Share Transfers Agreed/Cooling off period

[#FromTheCapital]

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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.

Thought the exact same when I looked through that article. Did his mrs just randomly give birth yesterday!? Joke organisation, not even attempting to come up with a decent excuse

[s.a.m]

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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.

Maybe his partner went into labour early? Just trying to be fair, likes...

[ballengeich]

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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.

Probably hoping that BDO save them the trouble of making a decision. Also, the golf's on.

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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

Bob Jamieson's claim that someone in the USA is going to "invest" £45 million on a new stadium seems a total fantasy. The interest you'd pay on that sum each year would be virtually the entire Hearts turnover.

[Ozyhibby]

I'm of the opinion that the postponement is not a good sign for Hearts. I think the SFA realise that events are about to make any punishment look futile and probably best to let BDO wield the knife.

[BarneyK]

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Probably hoping that BDO save them the trouble of making a decision. Also, the golf's on.



Bob Jamieson's claim that someone in the USA is going to "invest" £45 million on a new stadium seems a total fantasy. The interest you'd pay on that sum each year would be virtually the entire Hearts turnover.

Absolutely. There is absolutely no money to be made in Scottish fitbaw, and to suggest otherwise is ridiculous. £45 million indeed...

[Steve-O]

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Maybe his partner went into labour early? Just trying to be fair, likes...

Nahhhhhhh!

[CropleyWasGod]

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I'm of the opinion that the postponement is not a good sign for Hearts. I think the SFA realise that events are about to make any punishment look futile and probably best to let BDO wield the knife.

I'm of a similar opinion. The paternity leave thing is a convenient excuse, IMO.

As I've suggested before, there will be confidential contact going on between BDO and the authorities. I reckon that these discussions are at a critical stage (they bloody should be, of course), and that a delay of a couple of weeks in the disciplinary process makes sense.

[jacomo]

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Bob Jamieson's claim that someone in the USA is going to "invest" £45 million on a new stadium seems a total fantasy. The interest you'd pay on that sum each year would be virtually the entire Hearts turnover.

It's a bit unclear whether Jamieson means USD or Sterling. Let's assume he's talking about $45m... roughly, £30m at today's exchange rate.

Then let's say he uses the proceeds of the sale of Tynecastle to help fund the new stadium... let's be generous and say he nets £10m profit to sell it for development. That leaves him a minimum of £20m to finance.

This deal is not without risk, but let's just say he manages to borrow this £20m at 7% (considerably less than the cost of financing Man U and Liverpool with American money but again, let's give him the benefit of the doubt).

This means a return to investors of £1.4m a year, and he still needs to pay back the £20m somehow. This from a club with a turnover of £10m pa even in the good years. Does that sound even vaguely plausible?

[California-Hibs]

I think it's only right that while we're all watching the Hibs in Europe tonight, having a good time enjoying ourselves, we should pause, even just for a minute, and spare a thought for what the Hearts fans will be continuing to worry and go through tonight, wondering if their club will survive or not.

..........aye right, GET IT UP you's!!! The Hibs are in Europe tonight and you's WILL be in your beds!

[Kato]

Various Jambos on the Scotsman forums still living in the land of make believe whereby a CVA will be arranged and they will be playing at either this new stadium or a refurbished Tynie.

Delusional at best but fans like that are worse than enemies. Their "everything is OK" line started when Romanov came in and continues now.

[clerriehibs]

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

I thought his point was that they didn't pay it before, so might still not pay, hence reducing that running costs bottom-line.

Altbough I'd have thought admin types would be obliged to pay all ongoing commitments, reach agreement over them, or fold the company.

[CropleyWasGod]

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I thought his point was that they didn't pay it before, so might still not pay, hence reducing that running costs bottom-line.

Altbough I'd have thought admin types would be obliged to pay all ongoing commitments, reach agreement over them, or fold the company.

Ah, okay, I missed that point, if that's the case.

You're right, though, that costs have to be met, otherwise.... etc. etc.

[angus hibee]

Informed today that Hearts have moved their registered office from Tynecastle to City Point Haymarket. Mean anything ?

[CropleyWasGod]

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Informed today that Hearts have moved their registered office from Tynecastle to City Point Haymarket. Mean anything ?

It was done a couple of weeks ago. That's BDO's office. No great significance in it.

[jacomo]

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It was done a couple of weeks ago. That's BDO's office. No great significance in it.

Brian Jackson no doubt bored of David Southern hanging around the office at Tynecastle like a bad smell. Have left him to come up with some zero-cost marketing initiatives while he and Birch get on with the real business at hand.

[greenginger]

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Brian Jackson no doubt bored of David Southern hanging around the office at Tynecastle like a bad smell. Have left him to come up with some zero-cost marketing initiatives while he and Birch get on with the real business at hand.

More likely it was to stop any of wrong sorts* of mail ending up in the shredder.


* Like ....... " Where's that £ 150 K that we sent for laundering last month "

[Dashing Bob S]

New Scottish Lowland League fixtures out today. No room for El Pinkos. Still, maybe next season if they play their cards right...

[SmashinGlass]

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It was done a couple of weeks ago. That's BDO's office. No great significance in it.

It's standard practice in company insolvency to move the registered office of the company to that of the IP dealing with it. It is done to ensure that any writs/warrants etc against the company which may be served are received and actioned by the IP

[GlenrothesHibee]

Dont be daft. They are still celebrating their administration cup win.

[Dashing Bob S]

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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?

The Sergey scenario, where Hearts stay in admin until they physically run out of cash after Christmas, simply because they cannot liquidate to sell their assets (the land the stadium is on) due to legal/criminal proceedings in Lithuania, is in the long run, the worse case for them. This is the one that potentially sees Hearts not exist as a footballing entity for several years, then have to work their way through the Scottish League structure.

[clerriehibs]

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I don't think sweeping things under the carpet is based in logic.

I agree. People and organisations do it though, no word on homfc from the auths apart from postponements of meetings, so it's a logical assumption that that's what's happening.

[Moulin Yarns]

http://www.bbc.co.uk/news/world-us-canada-23352230

#allisbarry

[Sanger]

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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.

UBIG are the main debtor of Ukio Bankas or UB are its main creditor. The admin of UB is effectively the admin of UBIG. If you talk to UB's admin you are effectively talking to the UBIG admin. UBIG's funding came from loans from UB whose admin will have to pick through the UBIG spiders web to see what they can recover.

[Ross4356]

If Hearts go into Liquidation before the start of this season I think they will start in the Third Div (League 2) the same as Rangers did since the league reconstruction rules state:

In 2014/15, a further play-off between the bottom club in the Third Division and the winner of a Highland League v Lowland League play-off

[Sergey]

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UBIG are the main debtor of Ukio Bankas or UB are its main creditor. The admin of UB is effectively the admin of UBIG. If you talk to UB's admin you are effectively talking to the UBIG admin. UBIG's funding came from loans from UB whose admin will have to pick through the UBIG spiders web to see what they can recover.

Sorry - but that isn't the case and is wrong.

Ukio have an administrator in place (UAB Valnetas). UBIG, who claimed voluntary insolvency with Kaunas Municipality, is attempting (by accordance with Lithuanian law) to put in an insolvency practitioner of their own choice. This should be known on 24th July and it most certainly isn't the current Ukio administrator. Kaunas Municipality would have to put an injunction in place to prevent UBIG's chosen appointee.

[Springbank]

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http://www.bbc.co.uk/news/world-us-canada-23352230

#allisbarry

Now that's what I call a realistic business plan to exit admin

Tell Southern to reopen the PayPal account

[Treadstone]

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I agree. People and organisations do it though, no word on homfc from the auths apart from postponements of meetings, so it's a logical assumption that that's what's happening.

Can't agree. The hearing was postponed because of something which i am sure is a genuine reason. Although a bit of paternity leave and the world of the SFA seems to stop turning is embarrassing. This hearing will still take place i am sure, unless something disastrous () happens to yam fc.

[Spike Mandela]

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Can't agree. The hearing was postponed because of something which i am sure is a genuine reason. Although a bit of paternity leave and the world of the SFA seems to stop turning is embarrassing. This hearing will still take place i am sure, unless something disastrous () happens to yam fc.

Not convinced really. I reckon the postponement has more to do with the Ubig administration hearing being on the 24th July when some things may be a lot clearer.

[clerriehibs]

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Can't agree. The hearing was postponed because of something which i am sure is a genuine reason. Although a bit of paternity leave and the world of the SFA seems to stop turning is embarrassing. This hearing will still take place i am sure, unless something disastrous () happens to yam fc.

and last month's non-payment of wages?

[Treadstone]

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and last month's non-payment of wages?

Not sure, hard to keep track but i am confident all hearings/disciplnary meetings will take place unless as i have said yams go kaput. Hard for any regulatory body to expedite things as fast as rival fans want. Trust the process.