Very brief comments on KSFUK 7.4.2016 Progress Report

  • Gordon 45
  • 22/10/08 n/a (free)
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Posted: Sat, 07/05/2016 - 17:13

Hi Folks,

E&Y (KSFUK) 7.4.2016 Progress Report out today – 6.5.2016

The above report was issued as above on the KSFUK Website.
The Report does not concern us now, due to the sell off to a third Party by our JLs re the balance of our claim against KSFUK. So I will not go into any great detail other than to say the report is there if anyone wishes to browse through it.

  1. The 13th dividend of 1.25p/£was paid out on 30.3.2016..

  2. Further dividends will be paid subject to consultation with the Creditors committee and the level of funds making it cost effective to do so.

  3. It also mentions the total returns from the various loan books (including Interest) is now £2,211m. Excluding interest and fees received, the total is £2064m as against a 'Statement of Affairs Value' of £2,610m as at October 2008 ( Book Value).

  4. Note – Their Administrators had already applied and been granted an extension of the Administration of a further three years. So, in effect, E&Y now have up until 7.10.2018 to finalise their Administration Process.

  5. The estimated range for total dividends to non-preferential creditors has increased slightly from between 85p/£ -86.5p/£ to between 85.5p/£ - 86.5p/£. Total paid so far is 83.75p/£.

  6. The next progress report will be in approximately six months time covering 8.4.16 - 7.10.16.

  7. We then have a very in depth section involving repayment to KSFUK from Kaupthing hf WuC in relation to the KSFUK claim. The first Distribution was paid in January 2016 and KSFUk received 44.4m Euros, non interest convertible ‘Notes’ of £86.2m and new shares in Kaupthing hf. A further small payment was made direct to the Trustee of the Bonds. There is more complex info on this that I have not gone into. Further cash payments will be made through the ‘Notes’ on a quarterly basis. The first was paid ahead of schedule on 27.4.2016 for £200m (6.37% of the ‘Notes’). A further smaller payment is exected in May. But KSFUK have to apply to the Icelandic authorities for this cash to be released from a custody account in Iceland. It is expected to be purely a procedural requirement. This part of the Report is quite complex and anyone interested should go to the site for more information.

  8. There is more information on other continuing aspects of the KSFUK situation within the Report. I have not got involved with this data as it is of no concern to us now. But the above condensed info on the repayment side to KSFUK may be of some interest as it shows what is happening re KSFUK. We await further info from our SL on whether he has received back from the Kaupthing hf WuC what was agreed. But based on this Report it may be fair to assume our SL has received our share. We await word from the SL.

  9. So again, we, thanks to our JLs (at the time) managed to ‘close off’ the balance of our claim with KSFUK, to a third party – and that allowed our JLs to pay the balance due to us, that gave us a 100% return of our capital.

Again my very very brief thoughts may not be sufficient for many, or some of you. But we really have no great interest now on something that no longer affects us, other than how the KSFUK claim against Kaupthing hf is doing (purely my opinion) against our own PG claim.

Yours,

Gordon 45

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Hello Gordon I note you say "

  • Blades
  • 19/10/08 n/a (free)
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  • Wed, 11/05/2016 - 03:49

Hello Gordon

I note you say " The 13th dividend of 1.25p/£ was paid out on 30.3.2016."

I checked in my bank account and do not see any payment. Has the money actually been transferred into our accounts or is its non-appearance an issue specific to me. I have never had a problem in the past.

Who do you recommend I contact?

Many thanks as always


"The Report does not concern

  • sambururob
  • 10/10/08 n/a (free)
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  • Wed, 11/05/2016 - 08:27

"The Report does not concern us now, due to the sell off to a third Party by our JLs re the balance of our claim against KSFUK."
The dividend was paid by KSF UK, we are KSF IOM.


To sambururob + others

  • Gordon 45
  • 22/10/08 n/a (free)
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  • Thu, 12/05/2016 - 08:44

Hi there,

Thanks for clarifying situ to the other DAG colleagues.

Totally sorry if I have mislead and built up peoples hopes. Only trying to give a short sharp update on where KSFUK were and the fact that E&Y had received two dividends back from Iceland, and that hopefylly our SL had received the £960k 'face value' figure back from Iceland also.

Have asked the question, no reply so far,

Cheers,

Gordon 45


13th Dividend

  • Blades
  • 19/10/08 n/a (free)
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  • Thu, 12/05/2016 - 01:43

Got it.

Thanks very much for the clarification.


Thank you for your reply

  • Jean-Charles Marlier
  • 10/10/08 31/05/09
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  • Wed, 11/05/2016 - 08:43

Thank you for your reply samburubob.

I just hope that we will get our 13th dividend soon too....

Have a nice day

J-Ch


13th dividend

  • Jean-Charles Marlier
  • 10/10/08 31/05/09
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  • Wed, 11/05/2016 - 04:09

That's exactly the same question I was going to ask;I also didn't receive anything,any clarification Gordon on that issue?

Thank you and best regards

Jean-Charles


Thanks for putting in the

  • sambururob
  • 10/10/08 n/a (free)
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  • Mon, 09/05/2016 - 11:22

Thanks for putting in the effort Gordon.
Have a good day,
Rob and Wendy