Some Thoughts on the JLs Sept Data + return estimates

  • Gordon 45
  • 22/10/08 n/a (free)
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Posted: Wed, 16/10/2013 - 20:12

Hi Folks,

Have updated my spreadsheets to account for the JLs September figures. The points shown are a listing of those I feel will still have a bearing on the balance of the Liquidation after the September Report update – you may not agree.

So points I feel are still worth mentioning at present are -

  1. Massive drop in the ‘Unresolved’ - down from £11.475m (my figures) to £5.575m (again my figures). Good news, in the sense, that it lowers the outstanding variables.
  2. The ‘write off’ situation no change but the three yachts loom large now as they total over half of those loans still to be repaid.
  3. No outcome yet from the Privy Council on the 9/10.10.13 re ‘Lighthouse’ affair to see if it will help to substantially reduce the remaining figure for unresolved one way or the other.
  4. Re costs still due – my query re the 951k - is it the full figure still due or only the 20% retention part – no answer yet to me from the JLs. But it seems to me the part retained must be the 20% only. If not the balance of £0.412m (based on my thoughts concerning the JLs £24.3m for costs) would not cover the full £951k. That does not leave a large balance (£0.2218m) to cover remaining balance of costs of Liquidation. That’s why I’ll retain my thoughts of £25m in my calcs for present.
  5. No change re the PG, or interest due, in the July Progress Report. And no more info on the E&Y (KSFUK) part claim re the £185m and any info on the % return on the agreed £310m plus any agreed figure on the £185m and when it might come back to KSFUK – and therefore onwards to us.
  6. Info on the probable end date of the Liquidation, no info – I think it could be end of 2014/mid 2015 before we see an end date. And that is not allowing for any word from WuC of Kaupthing hf re KSFIOM and KSFUK claims.
  7. We had a circa £27.5m ‘pushback on our loan book from 2012 into 2013. The move back of the approx £6.1m loan in July to 2014 is the start of the ‘push back ‘from this year. So could we see a similar figure or even larger sum to last year, being ‘pushed back’ into 2014?
  8. It seems no change in the Unclaimed claims figure of £1.4m shown in the July Progress Report, within the August/Sept data.
  9. We had very slight increases from the JLs in both loan book estimates and both overall estimates within the July Progress Report. Let’s hope for an increase in the dividends due back to us when the E&Y (KSFUK) October Progress Report is issued.
  10. E&Y (KSFUK) have intimated there will be an 11th dividend by 31.12.2013 at the latest. Good news for us as it means cash coming back to our JLs on our behalves, that will help towards the hoped for 2p/£ dividend from the JLs to us, by June next year.

And let’s hope our JLs can get some more cash back in this year, to minimise the balance due in 2014.

As always,

Take Care, and God Bless,

Gordon 45

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  • Yoda
  • 21/10/08 31/05/09
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  • Wed, 13/11/2013 - 07:55

Gordon, I know we don't all post very often, but we are all still here!!!!!
Thanks for your continued tenacity and efforts. You are a man amongst men!

You have always been a ray of hope in the dark, and I for one, love you for it!



  • cande
  • 15/10/08 n/a (free)
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  • Thu, 07/11/2013 - 10:03

Thank you Gordon for your continued efforts in keeping us updated.


  • mikepapa
  • 10/10/08 n/a (free)
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  • Wed, 06/11/2013 - 13:09

Der Gordon,

As always, thanks for keeping your finger on the pulse for us all!

Kind regards,