NI Presbyterian mutual society, Short of funds for withdrawal?

silentpci

Was there a group meeting in Magherafelt on Saturday? Is there any up dates on what is happening.It seems to have gone very quiet, are things looking any more hopeful?

BETRAYED

If anyone has a contact from Magherafelt area please Private Message me.
I do know that representatives of different lobbying groups (most of them represented on this site) have been promised a meeting with Arlene Foster when her diary secretary arranges it.
They have also asked to meet with the administrator and the solicitors before that meeting.

BETRAYED

Reports in yesterday's Newsletter 6 July and today's Belfast Telegraph AM do give some cause for concern to PMS members.
A meeting of representatives of different lobbying and action groups is meeting this afternoon in Templepatrick.
Amongst other matters these press reports will be considered.
The matter of the administrator withholding ,what he claims is commercially sensititve information (some of which is already in the public domain), is also being discussed as is his failure to reply to certain correspondence and requests for meetings with him from people who have information which they think could benefit him, PMS creditors and members.

ballyblack

BELFAST TELEGRAPH today


Revealed: why Presbyterian Mutual Society collapsed
Tuesday, 7 July 2009



The stricken Presbyterian Mutual Society has lost more than £50m in the property prices crash, an administrator’s report has revealed.

A spokesman for the administrator has also told the Belfast Telegraph that fraud has now been ruled out as the reason for the collapse of the PMS.

The administrator's review of the conduct of the directors is to be submitted to the Department of Enterprise, Trade and Investment in the coming weeks, but will not be made available to PMS creditors.

The second interim public report on the failure of PMS has been published by the administrator, Arthur Boyd. It discloses that the main cause for the PMS crisis was the collapse in valuations of development land.

Loans of £85m were made by PMS for the acquisition of over 100 acres of building sites and development land in Northern Ireland and Scotland. According to the report, these assets have a current market value of only £34m.

The administrator's spokesman said this figure was “a prudent, honest, realistic valuation”, but that his job was to achieve a higher figure if possible. The development land was acquired in Scotland and Northern Ireland, but the administrator has not disclosed the identity of those who borrowed the money.

PMS has, in addition, lost income because some of its commercial tenants have ceased trading. Woolworth's, Principles and Rosberys were all PMS tenants, whose leases have not been resold.

D.A.

ballyblack wrote: »

A spokesman for the administrator has also told the Belfast Telegraph that fraud has now been ruled out as the reason for the collapse of the PMS.

Tellingly, he doesn't appear to say that incompetence can be ruled out.

expat68

Is this new news or just the Irish Times being a bit behind with their reporting?

http://www.irishtimes.com/newspaper/breaking/2009/0707/breaking5.html

seatzie

picked this up off the UTV twitter feed, Robinson meeting Brown today
http://!!!!!!!.com/nqrkyx

okay why am I not allowed to post tiny url links?
http://u.tv/News/Robinson-to-discuss-PMS-with-Brown/96b1ac78-cdd9-4090-879e-d9586af41aa8

Toastandbutter

Bel Tel claims today that a creditors committee will be formed in Sept.

Anyone know anything about it?

goodbyepci

BETRAYED wrote: »

Reports in yesterday's Newsletter 6 July and today's Belfast Telegraph AM do give some cause for concern to PMS members.
A meeting of representatives of different lobbying and action groups is meeting this afternoon in Templepatrick.
Amongst other matters these press reports will be considered.
Also the matter of the administrator withholding ,what he claims is commercially sensititve information (some of which is already in the public domain), is also being discussed as is his failure to reply to certain correspondence and requests for meetings with him from people who have information that could benefit him, PMS creditors and members.

Does anyone have the link to the News Letter article?

Thanks

expat68

goodbyepci wrote: »

Does anyone have the link to the News Letter article?

Thanks

http://www.newsletter.co.uk/news/PMS-on-the-agenda-for.5435160.jp