Share Transfers Agreed/Cooling off period

[bingo70]

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Still Ubig until they go into admin.

Once they go into admin who will own hearts, the new bank?

[AndyM_1875]

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I thought I'd take a wee peek at Yamback, seen these 2 cracking quotes with regards to the Lee Wallace 'deal'...


Do these guys pay any of their debts? Absolute disgrace.

Then from the same guy...

We are another SPL club. There is a rule against this. Regardless of whether Hearts and Rangers want to cut a deal - Rangers must pay their debts in full or the SPL should pick up the rest as they have a pot available.
We should take the £400,000 then the new owners should challenge the legality of the deal struck between the two clubs and chase the remainder.


Oh the irony!!!

Jesus wept these clowns have no idea how business works do they??

Whatever we think of Charlie Green he's done nothing wrong here. They're rooked, he offered them a deal. They took it so that is that.

Stupid Hearts fuds.

[H18sry]

Senior News Reporter
Saturday 23 February 2013

VLADIMIR Romanov is at the centre of a new scandal in Lithuania after it emerged his sister was given a large salary at his insolvent bank as it slid into financial meltdown.
VLADIMIR Romanov is at the centre of a new scandal in Lithuania after it emerged his sister was given a large salary at his insolvent bank as it slid into financial meltdown.


Custom byline text:
brian donnelly
Hearts are in a dire financial position and the collapse of owner Romanov's Ukio Bankas in his homeland has led to renewed fears over the football club's future.
After details emerged of the payroll at Romanov's bank, the controversial businessman is under further pressure.
<p>A Lithuanian TV documentary uncovered evidence that Tynecastle chief Romanov paid his sister Olga Gonaruk a monthly salary of £11,275 – enormous by Lithuanian standards – for being "head of administration".</p>< p>It also emerged that Romanov's bank paid for her exotic holidays over the years to places including Brazil to watch the World Basketball Championships.</p>< p>However, his sister had her assets seized last month, which included an enormous house and vast amounts of land, along with two properties in Vilnius.</p>< p>The documentary revealed that several other Romanov family members and friends were paid vast sums from his Ukio bank, before it finally hit the rocks this week.</p>< p>When questioned about the payments, the Hearts chief snapped: "Listen, you can go to hell."</p>< p>Ukio Bankas administrator Adam Audickas said: "I can't confirm the actual wage figures to the people concerned, but it is in the region that has been mentioned.</p>< p>"I don't want to comment any further."</p>< p>Mr Audickas also declined to reveal details of the relationship between Ukio Bankas and sister company UBIG, owner of Hearts.</p>
Contextual targeting label:
Finance
A Lithuanian TV documentary uncovered evidence that Tynecastle chief Romanov paid his sister Olga Gonaruk a monthly salary of £11,275 – enormous by Lithuanian standards – for being "head of administration".
It also emerged that Romanov's bank paid for her exotic holidays over the years to places including Brazil to watch the World Basketball Championships.
However, his sister had her assets seized last month, which included an enormous house and vast amounts of land, along with two properties in Vilnius.
The documentary revealed that several other Romanov family members and friends were paid vast sums from his Ukio bank, before it finally hit the rocks this week.
When questioned about the payments, the Hearts chief snapped: "Listen, you can go to hell."
Ukio Bankas administrator Adam Audickas said: "I can't confirm the actual wage figures to the people concerned, but it is in the region that has been mentioned.
"I don't want to comment any further."
Mr Audickas also declined to reveal details of the relationship between Ukio Bankas and sister company UBIG, owner of Hearts.

[shagpile]

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Senior News Reporter
Saturday 23 February 2013

VLADIMIR Romanov is at the centre of a new scandal in Lithuania after it emerged his sister was given a large salary at his insolvent bank as it slid into financial meltdown.
VLADIMIR Romanov is at the centre of a new scandal in Lithuania after it emerged his sister was given a large salary at his insolvent bank as it slid into financial meltdown.


Custom byline text:
brian donnelly
Hearts are in a dire financial position and the collapse of owner Romanov's Ukio Bankas in his homeland has led to renewed fears over the football club's future.
After details emerged of the payroll at Romanov's bank, the controversial businessman is under further pressure.
<p>A Lithuanian TV documentary uncovered evidence that Tynecastle chief Romanov paid his sister Olga Gonaruk a monthly salary of £11,275 – enormous by Lithuanian standards – for being "head of administration".</p>< p>It also emerged that Romanov's bank paid for her exotic holidays over the years to places including Brazil to watch the World Basketball Championships.</p>< p>However, his sister had her assets seized last month, which included an enormous house and vast amounts of land, along with two properties in Vilnius.</p>< p>The documentary revealed that several other Romanov family members and friends were paid vast sums from his Ukio bank, before it finally hit the rocks this week.</p>< p>When questioned about the payments, the Hearts chief snapped: "Listen, you can go to hell."</p>< p>Ukio Bankas administrator Adam Audickas said: "I can't confirm the actual wage figures to the people concerned, but it is in the region that has been mentioned.</p>< p>"I don't want to comment any further."</p>< p>Mr Audickas also declined to reveal details of the relationship between Ukio Bankas and sister company UBIG, owner of Hearts.</p>
Contextual targeting label:
Finance
A Lithuanian TV documentary uncovered evidence that Tynecastle chief Romanov paid his sister Olga Gonaruk a monthly salary of £11,275 – enormous by Lithuanian standards – for being "head of administration".
It also emerged that Romanov's bank paid for her exotic holidays over the years to places including Brazil to watch the World Basketball Championships.
However, his sister had her assets seized last month, which included an enormous house and vast amounts of land, along with two properties in Vilnius.
The documentary revealed that several other Romanov family members and friends were paid vast sums from his Ukio bank, before it finally hit the rocks this week.
When questioned about the payments, the Hearts chief snapped: "Listen, you can go to hell."
Ukio Bankas administrator Adam Audickas said: "I can't confirm the actual wage figures to the people concerned, but it is in the region that has been mentioned.
"I don't want to comment any further."
Mr Audickas also declined to reveal details of the relationship between Ukio Bankas and sister company UBIG, owner of Hearts.

So Vlads sister was 'head of administration'? Quite apt i would say.

[Hibby Kay-Yay]

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So Vlads sister was 'head of administration'? Quite apt i would say.

Or was 'giving head'...

[MB62]

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Senior News Reporter
Saturday 23 February 2013


VLADIMIR Romanov is at the centre of a new scandal in Lithuania after it emerged his sister was given a large salary at his insolvent bank as it slid into financial meltdown.


Custom byline text:
brian donnelly
However, his sister had her assets seized last month,

That must have been painful for her. I wonder who the lucky person was?

[brog]

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From Yackback :

' If Hearts had waited until the summer for the 500K they wouldnt have been able to add it to this set of financial results, get 400K now add it to results and Hearts make a bigger profit end of financial year. Hearts then look more appealing to potential buyers. '

So there. Lord Pishybreeks was right !

Em, what set of financial results would those be? 20 months behind & counting!!! when will we see their likes again!
These guys are tools of the first order!!

[The Green Goblin]

Had to wonder at the reference to Vlad's sister's 11k+ monthly wage being "enormous by Lithuanian standards". I would have thought it was inflated by most people's standards....

[CropleyWasGod]

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Once they go into admin who will own hearts, the new bank?

UBIG will still own them.

I am not sure of Lith insolvency law, but if it is similar to UK law, Hearts will be seen as an asset of UBIG. (I know, I know ). Those assets will come under the control of the administrator, whose job it is to manage the business and assets to the benefit of UBIG's creditors.

[lord bunberry]

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UBIG will still own them.

I am not sure of Lith insolvency law, but if it is similar to UK law, Hearts will be seen as an asset of UBIG. (I know, I know ). Those assets will come under the control of the administrator, whose job it is to manage the business and assets to the benefit of UBIG's creditors.

Did ubig ever have any money or did they just receive loans from ukio which they in turn loaned to vlads other businesses. If this is the case then surely they only possible outcome for ubig is liquidation.

[CropleyWasGod]

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Did ubig ever have any money or did they just receive loans from ukio which they in turn loaned to vlads other businesses. If this is the case then surely they only possible outcome for ubig is liquidation.

Cav and Sergey will have a better handle on that.

However, on the basis of many years experience, I can definitely say that the investment they made in Gorgie has reaped them untold riches.

[HUTCHYHIBBY]

Must be a nightmare when you know you cannae pay your debts!

[jgl07]

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Once they go into admin who will own hearts, the new bank?

The Administrator or Receiver of UBIG I would guess. Presumably UKIOS will be the main creditors for UBIG.

[CropleyWasGod]

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The Administrator or Receiver of UBIG I would guess. Presumably UKIOS will be the main creditors for UBIG.

The administrator will have control, but not ownership. It's similar to Duff and Phelps having control of Ibrox, but it was still owned by RFC.

[Kato]

http://mobile.bloomberg.com/news/2013-02-24/lithuanian-siauliu-bankas-agrees-to-assume-insolvent-ukio-assets.html

Link from phone so may not work. The pertinent part reads....

"Bankruptcy proceedings are planned to recover remaining assets of Ukio, including property in Scotland and elsewhere, for creditors, among whom the deposit-insurance fund will be the largest, according to the Bank of Lithuania."

[grunt]

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

Lithuanian Siauliu Bankas Agrees to Assume Insolvent Ukio Assets
Siauliu Bankas AB (SAB1L), the Lithuanian lender part-owned by the European Bank for Reconstruction and Development, will assume the insured deposits of insolvent Ukio Bankas AB (UKB1L) in a deal that will almost double its size.

Siauliu will take over 2.7 billion litai ($1 billion) of Ukio deposits and assets of the same value, according to a contract signed last night with Ukio’s administrator and the state deposit-insurance fund, the Siauliai, Lithuania-based lender said in an e-mailed statement. The EBRD will grant Siauliu a 20 million-euro ($26 million) 10-year subordinated loan to strengthen its capital base for the expansion, it said.

Siauliu, which had assets of 2.9 billion litai on Dec. 31, will overtake Danske Bank A/S to become Lithuania’s fifth-largest bank by assets, after local units of Nordic lenders SEB AB, Swedbank AB, DNB ASA and Nordea Bank AB. The transaction will reduce payouts from the Baltic nation’s deposit insurer to 800 million litai, which the government plans to lend the fund.

“The achieved agreement will result in new and bigger possibilities of growth for our bank’s clientele, staff and shareholders, while the entire banking system in Lithuania will become stronger and even more competitive,” Siauliu Chairman Algirdas Butkus said in the statement.
Renewing Services

The contract, which the Lithuanian government and central bank supported, obliges Siauliu “to renew banking services for the customers of Ukio Bankas in the shortest time possible,”the Bank of Lithuania said in a separate e-mailed statement.

The Bank of Lithuania suspended Ukio’s activities Feb. 12 and appointed an administrator, saying the lender was insolvent after risky lending to related companies. Just over a year after the collapse of Snoras Bankas AB, the government was eager to avoid another bankruptcy that would test the state deposit-insurance fund.

The agreement “has ensured stability in the sector,”Sylvia Gansser-Potts, the EBRD director for financial institutions, said in an e-mailed statement.

The preliminary value of the assets transferred to Siauliu, determined by auditor KPMG Baltic, may be revised in three months after a more detailed assessment, in which case the liabilities of the parties to the contract will also be revised, the central bank said.

Bankruptcy proceedings are planned to recover remaining assets of Ukio, including property in Scotland and elsewhere, for creditors, among whom the deposit-insurance fund will be the largest, according to the Bank of Lithuania.

The EBRD owns 19.6 percent of Siauliu, which after Ukio’s collapse is Lithuania’s only publicly traded bank. Siauliu shares rose 10 percent to 0.267 euro in Vilnius on Feb. 13, when the lender announced plans to negotiate for Ukio’s assets, and closed at that same level on Feb. 22.

Not sure what the bit in bold refers to ...

[Matty_Jack04]

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http://mobile.bloomberg.com/news/2013-02-24/lithuanian-siauliu-bankas-agrees-to-assume-insolvent-ukio-assets.html

Link from phone so may not work. The pertinent part reads....

"Bankruptcy proceedings are planned to recover remaining assets of Ukio, including property in Scotland and elsewhere, for creditors, among whom the deposit-insurance fund will be the largest, according to the Bank of Lithuania."

Wiil the property in Scotland not be the old royal bank building at St. Andrews square? Don't know if they still have that or not.

[green glory]

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

Not sure what the bit in bold refers to ...

It refers to Jambogeddon.

[Bostonhibby]

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http://mobile.bloomberg.com/news/2013-02-24/lithuanian-siauliu-bankas-agrees-to-assume-insolvent-ukio-assets.html

Link from phone so may not work. The pertinent part reads....

"Bankruptcy proceedings are planned to recover remaining assets of Ukio, including property in Scotland and elsewhere, for creditors, among whom the deposit-insurance fund will be the largest, according to the Bank of Lithuania."

If I was one of the scarf twirlers and was wondering when the game was up this would be the time to lamely take to the streets and start twirling in protest, they haven't done much else except send a few more quid to the dear leader under the guise of a share issue. It's now about the manner of their demise and what the consequences are.

It might be bollock freezing and snowing down here but I am going to roll about in my back back garden in my Hibs strip to celebrate before heading to the pub.

[CyberSauzee]

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Did ubig ever have any money or did they just receive loans from ukio which they in turn loaned to vlads other businesses. If this is the case then surely they only possible outcome for ubig is liquidation.

Correct. This is exactly what's happened. As Vlad effectively had (still has?) the majority stakeholding in Ukio Bankas, he could pretty much do what he wanted with whatever money came into the bank.

Vlad would have spent some of his own money to get the bank started, but for years he's been playing with other peoples money, whether in the form of small local cash deposits to leveraging the bank's 'credit' rating to secure foreign loans and finance.

Because of Vlad running the bank by himself, he was never going to get any guarantees in this country to operate, hence the Caste Street branch never got off the ground. Years ago one of the credit rating agencies put Ukio Bankas at the lowest rating they could because of the control Vlad had over every monetary aspect of its operation. 'Loan' cash to UBIG, and the trail of the money starts to get difficult to follow.

In turn of course any profits made by Ukio/UBIG could be squirrelled away to 'business' operations in various tax havens. In the initial offer document for HoMFC there were listed quite a few offshore companies in places such as the Cayman Islands. I would imagine Vlad has put quite a bit into these bolt holes over the years in case a situation like we're seeing now happening.

All very similar to Robert Maxwell for me .

[Dibben]

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It refers to Jambogeddon.

[Dashing Bob S]

It was such a jolly good idea for the Hearts fans to chip in just before Christmas to 'save' the club from something which is going to happen anyway!

If I ever needed a new conservatory built, just before the bank came to repossess my home, I'd make a phone call to the Merchiston Hearts Supporters Club, I'm sure they'd rally round.

[degenerated]

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Correct. This is exactly what's happened. As Vlad effectively had (still has?) the majority stakeholding in Ukio Bankas, he could pretty much do what he wanted with whatever money came into the bank.

Vlad would have spent some of his own money to get the bank started, but for years he's been playing with other peoples money, whether in the form of small local cash deposits to leveraging the bank's 'credit' rating to secure foreign loans and finance.

Because of Vlad running the bank by himself, he was never going to get any guarantees in this country to operate, hence the Caste Street branch never got off the ground. Years ago one of the credit rating agencies put Ukio Bankas at the lowest rating they could because of the control Vlad had over every monetary aspect of its operation. 'Loan' cash to UBIG, and the trail of the money starts to get difficult to follow.

In turn of course any profits made by Ukio/UBIG could be squirrelled away to 'business' operations in various tax havens. In the initial offer document for HoMFC there were listed quite a few offshore companies in places such as the Cayman Islands. I would imagine Vlad has put quite a bit into these bolt holes over the years in case a situation like we're seeing now happening.

All very similar to Robert Maxwell for me .

Slightly more difficult to fall out of a submarine than a boat I imagine.

[Northernhibee]

It amazes me how the Hearts fans are doing nothing to save their club right now. We had Hands Off Hibs they have a Sale On Scones.

[#FromTheCapital]

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It amazes me how the Hearts fans are doing nothing to save their club right now. We had Hands Off Hibs they have a Sale On Scones.

Certainly gives a new meaning to SOS

[green day]

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It amazes me how the Hearts fans are doing nothing to save their club right now. We had Hands Off Hibs they have a Sale On Scones.

If you look at JKB the money problems are not even on page 1. They still think its all going to go away, or SOH are mega rich saviours.

I sincerely hope they are proven wrong on all counts.

[livi hibs 1875]

Will these smelly ****s just not die .one city one clib ggtth

[Jack Hackett]

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If you look at JKB the money problems are not even on page 1. They still think its all going to go away, or SOH are mega rich saviours.

I sincerely hope they are proven wrong on all counts.

The yams were stupid enough to fall for his sales pitch while the rest of Scotland was raising it's collective eyebrows. There's no evidence to suggest they've grown any smarter in the interim.

As a side note, it's almost exactly 2 years since he ordered himself a wee jet plane so he could tour his empire. He's flown into a wee bit of turbulence since then

[greenginger]

Don't want to pour any cold water on the Thread which has a lovely cosy warmth to it today, or come over like a brokeback poster, but what will the New Bank mean by " intending to liquidate the property assets in Scotland ....... "

Could it simply mean sell them off to the highest bidder ?

Step forward some maroon cardigan wearing consortium !

Will somone please allay these groundless fears.

[Ozyhibby]

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Don't want to pour any cold water on the Thread which has a lovely cosy warmth to it today, or come over like a brokeback poster, but what will the New Bank mean by " intending to liquidate the property assets in Scotland ....... "

Could it simply mean sell them off to the highest bidder ?

Step forward some maroon cardigan wearing consortium !

Will somone please allay these groundless fears.

As they don't own Tynecastle the administrators of Ukio will first have to begin proceedings against Ubig. Once an administrator is appointed there Hearts will be deducted 18 points and sit at the foot of the SPL. As they have no cash and cannot generate a surplus, an administrator will quickly move to wind the company up as they have no way of getting their fees other than the sale of assets. Their only asset is Tynecastle which is worth more vacant than with a tennant. There is no sign that there are any bidders with enough money to outbid a property developer.
Finish the season? They'll be lucky to finish the week.