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Heart Of Midlothian In Administration

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just shows how bad we are when your hoping another club goes bust to save us from relegation, we should never been in this situation and there's only one to blame, Guess who

I never even mentioned us. ( The Topic is in " other Football )

It's Dundee who'll be saved, there's not a chance we'll get relegated.

As for Danny Lennon, he's a Legend and i'll be forever grateful to him and the players for lifting the League Cup.

F*cking Fabulous.

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Could happen anytime now.

Maybe tomorrow.

Hmm, not quite............ten days moratorium after the announcement for anyone to lodge objection to the administration, thereafter it could be open season on the assets owned by the club

Tick tock , nine days now.................

Edited by Seaside Nipper

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Won't happen in time to save Dundee's neck. You can guarantee that the SPL will delay any such decision to ensure that a club, no matter how financially incompetent, with an average close to 10k stays in the league.

They will not repeat the 'mistake' that happened with Sevco. *cough*

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New rules now mean they would lose a third of their points total from last season , 15 or 16 points. There's even speculation that they know they will escape administration this season but know they will cop it next season , and will deliberately lose their remaining games this season so their points total for this season is as low as possible thus affecting the calculation for docked points next season !

So hopefully we be safe tomorrow at approx 4.45. thumbup2.gif

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Will Hearts start the new season with a points deduction according to the new rules ? They deserve all they get the cheating cnuts. Total debt amounts to around the 25 million mark... Disgraceful mismanagement that deserves a severe punishment imo.

f**k em !

Spoke to a guy who knows a Hearts director personally before the match yesterday. According to the latter, it will be nothing short of a miracle if they make it to the end of the season.

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Hearts Majority Owner UBIG Is Insolvent, Bankruptcy Body Says

By Bryan Bradley

Ukio Banko Investicine Grupe, or UBIG, the Lithuanian investment company that controls Scottish soccer club Heart of Midlothian, is insolvent, said the Baltic nation’s Department of Enterprise Bankruptcy Management today on its website.

The department, part of the Economy Ministry, said that Kaunas-based UBIG, at its own request, had been placed on a list of companies unable or unwilling to meet their obligations.

UBIG is a sister company of Ukio Bankas AB, a lender that Lithuania’s central bank closed in February for risky lending to related parties. Russian-born investor Vladimir Romanov controlled both companies.

UBIG owns 79 percent of Edinburgh-based Hearts as well as sport, aluminum and real-estate projects in several countries, according to its website.

To contact the reporter on this story: Bryan Bradley in Vilnius at [email protected]

To contact the editor responsible for this story: Balazs Penz at [email protected]

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Guest somner9

Get them out of the SPL , they've got away with cheating for too long !

That'll be the 'Ton' up then?

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In all seriousness, IF they are bumped the 17 pts and relegated, that suggests based purely on sporting fairness that Morton get a gig in the SPL based on the Dudee fiasco of last season and their elevation to the SPL, setting a precedent of sorts.

OR, is it more likely to anticipate that YET another fudged solution may be found , aherm, involving another failrly new footballing club.

I love our financial prudence and our inability to retain our players from other diddy clubs. Soon enough we WILL be the footballing employer of choice

clap.gif

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Guest somner9

In all seriousness, IF they are bumped the 17 pts and relegated, that suggests based purely on sporting fairness that Morton get a gig in the SPL based on the Dudee fiasco of last season and their elevation to the SPL, setting a precedent of sorts.

OR, is it more likely to anticipate that YET another fudged solution may be found , aherm, involving another failrly new footballing club.

I love our financial prudence and our inability to retain our players from other diddy clubs. Soon enough we WILL be the footballing employer of choice

clap.gif

I think in Hearts case it's different to rangers as technically Dundee aren't relegated till after the last game. That said sevco only found out their fate in the close season so... hmmm maybe Morton should get the gig with Hearts and Dundee going Daaaan!

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If hearts win on Saturday and Dundee loose and then Hearts go into administration they will go down by a single point. All due to the totally unjustifed sending of for Webster at Dens park

What will John Brown make of that I wonder lol.gif

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Maybe I'm picking it up wrong, but its not Hearts in trouble rather the owner company. For example, if Gilmour was declared bankrupt I'm sure St Mirren wouldn't.

Could it potentially be a good thing for them and give someone else an opportunity to come in and buy the club at knock down price?

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If Hearts parent company are insolvent , then Hearts are insolvent and that would lead to the docking of points. Exact same situ as Southampton a few years ago ! STV reporting that the SPL has it's lawyers on the case to make sure any punishment is legal. They look as if they're after them big style !

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If Hearts parent company are insolvent , then Hearts are insolvent and that would lead to the docking of points. Exact same situ as Southampton a few years ago ! STV reporting that the SPL has it's lawyers on the case to make sure any punishment is legal. They look as if they're after them big style !

Not necessarily, it is possible for a company to be profitable while other parts of the group are not profitable - although I very much doubt this is the case with Hearts. What we are being told at the moment is Hearts are trading within their means, they have agreements with their creditors regarding paying back debt which they are currently meeting, as far as we are aware they have paid wages on time and are paying their suppliers and that is supposedly being done without the help of UBIG. The big question is what UBIG's liquidators will do regarding Hearts.They could sell the shares they hold to the highest bidder. They could demand immediate payment of the outstanding debt. They could continue as they are at the moment or they could renegotiate the debt re-payment. They could sell Hearts assets to raise capital. It will all depend on what will raise the most money for UBIG's creditors.

I wonder how fans of other clubs carrying large debt are thinking just now, how many of them will be envious of the position we're in and how many of them will carry on with the attitude that's been shown by fans of Livingston, Dundee, Motherwell, Gretna, Rongers, Dunfermline and Hearts - it will never happen to us.

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On the bus back to Leith after the 4th May game there were a bunch of Hearts fans greeting about us singing "Hearts are going bust!"

"Why were they singing that?"

"We've got a bigger stadium and squad!"

"We're a much bigger club!"

"They cannae afford feck all!"

Can't help but have a wry smile to myself today thinking of them. :-)

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If Hearts parent company are insolvent , then Hearts are insolvent and that would lead to the docking of points. Exact same situ as Southampton a few years ago ! STV reporting that the SPL has it's lawyers on the case to make sure any punishment is legal. They look as if they're after them big style !

I thought Southampton got away with it as in this case it genuinely was the holding company that went bust.

However I believe the Coventry recently got into trouble for not having the holding company quite as separate from the club as it should be.

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The problem for hearts is that the decision on how the assets will be disposed, debts called in will be taken by a Lithuanian liquidator with the interests of Lithuanian creditors at heart not by a clearly corrupt administrator shown to have been in cahoots with the previous owner.

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Not necessarily, it is possible for a company to be profitable while other parts of the group are not profitable - although I very much doubt this is the case with Hearts. What we are being told at the moment is Hearts are trading within their means, they have agreements with their creditors regarding paying back debt which they are currently meeting, as far as we are aware they have paid wages on time and are paying their suppliers and that is supposedly being done without the help of UBIG. The big question is what UBIG's liquidators will do regarding Hearts.They could sell the shares they hold to the highest bidder. They could demand immediate payment of the outstanding debt. They could continue as they are at the moment or they could renegotiate the debt re-payment. They could sell Hearts assets to raise capital. It will all depend on what will raise the most money for UBIG's creditors.

I wonder how fans of other clubs carrying large debt are thinking just now, how many of them will be envious of the position we're in and how many of them will carry on with the attitude that's been shown by fans of Livingston, Dundee, Motherwell, Gretna, Rongers, Dunfermline and Hearts - it will never happen to us.

Good post Bud....If the Info from the media is correct regarding Hearts then this is really a non story. They don't have any outstanding debt on their current agreed arrangements and have a 2 year deal with the bank for interest only payments which are up to date. UBIG can call the full amount in but that can never be paid. The timescale for all this to happen will take many months.....Keeps Sevco out the news I suppose

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