Share Transfers Agreed/Cooling off period

[WestEndHibee]

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Don't forget 5-1, 1902

and wee team forever in our shadow

all valid and intelligent arguments.

[green glory]

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Don't forget 5-1, 1902

Wee team, always in their shadow.

That sorts all their problems dontcha know?

[Mikey]

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Do you mean we could technically relegate them on Sunday?

Sadly not.

A Dundee win the previous day will relegate them

[clerriehibs]

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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

Does the deduction not only happen when admin starts? And admin will only start when the admin of ukio call in the debt, surely? Given the mess the whole shooting match is in, that might take some time, no?

[Seveno]

If they go into liquidation and start again as a new club with no ground of their own, can the SFA really admit them back into SFL3 ? I think that Spartans would make a much better case for the vacant spot.

[greenlex]

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Does the deduction not only happen when admin starts? And admin will only start when the admin of ukio call in the debt, surely? Given the mess the whole shooting match is in, that might take some time, no?

Ukio have been in Administration for months. They were in court and declared bankrupt last Thursday pending a 10 day appeal period. If they own Hearts the penalty should have been months ago when they first entered administration. It has only been since the bankruptcy hearing that the share ownership (everyone thought it was UBIG that owned then) that the bankruptcy company are laying claim to the shares. They should be docked the points now leaving them 5 points behind Dundee. Their SPL fate should be in our hands.

[Hibernia Na Eir]

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Don't forget 5-1, 1902

anyone got the 1902 game on DVD? (nice shirt in 1902)

[Caversham Green]

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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

You're right about the scale of the debt, although the bigger it is the more likely it is that the administrator will hold out for more - if the debt was only £4m he might well accept £2m in settlement. That's why I think the the debt transfer will cause them real problems.

It's worth noting that there are two 'assets' in play here - the PBS, owned by HoMFC but held as security by Ukio and the HoMFC shares, owned by UBIG but apparently also held by Ukio as security. As a business investment the shares are worthless, but the fact that it's a football club with emotional attachments, plus the limited intelligence of those likely to be wanting to buy means the administrator can put some value on them. The PBS is worth whatever the market value is and the administrator is very unlikely to settle for less.

If Lithuanian insolvency laws are similar to those in the UK I think the administrator might seek to reverse the transfer of the £15m debt and go after UBIG for the lot if he can't get a satisfactory amount from dealing with HoMFC. Assuming UBIG still has no directors and their assets are still frozen they'll be a sitting duck and will quickly go under - that may take us beyond the end of the season but if they do I think a points deduction will be the least of the yams worries.

[Kato]

Should be a show on CBEEBIES - "Uncle Vlad's Crazy Projects".

[Bostonhibby]

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Don't forget 5-1, 1902

The lithuanian administrator is bound to take all of that into account when he considers how best to recover the money the citizens of Lithuania are out of pocket because of the dear leader and his friends criminality.

Don't mention the war.

[Twa Cairpets]

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The lithuanian administrator is bound to take all of that into account when he considers how best to recover the money the citizens of Lithuania are out of pocket because of the dear leader and his friends criminality.

Don't mention the war.

Just as an aside in all this, The Hearts website still lists Rodney as their CEO? Is that right?

[greenginger]

Been having a peek over on kickback to see what they are saying about their accounts and there has only been 2 posts today on the thread. Both sort of say there must have been an element of forgiveness debt to get their profit and loss to nearly balance without the £ 1.5 million HMRC bill.

Obviously nobody on the site knows any more about the accounts than has been announced on the Yams own site.

One thing I did hear at the weekend , sort of second hand it must be said, was that Johnston Carmichael were not doing these accounts and that the Club had appointed new auditors . Will be very interested if true !

[Sanger]

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The lithuanian administrator is bound to take all of that into account when he considers how best to recover the money the citizens of Lithuania are out of pocket because of the dear leader and his friends criminality.

Don't mention the war.

http://mobile.bloomberg.com/news/201...lure-cost.html

[SurferRosa]

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The PBS is worth whatever the market value is and the administrator is very unlikely to settle for less.

Lets hope that the administrators aren`t the Lithuanian branch of Duff and Phelps....

[DaveF]

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http://mobile.bloomberg.com/news/201...lure-cost.html

That article is dated 14th Feb.

[HibeesLA]

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That article is dated 14th Feb.

Doesn't mean that the instruction from the Central Bank isn't still in play.

[Dashing Bob S]

Disappointed that Shaun Lawson hasn't chipped in on Sickshack. After all, he has his friends relegashaun, administrashaun and liquidashaun to play with.

[Hermit Crab]

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Disappointed that Shaun Lawson hasn't chipped in on Sickshack. After all, he has his friends relegashaun, administrashaun and liquidashaun to play with.

Brilliant.

[Jack Hackett]

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Disappointed that Shaun Lawson hasn't chipped in on Sickshack. After all, he has his friends relegashaun, administrashaun and liquidashaun to play with.

I see what you did there....Shaun plays with himself....Ees funny 'cos ees true

[Bostonhibby]

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Disappointed that Shaun Lawson hasn't chipped in on Sickshack. After all, he has his friends relegashaun, administrashaun and liquidashaun to play with.

His Ma has probably stopped wee shaun playing with the bad boys down gorgie way now that the truth is coming out so he will be frantically courting favour on another teams website somewhere. Don't check for him posting after dark though, his ma took the batteries out his torch.

[greenginger]

https://newsclient.omxgroup.com/cdsP...ssageId=685432

Gintaras Adomonis, that is the guy who will be dealing with the Ukio Bankas bankruptcy.

Look him up on face book, he looks like one mean son-of-a-bitch.

[SunshineOnLeith]

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If they go into liquidation and start again as a new club with no ground of their own, can the SFA really admit them back into SFL3 ? I think that Spartans would make a much better case for the vacant spot.

Spartans (and others) were strongly 'advised' by certain 'interested parties' not to bid for entry to the SFL against NewHun last season, I doubt Hearts could exert the same sort of pressure.

[Craig_in_Prague]

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https://newsclient.omxgroup.com/cdsP...ssageId=685432

Gintaras Adomonis, that is the guy who will be dealing with the Ukio Bankas bankruptcy.

Look him up on face book, he looks like one mean son-of-a-bitch.

is that a green scarf? :-)

[Billy Whizz]

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https://newsclient.omxgroup.com/cdsP...ssageId=685432

Gintaras Adomonis, that is the guy who will be dealing with the Ukio Bankas bankruptcy.

Look him up on face book, he looks like one mean son-of-a-bitch.

Maybe we should all have him as our avatar's for a bit?

[rcarter1]

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Maybe we should all have him as our avatar's for a bit?

[macca70]

AN American property tycoon could be poised to swoop for debt-ridden Hearts.

SunSport can reveal the US investor has been investigating a Jambos buyout.
A UK-based middle man is working on behalf of the Stateside financier. Hearts’ future is shrouded in doubt after Ukio Bankas went bust last month.
The Lithuanian bank is around £300million in the red and owed £15m by the Jambos.
The Tynecastle club’s debt could be called in as administrators Valnetas UAB begin their work.
Any move by the bean counters to recoup the cash owed would almost certainly plunge Hearts into administration.
That could then see Valnetas auction off ownership of the club to the highest bidder.
An alternative could be for them to try to flog off Tynecastle and other assets.
But it’s understood the American’s go-between has already opened lines of communication with Valnetas in a bid to be one step ahead, whatever scenario arises.
Currently all discussions are at a very preliminary stage — but the Yank IS keen to get the ball rolling if the conditions are right.
Valnetas’ presence has freed the club from Vladimir Romanov’s hands.

http://www.thesun.co...l#ixzz2SYaxFHCR

[Sprouleflyer]

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AN American property tycoon could be poised to swoop for debt-ridden Hearts.

SunSport can reveal the US investor has been investigating a Jambos buyout.
A UK-based middle man is working on behalf of the Stateside financier. Hearts’ future is shrouded in doubt after Ukio Bankas went bust last month.
The Lithuanian bank is around £300million in the red and owed £15m by the Jambos.
The Tynecastle club’s debt could be called in as administrators Valnetas UAB begin their work.
Any move by the bean counters to recoup the cash owed would almost certainly plunge Hearts into administration.
That could then see Valnetas auction off ownership of the club to the highest bidder.
An alternative could be for them to try to flog off Tynecastle and other assets.
But it’s understood the American’s go-between has already opened lines of communication with Valnetas in a bid to be one step ahead, whatever scenario arises.
Currently all discussions are at a very preliminary stage — but the Yank IS keen to get the ball rolling if the conditions are right.
Valnetas’ presence has freed the club from Vladimir Romanov’s hands.

http://www.thesun.co...l#ixzz2SYaxFHCR

A property tycoon........hmmm?

If this (a big IF as it is the Sun) is true, I can only see this as being bad news for Hearts! Someone can smell a huge profit in the land that the piggery sits upon....Vultures are already circling to feed on the carcass of HoMFC

[IWasThere2016]

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A property tycoon........hmmm?

If this (a big IF as it is the Sun) is true, I can only see this as being bad news for Hearts! Someone can smell a huge profit in the land that the piggery sits upon....Vultures are already circling to feed on the carcass of HoMFC

Let us pray.

[robinp]

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Let us pray.

Dear Lord, please have mercy on the club known as HOMFC......ah fck it, just kill them, kill them now.

Amen.

[gorgie greens]

Can picture the yams outside Tynecastle kicking cowboy hats about the car park