NI Presbyterian mutual society, Short of funds for withdrawal?

Toastandbutter

Treasurer wrote: »

Thank goodness for the people on this forum and the Newsletter .. I have been following the happenings via both and without them I would have felt totally isolated .Where was our Church when we most needed it ?

To be fair Stafford Carson releases very regular statements and does keep his blog pretty well up to date.

I'm not suggesting the church bears no blame though.

BETRAYED

Please be assured that those who have lobbied on behalf of PMS savers are continuing to do so.

A condition of the Treasury loans and 25m cash, the NI Assembly promised 25m and PCI contribution is that the distress of the 20k and under shareholder is addressed.
There is no reason why the process for this can not be worked out and agreed with the Administrator immediately.
The 'ball' as I see it is in the 'court' of the NI Assembly and Executive and my information is that Stormont ministers are not wasting any time in dealing with it.

Creditors will have to vote to approve the Administrator's proposal.

One option I see possible is that creditors vote

1 To convert all loans into shares. (This gives former shareholders their rights back and would enable them to receive dividend like other shareholders.)
2 To give all under 20K the right to cash in their shares.

PMS could be taken out of Administration (saving costs of Administration) and shareholders approve a board of responsible directors no doubt having Assembly approval or probably the right of appointment by Assembly.

What Next

By 30 Nov we should have the long sought for Creditors' Committee set up to work with the Administrator.

15 Dec Six monthly report from Administrator ( I reckon that it should show income of up to 10m in that period)

BETRAYED

I have no doubt that most savers would not want this rule retained under any new company Rules.

PMS Rule Book
Section 9 Dissolution of the Society

60. On any dissolution of the Society the surplus assets of the Society shall be transferred to the Trustees of the Presbyterian Church in Ireland.

joylikes2shop

http://www.belfasttelegraph.co.uk/opinion/letters/time-for-a-bit-of-political-maturity-14987174.html

Toastandbutter

BETRAYED wrote: »

Please be assured that those who have lobbied on behalf of PMS savers are continuing to do so.

A condition of the Treasury loans and 25m cash, the NI Assembly promised 25m and PCI contribution is that the distress of the 20k and under shareholder is addressed.
There is no reason why the process for this can not be worked out and agreed with the Administrator immediately.
The 'ball' as I see it is in the 'court' of the NI Assembly and Executive and my information is that Stormont ministers are not wasting any time in dealing with it.

Creditors will have to vote to approve the Administrator's proposal.

One option I see possible is that creditors vote

1 To convert all loans into shares. (This gives former shareholders their rights back and would enable them to receive dividend like other shareholders.)
2 To give all under 20K the right to cash in their shares.

PMS could be taken out of Administration (saving costs of Administration) and shareholders approve a board of responsible directors no doubt having Assembly approval or probably the right of appointment by Assembly.

What Next

By 30 Nov we should have the long sought for Creditors' Committee set up to work with the Administrator.

15 Dec Six monthly report from Administrator ( I reckon that it should show income of up to 10m in that period)

Interesting ideas on how to level the playing field between creditors and shareholders!

However, is it really feasible to get a "responsible" board of directors who are truly able and will do the job for less than the administrator?

I'm sceptical.

BETRAYED

Toastandbutter wrote: »

Interesting ideas on how to level the playing field between creditors and shareholders!

However, is it really feasible to get a "responsible" board of directors who are truly able and will do the job for less than the administrator?

I'm sceptical.

My understanding is that any High Court Administration should only last for as long a period as is necessary.
Administrators usually get creditors to approve a company trading in some form or vote for "Liquidation". The present administrator would most likely be the 'Liquidator'.
If my proposed company was to be set up it could be registered as a Co-Operative under The Industrial and Provident Societies' Act
which would mean that each shareholder would only have one vote
irrespective of the number of shares he or she held.

D.A.

Toastandbutter wrote: »

However, is it really feasible to get a "responsible" board of directors who are truly able

Well, it would certainly be a first for the PMS...

john2009

BETRAYED wrote: »

My understanding is that any High Court Administration should only last for as long a period as is necessary.
Administrators usually get creditors to approve a company trading in some form or vote for "Liquidation". The present administrator would most likely be the 'Liquidator'.
If my proposed company was to be set up it could be registered as a Co-Operative under The Industrial and Provident Societies' Act
which would mean that each shareholder would only have one vote
irrespective of the number of shares he or she held.

An interesting idea Betrayed but I suspect the FSA and even DETI may need some convincing before your new company could be formed. I doubt either would have the appetite for another PMS and don't forget that they banned the adminstrator/PMS from carrying on any business. These bans would have to be lifted before your idea could get up and running.

brick

BETRAYED wrote: »

By 30 Nov we should have the long sought for Creditors' Committee set up to work with the Administrator.

Any suggestions as to how one might make a wise selection from among the four candidates standing for election in the "up to £46K" category?

Robert Cairns
James Gregg
William McCall
Arnold Don McClay

BETRAYED

brick wrote: »

Any suggestions as to how one might make a wise selection from among the four candidates standing for election in the "up to £46K" category?

Robert Cairns
James Gregg
William McCall
Arnold Don McClay

This is one of only two bands in which creditors have any opportunity to exercise a right to vote.
Important that those voting make their own decision.
If I had an opportunity to vote in this band my first choice would be
Robert Cairns.