GOOD NEWS FROM THE RECENT KSF UK SIX MONTHS REPORT TO CREDITORS

  • yorkist
  • 01/07/09 31/05/09
  • a depositor
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Posted: Thu, 04/11/2010 - 14:04

The KSF UK latest six months report to creditors is now available on the KSF UK website. For those who wish to read the full 31 page report, I have posted a link here.

There is some good news for KSF IOM depositors.

A couple of significant highlights:

Next dividend to creditors from KSF UK, including KSF IOM now estimated to be not less than 5p in the £, with the estimated distribution date being December 8, 2010.

Perhaps more important though is that the total anticipated dividend to creditors, including KSF IOM is now estimated to be in the range of 75p to 84p in the £ (up from 65p to 78p in the £).

Based on the total estimated £250.2 million amount due from KSF UK our recovery should now increase from £162.63 million (65p in the £) to £187.65 million (75p in the £) an increase of £25.02 million which is worth an extra 2.76p in the £ to KSF IOM depositors (based on a total KSF IOM creditor figure of £905 million).

But perhaps a note of caution is in order. Please note in the above analysis I have used the updated KSF IOM liquidators number of £250.2 million as the agreed balance between KSF UK and KSF IOM although the KSF UK report does not document this figure but merely states that the reconciliation exercise is largely complete and that agreement will be documented shortly at which point any additional dividend payments will be released.

Regards.

Yorkist

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Thanks to Yorkist and Gordon

  • Ohdear
  • 13/10/08 31/05/09
  • unspecified
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  • Fri, 05/11/2010 - 18:47

Thanks to Yorkist and Gordon 45 for all the good work.

In both of your analysis you mentioned (75p in the £) but I am sure a while ago you both mentioned the expected final return over 90P in the £? Is 75p a conservative estimate? Or did I mis read?

Thanks.


Hi Ohdear

  • Gordon 45
  • 22/10/08 n/a (free)
  • a depositor
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  • Fri, 05/11/2010 - 20:57

Hi Ohdear,

Yes you are right in that E&Y (KSFYK) have upped their thoughts on returns to unsecured creditors - that includes KSFIOM - from between 65/78p/£ to between 75/84p/£. That means returns to PWC (KSFIOM) should increase to the 75p/£ for any dividends returned, and over their Administration and our Liquidation we should see based on £205m a return of at least £153.75m instead of £133.25m. That means £20.5m more and circa 2.265p/£ to us.

This takes no account of any increase in the base figure of £205m to the hoped for £250.2m as that has not yet been agreed, although our JLs and E&Y say that agreement has almost been reached on this. This would up any returns considerably also.

And of course we would be due some back payments based on the 75p/£ if it was based on a figure of £250.2m.

If you take the upper end of estimates by the JLS and E&Y yes we could see above 90% return.

Once we get our October figures figures through from the JLs I will factor the new totals into my draft Table 10. Then when we get the November figures we can then update our forecasts to include that plus the return from E&Y in Dec.

Any increase from 65% to 75% will not on its own increase the figure returned in Dec from them but it will mean over our liquidation that we should expect to receive the further £20.5m. With regard to my Table 10 it would allow for two more returns of 5% over the liquidation. What would increase our return figure in Dec from E&Y would be if they and our JLs could agree the £250.2m as the base figure on which to base returns rather than the current £205m. But that has not happened yet.

My draft Table 10 currently shows after the September figures from the JLs an estimated lower return of 83.881%. This should be increased thanks to the above by 2.265p/£, giving a new lower estimate of around 86.146p/£. It could also take the higher estimated return into around 95%. But as always a word of caution in case things fall back.

Take care,

Gordon 45


Gordon

  • cottesmore
  • 21/10/08 16/07/12
  • a depositor
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  • Fri, 05/11/2010 - 22:07

Well done me old matey.Its great to get things in plain English.I think everyone gets the flavour of things when it's broken down by yourself.At least it seems all fairly positive at present.I just wish the IOM goverment would step up to the plate and take our place in the liquidation.At least we could all get our funds now, instead of waiting all these years.It just shows why no one should ever invest on the IOM ever again!
Take care,
Mark


Thanks Yorkist

  • sambururob
  • 10/10/08 n/a (free)
  • a depositor
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  • Fri, 05/11/2010 - 13:23

Thanks for your prompt analysis.If it wasnt for you and Gordon many of us would be in the dark. It is not that we are lazy but lack the skills to know where to look, what to look for and what it all means even if we found it.
We are piggy-backing on your financial skills and are very grateful for what you have done and are doing.
Thanks again
Rob and Wendy


Thanks Yorkist and Gordon

  • D RAM
  • 13/10/08 01/08/14
  • unspecified
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  • Fri, 05/11/2010 - 18:05

Fully Agree.

The analysis and advice from Yorkist and Gordon is invaluable and very greatly appreciated.

D RAM


Thanks, guys

  • uptight61
  • 14/10/08 n/a (free)
  • a depositor
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  • Sat, 06/11/2010 - 02:06

Hear, hear! .....and It's always good to enjoy pleasant reading from a fellow Yorkshireman