Share Transfers Agreed/Cooling off period

[Beefster]

Anyone on here who likes to bang on about how the Yams are much better supporters than us and always back the club in times of adversity should have a quick look at Sickbag this morning. Hysteria, venom and a complete lack of 'seeing the bigger picture'.

[Steviie]

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Every day can be Pay Day with Wonga

Lolol

[Part/Time Supporter]

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Anyone on here who likes to bang on about how the Yams are much better supporters than us and always back the club in times of adversity should have a quick look at Sickbag this morning. Hysteria, venom and a complete lack of 'seeing the bigger picture'.

Yams have known hardly any true adversity in the last 30 years. As bad as its got is the (very) odd humping and maybe the odd duff manager here or there (eg Tommy McLean).

[s.a.m]

BBC Sport Scotland‏@BBCSportScotRobinson pens new Hearts contract: Hearts midfielder Scott Robinson has signed a new two-year deal with the Ty... http://bbc.in/YHTEVz

[Saorsa]

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BBC Sport Scotland‏@BBCSportScotRobinson pens new Hearts contract: Hearts midfielder Scott Robinson has signed a new two-year deal with the Ty... http://bbc.in/YHTEVz

I must say I admire their optimism giving out 2 year deals

[JollyGreenGiant]

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BBC Sport Scotland‏@BBCSportScotRobinson pens new Hearts contract: Hearts midfielder Scott Robinson has signed a new two-year deal with the Ty... http://bbc.in/YHTEVz

What are they all about, I think I noticed on Sky sports before Hibs game that they had offered a couple of other youngsters 1-2 year contracts??

Are they trying to increase their value, signing up all their future superstar youngsters, hoping someone will offer £zillions for them??

[Mikey]

I picked up an interesting wee snippet this morning. It seems the guys left behind in Edinburgh to run the place are looking into the implications of putting the club into administration before the brown stuff hits the fan in Lithuania. Their reasoning is that they know the 18 point deduction is coming their way anyway when UBIG goes bust (this week or next) and by jumping the gun they'll get a more sympathetic administrator in Scotland than they would if the Liths take control.

I'm told it'll be Friday or Monday if they do it. Friday would seem more likely as UKIO's administrator is due to make an announcement tomorrow and they need to get in ahead of that.

It certainly makes sense and the source is decent.

Any experts care to confirm if the minions left behind can actually do that?

[Treadstone]

Now wishing Dundee had scudded us three times.

[greenginger]

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I picked up an interesting wee snippet this morning. It seems the guys left behind in Edinburgh to run the place are looking into the implications of putting the club into administration before the brown stuff hits the fan in Lithuania. Their reasoning is that they know the 18 point deduction is coming their way anyway when UBIG goes bust (this week or next) and by jumping the gun they'll get a more sympathetic administrator in Scotland than they would if the Liths take control.

I'm told it'll be Friday or Monday if they do it. Friday would seem more likely as UKIO's administrator is due to make an announcement tomorrow and they need to get in ahead of that.

It certainly makes sense and the source is decent.

Any experts care to confirm if the minions left behind can actually do that?

http://www.companyrescue.co.uk/compa...administration

Couple of obstacles to a locally inspired quick admin.

First, it has to be sought by the company/director. David Southern is Chief Executive but not a director.

Second, 5 days notice has to be given to floating charge holder ( UBIG / Ukio Bankas or their Admin )

[Part/Time Supporter]

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I picked up an interesting wee snippet this morning. It seems the guys left behind in Edinburgh to run the place are looking into the implications of putting the club into administration before the brown stuff hits the fan in Lithuania. Their reasoning is that they know the 18 point deduction is coming their way anyway when UBIG goes bust (this week or next) and by jumping the gun they'll get a more sympathetic administrator in Scotland than they would if the Liths take control.

I'm told it'll be Friday or Monday if they do it. Friday would seem more likely as UKIO's administrator is due to make an announcement tomorrow and they need to get in ahead of that.

It certainly makes sense and the source is decent.

Any experts care to confirm if the minions left behind can actually do that?

They could do it if they have the consent of UBIG, the clear majority shareholder. I don't see many advantages to it other than providing some short term protection from creditors. The disadvantage is that it automatically enforces the 18 point deduction, whereas if only UBIG go under I suspect they would challenge such a ruling.

[MacBean]

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They could do it if they have the consent of UBIG, the clear majority shareholder. I don't see many advantages to it other than providing some short term protection from creditors. The disadvantage is that it automatically enforces the 18 point deduction, whereas if only UBIG go under I suspect they would challenge such a ruling.

I'm pretty sure it is stated in the summer rule change that if a parent company / majority shareholder, enters administration / is declared bankrupt, then the football club suffers 1/3 of last season's point total (in Hearts case 18 points), or ten points deduction (whichever is larger).

[Part/Time Supporter]

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I'm pretty sure it is stated in the summer rule change that if a parent company / majority shareholder, enters administration / is declared bankrupt, then the football club suffers 1/3 of last season's point total (in Hearts case 18 points), or ten points deduction (whichever is larger).

That's right, the rules were changed to include such a provision for the "owner and operator" of a club to count the same as if the club itself entered insolvency. I would expect that rule to apply but I would also expect Hearts to challenge it because it would be the first time that it had been applied in Scotland. They may try to argue that although UBIG is their owner, it is not their operator, for example.

[hibs0666]

It looks like agreement has been reached over what constitutes the 'good' and 'bad' bits of the Ukio Bankas portfolio, and the yaks are amongst the baddies.

[MacBean]

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It looks like agreement has been reached over what constitutes the 'good' and 'bad' bits of the Ukio Bankas portfolio, and the yaks are amongst the baddies.

Already? I like these Lith Authorities, swift action!

[HibbyDave]

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Already? I like these Lith Authorities, swift action!

And Ruthless to follow!!!!!

[jgl07]

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I'm pretty sure it is stated in the summer rule change that if a parent company / majority shareholder, enters administration / is declared bankrupt, then the football club suffers 1/3 of last season's point total (in Hearts case 18 points), or ten points deduction (whichever is larger).

Portsmouth went into administration as soon as their parent company Convers Sports Initiatives entered administration.

That's what happens if you are owned by a Russian born crook involved with a Lithuanian Bank!

[HibbyDave]

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Already? I like these Lith Authorities, swift action!

And Ruthless to follow!!!!!

[Hibee Ryan]

The liths are working for a bank and when was the last time a bank should any compassion? They'll be gone by the end of the season, limp on like Gretna did and its bye bye after that!

All in my humble opinion of course ;)

[greenginger]

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That's right, the rules were changed to include such a provision for the "owner and operator" of a club to count the same as if the club itself entered insolvency. I would expect that rule to apply but I would also expect Hearts to challenge it because it would be the first time that it had been applied in Scotland. They may try to argue that although UBIG is their owner, it is not their operator, for example.

They might try it , but with the same directors and same bank account it might prove awkward.

[jgl07]

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The liths are working for a bank and when was the last time a bank should any compassion? They'll be gone by the end of the season, limp on like Gretna did and its bye bye after that!

All in my humble opinion of course ;)

Gretna only staggered on till the end of the season because the SPL bankrolled the administrators to do so.

It will cost vastly more to keep Hearts on life support than was the case for Gretna.

[Hibee Ryan]

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Gretna only staggered on till the end of the season because the SPL bankrolled the administrators to do so.

It will cost vastly more to keep Hearts on life support than was the case for Gretna.

The SPL will surely give them some prize money early if it means they can finish their fixtures as it would be an embarrassment for Scotland if a team in the top flight had to forfeit matches!

[MacBean]

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It looks like agreement has been reached over what constitutes the 'good' and 'bad' bits of the Ukio Bankas portfolio, and the yaks are amongst the baddies.

Just out of curiosity, where has your info come from?

[Saorsa]

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The SPL will surely give them some prize money early if it means they can finish their fixtures as it would be an embarrassment for Scotland if a team in the top flight had to forfeit matches!

the money the get for being 11th winnae last long.

[Hibee Ryan]

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the money the get for being 11th winnae last long.

Only till the end of the season I presume!

[green glory]

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Only till the end of the season I presume!

It'll be spent already.

[EuanH78]

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The SPL will surely give them some prize money early if it means they can finish their fixtures as it would be an embarrassment for Scotland if a team in the top flight had to forfeit matches!

Its not just about prize money - thats a piss in the paddling pool to be honest. For HoMo FC to be propped up till the end of the season, someone will need to start servicing their debt so they dont default. Thats going to be a lot of bake sales just to drag the corpse over the line.

[Dashing Bob S]

Make it Swift and Ruthless!

http://www.youtube.com/watch?v=yIVk7983XTA

[Off the bar]

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the money the get for being 11th winnae last long.

nor will the prize money for 12th which is what they're looking at after admin

[hibbyboy1]

How would the league look if hearts go bust and all games against them are void

[PapillonVert]

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That's right, the rules were changed to include such a provision for the "owner and operator" of a club to count the same as if the club itself entered insolvency. I would expect that rule to apply but I would also expect Hearts to challenge it because it would be the first time that it had been applied in Scotland. They may try to argue that although UBIG is their owner, it is not their operator, for example.

They couldn't scrape together a £1,000 to challenge a red card a couple of weeks ago. Wonder where they will find the cash from?