Share Transfers Agreed/Cooling off period

[robinp]

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That's got to be a mistake...............

Probably not, this is likely the full balance of future lease payments. As the club is in admin they could have irritated the lease on the "academy" and this would be a debt of the administration. Then, they renegotiated a new reduced lease.

[Barney McGrew]

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Did they not renegotiate the lease with Heriot Watt? It could be that they have entered the value of the remaining 16 years of the original lease as a claim because technicaly they broke the terms of the contract? (£320k per year)

You would assume that, considering they have negotiated a new lease, they were happy to leave it on the books as a debt but not bother to vote as they are going to get their money anyway.

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Probably not, this is likely the full balance of future lease payments. As the club is in admin they could have irritated the lease on the "academy" and this would be a debt of the administration. Then, they renegotiated a new reduced lease.

Cheers guys, that sounds like a reasonable explanation.

[The_Todd]

Higher Education staff are getting a below inflation rise again this year and these cheating cretins owe a University over £5m? And they owe to the NHS, the Police, the ambulance service and HMRC. Sorry, they add no value to Scotland. They're a drain on our society and economy.

Get them liquidated.

[Barney McGrew]

Was the £650k VAT outstanding showing on the initial creditors list?

edit - no, it wasn't. You'd have thought that was an easy enough for BDO to have worked out in the first place.

Also, the debt for Edinburgh Council has dropped significantly. I'd hope they haven't decided to waive some of what was owed.......

[Kato]

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How can they rent flats from Edinburgh Council ?

Surely council flats are rented out on a points system, and I don't believe footballers are awarded many points using this system ?

Because the Council and Hearts are clean right up each other?

[flash]

That list is despicable.

[Oscar T Grouch]

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Couple of people I know in there in the admin staff debts, one in particular, who need that money with Xmas approaching. And they'll no see a penny. For them, I do feel genuinely sorry.

If this debt is wages the the DWP would have paid this in full, all they have to do is claim. It happened to me twice, businesses I worked for twice decided, on payday, to go bust and both times I got my wages paid in full by the DWP. This should be the same here, no?

[The_Todd]

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That list is despicable.

If being that cretinous is the price of being a "big club" then I'm proud we're the "wee team"

They have no shame.

[Sergio sledge]

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Interesting reading in section 3 on the second page –
“the costs & expenses of the administrators shall be settled partially from any outstanding trading receipts at the point of the joint administrators discharge from office” ….

Later followed by clarification –
“For the avoidance of doubt, any payment of this nature would exclude 2013-14 season ticket monies”.

What this seems to be saying is that some of the administrators’ fees will come out of the income (not including 13/14 season ticket money) of HOMFC PLC i.e. walk up money, TV revenue, cup matches, retail, player sale etc. This goes totally against what was said at the beginning – All fees would come out of the money due to the secured creditors.

I read that slightly differently, the phrase also includes:

“For the avoidance of doubt, any payment of this nature would exclude 2013-14 season ticket monies held by a 3rd party”.

I had assumed that this would be the season tickets bought through the finance provider rather than direct with the club, meaning that some of the season ticket monies raised in February (early season ticket release) would be used to keep the club going and some may be used to fund the administrators. This would mean that it is very likely that a large part of next years season ticket money is gone before the summer again, so they are going to be in for another tough year next year.

[jacomo]

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1. The Joint Administrators instructed Jones Lang LaSalle (“JLL”) to provide a valuation of Tynecastle Stadium. So as not to prejudice the current sale process, the valuation provided by JLL has been excluded from this report.

For me this is a bit of a cop out from BDO. They're not putting it in so that people like us can't see it and kick up a fuss IMHO. I fail to see how disclosing this would prejudice the current sale process, surely BDO have told UKIO and UBIG the valuation that was received, FoH had their own valuation done and any property developer worth his salt will be able to put a valuation on the land, so the only people this is being kept from is us mere mortals who assume that the land is worth more than the £2.5m FoH are offering for the club.

Amazing. As administrators we've paid for a new valuation of the main asset but we're not going to tell you what that valuation is.

[Gus Fring]

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I read that slightly differently, the phrase also includes:

“For the avoidance of doubt, any payment of this nature would exclude 2013-14 season ticket monies held by a 3rd party”.

I had assumed that this would be the season tickets bought through the finance provider rather than direct with the club, meaning that some of the season ticket monies raised in February (early season ticket release) would be used to keep the club going and some may be used to fund the administrators. This would mean that it is very likely that a large part of next years season ticket money is gone before the summer again, so they are going to be in for another tough year next year.

The finance deals for next season may be quite different because Zebra finance themselves went bust several weeks ago. They are all tangled up in the faulty breast implant saga. They've been taken over by another finance company.

[Sergio sledge]

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The finance deals for next season may be quite different because Zebra finance themselves went bust several weeks ago. They are all tangled up in the faulty breast implant saga. They've been taken over by another finance company.

Hibs use Zebra too don't they? I hope we've got all we're due from them!

[Bristolhibby]

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Attached

Michael Ngoo - a whole £4.35 of shares. #bigspender

J

[Gus Fring]

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Hibs use Zebra too don't they? I hope we've got all we're due from them!

Yes I believe we did. I'm sure the way the Zebra deal works is that they pay the club immediately and the supporter then pays back Zebra in the form of a loan.

it remains to be seen if that continues for next season though. The new company (Trent) May decide not to offer that service which could likely mean to a drop in Season Ticket sales for both clubs.

[GreenLake]

HWU and the Police must have amateur football teams registered with the SFA. Does that not make what they are owed by Hearts footballing debt's which will have to be repaid?

[TonyStokeprano]

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I can't find the list of shareholders, is it every person who bought shares in the share issue that's listed?

Can't see them anywhere either!

[Weststandwanab]

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Higher Education staff are getting a below inflation rise again this year and these cheating cretins owe a University over £5m? And they owe to the NHS, the Police, the ambulance service and HMRC. Sorry, they add no value to Scotland. They're a drain on our society and economy.

Get them liquidated.

That would not mean Education staff getting any more of a rise.

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Amazing. As administrators we've paid for a new valuation of the main asset but we're not going to tell you what that valuation is.

They have little choice or be accused of "showing their cards".

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Hibs use Zebra too don't they? I hope we've got all we're due from them!

Two words - The Tache

[Liberal Hibby]

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HWU and the Police must have amateur football teams registered with the SFA. Does that not make what they are owed by Hearts footballing debt's which will have to be repaid?

There's a better argument that the charge for football training facilities should be considered football debt. But as they've signed a new contract at HWU then it is all - ahem - academic anyway.

[The_Todd]

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That would not mean Education staff getting any more of a rise.

I never said they would. I was trying to illustrate public sector finances are tight and are not helped when tin pot football clubs like Hearts withhold money they're due just so they can cheat at football. I'm also trying to point out Hearts have no real net contribution to our nation, in fact if anything they detract. There is no business reason to keep them as a going concern it's all sentimental bullcrap.

[GreenLake]

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There's a better argument that the charge for football training facilities should be considered football debt. But as they've signed a new contract at HWU then it is all - ahem - academic anyway.

I guess if having a football team was a way to recover debt, HMRC would be sending their desk jockeys out to play in the Sunday pub leagues.

[itslegaltender]

They are owe the NHS money? Shocking.

[PapillonVert]

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If this debt is wages the the DWP would have paid this in full, all they have to do is claim. It happened to me twice, businesses I worked for twice decided, on payday, to go bust and both times I got my wages paid in full by the DWP. This should be the same here, no?

If that is the case, that means the taxpayer will be even more out of pocket due to the cheating! And yet alleged taxpayer-representative 'I'm an MP' carries on working tirelessly to help the cheats get away with it.

[HUTCHYHIBBY]

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Can't see them anywhere either!

Me neither!

[Smiggy 7-0]

Scottish Power due over £16K..........................time to turn the lights off

[SunshineOnLeith]

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You'd have to imagine that many of the people listed on pages 15 - 38 aren't too happy about having their names, addresses and amount owed to them freely available to the public.

Never mind

Somebody should compile a list of the ones that are in I'm an MP's constituency and ask him to reconcile what he's doing with FoH and acting for his constituents' interests.

[Weststandwanab]

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If that is the case, that means the taxpayer will be even more out of pocket due to the cheating! And yet alleged taxpayer-representative 'I'm an MP' carries on working tirelessly to help the cheats get away with it.

A very valid question

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Me neither!

Is it because they are not there ?

[GreenLake]

Sir David Attenborough, on 03 December 2013 - 11:17 PM, said:
Your point stands though anyway. If we need to, we will raise more. Bob would effectively be extorting money out of all of us though... Even though he wouldn't get any of it himself.




Bob might be putting the shoe on the other foot

[magpie1892]

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If this debt is wages the the DWP would have paid this in full, all they have to do is claim. It happened to me twice, businesses I worked for twice decided, on payday, to go bust and both times I got my wages paid in full by the DWP. This should be the same here, no?

I hope so.

[BH Hibs]

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Me neither!

Lost me too

[HUTCHYHIBBY]

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Is it because they are not there ?

I believe that could very well be the reason, so, my next question is where are they?