The Blame - Vladimir Romanov

[siegementality]

More importantly...are any of the others called Heart of Midlothian FC ?

 

Yep, which is more to the point. I, like you, couldn't give a monkeys what is happening at other clubs.

[Coco]

Sorry, but how do you know that? For long enough we've been wondering about UBIG's finances. Periodically folk have quoted figures for UBIG's assets, but the value of a company's assets is meaningless unless you know what their liabilities are.

 

The one godsend in recent times was the debt for equity swap. I think we caught a break there. As a stand alone business the club is worth feck all. Vlad's little empire now owns a higher percentage of nothing. The value for the empire is in the debt. THe debt is ?12m less than it was for the debt for equity swap. The club's main asset is the land, which can't be realised quickly.

 

From memory (and the basic UBIG accounts were on the UBIG site a month or two ago, haven't checked it is still there): as of end June UBIG's assets were equivalent to about ?175m, of which ?55m was backed by short term 'financial debts'. In the current and recent environment it is fair to ponder the ease in rolling over debts of that size.

 

With regard to the assets - ?20m or so of those assets are presumably the disastrous St Andrew Square building purchase and a big chunk of the rest will be Hearts.

 

With regard to the debt for equity swap - I think this was a measure to protect Ukio Bankas (listed) from having to write down their year's profits substantially on a provision related to Hearts' debt to Ukio. But yes, it is a positive thing for Hearts on a stand alone basis and was a break for anyone who might try to take Hearts on.

[The Real Maroonblood]

Correct.

 

So much money has been wasted and transferred to FBK Kaunas that financially we are in no better a position than we were when VR attended that AGM in 2004.

 

We also have a poorer playing squad getting paid double the amount that squad did.

 

We've squandered more money than Micheal Jackson and in a shorter period of time.

 

Whose fault is that?

[Qurator]

I'm not drunk and I am not ranting either. I'm just putting the blame fairly and squarely at the door of the person who is responsible for this mess. The current financial climate hasn't helped but we were in financial trouble long before that.

 

Romanov has made a shop front of running the club and the only reason he has been cut some slack is because 'he owns a bank', 'he's a multi millionaire', 'he's loaded'. Well the bills and wages ain't being paid. Time to start asking why I feel.

 

Instead of repeating something thats been said thousands of times, why not go make your own successful business, make a few hundred million then buy hearts yourself?

 

If Romanov can do it, it can't be that hard... can it?

[The Real Maroonblood]

Instead of repeating something thats been said thousands of times, why not go make your own successful business, make a few hundred million then buy hearts yourself?

 

If Romanov can do it, it can't be that hard... can it?

 

At least he couldn't be any worse than Romanov.

[Qurator]

At least he couldn't be any worse than Romanov.

 

We'll have to wait for him to make his millions and then we will see

[Lou Reed]

true

[Lou Reed]

mabye's aye maybe's naw

[Drylaw Hearts]

Whose fault is that?

 

Phil Anderton.

 

He over spent his advertising budget and it's escalated from there.