Share Transfers Agreed/Cooling off period

[Andy74]

Okay - how quickly does the squad get further decimated and the news that season ticket holders are just creditors get announced?

[Haymaker]

Lord pishybreeks on SSN the now spouting pish.

[Peevemor]

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Lord pishybreeks on SSN the now spouting pish.

What this guy?

CHAIRMAN George Foulkes has warned Hearts’ major shareholders not to scupper the deal to sell the club to Vladimir Romanov.

http://www.scotsman.com/sport/footba...-deal-1-556015

[greengnome]

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Are they forgeting the hearing due for not paying wages?

Maybe one of our deep undercover keeckbackers can put a spoke in the wheel regards this?



Hopefully those predicting a short straightforward admin and CVA are right. In and out with time to make a couple of quick signings before the end of the window in August.

[Mr White]

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Just surprised that Brian Kennedy hasn't popped up with a bid, only to scurry off under his cloak like a bad panto villian buying nowt.

don't worry he's currently in a taxi on his way to Tynie with Gazza a couple of chicken sandwiches and a 6 pack.

[Haymaker]

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What this guy?



http://www.scotsman.com/sport/footba...-deal-1-556015

Aye, he had "no choice" to sell to Romanov, the "riots" in the streets over selling the Saville Arena, Romanov "realised the potential" of Hearts, FoH have 600 pledges for over £1m.

[HibeeMG]

BDO

Bad Day at the Office (for the yams anyway)
Building Debts Overwith
Blood Doesn't..... Oh bugger!
Bulldozers Destroy Obviously
Best Day O​ftheyear

[green glory]

Why hasn't the thread been renamed Jambogeddon yet?

[GloryGlory]

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Absolute rubbish IMO - Edinburgh is a village when it comes to anything allegedly 'lying low' - it's too small a city.

Certainly the staff I know at Hearts are distraught having heard nowt, and one of my mates is good friends with someone actually behind FoH - they ain't heard anything either. The latter mixes in these very same Edinburgh business circles.

It's very reminiscent of transfer windows - lots and lots of players meant to be signing however very very few materialise and usually one's that we knew nothing about (unless scoopy, big mo or brooster post ) - same happened with Rangers, lots of so called bidders from all corners of the globe but it came down to the wire there too. Expect the same Far East/Singapore/American consortium stories for the next month or so. Then the 'Save the Gorgie Fry' campaign in the EEN

Just surprised that Brian Kennedy hasn't popped up with a bid, only to scurry off under his cloak like a bad panto villian buying nowt.

Once the administrator is in place and examining the books, the true financial picture should hopefully become clearer. Then the "bidders" can also do their own due diligence and reach a conclusion about the true value of the business. A lot of people think they can pick up bargains from administrators, only to see the finances are much worse than they originally thought, enough to blow a big hole in any business plan they may have in mind. For example, even if Hearts keep the SavileDome, the main stand must be close to being refused a safety certificate and condemned. How will they finance the costs of that?

What about the season ticket cash - where has that gone? If they have to honour season tickets - and as "Hearts-minded" folk, surely they will - the cashflow next season could be dire. Or maybe His Lordship Pishybreeks will use his allowances to help them out?

[Treadstone]

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Aye, he had "no choice" to sell to Romanov, the "riots" in the streets over selling the Saville Arena, Romanov "realised the potential" of Hearts, FoH have 600 pledges for over £1m.

To be fair it was soon after what Pishybreeks calls a 'half bottler' and everyone else calls lunch.

[lapsedhibee]

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They are deluded beyond belief. That hasn't changed. Signing players, emerging debt free... What planet do these imbeciles live on?

Dan has a picture of the planet they live on. They and their banjos.

[CropleyWasGod]

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From Sky

A UK-based consortium has lodged a takeover bid for Hearts

A UK-based consortium has lodged a takeover bid for stricken Scottish Premier League club Hearts.

The proposal is from a group of six wealthy businessmen and includes a draft Creditors' Voluntary Arrangement to help the Tynecastle club out of administration.

Administrators Valentas UAB of Ukio Bankas in Lithuania have indicated they would accept the CVA.

The consortium behind the bid wish to remain anonymous at this stage, but are fronted by Edinburgh businessmen Stephen Paterson and Fraser Kerr of Haines Watts accountants.

Paterson said: "We are acting for clients who don't wish to be named at this moment but they are Hearts-minded.

"The bid is for everything, it's not about splitting the ground from the team or anything. We want the club, the players, the ground, everything.

"The Lithuanian administrator has indicated he will vote for our CVA, albeit with a 15-point penalty for Hearts for entering administration.

"It is up to the administrator at Hearts to go through that process. Our bid is predicated on a CVA happening."

http://www1.skysports.com/football/n...bid-for-Hearts

I know Stevie Paterson from years back, and am surprised that he is saying what he is saying.

Unless he knows something I don't, the Lith administrator doesn't have a vote in a CVA.

[Caversham Green]

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Okay - how quickly does the squad get further decimated and the news that season ticket holders are just creditors get announced?

It could be quite slow going now, depending on what the administrator discovers. IIRC Duff & Phelps took about three weeks to get to the stage of writing to creditors, then there was a further two weeks before the creditors meeting and the CVA took another month or more to produce, so they are very unlikely to be out of admin by the start of the season.

[HIBERNIAN-0762]

The usual pile of keek from pishypants Foulkes.

How on earth he can get away with claiming he will be meeting with the Lith president to make sure everything goes "smoothly" its nothing but utter garbage.

Since when was a politician allowed to use political pressure to save a football team, surely this is illegal?

[truehibernian]

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don't worry he's currently in a taxi on his way to Tynie with Gazza a couple of chicken sandwiches and a 6 pack.

Is Eidur Gudjohnsen making his own way there hope he brings his pen with him to sign that contract that's been sitting there for him since 2006

[HFC 0-7]

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A fixed charge is placed on a specific asset (or class of assets) - in this case the PBS - and means that the debtor can't sell that asset without the consent of the creditor. A floating charge is on a class of assets - such as players - (or all the assets that aren't covered by a fixed charge) and allows the creditor to trade in the assets, so HoMFC could continue to buy and sell individual players even though the asset class was covered by a floating charge.

A floating charge crystallises (becomes fixed) in the event of administration.

So even although the securities have been over valued, they still won't be able to vote? If that's the case then how will there be a cva? Ubig and ukio could sell all the assets and still be short which would leave nothing! If a bid come in for hearts would ukio and ubig get all that cash as well as sell off all the assets not covered under the sale, for example, if someone bid 2 million for the brand and history but not the stadium, ukio and ubig would take the 2 million, then sell off the stadium and keep the proceeds of that as well leaving zero for the other creditors?

[greengnome]

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Once the administrator is in place and examining the books, the true financial picture should hopefully become clearer. Then the "bidders" can also do their own due diligence and reach a conclusion about the true value of the business. A lot of people think they can pick up bargains from administrators, only to see the finances are much worse than they originally thought, enough to blow a big hole in any business plan they may have in mind. For example, even if Hearts keep the SavileDome, the main stand must be close to being refused a safety certificate and condemned. How will they finance the costs of that?

What about the season ticket cash - where has that gone? If they have to honour season tickets - and as "Hearts-minded" folk, surely they will - the cashflow next season could be dire. Or maybe His Lordship Pishybreeks will use his allowances to help them out?

Splutter Splutter..... Ye God's man.... What about my Lagavulin...!

[greengnome]

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Dan has a picture of the planet they live on. They and their banjos.

......... BUTTON MOON.

[Mr White]

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Is Eidur Gudjohnsen making his own way there hope he brings his pen with him to sign that contract that's been sitting there for him since 2006

Eidurs getting a lift from peter odemwingie later.

[PatHead]

Thought I read in a paper there was a "football" rule that Administrators were only allowed to do one football club per year. If so, how are BDO doing Hearts and Dunfermline. With regard to Dunfermline they didn't hang about in making players redundant so hold on to your seats and enjoy the ride!

[Gus Fring]

Just been forwarded the email Fedotovas sent to the staff this morning. I believe it's genuine.

From: Sergejus Fedotovas
Sent: 19 June 2013 12:00
To: All Staff
Subject: Message from the Board [Scanned]


Dear colleagues,


Our club is on the verge of transformation that will hopefully bring a new fortunes to Tynecastle


The events in Lithuania and our income recently were not according to the most conservative plan and it made impossible to sustain the business with all means available to us. At our last meeting at the end of may we have been honestly positive regarding our future hoping that reasonably assessed season ticket sales will carry us forward till the start of the season but it was not our expectation to see UBIG filing for insolvency and this to have so negative impact on our revenues.


I need to thank you all for your work and enormous efforts that helped us finish last season. I hope all you will get deserved recognition and will be treated well under the new regime


I would like to thank all of you for your work and dedication to this football club, all you have done will take its place in history


on behalf of the Board,
Sergejus Fedotovas

[HFC 0-7]

Just read this and seems ubig and ukio will have a say at a cva. According to this, if the assets are only worth 2 million but they are owed 3million, they will have a say in a cva for 1 million. That's bad news as it means the liths are in control of the cva.

http://www.purnells.co.uk/limited-co...creditors.html

[greengnome]

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Just been forwarded the email Fedotovas sent to the staff this morning. I believe it's genuine.

From: Sergejus Fedotovas
Sent: 19 June 2013 12:00
To: All Staff
Subject: Message from the Board [Scanned]


Dear colleagues,


Our club is on the verge of transformation that will hopefully bring a new fortunes to Tynecastle


The events in Lithuania and our income recently were not according to the most conservative plan and it made impossible to sustain the business with all means available to us. At our last meeting at the end of may we have been honestly positive regarding our future hoping that reasonably assessed season ticket sales willl carry us forward till the start of the season but it was not our expectation to see UBIG filing for insolvencey and this to have so negative impact on our revenues.


I need to thank all for your work and enormous efforts that helped us finish last season. I hope you all will get deserved recognition and will be treated well under the new regime


I would like to thank all of you for your work and dedication to this football club, all you have done will take its place in history


on behalf of the Board,
Sergejus Fedotovas



And thank you too mate....!

[truehibernian]

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Just read this and seems ubig and ukio will have a say at a cva. According to this, if the assets are only worth 2 million but they are owed 3million, they will have a say in a cva for 1 million. That's bad news as it means the liths are in control of the cva.

http://www.purnells.co.uk/limited-co...creditors.html

So basically Jimmy Sandison and the boys were a bit hasty painting those steps then and thus increasing the value of Tynie

[Gus Fring]

The part I find most interesting in that email was the bit about UBIG's insolvency. If they were self sufficient, that shouldn't have mattered.

[JeMeSouviens]

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The part I find most interesting in that email was the bit about UBIG's insolvency. If they were self sufficient, that shouldn't have mattered.

I presume he's blaming the poor ST sales on the negative impact of the -15 they were going to get from UBIG's insolvency?

[Hibiza]

hearts ( sevco Edinburgh west) v Rangers (sevco Scotland , aye ready).

[Treadstone]

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The part I find most interesting in that email was the bit about UBIG's insolvency. If they were self sufficient, that shouldn't have mattered.

How was he to know about UBIG remember he resigned from them in a totally independent and unrelated act. Aye right.

[southsider]

Hi guys, once BDO (of if) uncover all the facts can they be instructed bu UKIO to sell the pbs as hertz have no income stream and who now owns their pot to piss in ?

[SlickShoes]

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Once the administrator is in place and examining the books, the true financial picture should hopefully become clearer. Then the "bidders" can also do their own due diligence and reach a conclusion about the true value of the business. A lot of people think they can pick up bargains from administrators, only to see the finances are much worse than they originally thought, enough to blow a big hole in any business plan they may have in mind. For example, even if Hearts keep the SavileDome, the main stand must be close to being refused a safety certificate and condemned. How will they finance the costs of that?

What about the season ticket cash - where has that gone? If they have to honour season tickets - and as "Hearts-minded" folk, surely they will - the cashflow next season could be dire. Or maybe His Lordship Pishybreeks will use his allowances to help them out?

Exactly, it's common knowledge that Hearts owe £25m but when has anything there been transparent, if there is £25m that everyone knows about you can bet your right baw that things are a lot worse than £25m owed to UBIG and UKIO.

They either write of the Season Tickets just sold and have hardly anyone buy the new season tickets that appear, or the honour them and sell almost no season tickets, the cash flow is dried up, they will be running on donations if they are running at all, and with no season ticket income they can forget signing players too.