Share Transfers Agreed/Cooling off period

[Fat Penlon]

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There's a thread on KB about the AGM and someone is claiming that in HoMFC's projections for the coming season they need £1m from player sales and £1.5m from a fan membership scheme in order to break even. So after raising just over £1m in a share issue where the prospect of the club going bust mid season was very real, they expect to be able to raise another £1.5m from the same fans in the coming season. They're mad.

Edit: here if anyone wants a laugh. http://www.hmfckickback.co.uk/index.php?/topic/128308-agm/

But Barry said they are self sufficient?????????

Pile of steaming dung!!!

[Geo_1875]

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Why don't they have a family fun day? there could be a bake sale, face painting and even a bouncy castle, could that not make up the difference?

I'm sure Child Services would take a very keen interest in a "Family Fun Day" at Tynie.

[ScottB]

So there's a £2.5million shortfall for next season?

But I thought they were self sufficient now?!


That is quite a large figure, suspect that confirms the suggestions on here that next seasons ST money is already gone.

[JeMeSouviens]

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That's exactly the point - the debt has to be paid for upfront. We don't expect admin/ubig to sell club for £1 and say give us the £25m later if you happen to have it. Oh dear! you seem to have popped into admin yourselves - silly us!
The yank would have to provide a facility to take on the £25m up front if he is taking on the debt.
Only quoting what is said in the article - have nothing else to base this on.

Indeed. Sorry, misunderstood you.

[Geo_1875]

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My favourite quote from keekback- finally the penny drops.....

'Hugh Phamism, on 23 May 2013 - 10:28 AM, said:

Projections for coming year.
£1m in player sales
£1.5m from fan membership scheme

FFS!

If this is true and means what I think it means, then despite 15 months without funding from UBIG and the obvious realisation since back then that we desperately need to balance the books, we're still looking at a projected £2.5m shortfall in just one year! Either incompetence on a massive scale, or something fishy is going on and we're being milked for money somehow by the Romanov/UBIG connection.

It's looking like admin brought on by their own incompetence is going to be the only way to get rid of these useless idiots.

When did they first suspect?

[Aldo]

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So there's a £2.5million shortfall for next season?

But I thought they were self sufficient now?!

That is quite a large figure, suspect that confirms the suggestions on here that next seasons ST money is already gone.

And the rest. What do these guys think about when they hand over their money.

All the money from the cake bakes/share issue etc is long gone.... As has the money the fools have parted for the season tickets.

their wage bill alone every month last season was about 800,000 (if not more). They've shipped out most of their big earners but are still needing money for HMRC and interest on their arrangement for the debt. And then the wages and running costs for the coming season.

No one will get paid pre season and anyone who signs for them will have to have their head examined.

Everyday brings more uncertainty and for some its just about sinking in.

[proud_and_green]

FoH thread on keechbag is interesting and, as someone has already said, there are many who are smelling the coffee.

There is a lot of chat on there about what rights a member has and whether they cease to contribute they lose their rights.

What I am not clear about though is whether as a member they would also be liable for any losses. Sounds to me that FoH scheme is a non-runner for many reasons.

[Waxy]

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Lifted from the Scotsman............

• A US tycoon is reportedly also interested in Hearts, though he’s only willing to pay a pound for them. (Sun)

That seems a high figure LOL

So this "tycoon" buys them for a pound.Hearts are still owe Lithuania around 40 million.The "tycoon" controls the cash coming in still pays the installments but he keeps the rest instead of it going to hearts?
Good deal.
I think they should run with that.
What have they to lose?

[Mikey]

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And the rest. What do these guys think about when they hand over their money.

All the money from the cake bakes/share issue etc is long gone.... As has the money the fools have parted for the season tickets.

their wage bill alone every month last season was about 800,000 (if not more). They've shipped out most of their big earners but are still needing money for HMRC and interest on their arrangement for the debt. And then the wages and running costs for the coming season.

No one will get paid pre season and anyone who signs for them will have to have their head examined.

Everyday brings more uncertainty and for some its just about sinking in.

I've always said that when the really bad stuff starts happening to the club it'll be a big surprise to most of them. I'm sure they think that guys like Caversham, CWG and PTS are just making it up on here.

[CentreLine]

Charlie Brown says

"if the SPL give us a 15 point penalty for UBIGs insolvency then we'd be as well going straight ino administration ourselves and avoid the danger of any potential double whammy punishment for 2 separate insolvency events.

It would of course risk getting a CVA agreed but it would flush out the interest parties plus we could get rid of the debt & tax burden if new buyers offered UBIG/UKIO & HMRC a pennies in the pound deal. HMRC would vote against any CVA as a matter of policy however in terms of creditor vote they wouldnt have anymore than 10% of the total votes so it would be solely decided on how the Lithuanian debt holders voted whether to agree or reject any proposed deal?

it would also allow an administrator to strip the club down to bare bones and any surplus players or employees on biggish wages still under contract could or would be made redundant.

We would of course have a signing ban for at least the period of administration plus we'd face a multiple season ban from UEFA competitions."

Flushing out all of those interested parties will provide lots of choices for new ownership and of course it is only right to avoid paying the club's debt. But for the life of me I can't imagine how they will cope with being punished with a ban from Europe.

The penny has to drop one of these days

[Kaiser1962]

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Has to be bollocks, they're self-sufficient now (ignore the loss, and the share issue - which was definitely for youth development and that, not a tax bill that they were hit with for the same amount, by the way - and the cake bakes, the face painting, the plea to get fans in to fill the stadium, the comments that the budgets were based on a top 6 finish etc). They are definitely self-sufficient. Yes, sir.

Only a matter of time before they kindly walk away from millions of pounds of debt to give the club to someone for a song.

It has been thus for the past few years. Administration is their planned escape route.

[Geo_1875]

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FoH thread on keechbag is interesting and, as someone has already said, there are many who are smelling the coffee.

There is a lot of chat on there about what rights a member has and whether they cease to contribute they lose their rights.

What I am not clear about though is whether as a member they would also be liable for any losses. Sounds to me that FoH scheme is a non-runner for many reasons.

Depends how they are set-up. If they are run along private club lines all members are liable for any debts if the **** hits the fan, even those incurred prior to joining. But that set-up would mean being run by a committee. Doesn't that just fill your head with visions of blazers, cardigans and Rovers.

[Waxy]

Anyone know how much Romanov paid for them in the first place?
He was quick to swap the debt to his own bank.
Shrewd business

[Keith_M]

How much does everybody think they've taken in so far in ST sales?


If the 800K monthly salary payment is correct, I can't see this money paying for them through the whole summer break.


In fact, I'm presuming they've already lost a chunk of it on May's salary payments.

[CropleyWasGod]

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Charlie Brown says

"if the SPL give us a 15 point penalty for UBIGs insolvency then we'd be as well going straight ino administration ourselves and avoid the danger of any potential double whammy punishment for 2 separate insolvency events.

It would of course risk getting a CVA agreed but it would flush out the interest parties plus we could get rid of the debt & tax burden if new buyers offered UBIG/UKIO & HMRC a pennies in the pound deal. HMRC would vote against any CVA as a matter of policy however in terms of creditor vote they wouldnt have anymore than 10% of the total votes so it would be solely decided on how the Lithuanian debt holders voted whether to agree or reject any proposed deal?

it would also allow an administrator to strip the club down to bare bones and any surplus players or employees on biggish wages still under contract could or would be made redundant.

We would of course have a signing ban for at least the period of administration plus we'd face a multiple season ban from UEFA competitions."

Flushing out all of those interested parties will provide lots of choices for new ownership and of course it is only right to avoid paying the club's debt. But for the life of me I can't imagine how they will cope with being punished with a ban from Europe.

The penny has to drop one of these days

.... and, when it drops, they will realise that a CVA just isn't going to happen.

[blackpoolhibs]

News from todays AGM really makes you wonder just what the SPL were thinking on Monday? This club is insolvent, and has been for a very long time.

[Andy74]

Some chat that SF claimed that UBIG transferred 29 per cent of the shareholding to UKIO. Has this been noted before?

[steviehibsleith]

Dont think it was £800,000 - Everything i read stated £600,000 monthly wage bill for the players. Perhaps the additional 200k is staff ?
Either way its huge and with a mountain of other bills as seen on here so still up the proverbial creek.

[CropleyWasGod]

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News from todays AGM really makes you wonder just what the SPL were thinking on Monday? This club is insolvent, and has been for a very long time.

It's not the SPL's job, though, to assess whether a club is insolvent.

[blackpoolhibs]

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It's not the SPL's job, though, to assess whether a club is insolvent.

I know, but i'm still pissed my bet never came up.

[greenginger]

Reading the kickback stuff about the Liths voting for a CVA , has none of them sussed that secured creditors don't get a vote.

[Gus Fring]

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Some chat that SF claimed that UBIG transferred 29 per cent of the shareholding to UKIO. Has this been noted before?

Yep that's been known for a few weeks at least.

[Part/Time Supporter]

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Some chat that SF claimed that UBIG transferred 29 per cent of the shareholding to UKIO. Has this been noted before?

UBIG pledged ~29% of Hearts share capital as security against the £15M of debt that was shifted to Ukio.

[Part/Time Supporter]

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It's not the SPL's job, though, to assess whether a club is insolvent.

Just as well, because Hibs were *technically* insolvent during the early 2000s (before the cark park sale and the "golden generation" coming through).

[ScottB]

It'd be humane if they were put out of their misery.

But not half as much fun as dragging it out will be

[Mac]

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Anyone know how much Romanov paid for them in the first place?
He was quick to swap the debt to his own bank.
Shrewd business

£20m with a business plan to bring that down to an affordable level in 1 year, that level was £10m but instead it doubled to £40m and they still didnt twig this boy was full of the brown stuff!!

[Aldo]

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I've always said that when the really bad stuff starts happening to the club it'll be a big surprise to most of them. I'm sure they think that guys like Caversham, CWG and PTS are just making it up on here.

Mikey its there for all to see. The questions that you guys posted in here re the AGM are question just about 99.9% of any share holders in a company would ask.

It has taken a while but once one domino falls the rest won't be hard to find.

Lets face it allisbarry

[Gus Fring]

Barry has retweeted this from a fellow hibee, obviously in an attempt to get the Yams to tweet him abuse. The truth hurts Barry?

Jamie Ryan ‏@TheJamieRyan
@BarryAnderson_8 I see your lies about Hearts being "self-sufficient" have been uncovered Barry. Club themselves admitted they are not.

[Sanger]

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Yep that's been known for a few weeks at least.

Since UKio Bankas have a claim on 79% of HMFC shares for the £22m loan to UBIG that Romanov used to clear the overdraft with Bank of Scotland when he took over and then converted to shares that means UkIO Bankas hold 108% if the shares!

[ScottB]

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I see Barry has retweeted this, obvioulsy in an attempt to get the Yams to tweet him.

Jamie Ryan ‏@TheJamieRyan33m
@BarryAnderson_8 I see your lies about Hearts being "self-sufficient" have been uncovered Barry. Club themselves admitted they are not.

Ultimately, he and his employers efforts to avoid upsetting / angering the faithful will inevitably blow up in their faces when all this comes crashing down.

Their printing of outright lies through this entire saga is probably a big part in why the Hearts support at large has managed to get this far without any serious questioning of the party line.