Share Transfers Agreed/Cooling off period

[HoboHarry]

This quote is hidden because you are ignoring this member. Show Quote

"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?

I know nothing about the admin/liquidation process but it seems to me that Vlad will never let anyone see his books, so therefore I can't see him doing anything other than simply closing the doors.

[500miles]

This quote is hidden because you are ignoring this member. Show Quote

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.

The best thing they could probably do is nothing right now. Force Vlad's hand to go into admin, sell, have a fans group/ group of sympathetic investors pick the club up, sell off tynecastle. Then you start a share issue. The council would make sure Hearts had somewhere to play, lets no kid ourselves on. Hearts might even be able to sell thier SPL shares to Rangers, release thier first team, play youngsters, and work thier way through the lower leagues. Who knows. There will be a way out, but I've got a feeling that Hearts won't be an SPL team at some point over the next couple of years.

[Treadstone]

This quote is hidden because you are ignoring this member. Show Quote

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.

I was behind Petrie , not 100% , but debts have to be repaid or suffer the consequences . As for picking managers that should be taken out of his hands .

[Caversham Green]

This quote is hidden because you are ignoring this member. Show Quote

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.

I was thinking that if this was Hibs I might be inclined to pay the £110 if I thought it would keep my club alive. What would have killed my interest stone dead is the claim that they were still "committed to the development of a state-of-the-art football stadium" (see post#746). That must be the worst insult to the intelligence I've seen and tells me all I need to know about the idiots who are trying to extract money from the Gorgie hordes.

[Mikey]

This quote is hidden because you are ignoring this member. Show Quote

I was thinking that if this was Hibs I might be inclined to pay the £110 if I thought it would keep my club alive. What would have killed my interest stone dead is the claim that they were still "committed to the development of a state-of-the-art football stadium". That must be the worst insult to the intelligence I've seen and tells me all I need to know about the idiots who are trying to extract money from the Gorgie hordes.

Once the share issue is complete will the total amount raised be public knowledge, or will we be relying on the Yam PR machine for our figures?

[Caversham Green]

This quote is hidden because you are ignoring this member. Show Quote

Once the share issue is complete will the total amount raised be public knowledge, or will we be relying on the Yam PR machine for our figures?

I don't think it has to be publicised so it will probably be the latter - not sure whether they'll want to play it up or down though.

[Mikey]

This quote is hidden because you are ignoring this member. Show Quote

I don't think it has to be publicised so it will probably be the latter - not sure whether they'll want to play it up or down though.

That's a shame. We could have run a competition

[Dashing Bob S]

The whole Romanov Hearts project has resembled a group of destitute alcoholics breaking into an off licence and drinking as much as they can, in denial that at some hour the doors will by swung open and the stupefied, gurgling fools will be held to account for their actions.

This demise is different from the previous predicted ones as it's all coming from in-house rather than our wishful thinking; the mantle of arrogance has fallen and they are now forced to concede they are up **** creek. If Rangers can be effectively consigned to football limbo for three years, it could take Hearts a decade to recover.

I think they are in for a very rough time, which will be both painful and protracted.

That 5-1 hit doesn't seem quite so bad anymore.

[Dashing Bob S]

This quote is hidden because you are ignoring this member. Show Quote

I don't think it has to be publicised so it will probably be the latter - not sure whether they'll want to play it up or down though.

Surely they would have to inform the people who purchased the shares?

[Mikey]

This quote is hidden because you are ignoring this member. Show Quote

That 5-1 hit doesn't seem quite so bad anymore.

And would most likely be removed from the record books.

[woody47]

The things I find most amusing in the terms and conditions is it actually states that there is no way they can sell their shares or as they put it even "obtain reliable information about their worth". They also go on to say that there is a significant risk of losing all of their investment.
FFS, are yams really that thick?
This appears to be a way for these clowns to pay the outstanding tax bill giving them a bit more time to try and find some nutter who wants to buy the club.
All this nonsense about reinvesting in the youth is another smoke screen.

[Caversham Green]

This quote is hidden because you are ignoring this member. Show Quote

Surely they would have to inform the people who purchased the shares?

I think only in the most general terms - there's no specific project or target so they don't have to say whether it was a success or failure. It will become clear when (if) the current years account's are published but on current performance that won't be until May 2014.

That raises another point - they're asking for 'investment' nearly four months after their financial year end but the best financial data they can offer is from 16 months ago. Any serious prospectus would carry a summary of the most recent year-end figures as a bare minimum.

[Frazerbob]

I hope their draw against a now defunct 2nd division team and their tainted win over us were worth it when they wake up to no club to support.

[Twa Cairpets]

...And he [Fedetovas] explained: "The cost of the squad that won silverware [the Scottish Cup] last season is £8m and our income is just short of £7m.

The 5-1 bothered me almost not at all since the day of the game, and it has puzzled me as to why. Now I know, they've admitted what we knew that it was bought with a squad which was if not cheating in a footballing sense (they had Craig Thomson for that), were totally playing outwith the rules of fair competition.

You reap what you sow.

Bye bye. It was a deeply unpleasant experience knowing you.

[Mikey]

Apologies if it's somewhere in this thread. The Guardian article says that the hearing starts next month, do we know the actual date?

And is it in Edinburgh and will there be a public gallery? We could sell hibs.net popcorn at the door

[SloopJB]

This quote is hidden because you are ignoring this member. Show Quote

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.

Interest on the debt held by ubig
Are you sure HMRC will not give a payment plan?
Where did the £4m figure come from?

[Hibs90]

Matter of time aint it, one things for sure. I'll be pissing myself with laughter when it does happen.

Tick tock.

[Kato]

This quote is hidden because you are ignoring this member. Show Quote

The things I find most amusing in the terms and conditions is it actually states that there is no way they can sell their shares or as they put it even "obtain reliable information about their worth". :

5s this not illegal? Don't they have to put out some kind of legally binding prospectus?

[greenginger]

This quote is hidden because you are ignoring this member. Show Quote

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

Clause 11 of the Yams 2011 Accounts,

"The balance owed to UBIG is secured by a standard security over Tynecastle Stadium and a floating charge across the assets of the company"

Vlad as good as owns the stadium/development site,all he has to do is ask the loan to be repaid.

What I can't get my head around is how the Yams could not be sustainable if the debt was removed. There is no need to pay bog standard SPL players more than any other team,they don't need 47 of an admin staff or provide cars and flats for all and sundry.
It is this big club mentality that has got them where they are so hell mend them.

[DaveF]

This quote is hidden because you are ignoring this member. Show Quote

Interest on the debt held by ubig
Are you sure HMRC will not give a payment plan?
Where did the £4m figure come from?

I think the yams used up all their goodwill with HMRC in previous months / years when dicking them around with late payments.

The figure of 4 million is an estimate as if they lose this hearing then the 1.75 million is subject to interest and penalties from when the alleged offences started.

Such a shame.

[greenginger]

This quote is hidden because you are ignoring this member. Show Quote

Apologies if it's somewhere in this thread. The Guardian article says that the hearing starts next month, do we know the actual date?

And is it in Edinburgh and will there be a public gallery? We could sell hibs.net popcorn at the door

The Edinburgh HMRC Tax Chamber is in George Street opposite Tiger Lilly.Plenty of watering holes in the area for the Yams to find oblivion in.

[Ozyhibby]

This quote is hidden because you are ignoring this member. Show Quote

The best thing they could probably do is nothing right now. Force Vlad's hand to go into admin, sell, have a fans group/ group of sympathetic investors pick the club up, sell off tynecastle. Then you start a share issue. The council would make sure Hearts had somewhere to play, lets no kid ourselves on. Hearts might even be able to sell thier SPL shares to Rangers, release thier first team, play youngsters, and work thier way through the lower leagues. Who knows. There will be a way out, but I've got a feeling that Hearts won't be an SPL team at some point over the next couple of years.

The very best things Hearts fans can do right now is nothing. If they all invest now and still go into liquidation then it will be harder to go back to the fans to help start a Phoenix club.
It's why I'm advising the jambos I know to do the right thing and invest to save their club.

[mikethehibee69]

Brian McLaughlin on BBC has posted on twitter his interview with Financial director from ****bo land, it makes interesting reading and they vehemently repute going into Administration, their words not the reporters, but they do concede they are in severe financial restraints and having problems that require immediate action

shouldn't laugh but nah I can't help myself Tick Tock

[Lix]

Keechback is compulsive reading just now

Most get it, but some deluded fools reckon they have no choice but to spend their kids Xmas pressie money on hoping this last ditch begging bowl attempt works.

I actually felt sorry for gullible idiots being ripped off with emotional blackmail like this, but it seems they can actually throw their money away quite happily and openly knowing all the sad facts.

Ultimately I don't think you can protect the stupid from being allowed to indulge their stupidity but there is definitely a large degree of the battered wife about some of them.

'I'll give them my hard earned dough this time, but if they misuse it (errr like paying a tax bill?!) I'll definitely not subscribe next time' = 'I know I'm in casualty because he beat seven shades of ***** out of me, but he said he's sorry and he won't do it again. If he does it again I'll leave for good. Honest'

They are toast one way or the other, but they really should be saving their pennies to try and resurrect what's left after it all goes Pete Tong....

[Seveno]

The interest rate on the amount due will be charged at the judicial rate which is currently 8%. For just one year, that adds another £140,000 on to the bill. Add on penalties and it is easy to see how the total will eventually be close to £4m.

[The Falcon]

Just a thought but there may be opportunities that possibly develop out of their discomfort. I would like to think that Farmer and Petrie will be discussing their predicament in some detail.

[Jack Hackett]

This quote is hidden because you are ignoring this member. Show Quote

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

So what the guy says, basically, is that they employed Beattie and Satchel knowing full well they couldn't afford them.

I rest my case m'lud. The jury must find the defendant 'Guilty as charged' of stealing the Scottish Cup by cheating

[Jack Hackett]

This quote is hidden because you are ignoring this member. Show Quote

Just a thought but there may be opportunities that possibly develop out of their discomfort. I would like to think that Farmer and Petrie will be discussing their predicament in some detail.

There's nothing left over there I'd want anywhere near Easter Road.....except mibbae the Cup

[Ozyhibby]

This quote is hidden because you are ignoring this member. Show Quote

There's nothing left over there I'd want anywhere near Easter Road.....except mibbae the Cup

The rights to use that badge and that name could be purchased. Just for old times sake. No need to do anything with it. :-)

[Hibercelona]

This quote is hidden because you are ignoring this member. Show Quote

The rights to use that badge and that name could be purchased. Just for old times sake. No need to do anything with it. :-)

I know what I would do with the badge and the name.

A big broon jobby all over it. Although you probably wouldn't notice much of a difference on the badge afterwards.