Share Transfers Agreed/Cooling off period

[Eyrie]

Can't get my head round the fact that the SPL doesn't regard UBIG admitting they're insolvent last week as meaning that they are insolvent because a court hasn't yet confirmed it.

But there are some bright spots. Firstly, when the insolvency is confirmed, the Yams will be hit for -15 points to start next season. Then there will be the inevitable failure to pay wages on time which has to mean a points deduction for repeated failures. Add to that a reduced wages budget and reliance on kids that wouldn't get a game on the Meadows and relegation for them next year is a certainty. Meanwhile we will extend our unbeaten run in the derby by three more games (or more depending on cup draws).

And that's before the Lithuanian liquidators start selling off valuable land with development potential to recover some money for their hard pressed taxpayers ......

[Gus Fring]

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That almost suggests that they'd only review what anyone brought to the table, as they're above doing any investigating themselves ... and I'd imagine the only people bringing anything to the table would be the yams' representatives, who would just be saying (adopt preston's high pitched nasal whine) "but heartz aren't insolvent, it's our parent company, and the parent company isnae even insolvent anyway, in fact, it's no' even really our parent company anyway, because we've been operating self-sustainingly ever since I can remember"

They spoke to lawyers in Lithuania, just not UBIG. Also, as far as I'm aware Hearts were not represented at the meeting today.

[clerriehibs]

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If the SPL had applied the points deduction today, Hearts would have had it overturned incredibly easily in court which would have done nothing for the SPL's reputation and would have gave Dundee the runaround. As inevitable as UBIG's insolvency might seem, the SPL can't do anything until the rule has actually been broken and at this time, going by the letter of the law, it has not. The SPL have however said they will revisit it if needs be.

Can't see it; Topping described it as "good news" for the SPL ... why would he want to go and create "bad news"? They'll interpret the rules however they want to.

Rangers got turfed because of the stance of all the fans of the other teams, and that's the only reason. Had it been down to the SPL board, they'd still be posturing in the SPL. There's no similar uproar about the yams. We might be seriously pissed at their cheating, other teams' fans might be mildly angry, but there's not the same desire for justice as there was when it was company that used to be known as rangers.

homfc ... business as usual for the foreseeable. Cretins.

[Caversham Green]

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Ha ha how utterly predictable the SPL board take up their default position of holding a meeting then doing NOTHING.

This bunch of incompetents are only concerned with self interest and self preservation. They are an authority with no authority.

In most cases where a judgement is required there are two sides debating. Those for sanction and those against. in this case the SPL board do not want to be punishing a member club and Hearts are obviously trying to weasel out of any punishment. Today's farce was merely a combined exercise in finding loopholes around the SPLs own rules. A sanction was NEVER going to be applied and NEVER will be by this bunch of avoiders.

Listening to Ralph Topping discussing their lack of info was like listening to Bandersons #allverycomplex bull****.

A 500 page thread, it will be 500 million pages before the SPL do anything that looks like they are in charge of this joke league.

It will be outside agenies that decide Hearts fate but the SPL will ensure they have the softest landing possible.

As I said on the pm thread, they had the opportunity to impose no penalties at all by applying the group company discretion. As it is they appear to have committed to imposing a penalty next season when (not if) UBIG are sufficiently insolvent to meet the SPL's criteria. I do think they've ignored one of their own definitions of an insolvency event though.

[Spike Mandela]

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As I said on the pm thread, they had the opportunity to impose no penalties at all by applying the group company discretion. As it is they appear to have committed to imposing a penalty next season when (not if) UBIG are sufficiently insolvent to meet the SPL's criteria. I do think they've ignored one of their own definitions of an insolvency event though.

I admire your continued rational optimism Cav but I do believe the SPL just won't behave like you would expect other organisations to act. It will be fudge, procastinate, prevaricate and spin all the way.

[Gus Fring]

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They will do NOTHING. They have not said they will revisit it.

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Can't see it; Topping described it as "good news" for the SPL ... why would he want to go and create "bad news"?

From the article and video entitled: "SPL unable to rule out future action against Hearts after investigation"

Ralph Topping: "Whatever other information may come forward, whatever happens in the course of the next few days or few weeks and I think that will happen, we'll need to have a look at it at that particular point" (approx 2:30 into the video)

He said something very similar on SSN this afternoon as well, I don't have that video handy.

[Kaiser1962]

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They've jumped out of the way of a cyclist into the path of a 40-ton truck.

The puddledrinkers think they have won a watch.

The SPL may have a bit of explaining to do if the Yams implode before the season is out. My money is on November.

[Waxy]

The Lithuanian authorities must know exactly what they're doing.It has to make a difference which division they are in.
An SPL club is worth more than a first division club.

[erin go bragh]

Good news imho , we get to hump them three more times before they get relegated ,then the zombie huns will stop them from winning the first div .

ggtth

[Caversham Green]

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I admire your continued rational optimism Cav but I do believe the SPL just won't behave like you would expect other organisations to act. It will be fudge, procastinate, prevaricate and spin all the way.

My post was more mitigation than absolution. I don't think their decision was the right one based on their own rules but they could have applied those rules to let HoMFC off completely. As it stands I don't see how the yams can possibly start next season without a points deduction, so the decision is a bit of a curate's egg as far as I'm concerned.

In any case it could well all be academic as HoMFC may not be able to start next season at all.

[Treadstone]

Anyone listen to Sportsound they were suggesting it was a single employee who went to the government agency to declare insolvency! They had no idea of standing at UBIG or their motivation. Bizarre stuff.

[Springbank]

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My post was more mitigation than absolution. I don't think their decision was the right one based on their own rules but they could have applied those rules to let HoMFC off completely. As it stands I don't see how the yams can possibly start next season without a points deduction, so the decision is a bit of a curate's egg as far as I'm concerned.

In any case it could well all be academic as HoMFC may not be able to start next season at all.

That last bit is the part the yams have some serious catch up to do

Buying an insolvent club with serious debts, when you're buying from a liquidated company whose finances are the subject of criminal investigation

Good luck to the yam people's front with that one

[Chibs]

The decision today was nothing more than a stay of execution.
Personally I am so looking forward to to the next days , weeks and perhaps months but their demise
is certain.
GGTTH

[Mikey]

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Anyone listen to Sportsound they were suggesting it was a single employee who went to the government agency to declare insolvency! They had no idea of standing at UBIG or their motivation. Bizarre stuff.

The signatory was Rita Matūzienė, Director and Board Member of UBIG. Certainly not a janitor

It took the clever chaps on the PM board about 15 minutes to work that one out.

How come Topping and his pals couldn't?

[jgl07]

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My post was more mitigation than absolution. I don't think their decision was the right one based on their own rules but they could have applied those rules to let HoMFC off completely. As it stands I don't see how the yams can possibly start next season without a points deduction, so the decision is a bit of a curate's egg as far as I'm concerned.

In any case it could well all be academic as HoMFC may not be able to start next season at all.

The point is that it will leave the SPL with major problems. Morton will be promoted with no time to prepare a team for the SPL. If Hearts are punted now, Dundee remain and it will be the SFL's problem.

[Paisley Hibby]

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As I said on the pm thread, they had the opportunity to impose no penalties at all by applying the group company discretion. As it is they appear to have committed to imposing a penalty next season when (not if) UBIG are sufficiently insolvent to meet the SPL's criteria. I do think they've ignored one of their own definitions of an insolvency event though.

Spot on Cav. Anybody with even a tiny understanding of legal issues can see that just by reading their rules. So their statement is absolutely baffling. I can only think that the SPL must be banking on this story being covered by football not business journalists. As we all know, Scottish fitba journalists are not the brightest in the profession and generally haven't a clue about this kind of thing. They will just swallow any old pish they are fed by the big clubs and the fitba authorities.

Personally, after today, if the SPL told me it was sunny outside I'd go and get my umbrella.

[Sanger]

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The signatory was Rita Matūzienė, Director and Board Member of UBIG. Certainly not a janitor

It took the clever chaps on the PM board about 15 minutes to work that one out.

How come Topping and his pals couldn't?

And Brian McLaughlin suggesting a junior employee informing a local government official when it is on the website if the national debt management agency a department of the ministry of the economy. Complete bunch of chancres. But their time will come soon.

[CropleyWasGod]

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The signatory was Rita Matūzienė, Director and Board Member of UBIG. Certainly not a janitor

It took the clever chaps on the PM board about 15 minutes to work that one out.

How come Topping and his pals couldn't?

Ex-director

[Mikey]

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Ex-director

Floor sweeper

[Jonnyboy]

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And Brian McLaughlin suggesting a junior employee informing a local government official when it is on the website if the national debt management agency a department of the ministry of the economy. Complete bunch of chancres. But their time will come soon.

Jambo, so don't believe a word of what he says

[clerriehibs]

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The signatory was Rita Matūzienė, Director and Board Member of UBIG. Certainly not a janitor

It took the clever chaps on the PM board about 15 minutes to work that one out.

How come Topping and his pals couldn't?

Because when you're whitewashing, you don't want anything that will spoil your finish?

[CropleyWasGod]

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Because when you're whitewashing, you don't want anything that will spoil your finish?

Conversely, if you are not sure of the authority of the signatory, you can't make decisions that might be challenged in Court.

[Gus Fring]

Imagine if this Rita wifey had done all of this out of spite and the SPL had punished Hearts, what a balls up that would have been.

(Not saying that's what's happened, just saying it's reasons like this the SPL isn't jumping in two-footed)

[fat freddy]

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Ex-director

a senior figure in the romanov organisation for well over a decade....i typed a google search on her and ended up reading about a bizzare 7 million dollar swindle perpetrated by the romanovs and this charming lady....they stung an alluminium company for the dosh with an elaborate con involving bogus companies based in wisconsin and elsewhere...very clever stuff from the romanovs but it highlights how utterly devoid of morals they are.

[clerriehibs]

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Conversely, if you are not sure of the authority of the signatory, you can't make decisions that might be challenged in Court.

so why wouldn't you find out, given it's material to the issue?

[CropleyWasGod]

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so why wouldn't you find out, given it's material to the issue?

I am assuming the legal advice was "she's not authorised to make the call, therefore it's possibly not valid."

Edit... particularly in view of her alleged poor reputation.

[CropleyWasGod]

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a senior figure in the romanov organisation for well over a decade....i typed a google search on her and ended up reading about a bizzare 7 million dollar swindle perpetrated by the romanovs and this charming lady....they stung an alluminium company for the dosh with an elaborate con involving bogus companies based in wisconsin and elsewhere...very clever stuff from the romanovs but it highlights how utterly devoid of morals they are.

... and, perhaps, another reason not to believe the validity of her declaration?

[blackpoolhibs]

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I am assuming the legal advice was "she's not authorised to make the call, therefore it's not valid."

Who would be authorised to make that call if whole board have resigned?

[CropleyWasGod]

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Who would be authorised to make that call if whole board have resigned?

Nae idea.

If such a situation arose in the UK.... and that would be illegal.... no-one could. Only the Court could do it.

[clerriehibs]

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a senior figure in the romanov organisation for well over a decade....i typed a google search on her and ended up reading about a bizzare 7 million dollar swindle perpetrated by the romanovs and this charming lady....they stung an alluminium company for the dosh with an elaborate con involving bogus companies based in wisconsin and elsewhere...very clever stuff from the romanovs but it highlights how utterly devoid of morals they are.

The romanovs, and any yam that has pinned their flag on the romanov periscope, i.e. 99.9% of them.