NI Presbyterian mutual society, Short of funds for withdrawal?

NAR

Is he not obligated to sell the properties?

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 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.

King Vardas

If everybodys investment is down 30-40% then what is the difference in PMS 350m down 120m.
I am not an accountant but that is 37.5%.
Should PMS have invested our savings in the stock market. Directors would have got hell for that. That would have been speculating. See how stock market is rising in recent months. Wise up!!!
As far as I have found out builders who had loans from PMS were not building 400-500K mansions.
Stephen Moore was building starter homes.
NI Housing Executive Strategy Document states that we need 2,000 of those every year in N. Ireland.

BETRAYED

NAR wrote: »

Is he not obligated to sell the properties?

He may be but he should not be 'giving them away'.

I know speculators are buying them up.

totallyletdown

BETRAYED wrote: »

He may be but he should not be 'giving them away'.

I know speculators are buying the up.

Has the administrator already started selling some of the properties ?

BETRAYED

News Flash

PMS Administrator using Philip Tweedie of Coleraine to sell houses at bargain prices. Below cost of building.
Springmount Road Clough and in Coleraine, near MountSandel, Knockbracken.
Speculators get in quickly. Might as well enjoy the spoils of this fiasco. Wonder if Boyd would let me use my savings for a deposit on these bargains? Speculators making some quick bucks at the cost of PMS savers whilst some are begging for treasury compensation and the rest have their heads buried in the sands.

In 1845 during the Potao Famine in Ireland,Britain let us starve. Poor Irishman stole a handfull of Travellion 's corn for his starving family.
Ever heard the ballad 'Fields of Athenry'
A descendant of Travellion is today a BBC war correspondent.
At the match next week-end in Croke Park you can all sing the song.
Can't aford to go because my money is in PMS.

BETRAYED

Promised to post PMS Bargain Properties.

http://www.flickr.com/photos/53612596@N00/


Tomorrow I hope to post a video on Youtube with more facts.

Watch this space.

HOPE

The bickering and unwarranted comments on this forum are not helping any of the innocent savers who have suffered enough and continue to do so. Some are penniless, in bad health, do not know where to turn for help and are depending on the Administrator in conjunction with HMG to help us. This is our only chance. For goodness sake will you let him do the job he is paid to do and has done professionally. Stop criticising all and sundry. Banks are in serious negotiations. We need to stay calm and patient. What is done is done. The post mortems can come later. Savers are frustrated, angry and completely exasperated.Yes we have waited a long time and we are lucky that we are at this point. It has been a long fight. The only savers in the UK not to have been given financial assistance, no protection - nothing. This would not have been permitted to happen in England, Scotland and Wales. Treated terribly, discriminated against but we will not be going away. SAVERS Please keep calm and focused and do not rise to posts from non saves that annoy you.

D.A.

You could always take your case to the Supreme Court.

Oh, wait now...

crazymess

presbyterian mutual society : 1 Northern Ireland Assembly debate
================================================================

Northern Ireland Assembly: Private Members’ Business: Credit Unions (23 Nov 2009)
[URL="mhtml:{D04F8A61-5E54-4334-8412-F1D2F2AB6917}mid://00000023/!x-usc:http://www.theyworkforyou.com/ni/?id=2009-11-23.8.1&s=presbyterian+mutual+society#g8.24"]http://www.theyworkforyou.com/ni/?id=2009-11-23.8.1&s=presbyterian+mutual+society#g8.24[/URL]
Sean Neeson: ...that the issue of credit unions has been and continues
to be of major importance to us. It is not only the credit unions that
are important to the Committee; it has discussed the problems that the
*Presbyterian Mutual Society* faces. The Assembly accepted the
Committee’s lengthy report in February 2009. That inquiry was set
up to examine the role of credit unions in the communities...

BETRAYED

crazymess wrote: »

presbyterian mutual society : 1 Northern Ireland Assembly debate
================================================================

Northern Ireland Assembly: Private Members’ Business: Credit Unions (23 Nov 2009)
[URL="mhtml:{D04F8A61-5E54-4334-8412-F1D2F2AB6917}mid://00000023/!x-usc:http://www.theyworkforyou.com/ni/?id=2009-11-23.8.1&s=presbyterian+mutual+society#g8.24"]http://www.theyworkforyou.com/ni/?id=2009-11-23.8.1&s=presbyterian+mutual+society#g8.24[/URL]
Sean Neeson: ...that the issue of credit unions has been and continues
to be of major importance to us. It is not only the credit unions that
are important to the Committee; it has discussed the problems that the
*Presbyterian Mutual Society* faces. The Assembly accepted the
Committee’s lengthy report in February 2009. That inquiry was set
up to examine the role of credit unions in the communities...

Thomas Burns also declared an interest. He said that credit unions have supported communities. He also expressed concern about the banks, which have got us all into trouble. That is why I, as a member of a credit union, have more pride in credit unions than in banks, because the banking system has failed us all greatly. It has got us into deep economic trouble, not only here in Ireland but throughout the world. That is why I support credit unions at every level.