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Times Article - FoH need to up bid by ?1m


JamboGaz

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Just got the morning paper through the door(Scottish daily mail) looking forward to reading last nights match report. Nothing in it! No report! No result even.

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Never mind you can read the incoherent ramblings of Jamie Carragher instead.

 

Sent from my GT-I9300 using Tapatalk 4

 

 

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Just read the hun report. Had to go to page 70 coz back pages full of celtic pish... Reporter mustve watched a different game. Thistle all the rampaging bigguns but hearts lucky to leave with a point? West coast pish.

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Just read the hun report. Had to go to page 70 coz back pages full of celtic pish... Reporter mustve watched a different game. Thistle all the rampaging bigguns but hearts lucky to leave with a point? West coast pish.

 

first half I would agree with them.

Much more even second, point each was probably fair.

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Dallas Green

I wouldn't really be looking forward to reading the match report. We were poor for majority of match. Played well to get the point though after Walkers moment of madness. Lad's did well to recover.

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According to the Glasgow Herald, it was the equivalent of the Great Train Robbery.

 

Thistle thoroughly deserved to win.

 

We stole a point.

 

How many goals did Thistle score?

 

Their only goal was a penalty and, there were no real glaring misses.

 

How often did they hit the woodwork?

 

They missed their chances and, saying that MacDonald had some great saves as a reason for saying we were "lucky" is a bowl of crock.

 

Last time I looked, a goalkeeper was one of the eleven and, if he makes saves, that's down to his ability, not luck.

 

Yes, we were outplayed at times but the coverage is hopelessly one-sided.

 

How about a heading like:

 

Hearts Youth Academy Earns a Point!

 

Naw!

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Independence

Just got the morning paper through the door(Scottish daily mail) looking forward to reading last nights match report. Nothing in it! No report! No result even.

 

Its the Daily Mail. Scottish....................................really?

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Independence

I wouldn't really be looking forward to reading the match report. We were poor for majority of match. Played well to get the point though after Walkers moment of madness. Lad's did well to recover.

 

Poor = playing U20's, some of them playing their third game in SIX days and playing against an in form team that roasted Ross County away from home and drew with D Utd at home = great result for Hearts and great commitment from all!

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Hearts fans have just two months to find extra ?1m or club?s gates close for good

 

Heart of Midlothian faces liquidation within two months unless the preferred bidder for the stricken football club increases its offer by about ?1 million and a court case involving its largest shareholder is settled quickly.

Time is running out in the race to save one of Scotland?s oldest football teams amid wrangling over its value and after it emerged that a court battle in Lithuania to appoint administrators to the club?s biggest shareholder will not be settled for at least four weeks.

An insider said: ?Right now, Hearts only has enough cash to keep going until mid-October. Things really need to progress. It?s a race against time.?

The source said fans group Foundation of Hearts, which was named as the preferred bidder this week, needs to raise its ?3 million offer by ?up to ?1 million? to bring it closer to the ?5 million value the administrators of Ukio Bankas has put on the club and its assets.

Ukio Bankas is the liquidated Lithuanian bank that holds a 29.9 per cent stake in Hearts. It was controlled by former Hearts owner Vladimir Romanov. Its Lithuanian administrator also has a claim against the club?s Tynecastle stadium as security on the money the bank is owed. The administrator believes liquidation and a disposal of assets, which would include the sale of Tynecastle to a developer, will offer better value for creditors.

The insider said: ?There?s a big gap between Foundation of Hearts? offer and what the administrator of Ukio expects to get for the club. There is a need to close that gap and the hope is that both parties will compromise and meet in the middle.?

Foundation of Hearts? elevation to being preferred bidder is known to have been dependent on it raising its bid, although so far the group has not made an increased offer.

The club?s assets are relatively small. A developer could buy the stadium plot and keep the land for future use but estimates put its value at less than ?3m.

Meanwhile, objections lodged in Lithuania over the proposed liquidation of UBIG, Hearts? parent company, which owns half of the club?s shares, look set to delay matters further. UBIG was also controlled by Mr Romanov and is owed ?10 million by Hearts. A group of UBIG?s creditors objected to the appointment of the administrator recommended by another set of creditors. Until the court makes a decision on an administrator, the sale of Hearts can be completed.

?Agreement on the value of the club is the main thing right now,? said a source. ?The eventual administrators of UBIG will clearly want something for their 50 per cent stake but that will amount to a nuisance payment, probably in the region of a high five-figure sum. UBIG isn?t a secured creditor, so if the club ends up being liquidated UBIG will get absolutely nothing. ? If Foundation of Hearts is successful in buying the club, it will also have to settle for ownership of just 79 per cent of the club?s shares. The administrator has been unable to secure the stake in the club held by Quantum Holdings, a company thought to be owned by Mr Romanov.

Quantum Holdings, a company based in Geneva, holds 15 per cent of Hearts? shares. When Quantum was established, Mr Romanov?s niece, Julija Goncaruk, was listed as a director. Ms Goncaruk was also a director of Hearts. She is no longer listed as a director of Quantum Holdings and the company was unavailable for comment.

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It sounds like there is haggling going on over the price of Hearts.

 

Would have thought McKie Group could provide ?1,000,000 if that is what is required, then pledges will get us through the rest of the season, but what do I know?

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It sounds like there is haggling going on over the price of Hearts.

 

Would have thought McKie Group could provide ?1,000,000 if that is what is required, then pledges will get us through the rest of the season, but what do I know?

 

Rightly or wrongly, FoH rejected the chance to work with them.

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ToadKiller Dog

Feck the foundations were only made preferred bidder on Thursday I doubt it likely they will have put in a new bid yet .

If the gap is ?1m I would imagine there is a deal to be made .

I am sure we can trundle on until the court makes its bid on UBig .

 

Once again reading the article it's not as scary as the headline suggests .

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Dallas Green

Poor = playing U20's, some of them playing their third game in SIX days and playing against an in form team that roasted Ross County away from home and drew with D Utd at home = great result for Hearts and great commitment from all!

 

I'm not having a go at them. We played poor (because of said circumstances) and got a good result considering. That makes me happy to say I think we will stay up because of the lads fight.

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HMFC-TILL-I-DIE

i dont think that they have counted in the fact that we have about 4 home games in that time and with full houses that should generate a huge amount of income and besides BDO said after we sold our 3000 season tickets that we had enough money till mid october so this is just one of those scaremongouring stories

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maroonlegions

i dont think that they have counted in the fact that we have about 4 home games in that time and with full houses that should generate a huge amount of income and besides BDO said after we sold our 3000 season tickets that we had enough money till mid october so this is just one of those scaremongouring stories

 

If so then that paper that printed this scaremongering drivel is fecking disgrace, they should leave us alone and go and make up some other crap to sell their rag , the media really do need to be more responsible about what they make up i mean print...

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The article is lies, conjecture and fill with stuff that's already in the public domain. Poor journalism at its best.

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Compare this from BDO 2 days ago to the the Times article and I am comfortable with BDO in charge of things.

 

 

15 August 2013 Administrators name preferred bidder at Hearts Foundation of Hearts named preferred bidder for Tynecastle club The Joint Administrators of Heart of Midlothian FC plc have today named the bid submitted on behalf of Foundation of Hearts (FOH) as preferred bidder for the club. After requesting further offers from the remaining interested parties and discussing these offers with the Administrator of Ukio Bankas, BDO has decided to move forward with the FOHbacked bid. Bryan Jackson, BDO partner and Joint Administrator, said: The naming of a preferred bidder is the next step in the process of selling the club. It allows us to work with one party around which everyone can rally. In doing so, we maximise the prospects of agreeing a sale price that is acceptable to the Administrator of Ukio Bankas, and securing the necessary consent and ownership for FOH. This is an important milestone and reflects our belief that FOH is a credible bidder for the club. However, we all still have a lot of work to do to demonstrate to the major creditors that the bid can offer them the best possible outcome. Lets not get carried away - now is the time for everyone to get behind FOH to make this bid work. This is a positive development but does not guarantee that a CVA will be successful. That will require a considerable combined effort from FOH and BDO to ensure that all interested parties are satisfied. At the moment we cannot put a timescale on the process as a number of negotiations with various parties still need to take place and we are waiting for the appointment of administrators to UBIG to be ratified. However, we can ensure that collectively we make as much progress as possible on our side so we are able to finalise the matter quickly once the opportunity presents itself. - Ends

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HMFC-TILL-I-DIE

like i said all that article says is what we knew before and after we sold those 3000 season tickets some 2 months ago

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Non-story. Anyone can write a scare story - we are in a tough, tough place after all - something (writing negative stories) print etc media think they need to do to stay in business.

 

Doesn't change the determination of the key parties to do a deal. So things rumble on, progress has been made, nothing has changed and it is most likely a deal that delivers Hearts to new ownership, free of the past (of ?20 million + debt etc) will be done.

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Just got the morning paper through the door(Scottish daily mail) looking forward to reading last nights match report. Nothing in it! No report! No result even.

 

There is in the copy I have just read.

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I fail to see how the club can be only funded until October? We've sold 3,500 season tickets since administration, clubs such as ICT, St Johnstone, Kilmarnock sell less than that in total and are sustained for the season with similar wage bills?

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Chris Benoit

I fail to see how the club can be only funded until October? We've sold 3,500 season tickets since administration, clubs such as ICT, St Johnstone, Kilmarnock sell less than that in total and are sustained for the season with similar wage bills?

 

 

Especially after BDO said we had funds to see us into December at least.

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BDO defended for the same shit Fedetovas was crucified for, it seems.

 

It's just important that we pledge as much as possible.

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The article is lies, conjecture and fill with stuff that's already in the public domain. Poor journalism at its best.

 

Correct.

 

What spanner wrote that shite?

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Dagger Is Back

I think it's crucial that we also make sure that out home games do sell out. We just have to maximise our income from our home gates. It's great taking fans to away games and the response from the fans really did lift the players and get us a point last night but we need money into OUR club.

 

We've dug deep I know but we need to keep up the effort, somehow.

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kingantti1874

I fail to see how the club can be only funded until October? We've sold 3,500 season tickets since administration, clubs such as ICT, St Johnstone, Kilmarnock sell less than that in total and are sustained for the season with similar wage bills?

 

I agree, don't fully understand that either, not to mention the cash donations.. We have the smallest wage bill in the league... I think the article is shite

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The article is lies, conjecture and fill with stuff that's already in the public domain. Poor journalism at its best.

 

:spoton:

 

"source", "insider" indeed, any times that's where the quotes are from you can usually count on it being total made up pish.

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Foundation to launch a "Target of Pledges" by the end of next week..Similar to what BDO did with season tickets when we entered admin..Very confident of reaching it. :2thumbsup:

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Geoff Kilpatrick

Foundation to launch a "Target of Pledges" by the end of next week..Similar to what BDO did with season tickets when we entered admin..Very confident of reaching it. :2thumbsup:

 

Good. About time too.

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If Jamieson really cared about hearts he would accept that his bid wasn't good enough, but as a Hearts man he could use that available money to help FOH.

 

Needs to decide if he's a businessman or a real Jambo.

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Hartley Jambo.

 

Foundation to launch a "Target of Pledges" by the end of next week..Similar to what BDO did with season tickets when we entered admin..Very confident of reaching it. :2thumbsup:

Email, this article and a target of pledges to be announced, sounds like a coordinated campaign to me.

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& there was me thinking BDO had come out & said earlier that we now have enough money to last till the new year!! or was I wrong?

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BDO defended for the same shit Fedetovas was crucified for, it seems.

 

 

So you think an unnamed "source" in a newspaper report is more reliable and trustworthy than BDO - really..? :blink:

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scott herbertson

I am amazed that people think that business people like Jamieson or McKie for that matter would use their own money or their businesses money to "help hearts"

 

Not going to happen

 

Down to us (as it always is in the end)

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CavySlaveJambo

& there was me thinking BDO had come out & said earlier that we now have enough money to last till the new year!! or was I wrong?

 

Yes and that was before individual match tickets went on sale.

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Hearts fans have just two months to find extra ?1m or club?s gates close for good

 

Heart of Midlothian faces liquidation within two months unless the preferred bidder for the stricken football club increases its offer by about ?1 million and a court case involving its largest shareholder is settled quickly.

Time is running out in the race to save one of Scotland?s oldest football teams amid wrangling over its value and after it emerged that a court battle in Lithuania to appoint administrators to the club?s biggest shareholder will not be settled for at least four weeks.

An insider said: ?Right now, Hearts only has enough cash to keep going until mid-October. Things really need to progress. It?s a race against time.?

The source said fans group Foundation of Hearts, which was named as the preferred bidder this week, needs to raise its ?3 million offer by ?up to ?1 million? to bring it closer to the ?5 million value the administrators of Ukio Bankas has put on the club and its assets.

Ukio Bankas is the liquidated Lithuanian bank that holds a 29.9 per cent stake in Hearts. It was controlled by former Hearts owner Vladimir Romanov. Its Lithuanian administrator also has a claim against the club?s Tynecastle stadium as security on the money the bank is owed. The administrator believes liquidation and a disposal of assets, which would include the sale of Tynecastle to a developer, will offer better value for creditors.

The insider said: ?There?s a big gap between Foundation of Hearts? offer and what the administrator of Ukio expects to get for the club. There is a need to close that gap and the hope is that both parties will compromise and meet in the middle.?

Foundation of Hearts? elevation to being preferred bidder is known to have been dependent on it raising its bid, although so far the group has not made an increased offer.

The club?s assets are relatively small. A developer could buy the stadium plot and keep the land for future use but estimates put its value at less than ?3m.

Meanwhile, objections lodged in Lithuania over the proposed liquidation of UBIG, Hearts? parent company, which owns half of the club?s shares, look set to delay matters further. UBIG was also controlled by Mr Romanov and is owed ?10 million by Hearts. A group of UBIG?s creditors objected to the appointment of the administrator recommended by another set of creditors. Until the court makes a decision on an administrator, the sale of Hearts can be completed.

?Agreement on the value of the club is the main thing right now,? said a source. ?The eventual administrators of UBIG will clearly want something for their 50 per cent stake but that will amount to a nuisance payment, probably in the region of a high five-figure sum. UBIG isn?t a secured creditor, so if the club ends up being liquidated UBIG will get absolutely nothing. ? If Foundation of Hearts is successful in buying the club, it will also have to settle for ownership of just 79 per cent of the club?s shares. The administrator has been unable to secure the stake in the club held by Quantum Holdings, a company thought to be owned by Mr Romanov.

Quantum Holdings, a company based in Geneva, holds 15 per cent of Hearts? shares. When Quantum was established, Mr Romanov?s niece, Julija Goncaruk, was listed as a director. Ms Goncaruk was also a director of Hearts. She is no longer listed as a director of Quantum Holdings and the company was unavailable for comment.

 

For those whose eyesight is normal

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I wouldn't bet against this journalist being Sellic-minded. That lot see us as a mini Sevco.

 

Sent from my GT-I9300 using Tapatalk 4

 

 

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