Mad Dog Frazer Posted June 12, 2013 Share Posted June 12, 2013 Official http://news.cision.com/ukio-bankas-ab-g/r/the-decision-to-start-the-bankruptcy-proceedings-against-ab-ukio-bankas-has-come-into-force,e380454 Link to comment Share on other sites More sharing options...
I.T.K Posted June 12, 2013 Share Posted June 12, 2013 END GAME!!! Link to comment Share on other sites More sharing options...
Say What Again Posted June 12, 2013 Share Posted June 12, 2013 What does that mean for us? Link to comment Share on other sites More sharing options...
Fermit the Krog Posted June 12, 2013 Share Posted June 12, 2013 What does that mean for us? Maybe something, maybe nothing, maybe somewhere in between. In my opinion, Link to comment Share on other sites More sharing options...
Diego10 Posted June 12, 2013 Share Posted June 12, 2013 What does that mean for us? That we will be dealing with their liquidator over the debt we owe them. Nothing surprising there. Link to comment Share on other sites More sharing options...
Dr. Bapswent Posted June 12, 2013 Share Posted June 12, 2013 What does that mean for us? That the liquidators will be put in charge of redeeming as much of the debt from HMFC as they can. Either by selling the assets, or by selling to someone - whichever they deem is the most efficient manner of getting the best financial return. Link to comment Share on other sites More sharing options...
Say What Again Posted June 12, 2013 Share Posted June 12, 2013 That the liquidators will be put in charge of redeeming as much of the debt from HMFC as they can. Either by selling the assets, or by selling to someone - whichever they deem is the most efficient manner of getting the best financial return. Ta Link to comment Share on other sites More sharing options...
Tazio Posted June 12, 2013 Share Posted June 12, 2013 That the liquidators will be put in charge of redeeming as much of the debt from HMFC as they can. Either by selling the assets, or by selling to someone - whichever they deem is the most efficient manner of getting the best financial return. So I imagine that means any prospective buyer of the club must offer more than the value of Tynecastle? Link to comment Share on other sites More sharing options...
Mad Dog Frazer Posted June 12, 2013 Author Share Posted June 12, 2013 No looking forward to what is to come but at least something's eventually happening and should no our future if any soon enough Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted June 12, 2013 Share Posted June 12, 2013 So I imagine that means any prospective buyer of the club must offer more than the value of Tynecastle? Which has been the case throughout. However, it also depends on what the central bank want to do with the 'bad' assets now as part of the liquidation process. Link to comment Share on other sites More sharing options...
Ewan1874 Posted June 12, 2013 Share Posted June 12, 2013 So good or bad news? Link to comment Share on other sites More sharing options...
Sheepie Posted June 12, 2013 Share Posted June 12, 2013 "Court of Appeal of Lithuania decided to leave unaltered the decision of Kaunas Regional Court dated 2 May 2013 in the civil case No. B2-1786-254/2013, according to which the bankruptcy proceedings against AB Ukio Bankas were started." Any consequence of the start date of bankcruptcy proceedings beginning before the season end? Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted June 12, 2013 Share Posted June 12, 2013 "Court of Appeal of Lithuania decided to leave unaltered the decision of Kaunas Regional Court dated 2 May 2013 in the civil case No. B2-1786-254/2013, according to which the bankruptcy proceedings against AB Ukio Bankas were started." Any consequence of the start date of bankcruptcy proceedings beginning before the season end? No, because Ukio are not a shareholder of Heart of Midlothian. Hope this helps. Link to comment Share on other sites More sharing options...
Dr. Bapswent Posted June 12, 2013 Share Posted June 12, 2013 So I imagine that means any prospective buyer of the club must offer more than the value of Tynecastle? Not really, they need to offer what the liquidator will accept as an acceptable return (the liquidator will be unlikely to expect full market value and accept a percentage return) Also factor in the costs of brokering deals.... a buyer offering millions for the whole lot may not get them as much as selling off each asset - but easier than brokering deals for the stadium, players and everything else.... so they may accept it. Of course offering as high a figure as possible gives them the best chance. I would however expect this news to spark some activity with prospective buyers who can now make some sense of how much they might need to raise and offer to be seriously considered. Link to comment Share on other sites More sharing options...
Dusk_Till_Dawn Posted June 12, 2013 Share Posted June 12, 2013 Oh well. Cards on the table time. Link to comment Share on other sites More sharing options...
tartofmidlothian Posted June 12, 2013 Share Posted June 12, 2013 That the liquidators will be put in charge of redeeming as much of the debt from HMFC as they can. Either by selling the assets, or by selling to someone - whichever they deem is the most efficient manner of getting the best financial return. The debt from HMFC being the 15m security over Tynecastle, right? That's all they hold? Given the stadium/land is worth less than that, I presume this basically means a bidding war for ownership of the stadium? I'd expect any developer or supermarket (it's probably too small a site for a supermarket anyway) would be hit by a big PR backlash campaign if they tried to bulldoze us, so whoever can buy the ground is in the driver's seat. Right? Endgame all right. Link to comment Share on other sites More sharing options...
Greenbank2 Posted June 12, 2013 Share Posted June 12, 2013 This has got to be good news. I believe from the shareholders meeting, HMFC are into Ukio for ?15M, $6.7 of which is secures against the stadium. So the choice the liquidator to force a break it up and sell the stadium and club separately or together as a going concern. I have to beieve that ?7.5M could get you the club, stadium, etc etc debt free. A return of 50p in the ? would be an outstanding achievement for any liquidator. And no points penalty because neother HMFC or UBIG have (yet) become insolvent. Time for the various "consortia" of fans/businessmes to SHOW US THE MONEY. Get it done. Link to comment Share on other sites More sharing options...
Dr. Bapswent Posted June 12, 2013 Share Posted June 12, 2013 The debt from HMFC being the 15m security over Tynecastle, right? That's all they hold? Given the stadium/land is worth less than that, I presume this basically means a bidding war for ownership of the stadium? I'd expect any developer or supermarket (it's probably too small a site for a supermarket anyway) would be hit by a big PR backlash campaign if they tried to bulldoze us, so whoever can buy the ground is in the driver's seat. Right? Endgame all right. That's the way i read it. Link to comment Share on other sites More sharing options...
The Gasman Posted June 12, 2013 Share Posted June 12, 2013 What does that mean for us? Nothing has really changed. This is just confirmation of the decision that was made last month. The decision had been appealed,, the appeal has been turned down. The original derision has just been formally upheld, and ratified in court. I have no doubt the MSM will spin it differently, and some of the WUM's and Trolls on here will have fun with their fishing, but reall, nothing has changed. Link to comment Share on other sites More sharing options...
jambogjh Posted June 12, 2013 Share Posted June 12, 2013 Hopefully this is what the Norwegian/Swedish consortium have been waiting on as they were meant to have representatives working in Lithuania with their finger on the pulse. Link to comment Share on other sites More sharing options...
Shanks Posted June 12, 2013 Share Posted June 12, 2013 Tynecastle is worthless if you don't have a stadium there. Link to comment Share on other sites More sharing options...
mcdougg Posted June 12, 2013 Share Posted June 12, 2013 And so begins the mass of posts from h1b5.net about it being the end after all... Watch this space. Link to comment Share on other sites More sharing options...
Fermit the Krog Posted June 12, 2013 Share Posted June 12, 2013 "Court of Appeal of Lithuania decided to leave unaltered the decision of Kaunas Regional Court dated 2 May 2013 in the civil case No. B2-1786-254/2013, according to which the bankruptcy proceedings against AB Ukio Bankas were started." Any consequence of the start date of bankcruptcy proceedings beginning before the season end? No, because Ukio are not a shareholder of Heart of Midlothian. Hope this helps. Link to comment Share on other sites More sharing options...
Dusk_Till_Dawn Posted June 12, 2013 Share Posted June 12, 2013 I have no doubt the MSM will spin it differently, and some of the WUM's and Trolls on here will have fun with their fishing, but reall, nothing has changed. Aside from the fact that this process is now going to move forward. Link to comment Share on other sites More sharing options...
Jambo316 Posted June 12, 2013 Share Posted June 12, 2013 Business as usual by the sound of it! Link to comment Share on other sites More sharing options...
SUTOL Posted June 12, 2013 Share Posted June 12, 2013 Tynecastle is worthless if you don't have a stadium there. I'd imagine it would be worth more as a Brownfield site with no planning restrictions, than as a football stadium with planning restrictions. Link to comment Share on other sites More sharing options...
The Gasman Posted June 12, 2013 Share Posted June 12, 2013 Aside from the fact that this process is now going to move forward. Fair comment, I just meant the the circumstances have not changed. Link to comment Share on other sites More sharing options...
Footballfirst Posted June 12, 2013 Share Posted June 12, 2013 Now that liquidation proceeding have been confirmed, it should actually make it a little easier for a prospective buyer. Hearts debt is classed as a "bad debt", otherwise it would have been transferred to Siauliu along with the good loans and assets. As is the case for all bad dets, the liquidator will now seek to recover whatever he can, otherwise it will be written off. Anything he can recover is a bonus. While the security over Tynecastle has a value, it is really a subjective one. Now is the time for FoH, or any other party, to start negotiating hard with the liquidator and most importantly talk down its value of the main asset. e.g. its a firesale situation, work is required to replace the main stand, site clearance costs for any developer, planning permission unlikely due to COMAH concerns re the adjacent ethanol storage. If Ukio have taken ownership of the 29.9% of the shares in the club pledged to them by UBIG, then they should be included in any deal. What should the offer be? That's the $64,000 question. Start with a low offer of, say, 5p in the ? for the debt, security and the shares and negotiate from there. Link to comment Share on other sites More sharing options...
Dusk_Till_Dawn Posted June 12, 2013 Share Posted June 12, 2013 Fair comment, I just meant the the circumstances have not changed. Correct, as far as I can tell. Link to comment Share on other sites More sharing options...
Gene Parmesan Posted June 12, 2013 Share Posted June 12, 2013 Let's get Footballfirst involved in the negotiations. Link to comment Share on other sites More sharing options...
Deevers Posted June 12, 2013 Share Posted June 12, 2013 Ah well, time fro FoH, The Italians, The Norwegians and the Americans to show their hands. Got a feeling the next few weeks are going to be interesting to say the least. No doubt we're going to be infested with doom laden Hobos wishing us the very worst for a wee while on here. Hopefully they'll get punted quickly though! Link to comment Share on other sites More sharing options...
IMA MAROON Posted June 12, 2013 Share Posted June 12, 2013 We have just bumped UKio out of ?10 million and now we'll offer peanuts for Tynecastle. Good stuff. Link to comment Share on other sites More sharing options...
McCrae Posted June 12, 2013 Share Posted June 12, 2013 This has got to be good news. I believe from the shareholders meeting, HMFC are into Ukio for ?15M, $6.7 of which is secures against the stadium. So the choice the liquidator to force a break it up and sell the stadium and club separately or together as a going concern. I have to beieve that ?7.5M could get you the club, stadium, etc etc debt free. A return of 50p in the ? would be an outstanding achievement for any liquidator. And no points penalty because neother HMFC or UBIG have (yet) become insolvent. Time for the various "consortia" of fans/businessmes to SHOW US THE MONEY. Get it done. 50p in the pound is far too high IMO, at most 10-20p much more likely. I would be surprised if anyone pays more ?2 mil for the club debt free. Link to comment Share on other sites More sharing options...
rudi Posted June 12, 2013 Share Posted June 12, 2013 No, because Ukio are not a shareholder of Heart of Midlothian. Hope this helps. Pretty sure serge said that 30% had been transfered to UKIO for some reason. Link to comment Share on other sites More sharing options...
Gene Parmesan Posted June 12, 2013 Share Posted June 12, 2013 Pretty sure serge said that 30% had been transfered to UKIO for some reason. As a security, so they don't actually own that. Plus UBIG would still be majority shareholders. Link to comment Share on other sites More sharing options...
Goldenboy Posted June 12, 2013 Share Posted June 12, 2013 Ah well, time fro FoH, The Italians, The Norwegians and the Americans to show their hands. Got a feeling the next few weeks are going to be interesting to say the least. No doubt we're going to be infested with doom laden Hobos wishing us the very worst for a wee while on here. Hopefully they'll get punted quickly though! Christ, there are enough Jambos with the same depressed outlook on here without any help from our wee "friends" doon the road !! Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted June 12, 2013 Share Posted June 12, 2013 Pretty sure serge said that 30% had been transfered to UKIO for some reason. Pretty sure you are incorrect. Link to comment Share on other sites More sharing options...
TheMaganator Posted June 12, 2013 Share Posted June 12, 2013 This will just deal with Tynecastle (and the security over it) though, right? The liquidators are not in a position to sell UBIG's shares in HMFC, are they? Link to comment Share on other sites More sharing options...
269miles Posted June 12, 2013 Share Posted June 12, 2013 This has got to be good news. I believe from the shareholders meeting, HMFC are into Ukio for ?15M, $6.7 of which is secures against the stadium. So the choice the liquidator to force a break it up and sell the stadium and club separately or together as a going concern. I have to beieve that ?7.5M could get you the club, stadium, etc etc debt free. A return of 50p in the ? would be an outstanding achievement for any liquidator. And no points penalty because neother HMFC or UBIG have (yet) become insolvent. Time for the various "consortia" of fans/businessmes to SHOW US THE MONEY. Get it done. I'm not saying you're wrong - but just think back to how much/little RFC RIP went for (and that was for a stadium that was "valued" at ?40 million - maybe even more ? - and the playing staff). The land value will be interesting - my understanding from down here is there's no chance of getting planning permission for housing. So it probably won't have much value ? If someone buys the stadium and leases it back to HMFC (not a very desirable outcome but far from the worst that could happen) I don't see the liquidators getting much. Link to comment Share on other sites More sharing options...
rudi Posted June 12, 2013 Share Posted June 12, 2013 As a security, so they don't actually own that. Plus UBIG would still be majority shareholders. Ah, okay, so forgive me but whats the difference and security to what? Link to comment Share on other sites More sharing options...
Dr. Bapswent Posted June 12, 2013 Share Posted June 12, 2013 I'm not saying you're wrong - but just think back to how much/little RFC RIP went for (and that was for a stadium that was "valued" at ?40 million - maybe even more ? - and the playing staff). The land value will be interesting - my understanding from down here is there's no chance of getting planning permission for housing. So it probably won't have much value ? If someone buys the stadium and leases it back to HMFC (not a very desirable outcome but far from the worst that could happen) I don't see the liquidators getting much. Yes the Sevco saga is a decent barometer and yardstick for any bids and can be used as a precedent for how much is likely to be (and should be) offered., Link to comment Share on other sites More sharing options...
tartofmidlothian Posted June 12, 2013 Share Posted June 12, 2013 Now that liquidation proceeding have been confirmed, it should actually make it a little easier for a prospective buyer. Hearts debt is classed as a "bad debt", otherwise it would have been transferred to Siauliu along with the good loans and assets. As is the case for all bad dets, the liquidator will now seek to recover whatever he can, otherwise it will be written off. Anything he can recover is a bonus. While the security over Tynecastle has a value, it is really a subjective one. Now is the time for FoH, or any other party, to start negotiating hard with the liquidator and most importantly talk down its value of the main asset. e.g. its a firesale situation, work is required to replace the main stand, site clearance costs for any developer, planning permission unlikely due to COMAH concerns re the adjacent ethanol storage. If Ukio have taken ownership of the 29.9% of the shares in the club pledged to them by UBIG, then they should be included in any deal. What should the offer be? That's the $64,000 question. Start with a low offer of, say, 5p in the ? for the debt, security and the shares and negotiate from there. A poster with facts and common sense telling us what we want to hear. Hallelujah. Link to comment Share on other sites More sharing options...
Diego10 Posted June 12, 2013 Share Posted June 12, 2013 I personally wouldn't want to push too hard for a deal until we know what's happened with UBIG. We still owe them 10m, buying the ground and UKIO shares just now I wouldn't wipe that. And as their loan is secured albeit in 3rd priority then if we obtain the ground before reaching an agreement with them then we would still be holding a large liability. Link to comment Share on other sites More sharing options...
Chaps Posted June 12, 2013 Share Posted June 12, 2013 @BarryAnderson_8: Ukio Bankas administrators say they want to keep the club operating. Their "primary objective" is to help complete the sale of #HMFC. #SPL Link to comment Share on other sites More sharing options...
Deevers Posted June 12, 2013 Share Posted June 12, 2013 @BarryAnderson_8: Ukio Bankas administrators say they want to keep the club operating. Their "primary objective" is to help complete the sale of #HMFC. #SPL Well that's good news and maybe a sign that we're near to being sold than anyone thought. Link to comment Share on other sites More sharing options...
Boris Posted June 12, 2013 Share Posted June 12, 2013 UKIO have a 30% of the club and a security over the ground so (as I understand) if someone stumps up for this, then they will own 1/3 of the club and Tynecastle. Or am I being too simplistic? I have no real financial knowledge, but isn't this quite a good thing for us? Assuming of course someone buys it! Link to comment Share on other sites More sharing options...
PTBCAL Posted June 12, 2013 Share Posted June 12, 2013 Taken from BBC 1158: FOOTBALL The administrator of Ukio Bankas says he has "no reason or desire to harm Hearts" after a court in Lithuania upheld a decision to liquidate the bank. The company - formerly controlled by Jambos owner Vladimir Romanov - is set to go bust following the decision by judges in Kaunas at the Court of Appeal of Lithuania. Hearts owe the bank around ?15m, but Gintaras Adomonis of accountancy firm UAB Valnetas has today insisted he intends to keep Hearts running as a going concern before selling it on. "For now we have no reason or desire to harm Hearts so our primary initiative, having solved the regulatory and other issues, is contemplated to be the sale of Hearts," he said. Link to comment Share on other sites More sharing options...
rudi Posted June 12, 2013 Share Posted June 12, 2013 @BarryAnderson_8: Ukio Bankas administrators say they want to keep the club operating. Their "primary objective" is to help complete the sale of #HMFC. #SPL Makes perfect sense, it's only really of value as a football club, the land is very limited as to what you can build now or IMO it would have been sold a long time ago. Link to comment Share on other sites More sharing options...
PTBCAL Posted June 12, 2013 Share Posted June 12, 2013 UKIO have a 30% of the club and a security over the ground so (as I understand) if someone stumps up for this, then they will own 1/3 of the club and Tynecastle. Or am I being too simplistic? I have no real financial knowledge, but isn't this quite a good thing for us? Assuming of course someone buys it! Best check Hibs.net - they seem to have all the answers Link to comment Share on other sites More sharing options...
Mr Romanov Saviour of HMFC Posted June 12, 2013 Share Posted June 12, 2013 @BarryAnderson_8: Ukio Bankas administrators say they want to keep the club operating. Their "primary objective" is to help complete the sale of #HMFC. #SPL Very good news. Now someone please make a bid so we can end this mess and focus on the football. Link to comment Share on other sites More sharing options...
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