Share Transfers Agreed/Cooling off period

[Onceinawhile]

So that just leaves the foh. What was their offer?

10 glass bottles of irn bru, a 20 deck of Lambert and butler and whatever change is chucked from the away end for the next season.

[JimBHibees]

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This would be the same David Southern who only a few weeks ago lied in his teeth when saying Yams were self-sustainable. The same David Southern, who to my knowledge has never commented or apologised for being part of a regime who perpetrated a cynical £1mm share fraud on the amazing Hearts fans!! Southern makes Chemical Ali look like the Dalai Lama & his utterances should only be taken seriously to the extent they may form evidence against him when this wholly corrupt facade finally crumbles.

Couldnt agree more how is that weasel still allowed to speak for that shambles of a club.

[Hibby70]

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Totally baffling...

[I]http://www.heartsfc.co.uk/articles/2...241384_3239826
"I've been to hospitality suites across the country and can honestly say that for atmosphere and quality of food, the Gorgie Suite is at the top of a tree.

Fixed that for them.

[Tollhouse Hibee]

They just have no shame - selling hospitality when they dont even know if they will still be alive!

Anyway - just noticed the irony of tomorrow, they are up in front of the SFA to get hammered for their insolvency event, and we are playing in europe! remind me who is the wee team??

[Andy74]

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So that just leaves the foh. What was their offer?

10 glass bottles of irn bru, a 20 deck of Lambert and butler and whatever change is chucked from the away end for the next season.

The FoH thing depends on what capital they have been able to borrow or have been given by investors. The pledges are not going to be able to fund the takeover itself. Can't see them being able to pay what the stadium is even worth but Rangers showed you never know!

[Sanger]

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I just heard that.

Oh dear what a terrible start of the day for me.

Oh dear spoilt the 2nd last day of my hols. Bob the salesman is proving to be a serial hoax bidder much as we thought. With Massone bid questionable given he's only ever put a pound on the table and not paid the Lecky bill that leaves us with FOH £1.8m upfront. RiP HMFC here comes liquidation !

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The FoH thing depends on what capital they have been able to borrow or have been given by investors. The pledges are not going to be able to fund the takeover itself. Can't see them being able to pay what the stadium is even worth but Rangers showed you never know!

With Ukio Bankas having security over Tynie and BDO saying if bidders offer £1m and property developer offers £5m they will take £5m there will not be another Gers or by the looks of it s HMFC!

[AndyM_1875]

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i seriously cannot think of another football club anywhere on planet earth that bum themselves up so much...honestly

It really is a baffling mindset.and the delusion is staggering. It's the same mindset that lurks behind the FoH bid too.

The FoH bid as we all know consists of
"Hi! We're really nice. Ken Stott likes us. He's a nice famous Scottish actor. We have 2 million pounds. Can we exchange that for a CVA on £25m of debt and we want you to throw in the 5m stadium too. Fair enough?
We're really nice, Would you like some cake......"

[Peevemor]

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Beeb Radio reporting this morning that the Yankee/Peebles shoe salesman bid is falling apart at the soles, with the Yanks now apparently holding back £5 million of what had been 'offered'!

But surely they'd simply be holding the money back from themselves? So where's the problem?

[greenginger]

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With Ukio Bankas having security over Tynie and BDO saying if bidders offer £1m and property developer offers £5m they will take £5m there will not be another Gers or by the looks of it s HMFC!

Spoke with our Council Estates Dept. yesterday and was told the sales brochure for old Tynecastle School are ready and will go on line today.

We will see what uses are being suggested for this site and if any particular reference is made to the distillery.

If it says what I think it will say I am going to forward a copy to BDO just to remind them Hibs.net are watching them !

[CropleyWasGod]

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Beeb Radio reporting this morning that the Yankee/Peebles shoe salesman bid is falling apart at the soles, with the Yanks now apparently holding back £5 million of what had been 'offered'!

Given that the original offer was reported as, variously, between £2m and £5m..... does that mean the revised offer is now negative?

Negative points = negative value.

[...WentToMowAnSPL]

Thing I can't get my head around is the debt for equity swaps - what was in it for Romanov ?

Given the 'value' of the club what possessed them ? They must have known they were leaving UBIG with magic beans ....

[YehButNoBut]

BBC report on Club 9 Sports withholding funds for Hearts bid, FOH the only show in town??

http://www.bbc.co.uk/sport/0/football/23340145

Hearts: Club 9 Sports withhold funds for HMFC Ltd bid

The company behind one of the bidders for Hearts, HMFC Ltd, is withholding £5m that was to be used to buy the club, BBC Scotland has learned.

A dispute has arisen between US-based Club 9 Sports and UK businessman Bob Jamieson, who has tabled an offer on behalf of HMFC Ltd.

Club 9 Sports are believed to be looking for a 75% shareholding.

The dispute places the HMFC Ltd bid in doubt, with two other offers on the table for the club in administration.

Fans' group the Foundation of Hearts and Five Stars Football Ltd, who have former Livingston owner Angelo Massone as a director , are also seeking to take control at Tynecastle.

The HMFC Ltd bid is in the region of £2.5m up front with a further £2.5m being made available for working capital.

[TornadoHibby]

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Thing I can't get my head around is the debt for equity swaps - what was in it for Romanov ?

Given the 'value' of the club what possessed them ? They must have known they were leaving UBIG with magic beans ....

Kept him in the Hearts fans "good books" by suggesting to them that the cash he was playing with was actually in his power to allocate in such cavalier fashion to anyone who looked more than once at the state of the club, it's stadium, it's business model and the state of Scottish football generally!

Was good for his ego?

Short answer is, we'll probably never know!

[Sanger]

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Thing I can't get my head around is the debt for equity swaps - what was in it for Romanov ?

Given the 'value' of the club what possessed them ? They must have known they were leaving UBIG with magic beans ....

Magic beans the Lith tax payer is now paying £65 million in real money for. Romanov did it just to make it look like the debt was not spiralling out of control.

[sidneyhibbie]

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Spoke with our Council Estates Dept. yesterday and was told the sales brochure for old Tynecastle School are ready and will go on line today.

We will see what uses are being suggested for this site and if any particular reference is made to the distillery.

If it says what I think it will say I am going to forward a copy to BDO just to remind them Hibs.net are watching them !

Excellent work, i have also contacted them for an information schedule of the site for sale we must keep watching this BDO Mob i am still of the opinion they are not or will not act in the best interest of the creditors which is what they should be doing.

[s.a.m]

Did he not have to do the debt for equity thing to keep the club's debts below an agreed limit?

I seem to remember that the accounts used to finish with a statement that the debt would be reduced through increased participation in European competition.
Didnae happen, so he had to move debt around the 'empire' to balance the books, is how I remember it. Probably wrong though, so much has happened it's hard to keep track of!

[CropleyWasGod]

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Excellent work, i have also contacted them for an information schedule of the site for sale we must keep watching this BDO Mob i am still of the opinion they are not or will not act in the best interest of the creditors which is what they should be doing.

You're doing it again, Sidney.

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Did he not have to do the debt for equity thing to keep the club's debts below an agreed limit?

I seem to remember that the accounts used to finish with a statement that the debt would be reduced through increased participation in European competition.
Didnae happen, so he had to move debt around the 'empire' to balance the books, is how I remember it. Probably wrong though, so much has happened it's hard to keep track of!

That was my understanding at the time.

The implication was that, by moving the debts to equity, HMFC's Balance Sheet appeared to be stronger. That made sense at the time, from the perspective of HMFC.

Now, with the benefit of hindsight and a clearer picture of the group's overall activities, I'm not so sure.

[s.a.m]

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That was my understanding at the time.

The implication was that, by moving the debts to equity, HMFC's Balance Sheet appeared to be stronger. That made sense at the time, from the perspective of HMFC.

Now, with the benefit of hindsight and a clearer picture of the group's overall activities, I'm not so sure.

...and if you were a gambling man, the alternative might, hypothetically and allegedly , be...?



The debt for equity swaps used to take place, IIRC, around the time of the Accounts publication, and were usually accompanied by a statement that the debt was reduced

[CropleyWasGod]

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...and if you were a gambling man, the alternative might, hypothetically and allegedly , be...?



The debt for equity swaps used to take place, IIRC, around the time of the Accounts publication, and were usually accompanied by a statement that the debt was reduced

Still think it was window dressing, but not so sure for who's benefit. Whereas, previously, I thought it was for HMFC's benefit (ie to stave off any insolvency event)... now I tend to think it was for the benefit of the Lith Stock Exchange. UBIG's own Balance Sheet might be viewed more favourably with an investment in a "football club with clear European potential" than a loan to a company that was clearly bust.

[greenginger]

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That was my understanding at the time.

The implication was that, by moving the debts to equity, HMFC's Balance Sheet appeared to be stronger. That made sense at the time, from the perspective of HMFC.

Now, with the benefit of hindsight and a clearer picture of the group's overall activities, I'm not so sure.

They even managed a new slant on it in the 2011 - 12 accounts. Debt for imaginary transfer fees.

£ 2.9 million added to their income side by UBIG because of an "agreement" with Kaunus FC they did'nt honour. Pure Fraud , but I doubt the SFA will even know.

[s.a.m]

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Still think it was window dressing, but not so sure for who's benefit. Whereas, previously, I thought it was for HMFC's benefit (ie to stave off any insolvency event)... now I tend to think it was for the benefit of the Lith Stock Exchange. UBIG's own Balance Sheet might be viewed more favourably with an investment in a "football club with clear European potential" than a loan to a company that was clearly bust.

[hibs0666]

Just so it's not forgotten, Mr David Holmes of Johnston Carmichael was the auditor that was happy to sign off Hearts accounts in April 2013, 72 days before Hearts entered administration.

[Treadstone]

I'm going the Sally Bercow route.

Money laundering.

Where's the innocent face smiley ?

[CropleyWasGod]

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I'm going the Sally Bercow route.

Money laundering.

Where's the innocent face smiley ?

Didn't she get sued, though?

[Treadstone]

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Didn't she get sued, though?

Aye, but i will use the twitter followers defence (not enough).

ps and lost!

[Sylar]

There's not a hope on this earth that Angelo Massone will pass the "fit and proper person" test after what the ******* did to Livingston so FOH really must the only option now if the HMFC/Club 9 bid is in doubt.

If they're their own white knight, they're up the proverbial creek.

[sidneyhibbie]

So the shoe salesman is a Walter Mitty Massone is dodgy and the foh is stuck together with chewing gum no CVA Will be agreed

[CropleyWasGod]

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Aye, but i will use the twitter followers defence (not enough).

ps and lost!

Are you as good-looking as her, though?

[BH Hibs]

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So the shoe salesman is a Walter Mitty Massone is dodgy and the foh is stuck together with chewing gum no CVA Will be agreed

Time for Allisbarry to come along with some nonsense to cheer them up. What great creative masterpiece will he pen today? C'mon Barry lets be having you.

[jacomo]

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Magic beans the Lith tax payer is now paying £65 million in real money for. Romanov did it just to make it look like the debt was not spiralling out of control.

I think the debt for equity swap improved the books by swapping debt for an "asset". Obviously, this was only superficial, and if any actually looked at Hearts for a second then alarm bells would have gone off.