Brief Comments on SL's Jan-March 18 Data

  • Gordon 45
  • 22/10/08 n/a (free)
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Posted: Thu, 19/04/2018 - 14:36

Hi Folks,

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

Sorry for the late update from myself. Just back from holiday. Very short update from the SL, but the information in the Quarterly Report all very important - I think.

1.We are one more major step forwards towards the end of the Liquidation, with the SL rejecting approximately 100 claims (and with the time for objections past), 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.

  1. The other good part is the SL going to the IOMCourt to have agreement, to have set, or set a 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.

  2. The disappointing part is that the SL has not yet applied to the IOMCourt re the setting of the final date for ‘Proving’. This was mentioned by him in the ‘6 monthly report - dated 9.1.2018. I had hoped that this process would have started by now, but perhaps the SL was waiting on the time to elapse that would have allowed the approximate 100 claimants to object to the rejection of their claims - who knows. I have asked on a number of occasions regarding the time allowed for claimants to object, and if that time had passed, to no avail.

  3. The other point to mention is that, once we have no cash coming in, then what was/is available for the Final Distribution would be reduced due to ongoing costs. And we are now just about at that stage meaning this quarter cash available for distribution has fallen. And this will continue to happen until the Liquidation ends. But, having said that, I think it is now a fact that cash will become available from what was the £2.5m held for ‘Unresolved’ claims and from the £1.5m held for claims not yet brought forward. What we do not know yet, is the time-line for the final date for ‘Proving’ (once agreed or set out by the IOMCourt - hopefully not a long time-span).

5.Income this quarter was £12,000, Legal Expenses £153,000 and Other Liquidation Expenses £8,000. No mention of any change in the cash retained to cover the £2.5m ‘Unresolved’ and the £1.5m as yet, Unclaimed. The decrease in cash balances was £149,000.

6.So think we have an approx net £15.6109m towards interest payments to Creditors as at 31.3.2018, 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 thus lowering any amount available for distribution. But I think we will get some of the reserved £4.0m for ‘Unresolved and ‘Unclaimed’ claims for distribution. Also think we currently have approx £12.1109m towards this Final Distribution after allowing for the approx £3.5m for contractual/non-contractual interest.

So think we are really getting there now and the SL was hopeful that the final distribution would be paid within 6 months (in his 9.1.2018 ‘6 monthly progress report’) - and that would have meant by end of June/early July 2018. Let’s hope that is still the case.

As always take care,

And God Bless,

Gordon 45

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  • dans le merde
  • 14/10/08 31/05/09
  • a depositor
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  • Mon, 23/04/2018 - 13:56

Will the final payment be like the others ie x pence in the pound?
And based on the figures available any idea on what we can expect?
Thanks in advance for any replies.

dans le merde

  • Gordon 45
  • 22/10/08 n/a (free)
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  • Mon, 21/05/2018 - 19:13

Dans le merde, Re the final payment. No one has come back to you so far with what they think, so thought I would give you my thoughts, for what they are worth. Unfortunately the SL is not chatting to me at present - hopefully he will soon, and maybe answer some of the questions I have raised with him - but who knows.

But the final payment, I assume (perhaps wrongly) that it will be x pence in the £. If that is the case, based on the present cash available once we allow for the £3.5m for those due higher rates of interest when the Bank went into Liquidation, and disregarding the £2.5m for 'Unresolved' and the £1.5m for still 'Unclaimed' (although I do think now some of the £4m will come back to the SL to boost the final payment) then at present - based on the last set of figures I think we have around £12.1109m to distribute. BUT this takes no account of ongoing PwC fees, IOM Court Fees, Other Legal Fees or any other costs still to be paid. Hopefully any monies we get from the £4m would more than cover all fees.

So, I think we required around £904/£905m originally to cover creditors. That would mean around £9.05m to get 1p in the £. So assuming we retain around £12.1109m in 'the pot' to distribute, that would give a final payment of around 1.339p in the £ to all of us who are due it.

Hope I am not misleading you or any other of our colleagues. Do not know what the SL will do - we need to wait and see, but I am hoping like you it will be x pence in the £.

Gordon 45

Thank you Gordon. The wheels

  • sambururob
  • 10/10/08 n/a (free)
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  • Thu, 19/04/2018 - 19:09

Thank you Gordon. The wheels grind slowly but at least they are still grinding.
Best wishes,
Rob and Wendy