Share Transfers Agreed/Cooling off period

[Onion]

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They are currently in the phase of taking their payment from Hearts income.

Call me cynical if you like but, the earlier BDO end this, the less money they get to remove from the club for themselves.

No club = no income = shorter holidays in The Seychelles for Mr Jackson, et al.

Struggling to see any reason why BDO would propose the Big L any earlier than absolutely necessary. It's too late to save them from utter carnage whenever it happens.

[Winston Ingram]

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More than likely but the business plan would have to change if they are starting a new club in the fourth tier.
They may try a lower bid.

They'll be lucky to get 4th tier will they not? I thought the highland/lowland leagues join the league structure?

There may even be a derby in the EOS league next year

[Salisbury Hibby]

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They'll be lucky to get 4th tier will they not? I thought the highland/lowland leagues join the league structure?

There may even be a derby in the EOS league next year

No chance - Hibernian EOS have already secured promotion, I believe.

[Weststandwanab]

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They'll be lucky to get 4th tier will they not? I thought the highland/lowland leagues join the league structure?

There may even be a derby in the EOS league next year

Now that I would enjoy.

[SmashinGlass]

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Cool. Cheers.

You can understand my point about conflict of interest, though. Not that you would be swayed....

As with robinp's account, I also worked on both. None of the cases I worked on were as controversial however. In normal cases it's fine, however i suspect here that creditors may want a different liquidator appointed and ultimately, it's down to them.

[robinp]

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Cool. Cheers.

You can understand my point about conflict of interest, though. Not that you would be swayed....

A very valid point.

[CropleyWasGod]

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As with robinp's account, I also worked on both. None of the cases I worked on were as controversial however. In normal cases it's fine, however i suspect here that creditors may want a different liquidator appointed and ultimately, it's down to them.

Maybe you can both answer one of my questions on that.

Is it part of the Liquidator's job to review the conduct of the administration? As you say, in most cases that shouldn't be an issue but, as in RFC's case and, less so, here.... it's all about perception.

[robinp]

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As with robinp's account, I also worked on both. None of the cases I worked on were as controversial however. In normal cases it's fine, however i suspect here that creditors may want a different liquidator appointed and ultimately, it's down to them.

If I remember correctly it will have to be ratified as a resolution at one of the meetings of creditors, to have BDO appointed as liquidators (if that happens).

Like the UKIO situation with the State Deposit Insurance debt this morning, IIRC UKIO/UBIG carry all the weight in this possible decision, due to the sums due by Hearts to them, and, ultimately, it will be their call to agree/disagree. (I wouldn't have thought they (BDO) would have put that in the proposals doc if it wasn't cleared with the banks in advance).

[robinp]

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Maybe you can both answer one of my questions on that.

Is it part of the Liquidator's job to review the conduct of the administration? As you say, in most cases that shouldn't be an issue but, as in RFC's case and, less so, here.... it's all about perception.

Perception being the correct word and the public not being party to the facts.

The Liquidator can review the transactions of the administrator (IIRC) but that sort of work would be carried out by the IP, of which your question would also be. I'm not sure if it is or isn't one of his duties, statutory or otherwise. I think SmashinGlass has much more corporate experience in that regard, he may be able to expand more on this topic.

I'll try to remember to PM you later on the Rangers case/conflict.

[jacomo]

Great signature robinp

In safe hands - Fedotovas
15.12.2009

In an exclusive interview, director Sergejus Fedotovas reveals he is confident that Hearts is well positioned to manage the economic storm affecting Scottish football.

Sergejus spoke exclusively to Hearts News at Tynecastle and emphasised that Hearts is cushioned from the external financial pressures faced by other clubs.

The debt carried by many football clubs is headline news at present, how exposed is Hearts to its existing debt?

The key fact, that sets Hearts apart from many other clubs, is that our debt is in the form of funding from our own parent company Ukio Banko Investicine Grupe (UBIG). We are not exposed to the external debt levels of other highly geared businesses.

Our positive funding arrangement means that it is our own Group that finances Hearts and not external financial institutions. We therefore do not consider this as "real" debt - in simple terms, we owe the money to ourselves as Hearts is owned by UBIG. This positive funding arrangement provides security of funding for the club and, in turn, this allows us to both weather the current challenging economic conditions but, most importantly, develop the business for the future.

The club does not pay the interest on the debt, just accumulates it - it shows that the owners are not profiting from the club.

While UBIG is a well resourced and financed multi-national organisation our positive funding arrangement does not mean that we are ambivalent in our management of Hearts. The onus is to ensure Hearts is run efficiently and is maximising its revenue generating opportunities.

UBIG offered a 'funding-for-equity' deal previously to reduce the club's debt by £12m in July 2007, do you think this would be an option again in the future?

Yes. At present we are considering and assessing plans for a further funding-for-equity deal which is realistic.

Is UBIG still fully committed to Hearts?

It is 'fact' that UBIG is 100% behind the club and its future development plans. UBIG has been an essential backer and partner of Hearts since the outright purchase of the club in February 2005. In the five years we have been at the club and we have achieved some success and at some times were deprived of success, but at all times we remain committed to the club. If you look at the board of the club, closest representatives of the owner are there and it shows the level of importance and commitment.

Since we came in the financial situation has been solid. All payments are ok at the club. The players are paid for five years since we have bought the club and the bonuses are paid when the team deserves a bonus.

UBIG provides funding for the club along with a range of other resources such as business expertise, connections to other football organisations and business contacts. This is evidenced in our ongoing planning for the Tynecastle stadium redevelopment, our bank development and other projects and business opportunities in Edinburgh.

Hearts enjoys an excellent relationship with UBIG and as long as Hearts maintains a focus on operational efficiencies and progressing the club in business development terms then we can look forward to many more years of support from the organisation.

And what about Ukio Bankas, the club's bankers, how do you view that relationship in light of the pressures being faced by financial institutions?

Ukio Bankas maintains ambitious development plans and the bank remains profitable unlike most others in UK and elsewhere in Europe. Ukio Bankas is a very supportive partner of the club. For example, our banking relationship ensures that Hearts receives first class quality and timely service.

Does the economic climate prohibit Hearts from securing further investment funding for projects such as the stadium redevelopment?

We are working to deliver an investment solution that will allow us to generate a profit for the club from an enhanced stadium which provides the best spectator experience.

We continue to envisage a redeveloped stadium at Tynecastle which provides great benefits to the club and its supporters. External funding is not a necessary element of our future strategy but we remain open minded about partnership opportunities that will help develop the club. We are currently assessing certain investment options and we believe that we are making good progress in this area.

What can we expect from the forthcoming Annual Results?

We will be issuing our annual results in the early part of next year and they are in line with expectations. We expect to demonstrate significant savings in key operational areas.

[robinp]

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Great signature robinp

When they went into admin, it replaced my original signature.....which was this little beauty:

That's an application!




Hearts: the gift that keeps on giving!

[HIBERNIAN-0762]

Sorry if this has been posted elsewhere but I see they have failed in another (back door) attempt to get gonzo back in, will they ever give up?

http://www.edinburghnews.scotsman.co...kets-1-3344072

[greenginger]

Here is the report on today's meeting,

http://translate.googleusercontent.c...9iyaX5Rf-XM4sw


Yams get a short mention and seem to be least problematic part of the Ukio process. Can't see any mention of next meeting.

[jacomo]

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When they went into admin, it replaced my original signature.....which was this little beauty:

That's an application!




Hearts: the gift that keeps on giving!

I remember the day well. I pitched into a 'debate' on the Scotsman forum - it was chock full of Believers bragging about how the future was maroon, shouting down anyone who expressed any doubts.

Plus ça change, plus c'est la même chose.

[Sergey]

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Here is the report on today's meeting,

http://translate.googleusercontent.c...9iyaX5Rf-XM4sw


Yams get a short mention and seem to be least problematic part of the Ukio process. Can't see any mention of next meeting.

The story I'm reading opens with this paragraph,

An administrator failed bank Adomonis Amber claims that the bankruptcy process is drowning in legal disputes. The first meeting of creditors Economy Bank on Tuesday he said he could not confirm that the settlement with all creditors...

[Weststandwanab]

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Here is the report on today's meeting,

http://translate.googleusercontent.c...9iyaX5Rf-XM4sw


Yams get a short mention and seem to be least problematic part of the Ukio process. Can't see any mention of next meeting.

Oh dear !

Has someone told the Yams ?

[greenpaper55]

, Talk about the field of dreams !.

[jacomo]

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Sorry if this has been posted elsewhere but I see they have failed in another (back door) attempt to get gonzo back in, will they ever give up?

http://www.edinburghnews.scotsman.co...kets-1-3344072

That story contains this little nugget too:

Hearts raid fears

Gary Locke fears other clubs coming in to swoop for his young squad as the exit from administration drags on.

A total of 12 players are out of contract this summer, and renegotiations can’t begin until the club has been handed over by BDO.

Gary Locke needn't worry about this at all. He'll be looking for a new job in the summer whatever happens.

[Jack Hackett]

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Oh dear !

Has someone told the Yams ?

We've been telling the yams for years but it goes in one ear and straight out the other.....nothing to stop the progress you see


....Oh! and 5-1, 1902 etc etc blahblahblah

[Kojock]

Saw this snippet from today's meeting. Anyone know what it means.
Sounds Scottish football club Hearts managing the company's "Heart of Midlothian Plc Debt Economy Bank seeks to 61.6 million. LTL. All interested parties are covered by the decision of the creditors' peaceful way of an agreement. High probability that the bank will recover part of the loan.

[kdhibees1]

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, Talk about the field of dreams !.

[Gus Fring]

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Saw this snippet from today's meeting. Anyone know what it means.
Sounds Scottish football club Hearts managing the company's "Heart of Midlothian Plc Debt Economy Bank seeks to 61.6 million. LTL. All interested parties are covered by the decision of the creditors' peaceful way of an agreement. High probability that the bank will recover part of the loan.

My reading of that is that Hearts are due 61.6 Million Lita's (about £15m) and the Administrator of UKIO and BDO have come to a peaceful agreement (the CVA) and they will recover at least some of the debt (The money from the CVA).

[poolman]

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Oh I do, every time it happens. I don't want to be liked by Kickback. I don't even really want them to be accurate. I enjoy posting something then reading them trying to convince themselves it's nonsense and then wait a few days or weeks for me to be proved right. It's happened a lot.

It reminds me of that scene in Still Game where the old duffers are walking over the ice. Each one thinks "Nah, I'm no daft, I'll make it over the icy bit, just you watch" and then BAM! every single one of them falls flat on their erse whilst I watch from afar, laughing.

Your definitely not the flavour of the month over the road Baj



Baj is a bit like the Hibs version of Phil Ma Gobble Giver, he talks some ***** and what he doesn't know he makes up, which is pretty much everything.

The same way some Celtic fans believe his every word, Baj the raj has the same influence of the Easter Rodents.

I wonder if he'll go underground when we come out of this at the other end and his credibility is buried along side the Hearts underneath the Mecanno constructed and often empty East Stand.


Keep up the good wotk Baj

[jacomo]

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Saw this snippet from today's meeting. Anyone know what it means.
Sounds Scottish football club Hearts managing the company's "Heart of Midlothian Plc Debt Economy Bank seeks to 61.6 million. LTL. All interested parties are covered by the decision of the creditors' peaceful way of an agreement. High probability that the bank will recover part of the loan.

TBH, no idea, but if you were a Hearts supporter you'd probably see a wee glimmer of hope in that statement, as it indicates a willingness to accept the CVA.

There is also a high probability that the bank will recover part of the loan if HMFC are liquidated though, so maybe a little early to celebrate.

[AinsterHibs]

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Here is the report on today's meeting,

http://translate.googleusercontent.c...9iyaX5Rf-XM4sw


Yams get a short mention and seem to be least problematic part of the Ukio process. Can't see any mention of next meeting.

Love the translation:

Russian company "Russian loaf of Moscow owns a large commercial building. The company's debt Economy Bank of more than 207.3 million. LTL....."

Tickety, tockety, boom!

[GreenLake]

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, Talk about the field of dreams !.

field of reams would be more appropriate.

[jacomo]

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Your definitely not the flavour of the month over the road Baj



Baj is a bit like the Hibs version of Phil Ma Gobble Giver, he talks some ***** and what he doesn't know he makes up, which is pretty much everything.

The same way some Celtic fans believe his every word, Baj the raj has the same influence of the Easter Rodents.

I wonder if he'll go underground when we come out of this at the other end and his credibility is buried along side the Hearts underneath the Mecanno constructed and often empty East Stand.


Keep up the good wotk Baj

'Rodents'. Charmed, so I am.

[Jack Hackett]

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[greenpaper55]

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TBH, no idea, but if you were a Hearts supporter you'd probably see a wee glimmer of hope in that statement, as it indicates a willingness to accept the CVA.

There is also a high probability that the bank will recover part of the loan if HMFC are liquidated though, so maybe a little early to celebrate.

It still does not give them the shares.

[Kato]

So after todays veryimportantmeeting the have moved towards getting out of admin not a jot.

When's the next veryimportantmeeting?