Share Transfers Agreed/Cooling off period

[One Day Soon]

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Because he can't sell them for less than £7m and they're not worth 7p.



Their main other interest is the Birac aluminium plant that hasn't been paying its employees since last summer....



....like they do with their other employees? Or like they've done over the last three or four months with the yams?

It looks like Ukio is the bank that all the proceeds from the face-baking and cake-painting activities went to, and they can't get them back out now.

Oh dear, oh dear.

All over Edinburgh yellow cardigans are being sorrowfully donned. The very last Rover may not quite be coming off the production line but it does look rather like the remaining few being wheeled out of the factory gates are missing steering wheels, lights or seats.

Taxi for Mr Ponzi....

[LeighLoyal]

Vlad will need to go into admin to protect himself... against himself! :fenlon

[JeMeSouviens]

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no sympathy for the Balkan dud.

He's a Baltic dud.

Actually, he's now an unsellable Baltic dud on a 10K a week contract.

[Pete]

Quote from a fans spokesperson:

"5-1 19th of May killed the hobos always in our shadow bitter wee team thumb Scottish cup 1902 our team was drunk move on nothing to see xenophobe I hate Celtic"


Ach well. You have to admit that it's a pretty impressive counter-argument.

[SHODAN]

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Until I see the headline "Heart of Midlothian definitively cease trading and plunge into eternal obscurity" all these debt collection/UKIO etc stories are ripples in a far off ocean as far as I'm concerned.

Correct. There's plenty of "OMG LOOK AT UKIO! YAMS ARE DONE FOR LOLOLOLOLOLOLOL" and there has been for about 5 years but nothing actually happens to Hearts.

[Gatecrasher]

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Quote from a fans spokesperson:

"5-1 19th of May killed the hobos always in our shadow bitter wee team thumb Scottish cup 1902 our team was drunk move on nothing to see xenophobe I hate Celtic"


Ach well. You have to admit that it's a pretty impressive counter-argument.

What does jambo jimmy have to say?

[Mikey]

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Correct. There's plenty of "OMG LOOK AT UKIO! YAMS ARE DONE FOR LOLOLOLOLOLOLOL" and there has been for about 5 years but nothing actually happens to Hearts.

Really? Have you seen their team line up and their league position? Did the transfer ban not happen?

[Pete]

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What does jambo jimmy have to say?

No doubt something very similar.

Their fans should be renamed the mushrooms. Kept in the dark and fed *****

[SHODAN]

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Really? Have you seen their team line up and their league position? Did the transfer ban not happen?

At the rate they were going they should have sold at least five first team regulars in the January window. They sold one of them along with Peter Enckelman and brought in two players that it has been suggested are only on marginally less wages.

Fair enough they're weaker but not at the rate they should be or are claimed to be. They certainly should be - in accordance with their blatant disregard of the rules - but they aren't.

[Sergey]

More from the Baltic Wire Service:

Ukio Bankas managers suspected of wasting bank's money - prosecutor

VILNIUS, Feb 12, BNS - Ukio Bankas' top managers are suspected of renting property at unreasonably high prices and hiring related people for high-paying jobs, a prosecutor said Tuesday, adding that tens of millions of litas could have been wasted.

"I will not give you the amounts, but the Bank of Lithuania has basically provided data in five categories: regarding a suspicious loan granted, another loss-making loan, rent contracts at unreasonably high prices, and hiring of related persons at huge salaries. The bank's funds were used to serve their interests," Simonas Minkevicius said at a news conference when asked about the size of assets that the bank's managers are suspected of having embezzled.

There are also suspicions that the bank's capital increase in 2011 was not entirely transparent, he said.

Minkevicius said that he did not know where Vladimir Romanov, Ukio Bankas' majority shareholder, was at the moment, but said that the bank's managers, not its shareholders, would be the first to be suspected.

The prosecutor said that they had not yet taken any steps with respect to Romanov or the bank's managers, since the pre-trial investigation had just been launched. He was asked if he would take measures to prevent Romanov from leaving Lithuania.

[Haymaker]

Top work Sergey!

[pacorosssco]

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No doubt something very similar.

Their fans should be renamed the mushrooms. Kept in the dark and fed *****

what about mushyams

[Dashing Bob S]

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More from the Baltic Wire Service:

Fantastic news. I'm considering taking a passionate interest in the banking/legal affairs/criminal justice system of Lithuania. I wonder what happens to Los Yambolinos if Mr Romanov is convicted of financial wrongdoing and goes to the tin pail?

[Coco Bryce]

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Really? Have you seen their team line up and their league position? Did the transfer ban not happen?

Not really. Their signings in the window were far better than ours.

[VickMackie]

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More from the Baltic Wire Service:

Good work but what was the answer if he would be allowed to leave?

[Seveno]

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More from the Baltic Wire Service:

Strictly between you and me, Sergey, Agent Romanov made it out to Switzerland late last night. He will return to his homeland via the Port of Leith on the 19th May for a hero's welcome at ER.

[Bristolhibby]

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Not really. Their signings in the window were far better than ours.

This is what drove me mad.

Sanctions, yet they sign two top quality players, and pay the same wage.

How is that cutting cloth?

It seems to me, that they are loading themselves with debt, in the hope of writing off Hearts as bad debt.

You can bet your house that the cake sale money, ain't in Hearts coffers, but in the suitcase (swiss bank vault) of Vlad.

J

[HFC 0-7]

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This is what drove me mad.

Sanctions, yet they sign two top quality players, and pay the same wage.

How is that cutting cloth?

It seems to me, that they are loading themselves with debt, in the hope of writing off Hearts as bad debt.

You can bet your house that the cake sale money, ain't in Hearts coffers, but in the suitcase (swiss bank vault) of Vlad.

J

They might have to write some of it off but they wouldn't write it all off if they could sell Tynie and any other assets.

[Bristolhibby]

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They might have to write some of it off but they wouldn't write it all off if they could sell Tynie and any other assets.

That's my assumption in the end. A but like in Goodfellas where they buy a club, run up a loading debt on credit.

Then burn it down when they can't wring another cent out of it.

Hearts would be the burning nightclub. The fans, the bankrupt ex-owner.

J

[monktonharp]

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Fantastic news. I'm considering taking a passionate interest in the banking/legal affairs/criminal justice system of Lithuania. I wonder what happens to Los Yambolinos if Mr Romanov is convicted of financial wrongdoing and goes to the tin pail?

should have mentioned this earlier, when news broke re-the bank in administration and my thoughts were....has vlad left the building? I fully expect him to be returned in chains,from the seycheles/cuba/or any other exotic island you wish to name, or dug out of a bunker in his own compound, shot through the back o' his left lug. a bit like Saddam.

[Sergio sledge]

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Strictly between you and me, Sergey, Agent Romanov made it out to Switzerland late last night. He will return to his homeland via the Port of Leith on the 19th May for a hero's welcome at ER.

Yup, in fact this photo was taken on his arrival in his secret hideout in Switzerland...

[Sergey]

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They might have to write some of it off but they wouldn't write it all off if they could sell Tynie and any other assets.

Please remember that any administrator (either in the UK or Lith/Lat/Est) would sell the assets (Tynecastle) to the highest bidder, and there's no guarantee that a football consortium would, or could, out bid a potential property developer.

Also, bear in mind that a 'hoofball' investor would also have to invest substantial monies in bringing the stadia to a fit and proper state, that cost would be over and above the asking price. I don't see that happening and any talk of the ground being sold for circa £7M and them retaining it as their home is way wide of the mark as an investor would need to have double that amount at least, and I'm being conservative in that estimation.

[WHUHibs]

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That's my assumption in the end. A but like in Goodfellas where they buy a club, run up a loading debt on credit.

Then burn it down when they can't wring another cent out of it.

Hearts would be the burning nightclub. The fans, the bankrupt ex-owner.

J

After a little bit of research on Bloomberg it's seems clear that the change in Lithuanian law on the 8th of January allowed the bank to pledge all it's assets as a guarantee for an undefined purpose,,,those assets are now under the control of the administrator which will mean I'm sure no cash coming from any other means than scottish football. However, if they control the assets then only one thing will happen surely...

[Dr Jimmy]

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After a little bit of research on Bloomberg it's seems clear that the change in Lithuanian law on the 8th of January allowed the bank to pledge all it's assets as a guarantee for an undefined purpose,,,those assets are now under the control of the administrator which will mean I'm sure no cash coming from any other means than scottish football. However, if they control the assets then only one thing will happen surely...

If this had happened during the property boon then they would be ****ed. Does anyone think a house builder would pay millions for that midden in the middle of a ****ty area along with all the negative press they would get?
They may get out of this with a consortium picking them up for a song.
Would just be the jammy *******s luck. Sorry but the slimy ***** will probably wiggle out of this.......please tell me I am wrong!

[HUTCHYHIBBY]

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This is what drove me mad.

Sanctions, yet they sign two top quality players, and pay the same wage.

How is that cutting cloth?

It seems to me, that they are loading themselves with debt, in the hope of writing off Hearts as bad debt.

You can bet your house that the cake sale money, ain't in Hearts coffers, but in the suitcase (swiss bank vault) of Vlad.

J

Ah, the long con, a ploy favoured by 60's east end gangsters!

[Hibees07]

Our team is playing the worst football ever, crowds are dropping week after week yet people are more concerned over what is happening to the Yam's.

It's a sad day when the most popular thread is about a bank going into administration.

[ScottB]

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If this had happened during the property boon then they would be ****ed. Does anyone think a house builder would pay millions for that midden in the middle of a ****ty area along with all the negative press they would get?
They may get out of this with a consortium picking them up for a song.
Would just be the jammy *******s luck. Sorry but the slimy ***** will probably wiggle out of this.......please tell me I am wrong!

Depends, I'm no expert, but...

The admins will be solely interested in getting back as much money as they can, they won't give the slightest for what that means for Hearts.

Hearts owe UBIG at least £20million, UBIG seem to have nothing of value on its books and owes Ukio a fortune. The security, worth £6.8 million ultimately means that if the total debt can't be reclaimed, the minimum amount they will seek is that £6.8 million.

Surely if they can't get it, would they just pull the plug? At the moment (in theory, if the share money is still with Hearts), the club has as much cash as it is likely to get. Hearts have publicly said they need more from 'somewhere' to make it to the end of the year. It could conceivably be in the interest of the Admins to simply shut the club down, take what cash they can get and asset strip it?

[degenerated]

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Our team is playing the worst football ever, crowds are dropping week after week yet people are more concerned over what is happening to the Yam's.

It's a sad day when the most popular thread is about a bank going into administration.

I read as far as the worst football ever and then gave up.

[Saorsa]

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Our team is playing the worst football ever, crowds are dropping week after week yet people are more concerned over what is happening to the Yam's.

It's a sad day when the most popular thread is about a bank going into administration.

If you think what we are currently playing is the worst fitba ever maybe you havnae been around that long.

[Sergey]

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I read as far as the worst football ever and then gave up.

D is for the dunderheads who seem to think we have a conspiracy against their particular team