Very brief thoughts on E&Y (KSFUK) Progress Report dated 7.4.2015

  • Gordon 45
  • 22/10/08 n/a (free)
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Posted: Thu, 07/05/2015 - 19:34

E&Y (KSFUK) 7.4.2015 Progress Report out today – 7.5.2015

Hi Folks,

The above report was issued today 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. It does mention the 12th dividend of 1p/£ on 10.12.2014.

  2. It also mentions the total returns from the various loan books (including Interest) is now £2,197m. No longer mentions the 'Statement of Affairs Value' of £2,967m as at October 2008 ( Book Value).

  3. More importantly to us, their Administrators are in the process of preparing a court application to apply for a third extension of the Administration of a further three years. Worth noting the second extension expires on 7.10.2015. So, in effect, E&Y are indicating they may now need up until 7.10.2018 to finalise their Administration Process. (due to significant ongoing litigation and ongoing delays to recover monies from the Kaupthing hf estate – I think partly due to the restrictions on moving foreign currency out of Iceland at present.

Does not look good for us re any quick end to our PG situation unless our JLs can somehow sell off our Kaupthing hf situation to a 3rd party – would probably have to be an Icelandic company/venture capitalist group?.

  1. 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 amopunt mentioned.

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

  3. The next progress report will be in approximately six months time covering 8.4.15-7.10.15.

  4. The Kaupthing hf Winding up Committee held a formal creditors’ meeting (WuC) on 22.4.2015. The Administrators understand the the Icelandic Government and the Icelandic Central Bank(ICB) have recently commented that economic conditions have improved and that they are considering steps in relation to the relaxation of the capital controls. Although there is no formal indication of the timing or nature of these steps.

  5. 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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UPDATE

  • mikepapa
  • 10/10/08 n/a (free)
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  • Sat, 13/06/2015 - 10:19

Gordon,

Thanks for keeping your 'eye on the ball' - your updates are always welcome!

Kind regards,

Mike


Update etc

  • Lostinspace
  • 13/10/08 31/05/09
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  • Tue, 09/06/2015 - 19:45

Good to know you are still 'on the case' Gordon - thank you so much, again.


Thank you Gordon. No good

  • sambururob
  • 10/10/08 n/a (free)
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  • Fri, 08/05/2015 - 11:04

Thank you Gordon.
No good news but always good to know what is happening.
Have a good day,
Rob and Wendy