PTBCAL Posted June 18, 2013 Share Posted June 18, 2013 you think they may agree a price for the club, hold on to the stadium then, rent it back to us yeh? Possibily - I would be happy with that tbh. Link to comment Share on other sites More sharing options...
Guest Bilel Mohsni Posted June 18, 2013 Share Posted June 18, 2013 If kpmg get adminastrator job at hearts they'll do the best for hearts not ubig or ukios. Bankos No they won't. As someone who posted many threads demanding administration, can you let me know why you think KPMG will illegally protect Hearts and stiff our creditors? Link to comment Share on other sites More sharing options...
AIRCON1 Posted June 18, 2013 Share Posted June 18, 2013 Possibily - I would be happy with that tbh. I would not..We need a clean brake..Its now or never,,PLEDGE PLEDGE PLEDGE Link to comment Share on other sites More sharing options...
stirlo Posted June 18, 2013 Share Posted June 18, 2013 IIRC a Lituanian branch of BDO already had some sort of advisory role in the UKIO administration process so it could well be that UKIO are keen to appoint BDO as Hearts administrators because there is an existing relationship there. I don't think this is necessarily bad news. We already know that UKIO seem keen in principle to support a sale of the club as a going concern. Link to comment Share on other sites More sharing options...
Francis Albert Posted June 18, 2013 Share Posted June 18, 2013 I am still confused - is it Ukio or UBIG who wants BDO? Link to comment Share on other sites More sharing options...
ramrod Posted June 18, 2013 Share Posted June 18, 2013 Possibily - I would be happy with that tbh. that reply doesn't sound to sincere m8,lol you thinking of another/worse scenario, re the stadium? i personally think thats what ukio will aim for, but hoping that somoene can negotiate a deal for us to get tynecastle rent free, probably a forlorn hope, but heyho............. Link to comment Share on other sites More sharing options...
PTBCAL Posted June 18, 2013 Share Posted June 18, 2013 that reply doesn't sound to sincere m8,lol you thinking of another/worse scenario, re the stadium? i personally think thats what ukio will aim for, but hoping that somoene can negotiate a deal for us to get tynecastle rent free, probably a forlorn hope, but heyho............. Stadium is our only asset so they want to maximise the amount to pay their creditors. Valued at ?5.6m. But the cost to develop would easily dwarf that...... so who knows. Just have a bad feeling thats all. Link to comment Share on other sites More sharing options...
Francis Albert Posted June 18, 2013 Share Posted June 18, 2013 No they won't. As someone who posted many threads demanding administration, can you let me know why you think KPMG will illegally protect Hearts and stiff our creditors? It is already pretty obvious, and in the weeks and months to come will become more obvious, that many of those who were demanding administration don't have a clue what administration actually means. Link to comment Share on other sites More sharing options...
ramrod Posted June 18, 2013 Share Posted June 18, 2013 Stadium is our only asset so they want to maximise the amount to pay their creditors. Valued at ?5.6m. But the cost to develop would easily dwarf that...... so who knows. Just have a bad feeling thats all. think it all ,obv, depends on how realistic ukio are,re the % of the debt they want to recover and how much foh or any other potential buyer can raise................ i'm generally quite optimistic but i think the worst case scenario is that we will raise x amount and then have to pay rent for tynecastle, this is probably the most likely outcome aswell imho...................... Link to comment Share on other sites More sharing options...
TheMaganator Posted June 18, 2013 Share Posted June 18, 2013 There is nothing to stop one of the potential buyers just buying the stadium either. It has worth as a stadium and little else at the moment. Supermarket? Second best performing tesco in UK in Costorphine. Sainsburys and Asda near too. In any event supermarkets are moving away from the hypermarket. Flats? People aren't buying and it'd be a massive risk in the current market. Not ure they'd even get planning permission for that either. The club on its own without the stadium is worth next to nothing. HMFC as we know it will be playing at Tynie next season. Link to comment Share on other sites More sharing options...
Diego10 Posted June 18, 2013 Share Posted June 18, 2013 Stadium is our only asset so they want to maximise the amount to pay their creditors. Valued at ?5.6m. But the cost to develop would easily dwarf that...... so who knows. Just have a bad feeling thats all. I don't think it will dwarf it at all. And if it did we'd have sold it already. Link to comment Share on other sites More sharing options...
john brownlee Posted June 18, 2013 Share Posted June 18, 2013 reading all these threads and post I'm sure glad I'm not a telephone operator for the samaritines ( If its bold its not meant have fat fingers tonight ) where's the nearest bridge my satnav has imploded Link to comment Share on other sites More sharing options...
Footballfirst Posted June 18, 2013 Share Posted June 18, 2013 I am still confused - is it Ukio or UBIG who wants BDO? STV have reported that it is Ukio who want BDO and the Board wanted KPMG http://sport.stv.tv/football/clubs/hearts/229815-battle-underway-to-be-named-administrators-of-heart-of-midlothian/ BBC have reported that UBIG want BDO and the Board want KPMG http://www.bbc.co.uk/sport/0/football/22953448 Who is right? My guess is that STV have it right and the BBC have it wrong (again). Why? Well, the STV article quotes a Lithuanian administrator who is looking after Ukio, while UBIG is not (yet) in administration. Link to comment Share on other sites More sharing options...
Francis Albert Posted June 18, 2013 Share Posted June 18, 2013 STV have reported that it is Ukio who want BDO and the Board wanted KPMG http://sport.stv.tv/...-of-midlothian/ BBC have reported that UBIG want BDO and the Board want KPMG http://www.bbc.co.uk...otball/22953448 Who is right? My guess is that STV have it right and the BBC have it wrong (again). Why? Well, the STV article quotes a Lithuanian administrator who is looking after Ukio, while UBIG is not (yet) in administration. But UBIG wouldn't have to be in administration to seek (as the major creditor) an alternative administrator? Incredible that, such is the state of journalism/media/newspaper reporting that we have to make guesses on such a fundamental point. One thing for sure, as in the case of Rangers we'll have to look beyond the mainstream media to make sense of what's in store in the next few months. Link to comment Share on other sites More sharing options...
shaun.lawson Posted June 18, 2013 Share Posted June 18, 2013 But UBIG wouldn't have to be in administration to seek (as the major creditor) an alternative administrator? Incredible that, such is the state of journalism/media/newspaper reporting that we have to make guesses on such a fundamental point. One thing for sure, as in the case of Rangers we'll have to look beyond the mainstream media to make sense of what's in store in the next few months. I bet STV are right. They're about 100-0 ahead of the BBC when it comes to Scottish football nowadays. Link to comment Share on other sites More sharing options...
Diego10 Posted June 18, 2013 Share Posted June 18, 2013 But UBIG wouldn't have to be in administration to seek (as the major creditor) an alternative administrator? Incredible that, such is the state of journalism/media/newspaper reporting that we have to make guesses on such a fundamental point. One thing for sure, as in the case of Rangers we'll have to look beyond the mainstream media to make sense of what's in store in the next few months. The STV story is reported accurately and has quotes from the relevant people. The BBC article is absolutely typical of their shoddy work. Link to comment Share on other sites More sharing options...
Footballfirst Posted June 18, 2013 Share Posted June 18, 2013 But UBIG wouldn't have to be in administration to seek (as the major creditor) an alternative administrator? Incredible that, such is the state of journalism/media/newspaper reporting that we have to make guesses on such a fundamental point. One thing for sure, as in the case of Rangers we'll have to look beyond the mainstream media to make sense of what's in store in the next few months. You never know, maybe both articles could be correct and that UBIG and the Ukio administrator both want BDO. In which case BDO it will be. BTW it is Ukio, not UBIG, who is the biggest creditor and has the higher ranking securities. Link to comment Share on other sites More sharing options...
CJGJ Posted June 18, 2013 Share Posted June 18, 2013 BBC Scotland expects Hearts' parent company UBIG to lodge papers at the Court of Session on Wednesday indicating the accountancy firm BDO as the Edinburgh club's administrators. The club would prefer KPMG to be appointed for the process. Lithuanian investment firm UBIG owns 50% of Hearts' shares and hopes this may sway the decision in its favour. A judge at the Court of Session will consider UBIG's and Hearts' respective requests to have BDO and KPMG appointed. Ownership of the club is likely to trump the position of the Hearts directors, resulting in BDO getting the nod. Ukio Bankas, to whom Hearts owe ?15m, is also pushing for BDO's appointment. Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted June 18, 2013 Share Posted June 18, 2013 BTW, a later DM assuaged my fears. Link to comment Share on other sites More sharing options...
Kinkster Posted June 18, 2013 Share Posted June 18, 2013 It is already pretty obvious, and in the weeks and months to come will become more obvious, that many of those who were demanding administration don't have a clue what administration actually means. Could it be possible that some of the realists do ? Link to comment Share on other sites More sharing options...
Lary Gocke Posted June 18, 2013 Share Posted June 18, 2013 Can't see any other outcome other than BDO getting the gig if UKIO want them, as they are the major creditor. Presumably if UBIG are happy with that, then it may make the process slightly more straight forward. And I mean slightly! Anyway, when are the troops back for pre-season, wouldn't mind popping up to Riccarton to wish everyone well. Link to comment Share on other sites More sharing options...
troonmaroon Posted June 18, 2013 Share Posted June 18, 2013 BTW, a later DM assuaged my fears. Geoff, care to share...?? Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted June 18, 2013 Share Posted June 18, 2013 Geoff, care to share...?? I don't think it would be appropriate. Link to comment Share on other sites More sharing options...
Kinkster Posted June 18, 2013 Share Posted June 18, 2013 I don't think it would be appropriate. What did your earlier post even refer to ? I seek that thing they call attention. Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted June 18, 2013 Share Posted June 18, 2013 What did your earlier post even refer to ? I seek that thing they call attention. It was referring to Southern initiating the process but boardroom sign off appearing to be an issue. I was speculating and then received other info indicating that this was a strong possibility. Overnight my time, this changed. Hope this clarifies matters. Link to comment Share on other sites More sharing options...
JyTees Posted June 18, 2013 Share Posted June 18, 2013 If a CVA is to be agreed, is it basically down to the UKIO administrator and whoever's left on the board of the soon to be liquidated parent company UBIG agreeing to whatever deal the HMFC administrator can get out of any potential buyer? Link to comment Share on other sites More sharing options...
Jezza Posted June 18, 2013 Share Posted June 18, 2013 Gintauras Adomonis of Valnetas UAB insists they would be better served by BDO. He said: ?We have thoroughly analysed the financial and legal framework of Hearts? case and, taking into account failure by Hearts to cover the debt to HMRC, it now appears that administration is the only option available at the moment. ?We still believe that we should stay with our ultimate goal to defend the interest of the creditors of Ukio Bankas and sell the club to the appropriate investor as soon as possible. ?Thus, we want the administrator to be not only experienced but dedicated to football.? Read more: http://www.thesun.co.uk/sol/homepage/feeds/smartphone/scotland/4974873/Locke-back-to-mayhem.html#ixzz2Wc3XUlX1 Link to comment Share on other sites More sharing options...
Kinkster Posted June 18, 2013 Share Posted June 18, 2013 It was referring to Southern initiating the process but boardroom sign off appearing to be an issue. I was speculating and then received other info indicating that this was a strong possibility. Overnight my time, this changed. Hope this clarifies matters. Or you were wrong ? Fair play, but serious time now. Link to comment Share on other sites More sharing options...
ADAM Posted June 18, 2013 Share Posted June 18, 2013 Scotsman article says Friday is likely day for court hearing. Both Ukio Bank and UBIG want BDO. http://m.scotsman.com/sport/football/spl/hearts-administration-court-to-decide-club-s-fate-1-2970172 Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted June 18, 2013 Share Posted June 18, 2013 Or you were wrong ? Fair play, but serious time now. Yep, and glad to be so. Link to comment Share on other sites More sharing options...
Poseidon Posted June 18, 2013 Share Posted June 18, 2013 Gintauras Adomonis of Valnetas UAB insists they would be better served by BDO. He said: ?We have thoroughly analysed the financial and legal framework of Hearts? case and, taking into account failure by Hearts to cover the debt to HMRC, it now appears that administration is the only option available at the moment. ?We still believe that we should stay with our ultimate goal to defend the interest of the creditors of Ukio Bankas and sell the club to the appropriate investor as soon as possible. ?Thus, we want the administrator to be not only experienced but dedicated to football.? Read more: http://www.thesun.co.uk/sol/homepage/feeds/smartphone/scotland/4974873/Locke-back-to-mayhem.html#ixzz2Wc3XUlX1 To me that sounds promising. Just hope the FoH can get preferred bidder status without having to commit to too many million Link to comment Share on other sites More sharing options...
graygo Posted June 18, 2013 Share Posted June 18, 2013 For anybody that's just come back from the moon or has been in a coma for the past while. http://www.bbc.co.uk/sport/0/football/22957665 Link to comment Share on other sites More sharing options...
CBjambo Posted June 19, 2013 Share Posted June 19, 2013 Liutaurus Varanavicius, former chairman of Ukio Bankas - one of Hearts main creditors - says liquidation is inevitable for the troubled Tynecastle club. (Daily Mail) BBC gossip page. Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted June 19, 2013 Share Posted June 19, 2013 Liutaurus Varanavicius, former chairman of Ukio Bankas - one of Hearts main creditors - says liquidation is inevitable for the troubled Tynecastle club. (Daily Mail) BBC gossip page. See the other thread. Link to comment Share on other sites More sharing options...
CBjambo Posted June 19, 2013 Share Posted June 19, 2013 See the other thread. Got it, ta. Link to comment Share on other sites More sharing options...
Francis Albert Posted June 19, 2013 Share Posted June 19, 2013 Could it be possible that some of the realists do ? Yes. Hence the word "many". Link to comment Share on other sites More sharing options...
Munch Posted June 19, 2013 Share Posted June 19, 2013 Liutaurus Varanavicius, former chairman of Ukio Bankas - one of Hearts main creditors - says liquidation is inevitable for the troubled Tynecastle club. (Daily Mail) BBC gossip page. i think Liquidation is the way it will pan out unless ukio and ubig accept a cva but as we have no money ( thanks to the previous board ) this is not possible, my gut feeling is as time is off the essence once the administrator is in place and no money to pay wages/his fees Liquidation will quickly follow then newco and start again in the lowest division ala sevco. Tynecastle will be marketed for sale by ukio Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted June 19, 2013 Share Posted June 19, 2013 i think Liquidation is the way it will pan out unless ukio and ubig accept a cva but as we have no money ( thanks to the previous board ) this is not possible, my gut feeling is as time is off the essence once the administrator is in place and no money to pay wages/his fees Liquidation will quickly follow then newco and start again in the lowest division ala sevco. Tynecastle will be marketed for sale by ukio Remarkable insight. Link to comment Share on other sites More sharing options...
Charlie-Brown Posted June 19, 2013 Share Posted June 19, 2013 I think they want to sell the football club and/or stadium AND also investigate the money trail. Link to comment Share on other sites More sharing options...
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