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Hearts get the knock from HMRC; Well, it's been coming.
Topic Started: Nov 7 2012, 02:02 PM (6,194 Views)
whatsthatonyourback
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Waldo Jeffers
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Can't say I understand any of that. A bunch of companies seemingly owned by the same person reassigning debt, charging interest, then forgiving debt to each other.

What is the point?

Unless the money loaned and any interest on that money become quite separate in their eventual destinations, or the reassigned loans that are eventually forgiven in some way clean out some poor unsuspecting creditor of the original company, I just don't understand the point.

I certainly don't understand the method.

And why Romanov should ever have got involved in such a seemingly expensive adventure as Hearts has also never become clear to me.
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Naebody
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Twat
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Ditto, Wassa. I guess there are two questions here.

1. What was he trying to do?
2. Did it work?

I can't answer either of these.
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whatsthatonyourback
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Waldo Jeffers
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Naebody
Aug 1 2013, 02:26 PM
Ditto, Wassa. I guess there are two questions here.

1. What was he trying to do?
2. Did it work?

I can't answer either of these.
God Damn It Naebs.

You were talking like you knew totally what was going on and were just teasing us. I thought if we indulged you sufficiently with confusion and flattery you would reveal all.

You've let me and everyone else down terribly.
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Naebody
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Twat
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whatsthatonyourback
Aug 1 2013, 03:04 PM
You've let me and everyone else down terribly.
Meh.

To be honest, I can't work out whether Romanov's richer than us or poorer, or whether he's smarter than us or dumber. On a bald statement of facts, he's a bankrupt idiot. But it was clear for a very long time to even the most casual observer that things would end that way, so I'm reticent to assume it's the whole story. And what is the whole story? Fuck knows.
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whatsthatonyourback
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Waldo Jeffers
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And as a minor footnote, they've been barred from signing over-21 players until February. Seems rather irrelevant to me as not being able to pay more footballers until then seems to be the very least of their problems. I'm sure some of the more basic Jambo units will be irate.

Meanwhile, I see another financially shonky but well supported Scottish football team barred from signing new players has somehow found themselves with too many players, meaning they need to get rid of some before they can buy any more. Hmph.
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Vex
Paul Sturrock
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And Rangers are moaning Hearts have not been punished the same as them, even though the crimes are different.

http://www.bbc.co.uk/sport/0/football/23542094

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whatsthatonyourback
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Waldo Jeffers
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Vex
Aug 1 2013, 11:17 PM
And Rangers are moaning Hearts have not been punished the same as them, even though the crimes are different.

http://www.bbc.co.uk/sport/0/football/23542094

Season ticket sales must need a boost. It worked for Charles Green.
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radger
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Craig Brewster
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whatsthatonyourback
Aug 2 2013, 06:04 AM
Season ticket sales must need a boost. It worked for Charles Green.
Speaking of Charles Green.....


Maybe save that for another topic :hit:
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TheDean
ALLEGEDLY CALICO
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Probably need to bump up the Sevco thread again to highlight what a grand governance job Regan and his crew are doing. Someone actually recruited this bunch :haha:
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Naebody
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Twat
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whatsthatonyourback
Aug 1 2013, 02:09 PM
Unless the money loaned and any interest on that money become quite separate in their eventual destinations, or the reassigned loans that are eventually forgiven in some way clean out some poor unsuspecting creditor of the original company, I just don't understand the point.
BBC.

Quote:
 
Prosecutors in Lithuania have issued an arrest warrant for former Hearts owner Vladimir Romanov, reports from the country are indicating.
Romanov is thought to be in Russia and, if found, would be returned to Lithuania and prosecuted for non-payment of debts.
If found guilty, he could face up to seven years in prison.
The reports also indicate that a property in Moscow believed to be owned by Romanov has been valued at £50m.
However, at present, there is some dubiety as to the actual ownership.


Hm.
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reekie
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lum raker
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I remember asking (on the old board, I think) whether the cycle of HMFC monies looked a little like it had the potential for money laundering.
Might Occam's razor be creeping us toward this conclusion?
Or have I, once again, failed to grasp a fiscally-based poser?
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zico
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Ivan Golac
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TheDean
Aug 2 2013, 08:44 PM
Probably need to bump up the Sevco thread again to highlight what a grand governance job Regan and his crew are doing. Someone actually recruited this bunch :haha:
Regan nearly bankrupted yorkshire cricket club. Nuff said
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Morvant's Finest
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Tommy McLean
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From the BBC:
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A company voluntary arrangement to take Hearts out of administration has been approved on condition of the purchase of the club's majority shareholding.

Fans' group Foundation of Hearts (FoH) offered £2.5m towards debts of around £30m but cannot acquire UBIG's majority shareholding until early 2014.

That is when UBIG is due to hold its own creditors meeting.

UBIG abstained from the CVA vote on Friday morning, but 87% of those taking part did back the FoH offer.

A meeting of shareholders also approved the CVA offer later on Friday, but Hearts administrator Bryan Jackson revealed that it could be March or even April before the club can exit administration.
You'd have to say they've not come out bad from the whole debacle, apart from the 15 pt deduction, likely relegation and squad evisceration of course....
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whatsthatonyourback
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Waldo Jeffers
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Morvant's Finest
Nov 29 2013, 02:18 PM
From the BBC:
Quote:
 
A company voluntary arrangement to take Hearts out of administration has been approved on condition of the purchase of the club's majority shareholding.

Fans' group Foundation of Hearts (FoH) offered £2.5m towards debts of around £30m but cannot acquire UBIG's majority shareholding until early 2014.

That is when UBIG is due to hold its own creditors meeting.

UBIG abstained from the CVA vote on Friday morning, but 87% of those taking part did back the FoH offer.

A meeting of shareholders also approved the CVA offer later on Friday, but Hearts administrator Bryan Jackson revealed that it could be March or even April before the club can exit administration.
You'd have to say they've not come out bad from the whole debacle, apart from the 15 pt deduction, likely relegation and squad evisceration of course....
If you were to offer a decade of spending far beyond the means of the club's finances, followed by a year of penury, humiliation and 15 point deduction, I think most diddy club fans would take it.
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Setenza
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Knitting with only one needle
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Things seem to be getting a bit tight for Hearts.

Only enough money to run until end of the month, and each big important deadline seems to result in stalls and delays and nothing decided.

Sure they'll want to avoid being liquidated, but it must be close.
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