I think they've thrown in the towel. They don't have the money to satisfy the Lithuanians, and they (correctly) won't go to Massone in a pact.
Printable View
What do FoH really expect to get? As I read it, they've 5500 folks pledging an average of circa £20 a skull - everything going well, that's income of only £110k per month. Given that the season ticket money has been spent, this whole 'movement' hasn't a hope in hell of keeping the club afloat.
Surely BDO and the Lith admins will tell them to bolt.
Have you tried Sindey Crosbie?
For the club and stadium to be seperated wouldn't that need to involve liquidation? And liquidation would result in them losing their SPFL status?
To start selling assets, as a going concern, I would assume that a CVA would need to be agreed? It might well be that BDO could get enough in the pot from splitting assets to satisfy a CVA but would that not mean Hearts without a stadium? If if they dont have a stadium, why pay a couple of million towards a CVA? Just liquidate and start a couple of divisions lower with a clean slate?
The way things are going it would appear the John Collins famous quote about them being a Sunday League Pub Team are about to come to pass :greengrin
To be fair I think they have always said they would do that, wasn't July's payment the same?
The bit I don't get is they could have had extra upfront capital, so why turn it down?
OK there is the admin of returning it, but surely you would prefer the capital.
Maybe they don't see newco as that bad an option?
I think they'd said that any money taken would be returned if they were unsuccesful. I suspect that, as others have suggested, they know that they don't have enough and are postponing rather than the costly route of refunding. Also, the longer that they hang in there the more chance of the league starting and the higher the chance of them being allowed to continue in the SPFL after it all implodes.
I'm still torn between wanting them liquidated before the start of the new season, and having them stagger on in some form, and face the humiliation of implosion en route, followed by liquidation. Decisions, decisions....
The league chairmen would just need to vote to transfer their share to the Newco. That's what they tried to do with Rangers, but the majority voted against (after fan pressure). If a majority voted in favour of a transfer then they may be allowed to complete the season (unless the rules now prevent it).
I'm struggling with that one myself, Bob. Instant fun and fireworks, or a protracted, slow-burn, gift-that-keeps-giving scenario?
On balance, I think I'm going to have to go for the more cautious 'bird in the hand is worth two in the bush' approach, and opt for instant extermination. You just never know. :coffee: