NI Presbyterian mutual society, Short of funds for withdrawal?

abeliever

House of Commons update .........scroll down to Presbyterian Mutual

http://www.publications.parliament.uk/pa/cm/cmtoday/cmdebate/01.htm#spkr_31

BETRAYED

Moderator in Belfast Telegraph today.

“The commercial option, where the Society would be taken over by a larger company, would guarantee all savers a return of their money and that would be the ideal scenario,” he said.
Denying that the beleaguered PMS would not be seen as an attractive acquisition, he countered: “The PMS is not the basket case some people think it is. There are attractive aspects to it. Using the commercial model the PMS could be in profit again in the next five to ten years.

Ah! Mr Moderator You have a solution ?
Why does Administrator not consider this as a proposal to be put to creditors.
Is it not possible for some reason ?

Read more: http://www.belfasttelegraph.co.uk/news/local-national/reduced-payout-of-cold-comfort-to-pms-investors-14737931.html#ixzz0j73jePLy

expat68

http://www.newsletter.co.uk/news/PMS-payment-too-little-too.6175348.jp

crazymess

http://sluggerotoole.com/index.php/weblog/comments/some-pms-savers-to-get-something-but-not-a-lot/

expat68

"The congregations of Presbyterian Church in Ireland have suffered as a result of the PMS collapse, both as individuals, and collectively. Legally, it appears that the Church has no liability. However, the Society was linked to the Church, its role was advertised at the General Assembly, it was the subject of pulpit calls and it enthusiastically endorsed by many of its ministers. We consider that the Church cannot evade responsibility for what happened, and should consider whether it can help in any way. (Paragraph 42)"

The above is an extract from the Treasury Select Committee report - is anyone aware of a release or statement from the PCI which address the points raised ?

totallyletdown

Betrayed, when is your meeting happening ?

BETRAYED

totallyletdown wrote: »

Betrayed, when is your meeting happening ?

Soon

It will be in Ballymena next month on a Saturday (most likely 24 April)

Date, speakers and venue should be confirmed this week.

Speakers , to date, who have agreed to contribute are Erskine Holmes and Paul Gosling.

Topics for speakers

1 Mutual, Industrial & Provident and Co-operative Societies in the life of
N. Ireland

2 A History of the Presbyterian Mutual Society

3 The Role of Credit Unions in N. Ireland

BETRAYED

To all shareholders.

Please do not see my meeting of 24 April as a forum for news about PMS.
It may be more of a Post Mortem on all that has happened.

I am of the opinion that some form of a resolution for shareholders will be on the cards within the next two weeks.

Please have faith and be patient.

goodbyepci

http://www.staffordcarson.com/

Flinflon

f.y.i. BBC radio is doing a feature piece on the PMS for Sunday Sequence (William Crawley) this Sunday; time of the story not known, but Sunday Sequence runs 8.30-10.30 a.m.