KSF UK LOAN BOOK SUB-PARTICIPATION BY KSFIOM

KSF UK LOAN BOOK SUB-PARTICIPATION BY KSFIOM

In reviewing the detailed Administrator’s Progress Report put out by the KSF UK administrator, E & Y, I noted that the Private Banking loan book valued at £1.282 billion, has a sub-participation by KSFIOM of £167 million.

What happens to these loans, do they now revert back to KSFIOM? I haven’t seen any comments from Mike Simpson concerning these loans and whether he expects to make recoveries against them.

The most recent balance sheet for KSFIOM put out by Mike Simpson reduced the balance due from KSF UK by £164.3 million (from £406 million to £241.7 million). Does this offset represent these same sub-participation loans? If so does this mean that E & Y expect there will be no recoveries against these loans or that KSF UK intends to assign these loans to KSFIOM?

I don’t recall seeing any discussion of this subject by Simpson.

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