Financial Crisis (merged threads)

[Coco]

We are such a small part of what UBIG control, I really don't think the short term losses we are experiencing would seriously force them to "pull the plug".

 

 

Remember as well, it's in their (UBIG) interests to keep Hearts and to an extent, keep us with some level of debt, as they receive tax breaks from the Lithuanian government.

 

I still maintain, that there probably are short term money issues, but I don't think they affect the long term future of the club.

 

It is a while since there have been any 'debt shield from tax' payment posts!

 

It is not possible to speculate on the financial situation at UBIG with any certainty as they do not release enough information to make an informed guess at the situation there.

 

However, it appears that the Bosnian metals business is in difficulty, obviously Hearts have been in financial difficulty for a couple of years and the real estate business for the most part seems to consist of models and website plans.

 

There will be many businesses which go under as a result of reduced global liquidity in the next year or two.

[The Mighty Thor]

In my opinion.

 

We'll see soon enough.

 

I'll log in early on friday and await the fireworks

[Therapist]

Think alot would mate but you wouldnt want to see us go that way...

 

I was being sarcastic. Sad thing is many people on here would like to see Hearts go under.

[jamboBG]

I was being sarcastic. Sad thing is many people on here would like to see Hearts go under.

 

http://www.heartsfc.premiumtv.co.uk/page/HeartsNewsDetail/0,,10289~1401383,00.html

[Therapist]

But would you still leave at 4.20pm ?

 

Good question, but how could I leave if I'm not there in the first place?

[Martin_T]

This thread's hilarious.

 

Can I just say I will support Heart of Midlothian FC even if we are playing in the Sunday amateur leagues. I thank you.

 

Maybe you could sell that huge telly of yours to stave off that eventuality!

[Drylaw Hearts]

I was being sarcastic. Sad thing is many people on here would like to see Hearts go under.

 

Thankfully for you that silly sentence didn't end with the word...

 

FACT.

[redm]

I was being sarcastic. Sad thing is many people on here would like to see Hearts go under.

 

We do have a high hobo readership, granted.

 

But I certainly don't think there are many Jambos who ever want to see that. The glory of 'I told you so' wears off all too quickly.

 

If it ever does happen, it won't matter who predicted it. Some will just have been miserable for longer than others.

[Therapist]

Maybe you could sell that huge telly of yours to stave off that eventuality!

 

I bought that telly in the early (and expensive) days of large screen plasmas. Since then it's suffered more depreciation than a collateralised debt obligation. Consequently I'm afraid there's not enough residual value in it to save the club.

[ericb]

In my opinion.

 

We'll see soon enough.

 

 

Why does it always go tits up before a Utd game @ Tannadice

[Pete Seeger]

Why does it always go tits up before a Utd game @ Tannadice

 

Thats a good point. 3 Times in as many years now.

[Charlie-Brown]

Who knows what's happening? maybe it's just scare-mongering & exaggeration or maybe it isn't.....

 

Whatever is or isn't going on I'm not going to worry or fret about it - whatever will be will be.....these things always shake themselves out in the end.....Hibs, Motherwell, Livingston, Dundee even Celtic have all been in severe financial trouble but are still in business.

 

As long as there is still a Hearts team that plays in maroon & white then I will support them.

[kissthebadge]

Why does it always go tits up before a Utd game @ Tannadice

 

Was just thinking that! Think DUFC deserve credit for there rumour-spreading tactics!

 

.

[PTBCAL]

http://sport.scotsman.com/football/Hearts-tells-staff-they39ll-get.4517507.jp

 

Update to earlier EEN story

 

 

Hearts tells staff they'll get paid 'on Friday'

 

Date: 23 September 2008

By BARRY ANDERSON

HEARTS tonight insisted both staff and players will be paid in full on Friday, following uncertainty over their wages.

 

The issue over salaries had intensified after the club's staff were informed their monthly salaries would not be paid tomorrow as normal, with no guarantee given about when the money would arrive.

 

But at around 4.30pm today staff were called to a meeting with managers at Tynecastle to be told that their wages would be paid in full on Friday.

 

The uncertainty followed the news that players salaries had not been paid last week, and the club has also said they will receive all overdue wages on Friday.

 

Non-footballing staff at Tynecastle normally receive their salaries on the 24th of the month but were told this morning that the club could not provide a date when wages would be paid, and that funds would definitely not be deposited into bank accounts tomorrow.

 

A spokesman confirmed that the problem with staff wages had been caused by the same "glitch" that led to players wages being a week behind.

 

"Staff will now all be paid in full on Friday," he said. "They were told about this resolution this afternoon, and while there had been some concern over the uncertainty they are now relaxed and happy with the situation.

 

"Staff are paid monthly and this means payment will only be a few days behind, so it shouldn't cause any of our staff a serious problem."

 

The Edinburgh club's finances are controlled by Vladimir Romanov's Ukio Bankas Investment Group.

 

Hearts' last audited accounts revealed net debt of ?36.25million, although July's approval of a debt-for-equity scheme will reduce that figure by ?12 million.

 

 

The full article contains 290 words and appears in Edinburgh Evening News newspaper.

[Therapist]

It's always difficult finding a plumber when you really need one.

[EIEIO]

BBC Radio Scotland sports reporter - Mclauglan? - posted outside Tynie reported on their sports news what we "know" non-playing staff salary delayed, he will be giving updates on BBC 1's Reporting Scotland between 6:30 and 7:00. They'll be loving it !

[Drylaw Hearts]

BBC Radio Scotland sports reporter - Mclauglan? - posted outside Tynie reported on their sports news what we "know" non-playing staff salary delayed, he will be giving updates on BBC 1's Reporting Scotland between 6:30 and 7:00. They'll be loving it !

 

Of course they will be.

 

All they were going to report on was some CIS crap and now they've got a story that will have most of the football fans and reporters in the Country laughing at us.

[Martin_T]

The facts are guys, that wild rumours and speculation can be very harmful in financial markets, even if there is only a modicum of truth in them. I know this first hand, as the American investment bank I work for was subject to a huge drop in share price last week, partly due to short selling but also due to unfounded rumours about our liquidity and ability to meet short term commitments which were all utterly false.

 

The facts as we currently have them:

 

• Hearts players weren't paid last week
  
• The club intends to pay them all wages due on Friday
  

 

Anything else regarding the liquidity of the club/Ubig, we can't verify at the current time.

[Charlie-Brown]

To all the green cretins reading this thread on the link-back to Hobos.net ...... even if Hearts did go out of business this week then us Jambo's have still seen 2 or 3 Scottish Cup wins in our life-times more than you sad feckers. Have a nice day y'all

[ToadKiller Dog]

http://sport.scotsman.com/football/H...get.4517507.jp

 

Update to earlier EEN story

 

 

Hearts tells staff they'll get paid 'on Friday'

 

Date: 23 September 2008

By BARRY ANDERSON

HEARTS tonight insisted both staff and players will be paid in full on Friday, following uncertainty over their wages.

 

Certainly the updated version reads totaly different from the end of the world 1st edition ,so thats panic over for now .

you think by now us kickbackers would have learned to wait a bit before flying off the handle ,would like to know what is causing the glitch but in reality its none of my business.

[portobellojambo1]

I bought that telly in the early (and expensive) days of large screen plasmas. Since then it's suffered more depreciation than a collateralised debt obligation. Consequently I'm afraid there's not enough residual value in it to save the club.

 

Think you and I will have to listen to CC more Therapist with regards to finance. I am like you, I bought the telly of my dreams a few years back now for around ?3,750, and I think you can now pick the same thing up for about ?750. Fortunately it is insured up to the eyeballs, and the salesman reliably informed me that if I made sure it accidentally fell off the wall a couple of days before the insurance is due to run out I would get all my outlay back, and a much better telly into the bargain (I just wish I could remember exactly which day I bought it, knowing my luck the insurance will be out by about two days when said accident comes about).

[Sexton Hardcastle]

"We'l Never Die"

[Guest GhostHunter]

To all the green cretins reading this thread on the link-back to Hobos.net ...... even if Hearts did go out of business this week then us Jambo's have still seen 2 or 3 Scottish Cup wins in our life-times more than you sad feckers. Have a nice day y'all

 

I heard that VR was in discussions with the Hobbits board with a view to shifting his investment to them.

 

Don't shoot the messenger - he speaks Russian and won't understand.

[Seymour M Hersh]

The facts are guys, that wild rumours and speculation can be very harmful in financial markets, even if there is only a modicum of truth in them. I know this first hand, as the American investment bank I work for was subject to a huge drop in share price last week, partly due to short selling but also due to unfounded rumours about our liquidity and ability to meet short term commitments which were all utterly false.

 

The facts as we currently have them:

 

• Hearts players weren't paid last week
  
• The club intends to pay them all wages due on Friday
  

 

Anything else regarding the liquidity of the club/Ubig, we can't verify at the current time.

 

That's about it Martin. And even if we were all more in the know about the real situation there is not a thing we can do. Al we can do is hope it is a storm in a tea-cup and all will be normalised come Friday.

[kennygarland1]

I was dreading news like this,when you think about it practically every bank in the world is in some trouble or another at this present time,let's just hope and pray they have'nt invested too heavily in the sub-prime mortgages in America.

[Drylaw Hearts]

That's about it Martin. And even if we were all more in the know about the real situation there is not a thing we can do. Al we can do is hope it is a storm in a tea-cup and all will be normalised come Friday.

 

It was supposed to be sorted early this week.

[Therapist]

To all the green cretins reading this thread on the link-back to Hobos.net ...... even if Hearts did go out of business this week then us Jambo's have still seen 2 or 3 Scottish Cup wins in our life-times more than you sad feckers. Have a nice day y'all

 

Seconded.

[Guest GhostHunter]

PMSL - at least the Adsense ads are working...

 

"These Banks Are About to Close....Is Yours One of Them ?"

 

[Coco]

That's about it Martin. And even if we were all more in the know about the real situation there is not a thing we can do. Al we can do is hope it is a storm in a tea-cup and all will be normalised come Friday.

 

That is partly right.

 

It might come to a situation where an administrator would be looking to sell off UBIG assets - such as Hearts and some kind of a SoH would be required. Still not a likely event - still an improbable one - but there is the possibility.

[leginten]

That's about it Martin. And even if we were all more in the know about the real situation there is not a thing we can do. Al we can do is hope it is a storm in a tea-cup and all will be normalised come Friday.

 

That's a bit defeatist, isn't it? Can't you continue to agitate for people who're discussing this story to be banned, as you were doing last Friday?

[EIEIO]

No mention of story in either news or sports news on Scotland Today can't believe they'd ignore it.

[Therapist]

Think you and I will have to listen to CC more Therapist with regards to finance. I am like you, I bought the telly of my dreams a few years back now for around ?3,750, and I think you can now pick the same thing up for about ?750.

 

Steady! I've forgotten more about financial markets than CC has ever learned.

 

When I bought the plasma it was a relatively new sector of the market and I knew prices would plunge as more and more manufacturers entered the market. However, I was willing to take the hit on depreciation because I wanted the telly. It's all about putting an "economic price" on something, not just the cash price.

[ToadKiller Dog]

Why is there always trouble on the eve of a united game ,the webster/robbie droppings,the new year statement and now this .

Maybe Vlad still has a soft spot for dumdee as it was his first choice and he has a picture of the tay rail bridge in his office in kaunus.

it a conspiracy i tell you.

[Martin_T]

That's a bit defeatist, isn't it? Can't you continue to agitate for people who're discussing this story to be banned, as you were doing last Friday?

 

I did so as well leginten, and stand by my comments. Anyone who spreads malicious and utltimately unfounded rumours, absolutely deserves to be banned. There was substance in this story, so no banning required.

[PTBCAL]

Steady! I've forgotten more about financial markets than CC has ever learned.

 

When I bought the plasma it was a relatively new sector of the market and I knew prices would plunge as more and more manufacturers entered the market. However, I was willing to take the hit on depreciation because I wanted the telly. It's all about putting an "economic price" on something, not just the cash price.

 

You cannae beat a big telly when it's showing a bit of Thomas Bjorn.

[portobellojambo1]

Steady! I've forgotten more about financial markets than CC has ever learned.

 

It was said very much tongue in cheek, but it is more difficult to convey that sentiment in writing on a website than it is when verbally communicating with someone direct face to face.

 

And I agree with you, I have got sufficient viewing pleasure out of my telly to override the cash cost of said purchase, although still wouldn't rule out the possibility of it being subject to an accident.

[Therapist]

You cannae beat a big telly when it's showing a bit of Thomas Bjorn.

 

Sadly, I wouldn't know.

[leginten]

I did so as well leginten, and stand by my comments. Anyone who spreads malicious and utltimately unfounded rumours, absolutely deserves to be banned. There was substance in this story, so no banning required.

 

It might have been a good idea to refer to the posting history of the guy who broke the story before calling for bannings. I can't stand the lynch-mob mentality on here that refuses to accept discussion - and reasoned discussion at that - of anything that might turn out to look bad for the club.

[Sexton Hardcastle]

Im very impressed we've managed to keep this to one thread. Usually news breaks and theres 20 odd threads about the same mince. Bravo people!

[magicTs]

No surprise all this really. HMFC as we know it are a ticking time bomb. We might as well all enjoy things while we can.

[H J Simpson]

I've just been to the Jolly Judge and it seems the problem has been that the strange Russian in the corner has got a new phone and he can't pick up a signal in the pub.

[droid]

It might have been a good idea to refer to the posting history of the guy who broke the story before calling for bannings. I can't stand the lynch-mob mentality on here that refuses to accept discussion - and reasoned discussion at that - of anything that might turn out to look bad for the club.

 

some people dont habe those priviliges on kb...hope this helps

[Drylaw Hearts]

I've just been to the Jolly Judge and it seems the problem has been that the strange Russian in the corner has got a new phone and he can't pick up a signal in the pub.

 

So it's been a technology hitch and not a technical hitch ?

[Guest GhostHunter]

I've just been to the Jolly Judge and it seems the problem has been that the strange Russian in the corner has got a new phone and he can't pick up a signal in the pub.

 

No, he can pick up a signal, problem is, the default language setting was Korean....

[Martin_T]

It might have been a good idea to refer to the posting history of the guy who broke the story before calling for bannings. I can't stand the lynch-mob mentality on here that refuses to accept discussion - and reasoned discussion at that - of anything that might turn out to look bad for the club.

 

The guy who broke the story, had around 25 posts, the guy who started the thread on 'players salaries' had around 200. Like or not, a low post count does not generally give credibility when negative threads are created. There is also a fine line between 'discussion' and 'poo-stirring'.

 

I've been guilty of plenty negative threads in my time on Kickback myself by the way, for the majority of the past 2 years I've been strongly against Romanov and the way the club was/is being run, but I think it is important to always try to be constructive and provide evidence to back up my points.

[leginten]

The guy who broke the story, had around 25 posts, the guy who started the thread on 'players salaries' had around 200. Like or not, a low post count does not generally give credibility when negative threads are created. There is also a fine line between 'discussion' and 'poo-stirring'.

 

I've been guilty of plenty negative threads in my time on Kickback myself by the way, for the majority of the past 2 years I've been strongly against Romanov and the way the club was/is being run, but I think it is important to always try to be constructive and provide evidence to back up my points.

 

jayjay - the guy who broke the first story - has been around here for longer than I have. He doesn't post much, but I'm not surprised now. He also posts things that I reckon only a Hearts fan could have posted. There was no indication from his tone that he was poo-stirring. The "poo-stirring" was coming from those exhibiting an unnecessary form of zealotry.

 

This story was always going to break; it has certainly broken now in a big way, and it's noticeable that the usual suspects who can rack up countless posts dismissing stories as Daily Record hysteria and warning people not to believe them are now on here blithely discussing the actual issue. (Not a dig at you, by the way.)

[stephanepaille]

I am not doubting for one minute that Hearts and prety much every other football club north and south of the border are toiling a wee bit just now with whats going on but if we were a team that was facing oblivion would we have ..... knocked back 3 bids for Andy Driver 1 for Hristos Karipidis 3 for Christophe Berra and also taken a player on loan from Regina were we are paying his fulll wage ?????

 

We wouldnt be in a position to do any of that because we wouldnt have been allowed to.

 

It seems to me that there is a section of Hibs fans who come on here and stir things big time.....maybe to get something back becuase there club was on the brink of collapse until Wallace Mercer saved them.

 

Granted there is a technical hitch with the wages...thats all...Iv had technical hitches with the bank myself with regards to wages going in....but the one thing that gets me is the fact that they have come out and admitted that there was a hitch...if it was to be a lie we would soon find out.

[droid]

The guy who broke the story, had around 25 posts, the guy who started the thread on 'players salaries' had around 200. Like or not, a low post count does not generally give credibility when negative threads are created. There is also a fine line between 'discussion' and 'poo-stirring'.

 

I've been guilty of plenty negative threads in my time on Kickback myself by the way, for the majority of the past 2 years I've been strongly against Romanov and the way the club was/is being run, but I think it is important to always try to be constructive and provide evidence to back up my points.

 

I've just been to the Jolly Judge and it seems the problem has been that the strange Russian in the corner has got a new phone and he can't pick up a signal in the pub.

 

So it's been a technology hitch and not a technical hitch ?

 

No, he can pick up a signal, problem is, the default language setting was Korean....

 

this is really starting to cheese me off!!!!

 

its down to said gentleman changing mobile phone provider evryone who's anyone knows you cant aget a reception with orange whilst indoors.

[speedbump]

Take your head out of the sand!

[CJGJ]

We need to face facts -- this is not a minor technical hitch -- we and especially some on this board who will defend anything if they feel it hurts the club, need to face up to facts.

 

No minor hitch results in a delay of one week or in a delay in monthly payments for administrative staff.

Time for action ladies and gentlemen -- we can no longer sit on the sidelines and pretend it is not happening.

Even if salaries are paid later this week it is not good enough -- any company who gets into this position leaves themselves open to ridicule and speculation.

 

Please let no one come on this board now and try to defend the position of Romanov -- it is time for him to go, time for him to sell up and move on and time for us to face up to the fact that we may need to rebuild from the bottom up -- we have one advantage -- we have a large support that needs to be mobilised --

TIME TO STOP FEARING WHAY WILL HAPPEN IF ROMANOV GOES AND TIME TO START THINKING ABOUT THE SURVIVAL OF OUR CLUB.

WE HAVE BEEN SCARED TO TAKE REAL ACTION BECAUSE WE FEARED IT WOULD BE THE END IF WE MADE THINGS TOO DIFFICULT FOR ROMANOV TO STAY -- THAT TIME IS OVER.