Share Transfers Agreed/Cooling off period

[GloryGlory]

This quote is hidden because you are ignoring this member. Show Quote

Imagine the scenario then - BDO say they need a few hundred grand to see the club through to end of the season. FoH say aye they've got that in their account, but the club can't have any of it cos the admins rolling on.

Messy times.

I thought the FoH money was for working capital if they managed to buy the club, plus repaying the loans from business people to buy the club in the first place. If they now have to use that money to prop up the existing entity in administration, then surely the administrators have to question whether the FoH bid is actually deliverable and viable.

[Phil D. Rolls]

This quote is hidden because you are ignoring this member. Show Quote

TBF to Medals he's the first person, outside this Board, who has openly discussed self-sufficient Southern's culpability in the Great Yam Affair. As Chief Executive he presided over & encouraged the sale of non existent shares & season tickets but did nothing to prevent the income from these sales being packed into a bag marked "loot" & sent out the country. In other words he oversaw a multimillion pounds fraud/theft & yet has never been held accountable for his actions or more correctly his inaction. He also appears to have disappeared in recent months! I remain astonished that there has been no criminal investigation in the UK.

FACT? Serious allegations there.

[Ronniekirk]

This quote is hidden because you are ignoring this member. Show Quote

I thought the FoH money was for working capital if they managed to buy the club, plus repaying the loans from business people to buy the club in the first place. If they now have to use that money to prop up the existing entity in administration, then surely the administrators have to question whether the FoH bid is actually deliverable and viable.

It's just a front like Rangers have done Once out if Administration there will be investors and business people getting involved and nobody will know who owns the club This notion of Fans owning a Club is Delusional in its self They are being used .But they are so Gullible and obsessed with us being wee team riddled with Debt they can't see we are finally moving forward on to big gar better things as we don't cheat and live within our means as we know the real meaning of Sporting Integrity and stick by it. Not do a billy broon and try and manipulate it to get sympathy and try and get rules bent to suit the club that cheated in the first place

[greenginger]

Self-sufficient Southern was making public statements last March to May that the Company was paying its debts as they fell due at the same time as their accountants were signing off unqualified accounts so they could collect their £ 100 K fees.

But Brown says they have been punished enough so we had better just leave it.

[brog]

This quote is hidden because you are ignoring this member. Show Quote

FACT? Serious allegations there.

Yes, it is a Fact that the monies from the share issue & the sale of season tickets prior to administration have disappeared & cannot be traced. (Source- BDO, estimated value of about £3m.) I think it's therefore a fairly safe assumption that those funds are no longer in this country. As Yams honoured the original purchases of season tickets the only fraud in this case is against the club, presumably by Romanov. The share issue is however another matter & the fact the club went into admin 6 months later should not preclude an investigation into the affair. As you say these are serious allegations which is why I'm surprised at the inactivity by the relevant authorities.
PS, I can't confirm the money was in a bag marked "loot" so I unreservedly withdraw that disgraceful comment!

[Aldo]

This quote is hidden because you are ignoring this member. Show Quote

Yes, it is a Fact that the monies from the share issue & the sale of season tickets prior to administration have disappeared & cannot be traced. (Source- BDO, estimated value of about £3m.) I think it's therefore a fairly safe assumption that those funds are no longer in this country. As Yams honoured the original purchases of season tickets the only fraud in this case is against the club, presumably by Romanov. The share issue is however another matter & the fact the club went into admin 6 months later should not preclude an investigation into the affair. As you say these are serious allegations which is why I'm surprised at the inactivity by the relevant authorities. PS, I can't confirm the money was in a bag marked "loot" so I unreservedly withdraw that disgraceful comment!

No but I think the give away was the fifty pound notes sticking out the sides of the suitcases as they passed through security?
;-D

[greenginger]

This quote is hidden because you are ignoring this member. Show Quote

Yes, it is a Fact that the monies from the share issue & the sale of season tickets prior to administration have disappeared & cannot be traced. (Source- BDO, estimated value of about £3m.) I think it's therefore a fairly safe assumption that those funds are no longer in this country. As Yams honoured the original purchases of season tickets the only fraud in this case is against the club, presumably by Romanov. The share issue is however another matter & the fact the club went into admin 6 months later should not preclude an investigation into the affair. As you say these are serious allegations which is why I'm surprised at the inactivity by the relevant authorities.
PS, I can't confirm the money was in a bag marked "loot" so I unreservedly withdraw that disgraceful comment!

BDO reduced the debt due to UBIG by the amount of the share issue so it would probably be seen as a legit repayment of debt. ( Although not normal Yam behaviour )

I think most of the season ticket money was swallowed up paying wages at the end of last season.

[Sergey]

This quote is hidden because you are ignoring this member. Show Quote

Yes, it is a Fact that the monies from the share issue & the sale of season tickets prior to administration have disappeared & cannot be traced. (Source- BDO, estimated value of about £3m.) I think it's therefore a fairly safe assumption that those funds are no longer in this country. As Yams honoured the original purchases of season tickets the only fraud in this case is against the club, presumably by Romanov. The share issue is however another matter & the fact the club went into admin 6 months later should not preclude an investigation into the affair. As you say these are serious allegations which is why I'm surprised at the inactivity by the relevant authorities.
PS, I can't confirm the money was in a bag marked "loot" so I unreservedly withdraw that disgraceful comment!

Remember too, that at the time of the share issue, Fedotovas categorically stated in no uncertain terms that the share money was nothing to do with a sudden bill from HMRC. Lo-n-behold, a mere 24 hours later he openly admitted that the share monies would pay the bill.

Hmmm, no monies were ever paid to HMRC and the share monies coincided with a reduction in the debt owed to UBIG.

Southern must have been fully aware of the transfer of this money as it's not accounted for by BDO.

FACT

[Phil D. Rolls]

This quote is hidden because you are ignoring this member. Show Quote

Yes, it is a Fact that the monies from the share issue & the sale of season tickets prior to administration have disappeared & cannot be traced. (Source- BDO, estimated value of about £3m.) I think it's therefore a fairly safe assumption that those funds are no longer in this country. As Yams honoured the original purchases of season tickets the only fraud in this case is against the club, presumably by Romanov. The share issue is however another matter & the fact the club went into admin 6 months later should not preclude an investigation into the affair. As you say these are serious allegations which is why I'm surprised at the inactivity by the relevant authorities.
PS, I can't confirm the money was in a bag marked "loot" so I unreservedly withdraw that disgraceful comment!

An investigation is needed before we can say for certain who has been dishonest.

If people were to go around accusing individuals of dishonesty, without being able to prove it, they could end up in court.

[grunt]

This quote is hidden because you are ignoring this member. Show Quote

The accounts for 2012 also included a bizarre invoice to FBK for £2.9m which related to a breach of contract relating to the "potential transfer of five of the company's football players to FBK" with a further £380k "for the loan of two football players from the company to FBK".

I'm quite surprised that there hasn't been more discussion, and possible investigation, into this transaction.

[Hibby70]

Anyone think that BDO may void pre-admin season tickets if things really hit the fan (then offer a discount on renewLs for affected fans)?

[GloryGlory]

This quote is hidden because you are ignoring this member. Show Quote

It's just a front like Rangers have done Once out if Administration there will be investors and business people getting involved and nobody will know who owns the club This notion of Fans owning a Club is Delusional in its self They are being used .But they are so Gullible and obsessed with us being wee team riddled with Debt they can't see we are finally moving forward on to big gar better things as we don't cheat and live within our means as we know the real meaning of Sporting Integrity and stick by it. Not do a billy broon and try and manipulate it to get sympathy and try and get rules bent to suit the club that cheated in the first place

The Yams' obssession with Hibs' debt is so funny. Of course the difference between our debt and their's is that we are both willing and able to repay capital and interest as they fall due, because we are operating a sustainable business model. Their debt was accumulated by reckless overspending on unsustainable wages for overrated players, well beyond their capacity and, of course, with no intention of repaying anything.

Re fan ownership - Stirling Albion? Dunfermline Athletic?

[Aldo]

This quote is hidden because you are ignoring this member. Show Quote

The Yams' obssession with Hibs' debt is so funny. Of course the difference between our debt and their's is that we are both willing and able to repay capital and interest as they fall due, because we are operating a sustainable business model. Their debt was accumulated by reckless overspending on unsustainable wages for overrated players, well beyond their capacity and, of course, with no intention of repaying anything. Re fan ownership - Stirling Albion? Dunfermline Athletic?

Remind me again which team is in Administration!!

[#FromTheCapital]

This quote is hidden because you are ignoring this member. Show Quote

Anyone think that BDO may void pre-admin season tickets if things really hit the fan (then offer a discount on renewLs for affected fans)?

Na can't see it coming to that. A lot of fans are fed up watching that crap on display every other week so probably wouldn't bother going back for the rest of the season. A simple begging bowl will suffice ie give us your money or the club dies, will do the trick.

[silverhibee]

This quote is hidden because you are ignoring this member. Show Quote

FACT? Serious allegations there.

Watch this we video and tell me these two suitcases weren't full of dosh when they left the wongadome.

http://news.stv.tv/east-central/1994...-for-the-club/

[Geo_1875]

This quote is hidden because you are ignoring this member. Show Quote

BDO reduced the debt due to UBIG by the amount of the share issue so it would probably be seen as a legit repayment of debt. ( Although not normal Yam behaviour )

I think most of the season ticket money was swallowed up paying wages at the end of last season.

The transfer of monies, whether in suitcases or brown paper bags, may be seen as legitimate but surely the non-issue of shares must be worthy of investigation.

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

BDO reduced the debt due to UBIG by the amount of the share issue so it would probably be seen as a legit repayment of debt. ( Although not normal Yam behaviour )

I think most of the season ticket money was swallowed up paying wages at the end of last season.

The treatment by BDO makes sense, and is probably all they could do. However, given that those who paid the money expected to get shares (albeit worthless) in return, that is surely fraud.

[StevieC]

This quote is hidden because you are ignoring this member. Show Quote

BDO reduced the debt due to UBIG by the amount of the share issue so it would probably be seen as a legit repayment of debt.

They may well have reduced the debt (as UBIG were in meltdown anyway) but does that mean that it actually made it to UBIG?
They are still under criminal investigation and if it transpires that the money never arrived at UBIG HQ could that not result in the transaction being investigated?
Not that it really matters in the big scheme of things, but it may influence the Liths when it comes to releasing the shares they hold.

[brog]

This quote is hidden because you are ignoring this member. Show Quote

An investigation is needed before we can say for certain who has been dishonest.

If people were to go around accusing individuals of dishonesty, without being able to prove it, they could end up in court.

There's dishonesty & there's criminality. I'm quite happy to accuse Southern of the former, don't forget almost right up until admin Southern was claiming self sufficiency despite knowing Yams were nearly £30m in debt & that many small debts, eg Yams training base hotel in Italy in summer 2012, had been outstanding for a year. As MD/CE Southern also has certain statutory responsibilities, it would be hard to make a case that those were fully discharged.
The Washington Post ran a headline Guilty but asleep re Ronald Reagan's involvement in Irangate. That's probably the kindest thing that could be said about Southern's tenure.
ps there's an interesting thread on JKB on 8/8/13, maybe someone could post a link, where some more informed Yams make much the same points as above.

[Keith_M]

This quote is hidden because you are ignoring this member. Show Quote

You want a long period of dominance over them; if they're relegated, we won't be dominating them. Dominance can only happen if they're in the same division as us. So you'd only get your wish once they were promoted again; and our results against any team in the top division is a pretty much mixed bag, no dominance over anyone, and that will include homfc if and when they get back up.

I assume to get your wish, you'd want them to somehow remain in our division, but in a parlous state. They're only going to have a chance of staying in the top division if all embargoes against them are lifted.

But please do explain how you see dominance over them being achieved.

OK

I voted for the second option "Hertz survive but play in a lower league" but only because there was none close enough to what I actually wanted to see.

I would have preferred an option of "Hearts get relegated this year and yo-yo between the top two leagues for at least a decade while being humped by Hibs on the rare occasion the two teams meet"


Sounds like dominance to me, and no suggestion of letting them of with any punishment

[Hibernia Na Eir]

Sent from my GT-I9300 using Tapatalk

[Ozyhibby]

With relegation my minimum target for what needs to happen to them has been met.
The ideal scenario for me is the loss of the stadium. That's now only likely through liquidation so that's fine by me.
Watching a newco renting at either Livi, Murrayfield or Easter Road while trying to get back to the SPFL would be very enjoyable. They would be lucky to get 5000 crowds at any of those stadiums and Murrayfield would be uneconomic at those levels. Ideal scenario for me.

[Seveno]

This quote is hidden because you are ignoring this member. Show Quote

TBF to Medals he's the first person, outside this Board, who has openly discussed self-sufficient Southern's culpability in the Great Yam Affair. As Chief Executive he presided over & encouraged the sale of non existent shares & season tickets but did nothing to prevent the income from these sales being packed into a bag marked "loot" & sent out the country. In other words he oversaw a multimillion pounds fraud/theft & yet has never been held accountable for his actions or more correctly his inaction. He also appears to have disappeared in recent months! I remain astonished that there has been no criminal investigation in the UK.

It would only take one Yam to report it to the Police.

[lord bunberry]

This quote is hidden because you are ignoring this member. Show Quote

Remind me again which team is in Administration!!

I was having a discussion with one of the deluded ones yesterday, he kept saying that hibs would be the next team to go into administration and that we didn't own easter road. I sent him a copy of our last accounts, his reply was that they were meaningless as we weren't a plc. There really is no point trying to have a balanced debate with people who don't want to hear the truth.

[Onion]

This quote is hidden because you are ignoring this member. Show Quote

It would only take one Yam to report it to the Police.

Reality check ! Police are in no position to start investigating posts on forums that might or might not be libellous, just because someone complains. Any liable action needs to be raised by the individual themselves - which is highly unlikely in this case.

[Kato]

This quote is hidden because you are ignoring this member. Show Quote

I was having a discussion with one of the deluded ones yesterday, he kept saying that hibs would be the next team to go into administration and that we didn't own easter road. I sent him a copy of our last accounts, his reply was that they were meaningless as we weren't a plc. There really is no point trying to have a balanced debate with people who don't want to hear the truth.

A good way to deal with that is if they claim we owe 10M quid tell him it's closer to 15, if they say we will be in admin by the end of the season tell him it'll be more like next month. Feed their delusions, then when they don't come to pass tell him your were just humouring him.

It makes them seem all the more stupid (if that's possible).

[Ozyhibby]

This quote is hidden because you are ignoring this member. Show Quote

Reality check ! Police are in no position to start investigating posts on forums that might or might not be libellous, just because someone complains. Any liable action needs to be raised by the individual themselves - which is highly unlikely in this case.

I think he meant report the alleged share fraud to the police.

[lord bunberry]

This quote is hidden because you are ignoring this member. Show Quote

A good way to deal with that is if they claim we owe 10M quid tell him it's closer to 15, if they say we will be in admin by the end of the season tell him it'll be more like next month. Feed their delusions, then when they don't come to pass tell him your were just humouring him.

It makes them seem all the more stupid (if that's possible).

Aye good idea, I will tell him we've decided to start bumping charities as well.

[Dashing Bob S]

This quote is hidden because you are ignoring this member. Show Quote

A good way to deal with that is if they claim we owe 10M quid tell him it's closer to 15, if they say we will be in admin by the end of the season tell him it'll be more like next month. Feed their delusions, then when they don't come to pass tell him your were just humouring him.

It makes them seem all the more stupid (if that's possible).

Exactly my strategy, and thoroughly effective it is too. The more sensible Yam invariably realises that they are making damn fools of themselves and reigns it back in, the demented clown takes this vindication and rants something even more insane, until even his 'friends' start quietly slipping off into the night.

[PatHead]

Had a look at Hear7s ticket sales for tomorrow. Only 3 sections marked as sold out and one of them could well be in hospitality, another holds about 150. The budget will be getting drained by more every week. Can't see them even making it to March if this carries on.