NI Presbyterian mutual society, Short of funds for withdrawal?

loganjh

Have the Directors faithfully executed their duties? Were the PMS investing in areas where they shouldn't have been, for example in buy to let speculation. It is quite obvious that they were investing in high risk areas (this would appear to be contrary to the stated investment philosophy), bought at the top of the market (overpaid) and was managed ineffectively. First step is to get the directors all disqualified from holding directorships and also press the administrator to confirm whether the directors acted in accordance with their fiduciary duties. If not then there may be a case for taking legal action against the directors personally.

Whatnow?_3

loganjh - funny I was thinking the same thing - what qualified these guys to speculate with our money? Was one person charged with too much power, I wonder?

joylikes2shop

I suppose this day had to come....I'm getting really angry now.

Still no sign of the Administrators report.I phoned PMS to ask if it was available to view on the internet- I was told it SHOULD be on their site now......but isn't !!!! (I cant believe that these long awaited,important documents were posted out 2nd class post as reported in the paper today - is this yet another way of keeping everyone in the dark for a while longer ?)I asked again if there were any plans for investor meetings only to be reminded about how difficult it would be to organise for 10,000 + people......Surely an emergency general meeting (or a vote to see if investors want one ) is the least we could expect in these exceptional circumstances.Yes, this will need to be paid for, but I'm guessing that when the cost is taken out of the eventual final return of investments, it wouldn't be missed when spead between 10,000 people.

Hopefully the report will turn up tomorrow, but if it's 39 pages long, it'll take some time to read and make sense of.We've waited two months for this report with only rumor to go on about it's progress and findings.I'm sure everyone wants this resolved as quickly as possible but with a deadline of 30 Jan (less than 2 weeks ) to return voting papers I feel that investors are now being put under pressure to make decisions about an area which I'm sure most are totally unfamiliar.
I'm now making arrangements to seek legal advice.

amadan22

dear crazymess, we have 4 business days and counting to organise meeting at our own expense! also must involve at least 10% stakeholders. is this likely to happen? p.s. could you let me know if my questions on post #201 are fatuous? don't even mind if you call me an idiot. i'd just like to know. good luck

crazymess

amadan22

Look - this is pretty much over now unless we start to lobby stormont and demand the pci to take some responsibility.

One Saver on UTV tonight and one Saver on BBC tonight - it seems as if everyone is happy with letting this go to run-down. Certainly the PCI and Gov will be!

Imagine you can lodge money in a different country (Iceland), the company goes down, but all the British Savers get their money back!!!!!!

Answers to your questions will be found in the booklet which you should have received today.

As I understand if those with over £20000 in the PMS will get paid first in the event of liquidation as they have actually lent their money to PMS and therefore are viewed as CREDITORS.

Not sure if this is also right - approx 7500 investors have 20000 or less invested and there are approx 2000 investors with more than 20000 invested. This is made up of individual and congregations.

As I also understand it if you want a meeting with the Administrator we will need investors with a total investment in PMS of 10% of the total say 320 million. This is all very hard to do when we don't know all the names of the savers, nor do we know the amounts they have invested.

Groovy_jon

Go for the petition. I will PM you soon.

Nomad25

Yes go for it, even though I'm not an investor, I will sign your petition once its set up. This shabby lot must be 'called to account'.

presbyteriannomore

crazymess

What you have stated is one of the reasons why I think the pressure should be firmly on PCI rather than Stormont as government will be limited in what they can do, partly because PMS didn't sign up & pay up for FSA guarantee scheme, and partly because amounts over £20K are actually loans to PMS, not savings. From experience PCI don't do integrity or facing up to their responsibilities, so it's going to take serious pressure to get any result, at present they are treating their own members with contempt. PCI have considerable resources that could be used, at least in the short term, to help out the smaller investors who will now be at the back of the queue. They are making excuses that this isn't legally possible at present, but now is the time for them to make it clear that they will do whatever it takes to help those individuals they encouraged to save with PMS in the first place. If serious pressure isn't put on now they will batten down the hatches and wait for the trouble to die down as that is their preferred method of dealing with problems.

amadan22

hearts and minds mentioned it too as a disgrace and that the pci should step up. very very brief though. there are also the questions on the 21st to the deti though faith is rapidly dwindling. apparently h.m. treasury is in no mood for more "poor mouth" stuff from over here. i personally have no problems standing up and being counted and will sign the petition being put forward and being an extra head at any meeting. is the pci the only hope? or what about potential investors/buyers mentioned in report? thank you for not treating me like a total ar*e. cheers

crazymess

Presbyteriannomore

Fully agree with you - lets support groovy_jon and PM him/her so that he/she can confidently go forward with petition online idea. Its understandably lonely trying to set this up and wondering about the results.

There you are groovy_jon - theres three people ready to sign. Amadan22 - Joylikestoshop, anotherDonald, Loganjh etc etc - if in agreement please support this.

Hope you are working on it now Groovy_jon - 13 days to go!!!

We can then email the Newsletter tomorrow and mention this and hopefully all the quiet people can get to a computer and lend their support!

Whatnow?_3

jon groovy, did mail go through ok?