Some Thoughts on the JLs Dec 2013 Figures + Estimates

  • Gordon 45
  • 22/10/08 n/a (free)
  • a depositor
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Posted: Thu, 23/01/2014 - 21:42

Hi Folks,

Cover Note to go with thoughts on December 2013 Figures

Have updated my spreadsheet to account for the information in the JLs December figures (not a lot happened), but it still takes time to update the spreadsheet etc. The points shown are a listing of those I feel will still have a bearing on the balance of the Liquidation – you may not agree.

  1. Taking into account the current free cash as at the Dec 2013 figures we have around 1.4179p/£ towards the JLs hoped for 2p/£ come June 2014.
  2. ‘Unresolved’ – Still £5.563m + the £1.400m ‘Unclaimed = £6.963m.
  3. The ‘write off’ situation still no change, which is good, but the three yachts still loom large, as they total over half of those loans still to be repaid. The virtual non return of loan book cash from July 2013 onwards and the c£28.6m ‘pushback’ from 2013 into 2014 (including the c£6.1m put back from July 2013 into 2014) must mean higher ‘write – offs’ very shortly I think.
  4. Still no outcome yet from the Privy Council on the 9/10.10.13 re ‘Lighthouse’ affair. Was expecting some news on that by now.
  5. No change re the PG, including interest due from last July’s Progress Report. E&Y (KSFUK) have one component of £36.790m gross value still to be resolved. This means a total of £396.292m has been agreed out of a figure of £658.518m with the WuC of Kaupthing hf.
  6. No more info on the probable end date of the Liquidation, I think it could now be mid/late 2015 before we see an end date. Our end date might have to wait on the WuC of Kaupthing hf finalising the KSFIOM and KSFUK claims figures, plus then agreeing the % returns to both Banks.
  7. Still hopeful that the slight increase by E&Y (KSFUK) to 85% for their lower estimated return will allow our JLs to make a slight increase in overall estimated returns to us within their January 2014 Progress Report, even allowing for our poor returns since July 2013 from our own loan book.

And let’s hope our JLs can get some cash back in within 2014 to allow an end to our Liquidation.

As always,

Take Care, and God Bless,

Gordon 45

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Thanks Gordon

  • TykeinSingapore
  • 12/10/08 22/06/09
  • unspecified
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  • Thu, 06/02/2014 - 06:52

Just a small note to say thankyou to Gordon for his continuing vigilance and update on probable future dividends.


Your Summary

  • Wombat761
  • 30/01/09 20/03/15
  • a depositor
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  • Sat, 01/02/2014 - 12:17

Yes its disappointing not to have had any more loans repaid , as previously shown due by 31/12/2013. Has the Liquidator commented on this (somewhere else). Where is the list of outstanding loans?

Thanks anyway, Gordon, for onging your helpful assessments to us hapless depositors!


Outstanding loans

  • anrigaut
  • 19/10/08 30/10/09
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  • Sat, 01/02/2014 - 13:53

Hi Wombat,

The loan book as it stands is here: http://www.kaupthingsingers.co.im/media/7569/loanbook_summary_at_31_dece...

It shows there are 15 outstanding loans, for a total of around £34m. Normally (as announced in the last 6-monthly report last July), all are due to be repaid by April 2014. There is no detailed 'list of loans', but we know from earlier loan tables that only one (large) loan (for around £6.5m) was originally due to be repaid in 2014, the others having been rolled forward from 2013. Of the latter, one was brought forward earlier last year and was also a large one, apparently for around £5.5m. There is I think at least one other large loan outstanding (but Gordon no doubt has a better grip on this than I do).

The next progress report, due out later this month, should give us an update on the breakdown of the outstanding loans, though - just to confuse things (!) - the table we usually get there is by relationship, not by facility (loan). However, Mike Simpson informed me in December that "the large repayments won't come through until after Easter". So I guess we have to be patient a bit longer. Until then, fingers crossed!


Hi Anrigaut & Wombat 761

  • Gordon 45
  • 22/10/08 n/a (free)
  • a depositor
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  • Sun, 02/02/2014 - 22:30

Hi Folks,

Wombat as Anrigaut says we should get an update on number of loans and values in the JLs 9.1.2014 Progress Report update. And as Anrigaut says it becomes 'muddled' because of the JLs use of the words 'outstanding facilities' (loans) and the word 'relationships' where more than one loan from the same person has been linked together.

My latest thoughts still think that there are 5 large loans remaining £5-7 million each, totallying around £29.5m. Hopefully the Progress Report will prove my thoughts either way.

It is hard to be exact when the figures are 'shrouded' for whatever reason. Perhaps the JLs will now clarify the situation for us in this latest report.

Cheers,

Gordon 45