NI Presbyterian mutual society, Short of funds for withdrawal?

no_more_f.w.o

Lester_F wrote: »

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.

A bit like yourself in fact ;-)


what can be going on ?


:rotfl:

ballyblack

http://www.dup.org.uk/articles.asp?ArticleNewsID=2337

goodbyepci

http://www.general-election-2010.co.uk/uk-party-political-news/presbyterian-mutual-society

BETRAYED

Reply to question by Ian Paisley MP

Owen Paterson MP: We have been in power only seven weeks. We have set up the working group. We will set about our work with determination, and I hope we will provide a solution soon.

Happy days

goodbyepci

http://www.allianceparty.org/news/005293/action_needed_now_on_presbyterian_mutual_society_says_alliance.html

Toastandbutter

ink wrote: »

I'm a PCI minister who has just been catching up on the latest posts after receiving my notification of the Special Meeting of the General Assembly.
While I understand why our Moderator may have written what he did in the article for the Belfast Telegraph, I have to disagree with him on one point.
I don't think it is the 'members in the pews' who should pay any share of compensation coming from PCI. I have always believed that if this needed to happen, it should be the ministers (retired and currently serving) who should provide the finance. We are the ones who included the PMS in our resolutions without fully looking into how it was being run. Some of the directors of PMS were ministers. We are the ones who should pay, not the 'average person in the pew'.
At the very least, it might go some way to showing that we are genuinely sorry for our past mistakes and the lack of strong leadership we should have collectively shown on this issue from the start.
I don't know the sums involved and it might be that PCI as a whole would have to provide the money 'up-front'. But it could be repaid by ministers taking a pay cut (or a reduction in pension for retired ministers) until the money was back in church funds.
I hope someone else thinks of this and proposes it because the very thought of standing at the front of the General Assembly, even if I was saying nothing, gives me the shakes!!

Interesting comments Rev Ink.

BETRAYED

Administrator's Six Monthly Progress Report 15 Dec. 2009

4.8 The administrator has issued legal proceedings against a number of parties involved in several loans which were made available to one of the Society's borrowers . The administrator believes that the Society suffered a loss as the consequence of the action of the parties involved but is unable to comment on these proceedings at this stage.

Does anyone know anything about this serious matter or if there has been any Court action to date.

BETRAYED

Creditors got a payment of 12% of their savings in PMS but please understand that we do want to get shareholders some funds returned to them.
PCI could easily raise a loan to pay shareholders 12% of their savings.
A number of us in PMS Savers' Coalition, who support fully the PMS Savers' Lobby Group NI and ROI are working to get some payment to shareholders ASAP.

goodbyepci

http://www.bbc.co.uk/news/uk-northern-ireland-10716685

goodbyepci

http://www.belfasttelegraph.co.uk/breaking-news/uk-ireland/society-savers-plight-is-urgent-14882508.html#