Share Transfers Agreed/Cooling off period

[jacomo]

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A Jambo claims that it's in the Scotsman that quotes from the companies in the paper saying Lady Haig's claim even though they are listed a creditor, Hearts don't owe them money. Smell bull**** or is he correct?

Oh do keep up.

HMFC went into admin owing money for poppies.

Someone else then settled that particular debt, so poppy people are no longer out of pocket.

So it's true... Hearts don't owe them any money. But only because someone else was so embarrassed by this that they paid it instead of the club.

[SurferRosa]

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Does any other club operate on the assumption that supporters will pay both for season tickets and a monthly direct debit? It appears dodgy to me as a sustainable long-term business strategy.

The ticking time bomb for Hearts is the need to replace the old main stand. At some stage it will lose its safety certificate or at least be reduced significantly in capacity. Where will the cash come from for a replacement?

Let`s wait and see how long it takes before FoH put the stadium and land up for sale with the prospect of full planning permission and no mention of blast zones or listed buildings. A 'community' stadium is then built in the West of Embra with Hearts putting up a good bit of the money due to the sale of their ground.

IF the FoH had got their hands on the Hearts 'brand' but not the stadium, i`d have said they would struggle and would find recovery very difficult. IMO, the fact they have secured their stadium is what will secure their future.

[may 21/05/2016]

It was tom farmer that paid that

Sent from my HTC One X+ using Tapatalk

[NadeAteMyLunch!]

Hearts debt

2 Sports Marketing Ltd £5,153
A1 Minibus & Coaches £100
ADT Fire£1,033
Ayr United FC£1,750
Arnold Clark Finance£6,764
Allan Dick£50
Alasdair Fraser£528
Ardue House Hotel£180
AllStar Business Solutions£100
Alexander Szaorari£9,100
AB Ukio Bankas£15,488,290
Baltic Clipper£497
Bank of Scotland (Merchant Services)£100
Bank of Scotland (Equipment Finance)£970
Beswicks Sports Ltd£3,000
BOC Gases£490
British Red Cross£76
BT£3,024
British Gas£580
BIG Hearts Community Trust£589
Bruce Rae Property Management£34,048
Business Line UAB£204,143
Cable & Wireless£2,198
James Calcer£1,411
Cameron Presentations£5,406
Campbell Medical Supplies£100
Janette Campbell£100
Cardiac Services£152
Charlie Irons Coaches£100
Chamic£100
Childcare Vouchers£100
B Ciocco£11,469
Citroen£5,232
Clearwater Technology£5,156
Clouds£6,870
Coerver Coaching Scotland£949
Concept Group£841
Copymade Ltd£100
Corona Energy Retail£29,729
The Insolvency Service£0
DJ Alexander£6,323
David Cameron£110
Miss Amal Daher£120
Dataserve UK£160
DC Lighting Services£652
DJB Fire & Safety Training£48
Outfield Harrison£1,816
Daisy Communications£1,474
Ensco 165 £509,464
Eamonn Collins£5,000
Edinburgh Chamber of Commerce£674
Elite Medicale£222
Ermington Associates£100
Egkijius Valiauga£863
Fife Imaging Associates£903
Fountain Court Apartments£100
Football Safety Officers£230
GF Capital Solutions£337
John Gibson£2,520
Glenham Property£100
Graeme Rankin Sports Mgmt.£12,000
Green Star Media£77
Greentech Sportsturf£1,056
G4S£12,057
GroupCall Ltd.£210
HM Revenue - VAT£0
HM Revenue£1,881,068
Hamilton & Brydie£144
Hectic Life£52
HBJ Gateley Wareing£100
Herriot Watt£145,655
Highlander Kilt Hire£430
Hitachi Capital£7
Holiday Inn Aberdeen£58
Homespring Ltd£499
Sven Housten£40
HoMFC Shareholder Association£5,030
Impact Signs£6,499
InterLax£234
Interface En£100
James Armstrong & Co£1,520
Johnston Carmichael£100
Jane Lofthouse Johnson£410
James Sandison£680
J Thomson Colour Printers£100
Kauno Futbolo£13,431
Key Sports Management£23,049
Korelita£52,610
KPMG Hungary£1,190
Lady Haigs Poppy Fund£185
Lietuvos Rytas£37
Livingston FC£282
Liverpool FC£46,625
Llyods TSB£17,165
Lex Autolease£1,159
Lochgreen Hotel£510
Lyco Direct Ltd.£1,822
Milson Capital Corp£1,223,989
Ian Maclennan£335
McCraes Battalion Trust£100
Dr Carrie McCrea£760
Tony McGill£19,625
Dr Scott McKie£700
McRae of Gorgie£560
Meridan Hospital£790
Dr Andrew Murray£250
Musselburgh Athletic FC£5,790
Michael Page International£100
NHS Lothian£75
NHS Fife £739
North Lanarkshire Council£100
Northgate Vechile Hire£100
Nuffield Health£4,645
OG Lawfirm£5,000
Orange£5,896
PHS Group£1,110
Pulsant Scotland£240
Paton Plant Ltd£3,290
Pendrich Height Services£6,552
Performing Right Society£13,995
Pitch International£4,746
PPL Sport & Leisure£1,325
PPL£4,133
Premier Sports£4,836
ProKit£100
ProAmica£34,899
Professor Ernest Schiders£2,410
Rapide Communication£176
Respublikos Investicija£62
Runos Vertimal£43
RWN Orthopaedics£100
Ryden Lettings£100
Rigby Taylor Ltd.£1,564
Robert Graeme Wilson£150
Spie Matthew£2,436
Spire Healthcare£3,118
Scottish Water£100
Steve Hutchison£3,430
Scottish Police Authority£18,585
Savills£20,602
Scottish Ambulance Services£2,454
Scomac Catering Equip.£100
Scottish Power (Stadium)£9,544
Scottish Power (Ticket Office)£5,467
Scottish Power (Admin Block)£1,254
Scottish Gas Business£347
Scrubbers Laundry£162
SDMS£411
Securevent Security£12,309
SFA£5,011
Shanks Waste Mgmt.£1,211
Scottish Hydro Electric£139
Jordan Shearer£90
Shred-it£457
Sky Business£100
Slaters£100
SNS Group£1,281
Spectator Seating£13,005
Speedy Power£100
Sportsmasters£1,648
Sporting ID£100
Sports Medicine Uraea AB£2,700
SRM Hearts£19,853
Scottish Power£100
St Andrews First Aid£364
Stenhousemuir FC£12,900
Stellar Football Ltd£5,750
Streamline Print Mgmt.£418
Superturas£26,636
Scottish Youth Football Assoc.£1,700
T.G Baker Sound£2,656
ThyssenKnapp Elevator£3,378
City of Edinburgh Council£90,715
City of Edinburgh Council (for flats)£2,631
The Edinburgh Clinic£557
Newspaper Licensing Agency£1,428
Talk Talk£5,548
The Rangers FC£1,410
Ticketmaster£33,112
TNT UK£8
TNT Post£56
Trichem£1,380
Technology Services Group£1,967
Turnstile Systems£810
UAB litcargus£1,166
UK Football Academy£228
Unum£2,300
UAB Ukio£8,151,497
Veecom Systems£3,525
Viola£290
Vodafone Connect£343
Wallace Brown/Langstane£956
Weatherseal£42
Western Saab£500
Dr David Whitaker£500
Scott Wilson£1,000
Yorkshire Clinic£2,562

NEVER LET THEM FORGET. THE TEAM WITH NO SHAME...

[greenpaper55]

Just been listening to Jackson and the fat MP, the fat one is still spinning the line of it's all over but Jackson is more realistic in his judgement stating that until they convince UBIG to part with the shares then the whole thing collapses. Now it may be that UBIg's shares are virtually worthless but that is not the point, if they are frozen due to legal challenges this adds up to a no yer not getting them to the cheats. They are also open to somebody playing the spite card just for the sake of it, if the cheats were part of the reason the UBIG shares are worthless why give the shares away for nowt ?, just a thought to keep the cheats awake at night !.

[brog]

I would just like to congratulate all associated with HMFC. Today, by your actions, your own charity, Big Hearts, was officially stiffed for £34,048.43. Well done, you must be very proud!

[paul_hfc3]

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Oh do keep up.

HMFC went into admin owing money for poppies.

Someone else then settled that particular debt, so poppy people are no longer out of pocket.

So it's true... Hearts don't owe them any money. But only because someone else was so embarrassed by this that they paid it instead of the club.

Cheers mate!
I know I know...sorry I was being lazy ha. Just wanted clarification rather than looking like an arse, all my mates are Jambos and its a difficult battle when your on your tod against 15 or so die hard Jambos. They've backed the "It was a glitch for the wages. Hearts official website said so."

[Ozyhibby]

Chat on Kickback is that FoH are now paying BDO's fees. Any confirmation?

[blindsummit]

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I am surprised this is allowed/legal.
Surely BDO knew/had a good idea of how much money they had and were likely to get during the season.
Therefore they should know (+/- % fluctuation) how much they could spend to enable them to get the club through to the end of the season. Why did they not cut their cloth accordingly, instead of signing Wilson and keeping staffing levels and running costs at a level they clearly could not sustain without further (and not guaranteed!!) investment.
I may also add they are coming up short despite getting a bonus from the cup game with us and then Celtic!
BDO are in danger of making Duff & Phelps look professional.....!!!!!

Agreed. BDO's admission today that they will need more money is as frank an admission that they are CONTINUING to trade while insolvent as you can get. Something that is supposed to be verboten for Administrators! Once again, something stinks in the world of Football Admins.

BDO appear to have done a Duff & Phelps and "gone native". They are playing the role of Football Club owners and managers, instead of carrying out their statutory duties as administrators.

If they don't have the cash, then players should be getting released NOW! It should not matter to BDO if Hearts then have to play a bunch of 15 year old trialists, that's NOT THEIR CONCERN.

Honestly, I despair at the mockery of the law and morality that football has become.

I do hope that anyone supplying goods and services to Hearts is getting cash up front. And I wonder if the Police, HMRC, Edinburgh Council etc are getting stiffed again already??? Still, as long as the club survives eh, it's all good.

Reptiles.

[RIP Bestie]

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In essence, there's not a lot that has changed after today. If the vote had gone the other way, yes, that would have been goodnight.

All that has happened of significance today is that UKIO have decided that they're happy with what is on offer. I have to say that that surprised me, but I am assuming that they have done their homework.

The ball is still, as it was anyway, in UBIG's court. They have some negotiating to do over how much they will accept for their shares. Shares that they can't actually sell yet.

The situation of signing players hasn't changed at all. Hearts are still in administration, and look as if they will be so for some months yet.

Thanks for this and all your other posts on this thread. They have been invaluable to my limited knowledge of this field and very much appreciated CWG

[brog]

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I would just like to congratulate all associated with HMFC. Today, by your actions, your own charity, Big Hearts, was officially stiffed for £34,048.43. Well done, you must be very proud!

Following up on my own post! IIRC when oldco sank, various supporters' clubs made payments to small creditors who had received nothing in the liquidation. I remember a lady who had arranged face painting & possibly a florist getting paid. I guess I must have missed all the positive stories re the Yams fans doing something similar. Its a sad day when they can't even reach the moral heights of their big cousins!

[steakbake]

If we're saying that the LTs have been put under some emotional pressure, then this move: where the frozen shares must be bought - passes some of that weight elsewhere.

[CropleyWasGod]

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Agreed. BDO's admission today that they will need more money is as frank an admission that they are CONTINUING to trade while insolvent as you can get. Something that is supposed to be verboten for Administrators! Once again, something stinks in the world of Football Admins.

BDO appear to have done a Duff & Phelps and "gone native". They are playing the role of Football Club owners and managers, instead of carrying out their statutory duties as administrators.

If they don't have the cash, then players should be getting released NOW! It should not matter to BDO if Hearts then have to play a bunch of 15 year old trialists, that's NOT THEIR CONCERN.

Honestly, I despair at the mockery of the law and morality that football has become.

I do hope that anyone supplying goods and services to Hearts is getting cash up front. And I wonder if the Police, HMRC, Edinburgh Council etc are getting stiffed again already??? Still, as long as the club survives eh, it's all good.

Reptiles.

TBF to Bryan Jackson, he didn't say that they will need more money. He said that, if they start to run out of money in March/April, they will need to go back to the fans. The administration is not insolvent yet. Were they, there could be only one way to go.

They may yet assess the situation in the light of the UBIG issues and decide to cut staff in order to ease the pressure. He said in the interview that the cash flow is fluid... that they have had some unexpected income, but that there could be some negative situations as well.

[Aldo]

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Chat on Kickback is that FoH are now paying BDO's fees. Any confirmation?

Holy *****... They are making it up as they go along.

[brog]

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Chat on Kickback is that FoH are now paying BDO's fees. Any confirmation?

No. F of H will not pay BDO. In their statement of July 19 they ( BDO ) said it is not our intention to draw a fee until it has been agreed with the secured creditor ( ie the administrators of ABUB ).
Assuming ABUB is UKIO they may now be looking to get their fee but it comes out of the £2.5m paid, which makes UKIO's acceptance even more baffling.

[HIBERNIAN-0762]

Infuriating listening to that turd Murray say two massive hurdles have been cleared

Really? what a crock of Tom Tit!

[Jim44]

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It wasn't a surprise really, there's still a long way to go before they're out of trouble, don't get frustrated- just sit back and enjoy what's to come.

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Agreed. BDO's admission today that they will need more money is as frank an admission that they are CONTINUING to trade while insolvent as you can get. Something that is supposed to be verboten for Administrators! Once again, something stinks in the world of Football Admins.

BDO appear to have done a Duff & Phelps and "gone native". They are playing the role of Football Club owners and managers, instead of carrying out their statutory duties as administrators.

If they don't have the cash, then players should be getting released NOW! It should not matter to BDO if Hearts then have to play a bunch of 15 year old trialists, that's NOT THEIR CONCERN.

Honestly, I despair at the mockery of the law and morality that football has become.

I do hope that anyone supplying goods and services to Hearts is getting cash up front. And I wonder if the Police, HMRC, Edinburgh Council etc are getting stiffed again already??? Still, as long as the club survives eh, it's all good.

Reptiles.

On your last point, I couldn't give a toss if the idiots who have already been shafted by the thieves have gone back for more punishment. They deserve to lose more for their stupidity. For CVA read licence to steal legally.

[brog]

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Hearts: More cash from fans may be required, says administrator


Hearts may ask fans for more funds if the club runs out of money before the end of the season, according to administrator Bryan Jackson.

But Jackson needs to acquire the majority shareholding from UBIG, a process likely to take several months , and only has funds to last until March.
"There's nowhere else for me to go if we run into difficulties," he said.
"We'll just have to take that as we go. The cash flow is fluent, it can change

Fluent in what? Presumably double Dutch & double dealing!! I guess this is a BBC error rather than a Freudian slip from the undertaker!

[PapillonVert]

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Chat on Kickback is that FoH are now paying BDO's fees. Any confirmation?

Maybe BDO are getting to squeaky bum time whereby they are putting in the hours to try and salvage something and the outstanding bill is so high that they need something going towards it to ensure that they don't end up massively out of pocket?

If what they're saying on KB is correct, I guess that that might be the reason. BDO fed up of putting in the time and effort and want to see some cash now before they incur more fees.

However, someone needs to remind me of the basis on which FoH is holding the money - wasn't it on the basis that it wouldn't be touched until the CVA was agreed?

Conditional CVA doesn't meet that condition IMO.

[CropleyWasGod]

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Fluent in what? Presumably double Dutch & double dealing!! I guess this is a BBC error rather than a Freudian slip from the undertaker!

I heard it as "fluid".

Like slime.

[Pretty Boy]

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Following up on my own post! IIRC when oldco sank, various supporters' clubs made payments to small creditors who had received nothing in the liquidation. I remember a lady who had arranged face painting & possibly a florist getting paid. I guess I must have missed all the positive stories re the Yams fans doing something similar. Its a sad day when they can't even reach the moral heights of their big cousins!

Yep. When the moral heights of Rangers are something to aspire to you know you have problems.

[Aldo]

Quality from a roaster over the road

buzzbomb
Today, 15:26
Does Ian Murray remind anyone else of Robbo.. ?Mannerisms, speech etc

Answers on a postcard please ladies and gents!!

[Mellow Hibee]

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No. F of H will not pay BDO. In their statement of July 19 they ( BDO ) said it is not our intention to draw a fee until it has been agreed with the secured creditor ( ie the administrators of ABUB ).
Assuming ABUB is UKIO they may now be looking to get their fee but it comes out of the £2.5m paid, which makes UKIO's acceptance even more baffling.

It sounds like it has been put into the CVA agreement as a clause, which makes sense from the UKIO perspective.

Perhaps the fees are expected to be around £500,000 if all goes well. UKIO wanted around £3M but agreed to take £2.5 with FOH paying the fees so if it goes on and on they still end up with £2.5M.

It makes their acceptance of £2.5M a bit more realistic.

[Gus Fring]

"[Hearts Fans] know the right thing to do cancel Christmas for your kids, give the money to me" - Bryan Jackson

Also note at the start of that video he confirms there is no Plan B and that UBIG's shares aren't guaranteed.

if anyone still doubts my info, or anyone else when they say this is far from over, give that video a watch and tell that if you were a Hearts fan you wouldn't stick the champagne back in the fridge for the time being.

This is far from over no matter how much Hearts fans think it is.


http://www.bbc.co.uk/sport/0/football/25156354

[Ozyhibby]

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No. F of H will not pay BDO. In their statement of July 19 they ( BDO ) said it is not our intention to draw a fee until it has been agreed with the secured creditor ( ie the administrators of ABUB ).
Assuming ABUB is UKIO they may now be looking to get their fee but it comes out of the £2.5m paid, which makes UKIO's acceptance even more baffling.

They are saying it was one of the conditions they had to agree to last night to push things through?

[HoboHarry]

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TBF to Bryan Jackson, he didn't say that they will need more money. He said that, if they start to run out of money in March/April, they will need to go back to the fans. The administration is not insolvent yet. Were they, there could be only one way to go.

They may yet assess the situation in the light of the UBIG issues and decide to cut staff in order to ease the pressure. He said in the interview that the cash flow is fluid... that they have had some unexpected income, but that there could be some negative situations as well.

That's not what I heard him saying. I interpreted his comments as being that there could be minuses - such as the DD's dropping off. With Christmas coming up that's a certainty both before and after. I imaging their budget planning includes all the DD's as they currently stand.

[Gus Fring]

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That's not what I heard him saying. I interpreted his comments as being that there could be minuses - such as the DD's dropping off. With Christmas coming up that's a certainty both before and after. I imaging their budget planning includes all the DD's as they currently stand.

The direct debits are not currently being used to finance Hearts and they will never be at Bryan Jackson's disposal. They are only to be used when FOH have control.

[HoboHarry]

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The direct debits are not currently being used to finance Hearts and they will never be at Bryan Jackson's disposal. They are only to be used when FOH have control.

Ah ok, fair enough....

[PapillonVert]

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"[Hearts Fans] know the right thing to do cancel Christmas for your kids, give the money to me" - Bryan Jackson

Also note at the start of that video he confirms there is no Plan B and that UBIG's shares aren't guaranteed.

if anyone still doubts my info, or anyone else when they say this is far from over, give that video a watch and tell that if you were a Hearts fan you wouldn't stick the champagne back in the fridge for the time being.

This is far from over no matter how much Hearts fans think it is.


http://www.bbc.co.uk/sport/0/football/25156354

Interesting, Mr. B.

I have been intrigued all along by the attitude of the UBIG side. Leaving aside whatever dastardly and nefarious scandals and schemes might be uncovered by the investigations going on there, are we right to assume that an estimate of February 2014 for the resolution of all the issues surrounding UBIG, not least the frozen shares, might be more than merely wildly optimistic? And that BDO know this?

Hence the suggestion that the fans might have to be prepared to stump up even more cash in March next year in order to keep the circus limping on? Preparing the ground for the inevitable?

[Mikey]

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This is far from over no matter how much Hearts fans think it is.

Correct. It's not going to take much of a delay for them to find themselves still in Administration in July and starting their Championship campaign on -15 points.

The one big decision that's still to be made is in the hands of the Lithuanian government. If they choose to keep the shares frozen while investigations continue then there's no resolution.