Share Transfers Agreed/Cooling off period

[Caversham Green]

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I take it that is the football club with the UBIG share holding and it is /was the Ukio Bankas that Vlad holds the shares in.

Just making it clear in case any sports journos are trying to understand the situation by following Hibs.Net.

Yep. Maybe we were talking at cross-purposes there. As far as I'm aware, UBIG owns that number of shares in the football club but Vlad owns shares in UKIO - the Scotsman has apparently got it wrong, but I was pointing out that if they were right the 18 point deduction could be applied now.

All clear now?

[truehibernian]

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I take it that is the football club with the UBIG share holding and it is /was the Ukio Bankas that Vlad holds the shares in.

Just making it clear in case any sports journos are trying to understand the situation by following Hibs.Net.

Come now GG, surely you know by now that certain 'journalists' just adopt that investigative technique they've learned known as 'copy and paste'

Quickly followed up with 'defensive stance' tactics when challenged on social media when told to do their job properly and try and at least go 'old school' and do some real investigatve journalism. 3-D programmes are where it's all at - don't ya know

Anderson made me smile last week with his wee Twitter 'tennis match' with one of our fans - I particularly liked his 'I'm not a business journalist I'm a sports journalist' mantra - I would have thought a hacks room would be full of what's known as 'colleagues' - those types of 'colleagues' that you could go to and perhaps share in their expertise/opinion of a situation - perhaps do some combined research, some combined investigation, then print a combined article and pool the resources together - but clearly at the Edinburgh Evening News he doesn't appear to have the confidence to approach the business journos and ask for advice - maybe he's just shy eh.

Hearts apologist, never a journalist

[TrinityHibs]

If Vlad doesnt own any shares in Hertz or UBIG how has he managed to be the ring master of the three ring gorgie circus?

[jonty]

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Yep. Maybe we were talking at cross-purposes there. As far as I'm aware, UBIG owns that number of shares in the football club but Vlad owns shares in UKIO - the Scotsman has apparently got it wrong, but I was pointing out that if they were right the 18 point deduction could be applied now.

All clear now?

I think we need a pretty picture with circles, showing whos fingers are in which pies.

For the journos looking in, naturally

[Treadstone]

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http://www.scotsman.com/sport/footba...kely-1-2796683

Things sounding a lot less confident around the Pink Palace. Mind you this is the Scotsman and they still state half way through the article that UBIG is the parent company of the Ukio Bankas.

Absolute puff piece on FOH, Donald Ford explaining that they don't have a pot to piss in. If the Yams are to be sold soon then it looks as though FOH are not in the running. That said it looks for all the world as a charade to sell season tickets.

“The hope has to be that Hearts avoid someone who says they have pots of money to sort it out,” Ford told The Scotsman.

Hear Hear Donald.

[Part/Time Supporter]

Lithuanian Govt. has postponed their decision on what to do with Ukio until Tuesday, after there is a meeting of the Central Bank tonight.

http://vz.lt/?PublicationId=20b0c1ef...=powerlinklist

Asked whether bankruptcy is being considered, V. Vasiliauskas said: "Without a doubt, yes. Bankruptcy is like a full-time scenarios, but, as I have said repeatedly, the Bank of Lithuania priority - to find the best solution for depositors, creditors, bank and public finances. "

According to him, the Bank of Lithuania inspectors in assessing the situation of the bank in November last year at 30, additionally's calculated the necessary adjustments for the approximately 800 million. LTL.

http://www.ekonomika.lt/naujiena/uki...ara-36297.html

Vasiliauskas is the Lithuanian central bank governor.

800 million Lithuanian Litas (LTL) is about £200 million.

Bloomberg confirms the story that two (out of four) supposed buyers aren't interested in Ukio.

http://www.bloomberg.com/news/2013-0...tml?cmpid=yhoo

The central bank plans to decide this evening whether Ukio should be split up and partly sold, taken over by the government or declared bankrupt.

[Caversham Green]

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If Vlad doesnt own any shares in Hertz or UBIG how has he managed to be the ring master of the three ring gorgie circus?

Vlad owns the controlling shares in both UBIG and Ukio (or 'did own' in the case of the latter) but Ukio are not part of the UBIG group - that would need UBIG to own the shares in Ukio. He's the top yam roaster through his control of UBIG.

[truehibernian]

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Absolute puff piece on FOH, Donald Ford explaining that they don't have a pot to piss in. If the Yams are to be sold soon then it looks as though FOH are not in the running. That said it looks for all the world as a charade to sell season tickets.

“The hope has to be that Hearts avoid someone who says they have pots of money to sort it out,” Ford told The Scotsman.

Hear Hear Donald.

I know one of them and that's true and untrue in a sense - their plan is to get the club cheaply and debt free - however their plan is also not to plough funds into the football club from their own personal resources (however as with any emotional investment, the temptation will be there and the pressure from fans will try and prompt some).

They are however wealthy people in the sense that they are very comfortable financially (in real terms compared to you or I) - but not that wealthy that they can invest huge sums of their money into a business that notoriously eats up money for fun with little return other than on the field success/emotional wealth.

I had an amusing chat with a Hearts supporting mate who was trying to convince those that would listen that they do it in Spain and Barcelona so why can't Hearts (fan ownership) and that if it went ahead Hearts would be a dominant force in football behind Celtic - mmmmmmmmm perhaps football economies of scale ya plum ?

Barca gain over £120 million in TV money and rake in over £350 million in cash each year - they also have won the Champions League a few times, cruelly taken away from the Pretenders for the crown Hearts, who despite claiming to own the trophy way back in 2006, failed to grasp the nettle and allowed a little old Catalan club to wrench it away from them that and having world players of the year, a stadium full each game and not requiring false advertising, a club which doesn't need to have face painting and 'cook your own paella' days, a club which has literally just under 200,000 members, clearly falling short of Hearts' 400,000 I know, but they can catch up

Oh and even after all this - Barca are over £300 million in debt

Fan ownership - it's a winner - it makes all your financial troubles disappear so it does. Aye right.

My main concern at present is this stadium out at Sighthill - and the silence that has gone with it. I'm going to take it up with two councillors I know as I have a horrible feeling that things like Hearts using it will be discussed behind closed doors - the feasibility study carried out by CEC just proves that there are people at Chambers who are willing to promote the idea and try and push hard for a positive outcome for Hearts - I wonder, if this did happen, would Hibs have an option to legally challenge this - anyone in the know at the time tell me, did STF ever make a legal challenge to CEC during the time where Hibs were trying to purchase the land around Easter Road ? Clearly a different time, era and council - but just curious as to what reasons were given by CEC at this time ?

[Treadstone]

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I know one of them and that's true and untrue in a sense - their plan is to get the club cheaply and debt free - however their plan is also not to plough funds into the football club from their own personal resources (however as with any emotional investment, the temptation will be there and the pressure from fans will try and prompt some).

They are however wealthy people in the sense that they are very comfortable financially (in real terms compared to you or I) - but not that wealthy that they can invest huge sums of their money into a business that notoriously eats up money for fun with little return other than on the field success/emotional wealth.

This was kind of my point. To get the club cheaply and debt free is what everyone who wants into a football club would wish, however it rarely works like that on Planet Football. I don't know them like you do and I wouldn't blame them for not investing personal wealth (I wouldn't) but looking from the outside they look to me like egotists or opportunists or indeed both.

[JeMeSouviens]

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My main concern at present is this stadium out at Sighthill - and the silence that has gone with it. I'm going to take it up with two councillors I know as I have a horrible feeling that things like Hearts using it will be discussed behind closed doors

~10K seats, a running track and a proper commercial rent and they can knock themselves out.

[truehibernian]

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~10K seats, a running track and a proper commercial rent and they can knock themselves out.

They said the trams would be in budget and on schedule - I don't trust anything they do or say, do you ?

[bingo70]

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Bloomberg confirms the story that two (out of four) supposed buyers aren't interested in Ukio.

http://www.bloomberg.com/news/2013-0...tml?cmpid=yhoo

What will it mean to hearts if nobody buys it?

[Part/Time Supporter]

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What will it mean to hearts if nobody buys it?

That doesn't make much difference, because the buyers would only be interested in the good bits of Ukio. They're not interested in the bad loans to UBIG. The effect it will have is to reduce the price the buyer (most likely Siauliu Bankas) will have to pay for the good bits.

The articles are talking about a deficit of £200M on the bad bits of Ukio, which is a big amount for a country with the limited size and wealth of Lithuania. Most likely they'll hive off the good bits to Siauliu Bankas, which would protect the depositors, and declare the rest bankrupt (liquidating it).

The liquidator would then demand repayment of the bad loans, including from UBIG. This is where the danger to HMFC arises, because part of those Ukio loans to UBIG are secured on HMFC assets and UBIG would most likely become insolvent as well.

[TrinityHibs]

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My main concern at present is this stadium out at Sighthill - and the silence that has gone with it. I'm going to take it up with two councillors I know as I have a horrible feeling that things like Hearts using it will be discussed behind closed doors - the feasibility study carried out by CEC just proves that there are people at Chambers who are willing to promote the idea and try and push hard for a positive outcome for Hearts - I wonder, if this did happen, would Hibs have an option to legally challenge this - anyone in the know at the time tell me, did STF ever make a legal challenge to CEC during the time where Hibs were trying to purchase the land around Easter Road ? Clearly a different time, era and council - but just curious as to what reasons were given by CEC at this time ?

I've done a bit of work with the Council and the chances of them consulting on the community stadium and then securing planning permission, Building Warrant, tenders and then building the stadium in less than 4 years is remote at best. If the existing Hertz entity is still lurching along in 4 years then the world will have tipped on its axis. There's more chance of Saddam Hussein and Osama Bin Laden re-forming their Proclaimers tribute band and playing at the opening of the new Sighthill Wongadome than the current itteration of Hearts turning up. Four years......those mugs will be lucky if they are around in 4 months.

[Treadstone]

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I've done a bit of work with the Council and the chances of them consulting on the community stadium and then securing planning permission, Building Warrant, tenders and then building the stadium in less than 4 years is remote at best. If the existing Hertz entity is still lurching along in 4 years then the world will have tipped on its axis. There's more chance of Saddam Hussein and Osama Bin Laden re-forming their Proclaimers tribute band and playing at the opening of the new Sighthill Wongadome than the current itteration of Hearts turning up. Four years......those mugs will be lucky if they are around in 4 months.

Austere times as well surely adds a couple of years at least.

[Jim44]

"There's more chance of Saddam Hussein and Osama Bin Laden re-forming their Proclaimers tribute band and playing at the opening of the new Sighthill Wongadome than the current itteration of Hearts turning up"


There's something beautifully Blackadderish about that statement. :-)

[Seveno]

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I've done a bit of work with the Council and the chances of them consulting on the community stadium and then securing planning permission, Building Warrant, tenders and then building the stadium in less than 4 years is remote at best. If the existing Hertz entity is still lurching along in 4 years then the world will have tipped on its axis. There's more chance of Saddam Hussein and Osama Bin Laden re-forming their Proclaimers tribute band and playing at the opening of the new Sighthill Wongadome than the current itteration of Hearts turning up. Four years......those mugs will be lucky if they are around in 4 months.

I love the mix of humour and venom.

[Part/Time Supporter]

This is worth a read... (translation of a Lithuanian newspaper article from last Wednesday)

http://en.delfi.lt/29822/lithuanian-...ort-201329822/

But the similarities between the Snoras Bank and Ukio Bank end here, because Snoras was consistently and logically expanding its business until the very moment when it was shut down. And as for the main shareholder of Ukio Bank, the eccentric millionaire Vladimir Romanov, he was acting as if he was deliberately seeking to ruin his business group as soon as possible for the past several years.

The bank’s activities were restricted when it became clear that it had to ensure about 800 million litas [LTL] of additional provisions.

“The liquidity did not even reach 29 percent. Just a few more days, and the bank would not have had any funds at all,” Vitas Vasiliauskas, chairman of the board of the Bank of Lithuania, said.

He does not bury Ukio Bank yet, the temporary administrator will have to assess, within six days, whether it is possible to restore and continue to operate the bank.

The Bank of Lithuania has already handed a pile of documents to prosecutors. There are suspicions that Ukio Bank managers rented property at unreasonably high prices and employed relatives, awarding them very high salaries.

Prosecutor Simonas Minkevicius mentioned that, in this case, the amounts could reach tens of millions of litas.

After the suspension of Ukio Bank’s activities was announced on Tuesday [12 February], Romanov answered the phone and pretended that it was somebody else and said: “Vladimir [Romanov] will not comment on the situation.” Later he said that Romanov was not available.

When we called him for the third time and asked whether Romanov was in Lithuania at all, the Ukio Bank owner started speaking in the first person: “I have not left the country, I wanted to go abroad for business, but I stayed.”

After these words, he discontinued the conversation.

When we called him once again and asked him to comment on the situation, the businessman growled: “I do not have anything to talk about to you, and cursed. When we called him again, the banker became more talkative.

[Lietuvos Rytas] This is a Lietuvos Rytas journalist calling you again.

[Romanov] Rytas? And what, you want me to talk to you?

[Lietuvos Rytas] We want to hear your comments on the Ukio Bank’s situation and your assessment of the situation.

[Romanov] So you have already expressed all opinions, and now you are asking me?

[Lietuvos Rytas] We want the people to hear your opinion as well, because there is a rumor that Ukio Bank got into the difficult situation also because of your statements in the municipality about Zalgiris’s debts.

[Romanov] You have always been speaking against Zalgiris, against the bank, against me.

And now what, you want to know my opinion?

My opinion is that you are perverts….

[Lietuvos Rytas] Are you currently in Kaunas [second largest Lithuanian city] or are you abroad?

[Romanov] I am in Kaunas. You can come over.

[EskbankHibby]

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Austere times as well surely adds a couple of years at least.

Would be a tough sell to the honest citizens of Edinburgh no matter how hard the cardigan wearing key janglers at the Council may try to punt the idea.

Particularly as our pink neighbours are currently due the public purse a large sum of money.

[greenginger]

Does anybody have any idea why Sergey Fedatodus seems to spend his entire time trying to save the Yams and pacify their supporters ?

Pre the Ukio Bankas admin there was a chance of Vlad and him getting some money out of a sale but they have missed the bus and any money raised would have to be passed on to the Ukio Admin. because of the security and other debts.

Surely there must be other bits of vlad's empire that could raise cash that could be spirited offshore a lot easier that he could be dealing with.

Does he not Know that, even if he saves HOMFC and enables them to play 3rd division football at Saughton Enclosure, the Yam hoardes will not love him !

[HibsNibs]

I think he'll stick around long enough to trouser the cup final ticket money & next season's early renewers (mugs) ST money then will bolt

[Ozyhibby]

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Does anybody have any idea why Sergey Fedatodus seems to spend his entire time trying to save the Yams and pacify their supporters ?

Pre the Ukio Bankas admin there was a chance of Vlad and him getting some money out of a sale but they have missed the bus and any money raised would have to be passed on to the Ukio Admin. because of the security and other debts.

Surely there must be other bits of vlad's empire that could raise cash that could be spirited offshore a lot easier that he could be dealing with.

Does he not Know that, even if he saves HOMFC and enables them to play 3rd division football at Saughton Enclosure, the Yam hoardes will not love him !

I think they are a rudderless ship just now. I don't think any instructions have been arriving from Lithuania at all.
Main task for Fedatovus is to make sure they don't run out of cash so he can keep drawing a wage.

[HUTCHYHIBBY]

"My opinion is that you are perverts".

Quality quote from the submariner! I was half expecting him to make an appearance on SKY1's Last Resort at some point!

[PatHead]

The great Hearts myth about their youngest ever team has been exploded on Keekback. Their "youngest ever team" against Celtic last month was their 92nd youngest team in the history of the SPL. A list of their top 10 makes interesting reading as they have only won 2 of them. Long time until they get competitive again

1 21.60 Sat 12 Mar 2005 Hearts 0 Inverness Caledonian Thistle 2
2 23.24 Sun 07 Mar 2004 Kilmarnock 1 Hearts 1
3 23.27 Sun 22 May 2005 Aberdeen 2 Hearts 0
4 23.29 Mon 05 Mar 2007 Motherwell 0 Hearts 2
4 23.29 Sun 20 Dec 2009 Hearts 2 Celtic 1
6 23.30 Wed 02 Mar 2005 Hearts 1 Rangers 2
7 23.38 Sat 05 Mar 2005 Dunfermline Athletic 1 Hearts 1
8 23.40 Sun 07 Mar 2010 Dundee United 1 Hearts 0
9 23.41 Sat 22 Apr 2006 Hibernian 2 Hearts 1
10 23.47 Sat 10 Mar 2007 Aberdeen 1 Hearts 0

[greenginger]

http://www.bloomberg.com/news/2013-0...-takeover.html


The meeting of the Lithuanian number crunchers did'nt take long.

[CyberSauzee]

So this....

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http://www.bloomberg.com/news/2013-0...-takeover.html


The meeting of the Lithuanian number crunchers did'nt take long.

...will hopefully lead to this....

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That doesn't make much difference, because the buyers would only be interested in the good bits of Ukio. They're not interested in the bad loans to UBIG. The effect it will have is to reduce the price the buyer (most likely Siauliu Bankas) will have to pay for the good bits.

The articles are talking about a deficit of £200M on the bad bits of Ukio, which is a big amount for a country with the limited size and wealth of Lithuania. Most likely they'll hive off the good bits to Siauliu Bankas, which would protect the depositors, and declare the rest bankrupt (liquidating it).

The liquidator would then demand repayment of the bad loans, including from UBIG. This is where the danger to HMFC arises, because part of those Ukio loans to UBIG are secured on HMFC assets and UBIG would most likely become insolvent as well.

:fenlon

[cad]

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I've done a bit of work with the Council and the chances of them consulting on the community stadium and then securing planning permission, Building Warrant, tenders and then building the stadium in less than 4 years is remote at best. If the existing Hertz entity is still lurching along in 4 years then the world will have tipped on its axis. There's more chance of Saddam Hussein and Osama Bin Laden re-forming their Proclaimers tribute band and playing at the opening of the new Sighthill Wongadome than the current itteration of Hearts turning up. Four years......those mugs will be lucky if they are around in 4 months.

LOL

[Part/Time Supporter]

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http://www.bloomberg.com/news/2013-0...-takeover.html


The meeting of the Lithuanian number crunchers did'nt take long.

That article is a bit more encouraging for them as it suggests the whole bank will be sold, rather than just picking out certain parts of the business. What happens next to UBIG and Hearts depends on the outcome of negotiations between the Lithuanian central bank and Siauliu Bank, which will happen this week.

[green glory]

http://www.lb.lt/the_bank_of_lithuan...o_another_bank

Ouch!

[Www1875hfc]

Barry Anderson‏@BarryAnderson_8

Lithuania's Central Bank opts to transfer all Ukio Bankas' rights, assets & liabilities to Siauliu Bankas. Impact on #Hearts not yet clear.