Share Transfers Agreed/Cooling off period

[truehibernian]

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Only a yam could deflect and morally condemn somebody who was happy to see them being punished for cheating.

Maybe someone should tell Ewan that in business, if you don't pay bills and monies due to contractors, sub contractors and the revenue, then other peoples livelihoods also suffer - sometimes causing extreme financial hardship and job loss. This kind of reaction (the 'football clubs are part of the community thus should be treated differently') is exactly what often prevents others from having sympathy or empathy towwards a cause - especially those with no interest in football. I'm told there are many many debts still to be paid and yet to be announced - maybe Ewan should do some digging and he'd find out to who

Did Ewan fight the good fight for Woolworths, Comet, MFI and JJB ? They have been in the community for years, they employ hundreds (or thousands), they each had 'history'.

People in this country are far too quick to point the finger of blame at those who really have had no responsibility for the problem they find themselves in - like a parent being told his son is a bully, only for the parent to blame the victime/school/police or anyone else that listens rather than deal with the matter in hand - his son being a bully.

Hearts fans loved the success but seemed to put to the side that it was always on the never never - they have had 7 years to confront, take on, challenge Romanov - or at the very least really scrutinise his ways - even Mr Murray could have reverted back to being a good old fashioned journalist, so lacking in the sports pages in Scotland these days, and taken it upon himself to investigate fully UBIG, Romanov and the way forward for Hearts.

Instead - they've waited for the inevitable to happen and now expect sympathy. I've reiterated a few times, I want Hearts to survive due to the fact I love the derby games, the banter and I've good mates that follow that side of town - but they get zero sympathy from me and karma is indeed a bitch as they say - you do indeed reap what you sew.

[WindyMiller]

Vlad turns down the offer.

[Golden Bear]

Looks like Mad Vlad has thrown out the derisory offer made by " the consortium."

More to follow according to Radio Scotland.

[WindyMiller]

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It gets funnier.......

“@mrewanmurray: Foundation offer to buy Hearts rejected. Parties remain in positive dialogue.”

No they don't.
Say the BBC.

[Viva_Palmeiras]

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I suspect it's more a case of Hearts trying to get extra money in asap.

We sack our DJ and give them tickets to sell. Nice one

Maintaining sensitive ecosystem -a rich tapestry of interwoven fabric that is Edinburgh football - a bit tatty and loose at the seams. But Emily loves it ;)

[Golden Bear]

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No they don't.
Say the BBC.

The Beeb indicated that this excellent news only broke in the last 5 minutes.

Let the blood letting commence!!

[Viva_Palmeiras]

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No they don't.
Say the BBC.

Panto season's begun ;)

[Danderhall Hibs]

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lets say the get the £450k. Wages are due again on Friday what are they going to do about that?

Dress down day Friday. Always pulls in a large charity donation

[Mikey]

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It gets funnier.......

“@mrewanmurray: Foundation offer to buy Hearts rejected. Parties remain in positive dialogue.”

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No they don't.
Say the BBC.

Assuming the offer from the consortium involved no more than Vlad handing over the club and the ground debt free it's no wonder they're not talking.

[WindyMiller]

The proposal has no consideration of cash for the shares of the club, even if the debt is removed completely and demonstrates a staggering misjudgement of the value of the club and a worrying lack of understanding of the situation. At best it is opportunistic, an attempt to exploit what is a difficult financial situation at the club.No evidence was provided on how the club would be operated and resourced after any potential purchase.The Board has declined the proposal based on the above and further considerations.While the club remains open to genuine offers it will continue to operate with the support of its fan base who are rallying round the current Share Issue and a host of other fundraising events.

[CropleyWasGod]

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The proposal has no consideration of cash for the shares of the club, even if the debt is removed completely and demonstrates a staggering misjudgement of the value of the club and a worrying lack of understanding of the situation. At best it is opportunistic, an attempt to exploit what is a difficult financial situation at the club.No evidence was provided on how the club would be operated and resourced after any potential purchase.The Board has declined the proposal based on the above and further considerations.While the club remains open to genuine offers it will continue to operate with the support of its fan base who are rallying round the current Share Issue and a host of other fundraising events.

So they offered a penny, when clearly it's worth 100 times as much?

[PatHead]

Its okay the ******s at JKB have now donated £16,500 so that will be it saved by the time they sell Callum Elliott's shirt. (Imagine getting that as a Christmas present.

S****** http://www.youtube.com/watch?v=6ZZZMPxFE_o

On a seperate note. At what time will the HMRC stay open until to hear Hearts proposals on repaying the debt? I assume they all go home at 5pm and if so Hearts have less than 24 hours in which to save themselves. Tick tock went the clock.

[matty_f]

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The proposal has no consideration of cash for the shares of the club, even if the debt is removed completely and demonstrates a staggering misjudgement of the value of the club and a worrying lack of understanding of the situation. At best it is opportunistic, an attempt to exploit what is a difficult financial situation at the club.No evidence was provided on how the club would be operated and resourced after any potential purchase.The Board has declined the proposal based on the above and further considerations.While the club remains open to genuine offers it will continue to operate with the support of its fan base who are rallying round the current Share Issue and a host of other fundraising events.

Silly Jambos!

[matty_f]

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The proposal has no consideration of cash for the shares of the club, even if the debt is removed completely and demonstrates a staggering misjudgement of the value of the club and a worrying lack of understanding of the situation. At best it is opportunistic, an attempt to exploit what is a difficult financial situation at the club.No evidence was provided on how the club would be operated and resourced after any potential purchase.The Board has declined the proposal based on the above and further considerations.While the club remains open to genuine offers it will continue to operate with the support of its fan base who are rallying round the current Share Issue and a host of other fundraising events.

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So they offered a penny, when clearly it's worth 100 times as much?

I told you the debt for equity thing would play a part in the offers!!

[Golden Bear]

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Assuming the offer from the consortium involved no more than Vlad handing over the club and the ground debt free it's no wonder they're not talking.

I only caught the tale end of the announcement but the jist of it was that the consortium did not seem to recognise the seriousness of the Club's position ---------- and I think that came from Vlad's side.

I can honestly see the Mad yin taking the huff over the fighting fund that the ex-players set up so who knows what he'll get up to next?

[WindyMiller]

Maybe Vlad's statue should be placed at the entrance to the East Stand.

[Mikey]

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I only caught the tale end of the announcement but the jist of it was that the consortium did not seem to recognise the seriousness of the Club's position ---------- and I think that came from Vlad's side.

I can honestly see the Mad yin taking the huff over the fighting fund that the ex-players set up so who knows what he'll get up to next?

If he wants to maximise his income from where things are right now, the logical thing is to do nothing.

[PatHead]

Looks like the Jambos are going to accept their fate. A poll shows 90% of them will support a newco. But now that they have given all their money to the big, bad Vlad how will they fund it?

[Ozyhibby]

Can anyone clarify the exact deadline they have to pay HMRC by?

[CropleyWasGod]

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If he wants to maximise his income from where things are right now, the logical thing is to do nothing.

... and that, I would suggest, is what the smarter "investors" should be doing as well.

Unfortunately, it's the creditors that will lose out in that stand-off.

[brog]

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I don't agree. The interest would have been applied to outstanding debts, and included in every WUA that HMRC have made in the past year or so. Until this latest situation, that would have been paid.

Any thoughts on how Oldco got to £18mm then? Genuine question.

[cwilliamson85]

Has it been listed anywhere who is in the Hearts consortium?

Business men? Ex players? Rich fans?

[Onceinawhile]

According to the bbc, the bid has been rejected.

[PatHead]

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Can anyone clarify the exact deadline they have to pay HMRC by?

Presumably they have right up to the court case unless they reach an agreement first. At that stage HMRC will withdraw the request. But I hope that the case is heard at 9.00am on the dot and they don't get a chance.

[CropleyWasGod]

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Any thoughts on how Oldco got to £18mm then? Genuine question.

In the first place, agreements were made for payments by instalment; that is normal, and interest would have been taken into account when setting that.

RFC missed those instalments, therefore HMRC had to make a decision. Having been in discussions with RFC, they probably knew how bad things were. They also probably thought, as we all did at the time, that Craig Whyte had first dibs on Ibrox etc. They therefore "knew" that, the minute they took RFC to Court, that would be the end of things and that they would get diddley squat.

And that is what happened, although they probably will end up getting a bit more than they expected. Indeed, by not pushing them sooner, they squeezed a little more VAT out of them.

It's always a difficult call for HMRC to make. I have often had the "you can't get blood out of a stone" conversation with them. They have to walk the line between commercial reality and legality, and that's not easy.

[Golden Bear]

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Has it been listed anywhere who is in the Hearts consortium?

Business men? Ex players? Rich fans?

Ex- player Donald Ford is involved and some businessman by the name of Alex Mackie

[Arch Stanton]

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The proposal has no consideration of cash for the shares of the club, even if the debt is removed completely and demonstrates a staggering misjudgement of the value of the club and a worrying lack of understanding of the situation. At best it is opportunistic, an attempt to exploit what is a difficult financial situation at the club.No evidence was provided on how the club would be operated and resourced after any potential purchase.The Board has declined the proposal based on the above and further considerations.While the club remains open to genuine offers it will continue to operate with the support of its fan base who are rallying round the current Share Issue and a host of other fundraising events.

I don't suppose you can blame the consortium for wanting something for nothing I guess - I remember similar offers to Robinson when he had his troubles.

It may be more of a positioning exercise in the event of the club going to the wall (vultures circling kind of thing) - establishing a presence (and fan support) at this stage ma be a good move.

Edit: I guess that's what it meant by it being opportunistic!

[CyberSauzee]

http://www.heartsfc.co.uk/articles/2...41384_2979600?

The club can also confirm that it has received a 'note of interest' from businessman Alex Mackie on behalf of a consortium of unnamed business people.

The proposal has no consideration of cash for the shares of the club, even if the debt is removed completely and demonstrates a staggering misjudgement of the value of the club and a worrying lack of understanding of the situation. At best it is opportunistic, an attempt to exploit what is a difficult financial situation at the club.

No evidence was provided on how the club would be operated and resourced after any potential purchase.

The Board has declined the proposal based on the above and further considerations.

While the club remains open to genuine offers it will continue to operate with the support of its fan base who are rallying round the current Share Issue and a host of other fundraising events.

Thanks Vlad - role on Thursday!

[Kaff]

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Any thoughts on how Oldco got to £18mm then? Genuine question.

Might be wrong but i think minty moonbeams always kept the PAYE/VAT paid up to date and it was only when Whyte took over that these payments were withheld. Assuming Rangers had 10 times the turnover and therefore 10 times the PAYE/VAT it wouldnt take long for the figure to escalate upwards and, as previous good payers, the HMRC would have been slower in the uptake to deal them. Don't forget Hearts had previously been chased for figures in the £M's but HMRC will no longer cut them any slack as they have been consistently bad payers for a number of years.

Just my take on it

[YehButNoBut]

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http://www.heartsfc.co.uk/articles/2...41384_2979600?

The club can also confirm that it has received a 'note of interest' from businessman Alex Mackie on behalf of a consortium of unnamed business people.

The proposal has no consideration of cash for the shares of the club, even if the debt is removed completely and demonstrates a staggering misjudgement of the value of the club and a worrying lack of understanding of the situation. At best it is opportunistic, an attempt to exploit what is a difficult financial situation at the club.

No evidence was provided on how the club would be operated and resourced after any potential purchase.

The Board has declined the proposal based on the above and further considerations.

While the club remains open to genuine offers it will continue to operate with the support of its fan base who are rallying round the current Share Issue and a host of other fundraising events.


Thanks Vlad - role on Thursday!

Good to see Vlad's still playing hardball with them, looks like either Vlad will bail them out or their goosed.

Unless the auction goes spectacularly well tonight.