NI Presbyterian mutual society, Short of funds for withdrawal?

HOPE

NAR wrote: »

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

NAR - I DO NOT NEED TO WAKE UP AND SMELL ANY COFFEE THANK YOU - enough said!!

HOPE

Betrayed

I agree. Have you approached the Administator's Office and put forward your views?

KingVardas

It must be frustrating for many of you. Betrayed in particular has run out of people to blame - he's been through various reverend gentlemen, company directors, the church itself, government ministers, even the Administrator appointed to try and get some of your money back. Betrayed, you keep going on about why things were not done the way you wanted them done . You need to accept that the PMS is an insolvent company because its members caused a run on the bank; you can't turn the clock back - the laws of insolvency now lay down how it has to proceed.
Mind you, you have to laugh when you hear someone complain that the Administrator is a Presbyterian!
Sorry to be hard, but all this lust for vengeance is a big turn off. Not being a regular member of the whinge gang, I just had a quick look at recent posts and I don't think all this complaining is going to persuade anyone to ride to your rescue. Why would a bank bother to take over a £120m hole in the ground if all it was going to get was grief.
And if I don't sound sympathetic, then perhaps you'll realise you are not the only people whose investments, pensions etc have suffered as a result of the global crisis - we all got shafted, so - Presbyterian or not - you are not that special.

BETRAYED

I have e-mailed the administrator on numerous occasions .
Begged him to find out how may creditors would leave all or some of their funds in PMS.
He doesn't want to know. He is supposed to update us with figures.
All we get is a letter about another delay.

A number of us are considering a sit-in in PMS office.
The administrator won't see this because he told me he never sees the forum.
We are taking legal advice on that and I am making personal arrangements for court bail.
We feel somebody must speak for those suffering.

BETRAYED

KingVardas wrote: »

It must be frustrating for many of you. Betrayed in particular has run out of people to blame - he's been through various reverend gentlemen, company directors, the church itself, government ministers, even the Administrator appointed to try and get some of your money back. Betrayed, you keep going on about why things were not done the way you wanted them done . You need to accept that the PMS is an insolvent

KingVardas
Your scorn will not deter me from trying to help people in distress.
Do you understand what a Mutual Society is?
Have you ever heard of the Rochdale Weavers or the Co-Operative Bank.
Do you know the history of the PMS and its origins in 1946.
Sadly there are matters regarding the Administration re recovery of funds from property and property which was secured on loans which we now own but the administrator does not tell us about.

Presbyterians created the PMS
Presbyterians caused the problems of PMS 2008
Presbyterians are being prevented from assisting in a solution.

An economist of a N Ireland bank in the press this week stated that recovery was slowly on the way.
She also said that house property always doubled in price every ten years.

Just wondering Vardas if you are in the clique re PMS/PCI.

KingVardas

Naw, not a Presbyterian myself or in one of their masonic-like cliques, just fed up with the unrealistic tone of all this. What do you mean by creditors leaving their money in the PMS. It's INSOLVENT and IN ADMINISTRATION. I've been through two administrations in my life - got little out of one and a reasonable divi out of the other. But there's no point ranting against the process - it is what it is.
I just thought a more rational and balanced approach might be advisable so as not to deter any potential rescuer who, after all, would be faced with some difficult decisions themselves about how to return money to creditors. I don't deny there is genuine hardhip, just don't think SOME of the contributions on this forum are actually helping. Sorry I butted in - back to work to earn some dosh now.
.

Toastandbutter

FYI guys

I see the News Letter's anniversary PMS feature has been put online;-

http://edition.pagesuite-professional.co.uk/Launch.aspx?referral=other&pnum=&refresh=3c1B0Wi5X61m&EID=782556b3-e397-4047-8239-b1f53cfc27e4&skip=

Toastandbutter

The Bank of England has revealed for the first time that it secretly lent Royal Bank of Scotland (RBS) and HBOS £61.6bn in emergency funding last autumn.....


http://news.bbc.co.uk/1/hi/business/8375969.stm

NAR

BETRAYED wrote: »

Sadly there are matters regarding the Administration re recovery of funds from property and property which was secured on loans which we now own but the administrator does not tell us about.

Mmm quite a serious allegation I would have thought! On what do you base this? Why would it be in his interests to hide such information?

BETRAYED

NAR wrote: »

Mmm quite a serious allegation I would have thought! On what do you base this? Why would it be in his interests to hide such information?

Administrator went to court to get permission to enable him to not disclose the names of Shareholders / Creditors and Loan Holders.
We only have info on the loan holders who ended up in court re insolvency
of themselves or their limited companies. (Put there possibly by Mr Boyd. Banks were more patient)
Two that I am aware of.
When we were told about the appointment of Mr Boyd we only had a weekend to get signatures of creditors who had £100m in PMS in order to have a creditors' meeting.
If we could not get the names of creditors how could we achieve that.
Wish we had taken him to court on that.
I am going to post photos of houses which Mr Boyd is selling at cost of building on my Flicker site later tonight.
I shall post the link later