Brief Comments on SL's July - Sept 18 Data

  • Gordon 45
  • 22/10/08 n/a (free)
  • a depositor
  • Offline
Posted: Sun, 07/10/2018 - 14:01

Hi Folks,

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

Short update from the SL. My thoughts also very short. Not sure if it is even worth commenting on anymore as there virtually nothing to comment on. But for what it is worth, I will continue on, until the end.

1.Still no change on the number of claims outstanding. So we assume still £2.5m reserved for ‘Unresolved’ claims or £1.5m ‘Unclaimed’. Hopefully part of the £4m will revert back to the SL to help with the final Distribution. Although SL paid out £114k in Dividends I have not lowered the £2.5m ‘Unresolved’ or the £1.5m ‘Unclaimed’. This is because when I did this for years I was reasonably close to the SL’s figures when they were issued. But over the past couple of years when I did this neither figure came down, so it meant I was showing wrong data - so have stopped doing this until SL actually lowers these figures now. I will ask him again for updated info on this as things may now have changed since 5th September, but got to say not hopeful of an answer.

  1. We now await the IOM Court hearing on 30th October 2018 with regard to directions re the DCS/Early Payment Schemes and also the acceptance or not of outstanding claims by 16th November 2018.

  2. Cash balances have decreased by £151,000. Interest of £21,000 was received. Dividends paid out of £114,000. Legal Expenses of £47,000 were paid and Other Expenses of £11,000 were also paid. We now have a slightly reduced balance of £19.4626m available for distribution. And this total will continue to decrease as the Liquidation continues. As said in my ‘6 monthly update’ it appears that ‘time costs’ to PwC are still due from 1.4.2017 onwards, plus any other costs until the Liquidation is finalised. Hopefully as said above, part of the £4m retained to cover ‘Unresolved/Unclaimed’ will become available to the SL to overcome/part overcome these expenses. I will also ask the SL if updated PwC expenses have been submitted, as 18 months of a backlog seems very remiss. And we do want to know the accurate balance for Distribution to us.

4.So think we have an approx net £15.4626m towards interest payments to Creditors as at 30.9.2018, after the Liquidation fees paid (so far), and allowing for the remaining ‘Unresolved and ‘Unclaimed’ claims (£4.0m in total). And I think we currently have approx £11.9626m towards this Final Distribution after allowing for the approx £3.5m for contractual/non-contractual interest.

So we await the Court Hearing and the finalising of outstanding claims being accepted/not accepted in order to allow the pay out of this final dividend and the closure of the Liquidation.

As always take care,

And God Bless,

Gordon 45

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Thank you Gordon. So glad you

  • sambururob
  • 10/10/08 n/a (free)
  • a depositor
  • Offline
  • Sat, 13/10/2018 - 11:30

Thank you Gordon. So glad you are still keeping an eye on any developments. Have a good day.
Rob and Wendy