Brief Comments on SL's April - June 18 Data

  • Gordon 45
  • 22/10/08 n/a (free)
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Posted: Tue, 17/07/2018 - 18:34

Hi Folks,

My Latest Thoughts after taking into account the SL’s April - June 2018 Figures - you may not agree with me

Very, very short update from the SL. So, my thoughts are also very short.

1.No more on the number of claims outstanding. So we assume still £2.5m reserved for ‘Unresolved’ claims. But, as said last time with the 100 rejections and the time past for objections that is good news for us as it should mean at least part of the £2.5m reserved for ‘Unresolved’ claims being released to the SL to be used as part of the cash for the Final Distribution to us, the ‘Unsecured Creditors. Perhaps the ‘6 Monthly Report’ will have more info.

  1. No word yet either, on whether the SL has been to the IOMCourt to have agreement, to have set, the final date for ‘Proving’, as once that date is set (and reached) no other claims will be considered. That means all or part of the existing £1.5m set aside to meet claims not yet made would become available to be used as part of the Final Distribution. I have found no data on a date for the Court hearing (but I always fail when trying to check this data out), but based on this latest info it appears the SL has perhaps been to the Court as he expects to make an announcement in the next few days regarding the final dates for submission and agreement of claims in the Liquidation. That is good news as the end would then be in sight.

  2. SL has managed to increase the cash balances by £3,000. Due to receiving Loan Related fees of £38,000, but also paid out £12,000 in Legal Expenses and £23,000 in Other Liquidation Expenses. So we have a gross cash balance at present of £19.6139m.

4.So think we have an approx net £15.6139m towards interest payments to Creditors as at 30.6.2018, after the Liquidation fees (so far), and allowing for the remaining ‘Unresolved and ‘Unclaimed’ claims (£4.0m in total). We will continue to incur Liquidation Expenses plus other fees that could lower any amount available for distribution. But I think we will get some of the reserved £4.0m for ‘Unresolved and ‘Unclaimed’ claims for distribution. So, think we currently have approx £12.1139m towards this Final Distribution after allowing for the approx £3.5m for contractual/non-contractual interest.

So perhaps no more false dawns and we are actually heading towards the end. Let’s see what the ‘6 Monthly Report’ says, and hope for this ‘Proving Date’ very shortly.

As always take care,

And God Bless,

Gordon 45

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July progress report?

  • Esteban
  • 13/06/09 31/05/09
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  • Fri, 10/08/2018 - 12:40

If I understand correctly, the liquidator should have issued a 6 monthly progress report on or about 9th. July 2018. Does anyone know if he did? It seems as if the optimism of his comments in the previous one was a bit premature. If a report is/was issued, hopefully Gordon will once again be kind enough to decode it.


Re July report

  • anrigaut
  • 19/10/08 30/10/09
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  • Fri, 10/08/2018 - 13:05

Esteban,

The report should be posted soon. It covers the 6 month period ending on 9 July, but has of course to be prepared and rarely appears before late August. I (or Gordon) will post a shout when it appears and I'm sure Gordon will 'decode' it when it does!

anrigaut


July report

  • Esteban
  • 13/06/09 31/05/09
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  • Fri, 10/08/2018 - 19:16

Thank you anrigaut. Please excuse my impatience, really should have learned better by now.


Possible payout around end Nov (with caveat)

  • anrigaut
  • 19/10/08 30/10/09
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  • Fri, 31/08/2018 - 22:20

To take with a healthy scepticism, but who knows?!

Extract from latest 6-monthly report out today:

"3.3 The liquidator has applied to the Court for further directions in respect of matters which need to be dealt with in order to make the final distribution and bring the liquidation to a close. ...... The Court Hearing will be on 30 October 2018.

3.4 It is intended that one further dividend will be paid to creditors in respect of each class of interest. Whilst the timing and amount of the dividend cannot yet be determined with certainty, it is expected to be paid around the end of November 2018. Any delay in the resolution of the proceedings noted in 3.3 above would most likely delay the distribution."

http://www.kaupthingsingers.co.im/2018/august/31august2018/

The Court application is the one already noted (re means of payments for EPS/DCS claimants).

We can but live in hope, as ever. But it does look more hopeful.


Possible payout

  • Esteban
  • 13/06/09 31/05/09
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  • Sat, 01/09/2018 - 13:42

Thank you, anrigaut, for that update.


Last date for proving

  • anrigaut
  • 19/10/08 30/10/09
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  • Sat, 21/07/2018 - 08:18

Thanks Gordon.

As noted in my latest shout, the last date for proving has now been set at 16 November 2018, with any outstanding applications to be received by 5 September: http://www.kaupthingsingers.co.im/2018/july/20july2018/

This means that any creditors (including those with currently 'unresolved' claims) whose claims have not been admitted (agreed) by 16 Nov will be 'forever excluded' from distributions. Any claims remaining unresolved (or unclaimed) by that date will thus be definitively rejected and the amount reserved for them (currently about £4m) should become available to boost the final distribution to the rest of us.

No news yet about the expected date for the final distribution. Let's hope the 6-monthly report will address this. Surely the end is now in sight!


Thanks Anrigaut

  • Gordon 45
  • 22/10/08 n/a (free)
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  • Sun, 22/07/2018 - 20:38

Thanks Anrigaut,

for this important info. The end now seems to be in sight. Just wondered why it took from early Jan 18 until June 15th for the SL to get to a court hearing, as he expected to apply 'shortly' in Jan '6 monthly report'.

Also questions like the 100 'Unresolved' that the SL had not accepted and had gone by their date for appeal. Can they now re apply under this 'proving date' system that the IOMC has given out. And whoever re applies or applies for the first time and is then perhaps informed that their application has been denied and they subsequently appeal - is it guaranteed to be totally finalised by 15th Nov.

Who knows. Have tried on numerous occasions recently to get some answers from the SL but it appears sadly that he has run out of time to converse with me. Will probably try again in the near future but will await the '6 monthly report' to see what info that gives us as you have already mentioned above.

Thanks again Anrigaut.

Gordon 45


Re 16 Nov date

  • anrigaut
  • 19/10/08 30/10/09
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  • Mon, 23/07/2018 - 07:53

Hi Gordon,

My reading of the Court ruling is that - regardless of the precise situation re the questions you raise - 16 Nov is definitively final.

The ruling states that any claims have to be proved (ie accepted as valid by the liquidator) by that date "or be excluded from the benefit of any distribution ...".

The delay between 5 Sep (the last date for submitting a claim) and 16 Nov (last date for proving) is clearly intended to allow sufficient time for the liquidator to process the claim (if necessary requesting further information) and - in the event that he rejects it - for any appeal within the 28-day period allowed and subsequent re-assessment by the liquidator (who must therefore give a final decision by 16 Nov). I presume Mike Simpson has agreed to this timetable.

As to why it took so long to get this ruling, all I can say is that - in response to my enquiry - Mike Simpson told me on 6 June (yes - June, not Jan!) that he would be submitting his application to the Court in the next day or two, and indeed his application is dated 15 June. So the delay was on his side rather than the Court's. I have no idea why it took him so long, but his idea of 'shortly' clearly differs from mine!


Hi, Now I have not been

  • give_me_my_money
  • 15/10/08 n/a (free)
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  • Mon, 23/07/2018 - 21:50

Hi, Now I have not been following the 'wrap-up' process & dividend pay-out schedule as close as I used to, but my records show I have not received anything since 10th Dec 2014. Is there a summary of dividend pay-outs somewhere, please. I was unable to find anything on our DAG site. Going back through my records, I can only account for a 67.3% pay-out return, but I though it was stated we'd received 100% & were just awaiting on contractual interest. I don't want to miss any cut-off deadline for getting what's rightfully mine. This has gone on far too long. It would be great to get closure. Thanks for all your help & support over the years.


Dividend schedule

  • anrigaut
  • 19/10/08 30/10/09
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  • Tue, 24/07/2018 - 07:45

Hi give_me .....,

It is normal that you have received nothing since 10 Dec 2014. The last (10th) dividend - which did indeed bring us to 100% - was on 28 Nov 2014.

You can find the dates and amounts of all 10 dividends in section 3.1 (page 5) of the last 6-monthly report: http://www.kaupthingsingers.co.im/2018/february/26february2018/Report%20...

Hopefully this will help you to check your records.


SL

  • cottesmore
  • 21/10/08 16/07/12
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  • Mon, 23/07/2018 - 07:25

He wont answer Gordon,or,give us any of his time,but be very confident he will milk the last drop out of this liquidation in fees!!


Thanks

  • sunny1
  • 16/10/08 30/05/14
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  • Fri, 20/07/2018 - 14:57

Thank you Gordon. Very useful to know. Thanks for keeping on top of it so well and so often


Thanks Gordon for keeping us

  • golightly
  • 14/10/08 28/08/09
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  • Wed, 18/07/2018 - 09:54

Thanks Gordon for keeping us up-to-date.


Latest Update

  • Blades
  • 19/10/08 n/a (free)
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  • Tue, 17/07/2018 - 20:58

Many thanks Gordon. Very helpful update.