Share Transfers Agreed/Cooling off period

[jacomo]

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I hate to break it to you, but it's standard practice in any insolvency (not just this one) to hold back asset valuations when bids are invited from interested parties. It's up to them to make an offer, not for the IP to offer the sale. Asset valuations are disclosed to purchasers only once confidentiality agreements are in place.

BDO were appointed by the Lithuanian administrators were they not?

Therefore, they should know the valuation, and FoH is the interested party who makes the bid.

The bigger issue perhaps is that no other interested parties have gone public with a bid for Tynecastle as a development site, although it's understandable that developers wouldn't want to be seen as being responsible for making Hearts homeless. They may surface if they go to liquidation though.

[brog]

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BDO fees as I understood them to be.

Fees upto the CVA were to be taken from the operating profits during the administration, the balance being met from the CVA payment.

Fees after the CVA to be covered as current running costs.

Yep, pretty much what I said below.

Its hard to remember now but I thought it was other way round. ie, any "profit" made by Yams while in admin, up to the time a CVA is agreed would be set off against BDO fees. The balance would come off the £2.5m offer. I have to say this struck me as a crazy deal for Ukio. Can anyone remember the post# with the CVA details on it?

[greenginger]

http://translate.googleusercontent.c...EYOFZuJQ64YN-A

Poor Vlad, he has had his case for suing the Lithuanian State for damaging his bank thrown out without any evidence being examined.

Don't take it, Vlad, launch an appeal !

[Sanger]

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You have to ask if the Lithuania Administrators have even bothered to check if the laughable offer from FOH is indeed the best deal they can get, or if somebody in Edinburgh is lying their ass off to them.

Clearly the Liths know the value of the land. But they are not holding Hearts responsible for Romanov's £70 million of losses attributed through his activities in Gorgie. They are going after whatever they can salvage/ track down from what he has absconded with. If on the way way they can pick up any money from the parties he has used in his £300 million blow out then that is a bonus - £2.5 million in Hearts case. The liquidation game is over. All we can do now is see them languish cAsh strapped in the lower leagues for several years. Not a bad consolation prize.

[lapsedhibee]

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Clearly the Liths know the value of the land. But they are not holding Hearts responsible for Romanov's £70 million of losses attributed through his activities in Gorgie. They are going after whatever they can salvage/ track down from what he has absconded with. If on the way way they can pick up any money from the parties he has used in his £300 million blow out then that is a bonus - £2.5 million in Hearts case. The liquidation game is over. All we can do now is see them languish cAsh strapped in the lower leagues for several years. Not a bad consolation prize.

If as you claim they are going after whatever they can salvage/track down, and if on the way they can pick up any money from the parties Romanov has used, then it will be more than £2.5m in Hearts case (basket), since the value of the land on which the Wongadome (Pink) stands is more than £2.5m.

[Coco Bryce]

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Clearly the Liths know the value of the land. But they are not holding Hearts responsible for Romanov's £70 million of losses attributed through his activities in Gorgie. They are going after whatever they can salvage/ track down from what he has absconded with. If on the way way they can pick up any money from the parties he has used in his £300 million blow out then that is a bonus - £2.5 million in Hearts case. The liquidation game is over. All we can do now is see them languish cAsh strapped in the lower leagues for several years. Not a bad consolation prize.

Is this official now...tell me noooo

[Gus Fring]

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Is this official now...tell me noooo

No it isn't. Hearts are still in Admin and will be for the foreseeable future, if they run out of money before a CVA can be completed then BDO will be left with no choice but to liquidate.

[bingo70]

Not sure if it's been covered yet but i noticed Dunfermline officially came out of administration today, when was there CVA agreed in principle again?

[Gus Fring]

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Not sure if it's been covered yet but i noticed Dunfermline officially came out of administration today, when was there CVA agreed in principle again?

End of July.

[bingo70]

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End of July.

So around 4 and a half months for a club with circumstances much simpler than Hearts to come out of admin, you've got to assume in Hearts case then it's extremely unlikely they'll be out of admin by the end of the season.

I take it that means they'll almost definately be starting next season on -15 points then?

[Coco Bryce]

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No it isn't. Hearts are still in Admin and will be for the foreseeable future, if they run out of money before a CVA can be completed then BDO will be left with no choice but to liquidate.

Phew

[bingo70]

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No it isn't. Hearts are still in Admin and will be for the foreseeable future, if they run out of money before a CVA can be completed then BDO will be left with no choice but to liquidate.

TBF though i think the chances of that happening are pretty small.

They've got enough cash to get them through till March just now, probably a fair chance they'll sell a player or two in January and even if they don't they could put season tickets on sale early or have more whip rounds.

[degenerated]

Just stumbled across this interesting piece of history

[Spike Mandela]

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So around 4 and a half months for a club with circumstances much simpler than Hearts to come out of admin, you've got to assume in Hearts case then it's extremely unlikely they'll be out of admin by the end of the season.

I take it that means they'll almost definately be starting next season on -15 points then?

Will they not have to still be in administration at start of next season to suffer points deduction?

[bingo70]

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Will they not have to still be in administration at start of next season to suffer points deduction?

I'd always assumed it would have been the end of the season so clubs next season can prepare for the next season. Not sure though?

[Sergey]

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Clearly the Liths know the value of the land. But they are not holding Hearts responsible for Romanov's £70 million of losses attributed through his activities in Gorgie. They are going after whatever they can salvage/ track down from what he has absconded with. If on the way way they can pick up any money from the parties he has used in his £300 million blow out then that is a bonus - £2.5 million in Hearts case. The liquidation game is over. All we can do now is see them languish cAsh strapped in the lower leagues for several years. Not a bad consolation prize.

For someone who proclaims to have 25 years experience in administration finance, I wouldn't trust you with the petty-cash tin.

[Billy Whizz]

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Not sure if it's been covered yet but i noticed Dunfermline officially came out of administration today, when was there CVA agreed in principle again?

I was taking to one of my friends yesterday who was a Dunfermline director a few years ago. They are trying to get 1000 members to pay £20 per month to help generate income for the club.
He also said that Dunfermline had little or no football debt?
Anyone know if that is a fact?

[Coco Bryce]

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For someone who proclaims to have 25 years experience in administration finance, I wouldn't trust you with the petty-cash tin.

[Gus Fring]

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TBF though i think the chances of that happening are pretty small.

They've got enough cash to get them through till March just now, probably a fair chance they'll sell a player or two in January and even if they don't they could put season tickets on sale early or have more whip rounds.

There's only so much of that the fans will take. It's already started dropping. It doesn't seem like there will be a finance option for Season Tickets next season so that's going to put a dent in sales there as well.

I've said previously BDO want to use next seasons Season Ticket money as a very last resort because it puts the FOH's business plan into serious jeopardy as they'd have to take over the club and run it just on Direct Debits if they come out of admin during the off season. I'm also led to believe BDO can't deduct their own fees from that money.

[greenginger]

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Clearly the Liths know the value of the land. But they are not holding Hearts responsible for Romanov's £70 million of losses attributed through his activities in Gorgie. They are going after whatever they can salvage/ track down from what he has absconded with. If on the way way they can pick up any money from the parties he has used in his £300 million blow out then that is a bonus - £2.5 million in Hearts case. The liquidation game is over. All we can do now is see them languish cAsh strapped in the lower leagues for several years. Not a bad consolation prize.

Don't tell me they are not even holding Hearts responsible for the £ 22 million they were in debt before Vlad came on the scene.

Who do they blame for that ...... The Tooth Fairy !

[weonlywon6-2]

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No it isn't. Hearts are still in Admin and will be for the foreseeable future, if they run out of money before a CVA can be completed then BDO will be left with no choice but to liquidate.

Oh good,i hope they have thief in their ranks stealing some money so it runs out quicker !

[weonlywon6-2]

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No it isn't. Hearts are still in Admin and will be for the foreseeable future, if they run out of money before a CVA can be completed then BDO will be left with no choice but to liquidate.

Oh good,i hope they have thief in their ranks stealing some money so it runs out quicker !

[Deansy]

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Just stumbled across this interesting piece of history

'Hearts, once proud, once mighty .....' - Jeezus-wept - just not enough words, time, space etc, etc !!

[Springbank]

Leopards can't change their spots

Regardless of what happens to hmfc and trfc, lessons have not been learned and their futures will feature further admins I suspect

[jacomo]

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'Hearts, once proud, once mighty .....' - Jeezus-wept - just not enough words, time, space etc, etc !!

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Just stumbled across this interesting piece of history

What a gem.

Who would have thought The Famous have been the subject of ridicule before eh?

[DC_Hibs]

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, probably a fair chance they'll sell a player or two in January

What players? How much? To whom?

Which clubs - who would be interested in HoMFC standard of players - are in a position to pay transfer fees on the assumption there are some who think they have any players of value?

I can't think of any Hibs players we would get a transfer fee for. Harris in the summer maybe depending on his form and match time when he comes back.

[KeithTheHibby]

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No it isn't. Hearts are still in Admin and will be for the foreseeable future, if they run out of money before a CVA can be completed then BDO will be left with no choice but to liquidate.

If they start to run out of cash which I don't expect before spring then I would imagine they would release season tickets early if need be?
In the long term I doubt this will do them much good however, this season being the prime example.

[theonlywayisup]

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If they start to run out of cash which I don't expect before spring then I would imagine they would release season tickets early if need be?
In the long term I doubt this will do them much good however, this season being the prime example.

Everyone is saying this, but this season are they not surviving (only just) without receiving a penny from the 7,000 ST bought before the money was hidden in Vlad's accounts. Not really up to speed on these matters, so would be happy to be corrected.

[DC_Hibs]

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If they start to run out of cash which I don't expect before spring then I would imagine they would release season tickets early if need be?
In the long term I doubt this will do them much good however, this season being the prime example.

This has been mentioned by BDO and seems a certainty. Was there also not a precedent of the SPL releasing money early to help a club see out the season (Gretna?).

Unfortunately, they should see out the season albeit with them scrambling around for extra pennies at every opportunity. The 15 point penalty next season for remaining in administration would be nice but they had no chance of winning that league with Der Hun in it anyway. Play off was/is possible mind.

The $h!te that wouldn't flush away.

[Waxy]

They're a twenty flusher