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| Hearts get the knock from HMRC; Well, it's been coming. | |
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| Tweet Topic Started: Nov 7 2012, 02:02 PM (6,199 Views) | |
| Naebody | Dec 4 2012, 12:26 PM Post #16 |
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Twat
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Phew. Problem |
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| Naebody | Feb 12 2013, 12:50 PM Post #17 |
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Twat
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KERBLAMMO! http://www.globenewswire.com/news-release/2013/02/12/522780/0/en/The-operation-of-kio-bankas-is-temporarily-suspended-a-temporary-administrator-is-appointed.html |
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| Setenza | Feb 12 2013, 01:31 PM Post #18 |
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Knitting with only one needle
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Does that mean the 'hearts are ok because their debt is held by romanovs bank' line is now worthless. Unless the administator is a jambo. |
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| TheDean | Feb 12 2013, 01:32 PM Post #19 |
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ALLEGEDLY CALICO
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Well spotted- next step selling NGoo and running off with the proceeds |
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| Morvant's Finest | Feb 12 2013, 02:32 PM Post #20 |
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Tommy McLean
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Hmmm. Could go both ways as you say Set. My very shaky thinking on this is if Ukio Bankas have numerous large bad debts, whoever takes on their assets might just write some of them off, and trying to get money back from a football club which almost never turns a profit might be more hassle than it's worth. Paving the way for a fans group to settle the debt for a minimal amount, kind of like how Dundee were able to settle their £10M+ debt to the Bank of Scotland for £500K?? a few years back (although that might have been paid by Melville?)? |
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| Naebody | Feb 12 2013, 02:36 PM Post #21 |
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Twat
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Honestly, I haven't a clue what it means. My knowledge of Lithuania's regulatory regime is not what it should be, and having been predicting Hearts' imminent collapse for five years I'd be cautious to do it again. What we can say is that an independent administrator should take a different approach to debtors. Perhaps they'll call the Hearts debt (note, I've seen no clear explanation of how the relationship works between the UBIG investment arm and the bank) -- though with no realistic chance of Hearts paying that would trigger administration and a likely return of zero. If (I speculate) the Hearts debt makes up a lot of the bank's balance sheet, that would be a mutual suicide pact. Perhaps they'll write off the Hearts debt, or more likely give it a haircut tight enough to give the club realistic chance of paying something back. That'd be unpleasant for them, but not fatal. It'd basically be administration in all but name. (ETA: sorry, Morvant. Cross posted. As you said.) These two options assume Ukio Bankas was acting within the law. Reading the tone of the statement, that may not be a safe assumption. And, given the seemingly intertwined cashflows with Hearts and UBIG it's hard to see how they could keep trading if there was a criminal investigation into Ukio. |
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| whatsthatonyourback | Feb 12 2013, 03:18 PM Post #22 |
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Waldo Jeffers
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OOf - that can't be good for Hearts. However, they've been living in a financial la-la land for years, and they must have known a day like this would eventually come. Will be interesting to see how Hearts are treated in comparison with Rangers and their descendants. |
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| Naebody | Feb 12 2013, 03:27 PM Post #23 |
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Twat
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A Hearts statement, no less.
It's had "very little affect" on their PR man's grasp of English, certainly. The rest seems Panglossian. |
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| Morvant's Finest | Feb 12 2013, 03:51 PM Post #24 |
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Tommy McLean
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Not a problem, just amazed my ill-informed utterings had any basis in reality. |
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| TheDean | Feb 12 2013, 07:32 PM Post #25 |
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ALLEGEDLY CALICO
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UB have been put into admin for high risk lending- to businesses like...er...football clubs. That Hearts statement is just p1sh. |
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| zico | Feb 12 2013, 08:32 PM Post #26 |
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Ivan Golac
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Hearts are completely f*cked then? |
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| Naebody | Feb 12 2013, 09:16 PM Post #27 |
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Twat
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Hey, I've only just noticed the punchline.
"... continues"! If you can find a bookie taking odds on Dundee staying up, put your mortgage on it. |
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| whatsthatonyourback | Feb 13 2013, 07:25 PM Post #28 |
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Waldo Jeffers
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Steady on there old chap - remember your tip to bet big on The Celtics in 10-11? Nonetheless I take your point regarding the continuing financial diligence at Hearts. The same Hearts who were only at the start of this thread begging their supporters for donations otherwise they were f*cked. I guess that is diligent in the Romanov world, and it's going to continue in that style until it doesn't. |
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| Naebody | Feb 14 2013, 01:14 PM Post #29 |
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Twat
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No. |
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| whatsthatonyourback | Feb 14 2013, 02:48 PM Post #30 |
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Waldo Jeffers
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How convenient. Although it might even have been 09-10. |
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Could go both ways as you say Set.
7:21 PM Jul 11