NI Presbyterian mutual society, Short of funds for withdrawal?

BETRAYED

Lester_F wrote: »

Creditors will get the opportunity to vote on the Governement's proposal. Shareholders will not.

Creditors may vote to reject the Governement's proposal in favour of liquidation.

I don't agree. The majority of creditors will only be too pleased to see a solution that will be fair to all.
A 'flash sale' of assets would return a lot less to creditors than the loans which I believe will be on offer.
After all it was only one creditor who made the High Court challenge on defining the status of creditor and shareholder.

Lester_F

BETRAYED wrote: »

I don't agree. The majority of creditors will only be too pleased to see a solution that will be fair to all.
A 'flash sale' of assets would return a lot less to creditors than the loans which I believe will be on offer.
After all it was only one creditor who made the High Court challenge on defining the status of creditor and shareholder.

Betrayed,

Have you misread my post? Are we not in agreement on this point? Creditors may vote as they please. Shareholders will not have a right to vote.

What loans do you believe will be on offer?


Lester

BETRAYED

Lester
Just guessing. A Mutual Fund will be set up into which HM Treasury loans will be paid. The fund will be managed by Trustees or Directors and will take over PMS assets, loan book etc. I am hoping that loans will allow Creditors and Shareholders to obtain 75% of their savings short term and more at a later date.
Gov. I feel will ensure shareholders are treated justly.
Let's all wait until Wednesday or thereafter.

BETRAYED

Stafford Carson's last posting.

The end is near?

October 13th, 2010 1 comment



"The Ministerial Working Group charged with resolving the PMS crisis met yesterday and the Secretary of State said that significant progress was made."

See Mr Boyd didn't get voting papers out for election of Creditors' Committee.
I have probably harassed that man as much as anyone else has. He promised those voting papers out inside ten days on his website posting October 5. ie Oct. 15. Now Oct 18.
Not complaining regard that. Bet he is dealing with more urgent matters just now.

He told me one time that if he got any help from Government other doors would open for him.

goodbyepci

http://www.newsletter.co.uk/editorial/Province39s-special-case-strong.6586057.jp

expat68

http://www.newsletter.co.uk/news/Fairly-good-outcome-for-PMS.6590389.jp

loganjh

http://www.bbc.co.uk/news/uk-northern-ireland-11582839


"The Chancellor George Osborne has confirmed that the government will provide £25m in cash and a £175m loan to the Presbyterian Mutual Society......"

amadan22

hi everyone. the new gov. package appears to be 75mill LESS than labour! am i missing something?

joylikes2shop

http://www.presbyterianmutualsociety.co.uk/

Update from the Administrator 20th October 2010

Creditors’ Committee
Letters and voting forms are today being posted to members/creditors regarding the voting process referred to below. I regret the short delay in sending these letters which was caused by a dispute, now resolved, over the rejection of one nomination proposal. I am writing to all members/creditors but only those categories of creditors for which an election is required will receive voting papers. Those categories where an election is required are:

• Claims up to £46,000
• Claims between £187,001 and £425,000

Voting forms are required to be returned using the envelope provided by 5:00pm on Friday 19th November 2010.

pensiongone

amadan22 wrote: »

hi everyone. the new gov. package appears to be 75mill LESS than labour! am i missing something?

Does that mean we get 2/3 of our money back?

They must be having a laugh!