A winding-up order against Hearts is hardly newsworthy, it happened in 2009 and 2010, but Vladimir Romanov’s comments this week suggest his days of funding the club have ended. Much of the debts are owned to the Ukio Bankas, which Romanov is a large shareholder in, while players, small creditors and HM Revenue and Customs are also exposed.
Romanov previously converted a large chunk of Hearts’ debt to shares held by the bank, an investment it is unlikely to see a return on, so the possibility remains that Ukio could write-off the Hearts debt and use their majority creditor status to out-vote HMRC and allow the club to pay as little as a penny in the pound.
This is, however, a seriously worrying time for Hearts fans as well as the club’s creditors. In Scotland we tend to refer to Ukio Bankas as Romanov’s bank, as though it was a wholly owned business. It’s not. Ukio have fiduciary responsibilities to their shareholders, all shareholders. As such, the prime residential development opportunity off Gorgie Road presents a huge problem. Hearts previously received a bid of over £20m for their stadium from a housing developer and Ukio will have title to the land.
When Ukio Bankas previously converted Hearts debt to shares they would have slipped straight into the bank’s assets column, irrespective of their resale value. On paper, there would have been no negative impact for the bank. Writing-off debt when you hold an asset is a different scenario. Anyone who believes that a bank can easily walk away from a £20m asset sale has not fully appraised the situation. Without players, who have not been paid and have been told to find new clubs, or a stadium, there is no football club.
There is a Kodak Moment coming soon at Tynecastle; I predict Livingston FC might be in for another name change in an attempt to harvest some new support.
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Lads, I was laid up in hospital last week, so have still to update for Week 12, but will get to it later today.
CQN Saturday Naps Competition – Week 11 Standings
+£10.33 fleagle1888 (3)
+£ 9.00 voguepunter (2)
+£ 6.00 twists n turns (2)
+£ 5.30 Som mes que un club (2)
+£ 4.50 bobbymurdoch’s winklepickers (3)
+£ 3.75 wolfetonebhoy (2)
+£ 2.75 Eurochamps67 (3)
+£ 0.50 Cathal (3)
-£ 0.38 Rockon (3)
-£ 6.00 Che (1)
-£ 6.00 PFayr (1)
-£11.00 BULL67
-£11.00 hunza rugli
-£11.00 oldtim
-£11.00 Raymac
-£11.00 The Token Tim
-£11.00 tommytwisttommyturns
-£11.00 What is the Stars
*No selection from : PFAyr*
Cheers, fleagle1888
fleagle1888 says:
5 November, 2011 at 07:17
Hope you have fully recovered and all is well.
Tip for today: Syndication 4.05 Sandown.
Good luck everyone.
KTF
Fleagle,good to see you around,hope leg is on the mend.
Will post tip later,hail hail.
Sandown 405 Circular Quay for me today hail hail
Morning all.
I am going for TRUE BOND in the 1.25 at Doncaster.
Good luck and hopefully no more injuries to any napsters this week.
Morning fleagle, I hope you are well.
I fancy Veiled 1.45 Wincanton, The Nightingale 2.20 Down Royal and Montan 1.50 Down Royal to pay for Christmas expenses with
MONTAN 1.50 Down Royal as the nap.
Good luck everyone.
EC67
Morning All
Merchant of Dubai for me 3.10 Donny
Vogue
over your way at the Glens Club for a soiree
*tonight
Che
I know,make sure you get a taxi up the road afterwards,enjoy:O)
Will do
Mrs is driving…happy days!
fleagle
been off line last few weeks ….holidays etc
my selection
richards sundance 3-20 win
also quite like
grandouet….poor price tho
also
what chance the Han man wrapping the trophy up i the first at Donny
De Souza only has 4 rides and is 4 behind .. Han man wins the first ..all over
CQN Saturday Naps Competition – Week 12 Results
Lads… I only noticed 1 winner last week : Voguepunter (Farrh @ 12/1).
Voguepunter – there appears to have been a bit of confusion regarding WITS selection :
> Muirhead (Asc 3.40, unplaced) and Merehead (Asc 1.55, won @ 6/1)
I am going with the former as it was ‘Muirhead’ that was on the CQN post from WITS.
+£21.00 voguepunter (3)
+£ 9.33 fleagle1888 (3)
+£ 5.00 twists n turns (2)
+£ 4.30 Som mes que un club (2)
+£ 3.50 bobbymurdoch’s winklepickers (3)
+£ 2.75 wolfetonebhoy (2)
+£ 1.75 Eurochamps67 (3)
-£ 0.50 Cathal (3)
-£ 1.38 Rockon (3)
-£ 7.00 Che (1)
-£ 7.00 PFayr (1)
-£12.00 BULL67
-£12.00 hunza rugli
-£12.00 oldtim
-£12.00 Raymac
-£12.00 The Token Tim
-£12.00 tommytwisttommyturns
-£12.00 What is the Stars
*No selections from : PFAyr, Rockon, Som mes que un club*
*Non-Runners – Raymac (Diamond Harry), Wolfetonebhoy (Some Present)*
Cheers, fleagle1888
fleagle1888 says:
5 November, 2011 at 10:02
Sorry about confusion,in my defence I had a drink.
Welcome back fleagle – hope you are recovering well.
I’ll go for Ceilidh house in the 2.35 doncaster.
Good luck all
Morning
Sirius prospect at 6/1 in 3-40pm Donc for me pls.
Good luck
Lads, my nap for today is :
Dark and Dangerous (Sandown 1.55)
Cheers,
fleagle1888
Twists
I mailed you my horse selections on Messenger’
I bet a horse last night,that was 14/1 but ended up winning at 20/1,naturally they paid out the lower odds to me.when you bet with 365 there’a always a board that offers best prices paid,do they change the rules when you bet races in foreign lands.sent them a long e-mail which they won’t like very much.
I’ll be betting the yankee racing tonight,any bookies give best odds,or are they all the same.
Quito De La Roque in the 14.20 at down royal for me
Hail Hail
Wolfetonebhoy
my choice today is Valery Borzov, 33/1
Fleagle – good to see you back. I’ll go for Perfect Silence in the 2:00 at Doncaster.
HH
TTTT
Welcome back Fleagle… Prime Defender in the 340 at Donnie for me please, good luck bhoys
Alright,chaps?
Managed to talk half of Kilwinning out of backing SUPERALLY by pointing out it’s G,W&G colours,so my work here is done,HAILHAIL.
Nap for today is DELIBERATION in the 410 DON
FLEAGLE1888
Can I cyber-autograph yer stookie,haha?
Hope your recovery is coming along a treat,mate.
Valencha in the 2.00 at Doncaster. I couldn’t back a book at the moment though.
wolfetonebhoy
nice one
you could have any price on that 2 furlongs out
Apologies for delay Fleagle.
Nap today.
Bishops Heir 3.15 Kelso
CQN Saturday Naps Competition – Week 13 Results
Lads… a profitable week with 4 winners : Rockon (Circular Quay @ 17/2), Fleagle (Dark & Dangerous @ 13/2), Twists (Sirius Prospect @ 9/2), Wolfetonbhoy (Quito de la Roque @ 11/4)
+£20.00 voguepunter (3)
+£15.83 fleagle1888 (4)
+£ 9.50 twists n turns (3)
+£ 7.13 Rockon (4)
+£ 5.50 wolfetonebhoy (3)
+£ 3.30 Som mes que un club (2)
+£ 2.50 bobbymurdoch’s winklepickers (3)
+£ 0.75 Eurochamps67 (3)
-£ 1.50 Cathal (3)
-£ 8.00 Che (1)
-£ 8.00 PFayr (1)
-£13.00 BULL67
-£13.00 hunza rugli
-£13.00 oldtim
-£13.00 Raymac
-£13.00 The Token Tim
-£13.00 tommytwisttommyturns
-£13.00 What is the Stars
*No selections from : The Token Tim, What is the Stars*
Cheers, fleagle1888
Facepalm
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