Share Transfers Agreed/Cooling off period

[#FromTheCapital]

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so the Lith-admin. will hopefully be oiling the mincer.

Lets hope they show no mercy with that mincer

[greenpaper55]

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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



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.

You can't help but wonder that the Lithuanian authorities might take it out on the last of Vlads men spouting this nonsense ?, presumably all the "directors" of Hearts will still be drawing a fat salary , they will be looking to keep the last of the gravy train running for as long as they can.

[Col2]

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

Don't see how it will be yams related? Mark is a Liverpool fan so can only assume its something about Gerrard or Suarez leaving?

[#FromTheCapital]

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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.
.

Is it even possible for them to have racked up 15m debt in 6 months?

[HUTCHYHIBBY]

Theres already plenty mincers at Tynecastle on a matchday.

[Caversham Green]

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You can't help but wonder that the Lithuanian authorities might take it out on the last of Vlads men spouting this nonsense ?, presumably all the "directors" of Hearts will still be drawing a fat salary , they will be looking to keep the last of the gravy train running for as long as they can.

Funnily enough only one of HoMFC's directors drew a salary from the club - he was the one in charge of the megastand project after the Portuguese boy was sacked - the rest were paid by UBIG until they resigned. Wonder what they're doing for income now.

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Is it even possible for them to have racked up 15m debt in 6 months?

It's very unlikely, so I think the debt fiddle is more plausible.

They must be hoping for less dodgy owners if they survive - I hear Charles Green's looking for a new project.

[Gus Fring]

Looks like it's the story about Higdon being arrested for assault.

[s.a.m]

The Mark Benstead rumour seems to be the Higdon arrest story that Legetto broke on another thread.

Mark Benstead‏@markbenstead55sMichael Higdon arrested on suspicion of assault following PFA Scotland awards dinner. Subject of a report to the procurator fiscal.

[#FromTheCapital]

Oh well, lets get back to fantasising about well oiled Lithuanian mincing machines.

[Ozyhibby]

You would think that the lith admin would be calling in Ubig's debt as quickly as possible so that they could start proper investigations into what went on there?
Also, if Ukio now control 79% of hearts share does that not make them the parent company and there for hearts should be minus 18 points?
Barry was right. All is very confusing.

[Hibbyradge]

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You would think that the lith admin would be calling in Ubig's debt as quickly as possible so that they could start proper investigations into what went on there?
Also, if Ukio now control 79% of hearts share does that not make them the parent company and there for hearts should be minus 18 points?
Barry was right. All is very confusing.

Complex.

[Saorsa]

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Theres already plenty mincers at Tynecastle on a matchday.

[Sanger]

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Complex.

UB have a claim on 79% of Hearts shares from the £22m loan to UBIG that was used to clear the HBOS overdraft when Romanov took over HMFC. UBIG turned the loan to Hearts to do this into equity in 2008 & 2010 but UBIG still had the back to back loan to UB. If UBIG can't pay the loan back to the administrator then the shares belong to the administrator to dispose of which is obviously going to happen. The additional £10 million that HMFC owe UBiG is a similar deal but the debt has not been converted to equity. In addition HMFC have a direct loan to UB which must have been transferred from UBIG with Tynecastle as security on that one. Romanov just used UBIG to flow cash (loans) through from UB to finance his crazy projects. UBIG will be declared bankrupt soon as part of the administration process when they can't repay any of their loans back to UB making Hearts bankrupt and UB's administrator will own Tynecastle & the majority of shares.

[Treadstone]

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UB have a claim on 79% of Hearts shares from the £22m loan to UBIG that was used to clear the HBOS overdraft when Romanov took over HMFC. UBIG turned the loan to Hearts to do this into equity in 2008 & 2010 but UBIG still had the back to back loan to UB. If UBIG can't pay the loan back to the administrator then the shares belong to the administrator to dispose of which is obviously going to happen. The additional £10 million that HMFC owe UBiG is a similar deal but the debt has not been converted to equity. In addition HMFC have a direct loan to UB which must have been transferred from UBIG with Tynecastle as security on that one. Romanov just used UBIG to flow cash (loans) through from UB to finance his crazy projects. UBIG will be declared bankrupt soon as part of the administration process when they can't repay any of their loans back to UB making Hearts bankrupt and UB's administrator will own Tynecastle & the majority of shares.

"We're gonna need some more oil"

[#FromTheCapital]

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UB have a claim on 79% of Hearts shares from the £22m loan to UBIG that was used to clear the HBOS overdraft when Romanov took over HMFC. UBIG turned the loan to Hearts to do this into equity in 2008 & 2010 but UBIG still had the back to back loan to UB. If UBIG can't pay the loan back to the administrator then the shares belong to the administrator to dispose of which is obviously going to happen. The additional £10 million that HMFC owe UBiG is a similar deal but the debt has not been converted to equity. In addition HMFC have a direct loan to UB which must have been transferred from UBIG with Tynecastle as security on that one. Romanov just used UBIG to flow cash (loans) through from UB to finance his crazy projects. UBIG will be declared bankrupt soon as part of the administration process when they can't repay any of their loans back to UB making Hearts bankrupt and UB's administrator will own Tynecastle & the majority of shares.

DAFFY!!! Think we have some reading that may excite you!

[CraigHibee]

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UB have a claim on 79% of Hearts shares from the £22m loan to UBIG that was used to clear the HBOS overdraft when Romanov took over HMFC. UBIG turned the loan to Hearts to do this into equity in 2008 & 2010 but UBIG still had the back to back loan to UB. If UBIG can't pay the loan back to the administrator then the shares belong to the administrator to dispose of which is obviously going to happen. The additional £10 million that HMFC owe UBiG is a similar deal but the debt has not been converted to equity. In addition HMFC have a direct loan to UB which must have been transferred from UBIG with Tynecastle as security on that one. Romanov just used UBIG to flow cash (loans) through from UB to finance his crazy projects. UBIG will be declared bankrupt soon as part of the administration process when they can't repay any of their loans back to UB making Hearts bankrupt and UB's administrator will own Tynecastle & the majority of shares.

Good times are on the way then? :)

[Geo_1875]

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UB have a claim on 79% of Hearts shares from the £22m loan to UBIG that was used to clear the HBOS overdraft when Romanov took over HMFC. UBIG turned the loan to Hearts to do this into equity in 2008 & 2010 but UBIG still had the back to back loan to UB. If UBIG can't pay the loan back to the administrator then the shares belong to the administrator to dispose of which is obviously going to happen. The additional £10 million that HMFC owe UBiG is a similar deal but the debt has not been converted to equity. In addition HMFC have a direct loan to UB which must have been transferred from UBIG with Tynecastle as security on that one. Romanov just used UBIG to flow cash (loans) through from UB to finance his crazy projects. UBIG will be declared bankrupt soon as part of the administration process when they can't repay any of their loans back to UB making Hearts bankrupt and UB's administrator will own Tynecastle & the majority of shares.

We're going to need a bigger mincer!!! (With apologies to Jaws)

[Ozyhibby]

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UB have a claim on 79% of Hearts shares from the £22m loan to UBIG that was used to clear the HBOS overdraft when Romanov took over HMFC. UBIG turned the loan to Hearts to do this into equity in 2008 & 2010 but UBIG still had the back to back loan to UB. If UBIG can't pay the loan back to the administrator then the shares belong to the administrator to dispose of which is obviously going to happen. The additional £10 million that HMFC owe UBiG is a similar deal but the debt has not been converted to equity. In addition HMFC have a direct loan to UB which must have been transferred from UBIG with Tynecastle as security on that one. Romanov just used UBIG to flow cash (loans) through from UB to finance his crazy projects. UBIG will be declared bankrupt soon as part of the administration process when they can't repay any of their loans back to UB making Hearts bankrupt and UB's administrator will own Tynecastle & the majority of shares.

That's the kind of reassurance I was looking for. Just wish they would get a move on.

[Mikey]

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UB have a claim on 79% of Hearts shares from the £22m loan to UBIG that was used to clear the HBOS overdraft when Romanov took over HMFC. UBIG turned the loan to Hearts to do this into equity in 2008 & 2010 but UBIG still had the back to back loan to UB. If UBIG can't pay the loan back to the administrator then the shares belong to the administrator to dispose of which is obviously going to happen. The additional £10 million that HMFC owe UBiG is a similar deal but the debt has not been converted to equity. In addition HMFC have a direct loan to UB which must have been transferred from UBIG with Tynecastle as security on that one. Romanov just used UBIG to flow cash (loans) through from UB to finance his crazy projects. UBIG will be declared bankrupt soon as part of the administration process when they can't repay any of their loans back to UB making Hearts bankrupt and UB's administrator will own Tynecastle & the majority of shares.

As I've just mentioned on the PM board, I reckon the only thing holding up the 18 point deduction is the 10 day appeal period.

And that would put Dundee 5 points ahead with 2 to play

[Eyrie]

If I'm understanding the hard work done by desantos0773, Caversham Green and CropleyWasGod, it doesn't really matter if they owe £25m or £47m. They can't afford to repay either amount.

The only asset they have worth anything is the PBS because their playing squad is either out of contract or unproven kids so worth little in a transfer fire sale. So when the Lithuanian administrator takes control of the shares the PBS has to be sold on the open market and a property developer will be able to outbid the Save Hearts In Trouble coalition of supporters' groups, which leaves the club itself with no assets but large liabilities to the administrator and tax man. I think they then have two options

1 - the fans buy what is left, ie a SPL club starting 2013/14 on -15 points, massive liabilities and with a squad of kids that will be hot favourites for relegation and has nowhere to play.

2 - they take the Sevco route and start over in Division Three with no liabilities, but nowhere to play. Probably their better option as the £2m they want to bid for the club will keep them going for a few years in the lower leagues and should get them up to Division One pretty quickly.

Either way, the future looks bleak for them

[PatHead]

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As I've just mentioned on the PM board, I reckon the only thing holding up the 18 point deduction is the 10 day appeal period.

And that would put Dundee 5 points ahead with 2 to play

I'm sure the Directors of Dundee will be right round to SFA/SPL offices to highlight this fact as well.

[PatHead]

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If I'm understanding the hard work done by desantos0773, Caversham Green and CropleyWasGod, it doesn't really matter if they owe £25m or £47m. They can't afford to repay either amount.

The only asset they have worth anything is the PBS because their playing squad is either out of contract or unproven kids so worth little in a transfer fire sale. So when the Lithuanian administrator takes control of the shares the PBS has to be sold on the open market and a property developer will be able to outbid the Save Hearts In Trouble coalition of supporters' groups, which leaves the club itself with no assets but large liabilities to the administrator and tax man. I think they then have two options

1 - the fans buy what is left, ie a SPL club starting 2013/14 on -15 points, massive liabilities and with a squad of kids that will be hot favourites for relegation and has nowhere to play.

2 - they take the Sevco route and start over in Division Three with no liabilities, but nowhere to play. Probably their better option as the £2m they want to bid for the club will keep them going for a few years in the lower leagues and should get them up to Division One pretty quickly.

Either way, the future looks bleak for them

Re option 1. Who is going to give them a facility to cover the massive debts with no security so it is surely a case of go directly to liquidation, do not pass go, do not collect £2m. They then have a club with no ground and no guarantee of a place in the SFL unless they are able to amalgamate with Spartans or Edinburgh City.

[Billy Whizz]

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As I've just mentioned on the PM board, I reckon the only thing holding up the 18 point deduction is the 10 day appeal period.

And that would put Dundee 5 points ahead with 2 to play

Do you mean we could technically relegate them on Sunday?

[Eyrie]

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Re option 1. Who is going to give them a facility to cover the massive debts with no security so it is surely a case of go directly to liquidation, do not pass go. They then have a club with no ground and no guarantee of a place in the SFL unless they are able to amalgamate with Spartans or Edinburgh City.

Even better

[HUTCHYHIBBY]

Sevco were only shoehorned into Div 3 cos of who they were, even though they hardly achieved any of the stipulations required for entry to the league. I doubt Hearts would be treated so leniently.

[Hibee87]

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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

Cant read this at wrok for some reason.

However from scanning the posts after this is my take on it correct?

The admins of Ukio now own hearts share? If this is correct and there is no appeal within 10 days (i make that up till this sunday) then hearts should auto lose 18 points and hibs could effectivly releate them on sunday? or am i getting confused

[lapsedhibee]

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oiling the mincer

[s.a.m]

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If I'm understanding the hard work done by desantos0773, Caversham Green and CropleyWasGod, it doesn't really matter if they owe £25m or £47m. They can't afford to repay either amount.

The only asset they have worth anything is the PBS because their playing squad is either out of contract or unproven kids so worth little in a transfer fire sale. So when the Lithuanian administrator takes control of the shares the PBS has to be sold on the open market and a property developer will be able to outbid the Save Hearts In Trouble coalition of supporters' groups, which leaves the club itself with no assets but large liabilities to the administrator and tax man. I think they then have two options

[Craig_in_Prague]

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Do you mean we could technically relegate them on Sunday?

bitter hobos.
allisbarry

[PatHead]

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bitter hobos.
allisbarry

Don't forget 5-1, 1902