Hearts cva

[lewislaudrup 852]

Getting text's saying there cva has been accepted by the creditors. Any news??

[JM1872 3,714]

CVA accepted by 87% of creditors.

[Gillete 1,338]

No suprise there

Even if they do survive , they are finished for years to come

No way will that membership scheme last

It's all good now everyone giving donations but they seriously can't keep that going and pay the wages they do

[CalvinC 1,414]

They are a bunch of wanks.

[better than all the rest 153]

They still have another vote this afternoon.

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 are due to hold their own creditors meeting.

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

Shareholders will also be asked to approve the CVA offer at a meeting at noon on Friday and 50% approval is required for it to be passed.

Hearts entered administration in June and started season 2013-14 with a 15-point deduction. Gary Locke's side currently sit 12 points adrift at the bottom of the Scottish Premiership.

Most of Hearts' debt is due to Lithuania-based financial institutions UBIG and Ukio Bankas, who are also the club's two main shareholders.

Both UBIG and Ukio Bankas are in the process of being liquidated.

There were no representatives from Lithuania in attendance at Friday's creditors meeting.

[CalvinC 1,414]

Fuck Hearts, fucking useless cunts.

[Gillete 1,338]

UBIG are abstaining so Its more or less done and dusted

Fair play to the FOH for not letting the club go to the wall

Pitty we never got the same courtesy for the CVA and had the taxman desperate to nail a certain castle owner for past dealings

[Dennis 1,011]

Good outcome.

[Creampuff 22,628]

Good.

[OLE SUPER WILBERT 2,475]

Scumbags.

[Albertz 78 918]

Plenty more twists and turns before this is over and we'll see that over the next few months. All that's been agreed today is that Ubig/Ukio won't take any money for the debt that is owed, FOH still have to pony up for the shares and fund a club that is skint between now and next summer. Hmrc voting against more or less sends out a signal that if they fail to pay tax again it's straight to a winding up order. Even if they do get out of this mess it's relegation and millions in debt next season for them. How many crackpot jambos are going to pay to watch them in division one with an even worse team than they have now and with zero chance of winning that league next season?

[Inigo 32,534]

CVA accepted by 87% of creditors.

87% of those taking part was the way I read it, and UBIG did not take part.

The way I read it is that UBIG will not be able to vote until early 2014 when their creditors meeting has been held. So this vote today is really only an indication and the real vote won't be till then. I don't think UBIG intend to abstain when it counts and they will still have a big say.

I stand to be corrected!

[Right_To_Censor 1,951]

all the best to them

[Captain Hilts 12,819]

hopefully this will give them a boost to give the tims a skelping on Sunday

[The Educator 1,572]

This really is a bit of a non-story. Until UBIG have their vote next year this is just people trying to talk up a bad situation to try ad keep the next pack of wolves from the door. It doesn't matter away even if he 2.5m offered by the fans group is currently the preferred offer if a developer comes in with a 3m bid the Latvians will push for that to be accepted. The real power in this situation rests outside of Scotland, until a decision has been made there what goes on here is all talk and posturing.

[Gillete 1,338]

Will UBIG not own the stadium etc and refuse to give it to the FOH if they can make more money through selling it to someone else ?

[Helicopter Sundae 6,044]

All this is just making us more and more angry.

Just beware of an angry bear! <might have to copyright that.

[ForeverBlue_Since91 2,895]

They better start saving up to buy there stadium. UBIG will sell to the highest bidder!

[The Educator 1,572]

From what the administrator was saying today it looks like they will be out of cash before the end of the season. If so do they go straight into liquidation?

[Albertz 78 918]

From what the administrator was saying today it looks like they will be out of cash before the end of the season. If so do they go straight into liquidation?

For the 3rd season in a row they plan to start selling season tickets in March when they run out of money which will only lead to more problems come the turn of the year when that money is gone, they are becoming a total joke now and are going round and round in circles year after year.

The only plan BDO/FOH seem to have at the minute is keep plucking money from fans which can't go on forever. As i've already written in this thread how many Jambos are going to buy tickets for a team that's going to be in Div 1 next season and with a hugely weakend team from what they have now? They only have a hardcore support of about 5-7k at best.

[Thewhitesettler 2,711]

They could be in admin for years then? They will have to try & buy Tynecastle from the bank, or play their home games elsewhere. I can see them going the way of Leeds or Portsmouth.

[Blueshoff 11,875]

87% of those taking part was the way I read it, and UBIG did not take part.

The way I read it is that UBIG will not be able to vote until early 2014 when their creditors meeting has been held. So this vote today is really only an indication and the real vote won't be till then. I don't think UBIG intend to abstain when it counts and they will still have a big say.

I stand to be corrected!

That's the way I read it too. I think UBIG have 51% ? of total shares. Looks like the small investors who are probably Jambos accepted so no surprise. Could be a different story when the money men vote.