Share Transfers Agreed/Cooling off period

[Geo_1875]

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Begging letter going out today.....

"Dear Yam,
Yesterday, the joint administrators of Hearts announced that the bid submitted on behalf of the Foundation of Hearts would be “preferred bidder”.

This is a very important announcement and one all the staff were hoping for.

It is an important milestone in the process to get Hearts back on its feet, particularly because it allows the Foundation and the club the opportunity to work together to promote the importance of direct debits.

So far I am told 6,000 supporters have signed up to a monthly commitment from just £10, but to deliver a supporter-controlled Hearts the reality is the more subscriptions the Foundation has, the better it is for the club.

For that reason today I am asking, if you are able, to sign up to a monthly direct debit for the Foundation of Hearts, if you’ve not already done so.

We’ve seen the incredible unity of the club in recent weeks following a very difficult summer. There’s now a real opportunity to create something very special – a moment in Scottish football history.

I know you’ve dug so deep in recent times, for which we’re thankful, but I hope this can be one last push which gives us a future to be excited about.

Set up your Direct Debit today...
Click here and play your part in history

Mon on the Hearts!


Gary Locke
Manager, Heart of Midlothian FC
PS - If you've already set up a direct debit, don't worry, the Foundation has your details - and I thank you sincerely for your support!"

I can't believe that this is a genuine letter from Lockie. Nowhere does it reference Hibernian FC, 5-1 or 22 in a row.

[Bleeds green]

Can someone on here copy and paste the whole article instead of having to subscribe? IMO if it is only 1 million short to save the club they will again get fans involved for one last push and achieve that! 😟

[BarneyK]

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Can someone on here copy and paste the whole article instead of having to subscribe? IMO if it is only 1 million short to save the club they will again get fans involved for one last push and achieve that! 

I would have thought so. Then again, another two months of BDO fees, of running costs, etc. They could really do with that £10m bid for Jason Holt coming in soon though

[Treadstone]

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I can't believe that this is a genuine letter from Lockie. Nowhere does it reference Hibernian FC, 5-1 or 22 in a row.

Its not a genuine letter from Locke. An appeal by FoH signed by the manager to circumvent the Data Protection Act.

[Hibby Kay-Yay]

If the times article is true then I can easily see them raise £1million within one or two months.

However, I can't see this being accurate. The land must be worth around £9million and I reckon FoH are well short on this. I also expect the Liths to get the highest price for their creditors.

[adhibs]

That article will put a dampner on there big celebrations after getting a point agaisnt partick. They'll raise the money, just means even less to play with at the other end

[clerriehibs]

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Say they somehow do get the CVA to go through.
Probably around 20p inthe pound.
What then, they wont have a bolt.
How can they run a club with a few thousand putting in DDs every month?
There has to be a masterplan here.
I reckon they are only here to get them out debt free.
They will then sell a controlling percentage to persons capable of running a FC.slimy cheatin .....,.,

On top of all that; what's the proposed ownership model foh propose? If it's just a rammy of fans pitching a few quid in every month all having a say in the direction the club moves, they're just as doomed.

[#FromTheCapital]

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That article will put a dampner on there big celebrations after getting a point agaisnt partick. They'll raise the money, just means even less to play with at the other end

I don't think they'll care too much about money at the other end, getting there is the main thing for them. The frozen shares look like they could be the biggest obstacle to overcome if that article is accurate. 1m would be raised by the fans no doubt, but if the club itself only have enough money to last another couple of months then who do they give their money to? FoH or HOMFC?

[greenginger]

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If the times article is true then I can easily see them raise £1million within one or two months.

However, I can't see this being accurate. The land must be worth around £9million and I reckon FoH are well short on this. I also expect the Liths to get the highest price for their creditors.

I reckon its a story planted by FoH. Enough emphasis on the need for more money without showing it to be impossible.

I'm sure FoH powerbrokers will be brown-nosing behind the scenes for other funding sources than fans direct debits.

[Col2]

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I don't think they'll care too much about money at the other end, getting there is the main thing for them. The frozen shares look like they could be the biggest obstacle to overcome if that article is accurate. 1m would be raised by the fans no doubt, but if the club itself only have enough money to last another couple of months then who do they give their money to? FoH or HOMFC?

I am not so sure they can raise £1m from fans in two months, over and above pledges, donations, season tickets etc. I also don't believe it's a £1m gap, I reckon this will be the minimum , absolute minimum FOH feel they need.

[Broken Gnome]

The suggestion is that the land is worth less than £3m. Surely not?

[#FromTheCapital]

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I am not so sure they can raise £1m from fans in two months, over and above pledges, donations, season tickets etc. I also don't believe it's a £1m gap, I reckon this will be the minimum , absolute minimum FOH feel they need.

A lot of people said that about the share scam and when they had to sell an extra 3k season tickets in 2 weeks but they done it. But I get what you're saying, hearts fans have been paying fortunes to keep their grubby wee club going for the last year and that can't last forever.

Another thing about that article, if they genuinely only have enough money to last till October then surely they would have sold Jason Holt.

[Smidge]

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If the times article is true then I can easily see them raise £1million within one or two months.

However, I can't see this being accurate. The land must be worth around £9million and I reckon FoH are well short on this. I also expect the Liths to get the highest price for their creditors.

No danger is the land worth anywhere like £9m. See my analysis on p.803 - post 24072. Yes, there are some assumptions, but broadly speaking it is unlikely that the value of the land is more than £5-6m.

[Spike Mandela]

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The suggestion is that the land is worth less than £3m. Surely not?

This is getting ridiculous like Monty Pythons 4 Yorkshiremen sketch. Soon FoH will have us believe that Ukio will have to pay somebody to take the land off them lol.

[weonlywon6-2]

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I am not so sure they can raise £1m from fans in two months, over and above pledges, donations, season tickets etc. I also don't believe it's a £1m gap, I reckon this will be the minimum , absolute minimum FOH feel they need.

I think they might make it but what happens after that??.wheres the money going to come that keeps them afloat.relying on fans direct debits once a month is not the answer

[God Petrie]

Where does this mythical £1m figure come from?

[Bill Milne]

Got this from Keechback :-

"Hearts fans have just two months to find extra £1m or club’s gates close for good

Heart of Midlothian faces liquidation within two months unless the preferred bidder for the stricken football club increases its offer by about £1 million and a court case involving its largest shareholder is settled quickly.
Time is running out in the race to save one of Scotland’s oldest football teams amid wrangling over its value and after it emerged that a court battle in Lithuania to appoint administrators to the club’s biggest shareholder will not be settled for at least four weeks.
An insider said: “Right now, Hearts only has enough cash to keep going until mid-October. Things really need to progress. It’s a race against time.”
The source said fans group Foundation of Hearts, which was named as the preferred bidder this week, needs to raise its £3 million offer by “up to £1 million” to bring it closer to the £5 million value the administrators of Ukio Bankas has put on the club and its assets.
Ukio Bankas is the liquidated Lithuanian bank that holds a 29.9 per cent stake in Hearts. It was controlled by former Hearts owner Vladimir Romanov. Its Lithuanian administrator also has a claim against the club’s Tynecastle stadium as security on the money the bank is owed. The administrator believes liquidation and a disposal of assets, which would include the sale of Tynecastle to a developer, will offer better value for creditors.
The insider said: “There’s a big gap between Foundation of Hearts’ offer and what the administrator of Ukio expects to get for the club. There is a need to close that gap and the hope is that both parties will compromise and meet in the middle.”
Foundation of Hearts’ elevation to being preferred bidder is known to have been dependent on it raising its bid, although so far the group has not made an increased offer.
The club’s assets are relatively small. A developer could buy the stadium plot and keep the land for future use but estimates put its value at less than £3m.
Meanwhile, objections lodged in Lithuania over the proposed liquidation of UBIG, Hearts’ parent company, which owns half of the club’s shares, look set to delay matters further. UBIG was also controlled by Mr Romanov and is owed £10 million by Hearts. A group of UBIG’s creditors objected to the appointment of the administrator recommended by another set of creditors. Until the court makes a decision on an administrator, the sale of Hearts can be completed.
“Agreement on the value of the club is the main thing right now,” said a source. “The eventual administrators of UBIG will clearly want something for their 50 per cent stake but that will amount to a nuisance payment, probably in the region of a high five-figure sum. UBIG isn’t a secured creditor, so if the club ends up being liquidated UBIG will get absolutely nothing. “ If Foundation of Hearts is successful in buying the club, it will also have to settle for ownership of just 79 per cent of the club’s shares. The administrator has been unable to secure the stake in the club held by Quantum Holdings, a company thought to be owned by Mr Romanov.
Quantum Holdings, a company based in Geneva, holds 15 per cent of Hearts’ shares. When Quantum was established, Mr Romanov’s niece, Julija Goncaruk, was listed as a director. Ms Goncaruk was also a director of Hearts. She is no longer listed as a director of Quantum Holdings and the company was unavailable for comment."

[big-mo]

Having watched the situation with Hearts unfold over the last few months since the original rumblings of problems with the Lith bank and Investment group, I have wondered how it can all pan out.
Comparing it to other clubs that have gone into administration, I don't think there have been any where the club was still running but the owners have gone into administration or liquidation. This scenario of HMFC having to go into administration and appointing BDO and for them having to deal with the main creditor who happens to be another administration company is a bit of an anomaly.
The Lith administrators will have to do their best to get as much money back from their creditors as they can. If Hearts were still due money from anyone owing them money, would they accept 20p or less in the pound?

From the original set of figures issued by BDO last month, they said that the book value of the stadium was £13.75m but they were unable to put a current value on the round until Jones Lang LaSalle reported back on the current value. JLL will be looking at the ground and will give a valuation on it as a on-going football ground AND as the land value for future development. Even assuming that any club overvalue their assets, and you could say that it was only worth half their valuation, it would still be worth £6m. If so, why would the Lith Admin's take less than £4 for the whole club and stadium.

If I were the Lith Admin's I would be looking to sell the ground and then sell the club to the FoH for c£1m, they then would have £7 for their CVA. This would result in HMFC surviving but without a ground to play in, unless they could do a deal with the new owners of EH11 2NL until it is redeveloped.

On another point, I can not see why FoH keep looking for more fans to pledge more money for ongoing donations as I am fairly sure the the creditor do not give jot as to what money would be coming into the club after they have sold it, all they are looking for is the readies up front.

Does anyone think that FoH have done themselves a disservice claiming that they have emailed 65,000 Hearts fans? I don't even think either of the old firm teams would have that many email addresses on their database.

[Bill Milne]

If Hertz are contacting all the people on their database, there are going to be an awful lot of bogus FOH pledgers receiving Mr Locke's epistle. I take it they will keep the rest of us notified of the soaraway success of this latest attempted mugging of the increasingly poor Hertz fans.

[HFC 0-7]

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I am not so sure they can raise £1m from fans in two months, over and above pledges, donations, season tickets etc. I also don't believe it's a £1m gap, I reckon this will be the minimum , absolute minimum FOH feel they need.

they dont have to go to the fans really to raise this. They have a couple of people who are fronting the cash, the pledges are their to pay it back and some for running costs. Its really up to those few people who are fronting it to say 'yes, here is another 1million'. Its how they pay that money back, they could say to their pledgers that they will need them to sign up to an additional year of pledges.

That article looks suspect to me, " needs to raise its £3 million offer by “up to £1 million” to bring it closer to the £5 million value the administrators of Ukio Bankas has put on the club and its assets."

Yes 1 million will bring it closer to the valuation, but if 5 million is the valuation and asking price then they are not going to get it. Where did this 5 million asking price come from? We know their is a security of 6.8 million, we know FOH hearts have overed 3 Million. It looks to me as if FOH are trying to meet in the middle and sending out these stories to the press

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Having watched the situation with Hearts unfold over the last few months since the original rumblings of problems with the Lith bank and Investment group, I have wondered how it can all pan out.
Comparing it to other clubs that have gone into administration, I don't think there have been any where the club was still running but the owners have gone into administration or liquidation. This scenario of HMFC having to go into administration and appointing BDO and for them having to deal with the main creditor who happens to be another administration company is a bit of an anomaly.
The Lith administrators will have to do their best to get as much money back from their creditors as they can. If Hearts were still due money from anyone owing them money, would they accept 20p or less in the pound?

From the original set of figures issued by BDO last month, they said that the book value of the stadium was £13.75m but they were unable to put a current value on the round until Jones Lang LaSalle reported back on the current value. JLL will be looking at the ground and will give a valuation on it as a on-going football ground AND as the land value for future development. Even assuming that any club overvalue their assets, and you could say that it was only worth half their valuation, it would still be worth £6m. If so, why would the Lith Admin's take less than £4 for the whole club and stadium.

If I were the Lith Admin's I would be looking to sell the ground and then sell the club to the FoH for c£1m, they then would have £7 for their CVA. This would result in HMFC surviving but without a ground to play in, unless they could do a deal with the new owners of EH11 2NL until it is redeveloped.

On another point, I can not see why FoH keep looking for more fans to pledge more money for ongoing donations as I am fairly sure the the creditor do not give jot as to what money would be coming into the club after they have sold it, all they are looking for is the readies up front.

Does anyone think that FoH have done themselves a disservice claiming that they have emailed 65,000 Hearts fans? I don't even think either of the old firm teams would have that many email addresses on their database.

These pledges are to pay the people back fronting the cash for a takeover. If they get a lot more pledges there is a chance the people fronting the bid could offer more up front cash. Time is ticking now though and the people fronting the cash need to make quick decisions about how much money hearts will be able to afford to pay back, they wont want to save the club then be the ones forcing them back into admin when the pledges dry up and they arent repaying the cash.

The only way I can see more cash being added up front is if the pledgers accept to keep the DD's going for longer, pay the loan at the same rate but use the pledges for running the club. That would mean as soon as sponsor money, ST money comes in its straight out to pay the people giving the loan leaving the club to live off the pledges. Dangerous IMO.

[Leishy1995]

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If Hertz are contacting all the people on their database, there are going to be an awful lot of bogus FOH pledgers receiving Mr Locke's epistle. I take it they will keep the rest of us notified of the soaraway success of this latest attempted mugging of the increasingly poor Hertz fans.

A fair amount if hibees have told me they got the Locke email

[Dunderhall]

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Where does this mythical £1m figure come from?

It was quoted by Brian McGlauchlin in this article which was keech, and subsequently updated with info from Chris McGlaughlin to millions, but not as high as £5m.

[Gus Fring]

As it stood yesterday, neither BDO or FOH knew the amount UKIO were asking, they were just told to increase their bid a few weeks ago which they did. I don't understand why UKIO or BDO would be leaking this figure to the press. It's guesswork.

BDO's plan is to argue that this is the best price UKIO are going to get out of any outcome.

FOH are very reluctant to take donations from fans to fund the actual purchase of the club in case they are unsuccessful, so this talk of how easily they'll raise another £1m is way off because they've no way to actually do it. This is why direct debits haven't been collected yet. The key to the whole FOH bid is that it will only cost fans money after the club is in FOH control.

Additionally, the general feeling about UKIO is that they need a really decent offer to make a convincing case to the lith authorities to unfreeze the assets. Going to them and saying "We've got a pish offer for part of glads empire so please let us sell it off and make it much harder to investigate" isn't going to fly.

[Waxy]

This will be two christmas in a row that yamspawn will be waking up to an apple and an orange.

[Dashing Bob S]

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Having watched the situation with Hearts unfold over the last few months since the original rumblings of problems with the Lith bank and Investment group, I have wondered how it can all pan out.
Comparing it to other clubs that have gone into administration, I don't think there have been any where the club was still running but the owners have gone into administration or liquidation. This scenario of HMFC having to go into administration and appointing BDO and for them having to deal with the main creditor who happens to be another administration company is a bit of an anomaly.
The Lith administrators will have to do their best to get as much money back from their creditors as they can. If Hearts were still due money from anyone owing them money, would they accept 20p or less in the pound?

From the original set of figures issued by BDO last month, they said that the book value of the stadium was £13.75m but they were unable to put a current value on the round until Jones Lang LaSalle reported back on the current value. JLL will be looking at the ground and will give a valuation on it as a on-going football ground AND as the land value for future development. Even assuming that any club overvalue their assets, and you could say that it was only worth half their valuation, it would still be worth £6m. If so, why would the Lith Admin's take less than £4 for the whole club and stadium.

If I were the Lith Admin's I would be looking to sell the ground and then sell the club to the FoH for c£1m, they then would have £7 for their CVA. This would result in HMFC surviving but without a ground to play in, unless they could do a deal with the new owners of EH11 2NL until it is redeveloped.

On another point, I can not see why FoH keep looking for more fans to pledge more money for ongoing donations as I am fairly sure the the creditor do not give jot as to what money would be coming into the club after they have sold it, all they are looking for is the readies up front.

Does anyone think that FoH have done themselves a disservice claiming that they have emailed 65,000 Hearts fans? I don't even think either of the old firm teams would have that many email addresses on their database.

Not at all. It still leaves a shortfall of 335,000, which illustrates that FOH are correct - there is still a lot of work to be done to save Hearts.

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Got this from Keechback :-

"Hearts fans have just two months to find extra £1m or club’s gates close for good

Heart of Midlothian faces liquidation within two months unless the preferred bidder for the stricken football club increases its offer by about £1 million and a court case involving its largest shareholder is settled quickly.
Time is running out in the race to save one of Scotland’s oldest football teams amid wrangling over its value and after it emerged that a court battle in Lithuania to appoint administrators to the club’s biggest shareholder will not be settled for at least four weeks.
An insider said: “Right now, Hearts only has enough cash to keep going until mid-October. Things really need to progress. It’s a race against time.”
The source said fans group Foundation of Hearts, which was named as the preferred bidder this week, needs to raise its £3 million offer by “up to £1 million” to bring it closer to the £5 million value the administrators of Ukio Bankas has put on the club and its assets.
Ukio Bankas is the liquidated Lithuanian bank that holds a 29.9 per cent stake in Hearts. It was controlled by former Hearts owner Vladimir Romanov. Its Lithuanian administrator also has a claim against the club’s Tynecastle stadium as security on the money the bank is owed. The administrator believes liquidation and a disposal of assets, which would include the sale of Tynecastle to a developer, will offer better value for creditors.
The insider said: “There’s a big gap between Foundation of Hearts’ offer and what the administrator of Ukio expects to get for the club. There is a need to close that gap and the hope is that both parties will compromise and meet in the middle.”
Foundation of Hearts’ elevation to being preferred bidder is known to have been dependent on it raising its bid, although so far the group has not made an increased offer.
The club’s assets are relatively small. A developer could buy the stadium plot and keep the land for future use but estimates put its value at less than £3m.
Meanwhile, objections lodged in Lithuania over the proposed liquidation of UBIG, Hearts’ parent company, which owns half of the club’s shares, look set to delay matters further. UBIG was also controlled by Mr Romanov and is owed £10 million by Hearts. A group of UBIG’s creditors objected to the appointment of the administrator recommended by another set of creditors. Until the court makes a decision on an administrator, the sale of Hearts can be completed.
“Agreement on the value of the club is the main thing right now,” said a source. “The eventual administrators of UBIG will clearly want something for their 50 per cent stake but that will amount to a nuisance payment, probably in the region of a high five-figure sum. UBIG isn’t a secured creditor, so if the club ends up being liquidated UBIG will get absolutely nothing. “ If Foundation of Hearts is successful in buying the club, it will also have to settle for ownership of just 79 per cent of the club’s shares. The administrator has been unable to secure the stake in the club held by Quantum Holdings, a company thought to be owned by Mr Romanov.
Quantum Holdings, a company based in Geneva, holds 15 per cent of Hearts’ shares. When Quantum was established, Mr Romanov’s niece, Julija Goncaruk, was listed as a director. Ms Goncaruk was also a director of Hearts. She is no longer listed as a director of Quantum Holdings and the company was unavailable for comment."

I like this, I always believed they had enough to get up to Christmas. Although it's probably the usual Yam kid(dyfiddle)ology, hoping to scare the masses into parting with even more cash.

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As it stood yesterday, neither BDO or FOH knew the amount UKIO were asking, they were just told to increase their bid a few weeks ago which they did. I don't understand why UKIO or BDO would be leaking this figure to the press. It's guesswork.

BDO's plan is to argue that this is the best price UKIO are going to get out of any outcome.

FOH are very reluctant to take donations from fans to fund the actual purchase of the club in case they are unsuccessful, so this talk of how easily they'll raise another £1m is way off because they've no way to actually do it. This is why direct debits haven't been collected yet. The key to the whole FOH bid is that it will only cost fans money after the club is in FOH control.

Additionally, the general feeling about UKIO is that they need a really decent offer to make a convincing case to the lith authorities to unfreeze the assets. Going to them and saying "We've got a pish offer for part of glads empire so please let us sell it off and make it much harder to investigate" isn't going to fly.

It's strange that people on Hibs net have been saying for months,'hold on Senior Yambolino, this frozen asset/criminal investigation thingy going on in Lithland might just have some impact on your plans', while the Jambos and the media covering this sordid issue have repeatedly ignored this, or dismissed it as some minor detail, which can brushed aside. The Lith authorities seem to have their teeth right into this and aren't going to be bought off, certainly not for the pie-in-the-sky peanuts FOH are offering. Additionally, BDO have to sell to the Lithuanians the fact that FOH don't have hard cash, just relatively worthless (in business terms) statement-of-intent 'financing' from the fans (in reality, the total amount will be much less if they try to cash it in), and that they intend to raise the shortfall (however much that is) by asking the fans for more of these worthless pledges.

They will laugh chocolate biscuits at this nonsense, or more likely, be very angry and insulted at the waste of their time.

In a perverse way, I would actually love it if they were crazy enough to give the FOH bid some conditional acceptance, setting a deadline of say, Sept 20, for all the money (say 5-6 mill) to be in their bank account. The mad scrambling, with the begging, cajoling and threatening, and then the subsequent orgy of self-loathing, followed by the bitter recriminations when this cash target wasn't achieved, would be joyous to behold. Then you would doubtlessly hear that the full amount they raised was something like 1.93 mill, with one million of that coming in the form of a special bond from some business person.

However, I suspect that Jackson and BDO know that Hearts are dead in the water, and that they are just doing their duty and going through the motions.

More interesting to me is the role FOH will play in a post-liquidation Hearts. This is probably the best chance they'll have to make a genuine, fan-owned model of a football club work, and they'll be starting with zero debt. Of course, it'll be a long, long way back through the divisions for them, and they'll be homeless.

[Eternal Hibbie]

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This will be two christmas in a row that yamspawn will be waking up to an apple and an orange.

Yeah, and an i.o.u. for their shares certificate.

[The Green Goblin]

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Got this from Keechback :-

"Hearts fans have just two months to find extra £1m or club’s gates close for good

Heart of Midlothian faces liquidation within two months unless the preferred bidder for the stricken football club increases its offer by about £1 million and a court case involving its largest shareholder is settled quickly.
Time is running out in the race to save one of Scotland’s oldest football teams amid wrangling over its value and after it emerged that a court battle in Lithuania to appoint administrators to the club’s biggest shareholder will not be settled for at least four weeks.
An insider said: “Right now, Hearts only has enough cash to keep going until mid-October. Things really need to progress. It’s a race against time.”
The source said fans group Foundation of Hearts, which was named as the preferred bidder this week, needs to raise its £3 million offer by “up to £1 million” to bring it closer to the £5 million value the administrators of Ukio Bankas has put on the club and its assets.
Ukio Bankas is the liquidated Lithuanian bank that holds a 29.9 per cent stake in Hearts. It was controlled by former Hearts owner Vladimir Romanov. Its Lithuanian administrator also has a claim against the club’s Tynecastle stadium as security on the money the bank is owed. The administrator believes liquidation and a disposal of assets, which would include the sale of Tynecastle to a developer, will offer better value for creditors.
The insider said: “There’s a big gap between Foundation of Hearts’ offer and what the administrator of Ukio expects to get for the club. There is a need to close that gap and the hope is that both parties will compromise and meet in the middle.”
Foundation of Hearts’ elevation to being preferred bidder is known to have been dependent on it raising its bid, although so far the group has not made an increased offer.
The club’s assets are relatively small. A developer could buy the stadium plot and keep the land for future use but estimates put its value at less than £3m.
Meanwhile, objections lodged in Lithuania over the proposed liquidation of UBIG, Hearts’ parent company, which owns half of the club’s shares, look set to delay matters further. UBIG was also controlled by Mr Romanov and is owed £10 million by Hearts. A group of UBIG’s creditors objected to the appointment of the administrator recommended by another set of creditors. Until the court makes a decision on an administrator, the sale of Hearts can be completed.
“Agreement on the value of the club is the main thing right now,” said a source. “The eventual administrators of UBIG will clearly want something for their 50 per cent stake but that will amount to a nuisance payment, probably in the region of a high five-figure sum. UBIG isn’t a secured creditor, so if the club ends up being liquidated UBIG will get absolutely nothing. “ If Foundation of Hearts is successful in buying the club, it will also have to settle for ownership of just 79 per cent of the club’s shares. The administrator has been unable to secure the stake in the club held by Quantum Holdings, a company thought to be owned by Mr Romanov.
Quantum Holdings, a company based in Geneva, holds 15 per cent of Hearts’ shares. When Quantum was established, Mr Romanov’s niece, Julija Goncaruk, was listed as a director. Ms Goncaruk was also a director of Hearts. She is no longer listed as a director of Quantum Holdings and the company was unavailable for comment."

"Mr. Romanov"... That gets right on my wick.

[Iggy Pope]

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"Mr. Romanov"... That gets right on my wick.

I think you will find that this is a cut and paste from The Times. Far too many sentences put together in a pleasing construction to have been written by a plum. Don't let 'sources' get on yer wick. Or (what appears to be) a proper journalist.

[HUTCHYHIBBY]

As someone posted a page or two ago when are the media going to highlight the fact that the final outcome is not going to happen anytime soon due to the situation in Lithuania? It seems to be getting conveniently ignored except on .net.

[Gus Fring]

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As someone posted a page or two ago when are the media going to highlight the fact that the final outcome is not going to happen anytime soon due to the situation in Lithuania? It seems to be getting conveniently ignored except on .net.

If they acknowledge that then it gives them considerably less to write/talk about. They can get far more value out of pontificating about Hearts survival. By keeping the frozen assets quiet for the time being it lets the uninformed public think they are getting an unfolding story when in reality nothing has changed for days/weeks. A good journalist will ration his exclusive content across as long a period.

An editor once said to me "A story is like an elastic band, you stretch as far as you can, taking it slowly. Once it snaps and nobody is interested any more you move on to the next elastic band as quickly as possible"