NI Presbyterian mutual society, Short of funds for withdrawal?

BETRAYED

Happy New Year

Found this in NI Court Listings
CHANCERY (JUDGE) at ROYAL COURTS OF JUSTICE on 07 Jan 2010 in CHANCERY COURT at 09:45.
　
　
10:30 FOR HEARING 09/001140 THE PRESBYTERIAN MUTUAL SOCIETY LIMITED (IN ADMINISTRATION)

goodbyepci

http://www.newsletter.co.uk/news/PMS-taking-longer-than-Falklands.5951806.jp

goodbyepci

http://blog.gajunkie.com/2010/01/03/hope-for-presbyterian-mutual-society-investors-in-ireland.aspx?ref=rss

joylikes2shop

Whilst doing my usual daily scan of the internet for any fresh PMS news I found the following link on the PCI web site which I hadn't seen before...apologies if it has already been listed ...

http://www.presbyterianireland.org/news/news2010/news0703.html


In particular I was glad to see the following comments and hope that AT LAST any ministers who haven't done so already will be encouraged to be a bit more proactive at the specific request of the Moderator...

QUOTE...

3. Pastoral Care
I continue to receive reports which indicate that some people directly affected by this crisis are feeling isolated and abandoned by their church. I understand that their natural reserve prevents many people from speaking openly about their needs, especially financial ones, and it is hard to identify those who are in greatest need. I would urge you to be alert to the pastoral needs of people who are affected, and to offer them appropriate support and help. If there are particular cases with which you would like advice and counsel, please feel free to be in touch with me and I will try to direct you to those who are best placed to help.
Thank you for your co-operation and help in this important matter.

Flinflon

BETRAYED wrote: »

Happy New Year

Found this in NI Court Listings
CHANCERY (JUDGE) at ROYAL COURTS OF JUSTICE on 07 Jan 2010 in CHANCERY COURT at 09:45.
　
　
10:30 FOR HEARING 09/001140 THE PRESBYTERIAN MUTUAL SOCIETY LIMITED (IN ADMINISTRATION)

I hope to be there for this court hearing, and understand a few others are considering that as well. A good turnout would be encouraging!

BETRAYED

Flinflon wrote: »

I hope to be there for this court hearing, and understand a few others are considering that as well. A good turnout would be encouraging!

I am not altogether certain that this hearing will be in open court.
Hope to find this out tomorrow morning.
In any case a number of us intend being there and whether or not we gain access to the proceedings we hope to meet in the precincts afterwards.

Flinflon

I understand that this hearing has been adjourned to Jan. 27. Best to phone court services before heading there. No need to endure dodgy roads, parking scramble, etc if there's no hearing happening--right?

expat68

jon_groovy wrote: »

http://news.bbc.co.uk/1/hi/northern_ireland/8446432.stm

not going to be solved quickly

So the court has essentially told Arthur Boyd to form a creditors committee - wonder how many times he and his legal advisers have told various people (myself included) that this wasnt practical ?? He could have done this over a year ago if he had wanted.

Two concerns in that the 5 year proposal doesnt give a great deal of confidence in any take-over and that the article talks only about creditors so shareholders may be left high and dry.

BETRAYED

expat68 wrote: »

So the court has essentially told Arthur Boyd to form a creditors committee - wonder how many times he and his legal advisers have told various people (myself included) that this wasnt practical ?? He could have done this over a year ago if he had wanted.

Two concerns in that the 5 year proposal doesnt give a great deal of confidence in any tak-over and that the article talks only about creditors so shareholders may be left high and dry.

I attended court today in spite of having an e-mail last night telling me that the PMS matter was not going to be dealt with today.
Item 4.........a request for Mr Boyd's extension of his period as administrator was heard and refused by the judge.
Other matters came to light where the judge informed the court that Howie a creditor from L/Derry has been offered to have his legal fees paid by Mr Boyd.
Serious issues have arisen. I am trying to get a full court transcript before I post further informatio

expat68

http://www.newsletter.co.uk/news/PMS-administrator-seeks-fiveyear-extension.5965290.jp

Similar content to BBC. Perhaps rather than having a committee Mr Boyd might post his proposals on here and we can all have our say . Anyone got a better idea? Please e mail your suggestions to [EMAIL="pms@arthurboyd.co.uk"]pms@arthurboyd.co.uk[/EMAIL]

I think it is probable that the 5 biggest investors (>£1m) probably wont care too much about those with less than £20K though I may be being unfair