Share Transfers Agreed/Cooling off period

[Danderhall Hibs]

Has anyone suggested that Hibs should donate the money to the poppy folk and macraes batallion - let's take the moral high ground once and for all.

[CropleyWasGod]

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Has anyone suggested that Hibs should donate the money to the poppy folk and macraes batallion - let's take the moral high ground once and for all.

According to Jack Alexander, it's been paid.

[IFONLY]

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That would be outwith the SFA's powers.

S.F.A. doesnt exist anymore.

[CropleyWasGod]

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S.F.A. doesnt exist anymore.

Bloody hell.


Better tell 'em. There's a meeting scheduled for tomorrow.

ps... they do exist. It's the SPL that doesn't.

[FranckSuzy]

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Thanks, that backs up my theory then that a representative of Hearts laid a Wreath on the War Memorial for which the club never paid a penny.

In anybody's language, that's absolutely shameful; especially so considering the club themselves have mentioned the sacrifice of the McRaes Battalion in order to rally the modern day troops to give them money.



Heart of Midlothian, The Cub with No Shame!

Best not to mention young children's organisations in the same breath as THEM, me thinks

[Hibercelona]

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S.F.A. doesnt exist anymore.

One can only dream.

[green glory]

Allisbarry has been very quiet today. In hindsight his timeline must be a source of some embarrassment to him.

Maybe.

[Technofob]

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According to Jack Alexander, it's been paid.

Noticed that too - so what did The Gasman pay?? #allverycomplex

[Treadstone]

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Cav spotted that the UBIG debt had fallen from £10m to £8m. That suggests that UBIG "took" £2m.

A great leap of logic, but one might just see the situation whereby the shares money maybe found its way perhaps into UBIG's bank account.

Maybe.

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It does seem somewhat strange that the UBIG debt has been reduced. I'd guess that it's the share money and part of their ST proceeds that's been hived off.

I'll see what I can find out about the Lith companies on the list.

Jamie Borthwick ‏@jamiekborthwick3h
Correction on earlier. £1.2m loan from UBIG to Hearts was transferred to this 'Milson' corp in March 2013 http://sport.stv.tv/football/clubs/hearts/234601-hearts-debts-total-285m-administraor-report-reveals/ …

[green glory]

I've solved the mystery of this Saville crowd, it seems they manufacture these.



image-1433989173.jpg

[Baldy Foghorn]

Savills are an estate agent, must be when they were sourcing their 400k capacity ground?

[1two]

I like this twitter account related to the The Rangers https://twitter.com/RFCCreditors


So I made this related to Hearts https://twitter.com/HOMFCCreditors

[Hibby Kay-Yay]

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Jamie Borthwick ‏@jamiekborthwick3h
Correction on earlier. £1.2m loan from UBIG to Hearts was transferred to this 'Milson' corp in March 2013 http://sport.stv.tv/football/clubs/hearts/234601-hearts-debts-total-285m-administraor-report-reveals/ …

"boy that escalated quickly...I mean that really got out of hand" - Ron Burgandy

[YehButNoBut]

BBC story re the debt has a bit more detail than some but still no mention of the sums owed to charities, when these should be highlighted in the press.

http://www.bbc.co.uk/sport/0/football/23521149

Administrators reveal level of Hearts' debt

Hearts' unsecured creditors are likely to receive nothing in the event of an exit from administration via a company voluntary arrangement [CVA].

Total claims by club creditors amount to £28.4m, the bulk of which is owed to the collapsed Lithuanian companies of former owner Vladimir Romanov.

Ukio Bankas, who are owed £15.5m, hold Tynecastle Stadium as security against that debt.

And the value of the property is less than that amount.

The "book value" of the stadium from Hearts' statutory accounts in 2012 is listed at more than £13m.

The administrators have since commissioned a revaluation of Tynecastle but have not released details "so as not to prejudice the current sale" of the Edinburgh club.

BDO do say that a "nil value" has been placed on the leasehold interest Hearts have on their training complex at Riccarton, Herriot Watt University.

An initial creditors meeting will take place on 12 August, the day after the first Edinburgh derby of the new season.

Shareholders Ukio Bankas and UBIG are owed around £24m of the debt, making an exit via a CVA dependent on the approval of administrators acting on their behalf.

The administrator for Ukio Bankas has already dismissed the ongoing bids for the club as unacceptable.

In the report, distributed to all creditors, BDO state that rescuing Hearts through a CVA is its first objective.

A second option is listed as "a better result than liquidation", with winding up the club and realising property values the last resort.

Hearts debt to HM Revenue & Customs now stands at close to £1.9m, with Edinburgh Council owed more than £90,000, Big Hearts Community Trust (£34,000) and the Scottish Police Authority (£18,500).

The Scottish Football Association, which is owed £5,500, is almost certain to insist that any new owner of the club inherit the "football debt".

Money owed in wage arrears combined with cash for players made redundant and fees outstanding to Liverpool, Rangers, Ayr United, Kaunas, Musselburgh Athletic, Livingston, Stenhousemuir and Musselburgh Athletic totals £535,000.

Administrators fees for the running of Hearts have topped £227,000 in the first six weeks, with BDO saying they will not take any payment until it is agreed with those representing Ukio Bankas and UBIG.

BDO has recorded a trading surplus of £958,000 since taking over on 20 June, the vast majority coming from season-ticket sales.

The administrators also secured a £100,000 compensation fee for Arvydas Novikovas, who joined German side Erzgebirge Aue, while £48,000 in donations has been ring-fenced.

Meanwhile, BDO will attend a hearing with the Scottish FA on Thursday where additional sanctions for Hearts' insolvency may be imposed.

[RoslinInstHibby]

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Just have to say - well done CWG for breaking this story and in doing so showing the mainstream media how they should be doing their jobs. See them all jump on it now, mind. They'd be none the wiser if it weren't for our resident .net experts.

Agreed, superb work!

[lapsedhibee]

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The administrators also secured a £100,000 compensation fee for Arvydas Novikovas, who joined German side Erzgebirge Aue, while £48,000 in donations has been ring-fenced.

Ring-fenced unless BDO need to use it for their fees.

[Sanger]

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Agreed, superb work!

Yes great work. The Yams in the office turned white when I forwarded it to them!

[tamsonsbairn]

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There was me being informed by many Jambo's on Friday morning that my club were a complete and utter embarassment to the Scottish game after losing a football match.

Hibs may lose on the park, and results at times may be a shambles but going through that creditors list is a total and utter disgrace. Charities, Junior Clubs, Police, NHS, hotels, coaching companies etc. You name it - they just bumped them.

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David Cameron £103.00 (Even PM was shafted)

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' Am I bovvered? '

Honest the hearts money was just resting in my account. :pfgwa

[Jack]

Maybe as 'concerned Edinburgh resident' the administrators in Lithuania could be gifted private membership of dotnet?

It would probably be the best 20 quid any Hibee has ever spent.

[...WentToMowAnSPL]

I like this one... From liquidback

"CJGJ, on 31 July 2013 - 07:53 PM, said:

So how is Massone going to fund the football debt? so he must also be out of the running."


Erm do you need to settle footballing debts to build flats, offices or shops ??

[Ozyhibby]

It's important the SFA increase the signing ban past January. Last thing we want is the yams building up another warchest in November when the Poppies go sale.

[sidneyhibbie]

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Good man sidney - I admire your enthusiasm

Cheers mate, i think of every letter i write as another nail in the yams coffin, if it stirs up a hornets nest all the better they have cheated for years and its pay back time.

[Stantons Angel]

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And Liverpool so I'm guessing they must have 'paid' for Michael ngoo!!!!!

As a loan player they would be due to pay part of his wages to Liverpool who in turn would pay the player as still on their books.

Obviously they found out what he was like and decided not to pay Liverpool at all................. or they just havent met their side of the bargain on the loan agreement.

They are doing the very same as Rangers and this list of creditors proves it. They were playing players they could not afford who won cups for them. Their wages might have been from monies collected for the Big Hearts Trust, macraes battalion and lady haig poppy factory.......

Rangers were taken to the cleaners by the SFA/SPL and dropped down to the third division AND IMHO this is were they should be!!!
Disgusting reading !

[CraigHibee]

Horrible ****my hearts *******s

owing money to charities! Terrible, hope they rot

[HFC 0-7]

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You wanna buy a submarine

"Ha ha ha, honestly I told them I would sell them shares, I told them they are worthless and they still went for it!! Honestly I had to use two hands to carry the bag full of cash out of Tynecastle. I didnt even bother with share certificates and they still love me!!"

[sidneyhibbie]

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Horrible ****my hearts *******s

owing money to charities! Terrible, hope they rot

I Will post many letters tomorrow to all the main news papers this news must be highlighted cheating charities now this is shocking news. the power oh the pen is mightier than the Sword.

Sidney.

[jeffers]

Am I missing something here ? They owe the police £18,500, is that going to be paid ? If it's not how can the possibly play any more home games ?

[woody0-7]

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"Ha ha ha, honestly I told them I would sell them shares, I told them they are worthless and they still went for it!! Honestly I had to use two hands to carry the bag full of cash out of Tynecastle. I didnt even bother with share certificates and they still love me!!"

Haha excellent mate :-)

[Sergey]

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Cheers mate, i think of every letter i write as another nail in the yams coffin, if it stirs up a hornets nest all the better they have cheated for years and its pay back time.

you're a sterling young fellow, sid - remember; every letter you write will be filed for future reference.

you are the man main

[CropleyWasGod]

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Am I missing something here ? They owe the police £18,500, is that going to be paid ? If it's not how can the possibly play any more home games ?

All debt prior to administration won't be paid.

All debt since then will be.