Share Transfers Agreed/Cooling off period

[Caversham Green]

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What are the details of UBIG financing Hearts in March?

The note in the accounts says:

The amounts owed to ...[UBIG]....fell due for repayment on various dates between 31 July 2012 and 31 December 2012. In March 2013, [UBIG] extended the maturity of the debt until at least March 2015, with repayments of £20,000 per month commencing from April 2013.

UBIG had no directors in March 2013 and so were in no position to authorise that refinancing.

[Waxy]

£20,000 a month for how many years? 80?

[Caversham Green]

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£20,000 a month for how many years? 80?

Two.

Doesn't work, does it?

[Fife-Hibee]

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The note in the accounts says:



UBIG had no directors in March 2013 and so were in no position to authorise that refinancing.

So how are they still trading ? That alone should be enough to finnish them ! Or am i missing something !

[Waxy]

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Two.

Doesn't work, does it?

Well i don't get it.Must be too complex for me.

[bighairyfaeleith]

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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.

When did the directors resign though, was it not april?

[Sanger]

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The note in the accounts says:



UBIG had no directors in March 2013 and so were in no position to authorise that refinancing.

That was an extension of the loan's maturity not fresh financing. Agree there was no elected directors to authorise it. Don't when the loan was originally going to be due for re-payment but clearly Hearts are not able to at any time. The £15 million loan to Ukio Bankas due this summer that they have a claim of Tynecastle on. Another £40.8 million lent to UBIG that was lent to Hearts (£22 million UBIG converted to equity by and £8.8 million forgiven by the Panama company),

[Treadstone]

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When did the directors resign though, was it not april?

February, this article dated in March said they resigned the previous week. (Feb 27)

http://www.bloomberg.com/news/2013-0...s-reports.html

[Caversham Green]

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That was an extension of the loan's maturity not fresh financing. Agree there was no elected directors to authorise it. Don't when the loan was originally going to be due for re-payment but clearly Hearts are not able to at any time. The £15 million loan to Ukio Bankas due this summer that they have a claim of Tynecastle on. Another £40.8 million lent to UBIG that was lent to Hearts (£22 million UBIG converted to equity by and £8.8 million forgiven by the Panama company),

They call it an extension in the accounts, but of the £25m that was due, £15m was fobbed off on a soon to be bankrupt bank, the interest rates were changed, new terms of repayment were agreed and the maturity date was changed - for all practical purposes it was a new loan. But either way we are agreed that UBIG was not in a position to legally make such a transaction.

[Kato]

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Two.

Doesn't work, does it?

#allverycomplex

Simple really. UB is goosed, UBIG is having their feathers attached and as we speak a large beak and a downie straight-jacket is being prepared for HMFC. (Sorry for talking financial jargon).

[Platinum Scotty]

Being a simple chap i have to be honest and say that it seems like a whole lot of smoke and mirrors from the PBS mob and it looks like its been bought by the Scottish Football folks...

To me, with a bit of digging (by the right folk on here), all the information is there and the authorities in Scotland just seem to be happy, as per the BBC etc, to beleive what ever level of pants the PBS lot spout.....

Hopefully they will feel the real pain they deserve soon!

[Ozyhibby]

Will Ubig and Ukio have the same administrators?

[Sanger]

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Will Ubig and Ukio have the same administrators?

Ukio Bankas's administrator once the appeal is lost will call in UBIG's loans which are much bigger than those loaned on to Hearts and when they fail to pay which they have declared anyway by their insolvency declaration, ask for them to be made bankrupt by a court.

[Smiggy 7-0]

If the information on this thread is so easy to obtain, then why have SPL not acted as they should be able to get same information IF they choose to. Someone should be pointing Dundee's lawyers towards this info.
SOMETHING SMELLS VERY FISHY!!!!!
Crooked B*****ds.

[Sanger]

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Being a simple chap i have to be honest and say that it seems like a whole lot of smoke and mirrors from the PBS mob and it looks like its been bought by the Scottish Football folks...

To me, with a bit of digging (by the right folk on here), all the information is there and the authorities in Scotland just seem to be happy, as per the BBC etc, to beleive what ever level of pants the PBS lot spout.....

Hopefully they will feel the real pain they deserve soon!

One day soon the way they are behaving Hearts will cease to exist. Sheriff's officers will change the locks and chain up Tynecastle with the players and staff locked out and the SPL one team short!

[basehibby]

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Being a simple chap i have to be honest and say that it seems like a whole lot of smoke and mirrors from the PBS mob and it looks like its been bought by the Scottish Football folks...

To me, with a bit of digging (by the right folk on here), all the information is there and the authorities in Scotland just seem to be happy, as per the BBC etc, to beleive what ever level of pants the PBS lot spout.....

Hopefully they will feel the real pain they deserve soon!

That's probably true, but to be fair you can sort of understand why they're not falling over themselves to have another major insolvency event on their hands and are keen not to be seen to be putting the boot in to the Yams gratuitously - I think we can rest assured though that they are merely delaying the inevitable.

[Ozyhibby]

So the stadium and the club will become separated early in the process. The stadium under the control of Ukio admins and the club with Ubig admins.
Does that sound right?

[Sanger]

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So the stadium and the club will become separated early in the process. The stadium under the control of Ukio admins and the club with Ubig admins.
Does that sound right?

Both under Ukio Bankas administrator's control - Tynecastle is a claim for HMFC debt of £15 million to the bank and Ukio Bankas hold 79% of HMFC shares as claim against £22 million loan to UBIG that was lent to HMFC that UBIG converted to shares ( this loan was originally used to pay off overdraft to Bank of Scotland when Romanov took over)

[Treadstone]

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That's probably true, but to be fair you can sort of understand why they're not falling over themselves to have another major insolvency event on their hands and are keen not to be seen to be putting the boot in to the Yams gratuitously - I think we can rest assured though that they are merely delaying the inevitable.

Why take a borderline decision when future events will probably overtake and make it a sentence rather than a judgement.

[HoboHarry]

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That's probably true, but to be fair you can sort of understand why they're not falling over themselves to have another major insolvency event on their hands and are keen not to be seen to be putting the boot in to the Yams gratuitously - I think we can rest assured though that they are merely delaying the inevitable.

I agree with that, I think they probably made the decision to let natural selection takes it's course. The legalities/courts etc will finish Hearts and there will be no blame attached to the football authorities in Scotland

[Waxy]

Hearts are not the first and wont be the last to go bust.
Bigger clubs them them have died.
It's touch and go if they come back though.
It'll take years.Through some sort of phoenix club obviously.
They'd have to enter at the bottom of the pyramid.IF they are allowed.
Probably have to spend the first few years renting a pitch in the gyle park before groundsharing with Lothian thistle.
This will probably take around 10 years.
Perhaps another 10 to make it to the league and get a ground of there own ,hopefully out currie/balerno way.
By this time there'll be few of them left.Gates of 500 as Edinburghs third team behind Spartans and Hibs whose gates have almost doubled since their demise.

Well.That's the best case scenario for them.

[Waxy]

Zombie Hearts.Thats what they are now.

[Springbank]

Even if hearts somehow kick a ball next season, their team is so denuded from the cheating allisbarry years that their crowds will hit 7k after new year

[lapsedhibee]

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Even if hearts somehow kick a ball next season, their team is so denuded from the cheating allisbarry years that their crowds will hit 7k after new year

Jeezo, don't start hinting at a team of naked youngsters in that place. Crowds will rocket.

[The Green Goblin]

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Even if hearts somehow kick a ball next season, their team is so denuded from the cheating allisbarry years that their crowds will hit 7k after new year

As disappointed as I am in yesterday's decision, part of me equally wants to see us play that Hearts team again next year.....

[Treadstone]

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As disappointed as I am in yesterday's decision, part of me equally wants to see us play that Hearts team again next year.....

Or the even weaker version of next season (not including Goodwillie and Boyd )

[ScottB]

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As disappointed as I am in yesterday's decision, part of me equally wants to see us play that Hearts team again next year.....

Most definitely. If they manage to stagger their way into next season (seems unlikely to me though), then I'd be delighted for us to hammer their even weaker side 3 times and extend our unbeaten run against them to 8 before relegation / liquidation takes them.

[Billy Whizz]

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As disappointed as I am in yesterday's decision, part of me equally wants to see us play that Hearts team again next year.....

Probably only get 1 Derby in the league at ER next season, new year game, as we'll be in the Top 6 and they won't

[PatHead]

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Or the even weaker version of next season (not including Goodwillie and Boyd )

...................and Berra who many think is desperate to come back.

[MB62]

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Even if hearts somehow kick a ball next season, their team is so denuded from the cheating allisbarry years that their crowds will hit 7k after new year

Their average attendance was down slightly on last season, whilst our was up by around 500, this despite no game against Oldco.