NI Presbyterian mutual society, Short of funds for withdrawal?

mackm

I agree completely with OldJohn and Grandad. I have not personally contributed to the discussion for several months as I got more and more disgusted with the attitude and bitterness of certain people. And honestly this Forum has got so repetitive recently that it's not worth reading.
My prayers are still with those who have their savings tied up in PMS, as I have.

Flinflon

Grrrandad wrote: »

Have to say my main priority is to see my money returned to me - I don't think that hanging people out to dry will be of any advantage in achieving this.

I tend to think that for all PMS savers, the priority is to get our money back as soon as possible. That's a motherhood attitude. That is: Who would disagree with that priority? Certainly not me. But that shouldn't mean we dismiss the idea that wrong was done and should be investigated and dealt with appropriately. Otherwise, the same incompetence or mismanagement--or whatever it was--can visit us, or other potential victims, again and again. When people accept responsibility, I believe they accept the burdens specified or implied, and it is our duty to them, ourselves, our church and society that those people recognise and bear the burdens. We can talk about God's love and compassion all we want, but he also gave us free will (and a measure of common sense!). He didn't put us here to be sacrifices to the actions of others. As to the attitudes of people on this forum: Why would anyone wish to take part if all you expected was agreement, or a level of intellect that was uniform? Be fair to us all...and to yourself!

crazymess

We are were we are and we need to get out of this situation:

What is the state of play today?

We are told that Government/Treasury have the WILL to resolve this - WE NEED TO KNOW IS THIS TRUE? EXACTLY WHAT IS THEIR LEVEL OF COMMITMENT and who exactly has their finger on the button?

We are further led to believe that some banks are interested in taking over the PMS - ARE THEY CARRYING OUT DUE DILIGENCE at present?? What stage exactly are they at? Surely the Administrator would have all of the work done and the banks wouldn't need too much time to see if it is a profitable option in the long term?? Of course one can only assume then that the Government's role then will be to offer some form of guarantee to the interested bank (ie on the bad debts). IS THIS THE STUMBLING BLOCK?

We have been waiting for one year and yet no closure in sight? What is the hold-up?

What is the next stage?
How do we push this along?
Why has the National Media never picked up on this?

Only some searching questions - however perhaps some may have the attitude - just let it be - it will work out all right in the end.

Will it? I really do hope so and SOON.

HOPE

Thankyou Crazymess for a constructive post for a change. Like many others I am sick of reading critcism re Directors PCI and others. We have heard it all before and we do not need reminding constantly. There are bodies to deal with that side of things and I am only interested now in getting my hard earned savings back. No wonder good posters have left this forum or people do not contribute. If you were not depressed some of these posts would make you depressed.

This is were we are at. If savers want to do something constructive lobby those that have the power to settle this including the NI Executive Ministers.

Words are only that. We need action now!! Too many saves are sitting back doing absolutely nothing except critcise and hoping that someone else is going to sort this out for them. If members want their money back they all need to do their part.

BETRAYED

HOPE wrote: »

Thankyou Crazymess for a constructive post for a change. Like many others I am sick of reading critcism re Directors PCI and others. We have heard it all before and we do not need reminding constantly.

This is were we are at. If savers want to do something constructive lobby those that have the power to settle this including the NI Executive Ministers.

Words are only that. We need action now!! Too many saves are sitting back doing absolutely nothing except critcise and hoping that someone else is going to sort this out for them. If members want their money back they all need to do their part.

Hope
A goodly number of us a year ago wanted a meeting of creditors and a 'Creditors' Committee to work with Mr Boyd the Administrator.
I have been told by a solicitor that a Presbyterian elder should never have been appointed Administrator.
I understand that Mr Boyd was the directors' choice.
Instead of us all being allowed to listen to different possibilities for a solution we only got to vote on an immediate insolvency or a slower disposal of our assets.
I am of the opinion that Mr Boyd's mission is as someone else has said
' get government compensation, sacrafice the PMS and allow the directors, PCI and both governments to get away in the smoke.'

The government compensation part is proving difficult.

HOPE

Betrayed

I note what you say thanks. As stated previously all I want now is my savings back so that I can take care of my family. I have not got years to sit and wait.

The Administrator was duly appointed and as far as I am concerned is conducting his duties professionally and we can expect nothing more. Don't blame him.

I do not wish to get into personality's or anything else but government intervention and a bank to buy us out of this terrible mess is our only option if all our savers are to have any chance of seeing their hard earned savings and retirement funds ever again.

BETRAYED

Could Rev. Sidlow McFarland have been a prophet?

His Chairman's Review 2005

Last year I began my report as follows, "We are pleased to be able to report that the remarkable progress of the Society at 31 March 2003 has continued in the year ended 31 March 2004. Total assets have jumped in the year from just over £47m to £84.4m, which is a 79.2% increase."
This year we have begun in a similar vein, recording the remarkable progress of our Society in another financial year, for, wheras at the end of March 04 total assets were some £84m, at the end of March 05 they were £134m. That is an increase in the year approaching 60% and over two years of 185%.
I think this is remarkable by most standards and it was reported to us that a prominent Ulster businessman would be very happy to buy PMS if it were on the market. No Doubt.

Janesays

D.A. wrote: »

Enron's accounts got past their auditors, because the auditors were just as bent as everyone else. Not that I'm implying anything about the PMS's auditors of course.

And religion and money *can* mix; it's religion and the *love* of money which don't mix.

No they don't. I am Presbyterian and can tell you that the churches officials are as bad as anyone when it comes to mixing these two immisable aspects of life. Church 'giving league tables', makes me sick!

NAR

HOPE wrote: »

As stated previously all I want now is my savings back

Which is not possible - the money is gone! Bad investments have seen to that, wake up and smell the coffee!

BETRAYED

HOPE wrote: »

Betrayed

I note what you say thanks. As stated previously all I want now is my savings back so that I can take care of my family. I have not got years to sit and wait.

The Administrator was duly appointed and as far as I am concerned is conducting his duties professionally and we can expect nothing more. Don't blame him.

I do not wish to get into personality's or anything else but government intervention and a bank to buy us out of this terrible mess is our only option if all our savers are to have any chance of seeing their hard earned savings and retirement funds ever again.

Hope

Boyd with creditors' approval could pay out 10% of everybody's capital. Six months ago he could have paid out 5%. Tax Free it would have been.
That would have better than interest from other places.
He can't pay interest.
He has been party to prolonging hardship.
Does he want £30m for a luck penny to give the directors of whatever bank buys us?
Remember Government can't order a bank to buy PMS. Directors decide and they are responsible to their shareholders.
We want that money for Christmas......people need it.