Ah! The Craig Whyte method!Quote:
Originally Posted by jacomoseven
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Ah! The Craig Whyte method!Quote:
Originally Posted by jacomoseven
I might be daft but whats happening about the 25 million debt ? if F O H are successful with bid do they still have debt over there heads ? And how does it work when the debt not in this country are the laws different ?
They won't have the Lith debt, but they will have debt due to whoever is putting up the purchase price.Quote:
Originally Posted by Notahappyhibee
:not worth:faf:Quote:
Originally Posted by Dashing Bob S
Hmmm.Quote:
Originally Posted by CropleyWasGod
If they call it a subscription and there are any benefits to be had then there would be VAT on it, although the variable amounts might suggest it was a gift.
If it became an integral part of their trading operations - which is what they're telling us it will be - then it would not be seen as a gift it would either be a subscription, where VAT would apply, or outside the scope, in which case they might find a proportion of their input recovery is restricted. In either case Corporation Tax would apply, but if they don't go down the Sevyam route they have so much losses to claim from previous years that no CT would be payable.
Unless Vlad used those losses against UBIG's tax through a group claim.
#notcutanddried
Caversham and CWG feel free to jump in and correct me here but my understanding is this .......Quote:
Originally Posted by Notahappyhibee
The FOH bid is reliant on the Lithuanians agreeing to a CVA on the Debt of £25m and they also hold the Floating Charge over the stadium too for £6.8m.
As I've said earlier, unless someone comes along with at least £12-15 million in a briefcase, the club is going under and through the Newco route.
They need to cough up at least 5m for the stadium. Then there is an appropriate figure for the CVA on the 25m of debt to UKIO and UBIG.
Even if the £2m is offered to the Administrator for he Club minus the stadium which the Lithuanians keep probably to initially rent back to the whatever incarnation of Hearts is around and then redevelop as Housing, that's an offer of 8p in the pound which will be even less once the Administrators fees come in so you may be looking at Hearts offering to pay around 5p in the £1 for their debts.
None of this of course includes the necessary working capital to run the club (about £2m) as the income has already been spent trying to keep the patient alive. Smaller creditors like HMRC (owed £1m in future payments) will get absolutely nothing so the public purse gets humped.
Can you see that being arranged?
I sure as hell can't which is why I reckon it's into the Blender of liquidation and here's your pass to Division 3.
CheersQuote:
Originally Posted by AndyM_1875
I'd rather they go roll over in corner and die. The **** can go support Spartans for I care.
A few minor corrections.:greengrinQuote:
Originally Posted by AndyM_1875
UKIO have a fixed charge on the stadium, plus (possibly) a floating charge on the rest of the assets. UBIG also, possibly, have a floating charge on the assets.
The money that FOH put into the deal is to buy the (majority of the) shares of HMFC. If they own those, they have control of the company which owns the stadium. It's not £5m for the stadium PLUS the CVA.
That money is for 2 things:- 1. to satisfy the secured creditor(s) and 2. to satisfy the unsecured creditors through the CVA. So, if they are bidding (say) £3m, they could divide it up £2m for (1) and £1m for (2).
Thank you CWG.Quote:
Originally Posted by CropleyWasGod
That makes me think an agreed CVA is even more unlikely.
http://www.insolvencynews.com/articl...tration-update
An article from Insolvency News ( top shelf mag. for some posters on here :greengrin )
Last paragraph is interesting.
" Ukio Bankas ........ will only accept an offer for the Club and stadium that meets its valuation of the Land. "
I wonder if the land valuation could be the £ 6,800,000 which the Bank has security for and the Liths have seen all this coming at the end of last year.
As for the £ 255.68 p thats maybe for their history !
On the BBC Sports page "Hearts in administration: Bidders asked for proof of funding" there are three links to "this story around the web." The first two links lead to the Scotsman and to the Herald. The third is to the Financial Times, headline: "Bidders line up for German bathroom fittings manufacturer Grohe". Sensing a sensational Teutonic toilet-financed takeover bid, I clicked on the link - only to discover it's for FT registered readers only. Can any of you FT-reading financial wizards enlighten us as to what the article says? Hope the jambos aren't in the sh*t or anything?
I'm guessing that's speculation, but they may know something. If there is any truth in it, MSM certainly won't have picked it up. The limit of their financial knowledge comes from hibs.net.Quote:
Originally Posted by greenginger
The link is that they're sinking fast, soon to be going down the pan, they are a shower of plug ugly bassas and they all sh@9 their cisterns.Quote:
Originally Posted by dan sarf
Apart from that, #allisbarry
Has Pat the Plumber made a late bid?Quote:
Originally Posted by DC_Hibs
What are you basin that on?Quote:
Originally Posted by DC_Hibs
Could be - Tynie's full of old boilers wanting a service.Quote:
Originally Posted by jgl07
That should bring them out in hot flushes.:greengrinQuote:
Originally Posted by jgl07
Quote:
Originally Posted by CropleyWasGod
Sorry to be a dimwit but...what does MSM stand for?
:greengrin
Malmo singing mayhem
Bit of a misnomer here, technically should be MM. Mainstream media.:wink:Quote:
Originally Posted by keekaboo
Quote:
Originally Posted by Treadstone
Oh, OK, it was that simple.
Thanks :greengrin
Did it not start out as Mainstream Scottish Media last summer during the death throes of the currant buns?Quote:
Originally Posted by Treadstone
Moneyless Scoundrels MaroonedQuote:
Originally Posted by keekaboo
That's the key here. Nobody is coming close to an offer in the CVA that meets the value of the land. Quickly move to liquidation do not pass go!Quote:
Originally Posted by greenginger
Hence the reason Hibs aren't selling derby tickets yetQuote:
Originally Posted by desantos0773
Still confidently predicting this by Thursday or Friday this week?Quote:
Originally Posted by desantos0773
Lets make sure Thursday/Friday is a joint celebration for Hibs. Qualification against Malmo and Hearts going popQuote:
Originally Posted by jacomoseven
If that was going to be the case would they not just have decided that when they saw the value of the bids the other week instead of moving on to the see the colour of the money?Quote:
Originally Posted by desantos0773
We''ll cerainly get a clear steer from BDO preparing the ground letting them down gently. They don't want mass crying again a la Dens!Quote:
Originally Posted by Billy Whizz
Think the Massone bid is almost acceptable to them but of course they have to sell the club as a going concern. If he can show concretely how he is going to fund club then he is the preferred bidder. But this is unlikely as well the fit person stuff. So it is over to liquidation.Quote:
Originally Posted by Andy74
Possible, i also seen it described as SMSM. Mind you that was from Celtic fans. Look how they spell CeltcQuote:
Originally Posted by South Sub
http://img383.imageshack.us/img383/5981/celtcao2.jpg