Share Transfers Agreed/Cooling off period

[Hibercelona]

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Yeah it does feel like its been dragging on a bit ! But have to say' im really enjoying the pain their suffering !! Suck it up ya hearts !!

You better no be calling me a Hearts bassa!

I'm enjoying this as much as anyone. But I just want the final verdict to come already, it's been dragging on for far too long.

I just want them to be put down already.

[Hank Schrader]

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Every day is apparently going to be "doomsday", but never actually is.

Every single month, I hear about how this is there last month. Then I hear the same thing the next month.

Calm down. You sound more desperate for them to fold than anyone else. These things don't just happen instantly. It takes a number of factors for a business to fall into insolvency. Hearts case is even more convoluted because of the Lithuabian situation. They are just about to fall into the abyss.

[Hibercelona]

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Calm down. You sound more desperate for them to fold than anyone else.

You've got that right!

[joe breezy]

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Every day is apparently going to be "doomsday", but never actually is.

Every single month, I hear about how this is there last month. Then I hear the same thing the next month.

That's what the hearts fans I knew said, till I deleted them off Facebook

[greengnome]

Go on.... Have a quick butchers over on Sickbag... They have a S**t load of problems in their own back yard, and they can only focus on the BIG TEAM in Edinburgh.... They actually do not care about their own problems, it will go away 'cos somebody else will fix the Sh** they are in.... Half of them would love to be Hibby's, but they are not HIBS CLASS.....


Check this thread.... First thing we do if/when we get through this.



There is only one class....... Hibs Class, this was proved last night, outside the Wongadome....!!

[Thecat23]

Sickback is superb just now. The boy Foxy Knoxy I think may pass Craigieboy for being the ultimate fangina.. Every thread he posts that smug Bale face and tells everyone Hearts are fine and in no bother at all.

Debt free and going strong in 3 years as well HAHA. I can just imagine this wee fat string vest wearing tramp sitting in his hole of a room with hearts wallpaper and pics of Robbo all over the shop. Sweating like mad at the outcome of what might happen to them. In fact reading his stuff I think he's Rolland who posts on the EEN. Can't be 2 people that stupid surely?? Anyway he's given me a few good laughs he'll be hanging himself if hearts go under.

[lapsedhibee]

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The one with back to camera does look like Medals Mackay.

Looks like Medals McKay? All I can make out clearly is an arse!

[Hibby Kay-Yay]

So how could UBIG suffering an insolvency event not put Hearts into administration? Surely they would still incur a -15 point penalty for next season*

*if they make next season

[hibees 7062]

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Sickback is superb just now. The boy Foxy Knoxy I think may pass Craigieboy for being the ultimate fangina.. Every thread he posts that smug Bale face and tells everyone Hearts are fine and in no bother at all.

Debt free and going strong in 3 years as well HAHA. I can just imagine this wee fat string vest wearing tramp sitting in his hole of a room with hearts wallpaper and pics of Robbo all over the shop. Sweating like mad at the outcome of what might happen to them. In fact reading his stuff I think he's Rolland who posts on the EEN. Can't be 2 people that stupid surely?? Anyway he's given me a few good laughs he'll be hanging himself if hearts go under.

Tristan Shout must be up there

[Part/Time Supporter]

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So how could UBIG suffering an insolvency event not put Hearts into administration?

Because they are separate companies with separate financial arrangements. If one of your relatives goes bankrupt it doesn't mean that you go bankrupt.

Surely they would still incur a -15 point penalty for next season*

*if they make next season

Aye, if the mood music from the SPL is to be believed. Some of the stuff regurgitated from Hearts in the EEN made me think that Hearts would argue against that on the grounds that they've been operating without fresh funding from UBIG since January 2012 ("we're self sufficient" in short), but the repeated cash flow crises have destroyed what credibility there was in that argument.

[mixumatosis]

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Looks like Medals McKay? All I can make out clearly is an arse!

Ergo...

[HibsNibs]

If Hibs had £60m+ of funny money spent on them we'd be the 3rd 'biggest' club by a country mile. That's right yamfuds, you're nowt special. Let's see how your attendances hold up now your financial doping has been removed - if you make it to the start of the season that is, which I doubt.

[Gus Fring]

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Aye, if the mood music from the SPL is to be believed. Some of the stuff regurgitated from Hearts in the EEN made me think that Hearts would argue against that on the grounds that they've been operating without fresh funding from UBIG since January 2012 ("we're self sufficient" in short), but the repeated cash flow crises have destroyed what credibility there was in that argument.

From what I've heard I would incredibly surprised if Hearts did not get the 15 point deduction when UBIG are officially declared insolvent. They almost applied the 18 points that would have relegated them but the legal advice from here and Lithuania was that it would never stand up to scrutiny so they decided against. Trust me, that gun is loaded, cocked and pointed at Tynecastle, they're just waiting for the right moment to pull the trigger.

Regarding Hearts entering admin next week, I'd think that's unlikely (but not impossible). They are keeping that as they're last resort it seems. Admin could kill them off completely.

[The Falcon]

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Sickback is superb just now. The boy Foxy Knoxy I think may pass Craigieboy for being the ultimate fangina.. Every thread he posts that smug Bale face and tells everyone Hearts are fine and in no bother at all.

Debt free and going strong in 3 years as well HAHA. I can just imagine this wee fat string vest wearing tramp sitting in his hole of a room with hearts wallpaper and pics of Robbo all over the shop. Sweating like mad at the outcome of what might happen to them. In fact reading his stuff I think he's Rolland who posts on the EEN. Can't be 2 people that stupid surely?? Anyway he's given me a few good laughs he'll be hanging himself if hearts go under.

They seem convinced, and to be fair the whole thing hinges on, the Lithuanian's writing off the debt. References to them doing the "correct thing" by Hearts (wipe out the debt). No mention at all of Hearts doing the correct thing and paying them back. This is very much their starting point and if they can get the Liths to agree then they are sorted.

I really hope the Liths play it hard.

[Part/Time Supporter]

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From what I've heard I would incredibly surprised if Hearts did not get the 15 point deduction when UBIG are officially declared insolvent. They almost applied the 18 points that would have relegated them but the legal advice from here and Lithuania was that it would never stand up to scrutiny so they decided against. Trust me, that gun is loaded, cocked and pointed at Tynecastle, they're just waiting for the right moment to pull the trigger.

Regarding Hearts entering admin next week, I'd think that's unlikely (but not impossible). They are keeping that as they're last resort it seems. Admin could kill them off completely.

Since they don't have any cash, the only point in HMFC going into administration is to frustrate a winding up petition (most likely from HMRC) succeeding in liquidating the company outright. It would at least buy the company some time and legal protection until another bill hits that the administrator couldn't pay. There isn't a winding up petition in place (as of yesterday's papers) so there's no immediate urgency.

[Spike Mandela]

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They seem convinced, and to be fair the whole thing hinges on, the Lithuanian's writing off the debt. References to them doing the "correct thing" by Hearts (wipe out the debt). No mention at all of Hearts doing the correct thing and paying them back. This is very much their starting point and if they can get the Liths to agree then they are sorted.

I really hope the Liths play it hard.

This is how EVERY football administration works. It is a cheats charter for shedding debt. I have no doubt this will be the same.

[magpie1892]

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Hahaha" f...ing magic !!

Someone get the spelling of 'dicks' sorted out FFS.

[josef k]

What more can we do to help in their hour of need? Are we doing enough? So far people are:

1) Making false pledges of support on the FOH website (I think using plausible names is best)
2) Sending complex questions to the FOH info email address (waste their time)

Both are laudable. What about also:

3) Fresh FOI request regarding their current council tax debts and what the council are doing to recover. Could be another straw to break the camel's back. Who did the first one - some guidance here would be good.
4) Who would be the appropriate authority to report the non-existent share issue to? Any suggestions? Or a journalist who might actually be interested?

Anything else we can do? Lets rally round and help!

[Part/Time Supporter]

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This is how EVERY football administration works. It is a cheats charter for shedding debt. I have no doubt this will be the same.

The security in place gives the Lithuanians some protection from being completely screwed. If FOH or whoever makes an absurdly low offer then the Lithuanians can just say "okay, we'll just take the assets (PBS) instead and sell it off to the highest bidder". Whereas if the security wasn't in place (as in the Rangers case) the assets would pass to the proposed buyer regardless of the wishes of the creditors.

[cad]

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Is it a coincidence these bad boys were snapped stealing coins from a fountain same week the fuds need to pay a tax bill? The one with back to camera does look like Medals Mackay.

Deary dear their wishes never came true so they're taking the cash back, on the other hand they could be looking for Vlad

[greenlex]

Thought it time to air this again after being reminded with it being on the tellybox tonight.

http://youtu.be/dd2Zcbl9_iU

[gorgie greens]

Must admit I never thought any thread would come close to the Rangers one,this thread is catching up rapidly and once the Yam coffin is getting lowered in to the ground it will pass the Huns thread easily

[Coco Bryce]

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Must admit I never thought any thread would come close to the Rangers one,this thread is catching up rapidly and once the Yam coffin is getting lowered in to the ground it will pass the Huns thread easily

This will be the biggest thread EVER in the history of hibs.net

[Gus Fring]

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This is how EVERY football administration works. It is a cheats charter for shedding debt. I have no doubt this will be the same.

In fairness, most football clubs don't have the audacity to get themselves in to this much of a convoluted mess. This is not you're typical "Football speculates a bit too much and it all goes tits up" strategy. Administration is unlikely to be the clean slate the yam fans think and the club itself is all to aware of that. There's much at play between Hearts, UBIG and Ukio all going *pop* at the same time as well as secured assets etc.

There is one vital thing that has been constant for the last few months and could very well end up being the most important factor. All UBIGS assets are frozen because it's suspected Vlad has been up to, shall we say "significant dodginess". That decision won't be lightly if the lithuanian authorities think they play a significant part in any investigation. Until such times as those assets are unfrozen

HEARTS CANNOT BE SOLD! TO ANYONE!

[Part/Time Supporter]

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Must admit I never thought any thread would come close to the Rangers one,this thread is catching up rapidly and once the Yam coffin is getting lowered in to the ground it will pass the Huns thread easily

It would be a hell of a lot shorter if we could be arsed to delete the highly informative "I wish they would die", "are they dead yet?" or "it will never happen" posts.

[greenginger]

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What more can we do to help in their hour of need? Are we doing enough? So far people are:

1) Making false pledges of support on the FOH website (I think using plausible names is best)
2) Sending complex questions to the FOH info email address (waste their time)

Both are laudable. What about also:

3) Fresh FOI request regarding their current council tax debts and what the council are doing to recover. Could be another straw to break the camel's back. Who did the first one - some guidance here would be good.
4) Who would be the appropriate authority to report the non-existent share issue to? Any suggestions? Or a journalist who might actually be interested?

Anything else we can do? Lets rally round and help!

I did an FOI request at the beginning of the year and last month. At the end of April they had no outstanding Business Rates and owed about £ 10,000 in rent. That was 2 months ago so there should be more debt now.

Its easy to make an FOI request on-line. Go to Edin Council web site, click information, and at the bottom there is a make a FOI request box.
Only trouble , it takes 20 working days, so info will be sent in the middle of July.

[Minder]

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What more can we do to help in their hour of need? Are we doing enough? So far people are:

1) Making false pledges of support on the FOH website (I think using plausible names is best)
2) Sending complex questions to the FOH info email address (waste their time)

Both are laudable. What about also:

3) Fresh FOI request regarding their current council tax debts and what the council are doing to recover. Could be another straw to break the camel's back. Who did the first one - some guidance here would be good.
4) Who would be the appropriate authority to report the non-existent share issue to? Any suggestions? Or a journalist who might actually be interested?

Anything else we can do? Lets rally round and help!

Register for season tickets with Direct Debit option, then cancel.
Create a Company to put in a bid - then bid a £1 - take on the debt and then liquidate them.

[Sergey]

I'd like to add one caveat that the press (and this forum) haven't really picked up on.

Their last audited accounts had them circa £25M in debt. That figure is now nigh-on a year out of date. Their current debts....and I repeat, current debts, could easily surpass the £30M mark. As Desantos has previously mentioned in this thread, their debt to both Ukio and UBIG could be far greater than is being reported. It's certainly not £25M when you factor in HMRC and ongoing interest charges.

The Scottish press are simply using their previous accounts as the benchmark to their current debts. These are long outdated and I'd like to know what they are currently trading at.

Not a big ask....but an ask that FoH and the other 'bidders' are probably too afraid to ask.

[Part/Time Supporter]

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I'd like to add one caveat that the press (and this forum) haven't really picked up on.

Their last audited accounts had them circa £25M in debt. That figure is now nigh-on a year out of date. Their current debts....and I repeat, current debts, could easily surpass the £30M mark. As Desantos has previously mentioned in this thread, their debt to both Ukio and UBIG could be far greater than is being reported. It's certainly not £25M when you factor in HMRC and ongoing interest charges.

The Scottish press are simply using their previous accounts as the benchmark to their current debts. These are long outdated and I'd like to know what they are currently trading at.

Not a big ask....but an ask that FoH and the other 'bidders' are probably too afraid to ask.

It won't be hugely different. The total debt to Ukio/UBIG might be (at worst) £2M higher because the interest on the Lithuanian loans was being rolled up and not physically paid until quite recently. They weren't getting any fresh advances from Lithuania last season and their accounts at June 2012 already included the settlement of the tax case.

[bingo70]

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I'd like to add one caveat that the press (and this forum) haven't really picked up on.

Their last audited accounts had them circa £25M in debt. That figure is now nigh-on a year out of date. Their current debts....and I repeat, current debts, could easily surpass the £30M mark. As Desantos has previously mentioned in this thread, their debt to both Ukio and UBIG could be far greater than is being reported. It's certainly not £25M when you factor in HMRC and ongoing interest charges.

The Scottish press are simply using their previous accounts as the benchmark to their current debts. These are long outdated and I'd like to know what they are currently trading at.

Not a big ask....but an ask that FoH and the other 'bidders' are probably too afraid to ask.

Suppose the counter argument to that though is that it doesn't really matter does it? Whether its 25m 50m or 100 billion they're only worth what someone's willing to pay surely?