NI Presbyterian mutual society, Short of funds for withdrawal?

Whatnow?_3

Goodnight Jon.

Crazymess - Yes thought about not signing docs but if some sign and some don't, could influence decision in a manner we don't want. We are contacting legal guy in morn.

We are trying to organise entire presbytery meeting through local radio, local press and through our minisiter. If you have a sympathetic minister, that would be a good option. The more we can raise profile the better.

Reference: Rally - we will probably need PSNI authorisation or we could be arrested for illegal march!!!

Yes, some other interest shown in rally too.

Haven't actually seen report - dreading it!

Whatnow?_3

UUP website
Last updated today.
Commenting on the recent problems faced by the Presbyterian Mutual Society Deputy Leader of the Ulster Unionist Party, Danny Kennedy has said;
"In recent times we have witnessed the most serious global economic crisis since 1929, the consequences of which are still being played out on a daily basis. The credit crunch, set off by the collapse in the sub-prime mortgage market, created a seizure in the banking system which was followed by unprecedented turbulence and losses on the world stock exchange. This has resulted in the United Kingdom's economy slipping into a serious recession; all of which has culminated in the virtual stagnation of property development and the property market.
The Presbyterian Mutual Society has unfortunately become a victim to this chain of events and thousands of people now find that their investments and life-time savings have been frozen. Due to the nature of the majority of Mutual Society's investment portfolio, mostly in the property market in the United Kingdom, the bulk of assets are tied up, dividends have decreased and peoples' desire to get their money back has resulted in all remaining assets being frozen. However, the PMS has now been put in administration saving the seemingly inevitable collapse of the Society and the loss of thousands of local peoples' savings and investments. Yet, many are still very vulnerable as their life savings are currently frozen and the future is far from certain. So what can and should we do next?
My Party Leader Sir Reg Empey has written to both the Prime Minister and the Chancellor bringing their attention to the plight of investors and seeking advice on the steps HM Government can and will take to help. The Government has clearly shown that it is willing to intervene in financial markets to restore confidence and stability. There is no reason why this should not also apply to the plight of the PMS.
As an Elder in my local Presbyterian Church in Bessbrook, I am acutely aware of the serious concern felt by individual members and congregations throughout the entire country at this difficult situation.
A delegation from my Party recently also met with the Administrator, Arthur Boyd and his colleagues, and, in a seperate meeting, Rev Dr. Donald Patton and Rev Dr Donald Watts, the Moderator and Clerk of the Presbyterian General Assembly in order to ascertain what further steps of political assistance can be taken.
The Presbyterian Church has been put in a difficult position, for whilst the Presbyterian Mutual Society is legally a separate and independent entity there is a generally held belief that an association exists between the two organisations. The Presbyterian Church feels an obligation of care to those people who have invested in the Mutual Society; however, they are somewhat powerless to influence the current situation.
This is not a time for politicians to be partisan, we need to pull together to ensure the best possible outcomes for people who are currently exposed to the harsh realities of the global economic crisis. Equally it is a time for those people who have invested in the PMS to come together. We must ensure that the Presbyterian Mutual Society maintains its founding principles to ensure a satisfactory and fair outcome for all investors - great and small. The outcome of the Administrator's deliberations should guarantee that everyone gets their money back and not just a select few.
This is a difficult situation which is causing deep anxiety and uncertainty for many people and families across Northern Ireland - at this time of year this financial insecurity is particularly distressing. I would like to assure those investors that they are not alone. The Ulster Unionist Party will continue to remain engaged in the process until the most beneficial outcome for all can be found."

expat68

Like many others tonight am new to this and taking an interest on behalf of my elderly parents. I am overseas so feel a bit helpless as they really shouldnt have to deal with this at their stage in life.

I think the PMS directors have been a disaster and while the administrator is expensive he is a professional which gives people a better chance of getting back what they can in the future. Administration is a very regulated process and the administrator is following it to the letter so far. A link is below which will give you some idea of what to expect in the future. It does mention a meeting but I think this can be waived as long as all shareholders are written to. I wouldnt recommend witholding votes as this is the process everyone is in and it will keep happening with or without you, like it or not.
http://www.herbertsmith.com/NR/rdonlyres/B9068577-3BD1-4A1B-8B5D-AA9D919BAC72/8577/OverviewofUKadministration230908.html
I think there is also the possibility of civil action against the directors if they have not complied with their statutory duties under the Companies Act. This would have to be proved but on what evidence I have seen I would have thought there is a strong possibility. If anyone is taking advice from a lawyer on their position it may be worth sounding them out.

Nomad25

The Presbyterian Church feels an obligation of care to those people who have invested in the Mutual Society;

Then surely it would be the right and moral thing to put their money where the mouth is and empty some of their deep coffers to compensate PMS savers.

MamaMia_2

Another new blogger. Thanks to all who have been adding to this thread in recent weeks - its helped at a difficult time. I have a small amount of money in the society, but like many of you my parents have a considerable chunk of their life savings tucked away in the PMS. They are trying to put a brave face on it but are very worried.

crazymess

Well done for logging on Mammamia

I think tomorrow we will have so much more support - investors are now building up their confidence to speak out.

We will see groovy_jons petition tomorrow and hopefully will hear about other meetings and rallies or whatever.

Joylikestoshop

Maybe we can speak tomorrow.

Whatnow?

I think Goodbyepci suggested the no vote thing - not sure this is a good idea. As you said the vote will go on ahead if they get 50% in agreement.

MamaMia_2

Ok - think I've got the hang of this blog

So whats our plan?
1) Lobby local politicians, possible walk to Stormont?
2) Petition on PCI - to demonstate PCI members disappointment at lack of leadership, understanding and empathy towards our fellow PCI members caught up in this mess. Request to PCI for real help to be given to those in need. Vote of no confidence?
3) Meeting of sharholders triggered at request of shareholders holding 10% of investment. Could this be achieved if investors make written request directly to PMS. How do we unite and track this - could the shareholders send a duplicate of this request to a trusted 3rd party - the administrator, someone reading this thread who is an elder, accountant (?). Surely a meeting would not be costly to setup - rental of a church hall, what about the assembly hall in church house?

Shot my ideas up or down - I just need to feel I'm doing something.

joylikes2shop

Nothing new to report, just want to say 'Welcome' to all new bloggers-the more the merrier !!!
I'd also like to point out that until recently this thread was being viewed on average 200 times a day.I've just noticed that tonight between 6pm and now-midnight- it's been viewed approx 1000 times !!!!
Hopefully these figures are made up from PMS investors who're just new to this site and who'll soon feel comfortable enough to 'join up' and start leaving a few comments-we are all just trying to help each other find the best way forward.

The more feedback that can be shared here the better.

amadan22

could one of you please google "niassembly 21 january 2009" and press the 1st link, then go to the deti questions and answer me if this is now relevant or defunct and too late? p.s. never mind the "did you mean....." after googling.

amadan22

p.s. edit due to poor spelling.