NI Presbyterian mutual society, Short of funds for withdrawal?

HOPE

I think that both savers and PCI have been duped by the NI Executive Ministers who are supposed to be representing our interests in the Working Group. Why have they not disclosed this before now? - They must have known about it. Instead the First Minister and other Assembly members stand up in the NI Assembly painting what appears to be a positive picture. He appears quite content to let ordinary decent people suffer without a thought whilst he draws up shopping lists for all and sundry. The question I ask is does the NI Executive really care about the PMS savers? Where is the openess and transparency at the NI Executive? Personally I have no confidence not after this. If they would pay less attention to expenses and focus on the real issues of human suffering and get off their backsides and do something about it. That is of course if they are up to the job?? Maybe these people in HM Treasury are too much for them!! Talk about losing touch with the people and then the next thing they will be looking for votes - not mine. What of Mrs Dodds MEP? What is she doing for the PMS savers if there is an EU issue?

Grrrandad

It was quite obvious (to me at least) that if the British Government was going to help us out they would have done so a long time ago. They never saw us as savers and no matter how much support we try to enlist they are not going to change their minds.

It looks as if Mr Boyd is using delaying tactics by suggesting he needs to see what the Government is going to do before telling us what he is going to do.

Lester_F

This post may be rubbished, but previous attempts to silence my views have only concentrated my thoughts on this matter and encouraged me to post more often.

The fate of PMS savers is in the hand of politicans! I have no faith in those people.

Although we haven't been told that savers' will lose money yet; my view is that will only be a matter of time.

This raises the question. What do we do then?

BETRAYED

Lester_F wrote: »

This post may be rubbished, but previous attempts to silence my views have only concentrated my thoughts on this matter and encouraged me to post more often.

Lester_F wrote: »

The fate of PMS savers is in the hand of politicans! I have no faith in those people.

Although we haven't been told that savers' will lose money yet; my view is that will only be a matter of time.

This raises the question. What do we do then?

Lester
Your post is everything but rubbish. Several postings prior to yours are very much to the point.
As I understand it the Administrator has to go to court for an extension of his appointment before 17 November.
I and others want a meeting of members and an opportunity to appoint a creditors' committee of up to five people to represent the 'creditors' and work with the Administrator.
The Administrator should no longer be allowed to carry on business by correspondence as has been granted to him by the Court.
Remember he was appointed by the court at the request of the directors.
Since taking over Mr Boyd has had delay after delay blaming Government for not telling him what compensation they can offer.
So far he has not ascertained how some creditors or members might keep their 'savings' in a future properly regulated and managed Mutual Society to enable those in most need to withdraw funds. I think this is very strange.
I think it is also strange that he has not yet sent his report on the directors to DETI
It is time we all knew what is happening. Members of a Mutual Society, many of whom are also creditors deserve to be told.
I have heard time and time again why information is 'sentitive' and we must not do anything to damage the chance of a resolution.
It is time there was a meeting.

D.A.

From jon_groovy's list of directors:

I could be very wrong on all of these, but I *think* Aileen Graham was the principal of Cambridge House Girls School in Ballymena until 1999 (it could of course be a different Aileen Graham).

Colin Dougan may well be a lawyer.

Wallace Pepper may own a haulage company, and seemingly some horses.

Phylis Sleith is the wife of Rev. Jim Sleith, ex-minister of High Street in Antrim.

John Boggs seems to be a businessman (can't figure out what business though).

BETRAYED

D.A. wrote: »

From jon_groovy's list of directors:

I could be very wrong on all of these, but I *think* Aileen Graham was the principal of Cambridge House Girls School in Ballymena until 1999 (it could of course be a different Aileen Graham).

Colin Dougan may well be a lawyer.

Wallace Pepper may own a haulage company, and seemingly some horses.

Phylis Sleith is the wife of Rev. Jim Sleith, ex-minister of High Street in Antrim.

John Boggs seems to be a businessman (can't figure out what business though).

Aileen Graham is the former Cambridge House Girls' School headmistress.
She lives in Ballymena.

One name missing from the list of Directors is solicitor Alan Hewitt. He
resigned on 30 Sept.2008 He was a solicitor with L'Estrange and Brett and I have been told that he was at one time a partner with that firm.

Mark Orr is a well known (NI) practising barrister and was acting chairman of director's board when we went into administration.

Rev Derek Poots is retired minister in Route Presbytery. Formerly minister of Trinity Pres. Church Ballymoney.

Any of the directors whom I approached refused to speak with me.

OldJohn

Just a note - have missed the forum this past week or so - A close friend of mine has spoken with a few of the Directors frequently over the past year and assures me they are devestated by what has happened and some are beavering away behind the scenes to help bring a successful conclusion to this disaster. I have said before that I was an unpaid director in an institution and believe me I along with the other directors was totally taken in by misinformation given to me. You have to be there to understand what can happen in any situation. I wasn't there when it all went belly up so I don't know - anything else is speculation. I am under no illusion that it is indeed a disaster for many savers who have, and still are, suffering financial hardship on a scale few of us can imagine. I'm not here to defend anyone, but as usual we are devoid of facts. We have gone through the surprise/shock of what happened, we have been and still are angry (justifiably) and are now frustrated - we complain when we get no information and complain about the cost when we do - that's what happens.
Lots of negativity on Forum = depression for readers. I've been through an administration and if you look up the rates administrators charge - Mr Boyd is very reasonable.
Do we really want to push him into a vote where those less than £20K get nowt?
OK it takes time - we've waited a year - prices of property are on the rise, the value of what was accepted as a guarantee for loans is improving - rent is still coming in.- I know this doesn't help those with debts they need to pay now, but the end is in sight - keep the faith - and pray for those who desperately need help now.

HOPE

I agree with what you say.

The Adminstator is obviously waiting on the government decision. If he is pushed to a vote it would be disaster for the shareholders. We want everyone to get their money back. Ian Pearson is typical of HM Treasury - hardball to the end. At the end of the day it is the PM's decision and no one else. Remember what he and others have said in the past. As for the EU issue this was raised months ago by Jim Allister QC and other savers. HMG have the scope to act if they have the will!! It is a British matter as I understand it. We are not beaten yet and no one has said no. The report is due on Wednesday. Perhaps we should see what happens then and take things from there.

BETRAYED

In the Annual Report for the year ended 31 March 2008 under item
18 Related Transactions we read
" At the Balance Sheet date directors had investments (held directly, jointly or as trustees) of £1,569,014 and borrowings of £26,428"

I would like to know what these figures were when we went into administration. We are entitled to be told this by the administrator.

By the way, the above information only appears on the full 2008 annual report print out available from PMS office and was not in the printed reports sent out to shareholders.

Lester_F

Posting personal details of PMS Directors will result in this thread being shut down.