Share Transfers Agreed/Cooling off period

[Spike Mandela]

http://blogs.ft.com/beyond-brics/201...#axzz2LSjNpLnB

[Kaiser1962]

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With all the debt for equity stuff, they must be into UBIG for £50-60m!

There were a few different deals done when Romanov bought Hearts and the process took a while. The Pieman sold his 19.6% shareholding to Romanov for £866,868.80 in September 2004 and he took control of Hearts with 29.9% in february 2005. Hearts debt at this time was around £18m.

As of October last year Hearts claimed to owe UBIG £22.4m and had completed two DFE swaps totalling £22m (£10m in Nov 2010 and £12m in July 2008). In recent years Hearts have shown two major "debt forgiveness" entries on their accounts totalling £16.7m (£8.8m in 2010-2011 which exceeded the £7.9m forgiven in £2009-2010). If you include what Romanov paid to acquire his shareholding there will not be a lot of change out of £48m, not including the £18m debt they began with.

I wonder why they are in financial trouble?

[EuanH78]

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If a builder takes over the plot to build flats, will they seek suggestions for street names?

I suggest 'Saville Row'

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Saville Row surely?

[Thecat23]

Just looked on sickback, there is a thread saying Vlad isn't all bad! Some absolute roasters on it. How deluded can you get? Here a couple from Shaun William Ryder...

"He's responsible for way more good than bad... I'm more surprised that it was difficult to appreciate the good for you. Glad you see it though. He's presided over what is thus far a golden era. His exit will define his tenure more than anything else though".

"Saved the club from dying a lingering death that was none of his making. As long as we do not suffer that fate in his tenure he will be massively in credit. The rest is nothing in comparison".

"I need to try and get my head around what Romanov has actually done (and I mean done - not what people hysterically speculate that he might do) that balances out his saving the club and stopping the sale of Tynie to Cala and winning two Scottish Cups...

See if its just sacking Burnley and slagging The Scottish Sun etc? You must be crackers".

Unreal!!!!!!

[Thecat23]

Does this twat not realise the bad is.. Not paying wages, syphiling money from the club, sacking a good manager, hiring sex offenders, keeping sex offenders employed, running up huge debts that could end the clubs exsistance!

I've spoke to some real idiots in my time who like Vlad but this boy is right up there.

[Hermit Crab]

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Does this twat not realise the bad is.. Not paying wages, syphiling money from the club, sacking a good manager, hiring sex offenders, keeping sex offenders employed, running up huge debts that could end the clubs exsistance!

I've spoke to some real idiots in my time who like Vlad but this boy is right up there.

He doesn't even go to games. Always scrounging for tickets on that site.

[Thecat23]

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He doesn't even go to games. Always scrounging for tickets on that site.

Haha really? That's unreal. There are a couple who clearly see Vlad was nothing but trouble and fair dos to them. But the ones who are still acting like he's some sort of god is actually worrying. I mean I walk the streets with these clowns!

[Hermit Crab]

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Haha really? That's unreal. There are a couple who clearly see Vlad was nothing but trouble and fair dos to them. But the ones who are still acting like he's some sort of god is actually worrying. I mean I walk the streets with these clowns!

They are all chompers who need to come into the real world.

[truehibernian]

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Haha really? That's unreal. There are a couple who clearly see Vlad was nothing but trouble and fair dos to them. But the ones who are still acting like he's some sort of god is actually worrying. I mean I walk the streets with these clowns!

Cat, I'm still f***ing reeling at the fact that the good citizens of Tollcross allowed a Hearts pub to sneak into the area and allow Gonzo Skacel to serve drinks in it and raise money for the brian cants.............when we ruled and roamed the streets around there many years ago there was a bye-law in place stating it was unlawful to wear maroon, the penalty for doing so being a kick in the sack via a pair of chunky mocs' Hibs country, always has been always will be !

[Thecat23]

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Cat, I'm still f***ing reeling at the fact that the good citizens of Tollcross allowed a Hearts pub to sneak into the area and allow Gonzo Skacel to serve drinks in it and raise money for the brian cants.............when we ruled and roamed the streets around there many years ago there was a bye-law in place stating it was unlawful to wear maroon, the penalty for doing so being a kick in the sack via a pair of chunky mocs' Hibs country, always has been always will be !

Haha, pissing myself reading this.

[rcarter1]

To be fair to the Jambo that claims Vlad has done more good than bad..

They probably have won two cups at our expense. They got a 2nd place and an albeit very short lived European 'adventure' - which was about as convincing as their 'party' at Easter road this season.

They have had - some - good players that they would not have been able to sign, and they have retained Tynecastle - so far.

IF they get out of jail, and lose the debt (which no one knows yet will or will not happen), avoid relegation or liquidation, and start with a clean slate - then they will have benefited football wise. The embarrassing and often sordid goings on have not been to their credit, which if I were a fan would taint what was going on the pitch.

The fun part is that if they keep Tynecastle - good - its a dump and one day they will have to stump up the money to redo it. For me, the Hearts fans have been too proud to accept reality and chose to keep their crumbling little shed when a move away would have seen them on a much better footing. I hope they live to reap the rewards.

As long as they dont get another sugar daddy wiping all the debts and allowing them to 'BELIEVE' then Im fairly comfortable with whatever fate befalls them. I dont think they will be wiped from the face of the earth, and there are enough decent Jambos for that to be OK with me. Id hate to lose the derby anyway, and look forward to - hopefully - giving them a few sharp painful defeats in their rise from the rubble.

Regardless, it must be a s####y time to be a Jambo - not one Ive talked to has shown any enthusiasm for the League Cup final.

[Thecat23]

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To be fair to the Jambo that claims Vlad has done more good than bad..

They probably have won two cups at our expense. They got a 2nd place and an albeit very short lived European 'adventure' - which was about as convincing as their 'party' at Easter road this season.

They have had - some - good players that they would not have been able to sign, and they have retained Tynecastle - so far.

IF they get out of jail, and lose the debt (which no one knows yet will or will not happen), avoid relegation or liquidation, and start with a clean slate - then they will have benefited football wise. The embarrassing and often sordid goings on have not been to their credit, which if I were a fan would taint what was going on the pitch.

The fun part is that if they keep Tynecastle - good - its a dump and one day they will have to stump up the money to redo it. For me, the Hearts fans have been too proud to accept reality and chose to keep their crumbling little shed when a move away would have seen them on a much better footing. I hope they live to reap the rewards.

As long as they dont get another sugar daddy wiping all the debts and allowing them to 'BELIEVE' then Im fairly comfortable with whatever fate befalls them. I dont think they will be wiped from the face of the earth, and there are enough decent Jambos for that to be OK with me. Id hate to lose the derby anyway, and look forward to - hopefully - giving them a few sharp painful defeats in their rise from the rubble.

Regardless, it must be a s####y time to be a Jambo - not one Ive talked to has shown any enthusiasm for the League Cup final.

If someone said to me, Hibs can win two Scottish cups and have the odd good player. But the cost of this may be the existence of your club I'd give them two words... **** off! I'd rather know my team will be here in years to come than live beyond the means that could destroy us like it has them. I honestly don't think he has done any good. If they won it with paying wages like the rest of the SPL then fair dos but he never. He basically cheated by over spending and not being able to afford it.

[Hibeesforever]

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Haha, pissing myself reading this.

I used to roam there too.
Certainly don't blame Sack hill, if anything he went up in my estimation. If I was owed money from my employer, I would like to think I would have the cleverness to fleece the customers twice through a few bake and beer sales. Hearts class to not even realise, to this day, this hustle had happened to them.

[hibs0666]

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If someone said to me, Hibs can win two Scottish cups and have the odd good player. But the cost of this may be the existence of your club I'd give them two words... **** off! I'd rather know my team will be here in years to come than live beyond the means that could destroy us like it has them. I honestly don't think he has done any good. If they won it with paying wages like the rest of the SPL then fair dos but he never. He basically cheated by over spending and not being able to afford it.

It's even worse I think - it's looking like Romanov has basically robbed some poor Lithuanian sods in order to indulge his sports teams and whatever else he's been up to. The club with no shame right enough.

[truehibernian]

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I used to roam there too.
Certainly don't blame Sack hill, if anything he went up in my estimation. If I was owed money from my employer, I would like to think I would have the cleverness to fleece the customers twice through a few bake and beer sales. Hearts class to not even realise, to this day, this hustle had happened to them.

That's the sort of thing I'd expect from someone who drank in the IB to say you sure you're a Hibs fan (only joking)

[Pete]

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He doesn't even go to games. Always scrounging for tickets on that site.

I'm willing to bet that I have more loyalty points than he does.

typical "head in the sand" attitude.

[rcarter1]

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If someone said to me, Hibs can win two Scottish cups and have the odd good player. But the cost of this may be the existence of your club I'd give them two words... **** off! I'd rather know my team will be here in years to come than live beyond the means that could destroy us like it has them. I honestly don't think he has done any good. If they won it with paying wages like the rest of the SPL then fair dos but he never. He basically cheated by over spending and not being able to afford it.

But to be fair to their logic, they are arguing that they had all that debt and were going down the pan before he turned up. The Jambos reason that while he hasn't sorted their ills, he gave them a few glory years, while potentially leaving them in exactly the same mess they were before he came along.

I totally agree that this is a form of sporting cheating, but its rampant, and no one can stop a rich guy paying players wages. My hope is that as a club they pay up over the next few years by having a 'mud brown' period, of cruddy teams, a few spankings at our hands (and anyone else willing to dish it out), and a generally yo yo time of it - while working out how to stop their stadium from turning to dust.

[clerriehibs]

The merricks were as up in arms as any other club's fans over the sevco cheating. How any of them can have the gall to think it's actually right and proper and ok for them to have their debt wiped, for no punishment to happen, and that it hasn't been cheating if not criminal, is beyond comprehension.

[bighairyfaeleith]

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It's even worse I think - it's looking like Romanov has basically robbed some poor Lithuanian sods in order to indulge his sports teams and whatever else he's been up to. The club with no shame right enough.

And that is the point in a nutshell, all this money they have borrowed to win these cups that they now hope to bump came from workers in Lithuania probably on a lot less per week than your average cardigan wearing jambo. The club is shameful from top to bottom and I am embarrassed that Scottish football allows them to continue.

[CropleyWasGod]

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But to be fair to their logic, they are arguing that they had all that debt and were going down the pan before he turned up. The Jambos reason that while he hasn't sorted their ills, he gave them a few glory years, while potentially leaving them in exactly the same mess they were before he came along.

I totally agree that this is a form of sporting cheating, but its rampant, and no one can stop a rich guy paying players wages. My hope is that as a club they pay up over the next few years by having a 'mud brown' period, of cruddy teams, a few spankings at our hands (and anyone else willing to dish it out), and a generally yo yo time of it - while working out how to stop their stadium from turning to dust.

I disagree.

When VR took over, they were in a bad state. But they were saveable. Moving to Murrayfield would have done that, albeit against the wishes of their supporters.

Romanov has doubled their debt, at a time when the value of Tynie has halved.

[Kato]

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But to be fair to their logic, they are arguing that they had all that debt and were going down the pan before he turned up.

So. They've been spending money they don't have and hard-balling small creditors since Mercer was around. They owe it to themselves and now it's time for them to show how they going to pay it back, Tynie being their only asset. (Correction the land Tynie is on, Tynecastle itself is a huge drain on their "resources".)

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I disagree.

When VR took over, they were in a bad state. But they were saveable. Moving to Murrayfield would have done that, albeit against the wishes of their supporters.

Romanov has doubled their debt, at a time when the value of Tynie has halved.

Exactly Pie-Face had a plan to save the club. There is one bid on the table to save the club at this time and Romanov won't even let them see the clubs books. Which infers the debt of 22-24M is a tad more than that. Apart from them, FoH, all the talk surrounds the status of the real-estate. FoH seem pretty toothless compared to Robinson's plan of evacuation to Murrayfield.

[rcarter1]

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I disagree.

When VR took over, they were in a bad state. But they were saveable. Moving to Murrayfield would have done that, albeit against the wishes of their supporters.

Romanov has doubled their debt, at a time when the value of Tynie has halved.

Fair enough, Romanov is in a hard place. Regardless of the debt, someone will have to choose to accept an offer from someone. When banks fold etc, some people get burned badly and others get let off the hook. Hearts may end up being one of those lucky ones. Im not saying its right - its a disgrace like the Sevco situation.

If it was JUST down to Romanov, he might be forced to take the hit and sell Hearts for a song, effectively allowing Hearts to get away with it (and taking the loss himself). The debt is ultimately just a bargaining tool for someone (who I dont know..), but debts get dropped and swept under carpets all the time in big financial collapses.

Things of course could go so badly for them that they have to start from absolute scratch. Nae luck to them if that happens and they brought it on themselves. If they get off the hook and start cutting their cloth, then they can look back on their 'golden' era all they want but will soon find the present somewhat less palatable.

Regardless - they wont be going on about 'We won the war. They no longer matter, we have moved to another plane of existence . yada yada.'

[Bostonhibby]

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Just looked on sickback, there is a thread saying Vlad isn't all bad! Some absolute roasters on it. How deluded can you get? Here a couple from Shaun William Ryder...

"He's responsible for way more good than bad... I'm more surprised that it was difficult to appreciate the good for you. Glad you see it though. He's presided over what is thus far a golden era. His exit will define his tenure more than anything else though".

"Saved the club from dying a lingering death that was none of his making. As long as we do not suffer that fate in his tenure he will be massively in credit. The rest is nothing in comparison".

"I need to try and get my head around what Romanov has actually done (and I mean done - not what people hysterically speculate that he might do) that balances out his saving the club and stopping the sale of Tynie to Cala and winning two Scottish Cups...

See if its just sacking Burnley and slagging The Scottish Sun etc? You must be crackers".

Unreal!!!!!!

I wondered if all of the non footbaling employees of subsidiary companies (such as the unpaid smelting factory workers for example) feel the same way?

These complacent yam tossers who have the luxury of not actually depending upon the Dear Leader for their livelihoods are once removed from reality because someone that doesn't own their football club pays their wages or benefits, the approach highlighted above is no different to how they accepted Burleys' sacking, Rix, Thomson and will accept the lack of any actual share listing or certificate in return for their money and the ultimate shafting that is coming.

[Iggy Pope]

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Cat, I'm still f***ing reeling at the fact that the good citizens of Tollcross allowed a Hearts pub to sneak into the area and allow Gonzo Skacel to serve drinks in it and raise money for the brian cants.............when we ruled and roamed the streets around there many years ago there was a bye-law in place stating it was unlawful to wear maroon, the penalty for doing so being a kick in the sack via a pair of chunky mocs' Hibs country, always has been always will be !

Absolutely.
Schooled in Tollcross.
Brattisanni's! Asylum Records! TCR!

[NOLA]

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Absolutely.
Schooled in Tollcross.
Brattisanni's! Asylum Records! TCR!

Quarterback shop, sold american football gear and skateboards being at St Tams i would spend many a lunch hour there and in brattisanis on the motorbike semi simulator
didnt care much for the health food shop but used to dive in there for some cinammon sticks ;)

[grunt]

Article in The Times today (sorry no link) says that Romanov is to face charges in Lithuania over his mismanagement of Ukio Bankas.
The article makes the valid point that in their last published accounts, back in 2011, Hearts turnover was £7m and their expenditure was £13m. Romanov "forgave" about £8m of debt so they could report a "profit". It remains to be seen if he pulled the same stunt for the 2012 accounts, which have not been released yet. The Times article includes the comment, "to trade in profit it [Hearts] either had to double its income or halve its costs". I would guess that if Hearts auditors have not already signed off their audit report, recent events in Lithuania will be causing them to think hard about how to word their report.

[mad giraffe]

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Article in The Times today (sorry no link) says that Romanov is to face charges in Lithuania over his mismanagement of Ukio Bankas.
The article makes the valid point that in their last published accounts, back in 2011, Hearts turnover was £7m and their expenditure was £13m. Romanov "forgave" about £8m of debt so they could report a "profit". It remains to be seen if he pulled the same stunt for the 2012 accounts, which have not been released yet. The Times article includes the comment, "to trade in profit it [Hearts] either had to double its income or halve its costs". I would guess that if Hearts auditors have not already signed off their audit report, recent events in Lithuania will be causing them to think hard about how to word their report.

Just read that. Good to see an article stating the obvious facts rather than the rubbish we see in evening news/Scotsman .

Vlads going to jail!!! Brilliant, lots of savilles in there for him to play with

[PapillonVert]

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Article in The Times today (sorry no link) says that Romanov is to face charges in Lithuania over his mismanagement of Ukio Bankas.
The article makes the valid point that in their last published accounts, back in 2011, Hearts turnover was £7m and their expenditure was £13m. Romanov "forgave" about £8m of debt so they could report a "profit". It remains to be seen if he pulled the same stunt for the 2012 accounts, which have not been released yet. The Times article includes the comment, "to trade in profit it [Hearts] either had to double its income or halve its costs". I would guess that if Hearts auditors have not already signed off their audit report, recent events in Lithuania will be causing them to think hard about how to word their report.

Quote from said article:

"Yesterday a Bank of Lithuania official said that the inquiry had revealed a number of “risky” activities within Mr Romanov’s bank. It had inappropriately assessed credit risks; failed to make sure in all cases that borrowers could fulfil debt obligations; failed to draw up specific provisions for problem loans; applied unacceptable methods of portraying transactions in accounting; and violated prudential legal acts.

None of Hearts’ directors was in Edinburgh last night, and the club said that it was unable to comment."

Wonder why?

[Jim44]

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Article in The Times today (sorry no link) says that Romanov is to face charges in Lithuania over his mismanagement of Ukio Bankas.
The article makes the valid point that in their last published accounts, back in 2011, Hearts turnover was £7m and their expenditure was £13m. Romanov "forgave" about £8m of debt so they could report a "profit". It remains to be seen if he pulled the same stunt for the 2012 accounts, which have not been released yet. The Times article includes the comment, "to trade in profit it [Hearts] either had to double its income or halve its costs". I would guess that if Hearts auditors have not already signed off their audit report, recent events in Lithuania will be causing them to think hard about how to word their report.

If proved to be true, would this criminal activity have a direct bearing on SPL rules on financial integrity and conduct of ownership etc. If it did, I suppose it could take yonks to establish by which time the Jambos will no doubt have performed a Houdiniesque escape from consequences and punishment.

[johnbc70]

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Quarterback shop, sold american football gear and skateboards being at St Tams i would spend many a lunch hour there and in brattisanis on the motorbike semi simulator
didnt care much for the health food shop but used to dive in there for some cinammon sticks ;)

Ha! Brings back memories, was at St Tams 87-93 and there was one Hearts fan in the whole school. Was a Hibs area that's for sure.