NI Presbyterian mutual society, Short of funds for withdrawal?

BETRAYED

omlette wrote: »

Jamie Delargy UTV Live Friday...

You can watch again at u.tv. Item lasts for just over 90 secs and starts 13.08 minutes in.

No detailed information but mention of a Richhill developer who has experienced finacial difficulties and is negotiating a deal with creditors (apparently up to £100million in joint property ventures).

Jamie Delargy goes on to mention there are unconfirmed "rumours" of PMS involvement....!!

All in all unlikely to be a good news story for PMS and its Investors/Savers.

If our PMS is involved and we are a 'secured' creditor in this case there is nothing to worry about. Just means the administrator gets possesion of land and buildings or whatever security was arranged.

BETRAYED

joylikes2shop wrote: »

Believe me HOPE.....I've been following this 'story' and have done EVERYTHING I can to try to 'make a difference' since 17 November 2008 (with very little to show for all the time I've devoted to it so far !!!)

....I suppose I should have made my thoughts more clear.

1stly How did KSFIOM manage to form a ''Depositors' Action Group'' ....

SURELY THERE MUST BE SOMETHING WE CAN DO ....ARGhhhh...:mad:

I want to thank all those who, in spite of us not having an offical Depositors' Action Group, have worked to lobby support for our cause.
This forum has served as an ideal website for many of us to share news and information and even get to know other.
Most of our posters on the forum are PMS savers but others who are not affected directly have been kind enough to share their knowledge and opinion with us.
When the Working Party was set up I was indirectly passed a message that no more lobbying was needed.
Please be patient for the next few weeks and see the solution.
Heartening for to read the first sentence in the Downing Street reply to the petition.
The Government fully supports the Mutuals Sector and their role in providing for greater choice and diversity in the financial services sector.

omlette

Jamie Delargy specifically indicates KPMG convened a meeting of creditors and they apparently agreed to accept less than they were owed. Perhaps you did not pick that point up before you posted your response or perhaps you did not review the news clip.

BETRAYED

omlette wrote: »

Jamie Delargy specifically indicates KPMG convened a meeting of creditors and they apparently agreed to accept less than they were owed. Perhaps you did not pick that point up before you posted your response or perhaps you did not review the news clip.

In the case of the Moore Company liquidation PMS were not listed in the list which was available in administrator's office before the creditors' meeting. Mr Boyd on our behalf got title to houses and sites.
REASON....... PMS were a secured creditor. We did not have to agree to settle for less.
We got whatever was secured against the loan.

Grrrandad

Toastandbutter wrote: »

three cheers for Gwen Smyth for having the guts to go public and raise the savers/investors issue into public domain.

summer means little news about and equals opportunities for PMS savers to instigate public discussions while the PMS working group listens on....!

Stick your oars in, write letters, call newsrooms, make a polite but firm noise!

Maybe it's my age, and I'm maybe missing something, but the headline in the Newsletter referred to above - said 'PMS saver forces Treasury climb-down'

This gave an immediate lift - until - I read on down and saw the conclusion of the article:-

'But a HM Treasury spokesman last night played down the significance of the changes on its website. He said that PMS members are ''investors who are legally defined as shareholders and who gave the PMS risk capital'' - doesn't sound much like a climb down to me.

The Government/Treasury were quick to point out when the PMS went in to administration that we were not savers - I haven't heard anything from those in Government to suggest to me that that opinion has changed - sorry - they have set up a committee to 'try and help us'

We have lobbied for nearly a year now and unfortunately I feel we are going to have to sit it out until the next big announcement in September.

I in no way wish to criticise all of those who have been fighting for all of us who have lost money but I am not convinced that the Government has moved one inch in accepting us as savers.

BETRAYED

It was a great mistake that when PMS went into administration and the administrator opted for and got permission from the Court to carry out business by correspondence and therefore no meeting of creditors, that an official lobbying group for the whole of N. Ireland was not set up.
If we do not like what we hear from government after the working party reports do you not think that it would be better if an umbrella organisation of the different lobbying groups be set up.
That would mean that speaking in response with one voice might be better that different groups and individuals.
Groups in Antrim and Down have come together in an informal way and it may be possible to get the other four counties' and R.O.I.'s members to link up as well.
Another option would be to put a notice of a meeting in the press asking interested PMS members to attend.
I think it is now time to prepare a strategy for response or action post announcement of Working Party Report and proposed solution.

HOPE

You are incorrect re a NI lobbying group. There is an official lobbying group. As one who availed of lobbying through the Presbyteries, Churches in Co Down and Co Antrim were also involved in the lobby. (perhaps you would like to check this with the Clerks of Presbyeries involved to satisfy yourself) I understand that correspondence was sent to every presbytery in NI and the Republic. I know this for a fact as I have personal friends in both Antrim and Down who are affected and they too were involved. They all got the letter. As far as I know in Westminister and at Stormont the lobbyists became known as the PMS Savers Lobby Group NI. They may be people who do not attend Church and may perhaps not have been aware but it was also published in the press and on the radio. I know in many churches also that savers helped a lot of pensioners with their letters.

Any member who did not receive a letter could have asked the local Clerk of Session. (It commenced away back in March)

I think it is important for savers to know the true facts here.

To me personally as one who worked very hard at lobbying Westminister along with thousands of other presbyterian savers in the PMS I am insulted when you say that an officical lobby group for the whole of NI was not set up.

If it were not for this lobby and the thousands of letters submitted by thousands of people who are suffering real hardship day by day we would not even be looking at resolutions. In addition, there were many others who wrote letters of support and no doubt posters on this forum.

When I look back on previous posts this point I see was mentioned before. Unfortunately those who monitored the lobby on our behalf came in for for very unfair criticisms which was wrong after all the hard work they had done. You should also know that the lobby group is still intact and is there to act if needed.

Why do we need more groups when the bulk of savers are involved with this one and lets's be honest it has served us very well so far.

BelfastGran

I never heard PMS mentioned in Church (except at the very beginning)
and I rarely miss a Sunday. I never received a letter regards lobbying from my Church or even any mention of it.

BelfastGran

BETRAYED

HOPE wrote: »

You are incorrect re a NI lobbying group.

Why do we need more groups when the bulk of savers are involved with this one and lets's be honest it has served us very well so far.

Hope
I am well aware that one lobbying group, whose members I know have worked very hard mainly with getting support in London, became referred to in London as PMS Lobby Group N.I.
Have some us then been wasting our time in highlighting our plight to the media etc. Where were PMS Lobby Group N.I. when the media wanted to speak to them.
Have they a website to share information with us?
Have they a secretary that we can write to?
Do they just act undercover?
Like BELFASTGRAN I never heard of them in church.
I am suggesting an OFFICIAL Lobbying Group to represent the interests of our members in the crucial days that lie ahead.

HOPE

That is unfortunate for you but there was plenty of reference to it here on this forum by a number of different posters.