Share Transfers Agreed/Cooling off period

[lord bunberry]

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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.............

It's not often I'm speechless...

[Geo_1875]

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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.............

He's just not very good with numbers. Probably lined up as new finance director.

[Hank Schrader]

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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.............

Nothing that muppet says on the Scotsman website should be taken seriously. He is an absolute throbber.

[Caversham Green]

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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 ?

I think the first point to make is that HMRC are threatening a Winding Up Petition, which is different from administration - HoMFC would probably respond to that threat by placing the club in administration.

It's the Court that appoints an administrator, but the petitioning creditor/board normally puts forward a nominee - he can then be ratified or rejected at a subsequent meeting of creditors, so UBIG would have some say in the appointment, but Ukio would not as their debt is secured and sits above the normal conduct of administration.

The assets are fully covered by a security, so the administrator has limited control over them - Ukio's administrator still holds all the cards there, and yes, they could call their debt in by forcing the sale of the assets on the open market. They could also theoretically retain the full debt through administration so that it would still be due if/when HoMFC came out the other end.

[CallumLaidlaw]

Allisbarry reckons the club can still be sold -

@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.

[JimBHibees]

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They delisted after Romanov fully took over.

http://www.scotsman.com/sport/footba...today-1-688911



Well, it makes some sense that the payment would be due for the tax case, unlike PAYE. It was reported when the first payment was made in early May, therefore the next payment would have been due in early June. It also makes sense that the SPL haven't punished them yet, because their rules relate to ongoing PAYE whereas this case relates to taxes that should have been paid 5-6 years ago.

BUT the report contradicts their own accounts, which states that the amounts are due monthly. Therefore it isn't a case of them being due to pay £500K and being £100K short with the payment. If that had been the case they would have been chased for the shortfall weeks ago, because the debt would have arisen in early May.

http://www.scribd.com/doc/140824200/...counts-2011-12



BTW, I'm not convinced that HMRC will chase for the full balance of the tax case (up to £1.5M) in any petition rather than just the £100K outstanding. They know full well that if they chase for the full amount that will be the equivalent of a head shot because there is no way they would be able to pay that. Further to that HMRC know that if the petition then proceeds they would get nothing because all the proceeds of liquidation would go to Ukio, as security holder. Whereas a petition for just the £100K is likely to succeed in that Hearts will make every effort to pay that, even at the expense of missing the payroll due later this week (which would result in football sanctions from the SPL). Legally HMRC may be entitled to chase for the full amount but it wouldn't make great business sense to do so.

Is that not only the case if players complain to the authorities about it e.g if they keep quiet then nothing is done.

[CropleyWasGod]

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Is that not only the case if players complain to the authorities about it e.g if they keep quiet then nothing is done.

It's a self-assessment system.

The club are supposed to declare if they haven't paid. If they don't, the SPL (as they are watching) are entitled to ask the question. If they don't believe the answer they are given, they will be entitled to ask for proof.

[SurferRosa]

There`s been a lot of talk about UBIGs assets being frozen and that Hearts cant be sold because of this.

A question. Could Hearts be " unfrozen ", thereby allowing them to be sold if everyone round the table agreed ( administrators, Lith authorities and whoever else )? Or is this not possible if we assume that they remain part of an ongoing investigation into Romanovs nefarious activities? Are they even part of this investigation?

I know that`s actually 3 questions but i`m trying to get a handle on this as there seems to be mounting speculation that it may possible for them to be sold on......if all parties agree.

[brog]

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Allisbarry reckons the club can still be sold -

@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.

Good luck to FOH in finding Vlad! Wonder how much Tommy Lee Jones charges!!

[Caversham Green]

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There`s been a lot of talk about UBIGs assets being frozen and that Hearts cant be sold because of this.

A question. Could Hearts be " unfrozen ", thereby allowing them to be sold if everyone round the table agreed ( administrators, Lith authorities and whoever else )? Or is this not possible if we assume that they remain part of an ongoing investigation into Romanovs nefarious activities? Are they even part of this investigation?

I know that`s actually 3 questions but i`m trying to get a handle on this as there seems to be mounting speculation that it may possible for them to be sold on......if all parties agree.

The assets were frozen by the Lith government, so it's only with their agreement that they could be unfrozen - no-one else matters. As you say, there is an ongoing investigation of the activities of 'Mr Romanov' and his companies, in which HoMFC are very much entangled - if you read some of desantos0773's posts on this thread it's clear that a great deal of apparently dodgy money has made its way through HoMFC's accounts so it seems unlikely that they would release the club until their investigations are complete. Indeed, it's not beyond the realms of possibility that they would seek to suspend the club's activities completely.

[blackpoolhibs]

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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!!!

I have pledged much more than that a month, so that should bring that figure down a fair bit.

[Makaveli]

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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!"

For the avoidance of doubt, it was 1874FF who paid for the steps.

FOH literally don't have the money for a tin of paint.

[brog]

A couple of things;
1. I'm with Cav in being utterly confused by this repayment plan. My memory was it was agreed 3 payments of approx £0.5mm each over next 2 years. I queried this on here recently & Sergey (I think) kindly directed me to a/c's & AGM details which stated monthly payments over 3 years.
2. Now here's the good news. Rule A6.24.3 (I think) states any default on a repayment plan must be reported to the SPL Secretary within 2 days of the default occurring. IMO that default has already occurred & if Yams have not reported it then they're in breach. Even accepting an argument that default will occur today they will have to report by Thursday. I believe the sanction is a return to the signing ban, anyone fancy Danny Wilson? The main point however is that SPL are involved again & don't need to wait before taking action.
i believe however that painters can still be signed up so one small step for FOH!

[Platinum Scotty]

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I have pledged much more than that a month, so that should bring that figure down a fair bit.

good man

[SMAXXA]

http://www.bbc.co.uk/sport/0/football/22853304 All is Barry

[Leishy1995]

I hope they die.

[Geo_1875]

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Allisbarry reckons the club can still be sold -

@BarryAnderson_8: Various: Romanov's assets are frozen but a deal to sell #Hearts still possible if all parties (Santa, the Tooth Fairy, Fairies at the Bottom of My Garden etc) agree.

More likely.

[ScottB]

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The assets were frozen by the Lith government, so it's only with their agreement that they could be unfrozen - no-one else matters. As you say, there is an ongoing investigation of the activities of 'Mr Romanov' and his companies, in which HoMFC are very much entangled - if you read some of desantos0773's posts on this thread it's clear that a great deal of apparently dodgy money has made its way through HoMFC's accounts so it seems unlikely that they would release the club until their investigations are complete. Indeed, it's not beyond the realms of possibility that they would seek to suspend the club's activities completely.

The latter has been my suspicion all along. Years of criminal investigations are ahead, and the dying corpse of Yam FC are a big chunk of evidence...

Suspect they'll sell off the chunks that can be, then keep the club till the investigations are done.

[Kato]

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Allisbarry reckons the club can still be sold -

@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.

----if all parties agree......"if"......

...there are no tanks in Iraq......."if" you don't count the american ones.....

[Aldo]

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----if all parties agree......"if"......

...there are no tanks in Iraq......."if" you don't count the american ones.....

This and IF yur auntie had baws she'd be yur uncle.
#allisbarrydisnaehalfslaversomepish
#Iamayampuppetandcannotthinkformyself

[Jack Hackett]

Good old Rolland, never fails to amuse.

Barely scraped together £1m when their apology of a club were about to play their 'very last game ever', but now they're going to rally round to the tune of £12m a year

[Treadstone]

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The assets were frozen by the Lith government, so it's only with their agreement that they could be unfrozen - no-one else matters.

Can Ian Murray MP apply the 'political angle' here in the way that only an out of his depth ex-coucillor junior member of an oppostion party can ?

[CraigHibee]

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I hope they die.

This!

[Deansy]

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A couple of things;
1. I'm with Cav in being utterly confused by this repayment plan. My memory was it was agreed 3 payments of approx £0.5mm each over next 2 years. I queried this on here recently & Sergey (I think) kindly directed me to a/c's & AGM details which stated monthly payments over 3 years.
2. Now here's the good news. Rule A6.24.3 (I think) states any default on a repayment plan must be reported to the SPL Secretary within 2 days of the default occurring. IMO that default has already occurred & if Yams have not reported it then they're in breach. Even accepting an argument that default will occur today they will have to report by Thursday. I believe the sanction is a return to the signing ban, anyone fancy Danny Wilson? The main point however is that SPL are involved again & don't need to wait before taking action.
i believe however that painters can still be signed up so one small step for FOH!

Wasn't it the case that the original agreement WAS for 3 payments but the 'Maroon-Elmers' bumped HMRC on that one so HMRC, again giving them another chance, agreed on MONTHLY payments ??

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The latter has been my suspicion all along. Years of criminal investigations are ahead, and the dying corpse of Yam FC are a big chunk of evidence...

Suspect they'll sell off the chunks that can be, then keep the club till the investigations are done.

Totally agree, I've maintained for years that for Eastern-Europe 'Dodgy Types' (and Vlad DEFINTELY qualifies for that description) having an official business-outlet in the West, is, for them, the equivalent of owning a 'Golden Goose' !!!. Another point, if/when it's found that 'Laundered Money' DID pass through their books, surely that will then mean they DID gain an 'unfair sporting advantage' - unlike Lord Nimmo's opinion re 'the rangers' ??

[Chris.igoe]

http://www.bbc.co.uk/sport/0/football/22853304

[Glesgahibby]

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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.

I said something similar yesterday.
i don't think anyone at the wongadome has the authority to file for administration,so this bill could trigger it for them.

[Treadstone]

FoH twitter has them upping the tickets left from 50 to 51 (oh ma sides). Good to see that any Yam money is being looked after by these jokers. Hope that the phantom bus organiser from the league cup final is helping with the pledges.

[CropleyWasGod]

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I said something similar yesterday.
i don't think anyone at the wongadome has the authority to file for administration,so this bill could trigger it for them.

The Board do.

[SaulGoodman]

http://www.urbandictionary.com/define.php?term=foh

Seems about right, probably what they'll be saying when they run away with the money

[jacomo]

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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.............

Well, the Jambo coaster is certainly gathering pace but I don't think they are going to enjoy the ride...