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Yes, unless something totally left-field and out-of-the-ordinary happens, the next big story is liquidation - either over the next couple of weeks or more likely when the money runs out, probably between October and New Year.Quote:
Originally Posted by Bajillions
The rest is just -literally- a media circus.
:agree: Gives me the dry boke. No doubt some of the "believers" still refer to him like that. Roasters.Quote:
Originally Posted by The Green Goblin
I wonder if it's not even simpler than what you suggest, Bajillions...i.e. they just don't have the foggiest idea what is going on and are writing what they hope and believe to be the case.Quote:
Originally Posted by Bajillions
Thats my reading of it, thought they might've learned a few lessons from the sevco debacle.Quote:
Originally Posted by PapillonVert
Ha, learn from the past! They might have to write the truth then, Hutchy!Quote:
Originally Posted by HUTCHYHIBBY
Now, that would never do, dear boy!
The thing is though, the cyber media age we now live in means we dont need to rely on MSM for info anymore, so, you'd think they'd be as well telling the truth.
Typical yams this Hutchy , worry about tomorrow , tomorrow :agree:Quote:
Originally Posted by HUTCHYHIBBY
That has been shown to be the case on numerous occasions.Quote:
Originally Posted by PapillonVert
Remember these guys are sports reporters, there is no reason why they should understand the whole situation. They couldn't investigate the situation even if the will was there.
As long as the get their columns filled on time, job's a good un.
Bathgate is the one that riles me. Didn't even know the correct deduction if the yams had went into admin last season. Now he writes as though he is a veteran real estate speculator and chief secretary to the treasury.Quote:
Originally Posted by HUTCHYHIBBY
The Celtic fans were on the case about Sevco a long time before the media. A Celtic boy I used to work with was delighted when they went into admin because he knew it would lead to them going bust.
I'm pretty sure it will be the same case with Hearts as Hibs.net has been on top of the situation since Romanov
took over that mob.
In all our current troubles don't forget we have survived the situation they are in and they probably won't. 1914 FC will be lucky to compete in the next 30 years given they aren't rangers and won't come out with an infrastructure of any kind.
Jamie Borthwick @jamiekborthwick4m
FoH announces bid structure today. Separate entities to buy the club, then purchase it back over time.
Jamie Borthwick @jamiekborthwick3m
Business community (Bidco) fund CVA, and fans (Fanco) enter binding contract to pay back and take full control. Stress Bidco will not gain.
Binding ! Very interesting.
Aye how does that work? You're not allowed to cancel your direct debit if you lose your job?Quote:
Originally Posted by Treadstone
And we are not talking 12 months here either are we ?Quote:
Originally Posted by BarneyK
http://www.foundationofhearts.org/ou...sal-explained/
- Structure of Foundation of Hearts backed bid announced
- FANCO, controlled by Foundation of Hearts, will enter binding contract with BIDCO to deliver ultimate fan ownership
- BIDCO funders will not make any personal gain out of the agreement with FANCO
- Partnership will ultimately deliver supporter ownership
The Foundation of Hearts is today (19 August) pleased to confirm the outline of its bid for control of Heart of Midlothian Football Club.
This involves two companies entering into a binding partnership with each other, “BIDCO” and “FANCO”, both of which are Special Purpose Vehicles (SPV).
1. The bid was submitted by the Foundation of Hearts’ bid team under the company title BIDCO
2. BIDCO is backed by Edinburgh business who will provide the vast majority of the capital required for the to be proposed Creditors Voluntary Agreement (CVA)
3. This binding partnership between BIDCO and FANCO will deliver ultimate fan ownership over a fixed period of time
4. BIDCO’s purpose is to deliver fan ownership and will therefore not seek to make any personal gain on this agreement with FANCO
At this stage a period of comprehensive due diligence and further negotiations begin. It is important to note that the process is far from complete and is likely to take significant time working to achieve, as identified by BDO. At that point more detail will be released.
Ian Murray MP, chairman, Foundation of Hearts said:
“The bid team working on behalf of the Foundation will set up BIDCO to provide the capital resource to buy the club, backed by Edinburgh business.
“On agreeing contractual terms with BDO to acquire the club, the BIDCO/FANCO partnership will be created to deliver fan ownership in a controlled fashion. Doing so allows the club’s finances to be stabilised, and for there to be an orderly and calm transition to supporter ownership.
“The BIDCO/FANCO partnership delivers multi-layered protection both now and for the future of Hearts. It’s a win-win situation.”
Mikey Forrester? Russian sailors? What the ****** are these boys on.
I imagine it will be along the lines of Fanco commit to paying back the Bidco money as it is a mortgage or bank loan, so if 1 supporter defaults the remaining clowns pay a little bit more. Direct debits rather than standing orders allow for this. What you might end up with is 5,999 supporters defaulting and 1 picking up the whole tab.Quote:
Originally Posted by BarneyK
#Pleasing indeed
I guess there's nothing can be done if individual direct debits are cancelled, but still essentially Fanco are bound to paying back the original investment. At the very least they will be duty bound to live within their means for a change.Quote:
Originally Posted by Treadstone
Bidco + fanco = sevco
Please let it be that toss-pot Murray that picks up the whole tab.Quote:
Originally Posted by Golden Fleece
i think privately he wants it to go breasts skywards.Quote:
Originally Posted by southsider
I think yamco will find that bidco willco be chucked in the binco when the Liths laughco their asscos off
I really don't see how this is even remotely feasible.
Bidco Fanco Yamco Fannyco Newco Sevco Skintco Noshameco
Cheerio :bye:
Are they likely to come out of this then?
The way I read this is they can prepare plans all they want but bottom line is what happens in Lithuania that will decide their future.
They are trying to create a positive environment now but it could all come crashing down if Lithuania come down hard on them.
They are still on life support and scraping the barrel for every penny they can get hold of and if Lithuania goes easy on them they still have quite a long way to go with providing sustainable funds for the club - plus the whole mess of the stadium - which is still not fit for purpose and costing a fortune to maintain.
Possibly. If they can raise enough capital to satisfy the Liths and then agree a robust business plan that allows them to pay back the 'Edinburgh businesses' (ie banks) who came up with said capital. You're probably looking at financing cost of around £1+ million a year for 10 years (they aren't going to get free finance) on top of stadium and running costs leaving some coppers and the fluff they've found down the back of the sofa for playing staff...Quote:
Originally Posted by Seanduff
I especially liked this in the very last clause:
" ... where BIDCO and FANCO will, once this document has been published, be thereafter referred to as Biddies and Fannies ... "
Does anyone know if the term 'binding agreement' was part of the dd set up by FoH?
It appears the money being collected now forms part of a binding contract that may change the original pledge a gift proposal. Would they not need to send out a contract to all pledgers?
It's not banks, as I read it.Quote:
Originally Posted by Liberal Hibby
BIDCO aren't making anything out of it, as the document says.
Pledgers have probably been easy-osy about pledging up till now.
All for the cause and no pressure to continue once they've won the bid ir when money gets tight.
Well there sure is pressure on the pledgers now.
Bidco (SPV) + Fanco (SPV) = NOGO (SPIV)