Share Transfers Agreed/Cooling off period

[lord bunberry]

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Had the misfortune to overhear a couple of yams chatting today about how they can't wait for the season to finish, so they can get rid of Romanov, get a new manager in (maybe Robbo), hopefully win the wee cup and start re-building for next season.

All is Barry

You can understand why they would want wee robbo back, he was such a success last time with much better players

[K-Zazu]

Absolute shambles of a football club

[blackpoolhibs]

I listened to radio scotland during the week, and someone was going on about how hertz were a great scottish institution, i'd not heard that used since the great days of sevco.

I cant wait for the day they join the other great institution down the plug hole, D3 might not even be an option for them?

[Hibeesforever]

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Not a single thread about financial ruin or consequences of what is happening in Lithuania, incredible. They have one single thread about Vlad being down to his last Lita but its laughted off as Vlad playing the press.

Unsurprising, they are now true mini zombies that see the future as just too hard to worry about. I am trying not to lower myself to be bothered about them either but it is hard. The memories of the late Wallace Mercer mean I cannot do that.

If true, goodness only knows what Mr Blatter thought being hosted in an asbestos ridden main stand today.
From the Balmoral to Tynecastle, I am sure the surroundings were underwhelming.
Unless, of course, he was maybe there to highlight a club that symbolises everything that is wrong with football corporate governance.

[truehibernian]

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Unsurprising, they are now true mini zombies that see the future as just too hard to worry about. I am trying not to lower myself to be bothered about them either but it is hard. The memories of the late Wallace Mercer mean I cannot do that.

If true, goodness only knows what Mr Blatter thought being hosted in an asbestos ridden main stand today.
From the Balmoral to Tynecastle, I am sure the surroundings were underwhelming.
Unless, of course, he was maybe there to highlight a club that symbolises everything that is wrong with football corporate governance.

He failed to attend - had a more pressing engagement apparently

[fat freddy]

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He failed to attend - had a more pressing engagement apparently

On the approach to Tynecastle he ordered his driver to keep going as he saw the state of the stadium he was meant to be sitting in...last seen getting out of his limo at Krispy Kremes Doughnuts at Hermiston Gate...left with a 10 pound variety box after queueing for 3 hours surrounded by loads of overweight chavs..

[WindyMiller]

[nonshinyfinish]

Hang on, are Hearts in some kind of financial difficulty? You'd think that would have come up before.

[cocopops1875]

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Hang on, are Hearts in some kind of financial difficulty? You'd think that would have come up before.

Na Mate "All Is Barry"

[nonshinyfinish]

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Na Mate "All Is Barry"

Well that's a big relief.

[Sergey]

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Hang on, are Hearts in some kind of financial difficulty? You'd think that would have come up before.

Remember their old adage 'we're different - we owe the debt to ourselves'?

Not heard that one trumpeted for a while, eh!

[nonshinyfinish]

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Remember their old adage 'we're different - we owe the debt to ourselves'?

Not heard that one trumpeted for a while, eh!

So the scales are falling from their eyes?

Shame they're stuck with the webbed fingers...

[clerriehibs]

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Remember their old adage 'we're different - we owe the debt to ourselves'?

Not heard that one trumpeted for a while, eh!

They still don't think they have any debt; just no money.

[EdinMike]

Apparently the Final tickets are going on public sale...

Will there be masses forming upon Gorgie ?! And will it stop me getting to work !?

No. The answer is probably no.

http://www.heartsfc.co.uk/articles/2...241384_3095066

[Dashing Bob S]

He's an old Hearts song for the nostalgic, one you just don't hear so much these days.

http://www.youtube.com/watch?v=of9U3aGUyvU&noredirect=1

[Sanger]

See below about seizure of Romamov's assets through bankruptcy proceedings including Scottish property. Lithuanian insurance rescue fund has a $500 million hole to fill to make depositors whole. They borrowed on international markets to fund whole and will try and recoup money by any means necessary. UB lends to UBIG who lend to Hearts. Not a difficult structure to uncover. Effectively Hearts seen as one of Romanov's assets which will be seized by Lithuanian state.



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.

To contact the reporter on this story: Bryan Bradley in Vilnius at [email protected]

To contact the editors responsible for this story: Dick Schumacher at [email protected]; Balazs Penz at [email protected]

Find out more about Bloomberg for iPhone: http://m.bloomberg.com/iphone/


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[bingo70]

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See below about seizure of Romamov's assets through bankruptcy proceedings including Scottish property. Lithuanian insurance rescue fund has a $500 million hole to fill to make depositors whole. They borrowed on international markets to fund whole and will try and recoup money by any means necessary. UB lends to UBIG who lend to Hearts. Not a difficult structure to uncover. Effectively Hearts seen as one of Romanov's assets which will be seized by Lithuanian state.



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.

To contact the reporter on this story: Bryan Bradley in Vilnius at [email protected]

To contact the editors responsible for this story: Dick Schumacher at [email protected]; Balazs Penz at [email protected]

Find out more about Bloomberg for iPhone: http://m.bloomberg.com/iphone/


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Will that include tynecastle even though hearts don't owe ukios anything?

[spike220]

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Will that include tynecastle even though hearts don't owe ukios anything?

This s the clearest indication yet of where things are at. It cant be any clearer, this is the end game!

There is reasonable chance they will disapear off the face of the earth.

[Chuck Rhoades]

Hearts are going bust and we're know!

Mon the Hibees!

[bingo70]

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This s the clearest indication yet of where things are at. It cant be any clearer, this is the end game!

There is reasonable chance they will disapear off the face of the earth.

Can they enforce the sale of tynie then?

My worry has always been someone hearts minded buys it and then just waits till they can buy the.club at a more reasonable price, considering the stadiums not fit for purpose though and they'd probably need to.move in a few years anyway I'm maybe worrying over nothing

[1two]

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Picked up this beauty from over the road, posted by Le Chat ? Made me laugh anyways.

Kinda wish we'd only taken 12,000 tickets for the cup final.

Some folk just don't deserve to share the good days when they can't be arsed turning up on the bad days.

The club's on a ******g life-support machine yet thousands only turn up when they can be arsed. Sickening.

They deserve every little thing thats coming, him and that tw@t Craigieboy.

You can guarantee Craigieboy is a 40 year old virgin who still stays with his ma.
90% of his posts are about us.

I don't even know why I look over there. It's pathetic.

[Niffy]

Ok, you're not allowed to make any banners. Lol

[weonlywon6-2]

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This s the clearest indication yet of where things are at. It cant be any clearer, this is the end game!

There is reasonable chance they will disapear off the face of the earth.

It is a good article,especially this line

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.


HMFC - GIRFUY

[I'm_cabbaged]

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Ok, you're not allowed to make any banners. Lol

Undercover celtc fan? :)

[Dashing Bob S]

I must say it all looks rather splendid.

[StevieC]

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Can they enforce the sale of tynie then?

My worry has always been someone hearts minded buys it and then just waits till they can buy the.club at a more reasonable price, considering the stadiums not fit for purpose though and they'd probably need to.move in a few years anyway I'm maybe worrying over nothing

I suspect that, like any loan secured against property, if you default on repayments then the property will be seized ... so it's pretty much "a given" that Tynecastle will be up for sale sometime soon.

[shagpile]

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You can guarantee Craigieboy is a 40 year old virgin who still stays with his ma.
90% of his posts are about us.

I don't even know why I look over there. It's pathetic.

You're waiting for yer ma to make yer tea?

[ALF TUPPER]

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Hearts are going bust and we're know!

Mon the Hibees!

Lovin the avatar Bouncer

[rcarter1]

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I suspect that, like any loan secured against property, if you default on repayments then the property will be seized ... so it's pretty much "a given" that Tynecastle will be up for sale sometime soon.

If this is the case, the question is who will bid for the stadium? If I were a buyer for Tesco or another such organisation, I would consider carefully the level of animosity that would go with such a purchase. It will be very interesting in a slightly morbid way, to watch the developments unravel. Will Hearts emerge with a Tom Farmer?

[Eyrie]

In the inevitable event of administration, a supermarket or house builder could buy the land as a cheap investment and then rent it to Sevco Yams for a few years until they either buy it back at a premium (because the land value has risen) or alternatively find a new stadium elsewhere which would free up the land for a supermarket or housing.

Of course, having to find the annual rent on top of all their other costs would make it even harder for Sevco Yams to escape Division Three so this wouldn't be a complete disaster.