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Hearts get the knock from HMRC; Well, it's been coming.
Topic Started: Nov 7 2012, 02:02 PM (6,199 Views)
Naebody
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Twat
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Phew. Problem solved deferred.
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Naebody
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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
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Naebody
Feb 12 2013, 12:50 PM
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
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Well spotted- next step selling NGoo and running off with the proceeds
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Morvant's Finest
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Tommy McLean
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Setenza
Feb 12 2013, 01:31 PM
Naebody
Feb 12 2013, 12:50 PM
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.
Hmmm. ^o) 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
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Setenza
Feb 12 2013, 01:31 PM
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.
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
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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
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A Hearts statement, no less.

Quote:
 
Heart of Midlothian FC today issued the following statement in regard to the announcement in Lithuania that Ukio Bankas has entered temporary administration.

Sergejus Fedotovas, director of Hearts, stated: "The Board wishes to make it clear that Heart of Midlothian plc and Ukio Bankas are two separate companies.

"Hearts is majority owned by Ukio Banko Investicine Grupe (UBIG), a multi-national business conglomerate. UBIG is an entirely separate entity and stands alone from Ukio Bankas.

"At a service and operational level, Ukio Bankas does provide the club with some banking services and debt facility and the Board is liaising with Ukio Bankas on these matters.

"The supporters of Hearts can be assured that the Board of the club continues to be diligent in financial matters and we believe that today's events in Lithuania will have very little affect on our day-to-day business."

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
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Tommy McLean
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Naebody
Feb 12 2013, 02:36 PM
Setenza
Feb 12 2013, 01:31 PM
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.
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.)
Not a problem, just amazed my ill-informed utterings had any basis in reality.
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TheDean
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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
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Ivan Golac
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Hearts are completely f*cked then?
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Naebody
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Hey, I've only just noticed the punchline.

Hearts
 
the Board of the club continues to be diligent in financial matters

"... continues"!

If you can find a bookie taking odds on Dundee staying up, put your mortgage on it.
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whatsthatonyourback
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Waldo Jeffers
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Naebody
Feb 12 2013, 09:16 PM
Hey, I've only just noticed the punchline.

Hearts
 
the Board of the club continues to be diligent in financial matters

"... continues"!

If you can find a bookie taking odds on Dundee staying up, put your mortgage on it.
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
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whatsthatonyourback
Feb 13 2013, 07:25 PM
remember your tip to bet big on The Celtics in 10-11?
No.
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whatsthatonyourback
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Waldo Jeffers
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Naebody
Feb 14 2013, 01:14 PM
whatsthatonyourback
Feb 13 2013, 07:25 PM
remember your tip to bet big on The Celtics in 10-11?
No.
How convenient. Although it might even have been 09-10.
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