JLS '6 monthly' progress report due as at 9.7.11 - issued today

  • Gordon 45
  • 22/10/08 n/a (free)
  • a depositor
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Posted: Fri, 12/08/2011 - 12:40

Hi Folks,

I see the JLs have issued their July 9th Progress Report this morning.

I will get back to you all with my thoughts on it, once I check out the info. I will also update my Table 11 to take account of data that is relevent.

But worth noting the following (at a first glance);

Estimated outcome now up from between 91.1% - 97.7% to between 93.0% - 98.1%. Two things, the increase I feel is mainly due to the increase by E&Y (KSFUK) increasing their lower estimate from 75 to 78% (aleady taken account of in my tables). That equates to 0.817p/£ to us. Secondly I feel it is good news that the JLs have not lowered their estimates as cash comes in and the concern re defaulting looms larger re remaining loans.

Also the JLs say on page 6 - hope to pay out in the region of 8p/£towards the end of 2011 (similar to my own thoughts).

Anticpate their next progress report to cover up to around the 9.1.2012.

Page 12 - looking at the 10 largest loans it appears to me based on their bar chart there is 2 over £10m, 7 between £5-10m, 28 between £1-5m and 27 below £1m = 64. So I think that would give an estimate of the current 10 loans as at 9.7.2011 around £95-£100m. Page 14 also mention largest loans and as at 9.7.2011 they were valued at £104m but I think the £12.353m that came back in July from 2012 is not off that total, that would bring total down to around £96m (104-12.353 = £91.647 + at most £5m = £96.647. Remember down to 62 as at end of July, but obviously I could be totally wrong - a question for the JLs, already on my draft list.

Loan book, over 66% is on property, most of which is secured on premium residential properties. 53% of properties in London, 28% elsewhere in UK and 19% abroad.. Valuations have moved ahead in London area since 2008. And they are hopeful of a better outcome than they have used in their projections - page 14.

Non performing loans;

The reposessed aircraft in Dec 2010 - still not sold.

A property in Spain repossessed - very poor market at present when trying to sell. JLs saying little likelihood of obtaining a significant sum.

Unresolved + unclaimed. appears to have gone down to £12.8m and £1.6m. That's good news to me as this is they are a 'thorn in flesh' trying to minimise any area that interfes with straightfoward calcs. As I try to guess what is the current posion. I had still retained £14.2m + £2m in my July fig update, so good news there.

Will look at liquidation costs in more detail but JLs saying that hopefully £23.3m will cover all costs. Not that far back their totals came to £23.286m - so no change their (I already use that figure).

8 staff remaining, last time they had 7 f/t equiv with 4 p/t & 5 f/t. a question to ask the JLs already on my draft list.

So that's a very quick overview of the report. will now look at in detail including the table on costs, returns etc and update my Table 11 and get back to you all once more. but no great surprises and we have to start expecting some sort of increase in 'write offs' shortly. But having said that we will get a dividend of between 6.4 - 8p/£ this year, so 80%. and as said the 90% looks good and then we all start praying for the 95/100% after that.

Take care,

Gordon 45

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Gordon, Thanks. I couldn't

  • tonycBrisbaneOz
  • 12/10/08 31/05/13
  • a depositor
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  • Sat, 13/08/2011 - 22:39

Gordon,

Thanks.

I couldn't help noting that PwC charge us £2 per page for faxes!! I hope they don't fax a lot of long documents.

I also note that we are paying up to 79p per mile for motoring on the mainland. I hope they don't make a lot of long journeys in large cars.

Regards, TonyC.


Wanton waste of our money

  • Wanda
  • 12/10/08 31/08/09
  • a depositor
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  • Tue, 16/08/2011 - 22:04

I have just received a letter from the Winding-up Committee. This single sheet of A4 paper was enclosed in a sturdy (expensive!) 14 X 10 envelope and despatched via DHL. I dread to think how much it cost for me to receive this communication and then, when you multiply the cost by the amount of depositors who also received this letter, it's easy to see where a lot of OUR money is being wantonly wasted!

On a separate note, my sincere thanks to Anrigaut for her advice on how to respond to said communication. This site continues to be a great source of advice on how to deal with this ongoing nightmare.

And now....back to work to earn my meagre pay cheque. In 2008 my life of retirement was brought to an abrupt halt by the Kaupthieves!


thanks Gordon/Icelandic looters

  • sambururob
  • 10/10/08 n/a (free)
  • a depositor
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  • Sat, 13/08/2011 - 13:27

Thanks to Gordon and Ice for their vigilance and the clear analysis of data gained.
It helps raise the morale knowing that there are some people who are on our side!!
We are still trying to decide if there is an ethical difference between a looter in Hackney and an Icelandic banker. One wears a suit - that seems to be about it!!
Rob and Wendy