NI Presbyterian mutual society, Short of funds for withdrawal?

ballyblack

This is all true, but what about the money also advanced to commercial development, shopping centers in Scotland etc.









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OldJohn

ballyblack:
To my knowledge the PMS did not lend money for commercial development in Scotland etc. They bought and now own these premises and benefit from the rental income from commercial tenants.

I agree with Betrayed totally, I would also leave my money in a revived Society (renamed Phoenix!). It has served me well over the years and while currently in a mess I believe that a positive end is in sight.

I myself am disgusted with the banks and am currently moving my personal & business accounts from a bank - their charges are extortionate and the interest they pay is a pittance. The profits they make allow their senior people to have mega bonuses, don't know if anyone in the PMS received such bonuses but looking back at the Salaries quoted in the annual reports vs the number of staff, someone was making a packet!

The letter from the Moderator was encouraging but as has been said 'is a bit late' - but then again - new Moderator - new attitude? let's hope so.

Many people are working behind the scenes and to them I give my thanks, including the two staff members left 'holding the fort' and receiving probably little encouragement, however their encouragement, assistance and positive attitude when you ring or visit has been a blessing to me. To those still financially suffering I hope and pray that you soon receive some good news.

BETRAYED

ballyblack wrote: »

This is all true, but what about the money also advanced to commercial development, shopping centers in Scotland etc.


In my opinion mainland and IOM property was a good investment. It is being professionally managed and bringing in circa 6% return. Glasgow property is let as government offices. With loss of rent from some tenants like Woolworths the administrator has with the agent managed to get reviews of rent with other tenants to make up the loss of property vacated.
Much better PMS invested in commercial property than buy shares at the time, especially blue chip banks.
Part of PMS loss in our present valuation is a paper loss in valuation of the property.
Property valuation will rise again. That's why a 'fire sale' would be wrong.

HOPE

Betrayed, I could not agree more.

HOPE

OldJohn wrote: »

ballyblack:
To my knowledge the PMS did not lend money for commercial development in Scotland etc. They bought and now own these premises and benefit from the rental income from commercial tenants.

I agree with Betrayed totally, I would also leave my money in a revived Society (renamed Phoenix!). It has served me well over the years and while currently in a mess I believe that a positive end is in sight.

I myself am disgusted with the banks and am currently moving my personal & business accounts from a bank - their charges are extortionate and the interest they pay is a pittance. The profits they make allow their senior people to have mega bonuses, don't know if anyone in the PMS received such bonuses but looking back at the Salaries quoted in the annual reports vs the number of staff, someone was making a packet!

The letter from the Moderator was encouraging but as has been said 'is a bit late' - but then again - new Moderator - new attitude? let's hope so.

Many people are working behind the scenes and to them I give my thanks, including the two staff members left 'holding the fort' and receiving probably little encouragement, however their encouragement, assistance and positive attitude when you ring or visit has been a blessing to me. To those still financially suffering I hope and pray that you soon receive some good news.

I fully concur with everything you have said. We should be most thankful to all those including the previous and present Moderator who are doing everything in their power behind the scenes to sort this debacle out. Personally I welcomed the Moderator's letter and I am very encouraged by it. Lets be fair and give him a chance.

Lester_F

PMS were victim of their own success. Too much money being lodged.Funds from site sales by some farmers was one example.
Providing money for housing , even to builders , was not alltogther wrong.
N Ireland still needed houses for people. Housing Executive are not building any more. Housing Assns. are playing a limited role in building.
Moore of Pomeroy was not building big executive houses like South Fork.
Many of his houses I have seen were in the socially deprived protestant areas of N Ireland and could be described as starter homes. One house in my village is 750 square feet. (Now you know I live in a socially deprived area..could explain my bad spelling)
It was partly because funds were withdrawn from PMS that Moore's one company perished...............no more loans for him.
Having said that, no one person should have got a loan of 11% of the total assets of PMS.
[/QUOTE]

Please tell us more about Mr. Moore of Pomeroy. Is he the property developer rumoured to have borrowed about £35 million from the PMS before he became bankrupt?

The Secretary / Directors should be ashamed of themselves.

no_more_f.w.o

Lester_F wrote: »

Please tell us more about Mr. Moore of Pomeroy. Is he the property developer rumoured to have borrowed about £35 million from the PMS before he became bankrupt?

The Secretary / Directors should be ashamed of themselves.

It would seem from the last report from the Administrator, that none of the loans for development land have been repaid. If PMS has first charge on the loans, as we were told. Shouldn't some of the money from the bankruptcy have been repaid by now?

BETRAYED

no_more_f.w.o wrote: »

It would seem from the last report from the Administrator, that none of the loans for development land have been repaid. If PMS has first charge on the loans, as we were told. Shouldn't some of the money from the bankruptcy have been repaid by now?

As I understand it one of Moore's companys went into liquidation.
PMS was a 'secure' creditor. PMS administrator must have got title of land and buildings. Philip Tweedie is now selling dwellings called Springmount Mews at Clough Co. Antrim for Arthur Boyd.
Strange they are not yet on Tweedie's website under Clough or Ballymena but advertising sign is erected and Tweedie e-mailed me a PDF Brochure.

http://webmail.aol.com/43735/aol/en-gb/mail/get-attachment.aspx?uid=1.24886151&folder=OldMail&partId=4&saveAs=Brochure.pdf&a=12201&z=2362737
Mr Moore is still building houses in Ballymena.

freddiemae

BETRAYED wrote: »

As I understand it one of Moore's companys went into liquidation.
PMS was a 'secure' creditor. PMS administrator must have got title of land and buildings. Philip Tweedie is now selling dwellings called Springmount Mews at Clough Co. Antrim for Arthur Boyd.
Strange they are not yet on Tweedie's website under Clough or Ballymena but advertising sign is erected and Tweedie e-mailed me a PDF Brochure.

http://webmail.aol.com/43735/aol/en-gb/mail/get-attachment.aspx?uid=1.24886151&folder=OldMail&partId=4&saveAs=Brochure.pdf&a=12201&z=2362737
Mr Moore is still building houses in Ballymena.

Is this the development?
http://www.propertynews.com/brochure.php?r=1&c=18&s=71013020&i=17&p=PNC330383&fp=1&sort=h2l

BETRAYED

freddiemae wrote: »

Is this the development?
http://www.propertynews.com/brochure.php?r=1&c=18&s=71013020&i=17&p=PNC330383&fp=1&sort=h2l

This is part of the development. There are townhouses and apartments.
They are now priced at less than half the price McAfee was offering them for a year ago.
In other words the administrator is going to get 1million for the total instead of 2m.
Philip Tweedie tells me that his offer prices are the going rate.
(Notice there is no HBAC? certificate.)
That is why the administrator annoys me.