NI Presbyterian mutual society, Short of funds for withdrawal?

D.A.

crazymess wrote: »

It is just a little annoying that for eg D.A. and some others must feel we don't deserve our money back.

If you're wondering why people are leaving this thread, and why people are apparently losing sympathy for some of you on here, take a look at comments like that...

fivealive_2

crazymess wrote: »

.

It is just a little annoying that for eg D.A. and some others must feel we don't deserve our money back. and query us - point of note here D.A. - did the RBS AND THE ICELANDIC BANKS HAVE A CONTINGENCY IN PLACE????
We are trying to find a way to get the return of our savings - thats all.

Have I lost the plot? :huh:
In which Post did D.A. imply that PMS Investors don't deserve their money back? I seem to have missed that one? :think:

crazymess

D.A. wrote: »

If you're wondering why people are leaving this thread, and why people are apparently losing sympathy for some of you on here, take a look at comments like that...

Because we are four months into this and pretty exhausted and skint!!

Also I did not intend direct criticism at D.A. - apologies.

I don't know of anyone leaving this blog - our viewing numbers are amazing - but what I don't like is those asking WHY THEY DID NOT HAVE A CONTINGENCY AT THIS LATE STAGE IN THE GAME - WE NEED TO EXHAUST EVERY AVENUE TO GET HELP FOR THE 10542 PRESBYTERIANS OLD AND YOUNG ALIKE BECAUSE THEY ARE MEMBERS OF OUR COMMUNITY.

HAVE YOU ASKED RBS WHAT CONTINGENCY THEY HAD IN PLACE? WERE THE SAVERS IN THE RBS CONCERNED ABOUT THEIR CONTINGENCY PLAN? WERE THE ICELANDIC SAVERS CONCERNED ABOUT THEIR CONTINGENCY PLANS?

goodbyepci

http://www.businessworld.ie/FullFeed/article.htm?a=2372525

fivealive_2

My dearly beloved says that some-one should contact Eamonn McCann and get him ranting about the plight of PMS investors. I got an email address for Eamonn by doing a google [EMAIL="Eamonderry@aol.com"]Eamonderry@aol.com[/EMAIL]
I personally won't be "drawing him on me" as I find that a little of Eamonn and his OH Goretti H. goes an awful long way!:rolleyes2
Do any of the rest of you fancy bending his ear?

concerned_saver

I have discovered that PMS purchased a property in Glasgow in 2006 for £12.75 million. The people they bought it from, had purchased it 7 weeks earlier for £9 million, so £3.75 million of our deposits finished up in the pockets of a property firm based in Scotland, with strong Northern Irish connections after only 7 weeks. PMS were advised by G Gilfillan Paterson. Who was looking after our funds?:mad:

non_member

concerned_saver wrote: »

I have discovered that PMS purchased a property in Glasgow in 2006 for £12.75 million. The people they bought it from, had purchased it 7 weeks earlier for £9 million, so £3.75 million of our deposits finished up in the pockets of a property firm based in Scotland, with strong Northern Irish connections after only 7 weeks. PMS were advised by G Gilfillan Paterson. Who was looking after our funds?:mad:

http://www.compropscotland.com/news/archive/21343665/

Apparently a buoyant market helped joint venture property fund AWG Property/WG Mitchell make a profit of £3.75 million in just seven weeks.
In August the joint venture paid £9m to Taylor Clark Properties for Citypoint 2, the 42,000 sq ft, five-storey office building in Tyndrum Street, Glasgow, and the price reflected a net initial yield of 2.5 per cent. It then let 25,000 sq ft of the building to Scott Wilson Scotland on a 15-year lease with a break at 10 years.

The JV then sold Citypoint 2 to a Mutual Society for £12.75 million, reflecting an initial yield of 5.25 pc.

AWG property director Stephen Kelly apparently said: “The sale of Citypoint 2 represents a fantastic return just seven weeks after purchasing the building. We invested in IT on the back of our overall confidence in the Glasgow letting market and hoped an aggressive marketing campaign would attract a few tenants in the first 12 months.
“However, we had not banked on the level of interest we received in Citypoint 2 so soon after purchasing the building. The fact that we were approached by two tenants shortly after we purchased the building bodes well for the Glasgow letting market.”

AWG Property / WG Mitchell was advised by Knight Frank and Lambert Smith Hampton, while Gilfillan Paterson acted for PMS......

It looks like a good example of old fashioned capitalism and a great fee earner for the advisers.

For the record :GILFILLAN PATERSON LIMITED
Reg No. SC229350
Registered Office 11 ELMBANK STREET, GLASGOW, G2 4PB, G2 4PB

You would love to read how this was minuted by the Directors and exactly who introduced the opportunity to PMS!!

freddiemae

http://www.propertyweek.com/story.asp?sectioncode=36&storycode=3105796

from Feb 2008 -- trouble in developer land

Ballygal

concerned_saver wrote: »

so £3.75 million of our deposits finished up in the pockets of a property firm based in Scotland, :mad:

So that £3.75 million isn't even in their pockets now!!!!:mad: :mad:

joylikes2shop

http://www.paulgosling.net/2009/03/a-presbyterian-warning-co-operative-news/