Share Transfers Agreed/Cooling off period

[essexhibee]

What will happen to Hearts?

Friday 9^th November 2012.


Romanov/UBIG have decided that they have had enough and are getting out… probably haven’t got any access to money.

Lately, they have taken in monies from Season tickets, TV and Gate re Liverpool, SPL, SFA , and some transfer fees from TRFC?… probably around £6M - £7M in total

They are trying to claw back some more with the Share Issue but HMRC won’t wait.

I cannot see that Romanov will pay the PAYE/NICs bill of £450K

However, Romanov/UBIG will not allow Hearts to be wound up/liquidated (same thing)

It’s odds on that Romanov/UBIG will put Hearts into Administration in the next few days or so… to protect Hearts from winding up/liquidation.

Despite what some people will say, Romanov/UBIG will still keep control of Tynecastle in an administration event… as they are, by far, the biggest Creditors (much more than HMRC or anybody else)

The Share Sale will go ahead and any monies coming in will be used to pay the fees of the Administration.

The Administrators will offer a ‘’pence in the pound’’ CVA and this will be accepted by over 75% (by value) of the Creditors … ie, it will be accepted by Romanov/UBIG as they hold more than 75% of the debt

Hearts will come out of Administration quickly ‘’debt free’’ but will have lost Tynecastle, their only real asset, as it will be covered by a fixed or floating charge in favour of Romanov/UBIG.

Hearts will remain in the SPL, albeit, fighting relegation because of the points deduction as a consequence of administration and the downsizing of the squad. In addition, they will have to pay rent to Romanov/UBIG as long as they stay at Tynecastle.

So although I’m sure Hearts will survive (unlike TRFC who are dead) the future for a competitive Hearts team looks very, very bleak… but not a bad way to ditch your debts eh?

From kickback regarding the whole situation. Seems a sensible post tbf

[CB_NO3]

http://www.sheffieldunited-mad.co.uk...e_351568/index

http://news.bbc.co.uk/sport1/hi/foot...an/6203035.stm

Why pay your tax when you can have these two class acts. The amount of cash they have wasted is mad. Chucking 10k a week at guys like Nade, Obua, Goncalves, Kingston, Zaliukas.
Pretty sure the list goes on and on. It makes me laugh. Well good luck to the hearts fans finding 2 million between them. Not.

[Caversham Green]

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Question is.... Is this a PR ploy.... Do we think they'll get off with it??

Not sure what you mean by 'get off with it'. They have no chance of escaping the £450k tax bill, and very little chance of getting time to pay IMO. If they get off with the bigger tax bill it's because they were able to present a good defence to the tribunal.

If you mean will they escape liquidation/administration, well yes, they might but only through scraping together everything they've got and that means they have nothing in the tank for the future. At the very least they are going to be massively damaged after this little episode.

[Coco Bryce]

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From kickback regarding the whole situation. Seems a sensible post tbf

I really hope the CVA is 51p in the £

[Mikey]

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From kickback regarding the whole situation. Seems a sensible post tbf

Interesting post.

If they are relegated, which would be likely with a 17 point deduction and a slashed playing squad, they'll have trouble coming right back up. Romanov will take a huge skelp in rent.

[Caversham Green]

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From kickback regarding the whole situation. Seems a sensible post tbf

One flaw in his thinking is that the UBIG debt is already covered by fixed and floating charges which means that it's taken out of the CVA vote. The debt is greater than the value of the assets it's secured on, but that can only be proved by selling the assets and settling as much of the debt as they raise - the balance would then go to the unsecured creditors list and they would have a vote, but by that time it's a liquidation because all the assets are gone.

They did move some debts over to other companies though, so they might be unsecured and therefore stand to vote in a CVA proposal. If so this would appear to be the culmination of two year-long strategy rather than the emergency it's being presented as.

[Baader]

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Better still he could plunder some Nazi gold.

The Londis incident is beginning to make sense...

[haagsehibby]

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Interesting post.

If they are relegated, which would be likely with a 17 point deduction and a slashed playing squad, they'll have trouble coming right back up. Romanov will take a huge skelp in rent.

I wonder if there will be a secondary points deduction if the wages are not paid on time again.

[jacomo]

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http://rangerstaxcase.wordpress.com/...pbell-ogilvie/

From a while ago. Not saying he's definitely implicated but there is at least some suspicion.

Got to be worth looking at more closely I would have thought.

Campbell Ogilvie would definitely have questions to answer.

Here's an article from 2008 where he's spraffing off about making Hearts self-sufficient:

http://www.scotsman.com/sport/ogilvi...-sfa-1-1148749

"We are trying to create a solid foundation here," he said. "We realise that only actions, not words, will work now.

"In the short term we have had and will have a situation where we receive funding from our parent company (UBIG] and we are fortunate to have that. The aim, though, is to make the club totally self-sufficient. It is good to have a parent company but we accept here that we have to stand on our own two feet. We cannot rely on outside funding, we must create a model."

Four years on, and they are still spending way beyond their means... including on the team that won the Scottish Cup, and seemingly cheating the tax man to help them do so.

It's all coming home to roost...

[CB_NO3]

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http://www.sheffieldunited-mad.co.uk...e_351568/index

http://news.bbc.co.uk/sport1/hi/foot...an/6203035.stm

Why pay your tax when you can have these two class acts. The amount of cash they have wasted is mad. Chucking 10k a week at guys like Nade, Obua, Goncalves, Kingston, Zaliukas.
Pretty sure the list goes on and on. It makes me laugh. Well good luck to the hearts fans finding 2 million between them. Not.

Sorry, this should have been in the 'lets all laugh at Hearts' thread.

[Part/Time Supporter]

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Interesting post.

If they are relegated, which would be likely with a 17 point deduction and a slashed playing squad, they'll have trouble coming right back up. Romanov will take a huge skelp in rent.

18 points.

They got 52 last year and the rules say it is one third of the total rounded up.

[jacomo]

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From kickback regarding the whole situation. Seems a sensible post tbf

So... maybe after this week, the Hearts fans will accept administration (and no doubt praise Vlad for doing it) because they've been forced to look into the abyss and anything is better than that.

Division One beckons.

[Mikey]

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18 points.

They got 52 last year and the rules say it is one third of the total rounded up.

Even better.

Maybe they'll catch up Dundee and find themselves at Dens on the last day, just needing to avoid defeat...................

[ScottB]

Why do I get the feeling the squad will announce that they are deferring their wages...

I can just about see them scraping together the £450k in time, but then where do the wages come from? Then the big tax bill looms.

Personally I think they'll stagger on until the big tax case hits (assuming it does), there's no way they'll be able to raise the money for that one.

[Alfred E Newman]

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Question is.... Is this a PR ploy.... Do we think they'll get off with it??

That's what I said yesterday. Boost the shares sale, full house for the next home game and Vlad comes up with the tax cash. No doubt they will knock up out the cup next month and every thing will be rosey again at Tynie, till the next crisis.

[Aldo]

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Not sure what you mean by 'get off with it'. They have no chance of escaping the £450k tax bill, and very little chance of getting time to pay IMO. If they get off with the bigger tax bill it's because they were able to present a good defence to the tribunal.

If you mean will they escape liquidation/administration, well yes, they might but only through scraping together everything they've got and that means they have nothing in the tank for the future. At the very least they are going to be massively damaged after this little episode.

Cav sorry. Get off with Administration/liquidation.
Should if made it clearer mate.

[Sergey]

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That's what I said yesterday. Boost the shares sale, full house for the next home game and Vlad comes up with the tax cash. No doubt they will knock up out the cup next month and every thing will be rosey again at Tynie, till the next crisis.

That's assuming that Vlad has the cash to hand.

Given that UBIG haven't paid the 1200 workers at their bauxite plant for over 3 months. There's also been a run on the Ukio shares and the bank have had to take control of the Zalgiris basketball arena, for a sum that was over 3 times the cost of construction, I don't honestly think that UBIG/Vlad have money at their disposal.

[Mikey]

Some of them are pretty convinced over the road that this bill will be paid by Vlad. Not quite sure what they base it on though

[Caversham Green]

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Cav sorry. Get off with Administration/liquidation.
Should if made it clearer mate.

No problem Aldo - I didn't mean my post to be snippy.

Anyway, FWIW I don't think it is a PR ploy, I think they've taken it too far to be that. I can't see even the yams thanking Vlad for taking their club to the brink, taking all their money and then bailing them out anyway. As I say they might actually escape administration/liquidation but it will cost them very dear.

[Brummie_Hibs]

If Hearts do die, then at this time of the year, and for every year onwards, Hibs fans should wear green poppies, to respect the memory and traditionals of that previously great club.

Note: Of course all profits made from the sale of aforementioned poppies should be donated to the proper poppy appeal.

[robinp]

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Some of them are pretty convinced over the road that this bill will be paid by Vlad. Not quite sure what they base it on though

Seemingly Fedatovs said last night at the meeting with the fans group that Vlad will be paying off the bill.

[Mikey]

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Seemingly Fedatovs said last night at the meeting with the fans group that Vlad will be paying off the bill.

Not convinced. I think they've turned it into that.

If he's paying off the bill, why not do it right now?

[cocopops1875]

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If Hearts do die, then at this time of the year, and for every year onwards, Hibs fans should wear green poppies, to respect the memory and traditionals of that previously great club.

Note: Of course all profits made from the sale of aforementioned poppies should be donated to the proper poppy appeal.

Speaking of which have hahaHearts confirmed a donation from sales of their Poppy Day shirt to The Poppy Appeal yet ? Last I was aware there is a LTD Edition shirt with a £12 mark up but no suggestion of where the money was going

[green glory]

https://twitter.com/bbcbmclauchlin/s...62338810998784

[Stevie Reid]

BBCBMcLauchlin ‏@BBCBMcLauchlin
Hearts director Sergejus Fedotovas tells BBC Scotland a deal with HMRC is unlikely over the £450,000 bill for PAYE and VAT.@bbcsportsound

If that's all the info that he got since 9.30, it looks grim for the Yams.

[CB_NO3]

Also says they have raised 100k in the last 48 hours. Just 350k more to find.

[Aldo]

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No problem Aldo - I didn't mean my post to be snippy.

Anyway, FWIW I don't think it is a PR ploy, I think they've taken it too far to be that. I can't see even the yams thanking Vlad for taking their club to the brink, taking all their money and then bailing them out anyway. As I say they might actually escape administration/liquidation but it will cost them very dear.

No mate don't worry didn't think it was snippy at all. I think all we want is a definite answer as we all sit and watch their demise.

I want them to be totally and utterly ****ed if I'm being honest and hopefully wiped out totally

[matty_f]

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BBCBMcLauchlin ‏@BBCBMcLauchlin
Hearts director Sergejus Fedotovas tells BBC Scotland a deal with HMRC is unlikely over the £450,000 bill for PAYE and VAT.@bbcsportsound

If that's all the info that he got since 9.30, it looks grim for the Yams.

Quite right too. They've taken that money from their employees and paying customers and deprived the tax payer of it to chase a pipe dream.

Does anyone know if they'll incur penalties and interest on this amount?

[HibeeSince82]

Chris McLaughlin‏@BBCchrismclaug Being told #Hearts fans have raised over 100k in the past 48hrs. 450k needed before end of next week to pay taxman. #BBCSport

[matty_f]

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Also says they have raised 100k in the last 48 hours. Just 350k more to find.

Actually just £1.9m to find...