Share Transfers Agreed/Cooling off period

[Treadstone]

Imagine the scenario in reverse, a Scottish businessman is putting money into Kaunas through a subsidiary of his 'successful' business. Runs up a lot of debt and stops investing. His company is going down the pan but the Scottish government step in and put tax payer money in to keep it running. The assets in Kaunas now belong to the Scottish government who would like to sell the assets as a 'job lot'. However selling them to the highest bidder is preferable as it lowers the burden on the tax payer.

C'mon the Lith administrator/liquidator.

[magpie1892]

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Create a Company to put in a bid - then bid a £1 - take on the debt and then liquidate them.

My other half has a company - should I give her the nod?! I like this one, it's really unpleasant.

[Sergey]

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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.

I'm not so sure, PTS. I'm still not 110% convinced (shows I'm no accountant) that no additional debt has been racked up with the Liths, let alone Scottish suppliers.

As Bingo says, it's fairly irrelevant in the broad scheme of things as they are goosed good and proper, but I personally feel that the figures currently being quoted are inaccurate.

[greenginger]

Got another little piece of debt confirmed by the Scottish Police Force in today's mail.

As of 30th May 2013 Hearts due Police Scotland £ 17,416.80 . Not a fortune but another bill lying in the in-tray.

[greenginger]

http://www.15min.lt/en/article/busin...ank-527-326362


I wonder if that one will ever make Court . It sure could slow down transfer of hearts shares , the PBS. and the baking trays.

[Viva_Palmeiras]

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Got another little piece of debt confirmed by the Scottish Police Force in today's mail.

As of 30th May 2013 Hearts due Police Scotland £ 17,416.80 . Not a fortune but another bill lying in the in-tray.

Services in this town are hard pressed enough without these donuts applying additional pressure through their wilful mismanagement leaving others out of pocket. I hope the full extent of non payment is revealed and no public money is offered by the way of support (which I think others have suggests would be illegal in Europe anyway) nor should planning applications be looked on favourably.

[Viva_Palmeiras]

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http://www.15min.lt/en/article/busin...ank-527-326362


I wonder if that one will ever make Court . It sure could slow down transfer of hearts shares , the PBS. and the baking trays.

VlAd looks a broken man.

[truehibernian]

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Got another little piece of debt confirmed by the Scottish Police Force in today's mail.

As of 30th May 2013 Hearts due Police Scotland £ 17,416.80 . Not a fortune but another bill lying in the in-tray.

Shouldn't have been policing games until they'd paid GG, simple as that. One for the media that one. Senior officers need to be accountable and explain why they've been policing for free (essentially). I'll bet Hibernian are up to date.

[Viva_Palmeiras]

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Shouldn't have been policing games until they'd paid GG, simple as that. One for the media that one. Senior officers need to be accountable and explain why they've been policing for free (essentially). I'll bet Hibernian are up to date.

Insane that Hearts should YET again rack up debts with police bills - did Walnut not have to bail them out for similar non-payment? Despicable them how apt.

[NOLA]

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

its deeper than it looks obviously

[greenpaper55]

Was there not something about vlads empire being investigated for criminal activities ?, if it's the case that Hearts are involved with this even if it was unwittingly then this could hold up any sale of the club for years.

[ronaldo7]

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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.

Maybe someone from Scotland should be writing to them, saying they don't have the kahoonas to take on the might of HOMFC. These eastern european types are just pussies.

[The Falcon]

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Shouldn't have been policing games until they'd paid GG, simple as that. One for the media that one. Senior officers need to be accountable and explain why they've been policing for free (essentially). I'll bet Hibernian are up to date.

Over on brokeback they are now claiming that they are some sort of special case and will be treated by the authorities as such, and very leniently.


Also the Lith admins are practically gagging for a CVA, apparently, because they know fine well it is better than nothing.


It is quite frightening that these folk are walking among us or working machinery.

[Scottie]

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Got another little piece of debt confirmed by the Scottish Police Force in today's mail.

As of 30th May 2013 Hearts due Police Scotland £ 17,416.80 . Not a fortune but another bill lying in the in-tray.

You couldny make this up !

Mind you it's only about a weeks wage that they were paying the likes o Larry Kingston

[jonty]

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Maybe someone from Scotland should be writing to them, saying they don't have the kahoonas to take on the might of HOMFC. These eastern european types are just pussies.

Sounds like the kind of message that would fit nicely on a billboard?

[ronaldo7]

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Sounds like the kind of message that would fit nicely on a billboard?

In Kaunus

[Ozyhibby]

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http://www.15min.lt/en/article/busin...ank-527-326362


I wonder if that one will ever make Court . It sure could slow down transfer of hearts shares , the PBS. and the baking trays.

That's great news. There is no way they can sell while it's the subject of a court case. Nice one Vlad

[Sanger]

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I'm not so sure, PTS. I'm still not 110% convinced (shows I'm no accountant) that no additional debt has been racked up with the Liths, let alone Scottish suppliers.

As Bingo says, it's fairly irrelevant in the broad scheme of things as they are goosed good and proper, but I personally feel that the figures currently being quoted are inaccurate.

UB has directly or indirectly lost £70 million because of HMFC. The Lithuanian gov have borrowed £200 million to make good the hole in UB. Will they accept pennies for HMFC and just go away like good little children?

[Www1875hfc]

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Got another little piece of debt confirmed by the Scottish Police Force in today's mail.

As of 30th May 2013 Hearts due Police Scotland £ 17,416.80 . Not a fortune but another bill lying in the in-tray.

Somebody should tweet Barry Anderson.

[AndyB_70]

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http://www.15min.lt/en/article/busin...ank-527-326362


I wonder if that one will ever make Court . It sure could slow down transfer of hearts shares , the PBS. and the baking trays.

Looks good but this was published 2 months ago. Just wonder how we have never seen this before and was this before his mystery illness in Moscow?

[PapillonVert]

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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.

Sergey, I too have been wondering what a thorough due diligence will reveal.

I do wonder what horrors will be uncovered once light is shed on HMFC's true financial situation.

I posit the question: why has the main man disappeared and what does he have to hide?

I suspect there's a lot of quite shady stuff yet to be revealed.

As for FoH, dear Lord, those guys need help!

[TRC]

Anyone else notice Iain murrays office is painted in a lovely bottle green , absolute plum!

[jabis]

alway's remember Vlads wee boy was voted in as chairman(?) a couple of weeks ago

[jacomo]

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Sergey, I too have been wondering what a thorough due diligence will reveal.

I do wonder what horrors will be uncovered once light is shed on HMFC's true financial situation.

I posit the question: why has the main man disappeared and what does he have to hide?

I suspect there's a lot of quite shady stuff yet to be revealed.

As for FoH, dear Lord, those guys need help!

On Scotland Tonight Michael Murray did hint at potential unknown problems that could yet emerge. I think FoH might have an inkling that the situation could be even worse than reported, and any offer from them to buy the club - if they make one - could have so many caveats attached that it is effectively meaningless.

Until investigations in Lithuania have run their course, how could any prospective buyer know what exactly they are buying? Of course Fedotovas, as HMFC director and recent UBIG director, probably has a good idea of the true situation, but he's playing dumb.

[andrew70]

http://m.scotsman.com/sport/football...ce=twitterfeed

[SteveHFC]

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http://m.scotsman.com/sport/football...ce=twitterfeed

[frazeHFC]

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http://m.scotsman.com/sport/football...ce=twitterfeed

"With 6 Independant groups, 3 North American , the Scandinavians and 2 UK based (including FOH) all interested in purchasing HMFC, you can almost feel the seethe from the first 3 numpty hobo comments haha giruy
HHGH"





Yep we're seething right enough.

[EdinMike]

Staying up late is awesome sometimes..

[JohnStephens91]

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http://m.scotsman.com/sport/football...ce=twitterfeed

http://www.hmfckickback.co.uk/index....here-it-hurts/

AlloaSectionG Posted 14 June 2013 - 08:35 PM
The way to hit them where it hurts is to get back to pumping them on the park, ASAP.

How do you think they're gonna feel when we're debt-free under new owners by the time the season starts?




Deluded Yam *****. Hope you enjoy Sunday League, about the only thing your club could raise money for.

[Hibercelona]

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"With 6 Independant groups, 3 North American , the Scandinavians and 2 UK based (including FOH) all interested in purchasing HMFC, you can almost feel the seethe from the first 3 numpty hobo comments haha giruy
HHGH"





Yep we're seething right enough.

Absolutely outraged.

I was hoping we could build a statue of Vlad outside Tynecastle when the gates finally close for the last time. But if any of these groups take over, you can be sure they'll be nothing left but a big spot of empty land for them to build houses over.