Blow (1)
2013-02-12 14:53:36.930 GMT
(Updates with fraud probe starting in third paragraph,
EBRD in penultimate.)
By Bryan Bradley
Feb. 12 (Bloomberg) -- Lithuania suspended the operations
of Ukio Bankas AB, the nation’s sixth-largest lender by assets,
threatening the existence of a fourth Baltic bank in less than
five years.
Ukio had insufficient capital and liquidity and refused to
stop lending money to companies associated with majority owner
Vladimir Romanov, who also owns Edinburgh soccer club Heart of
Midlothian Plc, the central bank, based in Vilnius, the capital,
said today in an e-mailed statement. Prosecutors said they’d
investigate “suspicious transactions” between 2005-2012.
The central bank’s move follows the demise of Lithuania’s
Snoras Bankas AB, which was declared insolvent and nationalized
in 2011. Its Latvijas Krajbanka AS unit in neighboring Latvia,
where Parex Banka AS needed a government bailout in 2008, was
also shut down. Ukio’s shares have plunged 40 percent since
October amid net losses, concerns about loan quality and probes
into alleged money laundering that the bank denies.
“Bankruptcy is the last option -- our priority is for Ukio
Bankas to continue operating after a restructuring,” central
bank Chairman Vitas Vasiliauskas told reporters today in
Vilnius. “‘All other banks operating in Lithuania and foreign
bank branches implement prudential requirements and there’s no
risk to their stability.”
Shares Halted
The Nasdaq OMX Vilnius stock exchange said today in a
statement that it had suspended trading of Ukio shares at the
central bank’s request. They last traded at 12:58 p.m. in
Vilnius at 0.093 euro each. Aukse Armonaite, a spokeswoman for
Ukio, didn’t answer repeated calls to her mobile phone or e-
mails seeking comment.
Russian-born Romanov owns 64.9 percent of Ukio, which lost
44 million litai ($17 million) in the first nine months of 2012.
Loans to companies related to him comprise the largest part of
Ukio’s problem-loan portfolio, according to the central bank.
“The shareholders and management of Ukio didn’t fulfill
the loan-restructuring plan and disregarded the Bank of
Lithuania’s order to reduce the part of the loan portfolio
related to the main shareholder,” it said in its statement.
The Kaunas-based bank’s situation is better than that of
Snoras, Vasiliauskas said. The central bank appointed Adomas
Audickas, a former deputy economy minister, as temporary
administrator to assess and report on Ukio within six days.
Fraud Probe
Prosecutors started a probe into possible large-scale fraud
at the lender based on information provided by the central bank
covering 2005 to 2012, according to an e-mailed statement today.
Siauliu Bankas, a Lithuanian lender whose biggest
shareholder is the European Bank for Reconstruction and
Development, told the central bank today that it would be
prepared to participate in any possible restructuring of Ukio,
Vasiliauskas said.
The EBRD “is monitoring the situation carefully,” London-
based EBRD spokesman Axel Reiserer said by phone. “We stand by
what we’ve said before about having a firm commitment to support
the Lithuanian banking sector.”
Vasiliauskas said a merger of some sort with Siauliu was
one of three or four possible resolutions to the Ukio situation.
Statement fi their fishy site
Heart of Midlothian FC today issued the following statement in regard to the announcement in Lithuania that Ukio Bankas has entered temporary administration.
Sergejus Fedotovas, director of Hearts, stated: "The Board wishes to make it clear that Heart of Midlothian plc and Ukio Bankas are two separate companies.
"Hearts is majority owned by Ukio Banko Investicine Grupe (UBIG), a multi-national business conglomerate. UBIG is an entirely separate entity and stands alone from Ukio Bankas.
"At a service and operational level, Ukio Bankas does provide the club with some banking services and debt facility and the Board is liaising with Ukio Bankas on these matters.
"The supporters of Hearts can be assured that the Board of the club continues to be diligent in financial matters and we believe that today's events in Lithuania will have very little affect on our day-to-day business."
Now how to I disinfect my PC?
I was being too kind !Quote:
Originally Posted by PatHead
Right, the link between HoMFC, UBIG and Ukio.
HoMFC owe UBIG something in excess of £22m - that is secured on all the assets of HoMFC.
UBIG owe Ukio an undetermined amount in excess of £6.8m.
UBIG have transferred to Ukio £6.8m (plus interest) of the security they hold over HoMFC's assets, but they haven't transferred the debt.
HoMFC still owe UBIG £22m+ and don't owe Ukio anything events at Ukio don't change the debt even if Ukio were to write off the amount owed to them by UBIG.
Their problems start if and when Ukio's administrator starts calling in the debts - he will first go to UBIG and if they can pay nothing good or bad happens to HoMFC. If UBIG can't pay the administrator is likely to either go after HoMFC's assets - i.e. force the sale of Tynie or serve a WUP on UBIG either way he will get his £6.8m.
As I've said before, UBIG simply can't sell a debt-free HoMFC for less than about £7m as they'd effectively be paying someone to take it away. This is not in any way good news for the yams.
Official statement from Yam Land (from an UBIG Director):
I just don't believe the last sentence as their day-to-day finances are now out of their control.Quote:
Heart of Midlothian FC today issued the following statement in regard to the announcement in Lithuania that Ukio Bankas has entered temporary administration.
Sergejus Fedotovas, director of Hearts, stated: "The Board wishes to make it clear that Heart of Midlothian plc and Ukio Bankas are two separate companies.
"Hearts is majority owned by Ukio Banko Investicine Grupe (UBIG), a multi-national business conglomerate. UBIG is an entirely separate entity and stands alone from Ukio Bankas.
"At a service and operational level, Ukio Bankas does provide the club with some banking services and debt facility and the Board is liaising with Ukio Bankas on these matters.
"The supporters of Hearts can be assured that the Board of the club continues to be diligent in financial matters and we believe that today's events in Lithuania will have very little affect on our day-to-day business."
ah so it's all ok then. :greengrinQuote:
Originally Posted by vince1973
In the last week Vlad has lost his basketball team and now his bank. Why is he still holding onto HOMFC?Quote:
Originally Posted by Caversham Green
So it's fair to say the situation will turn on the solvency of UBIG? What interests do they have other than hearts?Quote:
Originally Posted by Caversham Green
Effect.Quote:
today's events in Lithuania will have very little affect on our day-to-day business
Illitrits.
“The shareholders and management of Ukio didn’t fulfill
the loan-restructuring plan and disregarded the Bank of
Lithuania’s order to reduce the part of the loan portfolio
related to the main shareholder,”
No problem. Vlad (UKIO) has merely loaned money to himself (HMFC, UBIG). For years the Yams have been telling us that such a move is perfectly OK. Some people think its all over.....................it might be now.
would have thought any Floating Charge would have been slapped on long time ago. in which case, they're up the street that stinks of poo poo. Asset = Pink Bus thing.Quote:
Originally Posted by green glory
And debt must come in to satisfy others.
A huge big, OH DEAR!
Think i'm right in saying that if its anything like administration over here, what His Royal Vladness may or may nor want to do is immaterial. The administrators have final say on what happens now at UKIO, not their management/ownersQuote:
Originally Posted by HFCDaveA
I'd be even more nervous being one of the entities owned by UBIG looking at how some of them have went recently. Two cheeks of the same arse is the phrase that springs to mind.Quote:
Originally Posted by Sergey
Aye apart fi ma PC being tainted by going on that site, I feel dirty :jamboak:Quote:
Originally Posted by bighairyfaeleith
Quote:
Originally Posted by vince1973
Now, can anyone see where the problem might lie if UKIO are due to pay the players wages in the next few days?Quote:
Originally Posted by cutting from initilal announcement
I'll bet his failed Edinburgh branch and his flawed St Andrew Square building seems an awful long time ago.
Down Periscope....
Exactly how I see it. :rolleyes::fibber:Quote:
Originally Posted by Caversham Green
My favourite bit of Hearts statement "the Board of the club continues continues to be diligent in financial matters"
Obviously means they aren't paying this week's wages
UBIG make up the difference. Ukio don't pay anything.Quote:
Originally Posted by Twa Cairpets
Think I'll just sit back and wait for all this to blow over.
http://d22zlbw5ff7yk5.cloudfront.net...4a71dae099.gif
Classic steve gif.
From the various bits of news posted on here today regarding UKIOs administration, the bit that stands out most for me (from Lix's Bloomberg extract a couple of hours ago) is this;
Now, I assume that these associated companies include UBIG and therefore through association, HMFC. Are we to assume that this lending from insufficient capital is what has been keeping HMFC alive (along with the bakes sales and stealing from childrens piggy banks)? If so then I cannot see how Hearts are going to survive short term as the administrators are unlikely to allow this funding to continue.Quote:
Ukio had insufficient capital and liquidity and refused to
stop lending money to companies associated with majority owner
Vladimir Romanov.
Without wanting to seem too smug...
Attachment 9357
Thats Sean of the Dead. Just brilliantQuote:
Originally Posted by SteveHFC
Official statement from Yam Land (from an UBIG Director):
I suppose this gives them time to pack their bags & leave the country, but obviously not to Lithuania...
Anyone else notice that UKIOS value when shares ceased trading was just more than the debt owed by Hearts alone to UBIG. £28.2m.
A statement made by the same board that told Hearts fans they had a Director of Football working undercover :greengrinQuote:
Originally Posted by Sergey
The list of porkies is quite lengthy..................
Not their lucky day....
Jane Lewis@JaneLewisSport#Hearts says Captain Marius Zaliukas could be out for up to 2 months after a scan revealed he's torn ankle ligaments.
Quote:
Originally Posted by s.a.m
:faf:
been a lurker way too long here in this forum. Waiting for the "smell of yam" comments :na na:. Just managed to get a bite from Mark Donaldson on twitter.
Mark Donaldson@Donaldson007@itslegaltender @HibernianFans I can report, direct from the horse's arse, that there are in fact no tanks in the centre of Baghdad ;-p
rangers sold ibrox to newco with what it seems like no fuss expect the other dark force to do something similar.
keith allen should investigate
Seniors a Celtic supporter , juniors a yamQuote:
Originally Posted by Seveno
Rangers had a very friendly Adminstrator. Expect Hearts not to :greengrinQuote:
Originally Posted by pacorosssco
the word "believe" says it all from Fed-it-toe-fart. going under all day long Yambos :)Quote:
Originally Posted by Sergey
no sympathy for the Balkan dud.Quote:
Originally Posted by s.a.m
Well, to be fair it is true - Finances were a basket case before UKIO went into admin and remain a basket case afterwards too. :greengrinQuote:
Originally Posted by Sergey
Because he can't sell them for less than £7m and they're not worth 7p.Quote:
Originally Posted by Fat Penlon
Their main other interest is the Birac aluminium plant that hasn't been paying its employees since last summer....Quote:
Originally Posted by SunshineOnLeith
....like they do with their other employees? Or like they've done over the last three or four months with the yams?Quote:
Originally Posted by Danderhall Hibs
It looks like Ukio is the bank that all the proceeds from the face-baking and cake-painting activities went to, and they can't get them back out now.
I'm going to stick my neck out now and predict that Hearts will be at least in admin by the weekend and have possibly played their last game.
And the thought makes me very Happy.:agree::flag::flag::party: