Share Transfers Agreed/Cooling off period

[Waxy]

The authorities should be doing this now. It's going to cause alot of problems when they die before xmas. The authorities know it's going to happen so must shoulder the blame if they dont demote them before the league starts.

[CropleyWasGod]

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It will be UK law that prevails but nothing can be sold/agreed upon without the say so of Ukio Bankas and UBIG or their administrators as the are the major creditors and shareholders.

We were talking about the sale of the assets, though, not the shareholding. The assets that belong to HMFC.

Would they still have a veto?

[greenginger]

Bob the shoe salesman still sure AllisBarry with his bid and $45 million for the new Yam-dome is on the table.

http://www.scotsman.com/sport/footba...pute-1-3005153

One thing that puzzles me is this " we have enough cash for 3 - 4 months " line from BDO.

Did they not say they raised something like £750,000 from season tickets ,etc. about £200 K a month plus what they can take from pay at the gates ( Hibs, Celtic and Aberdeen ) say another £250 k.

Can Hearts be run on £250 - 300 thousand a month without racking up more debt ?

And, of course, running the club in admin. for another 4 months will just knock another large chunk off the money which could be sent back to Lithland.

[CropleyWasGod]

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So.....
Should no one want to buy our neighbours, or manage to put together an adequate bid, what happens next? Would BDO have to advise moving to liquidation at that stage? Or would they manage their affairs until the money runs out / someone with more money than sense eventually feels sorry for them / the Liths decide they want to cash in their securities? This is assuming that the football authorities don't force the issue in some way or other before then.

One of (one of, Sidney) the administrators' duties is to obtain a better return for creditors than they would otherwise do in liquidation.

In your scenario, that would be impossible, so they would move to another of their purposes, which is:-

"realising property to make a distribution to one or or more secured or preferential creditors." In this case, that would be UKIO and, perhaps, UBIG.

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Bob the shoe salesman still sure AllisBarry with his bid and $45 million for the new Yam-dome is on the table.

http://www.scotsman.com/sport/footba...pute-1-3005153

One thing that puzzles me is this " we have enough cash for 3 - 4 months " line from BDO.

Did they not say they raised something like £750,000 from season tickets ,etc. about £200 K a month plus what they can take from pay at the gates ( Hibs, Celtic and Aberdeen ) say another £250 k.

Can Hearts be run on £250 - 300 thousand a month without racking up more debt ?

And, of course, running the club in admin. for another 4 months will just knock another large chunk off the money which could be sent back to Lithland.

Did you include TV money and SPFL advances?

[Sanger]

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The authorities should be doing this now. It's going to cause alot of problems when they die before xmas. The authorities know it's going to happen so must shoulder the blame if they dont demote them before the league starts.

Admins now likely in discussions with Ukio and UBIG and SPFL. FOH offer way too small for CVA and questions over Massone if he really has the money, is a fit and reliable person and bond may be needed but no capital to run club beyond Xmas. Liquidation really is now looming and SPFL should hatch plan "Morton" ASAP to avoid league looking like a laughing stock.

[Treadstone]

The 'rift' between Club 9 and Bob Jamieson stems from a payment issue.

Bob wants Club 9 to give him a tenner to top up his pay-as-you-go mobile and club 9 are refusing.

[greenginger]

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Did you include TV money and SPFL advances?

Nope, what will that add to their monthly budget ?

There will be no Europa League windfall TV money like the last couple of seasons, shame.

[CropleyWasGod]

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Nope, what will that add to their monthly budget ?

No idea, but it might eke out the shortfall that you were suggesting.

[Sergey]

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Admins now likely in discussions with Ukio and UBIG and SPFL. FOH offer way too small for CVA and questions over Massone if he really has the money, is a fit and reliable person and bond may be needed but no capital to run club beyond Xmas. Liquidation really is now looming and SPFL should hatch plan "Morton" ASAP to avoid league looking like a laughing stock.

But here lies a problem - there's no one to liaise with at UBIG as the directors have all resigned and they're awaiting the appointment of an insolvency practitioner, and that in itself is currently under dispute as to who'll represent them.

There is currently no one with any legal clout that can 'sign-off' any proposals, not to mention the fact that the LT government have frozen their assets and the organisation are under investigation.

I'd like to know who you think BDO are in discussions with at UBIG.

[Aldo]

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Admins now likely in discussions with Ukio and UBIG and SPFL. FOH offer way too small for CVA and questions over Massone if he really has the money, is a fit and reliable person and bond may be needed but no capital to run club beyond Xmas. Liquidation really is now looming and SPFL should hatch plan "Morton" ASAP to avoid league looking like a laughing stock.

Yeah alright in theory and is common sense but its the SPL sorry SPFL.

This will become farcical.

[s.a.m]

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One of (one of, Sidney) the administrators duties is to obtain a better return for creditors than they would otherwise do in liquidation.

In your scenario, that would be impossible, so they would move to another purposes, which is:-

"realising property to make a distribution to one or or more secured or preferential creditors." In this case, that would be UKIO and, perhaps, UBIG.



Did you include TV money and SPFL advances?

Thanks.
You're very patient.

[GloryGlory]

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And, of course, running the club in admin. for another 4 months will just knock another large chunk off the money which could be sent back to Lithland.

Not to mention, it will increase the fees due to the administrator.

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Did they not say they raised something like £750,000 from season tickets ,etc. about £200 K a month plus what they can take from pay at the gates ( Hibs, Celtic and Aberdeen ) say another £250 k.

I thought the season ticket money was meant to keep them going from the point of administration to the start of the season, paying bills due plus salaries. They are relying on an advance of TV money, sponsorship, hospitality and PATG from then on, no? AKA, flying by the seat of their pants.

[Bostonhibby]

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The 'rift' between Club 9 and Bob Jamieson stems from a payment issue.

Bob wants Club 9 to give him a tenner to top up his pay-as-you-go mobile and club 9 are refusing.

Heard that he was actually asking for cash for a new bottle of Calor gas for his caravan as he was unable to entertain "money" men interested in backing his bid because he couldn't put the kettle on, but I can see how international finanicial dealings would be impossible if he hasn't got any credit left - bit like the yams really.

[Dunderhall]

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Nope, what will that add to their monthly budget ?

There will be no Europa League windfall TV money like the last couple of seasons, shame.

SPL "pre-season" payment last year was £600K, though it was split into 2 with the 2nd half paid around the end of Aug.
Don't know the TV payment details.

[lapsedhibee]

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I thought the season ticket money was meant to keep them going from the point of administration to the start of the season, paying bills due plus salaries.

Won't BDO be taking their fees out of the season ticket money?

[poolman]

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Won't BDO be taking their fees out of the season ticket money?

Over to you CWG :-)

[Dunderhall]

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Heard that he was actually asking for cash for a new bottle of Calor gas for his caravan as he was unable to entertain "money" men interested in backing his bid because he couldn't put the kettle on, but I can see how international finanicial dealings would be impossible if he hasn't got any credit left - bit like the yams really.

Has anyone seen his caravan, just that I heard he was after a new horse for it so he could move back into town.
Any comments about his bid being done on the hoof are unrelated.
Haaarooold....

[CropleyWasGod]

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Over to you CWG :-)

:fenlon

[greenginger]

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Won't BDO be taking their fees out of the season ticket money?

No, the admin fees are deducted from the the sale of the club/assets before the proceeds are divi'd up amongst the creditors.

In reality, every month the administration goes on cost the Lithuanian tax payer £ 200 - 250 thousand pounds.

Sorry , month not week, getting carried away for a bit.

[Keith_M]

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I know that I have long said that this would be a relatively quick administration, and it has been thus far. However, I'm wavering now.

If, as I'm starting to think, the SPFL demand a guarantee about the fixtures, it will end soon. That would back up what Bajillions is hearing. If they don't.... yeah, I'm with you on the long-haul theory.

Oi! I'm not having that! You promised if they went into Admin it would be straight to Liquidation. You can't go getting all our hopes up like that and then letting us down.






Unless it was one of the many other Cropleys that said it

[greenginger]

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I thought the season ticket money was meant to keep them going from the point of administration to the start of the season, paying bills due plus salaries. They are relying on an advance of TV money, sponsorship, hospitality and PATG from then on, no? AKA, flying by the seat of their pants.

The Hearts running costs without, counting staff costs, in 2011 - 12 season £ 3.876 million or £ 325,000 per month. I don't think BDO can have reduced that amount . Was there ever any indication what there staff costs were reduced by ?

[CropleyWasGod]

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Oi! I'm not having that! You promised if they went into Admin it would be straight to Liquidation. You can't go getting all our hopes up like that and then letting us down.






Unless it was one of the many other Cropleys that said it

Lesson 1. Accountants and lawyers never "promise". That way lies litigation

Settle, though, I'm still on the side of liquidation. I'm just recognising the wee niggles that Sergey's info has put into my mind.

Are we pals again?

[GloryGlory]

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The Hearts running costs without, counting staff costs, in 2011 - 12 season £ 3.876 million or £ 325,000 per month. I don't think BDO can have reduced that amount . Was there ever any indication what there staff costs were reduced by ?

They made 14 (?) staff redundant, plus cut the wages of some (most) players. They haven't, of course, paid Heriot-Watt for some time, plus they are overdue the police money. They were in arrears with their council tax, but I don't know what the current situation is. I would imagine there is probably backlog maintenance on the stadium, too.

[WeeWendy]

Not sure if this has been pointed out elsewhere - http://www1.skysports.com/football/news/11095/8829048/

Hearing postponed until 1 August...

[#FromTheCapital]

This meeting to decide their punishment has been postponed till the 1st of August

[CropleyWasGod]

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They made 14 (?) staff redundant, plus cut the wages of some (most) players. They haven't, of course, paid Heriot-Watt for some time, plus they are overdue the police money. They were in arrears with their council tax, but I don't know what the current situation is. I would imagine there is probably backlog maintenance on the stadium, too.

All of that is irrelevant to the ongoing expenditure. It's in the pre-admin creditors pot.

[Mikey]

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Bob the shoe salesman still sure AllisBarry with his bid and $45 million for the new Yam-dome is on the table.

http://www.scotsman.com/sport/footba...pute-1-3005153

The right buyer could get Hibs for the same money and wouldn't have to spend a bean on the stadium. Virtually every other club in the country is a better investment opportunity than that lot.

Unless of course they're investing in the land and not the football club

[Keith_M]

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Lesson 1. Accountants and lawyers never "promise". That way lies litigation

Settle, though, I'm still on the side of liquidation. I'm just recognising the wee niggles that Sergey's info has put into my mind.

Are we pals again?

Aye, OK, I'll let you have the Homer Simpson defense in this case



"Weaseling out of things is what humans do best,
it's what sets us apart from all the other animals,
..
except the weasel. (addendum: plus lawyers and accountants)"

[Steve-O]

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This meeting to decide their punishment has been postponed till the 1st of August

Been saying for over a week that this hearing would somehow be 'adjourned'.

Are you trying to tell me it took until TODAY for them to realise the main person dealing with their case was on paternity leave?!

Have never known an organisation to be so full of **** as the SFA.

[BarneyK]

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The right buyer could get Hibs for the same money and wouldn't have to spend a bean on the stadium. Virtually every other club in the country is a better investment opportunity than that lot.

Unless of course they're investing in the land and not the football club

Why the Hell would an investor pump many millions into them to buy a new stadium unless they could make serious money from the sale of old Tynie? It is, after all, worthless - so we are told