Very brief thoughts on E&Y (KSFUK) 7.10.2015 Progress Report

  • Gordon 45
  • 22/10/08 n/a (free)
  • a depositor
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Posted: Mon, 09/11/2015 - 14:03

Hi Folks,

E&Y (KSFUK) 7.10.2015 Progress Report out on – 5.11.2015

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. No mention of an actual date for a 13th dividend. Although it again mentions the 12th dividend of 1p/£ on 10.12.2014.

  2. It also mentions the total returns from the various loan books (including Interest & fees) is now £2,201m. Excluding interest and fees received, the total is £2054m as against a 'Statement of Affairs Value' of £2,610m as at October 2008 ( Book Value).

  3. Their Administrators have 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.

  4. The only indication of a further dividend from E&Y (KSFUK) to non –preferential creditors appears to be in Quarter 1 of 2016 at the earliest, with no amount mentioned.

  5. The estimated range for total dividends to non-preferential creditors still remains once more at between 85p/£ -86.5p/£.

  6. The next progress report will be in approximately six months time covering 8.10.15-7.4.16.

  7. The WuC of Kaupthing hf issued a composition proposal to Khf’s creditors on 23.10.2015 and are intending to convene a creditors’ meeting to be held in late November 2015 for the porposes of voting on the proposal. If the proposal is implemented, E&Y understand that an initial cash distribution to Khf’s creditors will be paid as soon as reasonably practicable, which may be as early as Q1 2016, and based on agreed claims.

I said in my thoughts covering the SL’s July-Sept 2015 data - Re the PG – no change from last time - (From data obtained within & outwith the July Progress report) – Icelandic Government had asked all parties to accept a ‘haircut’ in order for things to progress. Or the ‘Estates’ go into Bankruptcy and pay a 39% tax. If the three Banks, as was - Landsbanki, Glitner & Kaupthing hf all agree to the above ‘haircut’. Confirmation of the way forward due from Icelandic government by end of December 2015, as that is the cut-off point to accept the composition proposals. Obviously if all requirements are met it does not mean we would get some form of initial return in Q1 of 2016 as our SL still has to finalise returns on the Loan Book and agree ‘Unresolved’ claims – then agree a final figure with the WuC (as I see it). But the E&Y Progress Report does seem to show another step forward is in the offing. Perhaps allowing our SL to proceed in the way he wishes.

JLs/SL did state in the July Progress Report that the value of any claim (based on our dividend now being at 100%) would be small. And also once the claim has been agreed it is possible that it will be sold rather than held until the conclusion of the Icelandic Insolvency Process.

  1. So again, it seems well done to our JLs when they managed to sell off the remaining balance due to us from 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 brief thoughts may not be what others would have picked out from the KSFUK report. So my apologies to any colleagues whose thoughts differ from mine.

Yours,

Gordon 45

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Many thanks for the diligence

  • cande
  • 15/10/08 n/a (free)
  • a depositor
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  • Fri, 13/11/2015 - 00:29

Many thanks for the diligence and benefit to us all of your updates.
Best wishes from down under to you and all the other 'victims' of this fiascot. Isn't it strange how things pan out but could alway have have been a LOT worse!