Share Transfers Agreed/Cooling off period

[jacomo]

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Spoken to my source again

They are still in limbo. He says staff are frustrated as they would normally have started planning for next season but have been told not to do so until BIDCO take over. A lot of "Good Hearts People" are worried they won't be kept on after budge is in the door as the impression being given is that this will be a brand new regime with a top to bottom shake up.

Budge has paid attention to whats happening at Rangers and doesn't want a repeat. They will not be continuing to run Hearts as an SPL business. She's been seeking counsel from many people and wants to secure the long term viability of the club. She can't afford to run it long term and she needs to flip it to the FOH rather quickly. "Budgets will be tight and every penny will be managed" he said.

I asked him about running out of money and he said the last he heard there still wasn't enough to make it to the end of the season. They need the derby to sell out at both ends because if it doesn't that's another major source of revenue done. "Getting to the cup final could have removed any doubt"

Lastly he said the staff have been warned that Liquidation is still a very real possibility. Jackson (who is not my source, never has been) hasn't given them a timescale but that the staff feel like the off-season will be when it happens. Last year was manic during that period and they were selling Season Tickets. Costs have been reduced since then but after the last game of the season they have no money coming in:

What with the TICK TOCK of the big clock and alarm bells ringing over the delay to season ticket sales, Tynecastle must be an insufferably noisy place to work right now. They are regulations about permitted noise levels at work - maybe BDO could appeal to the Lithuanian authorities for clemency on Health & Safety grounds?

[Onceinawhile]

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To rollover all of the gain the entire net proceed price of the shares would have to be reinvested in qualifying assets within three years of the effective date of sale of the assets looking to be rolled over. Roughly speaking.

Rollover relief is only available to companies. So no chance that could have happened. She will have paid some of her cgt at 10 percent due to entrepreneur's relief. But the maximum for that is now 10 million having previously been one or teo million.

[jacomo]

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http://www.scotsman.com/business/med...sopra-1-717062

She got £26m seemingly......not a bad amount but not quite £40+m..........but all of a sudden the huge sum of cash is only 57% of the number quoted!

And thats if she hasnt spent anything in the last 9 years!!

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Watch the amount she`s worth drop, as FoH and BDO realise it`s not in their best interests to let the Liths think she`s worth a fortune..

It's a well known fact that the wealthy have got a lot wealthier during the last five years. Quantitative easing has helped to create large asset price bubbles, and even conservative investment strategies have seen very good returns. As Budge was involved in the tech sector, it's possible she has backed some big winners amongst the new boom in online.

I reckon she's worth £100m minimum now, probably more. I imagine she spends her evenings counting her gold and pursuing redevelopment plans for Tynecastle, whilst cackling manically at persuading the Lithuanians to sell for such a low price.

[ehf]

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28% for higher rate tax payer.

Though it depends on when she sold as the rate used to be 40% until 2010 though gains could be reduced due to timescales. Now it is a straight percentage of the gain at 18% or 28% depending on the persons tax rate after the annual allowance has been used up.

A good tax accountant would be able to reduce the tax significantly though their bills are usually very high. Aren't they CWG?

Shares in a private company are "business property" and attract a reduced rate of tax. Back in 2005, she would almost certainly have got "taper relief" and paid CGT at only 10%, making the net sum £23.4 million. Maybe £400K transaction costs at a generous estimate, which would leave £23 million. If she had invested that wisely, it should be worth well over £30 million by now. On the other hand she may have invested it in Collateralised Debt Obligations and rigged FOREX derivatives, in which case she'll have diddly squat.

[GreenLake]

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Rollover relief is only available to companies. So no chance that could have happened. She will have paid some of her cgt at 10 percent due to entrepreneur's relief. But the maximum for that is now 10 million having previously been one or teo million.

She might be hiring a team of top international lawyers to propose a tax strategy for the millions she will rake in once Hearts return to the Champions League and hundreds of elite global travelers book up to stay in the Gorgie Four Seasons Main Stand Resort and Spa.

[Hibby70]

You're all bitter jealous hobos

[jacomo]

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Message to Kickback: If you could maybe link to this post instead of copying and pasting it, that would be swell. We'd rather have the hits over here allowing us to help the Hibs youth setup rather than you lot nicking the info and robbing the kids.

Just paste this instead of the post. I've done the hard work for you

http://www.hibs.net/showthread.php?1...=1#post3927720

Cheers pals

Heartily endorse this sentiment.

It also reduces the need for undercover agents to keep posting click bait over there, which is a proven tactic but can be time consuming.

[Kojock]

It might be me being stupid, but can anyone explain why Romanov didn't invest some of the £200 million that he was going to buy Liverpool for into Hearts?

The following quote is from the Scotsman on 13th April 2011.

"The Lithuanian says he was offered the opportunity to take control of the Anfield club - who had just become champions of Europe - for 200 million, but got cold feet in the wake of what he perceived to be hostile treatment in Scotland."

[Mikey]

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Spoken to my source again

They are still in limbo. He says staff are frustrated as they would normally have started planning for next season but have been told not to do so until BIDCO take over. A lot of "Good Hearts People" are worried they won't be kept on after budge is in the door as the impression being given is that this will be a brand new regime with a top to bottom shake up.

Budge has paid attention to whats happening at Rangers and doesn't want a repeat. They will not be continuing to run Hearts as an SPL business. She's been seeking counsel from many people and wants to secure the long term viability of the club. She can't afford to run it long term and she needs to flip it to the FOH rather quickly. "Budgets will be tight and every penny will be managed" he said.

I asked him about running out of money and he said the last he heard there still wasn't enough to make it to the end of the season. They need the derby to sell out at both ends because if it doesn't that's another major source of revenue done. "Getting to the cup final could have removed any doubt"

Lastly he said the staff have been warned that Liquidation is still a very real possibility. Jackson (who is not my source, never has been) hasn't given them a timescale but that the staff feel like the off-season will be when it happens. Last year was manic during that period and they were selling Season Tickets. Costs have been reduced since then but after the last game of the season they have no money coming in.

Message to Kickback: If you could maybe link to this post instead of copying and pasting it, that would be swell. We'd rather have the hits over here allowing us to help the Hibs youth setup rather than you lot nicking the info and robbing the kids.
Just paste this instead of the post. I've done the hard work for you

http://www.hibs.net/showthread.php?1...=1#post3927720

Cheers pals

Cheers for that

No big surprises but it underpins the fact that they're running out of time and can't do anything about it!

[greenginger]

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Shares in a private company are "business property" and attract a reduced rate of tax. Back in 2005, she would almost certainly have got "taper relief" and paid CGT at only 10%, making the net sum £23.4 million. Maybe £400K transaction costs at a generous estimate, which would leave £30 million. If she had invested that wisely, it should be worth well over £30 million by now. On the other hand she may have invested it in Collateralised Debt Obligations and rigged FOREX derivatives, in which case she'll have diddly squat.

Budge set up a few new companies with her wealth.

Discovery Investment Fund in 2007

ABC Consultancy Services in 2009

Calnex Solutions in 2009,

And joined a LLP Partnership, Par Forrestery Partnership LLP which is a routine CGT avoidance measure.

[Weststandwanab]

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Rollover relief is only available to companies. So no chance that could have happened. She will have paid some of her cgt at 10 percent due to entrepreneur's relief. But the maximum for that is now 10 million having previously been one or teo million.

I beg to differ having used it frequently over the last twenty eight years.

http://www.hmrc.gov.uk/cgt/businesses/reliefs.htm#2

She may have paid no C.G.T. at that point or paid it all or any where in between who knows.

[jacomo]

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It might be me being stupid, but can anyone explain why Romanov didn't invest some of the £200 million that he was going to buy Liverpool for into Hearts?

The following quote is from the Scotsman on 13th April 2011.

"The Lithuanian says he was offered the opportunity to take control of the Anfield club - who had just become champions of Europe - for 200 million, but got cold feet in the wake of what he perceived to be hostile treatment in Scotland."

1. Romanov was lying about having £200m.
2. Romanov was lying about being offered Liverpool.
3. Liverpool are worth more than Hearts.
4. All three of the above.

[ehf]

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4. All three of the above.

He was right about the hostile treatment in Scotland, though...

[Bostonhibby]

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1. Romanov was lying about having £200m.
2. Romanov was lying about being offered Liverpool.
3. Liverpool are worth more than Hearts.
4. All three of the above.

Romanov was lying????

FFS what next? the BBC referring to Scotlands' newest team as the most successful in the history of the Scottish Cup?

It's all a conspiracy.

[Springbank]

Are Hibs putting the derby on in Behind the Goals?

Would rather give Hibs my money

[whiskyhibby]

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Are Hibs putting the derby on in Behind the Goals?

Would rather give Hibs my money

Not a bad idea, but for me it could be the last ever derby and/or the last ever at the pink bus shelter, either way I would not miss being there in person

[Kojock]

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1. Romanov was lying about having £200m.
2. Romanov was lying about being offered Liverpool.
3. Liverpool are worth more than Hearts.
4. All three of the above.

Romanov was lying???

Next thing you will be telling us is that Santa ain't real

[truehibernian]

When's Ann Budge appearing on The Real Housewives of Gorgie ?

Can't wait to see her mixing with Edinburgh West's glitterati in the Willie Bauld Suite, The Tynie Arms, Gala Bingo and Bainfield Bowling Club and seeing the tantrums and fall outs along the way.

[Ozyhibby]

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When's Ann Budge appearing on The Real Housewives of Gorgie ?

Can't wait to see her mixing with Edinburgh West's glitterati in the Willie Bauld Suite, The Tynie Arms, Gala Bingo and Bainfield Bowling Club and seeing the tantrums and fall outs along the way.

You forgot the BMC?

[jakeshibs]

I have just been arguing with a yam at work, can anyone confirm, I was under the impression if they are still in Admin come next season, and are relegated they will still receive a -15 points for being in administration? he seems to be adamant that they will not receive any further penalties, unless they come out of admin and then go back in to admin (-25)

any experts got the answer please tell me I am right?

[Col2]

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I have just been arguing with a yam at work, can anyone confirm, I was under the impression if they are still in Admin come next season, and are relegated they will still receive a -15 points for being in administration? he seems to be adamant that they will not receive any further penalties, unless they come out of admin and then go back in to admin (-25)

any experts got the answer please tell me I am right?

100% 15 point penalty IF still in admin by the date of the first game of next season.

[Gus Fring]

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I have just been arguing with a yam at work, can anyone confirm, I was under the impression if they are still in Admin come next season, and are relegated they will still receive a -15 points for being in administration? he seems to be adamant that they will not receive any further penalties, unless they come out of admin and then go back in to admin (-25)

any experts got the answer please tell me I am right?

I think you're both right. It's -15 if you start a season in Administration and that increases to -25 if there is another insolvency event.

[Chibs]

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I have just been arguing with a yam at work, can anyone confirm, I was under the impression if they are still in Admin come next season, and are relegated they will still receive a -15 points for being in administration? he seems to be adamant that they will not receive any further penalties, unless they come out of admin and then go back in to admin (-25)

any experts got the answer please tell me I am right?

Not an expert by any manner of means,but my gut instinct tells me they will not exist next season.

[greenginger]

Interesting case going through the Lithuanian Criminal Courts.


http://translate.googleusercontent.c...SkwCumVfQRMuXw

Vlad is involved but does not seem to be the main player, just part of the support act.

What is interesting is that the Lith. FCIS. ( Financial Crimes Investigation Service ) were tapping Vlad's phone calls as far back as 2010.

I wonder if they hacked the Kaunus fax machine too ?

[hibees 7062]

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Romanov was lying???

Next thing you will becoming out with is Santa ain't real

Eh don't say that

[Dashing Bob S]

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Not an expert by any manner of means,but my gut instinct tells me they will not exist next season.

The big problem that they are facing is the longer they hold off liquidation in order to wait for this completed CVA, the less time it gives them to form a Newco and gain entry to a league for season 2014-15.

I don't think they'll disappear forever, they have too big a fanbase and any club is really it's fans. But it's entirely possible that they might vanish for a year.

[Kaiser1962]

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The big problem that they are facing is the longer they hold off liquidation in order to wait for this completed CVA, the less time it gives them to form a Newco and gain entry to a league for season 2014-15.

I don't think they'll disappear forever, they have too big a fanbase and any club is really it's fans. But it's entirely possible that they might vanish for a year.

Its what happens in that year though Bob. They would be replaced in the league structure by AN other who would be unlikey to give up that place when the Yams get their act together. I think if NewYam have to take a year out then they are gone from the league system for the forseeable future.

I agree that D Day is looming and will be on them sooner than they think.

[Dashing Bob S]

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Its what happens in that year though Bob. They would be replaced in the league structure by AN other who would be unlikey to give up that place when the Yams get their act together. I think if NewYam have to take a year out then they are gone from the league system for the forseeable future.

I agree that D Day is looming and will be on them sooner than they think.

Very good point. They would then have to stick around till another club went bust, or try to buy and merge with an ailing club. Like Livy. Heart of the Lothians FC, based at Almondvale.

[truehibernian]

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Very good point. They would then have to stick around till another club went bust, or try to buy and merge with an ailing club. Like Livy. Heart of the Lothians FC, based at Almondvale.

That'll be the Livi owned by a Hibs fan 😀

[greenlex]

I see Paulo Sergio was on the STV News at the Wongadome today. Are they trying to drum up some cash from the natives with a bit of Positive PR? He was saying he would like to cone back one day.