HEARTS FOREVER Posted February 18, 2013 Share Posted February 18, 2013 Ukio bank declared insolvent according to banderson on twitter Central bank seeking asset transfer Link to comment Share on other sites More sharing options...
His name is Posted February 18, 2013 Share Posted February 18, 2013 Just about to post @BarryAnderson_8: Lithuania's Central Bank opts to transfer all Ukio Bankas' rights, assets & liabilities to Siauliu Bankas. Impact on #Hearts not yet clear. Link to comment Share on other sites More sharing options...
Dusk_Till_Dawn Posted February 18, 2013 Share Posted February 18, 2013 Hmm. Link to comment Share on other sites More sharing options...
HEARTS FOREVER Posted February 18, 2013 Author Share Posted February 18, 2013 Things moving at pace hopefully. Link to comment Share on other sites More sharing options...
:shitwine: Posted February 18, 2013 Share Posted February 18, 2013 Interesting... Link to comment Share on other sites More sharing options...
BigC Posted February 18, 2013 Share Posted February 18, 2013 Strap in folks! Link to comment Share on other sites More sharing options...
portobellojambo1 Posted February 18, 2013 Share Posted February 18, 2013 Below is a link to the article: http://www.lb.lt/the_bank_of_lithuania_agreed_to_the_transfer_of_the_liabilities_and_assets_of_insolvent_ukio_bankas_to_another_bank Link to comment Share on other sites More sharing options...
iainmac Posted February 18, 2013 Share Posted February 18, 2013 This could go either way for us. Who knows how they will deal with ?6.8M charge that Ukios Bankas held over Tynecastle? Link to comment Share on other sites More sharing options...
Jammy T Posted February 18, 2013 Share Posted February 18, 2013 Permission to feel a little sick? I know I know but I just get the feeling vlad has fecked it all up. Link to comment Share on other sites More sharing options...
HEARTS FOREVER Posted February 18, 2013 Author Share Posted February 18, 2013 This could go either way for us. Who knows how they will deal with ?6.8M charge that Ukios Bankas held over Tynecastle? Think it could be shit or get off the pot time for potential buyers. Link to comment Share on other sites More sharing options...
Dusk_Till_Dawn Posted February 18, 2013 Share Posted February 18, 2013 Permission to feel a little sick? I know I know but I just get the feeling vlad has fecked it all up. Not like you Jammy T, thought you'd be along to reassure us that everything's in hand. Link to comment Share on other sites More sharing options...
Yoda Posted February 18, 2013 Share Posted February 18, 2013 This could go either way for us. Who knows how they will deal with ?6.8M charge that Ukios Bankas held over Tynecastle? Murrayfield here we come? Link to comment Share on other sites More sharing options...
Zachearts Posted February 18, 2013 Share Posted February 18, 2013 Not a clue what this could mean for us ? Link to comment Share on other sites More sharing options...
Paolo Posted February 18, 2013 Share Posted February 18, 2013 This could certainly go any way at all. Link to comment Share on other sites More sharing options...
Deevers Posted February 18, 2013 Share Posted February 18, 2013 Permission to feel a little sick? I know I know but I just get the feeling vlad has fecked it all up. Probably only for himself though. Looks like we will get new owners one way or the other - and possibly even a debt free club. That'll have the hobonomics clowns "over there" spewing! Link to comment Share on other sites More sharing options...
cosanostra Posted February 18, 2013 Share Posted February 18, 2013 The administrators will want to realise the best possible value for the banks assets so as long as someone is able to offer more money than they would get from dismantling the club and selling it's assets, we should be safe. I'd imagine that the club may be able to be picked up for a decent price if someone has the capital. Might be a positive for us. Link to comment Share on other sites More sharing options...
Alwaysinourshadows Posted February 18, 2013 Share Posted February 18, 2013 Does anyone even know what could happen? stop being drama queens Link to comment Share on other sites More sharing options...
Martin_T Posted February 18, 2013 Share Posted February 18, 2013 Does this effectively take any decision out of Ubig's hands? It would seem to me that they now own nothing apart from the share capital in HMFC? Could be a real power vacuum? Link to comment Share on other sites More sharing options...
Tiberius Stinkfinger Posted February 18, 2013 Share Posted February 18, 2013 Worst case scenario I would imagine would see the charge being transferred. Link to comment Share on other sites More sharing options...
2NaFish Posted February 18, 2013 Share Posted February 18, 2013 end game. Link to comment Share on other sites More sharing options...
JamboBen Posted February 18, 2013 Share Posted February 18, 2013 Don't know why but I feel strangely positive about this, surley now he must know that he has to sell and this could be the fresh start we need. Walk the Walk time for potential buyers me thinks, time to put up the cash if they are seriously interested. Link to comment Share on other sites More sharing options...
cosanostra Posted February 18, 2013 Share Posted February 18, 2013 Looks like buyers will be negotiating with administrators rather than Vlad now. Link to comment Share on other sites More sharing options...
Martin_T Posted February 18, 2013 Share Posted February 18, 2013 Don't know why but I feel strangely positive about this, surley now he must know that he has to sell and this could be the fresh start we need. Walk the Walk time for potential buyers me thinks, time to put up the cash if they are seriously interested. Indeed, but are there any potential buyers? Link to comment Share on other sites More sharing options...
Jambof3tornado Posted February 18, 2013 Share Posted February 18, 2013 We are bigger than any one man. ALWAYS A HEARTS FC. Link to comment Share on other sites More sharing options...
BigC Posted February 18, 2013 Share Posted February 18, 2013 The administrators will want to realise the best possible value for the banks assets so as long as someone is able to offer more money than they would get from dismantling the club and selling it's assets, we should be safe. I'd imagine that the club may be able to be picked up for a decent price if someone has the capital. Might be a positive for us. Hope you're right! Link to comment Share on other sites More sharing options...
Independence Posted February 18, 2013 Share Posted February 18, 2013 H1B5 for all the Hobos who will be looking in hoping we are all doomed. We will survive, continue to be stronger and will always be the big team! Link to comment Share on other sites More sharing options...
Tiberius Stinkfinger Posted February 18, 2013 Share Posted February 18, 2013 Ukio have nothing to do with Hearts apart from the charge. Ukio's demise is nothing to do with Hearts so I can't see how Hearts will suffer from this, both separate entities. Link to comment Share on other sites More sharing options...
frankbroxup Posted February 18, 2013 Share Posted February 18, 2013 This could go either way for us. Who knows how they will deal with ?6.8M charge that Ukios Bankas held over Tynecastle? Seems like salvation now Central Bank is involved.The business will be sold for what it can achieve the debts are insured. Link to comment Share on other sites More sharing options...
Victorian Posted February 18, 2013 Share Posted February 18, 2013 I don't think anything is very clear. UKIO have (had) a security over Tynecastle but UKIO don't control Hearts. UBIG do. I sense the possibility of a battle between UBIG and whoever now controls the security on Tynecastle. Hearts aren't in administration and neither is UBIG. I see that as a potential hefty skelp in the pus for us. Link to comment Share on other sites More sharing options...
HEARTS FOREVER Posted February 18, 2013 Author Share Posted February 18, 2013 http://sport.stv.tv/football/214500-hearts-fan-ownership-talks-continue-as-vladimir-romanov-looks-to-sell/ It's the bit at the bottom that interests me. Link to comment Share on other sites More sharing options...
Paolo Posted February 18, 2013 Share Posted February 18, 2013 We are bigger than any one man. ALWAYS A HEARTS FC. Pedantic maybe, but Heart of Midlothian FC or Hearts. Link to comment Share on other sites More sharing options...
jambo1975 Posted February 18, 2013 Share Posted February 18, 2013 Really cant profess to have an understanding on what this means to us. I.will just read all the various opinions and disagreements on here and then probably end up more confused Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted February 18, 2013 Share Posted February 18, 2013 Again, until we know details of what the security entails, what this bank value at it and what the servicing cost is, it's all guesswork. Either way, I'm sure a Scottish football ground isn't a very attractive portfolio piece. Link to comment Share on other sites More sharing options...
andywall79 Posted February 18, 2013 Share Posted February 18, 2013 Think the questions is what will happen to UBIG now? Doesn't look good for them which makes me think we are in a sticky situation. Hope not. Link to comment Share on other sites More sharing options...
Victorian Posted February 18, 2013 Share Posted February 18, 2013 Again, until we know details of what the security entails, what this bank value at it and what the servicing cost is, it's all guesswork. Either way, I'm sure a Scottish football ground isn't a very attractive portfolio piece. But if the UKIO administrators / central bank of Liff / whichever other entity now controls the assets and liabilities of UKIO see Hearts and Tynecastle as something that they have no direct control over.... doesn't that raise the possibility that the debt will be immediately called in? Leading to UBIG and/or Hearts being forced into administration? Link to comment Share on other sites More sharing options...
soonbe110 Posted February 18, 2013 Share Posted February 18, 2013 Just about to post @BarryAnderson_8: Lithuania's Central Bank opts to transfer all Ukio Bankas' rights, assets & liabilities to Siauliu Bankas. Impact on #Hearts not yet clear. Actual press release states that the acquiring bank have still to decide whether they will take on the Ukio assets/liabilities that are outside of Lithuania, including Hearts, Birac (aluminium smelting business) or Moscow properties. If they don't these will be dumped into a 'bad loan' bank and the Administrator will try to recover money to pay an amount to creditors. We are an opportunity for someone to buy us on the cheap I'd think. Link to comment Share on other sites More sharing options...
Martin_T Posted February 18, 2013 Share Posted February 18, 2013 What are the planning permission regulations in Edinburgh currently? Is it not true to say that any sale of the Tynecastle land would mean it would have to be replaced with a similar recreational space or else planning permission would not be granted? Thinking about this rationally, the risk here is that there would be a potential attempt to sell the ground to cover the outstanding debt yes? Is that either feasible or viable in even the medium term? Link to comment Share on other sites More sharing options...
cosanostra Posted February 18, 2013 Share Posted February 18, 2013 Actual press release states that the acquiring bank have still to decide whether they will take on the Ukio assets/liabilities that are outside of Lithuania, including Hearts, Birac (aluminium smelting business) or Moscow properties. If they don't these will be dumped into a 'bad loan' bank and the Administrator will try to recover money to pay an amount to creditors. We are an opportunity for someone to buy us on the cheap I'd think. This is the way I see it. How much can they sell the ground for? Not that much I'd imagine. What could it be developed for if sold? There would have to be planning permissions and all that sort of stuff. Low market value right now with lots of costs attached to dismantling a stadium. Perfect opportunity for someone to nip with a decent wad of cash and take over the club debt free. Link to comment Share on other sites More sharing options...
hughesie27 Posted February 18, 2013 Share Posted February 18, 2013 Can only be good for Hearts. Link to comment Share on other sites More sharing options...
DETTY29 Posted February 18, 2013 Share Posted February 18, 2013 Below is a link to the article: http://www.lb.lt/the...to_another_bank I've read and re-read that article and it seems to state that ALL assets and liabilities will be transferred to another bank. Maybe I am missing something but UBIG will have new bankers who will in all likliehood renegotiate terms with UBIG. The UKIO Bankas security over Tynecastle certainly muddies waters, but we are still a few tiers away from us being directly impacted - yet. Link to comment Share on other sites More sharing options...
Martin_T Posted February 18, 2013 Share Posted February 18, 2013 This is the way I see it. How much can they sell the ground for? Not that much I'd imagine. What could it be developed for if sold? There would have to be planning permissions and all that sort of stuff. Low market value right now with lots of costs attached to dismantling a stadium. Perfect opportunity for someone to nip with a decent wad of cash and take over the club debt free. Whilst this is probably true, we need such an individual to exist. Plus there is an increased risk of a Massone type figure getting in. Link to comment Share on other sites More sharing options...
frankbroxup Posted February 18, 2013 Share Posted February 18, 2013 It's now time to set up an investment company from scratch I.e supporters should buy shares in a venture specifically set up for the purchase . All investment would be returned if a bid failed. Supporters could have as much or as little stake as they wanted.its likely that the shares could have par equity value. It is likely that ?5m ?1 shares would be enough and would be easily achieved. Link to comment Share on other sites More sharing options...
soonbe110 Posted February 18, 2013 Share Posted February 18, 2013 Don't know why but I feel strangely positive about this, surley now he must know that he has to sell and this could be the fresh start we need. Walk the Walk time for potential buyers me thinks, time to put up the cash if they are seriously interested. Not sure he owns us anymore. The press release sounds that we, along with other assets, have already been transferred to Ukio as security for outstannding loans. However those efforts at shoring up the bank failed and we are now part of a bank in Administration. Link to comment Share on other sites More sharing options...
zdrastvway Posted February 18, 2013 Share Posted February 18, 2013 I'd have thought Administration of Ukio takes away the control of UBIG, and its influence on Ukio Bankas, over what happens down Tynecastle way. The safety net has burst. Unless the Lith rules are very different, the Administrators will presumably be looking to collect what is due (including the debt owed to Ukio by HMFC) and the charge held over Tynecastle is there just to make the process a bit easier for them - if Ukio (or now, the Administrators of Ukio) don't get their money, they can force a sale of Tynecastle. It's squeaky bum time ... but, as others have said, this may encourage serious buyers to come out from the shadows. Something's going to have to happen and sooner than later I'd say. Link to comment Share on other sites More sharing options...
Maiden Gorgie Posted February 18, 2013 Share Posted February 18, 2013 Trying to be glass half full here....... various groups in talks, media silence for weeks.......perfect timing? this could end very well for us Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted February 18, 2013 Share Posted February 18, 2013 But if the UKIO administrators / central bank of Liff / whichever other entity now controls the assets and liabilities of UKIO see Hearts and Tynecastle as something that they have no direct control over.... doesn't that raise the possibility that the debt will be immediately called in? Leading to UBIG and/or Hearts being forced into administration? Only if they have the ability to call it in. If HMFC service it,they may have no recourse. I actually think any buyer should negotiate directly with this bank and obtain the security. Question is, where are the buyers? Link to comment Share on other sites More sharing options...
cosanostra Posted February 18, 2013 Share Posted February 18, 2013 Whilst this is probably true, we need such an individual to exist. Plus there is an increased risk of a Massone type figure getting in. I'd say not just an increased risk but a probability. FOH look like they don't have the backing or the right idea to do anything so it'll be a consortium of some sort. How good they'll be is anyone's guess. Link to comment Share on other sites More sharing options...
Jamboelite Posted February 18, 2013 Share Posted February 18, 2013 Actual press release states that the acquiring bank have still to decide whether they will take on the Ukio assets/liabilities that are outside of Lithuania, including Hearts, Birac (aluminium smelting business) or Moscow properties. If they don't these will be dumped into a 'bad loan' bank and the Administrator will try to recover money to pay an amount to creditors. We are an opportunity for someone to buy us on the cheap I'd think. As long as the offer is better than any liquidation of assets i.e Tynecastle then we are potentially on the brink of a brave new world minus a fair amount of debt. The big IF is whether someone has the right cash to get us off the administrators. Link to comment Share on other sites More sharing options...
Boaby Ewing Posted February 18, 2013 Share Posted February 18, 2013 Actual press release states that the acquiring bank have still to decide whether they will take on the Ukio assets/liabilities that are outside of Lithuania, including Hearts, Birac (aluminium smelting business) or Moscow properties. If they don't these will be dumped into a 'bad loan' bank and the Administrator will try to recover money to pay an amount to creditors. We are an opportunity for someone to buy us on the cheap I'd think. Any chance you could post up the text of the full press release? I'm not in work today and on the iPad so struggling to track it down. Link to comment Share on other sites More sharing options...
hughesie27 Posted February 18, 2013 Share Posted February 18, 2013 Just tweeted that liabilities for bank as are about a quarter of a billion quid. And assets were over-valued. Link to comment Share on other sites More sharing options...
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