NI Presbyterian mutual society, Short of funds for withdrawal?

expat68

http://www.courtsni.gov.uk/NR/rdonlyres/76AA33F0-AC87-45F8-97C3-CDCD4353F151/0/j_j_DEE7734final.htm

"The administrator agreed to a suggestion from the court that he would become liable for the costs of Mr Howie for the hearing"

Proceedings from last court date - public record that PMS funds i.e. your savings are paying for Mr Howie's barrister to ensure that you never see your savings again !!! I believe once Mr Howie has achieved this he will then be looking to have the shirts of all savers backs just to complete the deal............

freddiemae

Mr Howie might be doing you all a favour. If this administration goes on for 5 years then losses would never be crystallised until then and there would be no grounds for suing the responsible people with indemnity insurance.

Also while it dithers on there is less pressure on the government or PCI to do anything concrete to help.
I have no money in this fund but know people who have money in it. Please feel free to ignore my comments. As an outsider I think that the barrister is correct and that it could be 10 - 15 years before the property market gets back to a stage that the full money would be available. Meantime the administrator is getting his share and the savers are getting older and frailer.
Who will have the stomach to sue for losses after another 5 years drag on?

BETRAYED

Belfast NewsLetter Sat 29 Nov 09

Meanwhile, Finance Minister Sammy Wilson has told the News Letter that a treasury minister accepted a Department of Finance proposal in July that the Treasury would provide a guarantee for any gap in finances for the PMS while its property portfolio recovered.


Was this not an offer worthy of consideration by the Administrator?

Lester_F

Excap123 wrote: »

Hello
I've just joined this website. I have read this report. As far as I can see this person named in the court Mr Thomas Howie wants to wind the PMS up now and take all his money. Where does that leave small savers. Is Mr Howie able to do this - I thought the idea was to do this over some years so that everyone had a chance of getting something back. Is it just those who have big money to hire smart lawyers who get a say in how this thing is ran?
Is Mr Howie on this website. suppose we don't know. does anyone know him and able to speak to him about what he is doing?

I have questioned the morality of the legal action taken by the Howie Christian Charitable Trust on this forum. Check out my posts over the last month ot two. These posts have provoked a furious response from a number of contributors who are closely associated with the Howie Christian Charitable Trust.

There is a contributor to this forum who now calls himself Silent Witness. He has posted to say that he is one of the 3 Trustees of the Howie Christian Charitable Trust. He has also told us that he is a lawyer, a Presbyterian elder and a Trustee of the General Assembly of the Presbyterian Church in Ireland.

expat68

freddiemae wrote: »

Mr Howie might be doing you all a favour. If this administration goes on for 5 years then losses would never be crystallised until then and there would be no grounds for suing the responsible people with indemnity insurance.
QUOTE]

Make no mistake - the only person Mr Howie is doing this for is himself - he will get his significant savings back less only £20,000. So far he has ensured that anyone with less than £20,000 will receive no funds from any forthcoming distribution by the administrator and now he is trying to ensure that the PMS is effectively wound up which would preclude any chance of any small saver ever receiving a penny.

Reality is the smaller savers will be unable to sue as they have no funds and in reality Fred Goodwin wasnt sued by the RBS shareholders who lost significant amounts of money so what chance the PMS directors being found liable unless there is something more sinister than incompetence involved?

expat68

"The recent High Court Ruling has now made a bad situation worse. Putting the Society into Administration has effectively demutualised it - a situation that presumably nobody intended - and in a bizarre twist the smallest savers go to the back of the queue" Quote from Stafford Carson

Reality - the situation was clearly intended, pursued via the courts and fully supported by a trustee of the General Assembly of the PCI, an organisation that Stafford Carson purports to lead.....does he know what's going on in his own organisation?

BETRAYED

expat68 wrote: »

Reality - the situation was clearly intended, pursued via the courts and fully supported by a trustee of the General Assembly of the PCI, an organisation that Stafford Carson purports to lead.....does he know what's going on in his own organisation?

I know a Trustee of PCI who took his savings out and advised others to do the same before the run on PMS funds.
He also happens to be a solicitor.

Lester_F

I know the identity of only one of the Trustees of the General Assembly of the Presbyterian Church in Ireland. He is the contributor to this forum calling himself Silent Witness. I know this because he told us.

Could someone tell me how many Trustees of the General Assembly there are?

BETRAYED

[QUOTE=Lester

Could someone tell me how many Trustees of the General Assembly there are?[/QUOTE]

Page 301 of the 2009 General Assembly Annual Reports, in an extract of minutes of proceedings at their Annual General Meeting on 24 March 2009.

Hon. Secretary Rev. Dr. Donald J. Watts
Financial Secretary Mr. Clive Knox.

Others mentioned as being present.

Rev W J Orrr
Mr George McCullagh
Rev WPH Erskine
Mr GW Cosgrove
Mr J Suitters
Mr J Millar OBE
Mr J O Greer
Very Rev. Dr. David Clarke
Mr David Bell CB

There are others.

BETRAYED

Friday 19 March
Royal Courts of Justice
High Court

11:00 FOR HEARING3109/001140THE PRESBYTERIAN MUTUAL SOCIETY LIMITED (IN ADMINISTRATION)