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So many conflicting stories, in that article it Murray says it'll take at least two years to be self financing. Did the administrators not say previously they could be turning a profit by next year?Quote:
Originally Posted by Hibs07p
There's far too much that the buyers don't know and even the administrators don't know for anyone to make projections like that!
Roasters each and every one of them
Ukio is in liquidation and UBIG will soon be in administration. The IPs dealing with them are duty bound to realise as much from those companies' assets as they can, not least to pay their own fees, and they have little or no political pressure on them to keep HoMFC afloat and they have securities over all the assets which means the very least they can get is market value.Quote:
Originally Posted by rcarter1
What makes you think they would accept a low bid?
They're playing at Selkirk today and taking half the gate money. Have they no shame? How the mighty have fallen!
....Duff and Phelps.Quote:
Originally Posted by Caversham Green
The way I could see a bid being acceptable to the Liths and feasible for FoH. would be a two part bid.
First part an offer of circa £ 2 million for the football club etc. and a 3 year lease of the PBS.
Second part an offer in 3 years time to buy the PBS property in an open bid/negotiated deal.
That would allow the new owners time to collect pledges, beg rich Yams and bake cakes ( or even have a share issue) to raise the necessary capital. Maybe even move into a new community stadium !
Its the only way the Liths will get a decent price without damaging the Club.
So out of the last 10,000 football administrations how many have been as "complex" as the Ukio/UBIG/Hertz situation?Quote:
Originally Posted by Spike Mandela
Duff and Phelps were not nominated by the creditors, had no securities to deal with and were under a degree of political pressure - very different circumstances from the yams.Quote:
Originally Posted by Spike Mandela
They also ended up closing Rangers down and selling off the assets.
Indeed - Green still got them on the cheap thoughQuote:
Originally Posted by Caversham Green
Page 116 (Albeit on PM board) http://www.hibs.net/showthread.php?2...07#post3615707 :greengrinQuote:
Originally Posted by greenginger
Judging by google maps, the site that Smart bought is roughly half the size of the hearts site.
I think they'd be lucky to get 8m and extremely lucky to get more than 10m from a developer - although if they could pick up the school site and tynecastle for around 15m then they could build a mini-town.
Because there were no unsecured creditors to consider and D&P entered into a highly dubious contract with him. They still went down to the bottom division as well - I'd be quite happy with that outcome for HoMFC.Quote:
Originally Posted by joe breezy
That last part is often forgotten.Quote:
Originally Posted by Caversham Green
With the restructure into a pyramid system, demotion from the 3rd etc, wouldn't the bottom league now be the Lowland Scottish one?
The 'precedent' that Birch has quoted now has a few extra layers to it or depths.Quote:
Originally Posted by steakbake
Yes all of this is true, whilst with D&P repeating your mantra Cav about 'working to secure the biggest return for the creditors' they still managed to sell Rangers and it's assets for a pittance whilst ditching squillions of debt.Quote:
Originally Posted by Caversham Green
They didn't sell Rangers. They closed them down and sold the assets. There is no Rangers playing in Scotland.Quote:
Originally Posted by Spike Mandela
There is one fundamental difference, though.Quote:
Originally Posted by Spike Mandela
The biggest criticism of D and P, for me, is that they didn't (to my knowledge) test the market for Rangers' assets by putting them into the public domain for sale.
If this week's advert in the FT is genuine (and I still have my doubts about that), then BDO are doing exactly that. There can be none of the D&P criticism levelled at them in that respect.
If, at the end of all of this, the assets are sold for "a pittance", it will be be because the market has been tested and they are worth exactly that.
Quote:
Originally Posted by CropleyWasGod
"Turns out BDO.... put an advert in the altogether more respectable Financial Times last week sometime, and if you do that you get a free listing on BusinessesForSale.com, gratis, albeit not immediately it would seem. "There really is nothing sinister in it," sighed a spokesperson for BDO, who the Fiver sensed had quite a few better things to do with his time than talk through the small print of a free ad with a football email suffering from cognitive issues, but was very kind and patient nonetheless. "We placed the FT ad to make sure everyone knows Hearts is for sale. It's just a marketing tool, to ensure anyone interested knows about it.""
From the Guardian article... which says it IS genuine.
My point is that D&P could stand accused of pulling a flanker by entering into an agreement with Green to sell the assets on the cheap because there were no secured creditors to stop them and apparently no property market for Ibrox and Murray Park. None of that applies to HoMFC and the PBS.Quote:
Originally Posted by Spike Mandela
In any case, Rangers were liquidated and do not exist any more. It was a fudge by the football authorities that allowed Sevco to change their name and pretend to be Rangers - we must not let the wee arrow people forget that.
The PBS does have advantages as a development site. There is access on 3 sides which could reduce the cost and space taken up with internal roads.Quote:
Originally Posted by jonty
Mikey, how much is in the Hibs.Net kitty, we could form Hibs.net Developments Ltd and make a few bob. :greengrin
Yeah, I read that.Quote:
Originally Posted by keekaboo
Call me anti-MSM, but I'm still not convinced. Less sceptical than I was, though.
The ad is incorrect and misleading in some of its wording, and feels a bit sloppy. It is different in feel from the advert for the business.
That all said, if it's genuine, it does make sense that BDO would do it.
Quote:
Originally Posted by Geo_1875
Effing Love it..... :greengrin
You are of course factually correct Geo but the one fact that remains is the administrators sold all the 'good' assets that make up a football club at a pitiful knockdown price.Quote:
Originally Posted by Geo_1875
Nobody could ever convince me they are acting in the best interest of the creditors as per their mantra.
Wii prove to everyone what everyone all ready knows: there are no serious bids for Hearts with sufficient money upfront to satisfy the Lithuanian administrators. BDO will then quickly move to liquidation taking their fee from the sales and saying how sorry it has cone to this! RiIP HMFC:rolleyes:
On a scale of 0-100% how sure are you desantos?Quote:
Originally Posted by desantos0773
Even if BDO's report on their conduct says so?Quote:
Originally Posted by Spike Mandela
Even if YOU said so CWG:greengrinQuote:
Originally Posted by CropleyWasGod
:greengrinQuote:
Originally Posted by Spike Mandela
Fat chance of that...... where's that fence?
@JaneLewisSport: #Hearts administrator on BBC Sportsound says he's not ruling out newco route if Lithuanian elements prove stumbling block to securing CVA.
BDO keep preparing the maroon forelock tuggers for the likely death of their club.
Is there not an issue with the brewery when it comes to selling??Quote:
Originally Posted by greenginger
Err no or they wouldn't have built a new school next door.Quote:
Originally Posted by weonlywon6-2