Share Transfers Agreed/Cooling off period

[Waxy]

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Thats the worrying part its out of Romanov;s hands now and there was no way he would have let the club go on the cheap.

According to what Fedotovas said,in 23 days time UBIG could be declared insolvent by the Lithuanian courts.They will be deducted 15 points and will most likely be relegated.They themselves will probably go into administration at some point and could possibly be liquidated.It shouldn't be any of us thats worrying.

[Keith_M]

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Although i am no expert in this I agree with the above, the most that will happen will be 15 point deduction for going into admin. UBIG/UKIO would be mad not to accept a offer of a few million, whats the alternative ?
If a consortium can get the club and ground debt free the offers will be stacking up.

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Like I say Stevie Im no expert but I just have a feeling these ***** will walk away from this smelling of roses.

Please explain your logic

[Onion]

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Just watching the Fedotovas video.

He says that the UBIG £10m debt is unsecured. I had understood that this was the subject of a floating charge.

Anyone?

A bank that's given someone an unsecured £10m loan

[steakbake]

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A bank that's given someone an unsecured £10m loan

Well, it's a bank that's now gone under so it's possible that's what all the big banks do for big teams...

[CropleyWasGod]

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A bank that's given someone an unsecured £10m loan

Not the bank. UBIG are the holding company, remember.

The bank funding, from UKIO, is secured.


If what JMS says is correct, and the debt has been "unsecured", that brings the notion of a CVA (slightly) back into play. HMRC couldn't block it.

[Ozyhibby]

If they have a £2.5 hole in their cash flow projection for next year then I imagine that the first thing an admin is going to do when appointed at Ubig is shut down all loss making operations?

[Stevie Reid]

STV News just couldn't get more embarrassing.

[CropleyWasGod]

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STV News just couldn't get more embarrassing.

Yes it can

I love bringing this up every now and then...last year they claimed that Rangers had deducted VAT from staff wages.

[Stevie Reid]

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Yes it can

I love bringing this up every now and then...last year they claimed that Rangers had deducted VAT from staff wages.

That just means it's been more embarrassing, retrospectively

That Hearts report was a disgrace.

[Mikey]

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That just means it's been more embarrassing, retrospectively

That Hearts report was a disgrace.

What were they saying?

[Kaiser1962]

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The shareholders have the right to vote for who they want, irrespective of whether they are at the AGM or not.

In this case, whoever had the proxy to cast the UBIG vote would easily have outvoted those present.

I do hope the person who cast the UBIG vote had authority to do so. I hope it wasnt just anyone like, say, a lowly janitor.

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Just watching the Fedotovas video.

He says that the UBIG £10m debt is unsecured. I had understood that this was the subject of a floating charge.

Anyone?

Big change since the share issue then. UBIG retain 50% of the shares and have dumped £15m on UKIO all since said share issue. I hope the Lith authorities, as well as our own, are all over this.

[greengnome]

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That just means it's been more embarrassing, retrospectively

That Hearts report was a disgrace.

Some of them over the way still have hopes....!!!!!!!!! See below.


I think ultimately we are going to be alright eventually but there might some really hairy days in the next few weeks / months / season depending on what happens this summer & autumn.

Ultimately though I believe we will remain at Tynecastle, under new ownership and back on top of Hibs before too long but we could face a certain amount of pain & fear along the way.

[Stevie Reid]

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What were they saying?

The main story of the whole news was about the Scandinavian consortium, and before going into the report the presenter said that the deal 'could' lead to them taking over the club with no debt. The report then followed with practically no information on the Nordic lot (or indeed how they would acquire a club with no debt) and casually dropped Fedotovas mentioning the £2.5M hole (with no further comment) halfway through the report. We then got a soundbite from FOH leader who simply stated that the fans should pledge as much as they can to them, no mention of the other group.

Big headlines with nothing to back it up, and the biggest news in the story practically ignored.

The look ahead to the sport section then mentioned Hearts looking at signing targets for next season, followed by a cursory mention of the cup final.

[CropleyWasGod]

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I do hope the person who cast the UBIG vote had authority to do so. I hope it wasnt just anyone like, say, a lowly janitor.


.

Yeah, that did cross my mind, too. Does a CEO have the power to cast such a vote? Presumably, the Board gave her that power before they all jumped submarine.

[MyJo]

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Some of them over the way still have hopes....!!!!!!!!! See below.


I think ultimately we are going to be alright eventually but there might some really hairy days in the next few weeks / months / season depending on what happens this summer & autumn.

Ultimately though I believe we will remain at Tynecastle, under new ownership and back on top of Hibs before too long but we could face a certain amount of pain & fear along the way.

It is really rather pitiful how obsessed they are with Hibs. The fact they would be saved from annihilation, retain thier stadium by some miracle and be rid of the mental lithuianians is secondary to the happiness they would get from telling us Hobo's how much better they are than us.

We define them.

[Phil D. Rolls]

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The main story of the whole news was about the Scandinavian consortium, and before going into the report the presenter said that the deal 'could' lead to them taking over the club with no debt. The report then followed with practically no information on the Nordic lot (or indeed how they would acquire a club with no debt) and casually dropped Fedotovas mentioning the £2.5M hole (with no further comment) halfway through the report. We then got a soundbite from FOH leader who simply stated that the fans should pledge as much as they can to them, no mention of the other group.

Big headlines with nothing to back it up, and the biggest news in the story practically ignored.

The look ahead to the sport section then mentioned Hearts looking at signing targets for next season, followed by a cursory mention of the cup final.

I think the statements from the FOH man, and the ex director, suggest that things are going to be grim.

[Stevie Reid]

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I think the statements from the FOH man, and the ex director, suggest that things are going to be grim.

Indeed. The comment from the former Finance Director was brilliantly frank.

[Treadstone]

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Indeed. The comment from the former Finance Director was brilliantly frank.

Here.

http://sport.stv.tv/football/clubs/h...to-buy-hearts/

[Platinum Scotty]

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Here.

http://sport.stv.tv/football/clubs/h...to-buy-hearts/

Silly question time then and this to all the folks who have managed to make sense of the farce over at the PBS..

Do we see any wriggle room for them? And by that I mean is there any circumstance where they can not be utterly hammered (and rightly so) by the various authorities?

[CropleyWasGod]

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Silly question time then and this to all the folks who have managed to make sense of the farce over at the PBS..

Do we see any wriggle room for them? And by that I mean is there any circumstance where they can not be utterly hammered (and rightly so) by the various authorities?

One thing that 25 years in business has taught me is that there is never a sure thing. I wouldn't bet my house on Hearts not being here in a year or so.

That said, I said a year ago that the only way Rangers could survive in their current form was if a stupid man came galloping over a stupid hill on his stupid horse with stupid money. They were in a much better position than Hearts are now, and they didn't survive.

Since the financial problems started to surface a few years ago, I have said that I could see a situation whereby Hearts could be picked up for a song and start over again, with no stadium and no debt, in Division 3. That is still my favoured outcome, leaving emotion aside obviously.

The only other way out that I could see is if a stupid man on a stupid horse......etc etc.

[poolman]

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I do hope the person who cast the UBIG vote had authority to do so. I hope it wasnt just anyone like, say, a lowly janitor.

Sorry guv,next time I see you i'll dof me flat cap and give you a wave with me sweep in brush

[Sanger]

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Just watching the Fedotovas video.

He says that the UBIG £10m debt is unsecured. I had understood that this was the subject of a floating charge.

Anyone?

Ukio Bankas have a £15m loan to HMFC secured on Tynecastle. They also have a £22m loan to UBIG which UBIG lent on to HMFC who used it to clear overdraft with Bank of Scotland when Romanov took over - this Liam is secured with 79% of total outstanding shares in HMFC which UBIG received from converting £22m loan to HMFC to shares. Ukio Bankas also have loans of £10m and £8.8m to UBIG who lent on to HMFC (the £8.8m was forgiven by a Romanov Panama company).

[bighairyfaeleith]

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Sorry guv,next time I see you i'll dof me flat cap and give you a wave with me sweep in brush

Are you going to jump on every jannie comment?

Sent from my LT30p using Tapatalk 2

[green day]

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One thing that 25 years in business has taught me is that there is never a sure thing. I wouldn't bet my house on Hearts not being here in a year or so.

That said, I said a year ago that the only way Rangers could survive in their current form was if a stupid man came galloping over a stupid hill on his stupid horse with stupid money. They were in a much better position than Hearts are now, and they didn't survive.

Since the financial problems started to surface a few years ago, I have said that I could see a situation whereby Hearts could be picked up for a song and start over again, with no stadium and no debt, in Division 3. That is still my favoured outcome, leaving emotion aside obviously.

The only other way out that I could see is if a stupid man on a stupid horse......etc etc.

Understand that.....but the huns (or newco huns) are 2 years from premier league, with a stadium, training ground and zero debt - I worry that the ****s "get off" like that.

Doesn't feel like the catastrophic meltdown I kinda dream about.

[ac1]

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Understand that.....but the huns (or newco huns) are 2 years from premier league, with a stadium, training ground and zero debt - I worry that the ****s "get off" like that.

Doesn't feel like the catastrophic meltdown I kinda dream about.

Did Sevco not announce a loss of 7 million in under a year?

[Ozyhibby]

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Understand that.....but the huns (or newco huns) are 2 years from premier league, with a stadium, training ground and zero debt - I worry that the ****s "get off" like that.

Doesn't feel like the catastrophic meltdown I kinda dream about.

They have more pain to come.

[Gus Fring]

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Did Sevco not announce a loss of 7 million in under a year?

That irks me. People think everything is "fine" with Sevco and it's far from it. It would seem they're situation was only possible through a combination of a dodgy owner, a dodgy administrator and a dodgy buyer. Even with all 3 of them (apparently) out of the picture they are still knee deep in the brown stuff and haven't learnt any lessons from how they were run previously.

Hearts would be incredibly lucky to end up in a situation like the sevco one is perceived to be. They won't have anywhere near the same level of bending over backwards once this happens :******:

[The Green Goblin]

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That irks me. People think everything is "fine" with Sevco and it's far from it. It would seem they're situation was only possible through a combination of a dodgy owner, a dodgy administrator and a dodgy buyer. Even with all 3 of them (apparently) out of the picture they are still knee deep in the brown stuff and haven't learnt any lessons from how they were run previously.

Hearts would be incredibly lucky to end up in a situation like the sevco one is perceived to be. They won't have anywhere near the same level of bending over backwards once this happens :******:

Or numbers of fans/season ticket holders...

[Chibs]

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Like I say Stevie Im no expert but I just have a feeling these ***** will
walk away from this smelling of roses.

"smelling of roses"
You wish
pushing up daisies more like.

[CropleyWasGod]

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Ukio Bankas have a £15m loan to HMFC secured on Tynecastle. They also have a £22m loan to UBIG which UBIG lent on to HMFC who used it to clear overdraft with Bank of Scotland when Romanov took over - this Liam is secured with 79% of total outstanding shares in HMFC which UBIG received from converting £22m loan to HMFC to shares. Ukio Bankas also have loans of £10m and £8.8m to UBIG who lent on to HMFC (the £8.8m was forgiven by a Romanov Panama company).

But is the £10m secured? It was, but has that charge been withdrawn?

And my name's not Liam