another administration thread...(kind of)

[Independence]

That's my take on it.

 

I do not think it is administration at all I geniunely believe are getting rid of wage thiefs.

 

Spot on !!!

 

You just have to look at the posters who have added their 'doom and gloom' take to this story to realise what a load of nonsense this thread is.

 

There have been many 'someone told me', I've just heard' etc etc posts on this thread!!!

 

Once a few well known posters on KB start adding their tuppence worth, you know it is either a wind up or they are Hobo's. Some, who have recently had their predictions proved mightly wrong in recent times have no CREDIBILITY left!

[Charlie-Brown]

Does anybody know when the recent/next installment of the Craig Gordon transfer payment was due, I thought i read something about it recently , maybe this money has allowed Hearts to settle some outstanding bills and make some inroads into reducing the wage bill ?

[PTBCAL]

Does anybody know when the recent/next installment of the Craig Gordon transfer payment was due, I thought i read something about it recently , maybe this money has allowed Hearts to settle some outstanding bills and make some inroads into reducing the wage bill ?

 

Mid Nov. About ?336k I seem to recall.

 

Plus another ?150k for Celtic game - gate receipts and TV money.

[Martin_T]

As I've said before, would we honestly miss any of....

 

Paluzeulos - Not getting a game in the current team anyway

Aguiar - Injured for the past 18 months

Karipidis - A Half decent versatility player, but easily replacable

Basso - 4th, possibly 5th choice keeper

Makela - Universally accepted as being mince

 

Amongst that lot alone you are talking probably a minimum of ₤25,000 to ₤30,000 a week in wages, a staggering ₤1 million a year. I don't think it's any coincidence that that is probably equivalent to the amount lost in the drop off in season ticket sales.

 

Kingston and Nade will also both be on big money, but I think the club will realise that it's still possible to realise a transfer fee for both.

[JamboSean]

To be honest with you, Sean, I absolutely detest these kind of posts which is why I tried to sit on this one (think I managed to keep schtum for about 5 hours!)

 

As I alluded to earlier, I've sat back for the past few months on here and read an unhealthy amount of "exclusives" knowing full well it was essentially a croc of sh*t and tried to get my head round why anyone would go out their way to concoct a melting pot of sheer mince to gain attention which would ultimately lead to derision and deprecating. I simply didn't want to denounce their leads as it would put attention on me sooner or later.

 

I understand. You have to give every last detail and answer every last question to go without ridicule, and even then some will doubt you.

 

Thanks for the info you have given, seems like things are finally being sorted out at the club.

[Rudis Left Foot]

Id be surprised if E&Y were auditors, unless Grant Thornton resigned, as it would be unusual to change auditors so quickly.

 

Directors can get disqualified for wrongful trading if a company is insolvent. If Hearts are in fact insolvent, and heading for administration, I would suggest we would have heard about it formally.

 

Still dont think we are completely safe though.

[Brisey12345]

To those thinking that the termination of Beslija's contract (as well as a few other steps being taken at the moment) is a pre-cursor to administration, that isn't quite the case.

 

The current goings-on should be pretty much kept under wraps and I don't think anything will be 'leaked' to the media or any of the "got told from a cabbie" brigade so the old adage that no news is good news may ring true here.

 

In other words, any rumours you see or hear in the next few days about administration, impending redundancies or wild slashings of expenditure will precisely be just that; rumours.

 

I expect a couple of high-profile movements will be made public within the next few months though, with or without the club's wish.

[Francis Albert]

To those thinking that the termination of Beslija's contract (as well as a few other steps being taken at the moment) is a pre-cursor to administration, that isn't quite the case.

 

The current goings-on should be pretty much kept under wraps and I don't think anything will be 'leaked' to the media or any of the "got told from a cabbie" brigade so the old adage that no news is good news may ring true here.

 

In other words, any rumours you see or hear in the next few days about administration, impending redundancies or wild slashings of expenditure will precisely be just that; rumours.

 

I expect a couple of high-profile movements will be made public within the next few months though, with or without the club's wish.

 

How very mysterious. What does it mean?

[Brisey12345]

How very mysterious. What does it mean?

 

Whilst I wouldn't say that things are being sorted (that implies that everything is being rectified/corrected), certain situations are being addressed.

 

Good will come out of it and bad will come out of it but the important thing to remember is that a lot of uncertainty will be removed which I'm sure we all agree puts minds at ease in a lot of ways. It's the not knowing that kills you as they say and the cloak of mysticism has hung over this club for too long now.

 

I realise over the past 36 hours I have caused obvious uncertainty which I unreservedly apologise for, although I hope those sensible enough can understand why I can't commit to too much.

[Geoff Kilpatrick]

To those thinking that the termination of Beslija's contract (as well as a few other steps being taken at the moment) is a pre-cursor to administration, that isn't quite the case.

 

The current goings-on should be pretty much kept under wraps and I don't think anything will be 'leaked' to the media or any of the "got told from a cabbie" brigade so the old adage that no news is good news may ring true here.

 

In other words, any rumours you see or hear in the next few days about administration, impending redundancies or wild slashings of expenditure will precisely be just that; rumours.

 

I expect a couple of high-profile movements will be made public within the next few months though, with or without the club's wish.

 

But will be leaked on Kickback of course.

[Brisey12345]

But will be leaked on Kickback of course.

 

Certainly not from me, well, not intricate details anyway. I've probably already over-stepped the mark in terms of disclosure.

[iainmac]

Whilst I wouldn't say that things are being sorted (that implies that everything is being rectified/corrected), certain situations are being addressed.

 

Good will come out of it and bad will come out of it but the important thing to remember is that a lot of uncertainty will be removed which I'm sure we all agree puts minds at ease in a lot of ways. It's the not knowing that kills you as they say and the cloak of mysticism has hung over this club for too long now.

 

I realise over the past 36 hours I have caused obvious uncertainty which I unreservedly apologise for, although I hope those sensible enough can understand why I can't commit to too much.

 

Bollocks - enjoy your 15 minutes of fame on here.

 

This is about as vague as one of those TV medium 'readings' - "does anyone have an Uncle Bob?"

[Brisey12345]

Bollocks - enjoy your 15 minutes of fame on here.

 

This is about as vague as one of those TV medium 'readings' - "does anyone have an Uncle Bob?"

 

Fair play, I did say I hoped the sensible ones would understand so I did allow for the odd comment chastising me.

 

Oh, and it should be "do the math" in your signature.

[black stump]

E&Y are basically just a big firm of accountants, it's a helluva leap to say that because they are being consulted we are headed for administration!!

 

If things were anywhere near that bad it would be all over the papers, and not just on deluded.net.

 

Non-story guys.

[iainmac]

Fair play, I did say I hoped the sensible ones would understand so I did allow for the odd comment chastising me.

 

Oh, and it should be "do the math" in your signature.

 

Really? It was always "maths" at my school.

 

But let's not get away from the facts. As for being "sensible" - I tend to wait for some tangible evidence before coming to any conclusions - do let me know if you come across any.

 

PS.

 

The sig stays.

[CJGJ]

Whilst I wouldn't say that things are being sorted (that implies that everything is being rectified/corrected), certain situations are being addressed.

 

Good will come out of it and bad will come out of it but the important thing to remember is that a lot of uncertainty will be removed which I'm sure we all agree puts minds at ease in a lot of ways. It's the not knowing that kills you as they say and the cloak of mysticism has hung over this club for too long now.

 

I realise over the past 36 hours I have caused obvious uncertainty which I unreservedly apologise for, although I hope those sensible enough can understand why I can't commit to too much.

 

Well what a load of crap -- Ernst and Young my arse -- have friends who work for them and are Hearts fans and season ticket holders -- not one of them knows anything and they would know if anyone was in Edinburgh -- another fairy tale that can be put to bed -- willing to put a bet on -- if so supply proof -- think you'll find it difficult from EH 0BO.

[jlo2]

Is the suggestion being made on a couple of posts that Bes was actually made redundant?

 

Now I presume that a footballer is the same as any other employee in that they can be made redundant at any time (without there to be the need for administration), however I'd still imagine the fixed term nature of footballers contracts provide some protection.

It provides virtual total protection.

 

Unless the player concerned could be shown as breaching that contract, if the contract was terminated early, this would require the outstanding value of the contract to be paid off. If the player had any aspirations to a new club he might be persuaded to take a cut to cancel the contract.

 

Otherwise why are Celtic paying Bobo Balde ?28,000 a week to do nothing in particular?

 

Administration would allow the club to cancel contract. This happened with Motherwell and Livingston not to mention Gretna.

[Thig Ar Latha]

Sorry, but why on earth would Ernst & Young be making decisions about anything? IF Ernst & Young representatives are working with Hearts it will be because Hearts are employing them to do so. Do you or does any other Hearts fan on here trully believe that Hearts have employed a firm of accountants and have handed over decision making on the payroll to those accountants? It's absurd!

 

This thread really does sum up the gullible nature of some Hearts fans.

 

I'm sure a firm that size would employ a department of 'Employment Law Experts' and they could be employed to sort out the wage bill and lighten it of the wage thiefs. Does'nt mean they have to be using them exclusively as Accountants.

[ChemicalJambo]

You're walking down the right path to the door of truth, I'll give you that.

 

All I can really say is it's not a decision made from the hierarchy within, be that the manager, the coaching staff or at senior level.

 

Well I don't think anybody at UBIG can overrule Vlad, so only other thing I can think of to meet this criteria would be the taxman using his powers to get a tax bill paid. Can also see why that could be a bad thing but perhaps good in the long run

 

Edit: And of course you could be a hobo wind up merchant just waiting for someone like me to come up with such a suggestion to start another rumour, so wont believe anything until more concrete evidence is provided

[portyhmfc]

I heard that another Administrative company, called Elizabeth Duke have also been called into Tynecastle.

 

 

Buffalo Bill

 

.

 

http://www.federalreserve.gov/aboutthefed/bios/board/duke.htm (havent seen a haircut like that since the 70s)

[WeeToonJambo]

Really? It was always "maths" at my school.

 

But let's not get away from the facts. As for being "sensible" - I tend to wait for some tangible evidence before coming to any conclusions - do let me know if you come across any.

 

PS.

 

The sig stays.;)

 

Quite right, too. It was maths (short for mathematics) at my school as well. The singular "math" is the American version. I suspect the OP has let his guard slip with his wee dig and will be outed in due course as another wind-up hobo.

[Mon]

Fair play, I did say I hoped the sensible ones would understand so I did allow for the odd comment chastising me.

 

Oh, and it should be "do the math" in your signature.

 

 

 

No I think that's an Americanism. There was a campaign in the UK called Do The Maths.

[Guest casper]

Am I only the one who thinks that maybe Hearts have cut cut their losses and got a high earner off the wage bill. If any other team did this then the fans would say it's a good move yet if Hearts do it then all of a sudden Mulder & Scully are needed to sort through all the conspiracies.

 

One word - Communication.

 

The last communication with the fans was that money was no object, we would be taking on the OF and playing in the CL every year.

The AGM, where communication should take place, was a farce.

Any time we do get something it's like mad rantings of a paranoid fool.

 

There has no doubt been a major shift in direction but if we were told what was going on then Mulder & Scully wouldn't be needed.

[Brisey12345]

Well I don't think anybody at UBIG can overrule Vlad, so only other thing I can think of to meet this criteria would be the taxman using his powers to get a tax bill paid. Can also see why that could be a bad thing but perhaps good in the long run

 

Edit: And of course you could be a hobo wind up merchant just waiting for someone like me to come up with such a suggestion to start another rumour, so wont believe anything until more concrete evidence is provided

 

Fair play to you, I would be sceptical of the info I've provided so far too if I was you as I am fully aware how vague most (if not all) of it is.

 

In that case, I'll let things lie for a while and let whatever comes out come out (if it ever does) and then you can see the intrinsic links to my posts.

 

And to those who wish to denounce my postings as a "Hobo on the wind-up", I've been on here for 18 months, very rarely posting anything, far less a wind-up.

 

In no way shape or form have I mentioned the club folding or going into administration either. Which would ultimately make me a very, very poor wind-up merchant.

[Genghis Khan]

Fair play to you, I would be sceptical of the info I've provided so far too if I was you as I am fully aware how vague most (if not all) of it is.

 

In that case, I'll let things lie for a while and let whatever comes out come out (if it ever does) and then you can see the intrinsic links to my posts.

 

And to those who wish to denounce my postings as a "Hobo on the wind-up", I've been on here for 18 months, very rarely posting anything, far less a wind-up.

 

In no way shape or form have I mentioned the club folding or going into administration either. Which would ultimately make me a very, very poor wind-up merchant.

 

Ah, the old double-bluff trick - you're trying just that wee bit too hard mate.

[DavePDQ]

I've been asking around and here's what I've come up with. The people I've spoken to have to remain anonymous as they have jobs they would like to keep. If you don't want to believe me that's your choice but spare me the hobo ****.

 

Ernst and Young are in as advisors. Their remit is to keep the club out of administration. Beslija's departure was the first stage of that. There were multiple creditors preparing to take us to court and E&Y have helped fend them off. As long as they are kept sweet, and eventually get their money, there will be no administration. To do this there will have to be significant cost cutting. No-one at the club is safe, although some obviously have some value so will at least make it until January. Any player who isn't a first team regular is in danger of being paid off at any time.

 

The good news appears to be that we should avoid administration, the bad news is that spending is going to be reined in so tightly that the playing side is going to be badly affected. Expect a bunch of youth players turning out for us from January onwards.

[Drylaw Hearts]

I've been asking around and here's what I've come up with. The people I've spoken to have to remain anonymous as they have jobs they would like to keep. If you don't want to believe me that's your choice but spare me the hobo ****.

 

Ernst and Young are in as advisors. Their remit is to keep the club out of administration. Beslija's departure was the first stage of that. There were multiple creditors preparing to take us to court and E&Y have helped fend them off. As long as they are kept sweet, and eventually get their money, there will be no administration. To do this there will have to be significant cost cutting. No-one at the club is safe, although some obviously have some value so will at least make it until January. Any player who isn't a first team regular is in danger of being paid off at any time.

 

The good news appears to be that we should avoid administration, the bad news is that spending is going to be reined in so tightly that the playing side is going to be badly affected. Expect a bunch of youth players turning out for us from January onwards.

 

Cheers DavePDQ.

 

This has added some more meat to the bones of what I had also heard.

 

Short term pain for long term gain will be our motto next season.

[Colonel Kurtz]

I've been asking around and here's what I've come up with. The people I've spoken to have to remain anonymous as they have jobs they would like to keep. If you don't want to believe me that's your choice but spare me the hobo ****.

 

Ernst and Young are in as advisors. Their remit is to keep the club out of administration. Beslija's departure was the first stage of that. There were multiple creditors preparing to take us to court and E&Y have helped fend them off. As long as they are kept sweet, and eventually get their money, there will be no administration. To do this there will have to be significant cost cutting. No-one at the club is safe, although some obviously have some value so will at least make it until January. Any player who isn't a first team regular is in danger of being paid off at any time.

 

The good news appears to be that we should avoid administration, the bad news is that spending is going to be reined in so tightly that the playing side is going to be badly affected. Expect a bunch of youth players turning out for us from January onwards.

 

Has Lopez fell on his sword,he should be pushed

[Geoff Kilpatrick]

I've been asking around and here's what I've come up with. The people I've spoken to have to remain anonymous as they have jobs they would like to keep. If you don't want to believe me that's your choice but spare me the hobo ****.

 

Ernst and Young are in as advisors. Their remit is to keep the club out of administration. Beslija's departure was the first stage of that. There were multiple creditors preparing to take us to court and E&Y have helped fend them off. As long as they are kept sweet, and eventually get their money, there will be no administration. To do this there will have to be significant cost cutting. No-one at the club is safe, although some obviously have some value so will at least make it until January. Any player who isn't a first team regular is in danger of being paid off at any time.

 

The good news appears to be that we should avoid administration, the bad news is that spending is going to be reined in so tightly that the playing side is going to be badly affected. Expect a bunch of youth players turning out for us from January onwards.

 

I actually welcome this.

 

We have a bunch of overpaid shysters (sp) in the team. Getting rid ASAP will be of benefit.

 

Hopefully this clean-up will lead to the club being more attractive to another buyer.

[Coco]

I actually welcome this.

 

We have a bunch of overpaid shysters (sp) in the team. Getting rid ASAP will be of benefit.

 

Hopefully this clean-up will lead to the club being more attractive to another buyer.

 

Yes it has been clear for some time that the club has needed to be made more ship shape.

 

It is beyond belief that a company doctor would be required to clean up such a small company though.

[winston churchill]

Cheers DavePDQ.

 

This has added some more meat to the bones of what I had also heard.

 

Short term pain for long term gain will be our motto next season.

 

 

 

have you had one of your famous PM's.

[Drylaw Hearts]

have you had one of your famous PM's.

 

Have I ever had any 'famous' PM's ?

 

Anyway......

 

See post #41.

[Smith&Weston]

Not having this. If Ernest & Young had been involved with our accounts then the papers would have had a hold of this by now!

 

Until Hearts officially come out and state we are in admin then I am going to give these rumours the credit they deserve .... none!

[Boris]

 

Short term pain for long term gain will be our motto next season.

 

Pants.

 

This is the third season I've seen this as our motto.

[Colonel Kurtz]

I actually welcome this.

 

We have a bunch of overpaid shysters (sp) in the team. Getting rid ASAP will be of benefit.

 

Hopefully this clean-up will lead to the club being more attractive to another buyer.

 

I agree,but the broad brush approach will also lead to some decent people becoming casualties.

We have had the "beetroot soup"brigade telling us everything is ok as usual,but they are either gullible or buyable

[Geoff Kilpatrick]

Not having this. If Ernest & Young had been involved with our accounts then the papers would have had a hold of this by now!

 

Until Hearts officially come out and state we are in admin then I am going to give these rumours the credit they deserve .... none!

 

Who said anything about going "into" administration?

 

Companies employ management consultants all the time although, as Coco says, they are generally bigger than Hearts!

 

For example, I worked on a significant sized project at AEGON in 2006. KPMG were hired to work on the project as well, and they weren't cheap!

[Geoff Kilpatrick]

I agree,but the broad brush approach will also lead to some decent people becoming casualties.

We have had the "beetroot soup"brigade telling us everything is ok as usual,but they are either gullible or buyable

 

Nothing unusual in that, unfortunately.

 

Hopefully Lopez and Kookaburra are the first out of the door.

[Coco]

Who said anything about going "into" administration?

 

Companies employ management consultants all the time although, as Coco says, they are generally bigger than Hearts!

 

For example, I worked on a significant sized project at AEGON in 2006. KPMG were hired to work on the project as well, and they weren't cheap!

 

I wonder what they could do that Campbell Ogilvie would be incapable of doing?

[Guest JamboRobbo]

Nothing unusual in that, unfortunately.

 

Hopefully Lopez and Kookaburra are the first out of the door.

 

lopez has gone. korobotchup and Cernakov still hanging around like a bad smell though.

[SeeVee]

I wonder what they could do that Campbell Ogilvie would be incapable of doing?

 

Maybe an authority thing? CO would be restricted by the terms of his employment contract while E&Y are both independent and impartial.

 

Also maybe CO's coat is on a shoogly peg.

[Pondicherry]

I've been asking around and here's what I've come up with. The people I've spoken to have to remain anonymous as they have jobs they would like to keep. If you don't want to believe me that's your choice but spare me the hobo ****.

 

Ernst and Young are in as advisors. Their remit is to keep the club out of administration. Beslija's departure was the first stage of that. There were multiple creditors preparing to take us to court and E&Y have helped fend them off. As long as they are kept sweet, and eventually get their money, there will be no administration. To do this there will have to be significant cost cutting. No-one at the club is safe, although some obviously have some value so will at least make it until January. Any player who isn't a first team regular is in danger of being paid off at any time.

 

The good news appears to be that we should avoid administration, the bad news is that spending is going to be reined in so tightly that the playing side is going to be badly affected. Expect a bunch of youth players turning out for us from January onwards.

 

This sounds like Gretna to me.

[SeeVee]

This sounds like Gretna to me.

 

Maybe so, it doesn't mean the outcome will be the same.

 

I would think E&Y will pull out quickly if they think admin can't be avoided, so we should know in a week or two anyway.

[Geoff Kilpatrick]

I wonder what they could do that Campbell Ogilvie would be incapable of doing?

 

Maybe they can get people to write out cheques for starters.

[Jammy T]

Oh dear

 

What a mess Romanov has put us in

[Pondicherry]

Maybe so, it doesn't mean the outcome will be the same.

 

I would think E&Y will pull out quickly if they think admin can't be avoided, so we should know in a week or two anyway.

 

At least the bulldozers aren't in at Tynecastle yet.

[Genghis Khan]

This sounds like Gretna to me.

 

At least the bulldozers aren't in at Tynecastle yet.

 

You're a funny guy - they're all coming out of the woodwork on this thread!

[Coco]

Maybe they can get people to write out cheques for starters.

 

If UBIG have given E&Y that authority why couldn't they give it to CO?

 

Presumably CO knows that the cash procedures at Hearts have been odd to put it mildly? He is supposedly the Managing Director!

[Pondicherry]

You're a funny guy - they're all coming out of the woodwork on this thread!

 

How? Things sounding good to you?

 

I don't have any insider knowledge and am not going to repeat any baseless gossip, but what I read doesn't sound good.

[Genghis Khan]

I agree,but the broad brush approach will also lead to some decent people becoming casualties.

We have had the "beetroot soup"brigade telling us everything is ok as usual,but they are either gullible or buyable

 

Who is / are "the beetroot soup brigade"?

[Jammy T]

If UBIG have given E&Y that authority why couldn't they give it to CO?

 

Presumably CO knows that the cash procedures at Hearts have been odd to put it mildly? He is supposedly the Managing Director!

 

If there is any risk that Hearts are trading whilst technical insolvent the directors need to make sure they cant be called up for wrongful trading in such circumstances

 

To this extent I'd imagine they need to be certain to have taken immediate and independent steps to review the situation. So they might technically have given authority, but they appear to essentially have been cornered into it

 

If what is now posted as happening is true it sounds like some sort of pre-administration move, eg involvent of insolvency practitioners in an attempt to reverse a trend heading towards administration in an attempt to avoid it.

 

To that extent the work undertaken could go either way.

 

If at the end of the process E&Y say the games a bogey the directors will have no choice but to give up the ghost, otherwise it is very likely they would be guilty of wrongful trading