Quote Originally Posted by Hibs4185 View Post
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Land and property is one of the easiest things to sell in Edinburgh. Cala offered £20 million for tynecastle a few years before administration. It is not too far fetched too think the administrators or powers that be could be easily have achieved £10-£15 million to repay their creditors quite easily.

I want to know why a paltry £3 million was accepted from Budge and I think their would be a decent story in the reasons why.
Even at £15m, only the secured creditor would have been paid. The remainder would get nothing.

Remember, too, that it wasn't Hearts' administrator's call to accept the Budge offer, which of course was the only credible one. That was down to the administrators of UKIO Bankas. Their choice was basically, "take £3m now, or perhaps a larger sum at some indefinable time in the future".