WavyGravy Posted May 2, 2013 Share Posted May 2, 2013 Chris McLaughlin saying on twitter the decision has been made. Was this a formality? What now? Link to comment Share on other sites More sharing options...
swavkav Posted May 2, 2013 Share Posted May 2, 2013 They sell us as soon as the can as a going concearn Link to comment Share on other sites More sharing options...
Rudiboy Posted May 2, 2013 Share Posted May 2, 2013 By all account it could mean the end for us. Link to comment Share on other sites More sharing options...
Dunks Posted May 2, 2013 Share Posted May 2, 2013 http://www.youtube.com/watch?v=w7RIgs3eygo Link to comment Share on other sites More sharing options...
Mad Dog Frazer Posted May 2, 2013 Share Posted May 2, 2013 Months and months of nothing The administrators will have bigger fish to go after than our 15 million debt. They'll get round to us eventually then the shit hits the fan. Link to comment Share on other sites More sharing options...
Floyd Posted May 2, 2013 Share Posted May 2, 2013 They sell us as soon as the can as a going concearn Correctamundo! They need to get rid ASAP. Just need to buckle up tight and see what happens next. Link to comment Share on other sites More sharing options...
Armageddon Posted May 2, 2013 Share Posted May 2, 2013 Jumpers for goal posts up the Meadows ... where it all began. I'd happily ask the council to build us a stadia somewhere, we lease it back and let the Administrators have Tynie. Only thing I'd take is the Scottish Cups and that huge tree at the nursery ... I like looking at the top of that when things are going bad and think how tall can a tree get ... Link to comment Share on other sites More sharing options...
Alwaysinourshadows Posted May 2, 2013 Share Posted May 2, 2013 We can all try and act as if we know what will happen but nobody knows Link to comment Share on other sites More sharing options...
The Gasman Posted May 2, 2013 Share Posted May 2, 2013 By all account it could mean the end for us. Link to comment Share on other sites More sharing options...
loveofthegame Posted May 2, 2013 Share Posted May 2, 2013 Doomed.... Really, I have no idea. Hopefully will force someone's hand. And hopefully we'll get past 1 June without going into admin and being relegated... Link to comment Share on other sites More sharing options...
Jambo316 Posted May 2, 2013 Share Posted May 2, 2013 As fans all we can do is raise funds as we have already been doing and hope that either SD make a move soon or any other interested parties do so we can secure the clubs future or we will end up like Pompey or worse Dunfermline! Link to comment Share on other sites More sharing options...
letsalllaughathobos Posted May 2, 2013 Share Posted May 2, 2013 Looks like massone could be the man soon as he is the only mofo with the dough, If he offers the adminastrators the same 4/5m they will take it and hearts will be debt free all hail king vladamir, Not a dafty after all was he, That is how I see it going, Might be miles of the mark there but that is my personal thoughts Link to comment Share on other sites More sharing options...
Gregory House M.D. Posted May 2, 2013 Share Posted May 2, 2013 Wonder if FOH will take their finger out their arse and make an actual bid with actual money. Link to comment Share on other sites More sharing options...
Splog Posted May 2, 2013 Share Posted May 2, 2013 Chris McLaughlin saying on twitter the decision has been made. Was this a formality? What now? Pretty much a formality. There's now a 10 day appeal period, however they were, by definition, the "bad part" of the bank. So it was always going to happen. Now it's up to the bankruptcy administrator to get the best bang for his buck for the creditors (the Lithuanian tax payer) from Ukio's assets (any property they own etc) and debtors (HMFC, UBIG, etc). Time scale is unknown. However, the administrator of Snoras Bank (the last Lithuanian bank to go under) is still selling off assets to this day: http://www.15min.lt/en/article/business/snoras-administrator-kicks-off-sale-of-lietuvos-rytas-media-group-527-330145 That's almost two years since they went under. Link to comment Share on other sites More sharing options...
Rudiboy Posted May 2, 2013 Share Posted May 2, 2013 So you don't think so no? Not just me who thinks it could be, I certainly hope not. Link to comment Share on other sites More sharing options...
Dusk_Till_Dawn Posted May 2, 2013 Share Posted May 2, 2013 Wonder if FOH will take their finger out their arse and make an actual bid with actual money. This. Link to comment Share on other sites More sharing options...
Juan Jose Carricondo Perez Posted May 2, 2013 Share Posted May 2, 2013 Pretty much a formality. There's now a 10 day appeal period, however they were, by definition, the "bad part" of the bank. So it was always going to happen. Now it's up to the bankruptcy administrator to get the best bang for his buck for the creditors (the Lithuanian tax payer) from Ukio's assets (any property they own etc) and debtors (HMFC, UBIG, etc). Time scale is unknown. However, the administrator of Snoras Bank (the last Lithuanian bank to go under) is still selling off assets to this day: http://www.15min.lt/en/article/business/snoras-administrator-kicks-off-sale-of-lietuvos-rytas-media-group-527-330145 That's almost two years since they went under. Was it ever confirmed which part the charge fell into? The good parts that were transferred or the toxic part that's been liquidated? Apologies if this has been answered a million times. Link to comment Share on other sites More sharing options...
jambo1185 Posted May 2, 2013 Share Posted May 2, 2013 It's just a formality and the start of the next stage in the process that's been known for a few weeks. The hearing today wasn't a last minute thing and the outcome was never in doubt. The interesting bit starts now. As others have said, there will be bigger fish to fry than us, so if they do end up calling in the debt, we need to hope they wait a month at least before doing so. Link to comment Share on other sites More sharing options...
letsalllaughathobos Posted May 2, 2013 Share Posted May 2, 2013 Wonder if FOH will take their finger out their arse and make an actual bid with actual money. Anybody who wants us NOW is the time, whether them at FOH can/will do it is anyone's guess, I hope they can, Link to comment Share on other sites More sharing options...
Gregory House M.D. Posted May 2, 2013 Share Posted May 2, 2013 So do we owe ?15m or has the ?9m and security been transferred? Link to comment Share on other sites More sharing options...
Boaby Ewing Posted May 2, 2013 Share Posted May 2, 2013 Wonder if FOH will take their finger out their arse and make an actual bid with actual money. Maybe they should consult you and your HND in Business Management from Stevenson, wee baws. Link to comment Share on other sites More sharing options...
Gregory House M.D. Posted May 2, 2013 Share Posted May 2, 2013 Anybody who wants us NOW is the time, whether them at FOH can/will do it is anyone's guess, I hope they can, Surely with them waving Ann Budge about like a Top Trumps card they can get the funds. Or are they as suspected a bunch of slavering chancers? Time will tell. Link to comment Share on other sites More sharing options...
OTT Posted May 2, 2013 Share Posted May 2, 2013 Im sure they would be happy to receive a 3rd (?5 mill) reckon collection bucket time ? Link to comment Share on other sites More sharing options...
Gregory House M.D. Posted May 2, 2013 Share Posted May 2, 2013 Maybe they should consult you and your HND in Business Management from Stevenson, wee baws. Nah, they've got Donald Ford and Ann Budge. No pledging any cash mind but sending us good thoughts before raiding our pockets. Link to comment Share on other sites More sharing options...
Boris Posted May 2, 2013 Share Posted May 2, 2013 Maybe they should consult you and your HND in Business Management from Stevenson, wee baws. Hehehe.... Link to comment Share on other sites More sharing options...
Splog Posted May 2, 2013 Share Posted May 2, 2013 Was it ever confirmed which part the charge fell into? The good parts that were transferred or the toxic part that's been liquidated? Apologies if this has been answered a million times. You know, I've never seen it actually confirmed, but I remember at the time getting the impression from Bryan P. Bradley (Lithuanian based Bloomberg writer) that it was a formality that it would be. Link to comment Share on other sites More sharing options...
Guest Bilel Mohsni Posted May 2, 2013 Share Posted May 2, 2013 We can all try and act as if we know what will happen but nobody knows That's exactly what we are doing... What's your point? Link to comment Share on other sites More sharing options...
Governor Tarkin Posted May 2, 2013 Share Posted May 2, 2013 Maybe they should consult you and your HND in Business Management from Stevenson, wee baws. Link to comment Share on other sites More sharing options...
peter_hmfc Posted May 2, 2013 Share Posted May 2, 2013 Maybe they should consult you and your HND in Business Management from Stevenson, wee baws. Link to comment Share on other sites More sharing options...
Jamboelite Posted May 2, 2013 Share Posted May 2, 2013 Maybe they should consult you and your HND in Business Management from Stevenson, wee baws. Link to comment Share on other sites More sharing options...
tartofmidlothian Posted May 2, 2013 Share Posted May 2, 2013 We can all try and act as if we know what will happen but nobody knows Nailed it. Link to comment Share on other sites More sharing options...
tartofmidlothian Posted May 2, 2013 Share Posted May 2, 2013 Wonder if FOH will take their finger out their arse and make an actual bid with actual money. Also nailed it. Link to comment Share on other sites More sharing options...
Franklin Delano Bluth Posted May 2, 2013 Share Posted May 2, 2013 Maybe they should consult you and your HND in Business Management from Stevenson, wee baws. Link to comment Share on other sites More sharing options...
Munch Posted May 2, 2013 Share Posted May 2, 2013 Wonder if FOH will take their finger out their arse and make an actual bid with actual money. They will arrange another meeting now getting everyone together to discuss this new development and schedule in another meeting :11100: Link to comment Share on other sites More sharing options...
Franklin Delano Bluth Posted May 2, 2013 Share Posted May 2, 2013 There's a meeting today. Maybe they will launch the takeover tonight. Link to comment Share on other sites More sharing options...
Walrus Posted May 2, 2013 Share Posted May 2, 2013 Link to comment Share on other sites More sharing options...
Gregory House M.D. Posted May 2, 2013 Share Posted May 2, 2013 A meeting within a meeting? Meetingception. Link to comment Share on other sites More sharing options...
Prince Buaben Posted May 2, 2013 Share Posted May 2, 2013 So... It comes down to who wants us and what they are willing to do to get us. Link to comment Share on other sites More sharing options...
the general Posted May 2, 2013 Share Posted May 2, 2013 must be 12 year old gas Link to comment Share on other sites More sharing options...
Daydream Believer Posted May 2, 2013 Share Posted May 2, 2013 So... It comes down to who wants us and what they are willing to do to get us. At this point are we only talking about the stadium though? I take it someone would also have to deal with vlad for the shares. Link to comment Share on other sites More sharing options...
Don Juan Posted May 2, 2013 Share Posted May 2, 2013 Can someone clarify, if FoH puts in a bid now, would they only be putting in a bid for the part of the club that UKIO owns - and would then have to buy the rest of the shares from UBIG/Vlad after that? Link to comment Share on other sites More sharing options...
tartofmidlothian Posted May 2, 2013 Share Posted May 2, 2013 Can someone clarify, if FoH puts in a bid now, would they only be putting in a bid for the part of the club that UKIO owns - and would then have to buy the rest of the shares from UBIG/Vlad after that? No, nobody can clarify. Seriously. Link to comment Share on other sites More sharing options...
jambo1185 Posted May 2, 2013 Share Posted May 2, 2013 Can someone clarify, if FoH puts in a bid now, would they only be putting in a bid for the part of the club that UKIO owns - and would then have to buy the rest of the shares from UBIG/Vlad after that? The bid should, if they are doing it properly, involve everyone round the table. It is likely that the administrators would need to approve any deal anyway, I imagine the security documentation has change of control and material business change consent requirements. I wouldn't think there would be much point just negotiating with the club/UBIG/Vlad anymore. You'd be wanting the security released as part of the deal, or coming to a new arrangement with the chargor. Link to comment Share on other sites More sharing options...
Prince Buaben Posted May 2, 2013 Share Posted May 2, 2013 At this point are we only talking about the stadium though? I take it someone would also have to deal with vlad for the shares. So they call the debt in and our debt in which against the Stadium and then it will be sold on to recover some cash? The options are then FOH/SOD or A.N Other interested in Hearts comes in and gets the Stadium directly from administrators, then negoiates the club aswell, try and get it all in one go or we lose Tynie to cover debt are homeless and it ends up in a deleveoper. Or am i away on a tangent. Link to comment Share on other sites More sharing options...
Gibbster Posted May 2, 2013 Share Posted May 2, 2013 There is an opportunity for someone/anyone to buy the debt at a discount from the administrator. The main, and more expected, alternative is that the administrator puts UBIG in to admin to sell its assets or put those assets into administration to extract the highest return possible. It will, hopefully take a weeks/months to make the 1st couple of decisions which should serve to stave off relegation for this season. I would think the fair / realistic value of the club / debt is an amount equal to the real estate value of Tynecastle. If anyone can offer the administrator the land value of tynecastle I would expect that would be enough to own the club - most simply through a debt for equity swap diluting all exising shareholders to fraction of a percent. It would be nice if FOH could progress on that basis and bid a fair current value for the stadium - the administrators would have to think long and hard before turning such a bid down. Link to comment Share on other sites More sharing options...
redm Posted May 2, 2013 Share Posted May 2, 2013 Jumpers for goal posts up the Meadows ... where it all began. I'd happily ask the council to build us a stadia somewhere, we lease it back and let the Administrators have Tynie. Only thing I'd take is the Scottish Cups and that huge tree at the nursery ... I like looking at the top of that when things are going bad and think how tall can a tree get ... I'd have to fight you for the tree. I love that tree. It's so tall it looks like there's a wee Christmas tree on the roof of the Main Stand. Yes. Trees. Much better than thinking about finances and Audickas and decisions yet to be made. He doesn't look like a club killer: Link to comment Share on other sites More sharing options...
Franklin Delano Bluth Posted May 2, 2013 Share Posted May 2, 2013 He looks about 16, though. Link to comment Share on other sites More sharing options...
Paolo Posted May 2, 2013 Share Posted May 2, 2013 He looks about 16, though. A Young Apprentice candidate. Link to comment Share on other sites More sharing options...
tartofmidlothian Posted May 2, 2013 Share Posted May 2, 2013 We raised what, 1.25m in a month or so earlier this season? Based on FoH's valuation the stadium's worth 5.5m and the club's probably worth ?1. In all seriousness, if the fans, the six fan groups (including FoH) being led by Murray and any small-scale investors are willing to come together again, could the administrators be talked into accepting that much if they gave us three months or so to pay it off? On the proviso we're the preferred bidders for that period and that the club is allowed to continue trading as normal. It's the only way we'll come out of this untouched, unless someone, somewhere's willing to play an all or nothing game of chicken in the hope they get us off the books for peanuts without letting a developer or Massone have us. Link to comment Share on other sites More sharing options...
Floridajambo Posted May 2, 2013 Share Posted May 2, 2013 Firstly, we have to get to June 1, and ideally, pick up as few additional points as possible (league placing now is a moot point if we go into admin). Then, the Ukio administrator has a choice: 1. Call in the debt, we go immediately into administration and he gets pennies in the pound with a CVA funded by a new owner. We emerge from the other side, debt free and minus 15 points next season. Best scenario! 2. Let us trade as a going concern and negotiate a payoff over time - unlikely as the assets/profits are too low and we are also in hock to HMRC and UBIG; 3. Reach an agreement with a buyer directly for the Hearts brand and stadium. This is potentially the best option for the Ukio administrator, but risks letting someone like Massone get the club. Basically, FOH, etc. have to pay more than a property developer - but this option doesn't let us off the hook with UBIG or HMRC, so is not attractive to a buyer. Admin seems inevitable. But at the same time, could completely tidy up the Hearts balance sheet and we can more or less start again. A new beginning!! Link to comment Share on other sites More sharing options...
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