Quote Originally Posted by FitzAlan View Post
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Up to a point, CWG, but I'm not sure I would characterise a balance sheet (2011) which still has net current liabilities of £28.5m, a net deficiency of shareholders funds of £13.92m and negative P&L reserves of £45.83m, even after £18.8m of debt having been restructured, as "bolstered". Not sufficiently, in any case.

Their accounts disclose net current liabilities in each and every year, £24.61m on average and varying between £13.5m and £42.41m, during the Romanov era (2005-2013). Any end user of the accounts viewing them with anything other than deep concern and scepticism, well, caveat lector. They were technically insolvent throughout, it was the eventual drying up of cash inflow from the equally insolvent parent that prompted administration. They were running on fumes for the last two years.

My immediate impression at the time (2011 specifically) was that it was window dressing so that the media, who evidently have difficulty understanding accounts, would say, "look, Hearts made a profit". (£511k. Their actual net loss that year was £8.3m on a turnover of £6.9m)
So many great contributions here. I am retiring in 2019 an worked in global finance for 25 years. I will write a book on my experiences but a longer article on how Hearts spent millions of other peoples money. Have got lots of good references already but more great data here. Had articles published in Herald and Financial Times so will target them first. I live in a very remote developing country so should be safe from the Jambo death threats.