Cav and Sergey will have a better handle on that.Quote:
Originally Posted by lord bunberry
However, on the basis of many years experience, I can definitely say that the investment they made in Gorgie has reaped them untold riches.
:fibber:
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Cav and Sergey will have a better handle on that.Quote:
Originally Posted by lord bunberry
However, on the basis of many years experience, I can definitely say that the investment they made in Gorgie has reaped them untold riches.
:fibber:
Must be a nightmare when you know you cannae pay your debts!
The Administrator or Receiver of UBIG I would guess. Presumably UKIOS will be the main creditors for UBIG.Quote:
Originally Posted by bingo70
The administrator will have control, but not ownership. It's similar to Duff and Phelps having control of Ibrox, but it was still owned by RFC.Quote:
Originally Posted by jgl07
http://mobile.bloomberg.com/news/2013-02-24/lithuanian-siauliu-bankas-agrees-to-assume-insolvent-ukio-assets.html
Link from phone so may not work. The pertinent part reads....
"Bankruptcy proceedings are planned to recover remaining assets of Ukio, including property in Scotland and elsewhere, for creditors, among whom the deposit-insurance fund will be the largest, according to the Bank of Lithuania."
http://www.bloomberg.com/news/2013-0...io-assets.html
Not sure what the bit in bold refers to ...Quote:
Lithuanian Siauliu Bankas Agrees to Assume Insolvent Ukio Assets
Siauliu Bankas AB (SAB1L), the Lithuanian lender part-owned by the European Bank for Reconstruction and Development, will assume the insured deposits of insolvent Ukio Bankas AB (UKB1L) in a deal that will almost double its size.
Siauliu will take over 2.7 billion litai ($1 billion) of Ukio deposits and assets of the same value, according to a contract signed last night with Ukio’s administrator and the state deposit-insurance fund, the Siauliai, Lithuania-based lender said in an e-mailed statement. The EBRD will grant Siauliu a 20 million-euro ($26 million) 10-year subordinated loan to strengthen its capital base for the expansion, it said.
Siauliu, which had assets of 2.9 billion litai on Dec. 31, will overtake Danske Bank A/S to become Lithuania’s fifth-largest bank by assets, after local units of Nordic lenders SEB AB, Swedbank AB, DNB ASA and Nordea Bank AB. The transaction will reduce payouts from the Baltic nation’s deposit insurer to 800 million litai, which the government plans to lend the fund.
“The achieved agreement will result in new and bigger possibilities of growth for our bank’s clientele, staff and shareholders, while the entire banking system in Lithuania will become stronger and even more competitive,” Siauliu Chairman Algirdas Butkus said in the statement.
Renewing Services
The contract, which the Lithuanian government and central bank supported, obliges Siauliu “to renew banking services for the customers of Ukio Bankas in the shortest time possible,”the Bank of Lithuania said in a separate e-mailed statement.
The Bank of Lithuania suspended Ukio’s activities Feb. 12 and appointed an administrator, saying the lender was insolvent after risky lending to related companies. Just over a year after the collapse of Snoras Bankas AB, the government was eager to avoid another bankruptcy that would test the state deposit-insurance fund.
The agreement “has ensured stability in the sector,”Sylvia Gansser-Potts, the EBRD director for financial institutions, said in an e-mailed statement.
The preliminary value of the assets transferred to Siauliu, determined by auditor KPMG Baltic, may be revised in three months after a more detailed assessment, in which case the liabilities of the parties to the contract will also be revised, the central bank said.
Bankruptcy proceedings are planned to recover remaining assets of Ukio, including property in Scotland and elsewhere, for creditors, among whom the deposit-insurance fund will be the largest, according to the Bank of Lithuania.
The EBRD owns 19.6 percent of Siauliu, which after Ukio’s collapse is Lithuania’s only publicly traded bank. Siauliu shares rose 10 percent to 0.267 euro in Vilnius on Feb. 13, when the lender announced plans to negotiate for Ukio’s assets, and closed at that same level on Feb. 22.
Wiil the property in Scotland not be the old royal bank building at St. Andrews square? Don't know if they still have that or not.Quote:
Originally Posted by Kato
It refers to Jambogeddon.Quote:
Originally Posted by grunt
If I was one of the scarf twirlers and was wondering when the game was up this would be the time to lamely take to the streets and start twirling in protest, they haven't done much else except send a few more quid to the dear leader under the guise of a share issue. It's now about the manner of their demise and what the consequences are.Quote:
Originally Posted by Kato
It might be bollock freezing and snowing down here but I am going to roll about in my back back garden in my Hibs strip to celebrate before heading to the pub.
Correct. This is exactly what's happened. As Vlad effectively had (still has?) the majority stakeholding in Ukio Bankas, he could pretty much do what he wanted with whatever money came into the bank.Quote:
Originally Posted by lord bunberry
Vlad would have spent some of his own money to get the bank started, but for years he's been playing with other peoples money, whether in the form of small local cash deposits to leveraging the bank's 'credit' rating to secure foreign loans and finance.
Because of Vlad running the bank by himself, he was never going to get any guarantees in this country to operate, hence the Caste Street branch never got off the ground. Years ago one of the credit rating agencies put Ukio Bankas at the lowest rating they could because of the control Vlad had over every monetary aspect of its operation. 'Loan' cash to UBIG, and the trail of the money starts to get difficult to follow.
In turn of course any profits made by Ukio/UBIG could be squirrelled away to 'business' operations in various tax havens. In the initial offer document for HoMFC there were listed quite a few offshore companies in places such as the Cayman Islands. I would imagine Vlad has put quite a bit into these bolt holes over the years in case a situation like we're seeing now happening.
All very similar to Robert Maxwell for me .
:pray:Quote:
Originally Posted by green glory
It was such a jolly good idea for the Hearts fans to chip in just before Christmas to 'save' the club from something which is going to happen anyway!
If I ever needed a new conservatory built, just before the bank came to repossess my home, I'd make a phone call to the Merchiston Hearts Supporters Club, I'm sure they'd rally round.
Slightly more difficult to fall out of a submarine than a boat I imagine.Quote:
Originally Posted by CyberSauzee
It amazes me how the Hearts fans are doing nothing to save their club right now. We had Hands Off Hibs they have a Sale On Scones.
Certainly gives a new meaning to SOSQuote:
Originally Posted by Northernhibee
If you look at JKB the money problems are not even on page 1. They still think its all going to go away, or SOH are mega rich saviours.Quote:
Originally Posted by Northernhibee
I sincerely hope they are proven wrong on all counts.
Will these smelly ****s just not die .one city one clib ggtth
The yams were stupid enough to fall for his sales pitch while the rest of Scotland was raising it's collective eyebrows. There's no evidence to suggest they've grown any smarter in the interim.Quote:
Originally Posted by green day
As a side note, it's almost exactly 2 years since he ordered himself a wee jet plane so he could tour his empire. He's flown into a wee bit of turbulence since then :greengrin
Don't want to pour any cold water on the Thread which has a lovely cosy warmth to it today, or come over like a brokeback poster, but what will the New Bank mean by " intending to liquidate the property assets in Scotland ....... "
Could it simply mean sell them off to the highest bidder ?
Step forward some maroon cardigan wearing consortium !
Will somone please allay these groundless fears.
As they don't own Tynecastle the administrators of Ukio will first have to begin proceedings against Ubig. Once an administrator is appointed there Hearts will be deducted 18 points and sit at the foot of the SPL. As they have no cash and cannot generate a surplus, an administrator will quickly move to wind the company up as they have no way of getting their fees other than the sale of assets. Their only asset is Tynecastle which is worth more vacant than with a tennant. There is no sign that there are any bidders with enough money to outbid a property developer.Quote:
Originally Posted by greenginger
Finish the season? They'll be lucky to finish the week.
Time for them to start kicking Russian hats about outside that ramshackle stand again!
Regardless of what we Hibees think of Hearts, it would be a very daring developer that knocked down Tynecastle to build houses. How would he persuade people in that area to buy a home on the graveyard of Hearts? If Easter Rd was knocked down in similar circumstances would you buy a house on the site? I know I wouldn't.Quote:
Originally Posted by Ozyhibby
Pfft, Edinburgh is lacking affordable housing within walking distance of the City Centre. Gorgie is the prime definition of "affordable". They'll sell like hot cakes (chortle).Quote:
Originally Posted by HoboHarry
Thousands of families live in edinburgh with no affiliation to either club - it wouldnt be an issue.Quote:
Originally Posted by HoboHarry
The percentage of people who care about Hibs or Hearts that much that it would stop them buying the house they want is quite small. 450,000 people live in Edinburgh but only about 20,000 people would consider themselves regular attendees at Tynecastle. Let's face it, if the right house at the right price was available then a good few Hearts fans would tell themselves that it's not their fault the club went bust and it's time to move on, and anyway the wife really wants that flat.Quote:
Originally Posted by HoboHarry
A developer will want to sell homes. Hearts home support is a Shan wee percentage of the local population (3% being generous) which leaves at least 97% of the property buying public who couldn't give a stuff about hearts. Buy that land would be my advice to a developer
There are far more people in Edinburgh who don't care about football than there are those who do. These houses would sell no problem apart from the smell from the brewery and the chemical place along the road. The site of (the soon to be defunct) Hearts ground wouldn't pose any problems. Builders would queue up to buy it if permissions were granted.Quote:
Originally Posted by HoboHarry
There are plenty of people who would. The buyer would most likely sit on the land for a while anyway as it'll increase in value eventually.Quote:
Originally Posted by HoboHarry
Remember, we're pretty much at the bottom of the market now and in 5-10 years time it'll be worth more. That land is a very good investment for someone with the money to buy it right now.
I'd very happily buy a flat there. It might become a proper little Hibernian enclave. Without the Yams, the neighbourhood, due to its proximity to the city centre, would probably appreciate in value very quickly.Quote:
Originally Posted by HoboHarry
A recent Council appraisal of the site suggested it would be suitable for Social Housing.
But, being in Gorgie I would thought anti-social would have been a better description. :greengrin
I can see that if there is someone who can afford to buy the land then sit on it. Emotions will be raw in the meantime though. May be loads of Jambos kicking their hats around and disturbing the peace :greengrin. Still I suppose the hats could take the place of the can in Kick the Can....(for older fans like me) :agree:Quote:
Originally Posted by Mikey
Tesco could buy it, put up some stables, and the folk from the Gorgie Farm could look after their horses :agree:
I'd buy one and take a pish in my back garden every nightQuote:
Originally Posted by HoboHarry
McEwan Fraser?Quote:
Originally Posted by Mikey
If I had the money I'd buy the land and erect a solid gold 100ft tall statue of oor Vlad in honour of his outstanding service.Quote:
Originally Posted by Crazyhorse
What really gets me is,why does Romanov get an easy ride in all of this?
All the fans have done is raise cash for a fruitless effort in trying to save there club.
When will the scenes become ugly down gorgie way?
Surely when will the scenes not be ugly down gorgie way? :confused:Quote:
Originally Posted by Www1875hfc
Because they've said it themselves, they won a cup final against us 5-1 and supposedly that's worth paying for in having no future for your football club. Madness.Quote:
Originally Posted by Www1875hfc
They turned ugly some time ago.Quote:
Originally Posted by Www1875hfc
The real question, as Blackpool says: when are they going to turn back?
On Kickback this beauty
"We also need to remember that UBIG are entitled to take what ever money they want from us.
They are after all our parent company and they can argue that we have been on the take from them for long enough"
How far do they bend over?
To be fair, he's right.Quote:
Originally Posted by PatHead
In the situation they are in, UBIG could take everything that wasn't nailed down, then sell everything else that is.
They bent over years ago when they never thought to question the Vlad regime, it's far, far too late to change that now.
The groundless fears should be experienced by Jambos as the PBS becomes flats.Quote:
Originally Posted by greenginger
That's gotta be one of us, shurely?:flag:Quote:
Originally Posted by PatHead
GG
Just had the misfortune of meeting 2 lowlife ****bag hearts fans in shakespears. Apparently they check hibs.net regular. Must of been in their 50's and were only out to support the team who were playing hibs. Would feel sorry for them if I didn't strongly suspect them of paedophilea. Truly disgusting human beings I really hope their club die soon. Hope they enjoyed getting slaugtered in a busy pub by one man half their age. I certainly enjoyed it
Anyone notice the advert on the bottom of Kickback...
"How To Declare Bankruptcy" :greengrin:greengrin:greengrin:greengrin
Gave me a wee chuckle
If hertz are on the telly whenever I'm in a boozer ... I only EVER support whoever they are playing.Quote:
Originally Posted by #FromTheCapital
Of course, im the same but I don't actively try to wind up any jambos while I'm in the process. Was really quite pathetic given how old they were, sad *******s.Quote:
Originally Posted by clerriehibs
Well, I'll admit it doesn't start with that intention, but before too long, if there's any round, a fair bit of winding up does take place. Usually because these young hot bloods need taken down a peg or two ... :wink:Quote:
Originally Posted by #FromTheCapital
:agree: A couple of us are thinking of going along to the wee cup final to cheer on the buddies - we have a good friend who supports them.Quote:
Originally Posted by clerriehibs
It's ok, PishyBreeks says its all going to be fine, so that's that then.
Hold on, didn't Fatty bring The Submariner on board too?Quote:
George Foulkes said at the game yesterday that things would start moving at quite a pace now. He knows some of the parties interested and believes it will work out ok in the long term.
The man is a total slaver, he's been banging on about hearts being self sufficient for a while when its obvious that's far from the case which tells me he's not got a dink what's goin on.Quote:
Originally Posted by The_Todd
136 guests viewing this thread - must be a few Yams. How does it feel? Sinking in at last that your crappy wee ground and club are going under in Vlad's submarine?
Got to get the truth from somewhere I suppose!
You could almost say they've been taken for mugs but that would suggest that they're not mugs.Quote:
Originally Posted by Dashing Bob S
This is going to be a wonderful week. I have a feelin'
I also have the same feeling.something major is going to happen.
Slipping down the plughole.
Don't mean to burst your bubble or hopes fellas, but I think they will limp on for a we while yet! None of the major announcements re UBIG have been made therefore, until this occurs then they will continue to struggle on!
To paraphrase a recent film: when they come to Easter Road next month and are royally humped and humiliated, when they have one last total doing to take with them, when their rotten club and stadium lie in ashes, when they finally have to face their debts and the price for their unchecked arrogance of the last few years, when they leave the field at Easter Road for the last time in their history deafened by the cheering of thousands of celebrating hibees....
......then they have our permission to die.
I'm just wondering, does this League Cup final between the 2nd and 3rd bottom SPL clubs qualify for this romantic title? When was the last team two such lowly placed competed in a national final? I think even hearts and Gretna were better placed than this in the Scottish Cup final.
God point Bob but am struggling with the title, how about Beauty & the Beasts? I have a good friend who is a Saints fan so they can be the beauty :wink:Quote:
Originally Posted by Dashing Bob S
It used to be called the Consolation Cup when I played school fitba.Quote:
Originally Posted by Dashing Bob S
Saints and Scroungers Cup?
The most likely scenario is that the yellow cardigan brigade will acquire their club for peanuts and all will be well in noddyland.Quote:
Originally Posted by MrSmith
Unfortunately.
http://scotslawthoughts.wordpress.co...ect-on-hearts/
Decent read :-)
...albeit wrong. Its basic errors devalue it for me.Quote:
Originally Posted by cam75
That's certainly the best case scenario that they hope for, while we hope for the worst, which is lose Tynecastle, get demoted to third and carry on with scant investment groundsharing with Livvy/Pars/Spartans.Quote:
Originally Posted by Golden Bear
The truth is, nobody knows. We are in the hands of Lithuanian banks re asset disposal in the first instance, and probably a long investigation into where Vlad's money came from and went to in the second instance.
I think Hearts will stagger on till the end of the season. Its not in the Scottish Football authorities interests to act in any way before then, as in the Gretna scenario, owing to the fixture chaos this produces.
However, if those Lith bank/authorities investigations are ongoing into the close season, the Scottish football authorities will be compelled to act. The funding of the salaries of Kingston et all is potentially at least as big corruption as Rangers ETB's. The money for these payments came from somewhere. It seems now inevitable, given the new Lith government's priorities, that it will be investigated.
Aye or Saints and Sinners .... don't think there's any level they haven't lowered themselves to or whored themselves for over the past decade.Quote:
Originally Posted by Cilla Black
Their demise can't come quick enough for me so that Scottish football can rid itself of them for a good while, preferably for ever.
Does anyone know how the league would look if Hearts went to the wall? ie 3-0 victories awarded to the other sides or just matches scrubbed?
The league would look absolutely beautiful.Quote:
Originally Posted by PatHead
"Club ceasing to play and be a member of the LeagueQuote:
Originally Posted by PatHead
H5
If any Club
in the League ceases to operate or to be member of
the League for any reason, its playing record in the League may
be expunged and the number of relegation places from the
League shall be reduced accordingly."
If they went to the wall now and couldn't fulfil their fixtures then their results would be wiped out.Quote:
Originally Posted by PatHead
We would lose 2 points but Killie would lose 9 and so on.
I could see the benefit in it.:greengrin
Meanwhile, at the Wonga Dome.
Attachment 9400
Tbh I wouldn't give a flying F bout the points. They'd be wiped out of existence and that would do me.Quote:
Originally Posted by PatHead
No dig intended mate good point raised but the points for me are irrelevant.
Seems to be the case these days that smug, Sellik-minded bloggers appear to mark themselves as no end of experts on the financial affairs of other football clubs.Quote:
Originally Posted by CropleyWasGod
They should stick to their tedious hysteria over Rangers.
This :top marksQuote:
Originally Posted by Aldo
Quote:
Originally Posted by Aldo
**** aye.
:top marksQuote:
Originally Posted by Aldo
News item inferring Hearts are a "bad asset" and that bankruptcy will ensue.
http://www.15min.lt/en/article/busin...tcy-527-310301
The temporary administrator told BNS later that the 'bad' part of Ūkio Bankas was valued between 400 million and 500 million litas (EUR 116-145m).
"Ūkio Bankas' bad assets are very risky. These include properties in Russia and Scotland. The recovery of these assets could be more difficult," he said at the news conference.
:worms:Quote:
Originally Posted by Kato
Is the bad asset the bank he tried toset up or that pink thing (so called stadium ):confused:Quote:
Originally Posted by Kato
Of course, "properties in Scotland" doesn't just mean Hearts. It also includes those buildings in St Andrews Sq that he bought near the top of the market.Quote:
Originally Posted by Kato
http://www.bbc.co.uk/news/uk-scotlan...iness-16490988
Nothing against them and want to see this rivalry continue - albeit on a level playing field.Quote:
Originally Posted by Desperate Dan
:fibber::fibber::fibber::fibber::fibber::fibber::f ibber::fibber:
FINISH 'EM OFF!!!
Is it not far more likely to be hearts though?Quote:
Originally Posted by Part/Time Supporter
That property will eventually be worth something again once the property market picks up again but hearts are always going to be *****?
Both.Quote:
Originally Posted by bingo70
I'm sure that the yaks will be included in the bad stuff. Anyone seeking to buy them will have to find:Quote:
Originally Posted by Part/Time Supporter
- more cash than any property developer would be willing to pay (£3 million say?)
- a few million in working capital to keep it going (£2 million say?)
- £5 million for a new stand.
So, all they need to do is find someone with £10 million to ***** away with no hope of ever getting a return on that money. Best of luck with that.
Why only that much ..will they not look for some of there other money that they are out of pocketQuote:
Originally Posted by hibs0666
They might look for it but, in this situation, they will take as much as they can get.Quote:
Originally Posted by livi hibs 1875
Sales like this become a buyer's market.
If its that easy why dont we run up debts of 70/80 million (equity swap) .then . No mention of admin or bankruptsy. 10 million is peanuts fot how much these smelly ****s have cheated over the last 10 years .my opion ofcourse .hate those unwashed trampsQuote:
Originally Posted by CropleyWasGod
Cue FoH raising their bid to 750k :greengrinQuote:
Originally Posted by CropleyWasGod
Two points:-Quote:
Originally Posted by livi hibs 1875
1. you will be hard pushed to find any lender who would allow a business to go that far. UKIO/UBIG were a special case, as they had a business model which required that investment, and had the funds to support it. It failed.
2. it doesn't matter whether someone pays £3m or £20m for Tynie. The company (HMFC) is insolvent, and any money raised will go to its creditors.
I understand those both points and agree with them .but they must also loose there poxy history and become a newco aswell then . That is what i was meaning possibly never said it correctlyQuote:
Originally Posted by CropleyWasGod
Would they not also be buying a liquidated 3rd division team?Quote:
Originally Posted by hibs0666
For them to avoid liquidation would they not also need to pay HMRC in full and at least some of the UBIG debt?
This lol thanks :thumbsup:Quote:
Originally Posted by StevieC
Not sure if this is at all possible, but a Hun told me he thought it was an option. Rangers buy hearts, debt and all, sell tynecastle change the name to rangers and be back in the spl. Obviously if they bought hearts debt and all, they would need to pay the debt back, but after selling off all of hearts assets the debt would be manageable for rangers and they would be back in the spl!
Again not sure if this could happen but would be interesting
No, because they would need to get approval from the SFA to change the Hearts SFA membership to "Rangers". It was hard enough for them to get the "Rangers" SFA membership transferred from the dying company to Sevco.Quote:
Originally Posted by HFCDaveA
Where are RFC going to get £24m to pay off the debt, plus the cost of the stadium?Quote:
Originally Posted by HFCDaveA
And what assets do Hearts have?
I heard something similar once but it involved a man called Rumplestiltskin and spinning thread into gold.Quote:
Originally Posted by HFCDaveA
Has the rule been changed since the Airdrie United/Clydebank affair?Quote:
Originally Posted by Part/Time Supporter
The dominoes begin to topple...
Bankruptcy to be declared on Ukio Bankas bad assets
So I'm maybe getting ahead of myself here but could hearts be made bankrupt tomorrow for example and then worry about the sale of tynecastle etc at a later date?Quote:
Originally Posted by hibs0666
Is there a possibility hearts won't even see out the season or will this all take time to come to a head properly?