Why 5 weeks delay before CoI Conference Notes posted to KSFIoM website?

  • IceCrusher
  • 14/10/08 25/10/11
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Posted: Sat, 01/01/2011 - 13:40

Why did it take 5 weeks after the CoI conference before the notes appeared on the KSFIoM website? According to these notes, the JLs knew that more than 7% was likely to be paid in the December dividend - perhaps creditors would like to have known this back in early November!

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CoI notes and EOS

  • anrigaut
  • 19/10/08 30/10/09
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  • Sat, 01/01/2011 - 15:25

In response to an email from me on 22 Dec enquiring about the minutes of this meeting, Mike Simpson replied "Thank you for your email. The minutes of the conference call have been circulated to the members of the COI and I am just awaiting any final comments." The notes were posted the following day ....

For anyone who may be wondering what is the 'EOS' referred to in item 10, this is the 'Estimated Outcome Statement'. I have since asked when we might expect this.

Response from Mike Simpson, 30 Dec 2010:
"We will be preparing a report to creditors for the six months ending 9 January 2011, which will incorporate a revised estimated outcome."

What he doesn't say is when the said report is likely to be available ....


removed

  • follow_the_tao
  • 11/10/08 31/05/09
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  • Fri, 04/02/2011 - 22:00

later


JL's Report and EOS

  • D RAM
  • 13/10/08 01/08/14
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  • Mon, 31/01/2011 - 12:54

Any news when we're going to get the JL's promised report to creditors for the 6 months to 9th January 2011 incorporating the revised estimated outcome? The JL's posting today (31st January ) obviously isn't it.


JL's posting

  • Lostinspace
  • 13/10/08 31/05/09
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  • Wed, 02/02/2011 - 02:36

Can somebody tell us that Jan 31 posting REALLY means?


@lostinspace - JLs posting

  • IceCrusher
  • 14/10/08 25/10/11
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  • Wed, 02/02/2011 - 18:29

I can attempt a Simple Sums answer: The very first JL Report, 'Report to Creditors final v4.pdf' set out the assumed assets and liabilities of KSFIoM. Basically, there was an estimated surplus available to unsecured creditors of £899.4m whilst the estimated sum of unsecured creditors was £907.3m (the sum of the assets appeared to be less than the sum owed to creditors). Now the JLs are showing us the latest 'true-up' following further investigations into dubious claims and the like - and paying off a certain celebrity. A total of some £11.3m worth of claims have been thrown out thereby reducing approved claims (sum owed to creditors) from £899.4m to £888.1m The JLs show this rounded to £888m and then they add back the claims yet to be approved (£15m) and the expected claims (£2m) to arrive at the estimated sum of unsecured creditors of £905m.

Up until now our dividends have been paid using the earlier reference figure of £907m, which means that if a sum of say, £90.7m had been recovered from the loan book + KSFUK dividend and was ready to be distributed, then the ratio of distribution would be 90.7/907 or 10% or 10p/£. If your original deposit was worth say, £300k then your dividend would be £30k. With a revised reference sum of £905m the same dividend becomes £30.07k, an extra £66.27p. If the JLs were to disprove outstanding claims then the sum owing to creditors would move closer towards the estimated surplus and dividends would increase accordingly (fewer to share).

The remainder of this report explains a few issues affecting a minority of DCS claimants that I shan't get into.

I believe this is how it works, hope it helps.
Ice


Thanks, Ice

  • Lostinspace
  • 13/10/08 31/05/09
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  • Thu, 03/02/2011 - 11:26

Great stuff - many thanks.

Why can't the JLs spell it out as clearly as you can? They present a table but most of us, no doubt, haven't the foggiest what it really means. Maybe that's the point....


You're welcome lostinspace; I

  • IceCrusher
  • 14/10/08 25/10/11
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  • Thu, 03/02/2011 - 15:12

You're welcome lostinspace; I believe most people here know what I think of the JLs -- and I don't wear rose-tinted spectacles...
Ice


Thanks Angela; doesn't really

  • IceCrusher
  • 14/10/08 25/10/11
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  • Sat, 01/01/2011 - 21:57

Thanks Angela; doesn't really answer why the JLs took so long to promulgate a very simple report does it? I've had my own communications with MS and feel that he had no intention of posting the notes prior to the distribution. I think that Aurora's comment is somewhat nearer the truth.


COI Conference Notes!

  • Anonymous
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  • Sat, 01/01/2011 - 13:51

Because Nobody Cares!

Happy New Year Everyone! On the 01/01/2011..

Aurora