UKIO declared bankrupt

[JamboJohn1874]

Although the ground may have some financial value, however without planning permission it is essentially worthless.

 

The council will never permit any building on this land as the council is essentially the voice of the people. Anyone voting for such, would soon become out if office.

 

The worst thing we can do is pay some sort off annual fee for this as we would simply never pay it off.

 

A serious game of chicken id required here.

[jambogjh]

Massine if still interested must be clear fav to out bid FOH if he has the cash he says he has that is

[Craigieboy]

 

 

 

Looks similar to the '1m pound planning application' guy.

 

Killer.

[Gibbster]

 

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!

 

 

But don't they technically own UBIG now, so in turn us? If so, would they not be calling the debt on themselves?

 

Ultimately I agree with you admin doesn't seem a bad option, post 1st June that is.

[GingerLoser]

[Juan Jose Carricondo Perez]

 

 

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.

 

Until that is confirmed then everything else is irrelevant.

Without knowing then then who are you buying what from? If the charge falls in the bad part then there's a fair chance of a bargain. If it falls in the good part already transferred to Salius (sp) Bankas then it will be serviced as before until it come up for review.

 

I did read today though that any major profit made on the good debt in the 1st 2 years will be returned to the UKIO pot for creditors. That's potentially the timescale we could be looking at.

[Guest Bilel Mohsni]

 

What is making you unhappy? Is it a certain anniversary, just around the corner?

[PTBCAL]

This was what I tried to post last night on the admin thread before I made a baws of it. . I might be in the minority but I geniunely see this as an opportunity to do something on a realistic figure money-wise.

[exmouth]

 

Has Massone got serious money or is he just a bullshitter.

[Paolo]

This was what I tried to post last night on the admin thread before I made a baws of it. . I might be in the minority but I geniunely see this as an opportunity to do something on a realistic figure money-wise.

 

That's more like it.

[Chrambo]

Got to love the Hobo financial experts over on Twitter 'I know business and I will tell you now Hearts are finished', very good pal are you going to reference Hibs.net in your appendix?

[Das Root]

Has Massone got serious money or is he just a bullshitter.

 

 

Would imagine it's more funny money than serious

[Chris Benoit]

They don't have Tynecastle though do they? I thought Tynecastle was the security on the loan, they'd have to call in the loan or we'd have to default on any payments due first. Apologies if I've got this wrong.

[Boaby Ewing]

What is making you unhappy? Is it a certain anniversary, just around the corner?

 

As a ginger - and a loser - it's fair to say he positively reeks of Hibs.

[Maiden Gorgie]

This was what I tried to post last night on the admin thread before I made a baws of it. . I might be in the minority but I geniunely see this as an opportunity to do something on a realistic figure money-wise.

 

I agree. Not normally a glass half full kinda guy but I think/hope a deal can be done here. Ian Murray MP seems pretty optimistic and this could be the moment the "movers and shakers" have been waiting for. I think Murray could be a key player in this too, seems to have friends in the right places. The fact he has discussed this with the Lithuanian ambassador (who will surely spoil us) is a great sign

 

 

(Or I am way off and we're doofed, sorry mods)

 

Coming up on Reporting Weegland soon. Looking forward to some balanced reporting and genuine concern about one of the country's biggest and most famous clubs.

[Guess The Crowd]

Brian McLauchlin said on Radio Scotland that Hearts have actually paid the first instalment of the tax bill, within the last few days.

 

Like everyone else, I'm entirely unclear if this means ?500k or ?40k ( he didn't say).

 

 

[bn jambo]

It's ukio bankas in admin, yes? Not Ubig the company that owns us? So someone could pick up the stadium for sweeties, (FOH? ) . Then make an offer to UBIG for the club?

I don't think I'll start sweating until there is something to sweat about! !

[jambogemz]

Don't no if someone's already mentioned, but it's just been announced on sportsound that we've paid the first instalment if the 1.5 to HMRC and are fully up to date with all other payments. Good news.

 

They also said our current agreement with ukio regards the 15m still has 2 years to run and is interest repayments only.

[Prince Buaben]

What is making you unhappy? Is it a certain anniversary, just around the corner?

Probably the prospect of getting pumped in 2 succesive Scottish Cup finals

[Guest Bilel Mohsni]

As a ginger - and a loser - it's fair to say he positively reeks of Hibs.

 

He's not even trying.

[Francis Albert]

Wonder if FOH will take their finger out their arse and make an actual bid with actual money.

 

To whom, for what?

[Prince Buaben]

Don't no if someone's already mentioned, but it's just been announced on sportsound that we've paid the first instalment if the 1.5 to HMRC and are fully up to date with all other payments. Good news.

 

They also said our current agreement with ukio regards the 15m still has 2 years to run and is interest repayments only.

 

post 67...

[tartofmidlothian]

Don't no if someone's already mentioned, but it's just been announced on sportsound that we've paid the first instalment if the 1.5 to HMRC and are fully up to date with all other payments. Good news.

 

They also said our current agreement with ukio regards the 15m still has 2 years to run and is interest repayments only.

 

That last paragraph, if true, could be our saving grace.

[rudi]

We and others can mention administration all day long, fact is it's not up to anyone connected with Hearts now if we do go into administration, we are where we were yesterday and the day before that.

 

That being in a big pile of poo which we can do nowt about unless you've got a spare ?25m to pay the debt.

[Chris Benoit]

 

 

That last paragraph, if true, could be our saving grace.

 

 

 

If true I'm a lot more confident

[liam11]

If I had 25 million, I know what I'd use it for

[GingerLoser]

As a ginger - and a loser - it's fair to say he positively reeks of Hibs.

 

It may surprise you , but I aint Ginger ... I don't think I'm a loser ... and I certainly aint no tramp hibbee.

Just find the news a little discocerting don't you? Hence the

[Guest Bilel Mohsni]

At it!

[hmfc1440]

Has Massone got serious money or is he just a bullshitter.

 

Is there any previous evidence indicating that he has?

[GingerLoser]

Thats why its taken you since September last year to raise your horns above the parapet on a thread about Ukio going bankrupt.

 

I don't have the time to post of football forums ...although today I have.

This thread is the main news for us today, that's why I posted in here .... common sense and all that

[soonbe110]

We and others can mention administration all day long, fact is it's not up to anyone connected with Hearts now if we do go into administration, we are where we were yesterday and the day before that.

 

That being in a big pile of poo which we can do nowt about unless you've got a spare ?25m to pay the debt.

Reality is different from what you say. We owe circa ?25m in total, ?15m to Ukio and ?10m to Ubig. Re the Ukio debt, they have now been declared bankrupt and Administrator appointed. So the Administrator has to realise what he can for their assets ie loans. Our loan, according to the BBC(??), has 2 years to run and is interest only. If this is true the Administrator can't attempt winding-up on Hearts for 2 more years unless we default on interest payments. In 2 years time he can wind us up however he is more likely to accept 10-15p in the ? to settle given that he knows we have no asset value. The Ubig loan is more worrying because it falls due for renegotiation in July this year. Who owns Ubig come July is key to our future. If its still in Vlads hands we don't need to worry, if Ubig has gone into Admin or been sold then we are in trouble for the ?10m however again any buyer or the Administrator will be aware that we have no asset value and will almost certainly either agree a re-financing of the debt or will settle for 10-15p in the ? or take the best offer they get.

[Franklin Delano Bluth]

It may surprise you , but I aint Ginger ... I don't think I'm a loser ... and I certainly aint no tramp hibbee.

Just find the news a little discocerting don't you? Hence the

 

Don't think he is a Hibs fan...

 

[GingerLoser]

Don't think he is a Hibs fan...

 

 

Gold star for you ... that was the reason for my username

I hate that ***** ... always have since his playing days. More so than any Hibs player/manager past or present

[Franklin Delano Bluth]

 

 

Got it right...

 

Still though.

[Chris Benoit]

FFS guys how about waiting until he does something wrong first before you tar and feather the lad.

[GingerLoser]

 

Got it right...

 

Still though.

 

lol

I can see how my posts might be misleading .. but I can asure you all I am a Jambo 100%

And if you don't like me, don't worry, as like I said, I don't have time to go online much (work commitments ) so you won't see me much.

[rudi]

Reality is different from what you say. We owe circa ?25m in total, ?15m to Ukio and ?10m to Ubig. Re the Ukio debt, they have now been declared bankrupt and Administrator appointed. So the Administrator has to realise what he can for their assets ie loans. Our loan, according to the BBC(??), has 2 years to run and is interest only. If this is true the Administrator can't attempt winding-up on Hearts for 2 more years unless we default on interest payments. In 2 years time he can wind us up however he is more likely to accept 10-15p in the ? to settle given that he knows we have no asset value. The Ubig loan is more worrying because it falls due for renegotiation in July this year. Who owns Ubig come July is key to our future. If its still in Vlads hands we don't need to worry, if Ubig has gone into Admin or been sold then we are in trouble for the ?10m however again any buyer or the Administrator will be aware that we have no asset value and will almost certainly either agree a re-financing of the debt or will settle for 10-15p in the ? or take the best offer they get.

Vlad has had ALL his assets frozen, he cannot trade therefore it's nowt to do with him, he can't even sell his shares as far as I can make out.

 

As for the loan from Ukio, from what was said on here we have never paid interest on our loan it all got lumped back onto the loan, will we now be able to pay the interest, who knows.

[soonbe110]

Vlad has had ALL his assets frozen, he cannot trade therefore it's nowt to do with him, he can't even sell his shares as far as I can make out.

 

As for the loan from Ukio, from what was said on here we have never paid interest on our loan it all got lumped back onto the loan, will we now be able to pay the interest, who knows.

Correct, frozen, not confiscated or anything else. He owns 69% of Ubig, Ubig are still trading, the other 31% shareholders are still trading, they have not had their assets frozen. Ubig continues. It does however have serious debt issues with Ukio so the next step is what will approach will Ukio's Adminstrator take with Ubig and can Ubig continue to service their debts. To think that Vlad will have no influence over the people who own the remaining 31% in fanciful i think. You are correct he can't sell his shares but until there is a court case in which he is stripped of all assets he is the legal owner of these shares and Ubig. As I said in previous post what happens between Ukio Administrator and Ubig is the key to our future. Administrators dont just come in and call in debt if they know it cant be repaid. They also cant call in debt if the debt is being serviced per the loan agreement. Their role is to maximise funds for creditors....that means realising the maximum amount for every asset that has value. Value in these cases in determined by what a buyer is willing to pay eg Rangers, Ibrox and Murray Park acquired by Green and Whyte for ?5.5m.

[eduardo.j]

I would look at it this way if we have say 8,000-10,000 season ticket holders we could all do a ?10 a month debit those with more cash could offer more, foh make an offer to vlad for the shares and the monthly debits and any player sales are used to pay back the bank

 

Also if we raised 1.2mil in a month say we could try that again and offer it as a starter chunk to the bank and try to get the 15 mil reduced to 10mil, it may take a good few seasons to pay back but as long as they owned the stadium that would be their back up.

[rudi]

Correct, frozen, not confiscated or anything else. He owns 69% of Ubig, Ubig are still trading, the other 31% shareholders are still trading, they have not had their assets frozen. Ubig continues. It does however have serious debt issues with Ukio so the next step is what will approach will Ukio's Adminstrator take with Ubig and can Ubig continue to service their debts. To think that Vlad will have no influence over the people who own the remaining 31% in fanciful i think. You are correct he can't sell his shares but until there is a court case in which he is stripped of all assets he is the legal owner of these shares and Ubig. As I said in previous post what happens between Ukio Administrator and Ubig is the key to our future. Administrators dont just come in and call in debt if they know it cant be repaid. They also cant call in debt if the debt is being serviced per the loan agreement. Their role is to maximise funds for creditors....that means realising the maximum amount for every asset that has value. Value in these cases in determined by what a buyer is willing to pay eg Rangers, Ibrox and Murray Park acquired by Green and Whyte for ?5.5m.

Can we afford to now start paying the interest, still think that vlad will have very little input as to where the shares go.

[rudi]

I would look at it this way if we have say 8,000-10,000 season ticket holders we could all do a ?10 a month debit those with more cash could offer more, foh make an offer to vlad for the shares and the monthly debits and any player sales are used to pay back the bank

 

Also if we raised 1.2mil in a month say we could try that again and offer it as a starter chunk to the bank and try to get the 15 mil reduced to 10mil, it may take a good few seasons to pay back but as long as they owned the stadium that would be their back up.

He can't sell them.

[eduardo.j]

 

He can't sell them.

 

So if he can't sell the shares how can anyone buy the club?,why are the club asking for buyers to come forward?

[Geoff Kilpatrick]

 

 

So if he can't sell the shares how can anyone buy the club?,why are the club asking for buyers to come forward?

Vlad does not own the shares in Hearts. UBIG own the shares and UBIG are still trading.

[Brian Badonde]

Vlad does not own the shares in Hearts. UBIG own the shares and UBIG are still trading.

 

Does Vlad not own some shares personally or am I making this up?

[rudi]

So if he can't sell the shares how can anyone buy the club?,why are the club asking for buyers to come forward?

 

I have no idea, but he can't sell his shares his assets are frozen

http://www.bloomberg...v-s-assets.html

[Geoff Kilpatrick]

 

 

Does Vlad not own some shares personally or am I making this up?

Vlad owns no shares directly in Hearts. Whether he owns any of the other company who own 15% isn't known either.

[Geoff Kilpatrick]

 

 

I have no idea, but he can't sell his shares his assets are frozen

http://www.bloomberg...v-s-assets.html

Which means UBIG can sell the shares but Vlad can't benefit from it.

[Brian Badonde]

Vlad owns no shares directly in Hearts. Whether he owns any of the other company who own 15% isn't known either.

 

Thanks. I thought I read that he did, albeit a small percentage.

[eduardo.j]

Yes I was also under the think that the shares were in ubig too

 

This is pie in the sky but just say we could raise 2mil a season from fan debits after the debt is gone we would be able to bring in out of contract players on a semi decent wage and get money for selling the better ones on

[pivotno1]

 

Which means UBIG can sell the shares but Vlad can't benefit from it.

his assets are frozen in lithuania dont think they have any powers over here