NI Presbyterian mutual society, Short of funds for withdrawal?

goodbyepci

crazymess wrote: »

not right goodbyepci

This is why I thought I should mention it:

The 2500 investors will have many more votes than 2500 as it goes on their investments - it goes on £1 for vote - I think I am explaining this correctly - therefore my assumption is that if higher investors have a bigger vote then the 7000 shareholders may not count.

Wow I hadn't realised that
I thought it was "one man one vote" :j

joylikes2shop

jon_groovy wrote: »

you are partly right in that it is £1 per vote, but it is ONLY £1 that is loaned that counts

for example.........someone with 19k....has absoluately NO vote, yes that have a form to fill in, but the ONLY votes that count are the LOAN votes


so someone with 250k will only have 230k votes as the 20k votes don't count

hope this helps

WHERE'D YOU GET THIS INFO FROM ?

IT HARDLY SEEMS RIGHT.

IF IT IS, THEN WHY'D THE PEOPLE WITH £20,000 AND LESS EVEN GET A VOTING PAPER ANYWAY ?

eldivo

jon_groovy wrote: »

ALL, Don't forget that it could be churches etc that may have the high amounts, so would be interesting to see if they vote to get all but their 20k

Would the Trustees of a Charity be leaving themselves open to legal action/Charity commision investigations if they voted to reduce the amount the could expect from the winding down?

joylikes2shop

http://news.bbc.co.uk/1/hi/northern_ireland/7852133.stm

expat68

Seems to be some confusion on who has what vote and how it is counted. My understandings and as always happy to be challenged

Following excerpt from the administrators report may help

5.8 The rules for voting in administrations are designed for companies rather than mutual societies. The relevant rules provide that the resolutions must be approved by creditors of the entity in administration. Those members who have invested share capital only in the Society would be considered to be shareholders of the Society in the administration rather than creditors. Those members who have invested loan capital in the Society would be deemed to be creditors of the Society for the purposes of the voting rules. However in the circumstances I intend to look at the votes of members as a whole rather than votes only in respect of loan capital.

So everyone votes irrespective of amount.

How is the vote counted - again from report

Q What majority is required to approve a resolution?

[FONT=Times New Roman,Times New Roman]A A resolution will be approved by the majority in value of the members/creditors of the Society who have confirmed their investments in writing and returned their voting forms to the Society’s offices on or before 12pm on Friday 30[/FONT][FONT=Times New Roman,Times New Roman]th [/FONT][FONT=Times New Roman,Times New Roman]January 2009. [/FONT]
[FONT=Times New Roman,Times New Roman][/FONT]
[FONT=Times New Roman,Times New Roman]So clearly the bigger depositors will carry more weight.From last set of accounts loans were about £200m and shares £100m so the lenders will in reality decide the outcome esp as they will all have max £20K shares.
[/FONT]

expat68

goodbyepci wrote: »

Nice on message sycophantic piece in the Tele'

http://www.belfasttelegraph.co.uk/business/business-money/business-investments/the-presbyterian-mutual-mdash-decision-time-14157373.html

The Newsletter must have stopped posting their articles online, maybe they thought they were losing sales

Sorry but just read this and almost had to vomit - what a patronising, unbalanced and lazy bit of writing from someone who clearly hasnt even bothered to read the administrators report. Please - if you cant write something balanced and objective dont bother.

ballyblack

Proxy message from

joylikes2shop (who can't get to a computer to post)

Poster has been in contact tonight with PMS to clarify vote query;

"Everyone's vote is counted no matter what amount you invested"

fivealive_2

Did anyone hear Pastor Ernest Howie on Radio Foyle @ 8.30am this morning? He has £600,000 of charitable donations invested in the PMS that was to be used for building projects in Uganda. I thought he spoke very well and asked some relevant questions but who is going to answer them? One of his points was "Did all 20 of the society's directors withdraw their investments before the 24th October?"

I am wondering, is there any way that we can request a public enquiry into the affairs of the PMS?

Regarding the possibility of a Creditor's Meeting, the Administrators report states clearly that the expenses of this would have to be borne by the Creditors. Therefore if we want the Administrator to attend I assume we would have to pay his hourly fee of £185.00 ?????? :eek:

ballyblack

'WATCHDOG on the BBC'

No Chance

They will look upon it as a LOCAL squabble so it will be a no go

fivealive_2

ballyblack wrote: »

'WATCHDOG on the BBC'

No Chance

They will look upon it as a LOCAL squabble so it will be a no go

What harm is there in asking?

If enough of us contact Watchdog about the Presbyterian Mutual Society maybe they will decide that this is an issue worth covering.
Watchdog are easily accessed online.
http://www.bbc.co.uk/watchdog/