Share Transfers Agreed/Cooling off period

[carnoustiehibee]

That @TheReal_Romanov sums up a Jambo, no substance to his tweets just mild,watery, school kid insults.

[Springbank]

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Just in case anyone feels they'd like to sympathise with the position the government of Lithuania has been put in with regards to the UKIO bank crisis and reassure them that the people of Scotland are fully behind all measures necessary to recover the money Vladimir Romanov stole from the people of Lithuania to use on his ego trip into Scottish football ...

http://www.lithuanianembassy.co.uk/index.php?757349056

Thanks for the link
I emailed them this...
Sir/Madam, I am a taxpayer and I am appalled that a small football club called Hearts of Mid Lothian has laundered £25m of money from the Lithuanian people, just to entertain a paltry 8,000 soccer supporters in Scotland. How many teachers or nurses or police officers or schools or basketball courts or prisons in Lithuania would that £25m have paid for? This money must be recouped for the Lithuanian people and state. Kind regards etc etc

[tamig]

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Did he say by whom?

Im sure he said Vlad had appealed the freezing of HIS assets.

[bighairyfaeleith]

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The UKIO money isn't a loan, AFAIK. £15m has been mentioned, as has £10m. However, UKIO have a security over Tynie for £6.8m, which was taken out a few months ago. My understanding is that that is the amount owed to UKIO, either by them or UBIG. The £15m is probably the "facility", ie the maximum HMFC could go to on their overdraft.

The UBIG debt is secured by a charge over all of the assets. These, of course, are diddley-squat. How much is that debt? Pick a number..... but I wouldn't be surprised at £20m.

What today has cleared up is the confirmation of UKIO's administration. That means that their administrator will come for Tynie.

Other than that, you're right, not much has changed.... except that sphincters are moving much more quickly than they were yesterday.

This would confirm my suspicions, no way is there debt at 25 million, I reckon it sits about 32 million but the known loans etc are what is being discussed in the press as though that's all there debt. Wonder how much they ow in total to HMRC, local government, local businesses, Heriot Watt etc? All that will add up as well.

[grunt]

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Thanks for the link
I emailed them this...
Sir/Madam, I am a taxpayer and I am appalled that a small football club called Hearts of Mid Lothian has laundered £25m of money from the Lithuanian people, just to entertain a paltry 8,000 soccer supporters in Scotland. How many teachers or nurses or police officers or schools or basketball courts or prisons in Lithuania would that £25m have paid for? This money must be recouped for the Lithuanian people and state. Kind regards etc etc

Very public spirited of you. Except it's nearer £60m that he's spent, I think. £25m is just what's outstanding - he's written off nearly £40m.

[bighairyfaeleith]

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This would confirm my suspicions, no way is there debt at 25 million, I reckon it sits about 32 million but the known loans etc are what is being discussed in the press as though that's all there debt. Wonder how much they ow in total to HMRC, local government, local businesses, Heriot Watt etc? All that will add up as well.

Further to this, if there accounts where finally announced and the debt sits way higher than the previous figure, which it must, surely creditors would get even more twitchy, and very quickly?

[Kato]

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Brian McLauchlin said on Radio Scotland earlier today that this ruling (freezing UBIG assets) has been appealed. As the article says, they had 7 days from the date of ruling (12 April) to appeal.

...and has the appeal been upheld? If not then they remain frozen.

Saying that I'll wait on confirmation of the an appeal even existing once I've seen it in the online Lithuanian press - the Scottish reporting of the "facts" in this story is absymal, rumours based on supposition mostly.

[Part/Time Supporter]

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Did he say by whom?

He didn't say. Presumably it would be Romanov or UBIG itself who would appeal that ruling.

http://www.bbc.co.uk/podcasts/series/scotfoot

First 5 minutes of tonight's podcast.
...

New argument from the Hearts end here:

https://twitter.com/BBCBMcLauchlin/s...55792914993152

"According to their rule book the SPL season ends after completion of all the league fixtures." (which is 19 May).

As I said earlier, this is all about stalling until they can claim that the points penalty should not apply this season.

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...and has the appeal been upheld? If not then they remain frozen.

Saying that I'll wait on confirmation of the an appeal even existing once I've seen it in the online Lithuanian press - the Scottish reporting of the "facts" in this story is absymal, rumours based on supposition mostly.

No, he said that the appeal hearing against the freezing of UBIG assets hasn't been scheduled yet.

[jonty]

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Cala Developments did'nt care about hallowed ground a few years back. Come to think about it, would it not be a good idea to dig out a few of the headlines from back then about the £ 20 million deal for the land.

Fire a few copies over to the Lith. administrator to make sure he is aware what could be achieved for a cleared site sale.

http://www.heraldscotland.com/sport/...s-cala-1.77698

Knocked back £24 million. HaHaHaHearts

[CropleyWasGod]

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He didn't say. Presumably it would be Romanov or UBIG itself who would appeal that ruling.

Do UBIG have a new Board yet? If not, then it could only be VR, I suppose.

[Billy Whizz]

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http://www.heraldscotland.com/sport/...s-cala-1.77698

Knocked back £24 million. HaHaHaHearts

Someone used to have the moving picture of Tynie, with the bulldozer knocking it down?

[Part/Time Supporter]

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New argument from the Hearts end here:

https://twitter.com/BBCBMcLauchlin/s...55792914993152

"According to their rule book the SPL season ends after completion of all the league fixtures." (which is 19 May).

As I said earlier, this is all about stalling until they can claim that the points penalty should not apply this season.

Page 88 of the SPL rulebook defines a "season" as:

"the period of the year commencing on the date of the first league match and ending on the date of the last league match or otherwise as determined by the Board".

http://www.scotprem.com/content/medi...BER%202012.pdf

Rule A4 (relating to league membership) states that:

The owner and operator of a Club participating in the League shall become a member of the Company by acquiring one Ordinary Share therein at par for cash, such Ordinary Share to be acquired, through the Secretary, in accordance with the provisions of the Articles of Association. The owner and operator of a Club ceasing to be entitled to play in the League shall cease to be a member of the Company and shall relinquish its Ordinary Share at the end of the relevant Season in accordance with the Articles of Association.

ie Dundee should return their SPL share ASAP after 19 May, assuming that they don't climb above St. Mirren or Hearts are docked points before then.

[CropleyWasGod]

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Page 88 of the SPL rulebook defines a "season" as:

"the period of the year commencing on the date of the first league match and ending on the date of the last league match or otherwise as determined by the Board".

http://www.scotprem.com/content/medi...BER%202012.pdf

That's a blow.

Still, there's enough time for UBIG to play their own card.

Or for ER to be flooded for a couple of weeks, thus necessitating the continued postponement of the Dundee match.

[FranckSuzy]

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I think we should all have this as our avatar now

[Ryan91]

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Page 88 of the SPL rulebook defines a "season" as:

"the period of the year commencing on the date of the first league match and ending on the date of the last league match or otherwise as determined by the Board".

http://www.scotprem.com/content/medi...BER%202012.pdf

So really the season ends when the Board says it ends, not necessarily after the last fixture is completed.

for the board making the season last just that little bit longer.

[Kato]

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http://www.heraldscotland.com/sport/...s-cala-1.77698

Knocked back £24 million. HaHaHaHearts

There were nine bids put in for the Tynecastle site and the highest came from the Stewart Milne Group who had bid (pounds) 24m but the Hearts board felt the Cala bid was ''the best all-round offer'' on the table.

No shortage of bidders for "hallowed ground" back then. Honestly you'd think it was a Cherokee Burial Site and everyone had to take their horses over the mountains and through the pass in order to avoid their wrath. It's a few acres of mediocre real-estate in a grubby, industrial/post-industrial area of town. A few miles further North or South and it be worth triple but it ain't, most business minded people will see it as another land commodity to be invested in or not depending on what they can make from it or what that can do with it.

Unless Salmond/The National Trust tip up and turn into a National Park or Weirdo Sanctuary or something.

[Part/Time Supporter]

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So really the season ends when the Board says it ends, not necessarily after the last fixture is completed.

for the board making the season last just that little bit longer.

Roddy Forsyth (Telegraph journo) was talking about this the other night on Sportsound. It's more likely that the SPL board will play it by the book, because they will not want Hearts out of the league unless it is forced upon them. Losing the Edinburgh derby on top of no Rangers = not good for ratings.

[Mikey]

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New argument from the Hearts end here:

https://twitter.com/BBCBMcLauchlin/s...55792914993152

"According to their rule book the SPL season ends after completion of all the league fixtures." (which is 19 May).

As I said earlier, this is all about stalling until they can claim that the points penalty should not apply this season.

That's the clearest sign yet that they're planning on going into administration as soon as possible after they're safe from relegation. That's got to raise a big red flag for HMRC and any business they're due money to.

[CropleyWasGod]

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That's the clearest sign yet that they're planning on going into administration as soon as possible after they're safe from relegation. That's got to raise a big red flag for HMRC and any business they're due money to.

Only a mean-spirited lowlife would drop HMRC a hint.

Oh, wait, we've been here before.....

Actually, I'm sure HMRC are well aware of the tactics.

[Part/Time Supporter]

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That's the clearest sign yet that they're planning on going into administration as soon as possible after they're safe from relegation. That's got to raise a big red flag for HMRC and any business they're due money to.

There's nothing HMRC can do about it. They are owed the second and third lots of £500,000, but those aren't due for payment until next year and the year after. HMFC are up to date with their normal payments, according to McLauchlin in the podcast linked above. If they weren't, there would already be a petition in the court.

[DaveF]

So its possible that Hearts put themselves into admin, thereby stuffing HMRC for the 1 million outstanding?

[CropleyWasGod]

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There's nothing HMRC can do about it. They are owed the second and third lots of £500,000, but those aren't due for payment until six months and 12 months from now respectively. HMFC are up to date with their normal payments, according to McLauchlin in the podcast linked above. If they weren't, there would already be a petition in the court.

I reckon they could, although it would be nasty of them to do it.

The remaining £1m was due the day the assessments were raised. HMRC have given them time to pay it, that is all. They could go by the letter of the law and demand immediate payment.

That said, I don't think that they will. They have played Hearts well thus far, and their tactic of getting cash from ST sales has worked. They will be quite happy to let the agreement continue.

Edit:- I have just noticed that you say the next instalment is due in 6 months. I thought it was 3 annual payments.

[Mikey]

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So its possible that Hearts put themselves into admin, thereby stuffing HMRC for the 1 million outstanding?

They're hoping to go into admin and stuff everyone.

[hibbypostie]

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Tick tock 2.jpg





















I think we should all have this as our avatar now

Erm no thanks couldn't handle all those badges on here

[FranckSuzy]

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Erm no thanks couldn't handle all those badges on here

True

[greenginger]

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So its possible that Hearts put themselves into admin, thereby stuffing HMRC for the 1 million outstanding?

The £ 1 million outstanding . Are you saying the first installment of £ 500,000 has been paid to Hector ?

[CropleyWasGod]

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The £ 1 million outstanding . Are you saying the first installment of £ 500,000 has been paid to Hector ?

According to Brian McLaughlin, it has.

If he has been told that by HMFC, and it's crap, one might expect a rebuttal from HMRC. However, they don't often comment on specific tax cases.

[greenginger]

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According to Brian McLaughlin, it has.

If he has been told that by HMFC, and it's crap, one might expect a rebuttal from HMRC. However, they don't often comment on specific tax cases.

Was that the Hearts statement that they were up to date with their taxes ? We don't know when the first installment was due in May, it might be with their monthly tax and N I. payments on the 22nd.

* Sorry, just read his article and see it in last paragraph.

Mind you his article also states UBIG is the parent company of Ukio bankas and we know that is Keek.

[CropleyWasGod]

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Was that the Hearts statement that they were up to date with their taxes ? We don't know when the first installment was due in May, it might be with their monthly tax and N I. payments on the 22nd.

He definitely said that the first £500k had been paid "within the last few days".

[Col2]

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He definitely said that the first £500k had been paid "within the last few days".

What he said was first installment was paid now. This could be £40k or £500k.