Share Transfers Agreed/Cooling off period

[DaveF]

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This is my take also, the amount owed is a drop in the ocean for HMRC and I think losing face or being seen to be weak/lenient with a company clearly unable to be run properly while still spending money they don't have, they must at some point take decisive action and with the latest breach of the payment plan they may well say enough is enough and call in the money, lets face it we all know they ain't ever going to get the full amount as admin is inevitable with the UBIG case this week.

This is the point the rest of the SPL have to get to grips with. Hearts are £100,000 light in tax payments yet they have 'signed' Danny Wilson.

Other clubs need to grow a set and hammer these cheating *******.

[Leithenhibby]

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This is the point the rest of the SPL have to get to grips with. Hearts are £100,000 light in tax payments yet they have 'signed' Danny Wilson.

Other clubs need to grow a set and hammer these cheating *******.

I'm not so sure that's a done deal!..........

All the reports I've seen say he has "agreed" a deal, but has his contract with Liverpool even expired?..

they have spent money they don't/ never have had, and like to make noises that they are spending so they will shift ST's.

All part of the big con methinks (as does most) It just has an awful reek about it now and I won't be losing sleep any time soon............

[...WentToMowAnSPL]

Not sure we need an order from the HMRC to start winding the Yams up !

[Treadstone]

Personally I don't believe a word that comes from HoMFC or from the papers in this situation. So far the debt owed is between £95k and £121k was due to be paid last Monday but the 7 days is up today at 5pm. It seems that half the lies told aren't even true! They expect to pay the bill but not just yet, even though they have no money and salaries have to be made in this timeframe. As has previously been said there is a stench of rodent regarding this one. In their own wee world they probably think they are being quite smart and mischievious. In reality they are a busted flush who will cry 'wolf' one time too many. If this was 45 miles west the media would be camped on Southern and Fedupofus' doorstep yet the papers give a few inches to 'junior' reporters.

[greenginger]

I know its been explained before but could one of the Financial Pro's on here clear up a couple of points that would arise in a Yam admin/liquidation.

Would the secured creditors ie the Liths get a say in appointing an administrator ?

Could a Yam leaning admin. flog the assets to FOH. or the like for say £ 2 million, takes his own fees and say to the Liths there you are, here is £ 1.75 m, thats the best we could get.

Can the secured creditors walk in and claim the lot and override any attempts by the Yams to have their own pet admin appointed ?

[Part/Time Supporter]

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While I confess to not being the brightest I would point out that note three talks of "monthly installments from May 2013 till April 2015" then later in the same sentence refers to "the three year period of repayment".


I am quite sure I am missing something blindingly obvious but May 2013 till April 2015 is only two years in my book.


Anyone?

It falls in three financial years (year to 30/6/13, year to 30/6/14 and year to 30/6/15).

[CRAZYHIBBY]

why the hell did they paint the steps white?......

[ronaldo7]

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why the hell did they paint the steps white?......

The white was on a 3 for 2 offer at B&Q

[Saorsa]

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why the hell did they paint the steps white?......

Ian Black was needing something tae dae over the summer months.

[robinp]

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I know its been explained before but could one of the Financial Pro's on here clear up a couple of points that would arise in a Yam admin/liquidation.

Would the secured creditors ie the Liths get a say in appointing an administrator ?

Could a Yam leaning admin. flog the assets to FOH. or the like for say £ 2 million, takes his own fees and say to the Liths there you are, here is £ 1.75 m, thats the best we could get.

Can the secured creditors walk in and claim the lot and override any attempts by the Yams to have their own pet admin appointed ?

IIRC the stadium is up as security for some of the lending, possibly even oversecured. You can't just complete a sale of a secured asset, if it does not clear the debt, unless lender agrees.

Bit like me flogging you my house and not paying off my mortgage when it sells. Its just not possible.

[Treadstone]

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It falls in three financial years (year to 30/6/13, year to 30/6/14 and year to 30/6/15).

I know it was suggested that the dates in May/June were deliberate so as HMRC could get early dibs on the season ticket money. We assumed that it would be 3 annual payments, if the schedule is monthly payments (accounts) why were they allowed a 5/6 month hiatus on their schedule ?

[Treadstone]

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IIRC the stadium is up as security for some of the lending, possibly even oversecured. You can't just complete a sale of a secured asset, if it does not clear the debt, unless lender agrees.

'Oversecured' an oxymoron in the Yams vocabulary if ever there was one.

[green glory]

Just trying to catch up a bit here, but WTF is this about painting steps?

[clerriehibs]

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I think the difference there is that Rangers (under Whyte) were undertaking a deliberate course of not paying their taxes, effectively using (and abusing) HMRC as a line of credit. Hearts have obviously had a poor record of paying HMRC on time, but I think it is fair to say that when they have had the cash available to pay HMRC they have done so.

It seems to me they've behaved just as cavalierly with hmrc's money as the guns did. They only ever reluctantly pay tax after being chased for it, and the so-called 'share issue' surely begs investigation by the authorities itself.

[robinp]

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Just trying to catch up a bit here, but WTF is this about painting steps?

Big PR statement on yams site yesterday. FoH stepped up to the plate yesterday with their first pledge to the club.....by paying for decorators to paint a set of stadium steps in fancy health and safety compliant non slip white paint.

"Now that is a paint job!"

[Saorsa]

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Just trying to catch up a bit here, but WTF is this about painting steps?

http://www.heartsfc.co.uk/articles/2...241384_3205284

Urgent works

[dangermouse]

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http://www.scotsman.com/sport/footba...onth-1-2961125

check it out

And still no mention that UBIG's assets are frozen so they couldn't buy it anyway even if the 4000 pledges were genuine and raised enough money to secure the club.

[Green Man]

When I read last night about them painting the steps I sat and laughed uncontrollably. Then I woke up this morning, remembered the story and the same thing happened

[green glory]

Holy Jesus!

[G-Reg]

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Big PR statement on yams site yesterday. FoH stepped up to the plate yesterday with their first pledge to the club.....by paying for decorators to paint a set of stadium steps in fancy health and safety compliant non slip white paint.

"Now that is a paint job!"

It's a whitewash I tell you

[Time For Heroes]

Just got a final statement for my credit card, massive bill, called them up and said I painted my house over the weekend. They weren't happy....
surely that's how big customers work?

[Craig_in_Prague]

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And still no mention that UBIG's assets are frozen so they couldn't buy it anyway even if the 4000 pledges were genuine and raised enough money to secure the club.

It's rather tiresome now IMO, isn't it.
Amateur reporting every day.

Whilst it has been a quality long soap opera this - how long are they going to just limp along.
Perhaps the UBIG liquidation being ratified soon will finally trigger something to actually happen, as the guessing of how events will pan out are also now tiresome. Would be nice to see some real genuine suffering for them & punishment.

a cheating, pathetic football club that can't get washed away quick enough IMO (though I realize they will never cease to exist and their stench will always hang around us)

[Peevemor]

It's not as daft as you all think. FOH have been told that they can't get Tynie cheap because there's a problem with a security held over it. They held a secret meeting of important people in the Diggers where the only security issue they could think of was the slippy, dark coloured steps. Now that's no longer a problem the sale can go ahead and they'll all live happily ever after.

So there!

[Heisenberg]

@BarryAnderson_8: Various: Romanov's assets are frozen but a deal to sell #Hearts still possible if all parties (#HMFC, UBIG, Vlad, administrators etc) agree.

@BarryAnderson_8: Foundation of Hearts have open communication with Ukio Bankas about #Hearts' debt, which is key to their takeover bid. See today's EN. #HMFC

Do FOH not have absolutely no money? Surely they won't have anywhere near enough to make a decent bid.

[Caversham Green]

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While I confess to not being the brightest I would point out that note three talks of "monthly installments from May 2013 till April 2015" then later in the same sentence refers to "the three year period of repayment".


I am quite sure I am missing something blindingly obvious but May 2013 till April 2015 is only two years in my book.


Anyone?

As P/TS has noted the repayment covers three accounting years, but that's not what the note says - it clearly states a three year period of repayment, which is plain wrong. It also states that £242,000 was due before 30 June 2013 - that doesn't fit in with a monthly payment pattern over two or three years so I can only assume there was a larger lump sum at the start of the period. That would certainly be expected since they were granted a payment 'holiday' of around 6 month from when the liability was determined, but it makes the Scotsman report wrong. It's also hard to see how £100k would be due for the second instalment.

I have to say I was surprised (as were others I think) when it emerged that these repayments were monthly ('Allis' Barry got that one right ) - HMRC usually go for a small number of relatively large amounts so 3 x £500k seemed about right.

[Hibbyradge]

I wonder if Hearts know that UBIG are going to formally go into administration shortly, thereby triggering their own insolvency event.

Hence the reason they're not paying the £100k.

Why give it to the pesky UK government when the motherland needs it.

Clearly from the above conspiracy theory, I'm not a financial wizard.

[Leithenhibby]

From the comments in The Scotsman...........

Rolland-

This will not sit well with the Frothers, but the pledges are coming to just under 950K a month, that is a good effort, and I'm sure with a final push we can get that to the magical 1 million mark. This will let us challenge for titles and cups and will be more than enough to blow away the wee team as per usual. So lets dig a wee bit deeper lads and find the extra cash to put towards FoH. So with 12 Million a year in pleadges alone plus the season books and other commercials things are looking very good indeed. Debt free and taking the SPL by storm, fasten the seat belts lads the Jambo rollercoaster is gathering pace.

#Allisverybarry.............

[JeMeSouviens]

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@BarryAnderson_8: Various: Romanov's assets are frozen but a deal to sell #Hearts still possible if all parties (#HMFC, UBIG, Vlad, administrators etc) agree.

@BarryAnderson_8: Foundation of Hearts have open communication with Ukio Bankas about #Hearts' debt, which is key to their takeover bid. See today's EN. #HMFC

Do FOH not have absolutely no money? Surely they won't have anywhere near enough to make a decent bid.

The only way the FoH bid could possibly work is if some wealthy Yams put the money up front and agree to be paid back by the Muppets over time. I think even if such wealthy benefactor(s) exist, they will be heading for the hills sharpish when they see the initial conversion rates for pledgers.

[Platinum Scotty]

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From the comments in The Scotsman...........

Rolland-

This will not sit well with the Frothers, but the pledges are coming to just under 950K a month, that is a good effort, and I'm sure with a final push we can get that to the magical 1 million mark. This will let us challenge for titles and cups and will be more than enough to blow away the wee team as per usual. So lets dig a wee bit deeper lads and find the extra cash to put towards FoH. So with 12 Million a year in pleadges alone plus the season books and other commercials things are looking very good indeed. Debt free and taking the SPL by storm, fasten the seat belts lads the Jambo rollercoaster is gathering pace.

#Allisverybarry.............

so based on the agreed figures, the 4000 folks who have signed up have agreed on average to pay £237.20 a month each, for the foreseeable future..............FFS they are loaded that lot!!!

[YehButNoBut]

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From the comments in The Scotsman...........

Rolland-

This will not sit well with the Frothers, but the pledges are coming to just under 950K a month, that is a good effort, and I'm sure with a final push we can get that to the magical 1 million mark. This will let us challenge for titles and cups and will be more than enough to blow away the wee team as per usual. So lets dig a wee bit deeper lads and find the extra cash to put towards FoH. So with 12 Million a year in pleadges alone plus the season books and other commercials things are looking very good indeed. Debt free and taking the SPL by storm, fasten the seat belts lads the Jambo rollercoaster is gathering pace.

#Allisverybarry.............

Rolland is so over the top on his support of Hearts & condemnation of Hibs that he surely must be a Hibee on the wind up.