NI Presbyterian mutual society, Short of funds for withdrawal?

waitinginhope

The Court Case certainly focused my mind on the fact that ShareHolders would be the last to receive payment if any money was available after all Loans were paid. From my understanding that was the position members were in when Mr. Boyd judged the Society insolvent

I would like to say that I myself and lots of others I know both Share Holders only and Share and Loan Holders have contacted a Solicitor mentioned on this forum . We found him helpful, informative
and firm in his believe that all savers should get their savings back £ for £ all of us were treated with understanding and kindness and not one penny changed hands.

When it comes to nominating I for one want someone who knows the law, the process of administration and above all will be willing to stand up and fight for all savers so our nominations will be going to that certain solicitor.

Lester_F

waitinginhope wrote: »

The Court Case certainly focused my mind on the fact that ShareHolders would be the last to receive payment if any money was available after all Loans were paid. From my understanding that was the position members were in when Mr. Boyd judged the Society insolvent

I would like to say that I myself and lots of others I know both Share Holders only and Share and Loan Holders have contacted a Solicitor mentioned on this forum . We found him helpful, informative
and firm in his believe that all savers should get their savings back £ for £ all of us were treated with understanding and kindness and not one penny changed hands.

When it comes to nominating I for one want someone who knows the law, the process of administration and above all will be willing to stand up and fight for all savers so our nominations will be going to that certain solicitor.

Dear Waitinginhope.

Are you referring to the contributor to this forum known as Silent Witness? If so, take what he says on the subject of the PMS with a pinch of salt.

Silent Witness took a leading role in taking the Administartor to court, with the result that loan holders now have first right to their money.

The Administrator had made it clear that he wanted to treat shareholders and loan holders equally. The intervention of wealthy men such as Ernest Howie and Silent Witness (who doesn't like being named on this forum, despite originally posting as Arnold Don) ensured that this did not happen.

The result, loan holders will get all their money back. Shareholders will probably get nothing.

fivealive_2

expat68 wrote: »

Is anyone co-ordinating nominations for the creditors committee - risk may be that Howie and co. dominate the proceedings and force an early wind up ?

I still calculate a £70-80m shortfall on the current valuation numbers which would take up to 10 years to recover from rental income and lease property value increases.

Any further suggestions on what to do with the Nomination Form For Creditors Committee?? If anyone in the Presbytery of Derry and Donegal wants my vote could they please send me a PM? I don't need Silent Witness to contact me as I imagine he already has enough supporters to vote him in, but perhaps there is someone else I can support, someone who will represent both share holders and loan holders.

BETRAYED

Nomination of creditors for PMS Creditors’ Committee
Terms of nomination
3. Ten loan capital holders/creditors within the designated band must support the nomination.
This clause makes the nomination of members impracticable if not impossible. The words “within the designated band” should not have been included.
The Administrator , quite rightly, early in the administration got permission of the High Court to keep the Schedule of savers and borrowers out of the public domain.
That leaves those who wish to nominate themselves or another responsible person trying to find ten other people in the same band of savings.

fivealive_2

BETRAYED wrote: »

Nomination of creditors for PMS Creditors’ Committee
Terms of nomination
3. Ten loan capital holders/creditors within the designated band must support the nomination.
This clause makes the nomination of members impracticable if not impossible. The words “within the designated band” should not have been included.
The Administrator , quite rightly, early in the administration got permission of the High Court to keep the Schedule of savers and borrowers out of the public domain.
That leaves those who wish to nominate themselves or another responsible person trying to find ten other people in the same band of savings.

I hadn't even processed that piece of info until you drew our attention to it. I AM CONFUSED!! :eek:

goodbyepci

http://www.staffordcarson.com/2010/06/pms-update-2/

joylikes2shop

William McCrea & Ian Paisley Jnr pressing the Government today at Northern Ireland Questions on help for savers with the Presbyterian Mutual Society

http://www.youtube.com/watch?v=pzjJiCgB7tY

goodbyepci

http://www.staffordcarson.com/2010/06/good-questions/

joylikes2shop

http://www.newsletter.co.uk/news/Cameron-must-keep-PMS-election.6398661.jp?articlepage=1

Lester_F

I find it interesting that a number of the contributors who either promote, or jump to the defence of Silent Witness and or the Howie Christian Charitable Trust post once or twice on this forum and then are never heard of again.