Share Transfers Agreed/Cooling off period

[AllyT]

I posted about 2 years ago that I knew for a fact that money was being paid through a Lithuanian bank. Source? An ex Vlad employee who I knew through him working for me for a while - after he was sacked by Vlad. He was paid £500 a month here by Hearts, the rest was funnelled through a Lith bank to avoid UK taxes. He also got a free apartment, free car, phone, all his meals etc. No P11D benefits were ever declared. There is no doubt in my mind that HMRC will win any case against them.

[Caversham Green]

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Been having a scan of the various opinions and predictions of future events over on Kickback.

Loose the tax case , Vlad refuses to stump-up, Share sale is a flop/success and everything in between.

Some seem to think administration, getting a CVA, dumping the tax debt with UBIG retaining the PBS because of their security would be the solution. ?

Any thoughts Cav/CWG, your employment on this board is secure.

Here's what I just posted onthe pm board...

I think the difference between HoMFC and Rangers is that Rangers was a viable business with good tax-producing potential if they could have got out of their immediate predicament. In Hearts case they simply don't have a viable business case even if they could offload large parts of their debt.

To my mind, all administration would do is cost fees unnecessarily.

[oregonhibby]

Dead simple. You pay the tax you ply your trade in. They "earned" the pay here they pay the tax here.

The loan story is a red herring. Uk to Uk loans are still in HMRC's jurisdiction so they get the tax either way.

Hearts could have a Corporation Tax advantage by paying Kaunas a management fee for the players, thereby reducing tax in the UK, provided Kaunus are part of the same Group.

The government need every tax £ and that is why they are pursuing this. Interest and penalties will be heafty as well.

The investment story is crap. It is basically a bung. And any sane person investing would run a mile because of the tax case!

Sane of course is the operative word!

[Ozyhibby]

Doubt Vlad would bother with admin. He would probably go straight for liquidation. He controls most of the debt and I would think he either has a charge over the stadium or he has already shifted ownership to a different entity. Either way, HMRC will not see a penny of the money they are claiming against Hearts.
Although the property Market is nowhere near where it was in 2008, Tynecastle still has some value (probably about £6-8m). Ubig will almost certainly try to het as much money back as possible to cover the balance sheet hit they will take if they are liquidated.
A phoenix Hearts will have to compete with the house builders if they want Tynecastle back. I doubt they would want to. It is on it's last legs as a stadium. More likely they will rent at Murrayfield, start in Div 3 and take about 5-6 years to get back. They are not Sevco so will not be able to attract players from the SPL like they have done. There should be at least one missed promotion.
By the time they get back to the SPL they will be paying High rent at Murrayfield or be sitting on a large debt after the construction of a new stadium outside the town.
They will have lost their History. No more 5-1, Scottish cups etc.
All in all it should be quite amusing.

[Jack Hackett]

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Doubt Vlad would bother with admin. He would probably go straight for liquidation. He controls most of the debt and I would think he either has a charge over the stadium or he has already shifted ownership to a different entity. Either way, HMRC will not see a penny of the money they are claiming against Hearts.
Although the property Market is nowhere near where it was in 2008, Tynecastle still has some value (probably about £6-8m). Ubig will almost certainly try to het as much money back as possible to cover the balance sheet hit they will take if they are liquidated.
A phoenix Hearts will have to compete with the house builders if they want Tynecastle back. I doubt they would want to. It is on it's last legs as a stadium. More likely they will rent at Murrayfield, start in Div 3 and take about 5-6 years to get back. They are not Sevco so will not be able to attract players from the SPL like they have done. There should be at least one missed promotion.
By the time they get back to the SPL they will be paying High rent at Murrayfield or be sitting on a large debt after the construction of a new stadium outside the town.
They will have lost their History. No more 5-1, Scottish cups etc.
All in all it should be quite amusing.

This is the kind of scenario which puts a big smile on my face, and makes my breakfast a thoroughly enjoyable experience this morning

[Biggie]

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Doubt Vlad would bother with admin. He would probably go straight for liquidation. He controls most of the debt and I would think he either has a charge over the stadium or he has already shifted ownership to a different entity. Either way, HMRC will not see a penny of the money they are claiming against Hearts.
Although the property Market is nowhere near where it was in 2008, Tynecastle still has some value (probably about £6-8m). Ubig will almost certainly try to het as much money back as possible to cover the balance sheet hit they will take if they are liquidated.
A phoenix Hearts will have to compete with the house builders if they want Tynecastle back. I doubt they would want to. It is on it's last legs as a stadium. More likely they will rent at Murrayfield, start in Div 3 and take about 5-6 years to get back. They are not Sevco so will not be able to attract players from the SPL like they have done. There should be at least one missed promotion.
By the time they get back to the SPL they will be paying High rent at Murrayfield or be sitting on a large debt after the construction of a new stadium outside the town.
They will have lost their History. No more 5-1, Scottish cups etc.
All in all it should be quite amusing.

This. Please let this be so....

[God Petrie]

The nice thing about these clowns going bust is the 0-7 game will officially be the biggest derby horsing in the entire history of hertz vs hibs.

I dont think hibs vs spartans will have the same spice to it.

[SloopJB]

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Doubt Vlad would bother with admin. He would probably go straight for liquidation. He controls most of the debt and I would think he either has a charge over the stadium or he has already shifted ownership to a different entity. Either way, HMRC will not see a penny of the money they are claiming against Hearts.
Although the property Market is nowhere near where it was in 2008, Tynecastle still has some value (probably about £6-8m). Ubig will almost certainly try to het as much money back as possible to cover the balance sheet hit they will take if they are liquidated.
A phoenix Hearts will have to compete with the house builders if they want Tynecastle back. I doubt they would want to. It is on it's last legs as a stadium. More likely they will rent at Murrayfield, start in Div 3 and take about 5-6 years to get back. They are not Sevco so will not be able to attract players from the SPL like they have done. There should be at least one missed promotion.
By the time they get back to the SPL they will be paying High rent at Murrayfield or be sitting on a large debt after the construction of a new stadium outside the town.
They will have lost their History. No more 5-1, Scottish cups etc.
All in all it should be quite amusing.

doubt it.
Vlad could just let the club agree a payment period for the tax, keep the debt and have the club live within their means and service the debt.
no outlay and has an income.

Liquidation would be the ultimate debt forgiveness

[poolman]

Good article in Scotland on Sunday


http://www.scotsman.com/scotland-on-...ults-1-2602698

[thebakerboy]

Everyone seems to have forgotten that there is a ready made replacement for Tynie just up the road at Saughton park , should suit them nicely next season.

[SloopJB]

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Hearts have been stronger on the pitch in the same way as Lance Armstrong was the strongest on the streets of France.
They have been financial doping for years and still have a squad which costs them more than their turnover.

doesn't change anything.
If they live on within their means financing their debt to ubig and hmrc then they will be the same as the rest.

Then we can play on an even playing field and win the upper hand fairly.

[blackpoolhibs]

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The nice thing about these clowns going bust is the 0-7 game will officially be the biggest derby horsing in the entire history of hertz vs hibs.

I dont think hibs vs spartans will have the same spice to it.

I'm 100% prepared to give it a try.

[Ozyhibby]

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doubt it.
Vlad could just let the club agree a payment period for the tax, keep the debt and have the club live within their means and service the debt.
no outlay and has an income.

Liquidation would be the ultimate debt forgiveness

HMRC will not give a payment plan in 2012 for taxes that should have been payed in 2005. They will have to stump up the full amount or HMRC will issue a winding up order.
Will Vlad chuck in another £4m?
Not sure where you get the Income part from. They are losing about £800k a month.

[Sammy7nil]

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Good article in Scotland on Sunday


http://www.scotsman.com/scotland-on-...ults-1-2602698

Very good article, if Hearts fans buy shares it is a "gift" very true.
The problem is who is the gift for Hearts, HMRC or Uncle Vlad?

I always thought Hearts would come out of the shambles smelling of roses until now

I hope they are here next year still around playing in the SPL with 18yr old laddies consistently losing 4 - 5 goals per week lets see how many Believers continue to turn up.

[Treadstone]

Quick question :

Does Petrie get carried shoulder high into the AGM this year ?

[Hibs7]

Perfect storm brewing for the Jumbos, better start a suicide watch around Gorgie. Mind you they would probably *** that up as well.

[Saorsa]

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Perfect storm brewing for the Jumbos, better start a suicide watch around Gorgie. Mind you they would probably *** that up as well.

suicide watch? Nah, I'm going tae start a rope making business

[RoYO!]

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Doubt Vlad would bother with admin. He would probably go straight for liquidation. He controls most of the debt and I would think he either has a charge over the stadium or he has already shifted ownership to a different entity. Either way, HMRC will not see a penny of the money they are claiming against Hearts.
Although the property Market is nowhere near where it was in 2008, Tynecastle still has some value (probably about £6-8m). Ubig will almost certainly try to het as much money back as possible to cover the balance sheet hit they will take if they are liquidated.
A phoenix Hearts will have to compete with the house builders if they want Tynecastle back. I doubt they would want to. It is on it's last legs as a stadium. More likely they will rent at Murrayfield, start in Div 3 and take about 5-6 years to get back. They are not Sevco so will not be able to attract players from the SPL like they have done. There should be at least one missed promotion.
By the time they get back to the SPL they will be paying High rent at Murrayfield or be sitting on a large debt after the construction of a new stadium outside the town.
They will have lost their History. No more 5-1, Scottish cups etc.
All in all it should be quite amusing.

Couple of additions that make this even better reading. VR defo does own tynecastle as this was part of a debt for equity swap as far as I'm aware. Also don't believe they can build flats on the land due to contamination/ not fit for human dwelling... No change there then! :p e.g land becomes even less valuable

[jdships]

Surely if you buy shares , regardless with what company /club etc ., one is looking for an annual dividend ?
Is Vlad asking the 'slum dwellers' to forgo that dividend or will there just not be one ?
If so what is the point in buying ?
They won't get a seat on the board and even if they did would it achieve anything ?

Remember the song ' Fairy Tales may come true ' ?

' You can go to extremes with impossible schemes.
You can laugh when your dreams fall apart at the seams.
And life gets more exciting with each passing day.
And LIQUIDATION has either arrived, or is on it's way. '

This ' fairy tale' might just come true

[hibs0666]

Remember writing this back in 2009 ya trumpet...

FAO our dear friends at hibs.net

Well, well, well. Hearts are going on a European tour; Hibs are staying at home as usual. Late last year, you insisted our demise was about to happen, administration and all the rest of it. Unbelievably, you're still writing thread after thread about it - but guess what? No-one's listening any more.

Tell us: what's it like to be more obsessed with your neighbours than to love your own club? Special mention here to those online graduates of the Adam Smith Institute, Heraghty's, Caversham Green and the one and only Sergey. Do any of you ever write anything about Hibs at all? It sure as heck doesn't seem that way. Oh, and inserting that naff green 'goodbye' smiley at the end of your latest bout of delusion doesn't mean your wildest fantasies (well, apart from losing your virginity at last) are about to come true!

Still, never mind. Tick tock, eh boys? Ever wondered why no-one in the national media has ever speculated in the way you constantly do? Here's a hint: it's because your dreams do not equal reality. This club will be here for as long and longer than you will; and as long as it does, you'll always be in our shadow. 108 years - and counting.

GIRFUY.

[Ozyhibby]

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Couple of additions that make this even better reading. VR defo does own tynecastle as this was part of a debt for equity swap as far as I'm aware. Also don't believe they can build flats on the land due to contamination/ not fit for human dwelling... No change there then! :p e.g land becomes even less valuable

I'd prefer the land to be more valuable for housing than it just getting handed to the Phoenix club. I want them out the city or at least paying tennants at Murrayfield.

[Hibbyradge]

[7 Hills]

Tee-hee! I could do with a "Like!" button right now!

[Hibercelona]

Is anything actually going to happen this time?

[Craig_in_Prague]

is this not also a club that has the words 'and now, the end is near' in its song. How fitting.

[Kaiser1962]

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Couple of additions that make this even better reading. VR defo does own tynecastle as this was part of a debt for equity swap as far as I'm aware. Also don't believe they can build flats on the land due to contamination/ not fit for human dwelling... No change there then! :p e.g land becomes even less valuable

The PBS still belongs to the Yams, technically at least. There is a standard security, in favour of UBIG, over the stadium though and a floating charge over the rest of the company's assetts. If they were to go bang today UBIG/Vlad would retain full control over everything that Hearts own, even the lightbulbs.

Administration would be totally and utterly pointless.

[weonlywon6-2]

Hearts now admitting theyre up sh*t kreek without a paddle

http://www.bbc.co.uk/sport/0/football/20115241

Financially the situation is quite serious," Fedotovas told BBC Scotland. -- no sh*t Sherlock

[Hibercelona]

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Hearts now admitting theyre up sh*t kreek without a paddle

http://www.bbc.co.uk/sport/0/football/20115241

Financially the situation is quite serious," Fedotovas told BBC Scotland. -- no sh*t Sherlock

"We are really hopeful that this club will be successful and will prosper and administration is the wrong word, I would say."

So in other words.... they're going into Administration, but will just pretend it's something else?

[HoboHarry]

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Quick question :

Does Petrie get carried shoulder high into the AGM this year ?

He should be. Some of the managerial appointments didn't work out it is true, but that said there were a lot of Hibees who agreed with the appointments at the time. From a financial point of view though, he must have balls of steel to have stared down all the fans who told him he was wrong to keep a tight reign financially and elect not to quit. Good old Rod Petrie has my vote.

[cocopops1875]

Spoke to a yam mate yesterday and asked him what he was gonna do about shares, his answer was I will probably buy some, £110 is the minimum amount he can spend he understands its a waste but feels in a situation that the alternative is doing nothing and that definitely won't help.