Well Patey is saying the opposite in the Scotsman, "fans don't need to worry too much at this point."Quote:
Originally Posted by vince1973
Printable View
Well Patey is saying the opposite in the Scotsman, "fans don't need to worry too much at this point."Quote:
Originally Posted by vince1973
...although another article speculates:Quote:
Originally Posted by Jim44
THE company that’s in trouble [Ukio Bankas] is not the one that’s lent £24.4 million to Hearts, so on the face of it that’s good.Hearts have confirmed that there is some debt provided by Ukio Bankas which they are now negotiating with as to what that means and whether that has to be repaid.
If it does need to be repaid, the question is where do they find the resources?
If they can’t, is there any security – eg, Tynecastle football stadium – which might have been pledged as security on the loan?
If there’s debt within Hearts held by the bank then there could be trouble. There’s a possibility, depending on the terms of that debt, that it could be recalled, and repaid as soon as possible, and Hearts may not have the resources to cover it.
Personally I hope Patey is correct, he does seem to know what he's on about, especially within eastern european financial sector, heres hoping anyways :greengrinQuote:
Originally Posted by Jim44
If this was Hibs I would be extremely concerned - although to be fair I would have been concerned for the last seven (ish) years.Quote:
Originally Posted by Jim44
What I dont get is that the Yamtards seem to think 'Its ok we are self sufficient now'
Firstly, are they really? I remember it being a long process for Hibs to be 'self sufficient' if we even are at all now. Is it not more true that they are self sufficient as long as their borrowing facilities remain favourable? Surely the collapse of UKIO is going to change all that and yet, hardly a peep out of them. Deserve whats coming IMO.
Thanks Caversham really getting an understanding on this from you and others(by the way where is Part Time Supporter these days ?).Quote:
Originally Posted by Caversham Green
A couple of questions though : How does debt at this level work ? Is there a repayment schedule whereby UBIG could default or does the debt, while accruing interest, just get serviced when UBIG can pay something towards it ?
For arguments sake if UKIO ceased all trading today and vanished what would happen to the security ?
On the basis of their last accounts Hearts are still far from self-sufficient. Because of their chronic losses they have no reserves or credit-worthiness and they need to get their total wages bill down to less than £2m just to break even (that's SFL1 levels). Their massive debt remains, and if that is called in for any reason they're Donald Ducked.Quote:
Originally Posted by EuanH78
Hibs have made losses over the last couple of years but the healthy profits from earlier years provided some reserves (they had about £1m in the bank at the start of this season) so they are self-suffient for the time being, but it's getting tight. They have improved the infrastructure and reduced the cost base though, but it needs to start being reflected on the pitch.
How the debt works depends on the agreement between the bank and the company. If it's a straight loan there will be a repayment schedule similar to a mortgage and if UBIG defaulted Ukio would eventually force the sale of assets or call in the liquidators. It could also be an overdraft arrangement whereby the overdraft has a fixed ceiling and when it reaches that no more funds are available. However, interest would still be accruing so the balance would automatically exceed the ceiling and Ukio would eventually force the sale of assets...etc... That latter arrangement is effectively what UBIG provided to the yams and the ceiling has now been hit.Quote:
Originally Posted by Treadstone
For your second question, Ukio couldn't just vanish - they have creditors and investors who would want their money out, so a liquidator would be called in (no scope for an administrator if they ceased trading) and he would chase up all the debts. The security would either be enforced by the sale of assets - in which case HoMFC's debt level would fall but they'd have no stadium or other assets, or it would be paid off by UBIG in which case HoMFC's debt level would stay the same but the security would revert to UBIG. There is the possibility of the liquidator selling the debt to another bank but the secondary nature of the security and the dubious health of the debt probably makes that less lucrative than the other courses of action.
http://m.15min.lt/en/article/busines...ons-527-306235
The picture at the bottom of that article reminds me of when Northern Rock were going bust and there were queues all the way up Castle Street of folk waiting to get in to empty there current and savings accounts.
Thanks Caversham.
I knew the second question was a bit of a reach on my part.
I read the book 'The Big Short' a couple of years ago and always remember the part that said a California fruit picker had a $750,000 mortgage, wonder if UKIO provided it.
Hearts are the fruit pickers of Scottish football.
As long as they ... win the Scottish cup, get drawn against an EPL side in the Europa League, fleece the muppets for £1M+ of donations, defer their tax bills and get their squad to give up their bonuses ... every season ... aye, they're totally self sufficient. :rolleyes:Quote:
Originally Posted by EuanH78
Anyone else read fatt Foulkes comments in todays news? Is he on another planet or is it me? He paints a very rosey picture of the current situation!
Lord George Foulkes, who helped broker the deal to bring Romanov to Hearts, said it was essential that there was transparency in the relationship between Hearts and the other business interests of its majority shareholder.
“It’s all very complicated and one of the things we need to do is to resolve the position regarding Mr Romanov, Ukio Bankas and UBIG.
“It’s just not clear. The positive thing is that Hearts are an asset now where a few months ago it was a
liability.
“Now it’s moving towards breaking even in a profitable situation with the high-paid players moving on and income coming in from the share issue, people buying tickets and the cup final coming up.
“It’s an asset that any administrator or anyone making decisions about it would want to continue to operate.
“The problem is that we need to see if we can disentangle the club and finances from Mr Romanov’s and his problems.”
How is the bit in bold a good thing for hearts?
Is this the armageddon that was sure to follow Rangers demise? :greengrin
The bit in bold is a load of p1sh.Quote:
Originally Posted by Fat Penlon
Amidst all our glee, let's spare a thought for the ordinary Lithuanians who were conned into putting their savings into the Bank. I hope that the Lithuanina Govt will protect the ordinary depositors.
You forgot to add avoid paying any interest at all on their £25m debt. They have managed it so far but I don't think it's going to be possible going forward.:greengrinQuote:
Originally Posted by JeMeSouviens
Thing is even after this they're not self sufficient, they've still said they've not got enough to get them through to the end of the season!Quote:
Originally Posted by JeMeSouviens
Time for STF to step in and repay Hearts for what FWM tried? One city, one team anyone? :greengrin:greengrin
and don't forget the "new" tax bills that start in May. Don't think they will have enough budget to run a boys club. :greengrinQuote:
Originally Posted by Ozyhibby
http://youtu.be/TnfKmNRfLYUQuote:
Originally Posted by vince1973
http://www.lithuaniatribune.com/2932...end-201329326/
Lithuanian Bank not wasting any time on pulling the trigger on Vlad. :thumbsup:
Notice the name of the Head Hauncho pulling the trigger.
Vitas Vasiliauskas, thats the same name as the guy Vlad brought in to make the Mega stand happen and still noted as a director of HOMFC. Must be a different guy though, this one is a lawyer and Vlad's man was a waterpool attendant.
May'be the name is just like Jimmy Smith in Lith. Land. :greengrin
Called the Council F O I department, they are still waiting on the information from the admins. but don't anticipate any hold ups this time.Quote:
Originally Posted by greenginger
They suggested I call back at the beginning of next week. I said I would, but that it might be too late as we would be discussing the debts of a corpse. :greengrin
I'm not sure the girl from F O I knew what I was talking about.
Just perusing the comments on this story...
http://www.scotsman.com/sport/footba...vent-1-2788167
...and the very first one this morning had a very interesting story in the last reply. It's nothing more than a 'historical footnote' now, but worth a read nonetheless. Here for those of you who can't be bothered to find it:
Quote:
Home Rule For Arradoul
9:33 AM on 13/02/2013
The "dunderheid" as he is referred to seems to know more about the Ukio/UBIG linkage than the Lithuanian regulatory authorities - even they can't judge the full implications yet so how a knee-jerk nae-sayer can surmise with anything other than hope and prayer is beyond reason.
In 2001 I was asked by a financial consultancy in Luxembourg to find a Baltic bank ripe for takeover by a small German investment bank. I approached the big auditors as you do in such circumstances and the likeliest suspect that emerged was Ukio - I was first to admit that I had never heard of them. The Germans came to the Baltics and met with the Managing Partner of the relevant major international auditor. After the Germans had looked at the Ukio paperwork there were many, many more questions than answers. The auditor gave the following summation of Ukio and I paraphrase, "A bunch of Kaunas businessman couldn't get reliable trade credit so they decided to start their own bank to issue their own guarantees and letters of credit. By pure luck they fell into the Vilnius-Kaunas faultline where most major banks were Vilnius based and they were the only Kaunas bank so locals in Kaunas proudly tipped their small savings into their local bank. Through nothing more than dumb luck they have become a player in the highly fragmented Lithuanian banking market. These guys are not bankers and have no illusions that they are and they want to get out before everything goes pop."
The Germans ran for the airport!
Luxembourg tried to bring Ukio into play again with a small Algerian bank. The meeting was in Zurich in the summer of 2002. I arranged that the auditing firm sent their dedicated banking guy from their Lithuanian main office, an Australian economist if I recall correctly. The meeting was wound up after an hour and the Algerians killed the whole thing stone dead.
As soon as Romanov came into Scottish football and failed with his first two takeover attempts (everyone forgets that Hearts were his third choice with Dundee and Dunfermline spurning his overtures) I was reminded of the Germans and the Algerians. The Tynecastle scenario at that time was obviously in a far more distressed state with an imminent departure from Gorgie and new lodgings at Murrayfield only short months away.
I'm not a Jambo but I have tremendous affection for that proud club and although the Romanov years have been far from plain sailing it has been a hell of a ride for the fans for good as well as bad. I passionately hope matters are resolved well for Hearts but comments from such "dunderheids" are just the equivalent of covering your ears and repeating loudly and often "Ah'm no listening, ah'm no listening!"
:top marksQuote:
Originally Posted by JeMeSouviens
I liked this comment:
"Just wish the Hibbies would realise Hearts are to big to fail. Fan base and support in the city is to great. Hibs however are in a dire state. Biggest crowds this year at ER have all involved Hearts."
Failing to distinguish to and too. C -
Failing to realise no club is "to" big to fail. Priceless !
Pretty sure the Huns were described as being 'too big to fail' and look what happened to them.Quote:
Originally Posted by EdinMike
Exactly. And yet some Hibs fans on here are willing to confidently state that Hearts will "never go bust" despite not having an actual clue about the reality of the whole thing, its just a hunch based on them being a bunch of jammy gits from time to time.Quote:
Originally Posted by Ryan91
Their luck is running out. This is not going to end well for them.
aye, and the bit it emenated frae, is full o' wind and pishQuote:
Originally Posted by Puzzle
I have heard from a couple of sources that neither Romanov nor Ukio own Tynie, it was sold to a third party (property developers) a few years back, so the only assets Ukio hold is the club name and players and staff contracts.Quote:
Originally Posted by macca70
He's clearly left out the Celtic game. Hearts attendances are only high because of the sheer volume of tickets they give away which is another reason they are going bust!Quote:
Originally Posted by EdinMike
The stadium was most definitely on their books when they completed their last set of accounts.Quote:
Originally Posted by big-mo
Yes but how long ago do the latest accounts relate to?Quote:
Originally Posted by hibs0666
Hearts' accounts always seem to be a year behind everyone else.
How much of a laugh would it be if it had been sold though! I wouldn't rule anything out with that lot. :lolyam:Quote:
Originally Posted by hibs0666
Quote:
Originally Posted by EdinMike
and their biggest crowds were inevitably against us, or liverpool...
V Celtic we had 20 fans less than against Hearts...
will hertz still be around to try and win the league cup for the first time in 50 years :cb
And the biggest crowd at the PBS this season involved Hibs. What's his point?Quote:
Originally Posted by EdinMike
Naw, that canny be right? Mind they were on the brink of going bust and every Hearts fan had to buy a ticket for their match against St Mirren? Surely that was a sell out?Quote:
Originally Posted by littleplum
June/July 2011.Quote:
Originally Posted by jgl07
We've been here before, about 100 pages ago. Any transfer should have been registered publicly, although it is possible that a sale has taken place and it not recorded.
That said, any transfer undermines the UKIO Bankas security, so I would have thought it unlikely.
Nope. St Mirren fans were less than excited about turning out for the 'last ever match' than they wereQuote:
Originally Posted by Bajillions
https://newsclient.omxgroup.com/cdsP...ssageId=667250
European Bank confirm they will provide the Siauliu Bank with the funds to take over the " Good Assets " of Ukio Bankas.
Suggesting that the Bad Assets will be left and liquidated with Ukio.
Anyone hazard a guess as to where HOMFC might be put ?
Time scale might be very short and, on the surface it is business as usual at the Pink Palace. Is there any actions their Board should be taking to safeguard the Club or is it totally out of their hands ?
If that happens then I guess that any assets related to the yams will be considered as junk. If the yams have no cash whatsoever then I assume that they will be allowed to fold, and the assets disposed of in as rapid a fashion as possible. However, if someone comes in quickly with any sort of offer (say 20p in the £), and have some cash to pee pee away, then the yams could still come out of this in a better shape then we all hope.Quote:
Originally Posted by greenginger
I'm still trying to get my head round this, and hopefully one of the "experts" can clarify, but my understanding is that UKIO have no "direct" ability to dictate matters at Tynecastle and it all hinges on how UKIO deal with the UBIG debt?Quote:
Originally Posted by hibs0666
That is exactly how I understand it, Stevie.Quote:
Originally Posted by StevieC
The "pot" in which HMFC will be put will be the same one that UBIG are put in. At the moment, HMFC are a secondary consideration. Once, however, the new bank decide what to do with UBIG, then the security over Tynie may become more important.
When it says any bad assets will be liquidated with Ukio, does that mean sold off for as much as possible or written off?
http://www.bloomberg.com/news/2013-0...ius-mover.htmlQuote:
Originally Posted by CropleyWasGod
Last para, £ 400 million of problem loans to Romanov companies ! I think we can assume UBIG is headed for the liquidator.
Does Pat the Plumber and the other maroon cardigan wearers just have to wait for an opportunity to buy the corpse or is there any action which can be taken to protect the Club ?
Not that I would want THEM to know, but as it would be classed as Hobonomics anyway, it would'nt matter. :greengrin
At very worst, I see the Yams being in the same situation as Newco and playing 3rd div football for a while. They might not have a stadium to play in right enough, ground share with Livi maybe, or CEC building them a new one at Sighthill? but they will still be around, IM(uneducated)OQuote:
Originally Posted by hibs0666
Be nice if it all happened tomorrow. Give new meaning to all those 1-5 hand gestures.
So, a new club with no stadium, no history, no titles or cup wins, no 5-1, playing in Livingston ( council have no money for a 20,000 seat stadium).Quote:
Originally Posted by MB62
That will do for me.
Got to remember, GG, that whatever happens from now on, it's not in the hands of Vlad to call the shots.Quote:
Originally Posted by greenginger
I'd be extremely concerned if I was a Yam.
I know it's impossible to give an accurate answer but what's your own personal view on the possible outcomes between UKIO and UBIG?Quote:
Originally Posted by CropleyWasGod
It sounds like UBIG have a lot of (unsecured?) debt to UKIO so what is the normal procedure for banks recovering debt from companies that owe a lot more than is actually secured?
Does anyone know the ins and outs of the basketball team saga, the transfer of their stadium to UKIO, and why that was actually done?
IMHO, things have gone too far for any protective action on the part of the club. They can only sit and wait.Quote:
Originally Posted by greenginger
That said, once the new bank starts to move on the UBIG debt, there could be an opportunity for a deal with Pat & Co. One can see the situation whereby the bank weighs up alternative courses of action. 1. call in the security, take control of Tynie, market it, sell it (if they can), with all the attendant time and expense. or 2. accept an offer just to get some cash in. That offer, of course, might come from a property developer. :greengrin
Ukio don't own the Zalgiris basketball stadium but UBIG did run the management of it in conjunction with Kaunas Council. It's state owned.Quote:
Originally Posted by StevieC
What Ukio own is a dilapidated arena on the other side of the river (Zalgirio sporto arena) that they were hoping to convert into private accommodation and build a new stadia. Unfortunately the site is also the location of an old Jewish burial ground and no planning consent was granted.
This is undoubtedly one of the pieces of real estate that's been grossly overvalued.
There is no "normal" here :greengrinQuote:
Originally Posted by StevieC
Joking apart, we are also talking about Lithuanian law, the intricacies of which may be different from what I'm used to. In general terms, though, I would expect the new bank to be appointing an administrator very soon to take charge of UBIG's assets. The end-product of that would be to recover as much for the bank as possible. Some of that recovery would be in cash, but the majority would be in assets. .I am not sure how the Bosnian plant stands in all of this, but it's that type of property that would be most at risk.
You may be surprised with our services :tee hee:
http://www.ukiobank.co.uk/
New fears for Hearts over effect of crisis at bank
Senior News Reporter
Thursday 14 February 2013
FRESH concerns have been raised over the Vladimir Romanov company that owns Hearts as Lithuanian authorities unravel a key part of the mogul's business empire.
FRESH concerns have been raised over the Vladimir Romanov company that owns Hearts as Lithuanian authorities unravel a key part of the mogul's business empire.
BRIAN DONNELLY Bankers believe that if Romanov's Ukio Bankas goes under, sister company Ukio Banko Investicine Grupe (UBIG) – which owns the Tynecastle club – would be affected.
Hearts said the Ukio Bankas collapse would have little effect on the day to day running of the Edinburgh club.
But a Lithuanian banking source said Ukio's plight could have a "direct impact" on UBIG, of which Romanov is chairman and said to be part owner.
Supporters are expected to have a clearer picture within days of the fate of Ukio, currently in temporary administration.
It is hoped the temporary administrator's report will be completed by Friday and officials are set to work through the weekend to take a decision.
Supporters' groups are said to be working behind the scenes to help "secure the future of the club" .
It was reported that UBIG recently used a new Lithuanian law allowing the company to pledge all of its assets as collateral.
A Hearts source said it was unclear what the long-term effect would be on Romanov's personal wealth, described as "weakened".
Labour peer and Hearts fan Lord Foulkes said: "Hearts are now moving into profitability and represent an asset rather than a liability. It is important that the administrator's action recognises this and protects the club
Am I missing somehing, or is the Honorable George missing something??
A brain :greengrinQuote:
Originally Posted by s.a.m
You mean apart from the ability to voluntarily control his bladder?Quote:
Originally Posted by s.a.m
Bloody phones cut off' wanted to invest my life savings as well :-)Quote:
Originally Posted by poolman
A recollection of the last 8 years?Quote:
Originally Posted by s.a.m
Pretty sure Hearts haven't been anything like profitable in a long time
1) Hearts have not become profitable overnight, they are still a loss making entity. They just are not making as huge a loss as before.Quote:
Originally Posted by s.a.m
2) If a company moves from being loss making to profitability that doesn't mean they become an asset. They still have a negative balance sheet, which is a liability.
These are the words of someone who clearly doesn't have a clue what he is talking about.
George Foulkes is a bellend.
So those cake bakes haven't really been happening because The Hearts are actually running at a profit? Wow. And that guy is a peer of the realm.Quote:
Originally Posted by Ryan91
Or is that a pee-er?
I think the latter of the two terms is appropriate when discussing our auld pal George, but it would appear that George knows something the rest of the world doesn't - in that Hearts are in fact profitable, and that those bake sales are all for the fun of it, not because they were slowly heading up a certain creek without a paddle.Quote:
Originally Posted by clerriehibs
So what about the £22-£24M debt owed to ubig? If UBIG are taken down with UKIO, surely any new bank will either, call in the debt, or agree a debt repayment plan on less favourable terms than at present.
I see Hearts are selling their season tickets as from the start of next month.
GGTTH
http://www.scotsman.com/sport/footba...sale-1-2790911
gearing up to sell some season tickets
"One of its key elements will be the re-introduction of early-bird prices for a fixed period"Quote:
Originally Posted by Gatecrasher
Expect the early-bird deal to be so good that you'd be "mad" not to buy before the end of March. :wink:
From the "comments" ..Quote:
Originally Posted by Gatecrasher
"I would like the club (or Vlad) to make some statement on the potential sale of the club before I part with my hard earned this year"
Errr .. everything is okay .. we have the best young team in the league .. Hearts are not directly affected by the UKIO situation .. we are now a profitable club ..
"Thank you, who do I make the cheque payable to?"
:wink:
Do the auditors have any role here ? Is. Hearts accounts have been qualified for the last few years due to the inability to verify the underwriting guarantees. Surely now it is clear that Hearts have no prospect of being underwritten and despite what the eminent Lord Faukes stats are clearly trading insolvently ? Does Scotland not prevent Directors of companies from knowing doing this ? Does the City of Edinburgh Council and HMRC not have an obligation to follow up their debts immediately in these situations ?
An views on the above ?
The auditors are probably considering their position as we speak, since the 2012 accounts are due for submission to Companies House and HMRC. I would be surprised if they issue the same report as they have done in the past, especially given the latest developments.Quote:
Originally Posted by Hibeesforever
As far as the insolvency question is concerned, once insolvency has been established, it is incumbent on the directors of the company to cease trading immediately and take steps to put the company into administration or liquidation. Any debts incurred after that can be held to be the personal liability of the directors. (good luck with that :greengrin)
HMRC have been quite clever in dealing with their debt; they have, thus far, always managed to get what is due to them. I don't know what measures CEC have taken, but would presume they have their standard procedures.
Will Hector be monitoring this?
I wonder if, in hindsight, they're starting to regret coming to an 'arrangement' for payment.
I wonder how many business, owed money, are gearing up to get it out of Hearts sooner rather than later.
Ukio and UBIG might not be the downfall of hearts at all........ :greengrin
You forgot that bit. :greengrinQuote:
Originally Posted by StevieC
THe 14/15 Season tickets will be in sale in october then. They will call the ultra early bird!Quote:
Originally Posted by StevieC
Or they offer a 3 year season ticket at a heavily discounted price?? :dunno:Quote:
Originally Posted by spike220
New bank takes over.
Want to maximise assets from Ukio ashes so reviews portfolio.
Identifies Tynecastle as valuable real estate that might get them circa £10m from a developer.
Applies charge over stadium and toss Hearts out.
Hearts would beownerless and debt less but stadium less. Consortium could snap them up, council will put them up and Hearts will be debt free and able to continue in the SPL unabashed UNLESS….
SFA/SPL evoke going into adminstration old club / new club scenario boot them out and refuse Newco entry?
What's the possibility of that?
I don't think that HMRC will have many regrets. Thus far, they have been paid all of the ongoing debt. It's only the investigation money that they stand to lose at the moment; had they gone in with all guns blazing to have that paid in a lump sum, HMFC would probably have just closed the doors. The current arrangement at least gives them a chance of recovery.Quote:
Originally Posted by jonty
HMFC wouldn't be debt-less; there would still be the UBIG debt. Liquidation would be the only way out in your scenario.Quote:
Originally Posted by NeilOrrSquareBa
:top marksQuote:
Originally Posted by Ozyhibby
With all this weeks drama I almost forgot that tomorrow is supposed to be payday :-D could be interesting.
I hope tats got his mrs a lovely present for valentines day, might just save him from a savage beating
Hearts fans would have to be mental to buy season tickets next month!
Cannae help but assume the reason they are going out so early is that money will come in before the accounts are submitted to Companies House. Then, we might see admin or liquidation when the realisation hits about insolvency. However, by that time, the jumbos would have given about £4mil in season ticket money to uncle Vlad! :cb
CG or CWG - could they employ the above scenario?
Can you not see the obvious flaw in that line? :greengrinQuote:
Originally Posted by MrSmith
A sell out of all next seasons home games seems inevitable.Quote:
Originally Posted by MrSmith
Yup! Had to say though!! :greengrinQuote:
Originally Posted by JimBHibees
Shouldn't be too hard at Saughton Park.Quote:
Originally Posted by Dashing Bob S
They could, but it would be illegal.Quote:
Originally Posted by MrSmith
Insolvency is not about the accounts, it's about circumstances; it can be established at any time. IMO, HMFC are already insolvent.
A few days ago the Bank of Lithuania Board meeting was attended by Economy bank managers - Edita Karpavičienė, Arnas Žalys who basically admitted that our findings on bank insolvency and the solvency level is correct. Edith Karpavičienė bank had, I think, 19 years old, was the right hand (Farm Bank shareholder Vladimir Romanov - BNS), and the same companion recognized "- LNK TV show" Diagnosis: Government on Wednesday said LB Deputy Chairman Raimondas Kuodis.
Lithuanian Radio on Thursday said that inspections Farm Bank, found that the lack of 500 million. LTL and its leaders claimed that the main shareholder of the bank V.Romanovas did not intend to rescue the bank.
"500 million. Thousand negative equity - the Bank of Lithuania approved the inspection, the international audit company KPMG. Confirmed Tuesday that most bank managers. They agreed that the assessment is more or less correct - minus € 500 million. Thousand. They confirmed that there is no money. They also confirmed that the owner basically has neither the resources nor the desire to help the bank. Mr. Romanov told about the mystical billion, which it is, but probably not "- said R.Kuodis.
He pointed out that the declaration of V.Romanovo parliamentary elections were the following: assets - EUR 170 million. LTL liabilities - 220 million. LTL: "It's either he made a false declaration, or the declaration says that the man himself is basically bankrupt.An A.Žalys was Chairman of the Board, and E.Karpavičienė - Chairman of the Supervisory Board Chairman.
i just popped over to the kickback to see how they are taking the news of their clubs owners financial problems and they are not bothered in the slightest..in fact the main forum doesn't include a thread on the subject at all...you have to go back a page to see any mention of it!...if this was happening at hibs i know this place would be in meltdown so what makes the hearts support so laid back about their future?...i have a good mate who is a s.t. holder at tynie and he is of a similar viewpoint..he is convinced that there isn't a problem...im not a jambo hater on a scale of many on here but i do find their lack of concern regarding their clubs future very puzzling.
To quote Jack Nicholson in a Few Good men. "they cant handle the truth". :greengrinQuote:
Originally Posted by fat freddy
Quote:
Originally Posted by green glory
Not sure how Hibeernian AFC will feel about vacating their home pitch! :cb
Is it a kind of Stockholm syndrome?
Or are we just bitter twisted obsessives living in their shadow??
I know the square root of diddly about finance but even I can see UBIG never appear to have started/completed anything and they seem to be more skint than me.
Interesting to see what happens on payday
They think there too big to go under and most of them are assuming the worst case scenario is to do what rangers did and start again in division 3 but I'm not so sure if that'll be as easy for them to do, especially if tynecastle is sold from beneath them.Quote:
Originally Posted by fat freddy
I think it'll go either of two ways, they'll either sneak out of this mess altogether or they'll be really ****ed and face a few years out of football completely before reforming and starting again.
Head in the sand from day one, mate. On the day that Vlad (bless him) took over I stated on here that HoMFC had sold their soul and a Hearts visitor on here said I was talking nonsense. Publicly they will be keeping schtum but I doubt they are sleeping very well. Hope the next few days/weeks/months are very uncomfortable for them.Quote:
Originally Posted by fat freddy
In the words of General Melchett 'if all else fails a stubborn, pig-headed refusal to look facts in the face will see us through".Quote:
Originally Posted by fat freddy
It's this total head in the sand attitude that astounds me. They don't deserve to survive, with that attitude.
But mental they are. :greengrinQuote:
Originally Posted by MrSmith
They have already been ripped of for there Xmas money to buy shares.
Next we will be hearing that they won't be going on holiday this year as they need to buy a ST, only to be ripped of again, the only thing they will be watching next season is the bulldozers moving in to demolishing the PBS.
Down periscope, Dive Dive Dive. Sell Sell Sell
http://www.youtube.com/watch?v=o2I84-A9duY
F*** the h*****
Thanks, although nothing would surprise me at the moment were their management is concerned. I just hope the fans don't buy into this - it is a lot of money to lose considering any attempt at salvage from elsewhere.Quote:
Originally Posted by CropleyWasGod
I have to say, this is the first time I really believe they are up poo creek!Quote:
Originally Posted by silverhibee
Repeating "5-1", "**** the Hobos", "wee team always in our shadow" etc will work wonders and save the the day I'm sure.
Just like "weearrapeepo" and "no surrender" did in Govan.
It's not looking good for the pinkos and pretending otherwise is pointless.
Can they go sevco as someone would have to buy their league share and apply to join sfa etcetv
They are probably creaming themselves about their new 3D programme.Quote:
Originally Posted by blindsummit
Practically a whole page dedicated to this in the EEN, meanwhile their club could be going down the tubes!
Unbelievable - http://m.scotsman.com/edinburgh-evening-news/latest-news/hearts-3d-match-programme-is-first-in-country-1-2791137
What a ****ing joke. Just a distraction from what's really happening.Quote:
Originally Posted by JollyGreenGiant
Even after all the info on this thread, I won't know my position on matters for sure until I find out what Shaun Lawson has to say about it all !
how 1980sQuote:
Originally Posted by JollyGreenGiant
will they re-form ... or reform?Quote:
Originally Posted by bingo70
Can't see the latter ever happening!
Serious question. Are we gonna have a big party? I'll be having a few drams but it would be nice to have a mass wake with a few hundred Hibbies together. We could even make it an annual event. Anyone up for it?
Yeah, I'm sure the Foundation of the Hard-up will manage to scrape the pennies together for that one.Quote:
Originally Posted by hibeesdude
Sadly, the fruits of the SFA's "Hun at all costs" strategy are going to pay off for the Yams. The precedent is set for the absurd "transfer of share", "company that owns the club" and other such made up on the hoof bull****. :(
They ought to be joining their soulmates Gretna 2008 wherever the hell they are.
Rangers had a ground and all the infrastructure in place to make their readmittance viable. Hearts may have nowt other than a name, a history and the clothes they stand up in (possibly)(if they haven't been pawned).Quote:
Originally Posted by JeMeSouviens
Chin up!:greengrin
I wonder if a Jambo runs the new Krispy Kreme franchise @ Hermiston, they've got plenty experience under their belts recently!
What crisis?Quote:
Originally Posted by fat freddy
We are self sufficient and are making a profit. We have no debt and we always work within our means. We are above board and squeeky clean. The dog ate the accounts!
http://www.welovetheiraqiinformation...7-minister.jpg