Brief Thoughts on the JLs DEc 14 Data

  • Gordon 45
  • 22/10/08 n/a (free)
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Posted: Sat, 24/01/2015 - 19:58

Hi Folks,

My Latest Thoughts after taking into account the JLs December 2014 Figures - you may not agree with me

No surprise that the updates are at last going to quarterly, given where we are in the Liquidation process.

  1. Returns for Jan/Dec 2014 were £7.8667m net. My data is based on GBP, apologies to my DAG Colleagues who invested in other currencies.

  2. No change re the remaining loans due back, 1 part loan (£18k) repaid in December. Remaining loans total £26.294m at 31.12.2014. Difference from Nov mainly due to FX changes.

  3. FX Returns for Jan/Dec 2014 show a loss of £1.1m (now +£13.1m). The starting figure for Jan 2014 was +£14.2m, Jan 2013 was +£13.2m and Jan 2012 was +£15.2m.

  4. ‘Unresolved’ around £3.473m + the £1.500m ‘Unclaimed’ = £4.973m at end of Dec 2014. Surely JLs now need to finalise any probs with the ‘Unresolved’ now.

  5. Liquidation costs – My balance was around £0.740m at end of Nov (inc my plus £0.7m). So even my extra £0.7m was insufficient to cover the ongoing costs (if my figures are correct). So JLs well short. We’ll see what the Jan 2015 Progress Report says.

  6. The ‘write off’ situation, no change at £3.4m.We must expect action this year that will affect ‘write - offs’.

  7. The ‘set off’ situation no change currently £15.2m.

  8. Re the PG – The return of our Capital means any return from the PG will be towards paying us some interest back. Hopefully, our JLs manage to sell off the PG to a Third Party. There appears to be some movement by the Icelandic Government in it’s objective to lift Capital Controls. It would appear exemption has been granted to LBI hf (Landsbanki) to repay 400bn Krona ($3.2bn) to Priority Creditors. Having read some of the stuff from Sigrún Davíðsdóttir's Icelog I’m still not sure we are that much further forward (purely personal view). But more info is expected this month.

  9. As at the July 2014 Progress Report, Loans still due totalled £27.0m. Loans on Properties in the UK (mainly London & South East England £2.8m) totalled £3.1m (11.48%), Overseas Properties totalled £4.9m (18.15%), the 3 yachts totalled £14.2m (52.59%), Portfolio Loans totalled £0.1m, Unsecured Loans totalled £3.4m (12.59%) and Aircraft totalled £1.3m (4.81%). Based on currency, 84.894% of loans, come from mainly Euros plus some USD & Swiss Francs. Within that % Euros account for 63.123% and circa 53.588% of all loans due.

  10. No more info on the end date of the Liquidation, but keep saying the JLs must surely push forward now to finalise the loan book quickly (one way or another), then the PG and/or perhaps sell off both as one entity – let’s hope so. And look at and finalise any Litigation, outwith that of the loan book. Returns from Loans since July 2014 Progress Report virtually nil when you allow for FX movements.

  11. Think we have an approx net £0.8928m towards interest payments to Creditors. The lower figure since Nov has been caused by insufficient funding by JLs to cover Liquidation costs (if my figures are correct). This ‘free’ cash could go lower still if JLs fail to bring in cash from loans or PG to cover future Liquidation expenses.

As always take care,

And God Bless,

Gordon 45

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Thanks to Gordon

  • Wombat761
  • 30/01/09 20/03/15
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  • Wed, 04/02/2015 - 23:55

Once again Gordon thanks for your elucidations, and very best wishes for 2015
From Wombat761

Thankyou Gordon

  • sambururob
  • 10/10/08 n/a (free)
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  • Mon, 26/01/2015 - 18:24

Once a quarter seems to make sense, especially if it limits liquidation costs!
It seems a matter of waiting patiently for JL's to sell the loan book and Iceland to organise the parental guarantee. Unfortunately European QE and the Greek election means the euro-valued assets are worth less than last week !!
Thanks for your excellent analysis.
Have a good quarter !!
Rob and Wendy

Gordon.... Always enjoy

  • William Wightman
  • 19/10/08 31/05/09
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  • Wed, 11/02/2015 - 10:13

Gordon.... Always enjoy reading your updates!! Many thanks for your efforts...Bill


  • mikepapa
  • 10/10/08 n/a (free)
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  • Fri, 13/02/2015 - 13:45


My thanks as always for your update.