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Our Debt


heartsfc_fan

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Hold on! I never said we didn't own UBIG or Ukio money. I was saying that a significant amount of the "excess" debt you mentioned has been written off from the swap.

 

What are you also forgetting as well is if we "default" on the debt due in 2010 then the problem is UBIG's as the majority shareholder. Such are the joys of an "internal" debt.

 

Don't try and reason with him, i've explained this to him about a 100 times and he still doesn't get it and it doesn't fit his anti vlad rants.

 

And another thing, an extra 5m in debt (we were already losing 3m a year under robinson, so theoretically, we would be an additional 9m in debt without romanov) and a cup to show for it, not bad imo. How much did Robinson spend to win his cup????

 

 

Anyway Halders i'm sure you owe me a pint :)

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To be perfectly honest, i'll be quite relieved if we've managed to knock ?10m off the debt since the last accounts were released. If we've managed to get it down to ?26-27m by July 08, we can hopefully expect much lower figures for the next accounts taking into account the cash for Berra and vastly reduced wage bill. Have we not released something like 10 players since August?

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Guest Dipped Flake
Nope, i think you'll find Hearts are still in debt via loans to Vlads bank, a debt that needs repaid by February 2010. WE've already done the debt for equity bit, but because we now have so much debt thanks to Vlad we still have a few quid to pay to Ukio Bank by February 2010

 

Probably wasting my time here as you are obviously never going to credit Vlad with anything but can you look into your crystal ball and tell me what debt we would have had if we had stayed with the pieman?? As others have posted we were losing over ?3M a year so our debt should have increased to about ?30M by now.

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I was saying that a significant amount of the "excess" debt you mentioned has been written off from the swap.

 

Who is to say that once the total debt has been reduced to a more managable level that that debt for equity swap is not swaped back in a similar way to the new owners of Man Utd using borrowings by the club to pay for their purchase of the club. I'm sure Ubig will want a return on theit ?12M debt write off.

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Geoff Kilpatrick
Who is to say that once the total debt has been reduced to a more managable level that that debt for equity swap is not swaped back in a similar way to the new owners of Man Utd using borrowings by the club to pay for their purchase of the club. I'm sure Ubig will want a return on theit ?12M debt write off.

 

Why would they? The difference with United was that they had assets that weren't being leveraged whereas HMFC, as it stands, are a technically insolvent company.

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Who is to say that once the total debt has been reduced to a more managable level that that debt for equity swap is not swaped back in a similar way to the new owners of Man Utd using borrowings by the club to pay for their purchase of the club. I'm sure Ubig will want a return on theit ?12M debt write off.

 

Borrowings from where???

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Who is to say that once the total debt has been reduced to a more managable level that that debt for equity swap is not swaped back in a similar way to the new owners of Man Utd using borrowings by the club to pay for their purchase of the club. I'm sure Ubig will want a return on theit ?12M debt write off.

 

The return that UBIG got was an increased % of ownership in the club, hence it is called debt for equity, the only way they can now get it back is by selling their controlling stake in the club

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Why would they? The difference with United was that they had assets that weren't being leveraged whereas HMFC, as it stands, are a technically insolvent company.

 

But if the debts continue to reduce the club won't always be technically insolvent and the ground, for example, could become an real leverageble asset. Ubig have ?12M of Hearts shares which would raise nothing like that on the open market so how else would they get a return on these shares?

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Marmeladent?rtchen

One negative point is the fact we finished 8th last year. Bottom 6 for Hearts is totally unacceptable!!

 

Vlad started something, it did not work. Now I think hes trying something else.

 

I think next seaon will be better. Fingers crossed.

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The return that UBIG got was an increased % of ownership in the club, hence it is called debt for equity, the only way they can now get it back is by selling their controlling stake in the club

 

A couple of questions.

What %age of the club did Ubig get for their ?12M?

Is that %age now worth anything like ?12M if they were to sell the shares?

 

I don't know the answer to the first question but given the club are "technically insolvent" I doubt the they would get anything like ?12M of these shares.

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The main points are:

 

On the plus side:

 

We stayed at Tynie

Debt is reduced

Players off the wage bill

The debt we have is at a reduce interest rate

We won the cup

We got second in the league.

We have what looks like a good manager who gets the best out of what he has.

 

On the negative side:

 

Vlad took us to high debt, this is now looking like being resolved cancelling it out

Vlad rants about everything,He has taken a back seat so effectivly cancelling that out too

Can't think of anything more but I am sure I will be informed of much more by certain posters.

Oh yes we were 8th last season.

 

 

Over all a win win situation for us, and with Hibs looking like a bottom six again this season, while we have europe to look forward to, I can't see where the moans are coming from.:mw_rolleyes:

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Who is to say that once the total debt has been reduced to a more managable level that that debt for equity swap is not swaped back in a similar way to the new owners of Man Utd using borrowings by the club to pay for their purchase of the club.

 

Would it not make more sense to simply start pay themselves dividends in the first place once the debt is "manageable" rather than paying off further debt before running up fresh debt which they then use to pay dividends.

 

I'm sure Ubig will want a return on theit ?12M debt write off.

 

I want a back rub from Beyonce Knowles but that aint gonna happen any time soon either,

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A couple of questions.

What %age of the club did Ubig get for their ?12M?

Is that %age now worth anything like ?12M if they were to sell the shares?

 

I don't know the answer to the first question but given the club are "technically insolvent" I doubt the they would get anything like ?12M of these shares.

 

I believe somebody said something in the region of 12%

 

No, that is not worth ?12m

 

The fact still remains that that is what UBIG got for the ?12m, in effect the ?12m has been written off against UBIG and I can't see how it can be transferred back to the club unless the club bought the 12% back for ?12m but I don't see that being likely

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Don't try and reason with him, i've explained this to him about a 100 times and he still doesn't get it and it doesn't fit his anti vlad rants.

 

And another thing, an extra 5m in debt (we were already losing 3m a year under robinson, so theoretically, we would be an additional 9m in debt without romanov) and a cup to show for it, not bad imo. How much did Robinson spend to win his cup????

 

 

Anyway Halders i'm sure you owe me a pint :)

- No probs, and I'll explani all the Mad Vlad woes too:)
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- No probs, and I'll explani all the Mad Vlad woes too:)

 

You buy the beers, i'll let you splaff your anti vlad rants all night and shake my head in a knowing and agreeable fashion until such times as your wallet is empty

 

:tongue:

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You buy the beers, i'll let you splaff your anti vlad rants all night and shake my head in a knowing and agreeable fashion until such times as your wallet is empty

 

:tongue:

 

Again!:rolleyes:

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Not until I dump her anyway.

 

:D

 

Dumping her is one thing but is it not a bit insensitive to let her find out that she's going to get dumped by reading it on kickback.

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Teuchterjambo
I would say, taking the debt from approx ?36million, down to approx ?20million in the last year, is doing a quite incredible job, especially these days.

 

Mr Romanov has been slaughtered for the bad things he's done, are you all too blinkered now to see what's happening now?

 

Not at all - happy to see the debt reducing but neither am I willing to lavish too much praise on someone for righting his own wrongs. If it continues to a level that is under control and the club are free from financial threat then we will have moved on significantly and praise will be due. I do admit that things seem to be going in the right direction but that may be due to need rather than strategy and the real work is being done by Cambell Ogilvie and team.

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Not at all - happy to see the debt reducing but neither am I willing to lavish too much praise on someone for righting his own wrongs. If it continues to a level that is under control and the club are free from financial threat then we will have moved on significantly and praise will be due. I do admit that things seem to be going in the right direction but that may be due to need rather than strategy and the real work is being done by Cambell Ogilvie and team.

 

You're an Old Testament sort of guy aren't you :tongue:

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She may be a fan of the Steamer. :D

 

 

I've seen her steaming a few times. Once or twice she was even wearing a bow tie and goggles...

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Teuchterjambo
You're an Old Testament sort of guy aren't you :tongue:

 

Having read my post again I have to admit there is definitely a touch of the old puritanical about it. I have been called many things but never an Old Testament sort of guy - your comment made me smile !

I'll try not to introduce any more of the pulpit bashing from now on !

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Having read my post again I have to admit there is definitely a touch of the old puritanical about it. I have been called many things but never an Old Testament sort of guy - your comment made me smile !

I'll try not to introduce any more of the pulpit bashing from now on !

 

Cool, glad it was taken the right way :)

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true he kept us at tynie, we did well the season we won the cup and qualified for europe but he had already started to mismanage the team to the extent the team became a shambles, the players were messed about, he paid over the odds for rubbish players and he lost the trust in the vast majority of hearts fans.

 

romanov has shown he's incompetent when it comes to signing players and appointing managers and i believe it's only down to luck that we now have a manager who is up to the job.

 

romanov has done some good things but he has made too many mistakes, told too many lies, and shown contempt for the fans. most of the fans will find it very hard to ever trust him again.

 

Point 1 - I'd be quite happy being "mismanaged" to the Scottish Cup and Champions League every year.

 

Point 2 - I don't recall him referring to Hearts fans as "parasites".

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Point 1 - I'd be quite happy being "mismanaged" to the Scottish Cup and Champions League every year.

 

Point 2 - I don't recall him referring to Hearts fans as "parasites".

 

:thumb:

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Guest jambomickey
Point 1 - I'd be quite happy being "mismanaged" to the Scottish Cup and Champions League every year.

 

Point 2 - I don't recall him referring to Hearts fans as "parasites".

 

was robinson who called hearts fans parasites.

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was robinson who called hearts fans parasites.

 

Minor, largely irrelevant aside: it's actually a lot more likely he called those who refused to pay to watch a Youth Cup semi-final "pathetic". Source: the excellent The Battle for Hearts and Minds by Craig Watson. Not good - but not what was reported and has gone down in history, it would appear.

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Minor, largely irrelevant aside: it's actually a lot more likely he called those who refused to pay to watch a Youth Cup semi-final "pathetic". Source: the excellent The Battle for Hearts and Minds by Craig Watson. Not good - but not what was reported and has gone down in history, it would appear.

 

He may well have said that Shaun, but IIRC he DID call the fans parsites too.

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scott herbertson
I do admit that things seem to be going in the right direction but that may be due to need rather than strategy and the real work is being done by Cambell Ogilvie and team.

 

Isn't that what they are employed to do?

 

You could argue that Anderton did what he wasn't employed to do (marketing) 'extravagantly well', while Ogilvie has done what he was employed to do, quietly but effectively and efficiently....

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Fozzyonthefence
Apparently, writing ?12million of the debt, has nothing to do with his running of the club either - you couldn't make it up :laugh:

 

I'm not aware of anyone generously writing off ?12m of the debt so please do tell if you know something we don't. There was a debt for equity scheme where UBIG increased their steak in HMFC by a further ?12m but I don't recall generous Vlad deciding to just write off ?12m of the debt with nothing in return.

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PresidentRomanov
I'm not aware of anyone generously writing off ?12m of the debt so please do tell if you know something we don't. There was a debt for equity scheme where UBIG increased their steak in HMFC by a further ?12m but I don't recall generous Vlad deciding to just write off ?12m of the debt with nothing in return.

 

Do you think the increased stake, is worth anywhere near the ?12million they paid for it?

 

The reason you're not aware of it, is because you don't have the intelligence to understand it.

 

Fact is, Mr Romanov, effectively did write off ?12million from our debt, and few seem to even have the common decency to acknowledge it - I sometimes wonder why he doesn't tell us all to shove it and close the club down, If I were in his shoes, I'd be tempted :mad:

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I'm not aware of anyone generously writing off ?12m of the debt so please do tell if you know something we don't. There was a debt for equity scheme where UBIG increased their steak in HMFC by a further ?12m but I don't recall generous Vlad deciding to just write off ?12m of the debt with nothing in return.

 

Do you think the increased stake, is worth anywhere near the ?12million they paid for it?

 

The reason you're not aware of it, is because you don't have the intelligence to understand it.

 

Fact is, Mr Romanov, effectively did write off ?12million from our debt, and few seem to even have the common decency to acknowledge it - I sometimes wonder why he doesn't tell us all to shove it and close the club down, If I were in his shoes, I'd be tempted :mad:

 

 

Sorry guys, just to bring it to our attention, this discussion was about 2 pages ago :tongue:

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When do we find out what our debt is at?

 

We don't

 

Later this month we find out what it was 8 months ago.

 

There will then follow lots of ill informed speculation as to where things have moved since then.

 

Although not as ill informed as the current speculation based on 20 month old accounts

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neverlikedElvis
i think we had a better team on the park when romanov came in compared to what we've got now.

i don't. we were mince that season. miko and chesney changed the team. that's a fact

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We don't

 

Later this month we find out what it was 8 months ago.

 

There will then follow lots of ill informed speculation as to where things have moved since then.

 

Although not as ill informed as the current speculation based on 20 month old accounts

 

Good summary TC.

Spot on.

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