Share Transfers Agreed/Cooling off period

[JeMeSouviens]

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I'm not exactly up to date on all of this, but does that not trigger a points deduction? And a whole load of other bad stuff? Is all still Barry?

When they actually suffer an insolvency event (administration, bankruptcy etc) the points deduction will kick in. It's been pretty obvious for months that UBIG is insolvent and heading that way, so this may just be a statement of the obvious. Suspect #allisbarry for a wee while longer on the UBIG front. Of course, if HMFC didn't pay all its wages then there's a reasonable chance they're heading for their own insolvency event before UBIG topples.

It's all good. (Barry even. )

[#FromTheCapital]

[blackpoolhibs]

I cant for the life of me understand why they wouldn't want to take the hit now? Surely if they survive as a club, and have to shed players and staff, it would be much easier to survive in the 1st division, than take the points deduction in the SPL and get humped every week by the better teams?

[marinello59]

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I cant for the life of me understand why they wouldn't want to take the hit now? Surely if they survive as a club, and have to shed players and staff, it would be much easier to survive in the 1st division, than take the points deduction in the SPL and get humped every week by the better teams?

Relegation now or a whole season of getting humped followed by relegation? Win,win.

[blackpoolhibs]

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Relegation now or a whole season of getting humped followed by relegation? Win,win.

Not if you have money on relegation THIS season?

[scoopyboy]

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I cant for the life of me understand why they wouldn't want to take the hit now? Surely if they survive as a club, and have to shed players and staff, it would be much easier to survive in the 1st division, than take the points deduction in the SPL and get humped every week by the better teams?

Would liquidation not follow on from administration very quickly so it could be 3rd division or total boom?

[JeMeSouviens]

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I cant for the life of me understand why they wouldn't want to take the hit now? Surely if they survive as a club, and have to shed players and staff, it would be much easier to survive in the 1st division, than take the points deduction in the SPL and get humped every week by the better teams?

The Cav/CWG analysis is that if they go into admin they won't come out.

Presumably they still desperately hope they can stick around long enough for a buyer to appear or that Santa and the tooth fairy will combine to see all their debt forgiven and the pledges will roll in to put them back in their oh so big and rightful place.

Be (very) afraid, Hobo!

[Waxy]

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I cant for the life of me understand why they wouldn't want to take the hit now? Surely if they survive as a club, and have to shed players and staff, it would be much easier to survive in the 1st division, than take the points deduction in the SPL and get humped every week by the better teams?

Exactly.They are almost gaurenteed to get relegated if they leave it till next year,and they will (probably) have to compete with The rangers for promotion from div 1 after this.Could kill them off.

So my personal message to the yams is.Hang in there guys,just one more week and you'll be in the top league next year. you can overcome a huge points deficit with a bunch of crap laddies.

[littleplum]

This might be what we've been waiting for...

http://www.bloomberg.com/news/2013-0...body-says.html

Ukio Banko Investicine Grupe, or UBIG, the Lithuanian investment company that controls Scottish soccer club Heart of Midlothian, is insolvent, said the Baltic nation’s Department of Enterprise Bankruptcy Management today on its website.
The department, part of the Economy Ministry, said that Kaunas-based UBIG, at its own request, had been placed on a list of companies unable or unwilling to meet their obligations.
UBIG is a sister company of Ukio Bankas AB, a lender that Lithuania’s central bank closed in February for risky lending to related parties. Russian-born investor Vladimir Romanov controlled both companies.
UBIG owns 79 percent of Edinburgh-based Hearts as well as sport, aluminum and real-estate projects in several countries, according to its website.

[lord bunberry]

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They can't be expecting many to turn up if it's at Brauhaus, my toilet's bigger than that place.

Your toilet probably looks and smells nicer as well

[Hibby Kay-Yay]

Hibs are going to Europe,
Hearts are now the hobo's,
Nananana, nananana...

Please be official news

[HFC 0-7]

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This might be what we've been waiting for...

http://www.bloomberg.com/news/2013-0...body-says.html

Ukio Banko Investicine Grupe, or UBIG, the Lithuanian investment company that controls Scottish soccer club Heart of Midlothian, is insolvent, said the Baltic nation’s Department of Enterprise Bankruptcy Management today on its website.
The department, part of the Economy Ministry, said that Kaunas-based UBIG, at its own request, had been placed on a list of companies unable or unwilling to meet their obligations.
UBIG is a sister company of Ukio Bankas AB, a lender that Lithuania’s central bank closed in February for risky lending to related parties. Russian-born investor Vladimir Romanov controlled both companies.
UBIG owns 79 percent of Edinburgh-based Hearts as well as sport, aluminum and real-estate projects in several countries, according to its website.

this sounds more promising

[lord bunberry]

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this might be what we've been waiting for...

http://www.bloomberg.com/news/2013-0...body-says.html

ukio banko investicine grupe, or ubig, the lithuanian investment company that controls scottish soccer club heart of midlothian, is insolvent, said the baltic nation’s department of enterprise bankruptcy management today on its website.
The department, part of the economy ministry, said that kaunas-based ubig, at its own request, had been placed on a list of companies unable or unwilling to meet their obligations.
Ubig is a sister company of ukio bankas ab, a lender that lithuania’s central bank closed in february for risky lending to related parties. Russian-born investor vladimir romanov controlled both companies.
Ubig owns 79 percent of edinburgh-based hearts as well as sport, aluminum and real-estate projects in several countries, according to its website.

boom

[kdhibees1]

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This might be what we've been waiting for...

http://www.bloomberg.com/news/2013-0...body-says.html

Ukio Banko Investicine Grupe, or UBIG, the Lithuanian investment company that controls Scottish soccer club Heart of Midlothian, is insolvent, said the Baltic nation’s Department of Enterprise Bankruptcy Management today on its website.
The department, part of the Economy Ministry, said that Kaunas-based UBIG, at its own request, had been placed on a list of companies unable or unwilling to meet their obligations.
UBIG is a sister company of Ukio Bankas AB, a lender that Lithuania’s central bank closed in February for risky lending to related parties. Russian-born investor Vladimir Romanov controlled both companies.
UBIG owns 79 percent of Edinburgh-based Hearts as well as sport, aluminum and real-estate projects in several countries, according to its website.

Holy sh*tsauce!!!

[Peevemor]

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this sounds more promising

The official list thing looks like an insolvency event to me.

[JeMeSouviens]

So according to the Lith govt, UBIG is offishully "unable to meet its obligations".

http://translate.google.co.uk/transl...2FNemokios.php

Sounds insolvent to me? Over to you, Dundee ...

[DaveF]

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This might be what we've been waiting for...

http://www.bloomberg.com/news/2013-0...body-says.html

Ukio Banko Investicine Grupe, or UBIG, the Lithuanian investment company that controls Scottish soccer club Heart of Midlothian, is insolvent, said the Baltic nation’s Department of Enterprise Bankruptcy Management today on its website.
The department, part of the Economy Ministry, said that Kaunas-based UBIG, at its own request, had been placed on a list of companies unable or unwilling to meet their obligations.
UBIG is a sister company of Ukio Bankas AB, a lender that Lithuania’s central bank closed in February for risky lending to related parties. Russian-born investor Vladimir Romanov controlled both companies.
UBIG owns 79 percent of Edinburgh-based Hearts as well as sport, aluminum and real-estate projects in several countries, according to its website.

'ba is burst, no?

[lord bunberry]

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The official list thing looks like an insolvency event to me.

That's what it looks like to me, UBIG is insolvent so hearts must be deducted 18 points. Even better than that we relegated them

[Andy74]

Dear SPL Board....

[littleplum]

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The official list thing looks like an insolvency event to me.

I suppose that's the key question- is self-proclaimed insolvency as reported and accepted by the relevant government authority an 'insolvency event'?

[HFC 0-7]

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The official list thing looks like an insolvency event to me.

Certainly would seem so, just hope that the rules for a points deduction dont relate only to administration or liquidation. I wonder if the people at UBIG had to do this now to save themselves from getting into trouble running a company whilst insolvent.

As UBIG are the owners of hearts and the rumours about non payment of salaries today, are the 2 things linked? It may be that putting themselves on this list has knock on effects like freezing bank accounts etc which could mean they cannot pay salaries even if the money is there?

[Waxy]

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I suppose that's the key question- is self-proclaimed insolvency as reported and accepted by the relevant government authority an 'insolvency event'?

Surely can't be anything else by any stretch of the imagination.

[Andy74]

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Surely can't be anything else by any stretch of the imagination.

Unable or unwilling to meet its obligations. Sounds like an insolvency event to me.

[Waxy]

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Unable or unwilling to meet its obligations. Sounds like an insolvency event to me.

Thats exactly what i'm saying.

[Brightside]

Clerry Jambo, on 16 May 2013 - 02:40 PM, said:

I think you maybe right mate, I don't have a nice gut feeling at the moment


Theres nothing there that we didnt already know really.

Edited by audrey65, Today, 14:44.



#allisSTILLbarry

[littleplum]

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Surely can't be anything else by any stretch of the imagination.

Perhaps. I was just wondering if there is a particular definition to 'insolvency event' either in law or in the SPL rules that this development doesn't quite meet.

[bingo70]

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Unable or unwilling to meet its obligations. Sounds like an insolvency event to me.

That enough for hearts to be relegated though or would they need to go through the admin process for the points deduction to kick in?

[Andy74]

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Thats exactly what i'm saying.

I'm agreeing! Hope the SPL do to. It's coming together nicely.

[Waxy]

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Perhaps. I was just wondering if there is a particular definition to 'insolvency event' either in law or in the SPL rules that this development doesn't quite meet.

I doubt it.Especially after last summer.The SPL will be on top of this now.It has to be admin now.

[lord bunberry]

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That enough for hearts to be relegated though or would they need to go through the admin process for the points deduction to kick in?

I don't think so if UBIG suffer an insolvency event then hearts get deducted 18 points