Share Transfers Agreed/Cooling off period

[Part/Time Supporter]

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Funny how a club going out of business is usually preceded by period of on field success.

Airdrie's demise was more to do with the planning hell that their new stadium went through. They sold up Broomfield for a few million to a supermarket to fund a new stadium, as St Johnstone had done successfully a few years before.

Problem was their new stadium then went through a ping-pong between regional council and district council and was ultimately rejected. They burned through most of the cash while they were forced to share at Broadwood (rent costs + attendances went down). By the time a new stadium was finally approved and then built they were already toiling.

[clerriehibs]

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To be fair to the donkey fella, he's possibly the first person (other than us, obviously) to come out and tell the fans that they need to stop chucking their money at a ruinous regime. While I agree with you that the future looks a tad less rosy than DMcP and other Jambos seems to think it will be in a post admin world, they could have done with this advice during the season, when they may have been more likely to come out of administration with a future in professional football.

c. 50% of us are quite happy for them to waste their money on the yams. All the less available when and if something tries to resurrect from the carcass.

[Sergey]

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Is there a set period of how long UBIG'S assets are frozen for or are they frozen indefinitely until there application for insolvency is sorted out?

Few yams down this way seem to think there will be a bid made from a consortium this week whilst FOH are waiting until July 4th (don't know the reason for that specific date) I don't see how any bids can be made whilst the assets are frozen or why anyone would make a bid now rather than waiting on a lower price pre administration, but I'm no financial genius

The UBIG insolvency is completely separate from Ukio. As I understand it, the Lithuanian Service of Financial Crimes are taking on the case (hence the warrant for Vlad) and this debt isn't simply going to be written off. The LSoFC have already charged a number of former Ukio employees with embezzlement (one of them is Ugianskis, former board chairman) and many others will follow, both from Ukio and UBIG.

These are serious charges and serious amounts of money are involved. Hearts are in this up to their neck, too and it won't be too long until Fedotovas gets a knock on the door.

[s.a.m]

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c. 50% of us are quite happy for them to waste their money on the yams. All the less available when and if something tries to resurrect from the carcass.

Aye....there is that. I was having a go at empathy there. Bored with that already.

[Hibs90]

So are they bust yet?

[Matty_Jack04]

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The UBIG insolvency is completely separate from Ukio. As I understand it, the Lithuanian Service of Financial Crimes are taking on the case (hence the warrant for Vlad) and this debt isn't simply going to be written off. The LSoFC have already charged a number of former Ukio employees with embezzlement (one of them is Ugianskis, former board chairman) and many others will follow, both from Ukio and UBIG.

These are serious charges and serious amounts of money are involved. Hearts are in this up to their neck, too and it won't be too long until Fedotovas gets a knock on the door.

My previous hopes the Lithuanian authorities would be tough on this dwindled after the announcement of keeping hearts as a 'going concern' when ukio lost there appeal last week..I've now got renewed hope

[HFC 0-7]

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My previous hopes the Lithuanian authorities would be tough on this dwindled after the announcement of keeping hearts as a 'going concern' when ukio lost there appeal last week..I've now got renewed hope

They can only be a going concern if they have enough dosh to pay their bills as they fall due, ukio would be quite happy for them to carry on paying the interest every month until the balance is due. If they then couldn't pay the balance they would sell Tynie. That way they would get quite a few months of interest payments on top of what they will get selling Tynie.

Problem is, they probably can't afford the interest payments so ukio's hand will be forced.

[Zondervan]

Even after reading this thread daily for months, I am still confused how HMFC as a separate entity will be treated.

So, if they (HMFC) as a separate entity go into admin, does that mean that all the legal wrangling in Lithuania AND the debt to UKIO/UBIG become irrelevant?

Or would the HMFC Administrator need to wait until the mess with UBIG is unravelled before they could sell on HMFC?

[Matty_Jack04]

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Even after reading this thread daily for months, I am still confused how HMFC as a separate entity will be treated.

So, if they (HMFC) as a separate entity go into admin, does that mean that all the legal wrangling in Lithuania AND the debt to UKIO/UBIG become irrelevant?

Or would the HMFC Administrator need to wait until the mess with UBIG is unravelled before they could sell on HMFC?

This is what I've been trying to get at...you done a better job with the questions

[Treadstone]

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My previous hopes the Lithuanian authorities would be tough on this dwindled after the announcement of keeping hearts as a 'going concern' when ukio lost there appeal last week..I've now got renewed hope

Administrator didn't have to say "Swynecastle is up for sale GIRUY!" so he didn't. The EEN headline was laughable "Ukio Bankas administrators vow to sell Hearts on" . Actual story says nothing of the sort. He has to do whats best for Lithuainian tax payer and not HoMFC.

[Glesgahibby]

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The UBIG insolvency is completely separate from Ukio. As I understand it, the Lithuanian Service of Financial Crimes are taking on the case (hence the warrant for Vlad) and this debt isn't simply going to be written off. The LSoFC have already charged a number of former Ukio employees with embezzlement (one of them is Ugianskis, former board chairman) and many others will follow, both from Ukio and UBIG.

These are serious charges and serious amounts of money are involved. Hearts are in this up to their neck, too and it won't be too long until Fedotovas gets a knock on the door.

[Jack]

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My previous hopes the Lithuanian authorities would be tough on this dwindled after the announcement of keeping hearts as a 'going concern' when ukio lost there appeal last week..I've now got renewed hope

In all fairness to the Lith authorities I wouldn’t expect them to say publically they are going do all they can to extract every last penny and destroy hearts.

I suspect privately they are doing all they can to extract every last penny and if hearts are destroyed then so be it.

[GloryGlory]

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Funny how a club going out of business is usually preceded by period of on field success.

Aye, funny that. Of course, nowt to do with spending unsustainable amounts of cash to buy success.

[greenginger]

http://translate.googleusercontent.c...drPU3D48LPDW2g

According to this asset sale will take a minimum of 2 years and that is without any legal challenges to the process.

The Yams could be in Limbo for years........... Dead Club Walking !

[bingo70]

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http://translate.googleusercontent.c...drPU3D48LPDW2g

According to this asset sale will take a minimum of 2 years and that is without any legal challenges to the process.

The Yams could be in Limbo for years........... Dead Club Walking !

They would just form a new company would they not, AFC Hearts or something like that and start again?

[Gus Fring]

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Even after reading this thread daily for months, I am still confused how HMFC as a separate entity will be treated.

So, if they (HMFC) as a separate entity go into admin, does that mean that all the legal wrangling in Lithuania AND the debt to UKIO/UBIG become irrelevant?

Or would the HMFC Administrator need to wait until the mess with UBIG is unravelled before they could sell on HMFC?

Administration would provide Hearts a degree of temporary protection but the lith stuff wouldn't become irrelevant. The debt would still exist as would the security over Tynecastle.

Hearts are still considered a UBIG asset and they are still frozen just now. The lithuanian government would need to authorise any sale of HMFC and I maintain thats unlikely whilst the investigation is still ongoing. For all we, and they, know Hearts could end up being a major part in that investigation so letting it slip away in an effort to appease a few thousand people in another country is unlikely, IMO

[--------]

Can I please have my OWN avatar back on this thread? PLEASE???????????????????

[greenginger]

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They would just form a new company would they not, AFC Hearts or something like that and start again?

Without the Badge, the HOMFC name and the PBS. to play at, I don't think even the thickest of Yams would still claim to be supporting the same Club.

[StevieC]

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Even after reading this thread daily for months, I am still confused how HMFC as a separate entity will be treated.

So, if they (HMFC) as a separate entity go into admin, does that mean that all the legal wrangling in Lithuania AND the debt to UKIO/UBIG become irrelevant?

Or would the HMFC Administrator need to wait until the mess with UBIG is unravelled before they could sell on HMFC?

My understanding is that most of the debt to UKIO/UBIG is secured against Tynecastle. This therefore means that should HoMFC go into administration the majority of the Lithuanian debts are taken out of the equation and its just the debt that is left that can be shed through a CVA.

Am I correct in thinking that if they manage to come out of administration they will still have the UKIO debt and at the very least the interest charges that go with it?

The other alternative would be liquidation which could result in them losing Tynecastle (or at least having to match an independent bid from builder/supermarket)?

[Treadstone]

In the Belarusian third division.

http://belarusdigest.com/story/reviv...all-fans-14359

In 2007, ŪBIG signed the investment agreement with the Minsk City Council. According to the agreement to implement the project the joint-stock company “Stadium” was established. At that time, Romanov had a great relationship with the Belarusian authorities, and became one of the initiators of Alexander Lukashenka’s visit to Lithuania in 2009. For his part, Alexander Lukashenka advised the Lithuanian business elite to contact Romanov in case they wanted to do business in Belarus.

Nevertheless in the beginning of 2010s, Romanov “lost the confidence” of the higher authorities and the Minsk City Council broke its investment agreement with the Lithuanian millionaire. Most likely, the main reason of the conflict was the fact that instead of the reconstruction of the Traktar Stadium, the JSC “Stadium” started to build apartment houses in Minsk's suburbs. When the Belarusian authorities stopped supporting Romanov’s business, he announced the cessation of the FC MTZ-Ripo’s sponsorship.

[Sanger]

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The UBIG insolvency is completely separate from Ukio. As I understand it, the Lithuanian Service of Financial Crimes are taking on the case (hence the warrant for Vlad) and this debt isn't simply going to be written off. The LSoFC have already charged a number of former Ukio employees with embezzlement (one of them is Ugianskis, former board chairman) and many others will follow, both from Ukio and UBIG.

These are serious charges and serious amounts of money are involved. Hearts are in this up to their neck, too and it won't be too long until Fedotovas gets a knock on the door.

UB and UBIG are tied together - UBIG obtained its loans from UB fro all their investment projects. UBIG is UB's biggest debtor. Insolvency of UBIG will follow on from the UB adminsitration process now that is has officially started although a lot of the groundwork has already been carried out.

[greengnome]

Having read the in depth posts on "you know where".... Quite a few of the posters are a bit like this fella pictured.

[Sergey]

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UB and UBIG are tied together - UBIG obtained its loans from UB fro all their investment projects. UBIG is UB's biggest debtor. Insolvency of UBIG will follow on from the UB adminsitration process now that is has officially started although a lot of the groundwork has already been carried out.

They are and they aren't tied together (but obviously are interlinked).

The Ukio administration is currently being carried out by UAB Valnetas. It will be the Kaunas Municipality that will ultimately pass insolvency on UBIG, not UAB Valnetas.

As I mentioned earlier, both organisations (Ukio/UBIG) are under investigation by the Lithuanian Financial Crime folks and all parties will be working together. What part UAB Valnetas play in UBIG isn't really known at this point, but they will be advising the authorities of the money trail.

[bingo70]

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They are and they aren't tied together (but obviously are interlinked).

The Ukio administration is currently being carried out by UAB Valnetas. It will be the Kaunas Municipality that will ultimately pass insolvency on UBIG, not UAB Valnetas.

As I mentioned earlier, both organisations (Ukio/UBIG) are under investigation by the Lithuanian Financial Crime folks and all parties will be working together. What part UAB Valnetas play in UBIG isn't really known at this point, but they will be advising the authorities of the money trail.

You've mentioned before how corruption is rife in Lithuania, is the most likely outcome not going to be a few backhanders given out to make this all go away, a bit like what's being accused with Duff & Phelps?

Hoping that's not a possible way out of this for hearts too, a wee brown envelope in the right direction to make there debt go away and get a favorable price for tynecastle

[Treadstone]

Barry Anderson ‏@BarryAnderson_829m
#Hearts admit this week is critical as they try to raise cash. Match tickets to go on sale as soon as fixtures released on Wed. See EN #HMFC

I am loving this.
http://www.scotsman.com/edinburgh-ev...-bid-1-2969131

Hearts spokesperson told the Evening News: “This week is paramount to the club’s future. The big difference this week is that, suddenly, one of the most important revenue streams for the club could be opened up when the new fixtures are announced. It is a critical period. We hope to have tickets on sale within 48 hours of the fixtures being released, which is going to be a vital lifeline for the club.”]

[Gus Fring]

Just seen this

Jamie Ryan @ChunkyGeek
Aw, @BarryAnderson_8 has blocked me. Clearly he's not a fan of the truth. I'm claiming that as a small victory.


What a bottle merchant Barry is. Here was a guy who was spot on with what he was saying every time and Barry has blocked him. Clearly he can't handle it.

[Sergey]

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You've mentioned before how corruption is rife in Lithuania, is the most likely outcome not going to be a few backhanders given out to make this all go away, a bit like what's being accused with Duff & Phelps?

Hoping that's not a possible way out of this for hearts too, a wee brown envelope in the right direction to make there debt go away and get a favorable price for tynecastle

I don't see it, Bingo.

The current LT government has financial fair-play pretty high on their agenda and they really went to town with the previous incumbents mismanagement with the collapse of Bankas Snoras. The Uhio & UBIG cases be done strictly by the book as the LT government have more to lose than win if they start any financial jiggery-pokery.

[JeMeSouviens]

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Barry Anderson ‏@BarryAnderson_829m
#Hearts admit this week is critical as they try to raise cash. Match tickets to go on sale as soon as fixtures released on Wed. See EN #HMFC

I am loving this.
http://www.scotsman.com/edinburgh-ev...-bid-1-2969131

What's the betting the first 2 fixtures at Tiny will be us and Celtc?

[JeMeSouviens]

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You've mentioned before how corruption is rife in Lithuania, is the most likely outcome not going to be a few backhanders given out to make this all go away, a bit like what's being accused with Duff & Phelps?

Hoping that's not a possible way out of this for hearts too, a wee brown envelope in the right direction to make there debt go away and get a favorable price for tynecastle

For reasons I don't even pretend to understand, Lithuania is very keen on joining the Eurozone. They have been concerned about the impact of the collapse of Snoras and Ukio, so have the incentive to be squeaky clean.

[malcky]

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What's the betting the first 2 fixtures at Tiny will be us and Celtc?

Doubt it would matter as I imagine only hearts fans would buy tickets for a game which might not go ahead