Share Transfers Agreed/Cooling off period

[Kaiser1962]

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And the forgiveness debts, £ 8.8 million forgiven by Natborg Projects Corp. and £ 5.9 million forgiven by ImpExNet in the 2011 accounts.

Any idea where that debt is supported from ? I just don't get the idea that companies debts can be shunted off up a siding and forgotten about.They may be off the Yams books but UBIG or Ukio Bankas must have taken the financial hit for the losses.

I am sure the "forgiveness" in the 2009-2010 accounts was £7.9m which in turn allowed them to post a £39k profit. This was followed by the £8.8m in 2010-2011 and the resultant profit of £511k.

In two years they wrote off £16.7m amongst "related parties" and so when you then add in the DFE swap of £22m you have to wonder how their debt is still IRO £25m. The notes will be priority reading although I do, however, detect a foul stench emitting from the official statements.

[Mikey]

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UN a typo should be UB. Not difficult to follow. Current debt of HMfC £25m. £22m converted to equity by UBIG in 2008 & 2010. But UBIG still owe the £22m to UB that's why the UB hold the 79% equity or shares in HMFC. In short UB have lost £47m to HMFC directly or indirectly. And they'll settle with getting £2m!

Perhaps we're beginning to see why Vlad valued the club at £50m not so long ago!

[blackpoolhibs]

With a little bit of luck, todays rearranged game will be played after the cup final, making the end of season date a wee bit longer.

[Treadstone]

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Perhaps we're beginning to see why Vlad valued the club at £50m not so long ago!

Vlad valued the club at £50m because he is mental and his lackeys are afraid to tell him otherwise.

[Kato]

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Vlad valued the club at £50m because he is mental and his lackeys are afraid to tell him otherwise.

Or because that was how much he had, ahem, laundered through them via his "network".

I think what desantos0773 is saying is that out of the final amount UKIO Bankas is short, which the Lithuanian Govt is having to cover, circa £47M of it is directly attributable to Vlad's dalliance with HMFC. It is costing the Lithuanian tax-payer that amount to cover HMFC's spending over the last 8 or 9 years or so. On the books it may only amount to £25M but along with debt forgiveness the Lithuanian Govt will say their final bill is amounting to circa £50M.

The idea that they will accept £2M from FoH, or any other set of Jambo loons, given that background is, in this context , a bit of a stretch.

[Treadstone]

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Or because that was how much he had, ahem, laundered through them via his "network".

I think what desantos0773 is saying is that out of the final amount UKIO Bankas is short, which the Lithuanian Govt is having to cover, circa £47M of it is directly attributable to Vlad's dalliance with HMFC. It is costing the Lithuanian tax-payer that amount to cover HMFC's spending over the last 8 or 9 years or so. On the books it may only amount to £25M but along with debt forgiveness the Lithuanian Govt will say their final bill is amounting to circa £50M.

The idea that they will accept £2M from FoH, or any other set of Jambo loons, given that background is, in this context , a bit of a stretch.

With a name like desantos we should get him onto the panamanian washing machine company Natborg.

[Kato]

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With a name like desantos we should get him onto the panamanian washing machine company Natborg.

If it all comes out in the wash the jamboroids will be spewing.

[jgl07]

Ian Black issued a plea to Vladimir Romanov to put the interests of Hearts first in the Herald today. He thinks that Romanov should be realistic and sell the club for the right price.

Is the numbskull not aware that the whole thing is outside the control of Romanov and any of his cronies? All of UBIGs assets are frozen and Romanov could soon be in jail. The administrator (receiver) is calling the shots. You would have thought that the journalist concerned should have been aware of this?

[Glesgahibby]

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Ian Black issued a plea to Vladimir Romanov to put the interests of Hearts first in the Herald today. He thinks that Romanov should be realistic and sell the club for the right price.

Is the numbskull not aware that the whole thing is outside the control of Romanov and any of his cronies? All of UBIGs assets are frozen and Romanov could soon be in jail. The administrator (receiver) is calling the shots. You would have thought that the journalist concerned should have been aware of this?

It Realy is ""astonishing!""
there are so many people out there
who don't know what's going on.
Even this far into the great tyncastle
swindle
you would expect someone from the media to
break ranks and tell it how it is

[monktonharp]

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Ian Black issued a plea to Vladimir Romanov to put the interests of Hearts first in the Herald today. He thinks that Romanov should be realistic and sell the club for the right price.

Is the numbskull not aware that the whole thing is outside the control of Romanov and any of his cronies? All of UBIGs assets are frozen and Romanov could soon be in jail. The administrator (receiver) is calling the shots. You would have thought that the journalist concerned should have been aware of this?

the journalist probably knows, but be fair to the interviewee. he's fi' Turnent

[NOLA]

http://t.co/ezJqMl9r2D. Not seen this up yet, apologies if its old news, makes for a good wee read, apparently valnetas are laying claim to 79% of hertz shares

[Kato]

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http://t.co/ezJqMl9r2D. Not seen this up yet, apologies if its old news, makes for a good wee read, apparently valnetas are laying claim to 79% of hertz shares

OK. There you go Scottish football media. Vlad isn't in control any more and hasn't been for weeks. After last Thursday showcase the dominos continue on their way.

[I'm_cabbaged]

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http://t.co/ezJqMl9r2D. Not seen this up yet, apologies if its old news, makes for a good wee read, apparently valnetas are laying claim to 79% of hertz shares

Let's hope the wongadome is worth at least 5 million. :)

[greenpaper55]

The thing is the consortium hoping to buy hearts will be thinking that the Lithuanians will take £2 million just now but what is the rush ?, the bank could sit tight and demand rent from the Hearts until a buyer willing to pay more comes along. Either way their days of cheating are over and the decline has still a long way to go until the last of the big earners are out the door, just a wee thought are the Lithuanians in charge at Tynie the last of Vlads empire anywhere ?, they seem to be spouting pash every week as if they are in complete control when in fact the carpet is about to be whipped from under their feet any day now !.

[Deek01]

@markbenstead: Some days in this job you wake up to a rumour you hope isn't true, sadly this morning I think the rumour will be true.

Some news coming shortly?

[Heisenberg]

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@markbenstead: Some days in this job you wake up to a rumour you hope isn't true, sadly this morning I think the rumour will be true.

Some news coming shortly?

I thought of the Hearts situation as soon as I saw that tweet too.

[Billy Whizz]

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@markbenstead: Some days in this job you wake up to a rumour you hope isn't true, sadly this morning I think the rumour will be true.

Some news coming shortly?

Is this Mark a Jambo? I thought it was Mark Donaldson.

[Deek01]

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Is this Mark a Jambo? I thought it was Mark Donaldson.

I'm not sure to be honest but a lot of replies suggest that the majority of people think this could be a THEM related tweet !

[Northernhibee]

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@markbenstead: Some days in this job you wake up to a rumour you hope isn't true, sadly this morning I think the rumour will be true.

Some news coming shortly?

Maybe Kuqi's leaving Hibs.

I couldn't cope with that one anyway.

[HUTCHYHIBBY]

Is it not more likely to be about the Killie fan?

[#FromTheCapital]

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Is it not more likely to be about the Killie fan?

Wouldnt of thought so, it's not exactly a rumour that the killie fan is dead.

[Geo_1875]

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Is it not more likely to be about the Killie fan?

Don't see why. There's no rumour surrounding that story.

[HUTCHYHIBBY]

Fingers crossed then.

[Treadstone]

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Is this Mark a Jambo? I thought it was Mark Donaldson.

His timeline seems a bit teasing at times. I'll take it with a pinch of salt that he is in the know. Although he did do one of the features before the game yesterday. Donaldson is a complete trumpet who likes to pretend that his opinions are rooted in fact.

[Gus Fring]

Is it possible for them to start Admin proceedings today what with it being a Bank Holiday?

[greenginger]

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Is it possible for them to start Admin proceedings today what with it being a Bank Holiday?

Its not a Bank Holiday in Lithuania, the Vilnius Stock Exchange is trading, so the Lith-admin. will hopefully be oiling the mincer.

[Gus Fring]

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Its not a Bank Holiday in Lithuania, the Vilnius Stock Exchange is trading, so the Lith-admin. will hopefully be oiling the mincer.

Good point.

[Treadstone]

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Its not a Bank Holiday in Lithuania, the Vilnius Stock Exchange is trading, so the Lith-admin. will hopefully be oiling the mincer.

'Oiling the mincer' Excellent.

[Gus Fring]

Mark Benstead (@markbenstead)
06/05/2013 09:44
Details in reference to previous tweet on #ssn shortly...

[Caversham Green]

I'm still interested in how that £15m debt came to be in Ulio's books.

Either HoMFC have racked it up in six months (since the security was transferred) which completely destroys their self-sufficiency claims or UBIG have sold it to Ukio either for cash or by way of a reduction of their own debt. Either way UBIG are £15m up on the deal and HoMFC's future is in the hands of Ukio's administrators. In other words UBIG have hung the yams out to dry.

The interesting bit about it all is that 'Mr Romanov' was in control of both UBIG and Ukio (I suspect he's not even in control of his own sphincter now) while 'Mr Fedotovas' was a director of both UBIG and HoMFC. Given the timescale of events there can be little doubt that both were fully aware that Ukio were close to entering administration and that HoMFC's debt was never going to be recovered in full, so apart from the yams the other ones that have really been stitched up are Ukio's investors and creditors.

On top of all this the actions of the HoMFC board (who were also directors of UBIG) has looked distinctly dodgy. They chose not to disclose this highly significant change of circumstances to prospective new shareholders (the security was transferred, and therefore presumably the debt was incurred while the share offer was still open); Fedotovas played down the debt to a ridiculous degree - see what he said about it in February (and remember he must have been fully aware of the extent of the debt)
http://www.heraldscotland.com/sport/...earts.20290717

While admitting Ukio Bankas does provide Hearts with "some banking services and debt facility" – they owe UBIG £22.4m according to the last set of accounts – club director Sergejus Fedotovas said last week that events in his homeland would have little impact on the "day-to-day business" at the club.

and the entire board of UBIG (including those who were also directors of HoMFC) resigned when it all started coming to light - there may well be similar arrangements involving other UBIG companies.

In effect, UBIG have already sold HoMFC for £15m and washed their hands of them. The administrator now has to decide what to do about Ukio buying a virtually worthless asset for £15m.