Share Transfers Agreed/Cooling off period

[YehButNoBut]

Find it hilarious that most Hearts fans see today as a great victory for them, they still don't seem to get that they are still in deep dodo.

[Treadstone]

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Find it hilarious that most Hearts fans see today as a great victory for them, they still don't seem to get that they are still in deep dodo.

Exactly. A deduction today would have been great but there was a way out for the SPL and they took it. This might actually play out a lot more slowly and painfully for yam land.

[Sanger]

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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.

Reading about Rita and Romanov's scam you would imagine they and the other board members have money hidden all over the place. Probably why they all resigned in masse before Ukio Bankas bankruptcy moved in.

[Gus Fring]

So to clarify, is the possibility now that the person who said that UBIG were insolvent may not have been authorised to do so?

[greenginger]

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So to clarify, is the possibility now that the person who said that UBIG were insolvent may not have been authorised to do so?

UBIG has no directors, Rita Matuziene was a former director and is still the Chief Executive Officer of UBIG, so I would reckon she was the ONLY person with the authority.

[Leithenhibby]

So, after a long day on it's back to the "if's, but's & mibbies" which I like. I mean, it's not as if the wheels have come off or anything, and it's looking like they (HoMFC) will meet their maker in the not too distant future.

Once UBIG get their call-up to the local courthouse and everything gets rubber stamped, I'd think that's when the real end game will kick in.

As long as we have a cr@p summer (weather wise) I'll be able to keep up.

[Sergey]

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UBIG has no directors, Rita Matuziene was a former director and is still the Chief Executive Officer of UBIG, so I would reckon she was the ONLY person with the authority.

It's amazing the info that £10 for PM gets you, eh

[7062]

Just had a wee look back at previous SPL tables to see what points the teams finishing bottom had. Average was 28.(Lowest was 18, highest was 37.)

If they end up starting on -15 next season it's not just 15 points they need to make up, they need to catch the team sitting 2nd bottom (obviously) so they'll potentially need about 43 points just to draw level.

Assuming they'll be worse next season, this makes me happy.

[Viva_Palmeiras]

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Just had a wee look back at previous SPL tables to see what points the teams finishing bottom had. Average was 28.(Lowest was 18, highest was 37.)

If they end up starting on -15 next season it's not just 15 points they need to make up, they need to catch the team sitting 2nd bottom (obviously) so they'll potentially need about 43 points just to draw level.

Assuming they'll be worse next season, this makes me happy.

Ok now who was talking about League recon?

[poolman]

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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?

Bit cheap that, I'm a janitor

We're all not accountants and stockbrockers

[Eyrie]

Having read the latest I can understand where the SPL are coming from, but surely they could have said that further investigations are required and a decision will be made by (say) mid-June?

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Bit cheap that, I'm a janitor

We're all not accountants and stockbrockers

Well, someone has to do the actual work and look after them.

[ScottB]

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Bit cheap that, I'm a janitor

We're all not accountants and stockbrockers

I believe it was Topping who said something like 'we don't know who signed the UBIG letter, it could have been a janitor for all we know' rather than anyone here choosing it as an example...

[The Green Goblin]

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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?

Well, now that you've posted it on here, expect to hear all about her on Sportsound in the next few days.

Hibs.net: your leading news provider.

[Sanger]

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Bit cheap that, I'm a janitor

We're all not accountants and stockbrockers

And janitors did not cause a financial crash leading to misery for millions. They actually do something useful.

[Moulin Yarns]

I just googled this Rita bloke and it turns out she is a legal bod as well. Why didn't (dream) Topping not ask her for her legal opinion??

[greenpaper55]

The Jambos are rejoicing that they never got docked the points but the crucial thing for me was the fact that UBIG are seen by the SPL as the major stakeholder in Hearts and therefore if and when the go bust they will be docked points , it's not over yet.

[matty_f]

It's like cheering because the executioner has forgotten his rope and has had to pop home for it.

[Kato]

This is all getting too much for a couple of Jambos I know and is really akin to Bear Baiting. Either pull the plug now or make it legal to pen them up and sell pointy sticks at the side.

[clerriehibs]

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The Jambos are rejoicing that they never got docked the points but the crucial thing for me was the fact that UBIG are seen by the SPL as the major stakeholder in Hearts and therefore if and when the go bust they will be docked points , it's not over yet.

I don't really think they have even thought about that yet.

[greenginger]

It is a sort of victory for them. Relegation to the first division would have ended them, they would never be able to generate the income required to service the debts due to UBIG, Ukio Bankas, HMRC and the rest.

They would have to have gone for administration and be reliant on HMRC to agree to a CVA or it would be oblivion.

The SPL must have known this, so they bent their own rules to fudge the decision. However the Yams being the Yams they will never learn. Watch out for world cup stars turning up at a Pink Bus Shelter near you.

With their season ticket money spent getting through last season and the close season, and huge monthly interest and repayment bills to pay monthly it will take one hell of a lot of cake bakes to keep them running.

[Mister P]

Come gather round jambos
Wherever you roam
And admit that the waters around you have grown,
And accept it that soon you'll be drenched to the bone,
If your club to you is worth saving,
Then you better start swimming or you'll sink like a stone,
Coz the times they are a-chaaaaaangin!!




If/when they drop onto div1, they will not be able to service those debts. Does that mean they themselves will have to file for insolvency, create a newco and start anew just like rangers in the div3?

Serious question!

[Caversham Green]

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It's like cheering because the executioner has forgotten his rope and has had to pop home for it.

Or he's forgotten his axe so he's going to use his penknife instead.

[Treadstone]

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It's like cheering because the executioner has forgotten his rope and has had to pop home for it.

Its like finding a tenner in the middle of the road just before an eighteen wheeler smashes right into you.

[Kato]

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I don't really think they have even thought.

Fixed that for you there.

[greenginger]

http://www.scotcourts.gov.uk/rolls/s.../edi130527.htm

I see Hearts are still pursuing one of their supporters for a hospitality package from a few years back. I hope they did'nt send a begging letter to Mr Ramez Daher looking for a pledge.

Course they will be begging everyone else to forgive their debts.

[lapsedhibee]

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It's like cheering because the executioner has forgotten his rope and has had to pop home for it.

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This is all getting too much for a couple of Jambos I know and is really akin to Bear Baiting. Either pull the plug now or make it legal to pen them up and sell pointy sticks at the side.

[Paisley Hibby]

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So to clarify, is the possibility now that the person who said that UBIG were insolvent may not have been authorised to do so?

Yes. So if it turns out that as at the 16 May they WERE authorised (or had the power) to make that statement, then the SPL rule is triggered. And as the date of that "insolvency event" was before the end of the season they could still get the points deduction and be relegated. Or am I missing something?

[Pedantic_Hibee]

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Its like finding a tenner in the middle of the road just before an eighteen wheeler smashes right into you.

It's like meeting the man of your dreams.....and then meeting his beautiful wife.

Yours,

Alanis

[Caversham Green]

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So to clarify, is the possibility now that the person who said that UBIG were insolvent may not have been authorised to do so?

It appears UBIG had no directors, so arguably no-one has the authority to voluntarily list them as insolvent.

If that is the case it's also true that no-one had the authority to sanction the finance that UBIG provided to HoMFC in March - a company without directors can't function legally. It looks like someone has acted fraudulently in providing that finance, and given that HoMFC's directors were also the directors that removed themselves from UBIG's board, the finger is pointing in the direction of Gorgie.

Of course that loan also gives the lie to the idea that HoMFC were independent of UBIG. They were insolvent until that finance was provided two months ago - by a company that had no-one to authorise it.

[Sanger]

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It appears UBIG had no directors, so arguably no-one has the authority to voluntarily list them as insolvent.

If that is the case it's also true that no-one had the authority to sanction the finance that UBIG provided to HoMFC in March - a company without directors can't function legally. It looks like someone has acted fraudulently in providing that finance, and given that HoMFC's directors were also the directors that removed themselves from UBIG's board, the finger is pointing in the direction of Gorgie.

Of course that loan also gives the lie to the idea that HoMFC were independent of UBIG. They were insolvent until that finance was provided two months ago - by a company that had no-one to authorise it.

What are the details of UBIG financing Hearts in March?