Share Transfers Agreed/Cooling off period

[DaveF]

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To reduce the tax bill they need a CVA an agreement from all creditors. Liquidation would see the secured creditors paid first leaving HMRC at bottom of the queue but also mean HMFC were wound up and a newco applying for div 3 which I think is the mostly likely outcome.

Right, I didn't think HMRC had any vote on a CVA but you are saying they do?

If so, then I assume they will be very unlikely to accept a pence in the £ deal?

[IWasThere2016]

Was told yesterday "Campbell Hart KPMG appointed today"

[CyberSauzee]

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But would still need money to pay off tax man and run the club next season. So they need about £6m. £2m for Hearts, £2m for tax debts and £2m to run club next season.

DS, or anyone with commerical property valuation experience, any idea what the PBS would go for on the open market?

I recall the pie man was about to sell it for £19-20m? Obvoisly the value collapsed after 2008. Last night over a pint wih Sergey he mused at it being worth about £11m, I went higher at £15m.

Anyone any ideas?

[Kojock]

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Yes that is my view and always has been. No bidder is real or has the money to come close to what the Ukio Bankas's administrators believe they can obtain from the selling the stadium on its own for property development. This will mean a liquidation sale. I predicted liquidation for RFC when they went into administration in February 2012. This is a different but equally complex situation if not more. HMFC will completely disappear for a period but comeback into Div 3 as new company at some point in the future. The risk for the SPL and it is very high that they cannot even begin to fulfill their fixtures never mind see them out for next season. Of course nobody believed the Hobo economists on here because they were too thick or deluded. An aware SPL would have given them the 18 points penalty on UBIG's self-insolvency and given the problem to SFL.

If your going to keep speaking dirty like this Im going to have to close my blinds.

[bathhibby]

Just listening to the Roasters on Sports sound - unbelievable - tune in now

[Sanger]

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Right, I didn't think HMRC had any vote on a CVA but you are saying they do?

If so, then I assume they will be very unlikely to accept a pence in the £ deal?

It would be an credit between creditors and a sliding scale of payouts.

[Treadstone]

Gordon Chrees' report on STV was a disgrace "Under Wallace Mercer they were a model of financial prudence..." Eh naw they were not. Sold to pieman with a £4m debt.

[Hibee87]

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DS, or anyone with commerical property valuation experience, any idea what the PBS would go for on the open market?

I recall the pie man was about to sell it for £19-20m? Obvoisly the value collapsed after 2008. Last night over a pint wih Sergey he mused at it being worth about £11m, I went higher at £15m.

Anyone

between 12 and 14 million in todays market I believe

[TowerHibs]

FOH guy on sportsound saying they have tens of THOUSAND pound pledges!!!

That wouldn't buy you a decent motor

Plums:fenlon:fenlon

[hibbytam]

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Just listening to the Roasters on Sports sound - unbelievable - tune in now

The guy that was just on is a genius.

'looking back, nothing was invested'.
Yeah. We said at the time.

'We shouldn't be making deals we can't sustain'
yeah....


'I can't say how much money we've raised'

I can. £0.00p.

[Sylar]

Who's going to initiate the inaugural hibs.net "Vladimir Romanov Statue" thread?

[Zondervan]

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Was told yesterday "Campbell Hart KPMG appointed today"

I am told he is just a PR guru for KPMG, and not an Administrator?

[Monopolyguy]

Stole this beauty from some Hibby trolling a Hearts clip on Youtube a few months ago. I apologize if this has been posted before.

Way down in Gorgie, where the tramps sing the Sash
They're crapping themselves cos they've run out of cash
The biscuit tin's empty, they're down to the bone
And not even Wonga will give them a loan
Debts, debts mountains of debts
The bailiffs are chapping the door
The new Gorgie Tescos is going up soon
There'll be not a trace of the boys in maroon

[hibbytam]

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Who's going to initiate the inaugural hibs.net "Vladimir Romanov Statue" thread?

I'm sure there was one on 'the other side'.

Should probably just continue that, to avoid confusion.

[Treadstone]

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The guy that was just on is a genius.

'looking back, nothing was invested'.
Yeah. We said at the time.

'We shouldn't be making deals we can't sustain'
yeah....


'I can't say how much money we've raised'

I can. £0.00p.

I will raise you the fan who said "we need the right man with the right money who is willing to spend"

No sh** sherlock.

[hibbytam]

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I will raise you the fan who said "we need the right man with the right money who is willing to spend"

No sh** sherlock.

Or the one was asked 'who't to blame', and answered 'football'.

[kdhibees1]

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Stole this beauty from some Hibby trolling a Hearts clip on Youtube a few months ago. I apologize if this has been posted before.

Way down in Gorgie, where the tramps sing the Sash
They're crapping themselves cos they've run out of cash
The biscuit tin's empty, they're down to the bone
And not even Wonga will give them a loan
Debts, debts mountains of debts
The bailiffs are chapping the door
The new Gorgie Tescos is going up soon
There'll be not a trace of the boys in maroon

Genius!

[One Day Soon]

Is that the sound of Hearts going bust or fireworks going off?

[bathhibby]

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Or the one was asked 'who't to blame', and answered 'football'.

I'll raise you a fatty Robbo - "its not Romanov's fault its Scottish Football's"

[Treadstone]

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Or the one was asked 'who't to blame', and answered 'football'.

[TowerHibs]

Agree with the FOH there though regarding Scottish football.

The governance of the league must demand full future business models for teams, budgets and projections. This forces better planning and better long term for the health of the scottish game. German league follows this process and is being adopted in other European leagues

[Treadstone]

Blobbo says Swynecastle valued at £5.6m

[Oscar T Grouch]

The way thy're talking on Sportsound you'd think all fitba' teams are run the same way as that lot, what a bunch of muppets

[God Petrie]

I wish we could bypass the "Scottish football is doomed if Hearts die", "It would be catastrophic for Scottish Football if Hearts die", "All the other clubs will die with Hearts" stage of the media's "analysis" of the Hearts situation.

It was done to death last year and doesn't have any basis on reality or any bearing on the final outcome of the insolvency process.

[CropleyWasGod]

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To reduce the tax bill they need a CVA an agreement from all creditors. Liquidation would see the secured creditors paid first leaving HMRC at bottom of the queue but also mean HMFC were wound up and a newco applying for div 3 which I think is the mostly likely outcome.

Only the unsecured creditors vote in a CVA

[greenginger]

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Only the unsecured creditors vote in a CVA

Does a creditor part secured like Ukio Bankas seem to be ( owed £15 million and having £6.8 million of it secured ) not get a vote for the unsecured part of the debt ?

[greengnome]

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The way thy're talking on Sportsound you'd think all fitba' teams are run the same way as that lot, what a bunch of muppets

Another yam business model posted over the road..... Makes you wonder how they went T**s up in the first place?

(That's it....Dinnae like him, withdraw the pledges lads!!!!)


robbo made a good point, (about fan ownership)the fans could hold the club to ransom if they don't agree with certain aspects like who the coach is etc.. and could withdraw their pledges at any point

[IFONLY]

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Was told yesterday "Campbell Hart KPMG appointed today"

Told by whom ??

[Part/Time Supporter]

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Agree with the FOH there though regarding Scottish football.

The governance of the league must demand full future business models for teams, budgets and projections. This forces better planning and better long term for the health of the scottish game. German league follows this process and is being adopted in other European leagues

Aye, but under the SPL rules you would have needed an 11-1 majority to vote for such regulation to be imposed. I can't imagine that Hearts (and possibly one or two others with shaky finances) would ever have voted for that.

[fat freddy]

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Only the unsecured creditors vote in a CVA

The financial guru is back...in some strange way i feel that if it were not for CWG, CG, GG, PTS, Sergey and a few other notables whose names elude me at the moment, then this beautiful story might never have happened.

on behalf of all . netters....'We Salute You!'....your indefatigability in providing us with a true picture of what has been happening at the PBS against a backdrop of lazy journalism, lying directors and deluded supporters make you all lifetime Hibs legends in my eyes.