Share Transfers Agreed/Cooling off period

[Ozyhibby]

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SPL Rule A6.12 ( make sure you look up the latest rules )


...........for a club being subject to an insolvency event......as well as and including the OWNER or OPERATOR of a club taking, suffering or being subject to an Insolvency Process ......


It reads to me like if UBIG is subject to any administration in Lith. Land it should be taken that the Hearts are in administration too !

It does'nt really matter that they are now self sustaining !

So as soon as Ubig collapse as it surely will it's an automatic 17 point deduction?
Won't matter in the medium term but will give us a few hours fun before they lock the gates at Tynecastle.

[greenginger]

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I think we can all see where this is going.

Hearts (and Tynecastle) are going to be picked up for a couple of million and things will continue largely as they are.

(Because of the bad publicity, I cannot foresee any property developer, or even the The North British Distillery, pitching in with any meaningful offer)



Tell me I'm wrong.


Please?

How about S.T.F. via his offshore accounts and property interests.

[Spike Mandela]

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I think we can all see where this is going.

Hearts (and Tynecastle) are going to be picked up for a couple of million and things will continue largely as they are.

(Because of the bad publicity, I cannot foresee any property developer, or even the The North British Distillery, pitching in with any meaningful offer)

The ground will be patched up and there will be some investment in the playing squad enabling them to compete further up the SPL table - and probably in front of us.

Longer term, I'm sure the Council will cosy up and help with any redeveloment or construction of a new stadium.

Tell me I'm wrong.


Please?

There is a security on Tynecastle of £6.8m is there not?

[PapillonVert]

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There is a security on Tynecastle of £6.8m is there not?

That's what I thought.

See the following link:

http://sport.stv.tv/football/clubs/h...ynecastle-club

That refers to an investigation done by STV towards the end of last year into the murky world of Jambo finances. I found this wee nugget:

"UBIG had a floating charge over Tynecastle Stadium and the land around it. On December 6, 2012, UBIG transferred this charge to Ukio Bankas.

The charge, which secures the stadium against debts, is worth £6.8m."

So, the charge is now held by Ukio? If so, you would think the Administrator might be interested in realising it to try and raise some cash.........

[johnrebus]

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There is a security on Tynecastle of £6.8m is there not?

There may well be, but with the demise of Ukio and probably UBIG too, then I believe that the security will become largely irrelevant.


But I hope I'm wrong.




And if so, would be delighted if valued members such as CWG or CG could tell me why?

[Mikey]

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SPL Rule A6.12 ( make sure you look up the latest rules )


...........for a club being subject to an insolvency event......as well as and including the OWNER or OPERATOR of a club taking, suffering or being subject to an Insolvency Process ......


It reads to me like if UBIG is subject to any administration in Lith. Land it should be taken that the Hearts are in administration too !

It does'nt really matter that they are now self sustaining !

A quick e-mail to Dundee FC on the day that UBIG get flushed down the pan should do the trick.

Well spotted sir

[Ozyhibby]

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A quick e-mail to Dundee FC on the day that UBIG get flushed down the pan should do the trick.

Well spotted sir

Indeed. Would take them bottom of the league with P45's getting handed to all senior players.

[IWasThere2016]

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A quick e-mail to Dundee FC on the day that UBIG get flushed down the pan should do the trick.

Well spotted sir

I have alerted the DFC Board

Edit - emailed to 3 of their board - I have misplaced Scott Gardner's email but I am sure my email will be in his inbox soon

[Moulin Yarns]

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SPL Rule A6.12 ( make sure you look up the latest rules )


...........for a club being subject to an insolvency event......as well as and including the OWNER or OPERATOR of a club taking, suffering or being subject to an Insolvency Process ......


It reads to me like if UBIG is subject to any administration in Lith. Land it should be taken that the Hearts are in administration too !

It does'nt really matter that they are now self sustaining !

[Spike Mandela]

Has anyone other than Succulent Yam Banderson confirmed all wages paid? Will SPL consider more sanctions if bonuses and appearance monies still unpaid?

[MrSmith]

Still not on their webpage! Wonder if Mister Anderson, Anderson, has been fed a line? Can imagine monumental scrapping around in the tin office!

[Treadstone]

I can confirm there is no bunting currently displayed in Gorgie.

[Caversham Green]

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There may well be, but with the demise of Ukio and probably UBIG too, then I believe that the security will become largely irrelevant.


But I hope I'm wrong.




And if so, would be delighted if valued members such as CWG or CG could tell me why?

There is a security on HoMFC's assets covering UBIG's debt to Ukio. While UBIG survive the very best thing that can happen to HoMFC (from their POV) is nothing at all. UBIG can't sell them for less than the £6.8m that Spike mentions because that security is bound to be contingent on UBIG's contnued ownership. If UBIG go under as well the administrator/liquidator will be duty bound to get as much out of HoMFC as possible either through break-up or sale of the shareholding. However, HoMFC is an 'asset' in two places on UBIG's books - as an investment and as a debtor so he could in theory sell the shareholding but leave some or all of the debt in place, still secured on the assets.

The scenario you describe is not impossible, but 1. I'm not convinced no developers would be interested and 2. They would still need to find someone willing to shell out that couple of million, plus the cost of repairing the PBS,investing in the playing staff (they've lost 7 first-pick players since last season and replaced them with Ryan Stevenson - and they're going to lose a lot more in the summer), plus the £1.5m tax arrears. And of course, if UBIG go bust they get 18 points docked as per greenginger's findings.

I think Angelo Massone is starting to look more and more like a future HoMFC owner if the above happens.

[Time For Heroes]

http://mobile.bloomberg.com/news/201...al-buyers.html

4 Potential buyers for Ukio Bankas
Sorry if its already been posted

[Part/Time Supporter]

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http://mobile.bloomberg.com/news/201...al-buyers.html

4 Potential buyers for Ukio Bankas
Sorry if its already been posted

Buyers for (some of) UB assets, not UB itself. Other banks will want to take on the solid loans and deposits held by UB, leaving the bad stuff (ie the dodgy loans to UBIG) to be wound up by the Lithuanian Government.

http://en.wikipedia.org/wiki/Bad_bank

http://en.wikipedia.org/wiki/Nationa...agement_Agency

[Treadstone]

This Barry Anderson on the Twitter machine is priceless.
Just tweeted this guff
"Asked if Vladimir Romanov is insolvent, #Hearts director Sergejus Fedotovas said "That's rubbish." Story here:"

http://www.scotsman.com/edinburgh-evening-news/latest-news/hearts-deny-vladimir-romanov-insolvent-claims-1-2793922

Actual quotes "Obviously I cannot speak for Mr Romanov..."

[jacomo]

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This Barry Anderson on the Twitter machine is priceless.
Just tweeted this guff
"Asked if Vladimir Romanov is insolvent, #Hearts director Sergejus Fedotovas said "That's rubbish." Story here:"

http://www.scotsman.com/edinburgh-evening-news/latest-news/hearts-deny-vladimir-romanov-insolvent-claims-1-2793922

Actual quotes "Obviously I cannot speak for Mr Romanov..."

Another belter of an article from the succulent Yam.

He manages to quote Fedotovas as saying 'Hearts are self-sufficient' and 'Hearts are looking towards being self-sufficient' in the same article.

[Oscar T Grouch]

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This Barry Anderson on the Twitter machine is priceless.
Just tweeted this guff
"Asked if Vladimir Romanov is insolvent, #Hearts director Sergejus Fedotovas said "That's rubbish." Story here:"

http://www.scotsman.com/edinburgh-evening-news/latest-news/hearts-deny-vladimir-romanov-insolvent-claims-1-2793922

Actual quotes "Obviously I cannot speak for Mr Romanov..."

That Rolland, makes me laugh (in the comments) best team of youth player every produced in Scotland the man talks so much sense, he is the definition of head in the sand, pure womble.

[Treadstone]

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That Rolland, makes me laugh (in the comments) best team of youth player every produced in Scotland the man talks so much sense, he is the definition of head in the sand, pure womble.

I think he has been drinking the paint.

[Pete]

I didn't realise Kevin Webster was a jambo.

Maybe he has been helping them out financially, being a rich garage owner.

[TrinityHibs]

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That Rolland, makes me laugh (in the comments) best team of youth player every produced in Scotland the man talks so much sense, he is the definition of head in the sand, pure womble.

Can never make my mind up about that Rolland boy. He is either a 100% daft as a daft daftie sand snorter or a Hibby on the wind up as his comments are so ridiculous.

[HibbyRod]

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Can never make my mind up about that Rolland boy. He is either a 100% daft as a daft daftie sand snorter or a Hibby on the wind up as his comments are so ridiculous.

I was thinking exactly the same thing. Naebody could be that stupid.... could they?

Must be a Hibby on the wind-up.

[Bostonhibby]

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This Barry Anderson on the Twitter machine is priceless.
Just tweeted this guff
"Asked if Vladimir Romanov is insolvent, #Hearts director Sergejus Fedotovas said "That's rubbish." Story here:"

http://www.scotsman.com/edinburgh-evening-news/latest-news/hearts-deny-vladimir-romanov-insolvent-claims-1-2793922

Actual quotes "Obviously I cannot speak for Mr Romanov..."

To have such a succinct response as "thats rubbish" does it for me then, everything must be fine.

No need to go onto qualify the statement by saying how strong his assets are and how much they exceed his eventual liabilities by, not to mention that he will be completely free of all possible criminal charges and all hisbusinesses will be trading normally again.

If by any chance these miracles should happen its unlikely to make any difference to the Yammish as it's all going to turn on what happens to UBIG or whoever administers or sells whats left of them later in the game. This will take time that the Yam probably don't have but for the time being "That's rubbish" should suffice for any trumpet that's sent the share money off in return for nothing at all, not even a bit of paper as they aren't even registered. The man is patronising them and they are lapping it up.

[Gus Fring]

Someone who was arguing with barry earlier has posted this. The EEN has gone downhill

‏@ChunkyGeek
Seems that @edinburghpaper are unable to form a consensus re: Hearts issues? http://twitpic.com/c40ejw twitpic.com/c40ewm

[God Petrie]

I had an interesting convo with Hearts spokesman Barry Anderson this afternoon. Read the tweets between @radge and @barryanderson_8

He's hurting haha!

[Treadstone]

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Someone who was arguing with barry earlier has posted this. The EEN has gone downhill

‏@ChunkyGeek
Seems that @edinburghpaper are unable to form a consensus re: Hearts issues? http://twitpic.com/c40ejw twitpic.com/c40ewm

Brilliant. He is also having a wee spat with a guy called Radge.

[StevieC]

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That Rolland, makes me laugh (in the comments)

Here's one from another Jambo ..

"Worst case scenario is HEARTS going into ADMIN losing Tynie & being debt free. IE exactly where we were going to be pre VR without the admin. If it did transpire I would hope we could rent TYNIE (not Murrayfield) ........ we would then be debt free ,playing at Tynie with the 2nd biggest budget in the SPL with the added advantantage of the best crop of youngsters any SPL club has ever produced who will have aSPL season under their belt."

Surely the worst case scenario is liquidation, losing Tynie and 3rd division football with no stadium to play in??

[hibees 7062]

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Can never make my mind up about that Rolland boy. He is either a 100% daft as a daft daftie sand snorter or a Hibby on the wind up as his comments are so ridiculous.

BW - What part of :

"Hearts are self-sufficient and trading properly.

"We are paying our bills on time, paying wages, tax and other bills on time. We don't foresee any financial issues going forward."

Don't you get. You Hobo's really need to start looking closer to home. More change of Tom farmer putting you lot into Admin than anything of the sort at Tynie.

We are the big team, to big to fail, I'd worry about your own team I had the misfortune of being a hobbit.
More classic Rolland

[Haymaker]

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I had an interesting convo with Hearts spokesman Barry Anderson this afternoon. Read the tweets between @radge and @barryanderson_8

He's hurting haha!

He knows you're right.

[Treadstone]

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I had an interesting convo with Hearts spokesman Barry Anderson this afternoon. Read the tweets between @radge and @barryanderson_8

He's hurting haha!

Magic. Sent a tweet to you and Anderson asking what the HoMFC line on the paperwork is ?