2012 Updates

10 DECEMBER 2012

Cash Position

Attached is the summary of cash balances held at 30 November 2012.

 Cash Position

Cash balances increased by approximately £1.6 million during the month. Loan repayments, interest and other income totalled approximately £1.7 million. Catch-up distributions and expenses were approximately £0.1 million.

Loan Book

Attached is the summary of the loan book position at 30 November 2012.

 Loan Book

During November 2012, one facility was redeemed in full and two in part realising £1.6 million overall.

The loan tables shown have been converted to Sterling using exchange rates as at 30 November 2012.

The Joint Liquidators have purchased currency options to hedge certain of the future loan receipts. Sterling options purchased to hedge future Euro receipts were matched against the relevant loans included in the summary at 30 November 2012, and we have calculated that they would add a further £1.1 million to the value of the receipts due on these loans. Sterling options purchased to hedge future US dollar receipts were matched against the relevant loans included in the summary at 30 November 2012, and we have calculated that they would add £4,000 to the value of the receipts due on these loans.

12 NOVEMBER 2012

Cash Position

Attached is the summary of cash balances held at 31 October 2012.

 Cash Position

Cash balances increased by approximately £14.6 million during the month. Loan repayments, interest and other income totalled approximately £6.6 million. The dividend from KSFUK was £7.4m. Distributions and expenses were approximately £0.1 million. Exercise of foreign exchange options resulted in a further receipt of £0.7m.

Loan Book

Attached is the summary of the loan book position at 31 October 2012.

 Loan Book

During October 2012, two facilities were redeemed in full and two in part realising £6.2 million overall.

The loan tables shown have been converted to Sterling using exchange rates as at 31 October 2012.

The Joint Liquidators have purchased currency options to hedge certain of the future loan receipts. Sterling options purchased to hedge future Euro receipts were matched against the relevant loans included in the summary at 31 October 2012, and we have calculated that they would add a further £1.2 million to the value of the receipts due on these loans. Sterling options purchased to hedge future US dollar receipts were matched against the relevant loans included in the summary at 31 October 2012, and we have calculated that they would add £4,800 to the value of the receipts due on these loans.

16 OCTOBER 2012

Cash Position

Attached is the summary of cash balances held at 30 September 2012.

  Cash Position

Cash balances decreased by approximately £0.1 million during the month. Loan repayments, interest and other income totalled approximately £0.3 million. Distributions and expenses were approximately £0.4 million.

Loan Book

Attached is the summary of the loan book position at 30 September 2012.

 Loan Book 

During September 2012, one facility was redeemed in full realising £0.3 million overall.

The loan book details shown have been converted to Sterling using exchange rates as at 28 September 2012.

The Joint Liquidators have purchased currency options to hedge certain of the future loan receipts. Sterling options purchased to hedge future Euro receipts were matched against the relevant loans included in the summary at 28 September 2012, and we have calculated that they would add a further £1.8 million to the value of the receipts due on these loans. Sterling options purchased to hedge future US dollar receipts were matched against the relevant loans included in the summary at 28 September 2012, and we have calculated that they would add £16,700 to the value of the receipts due on these loans.

Committee of Inspection

Minutes of the Committee of Inspection meeting held on 13 July 2012 are attached.

  Committee of Inspection Minutes

07 SEPTEMBER 2012

Cash Position

Attached is the summary of cash balances held at 31 August 2012.

 Cash Position

Cash balances increased by approximately £2.7 million during the month. Loan repayments, interest and other income totalled approximately £2.9 million. Distributions were £0.1 million and expenses were approximately £0.1 million.

Loan Book

Attached is the summary of the loan book position at 31 August 2012.

 Loan Book

During August 2012, 2 facilities were redeemed in full and 2 in part realising £2.8 million overall.

The loan book details shown have been converted to Sterling using exchange rates as at 31 August 2012.

The Joint Liquidators have purchased currency options to hedge certain of the future loan receipts. Sterling options purchased to hedge future Euro receipts were matched against the relevant loans included in the summary at 31 August 2012, and we have calculated that they would add a further £2.1 million to the value of the receipts due on these loans. Sterling options purchased to hedge future US dollar receipts were matched against the relevant loans included in the summary at 31 August 2012, and we have calculated that they would add £10,000 to the value of the receipts due on these loans.

17 AUGUST 2012

Report to Creditors

Attached is a Report to Creditors for the period from 10 January 2012 to 9 July 2012.

 Report to Creditors 

14 AUGUST 2012

 Cash Position

 Attached is the summary of cash balances held at 31 July 2012.

  Cash Position

Cash balances increased by approximately £5.7 million during the month. Loan repayments, interest and other income totalled approximately £7.1 million. Distributions were £0.5 million and expenses totalled £0.9 million.

Loan Book

Attached is the summary of the loan book position at 31 July 2012.

 Loan Book

During July 2012, five facilities were redeemed in full and two in part realising £6.9 million overall.

The loan book details shown have been converted to Sterling using exchange rates as at 31 July 2012.

The Joint Liquidators have purchased currency options to hedge certain of the future loan receipts. Sterling options purchased to hedge future Euro receipts were matched against the relevant loans included in the summary at 31 July 2012, and we have calculated that they would add a further £2.2 million to the value of the receipts due on these loans. Sterling options purchased to hedge future US dollar receipts were matched against the relevant loans included in the summary at 31 July 2012, and we have calculated that they would add £4,000 to the value of the receipts due on these loans. 

Change of address

The bank has moved from its premises at Samuel Harris House. The postal address is now; 

Kaupthing Singer & Friedlander (Isle of Man) Limited (In Liquidation),
PO Box 197, 
Third Floor,
Sixty Circular Road,
Douglas,
Isle of Man,
IM99 1SN. 

04 JULY 2012

Cash Position

Attached is the summary of cash balances held at 30 June 2012.

  Cash Position

Cash balances decreased by approximately £68.8 million during the month. Loan interest and other income totalled approximately £0.1 million. The seventh dividend distribution was approximately £68.8 million and expenses were approximately £0.1 million.

Loan Book

Attached is the summary of the loan book position at 30 June 2012.

  Loan Book

There were no loan redemptions during the month.

The loan book details shown have been converted to Sterling using exchange rates as at 29 June 2012.

The Joint Liquidators have purchased currency options to hedge certain of the future loan receipts. Sterling options purchased to hedge future Euro receipts were matched against the relevant loans included in the summary at 30 June 2012, and we have calculated that they would add a further £1.9 million to the value of the receipts due on these loans. Sterling options purchased to hedge future US dollar receipts were matched against the relevant loans included in the summary at 30 June 2012, and we have calculated that they would add £Nil to the value of the receipts due on these loans.

Bank holidays

Please note that Thursday 5th July and Friday 6th July are bank holidays in the Isle of Man.

Systems disruption

Due to essential maintenance and server upgrades, there will be interruptions to our systems during the week beginning 9th July. Therefore there may be delays in responding to queries during this period.

12 JUNE 2012

Cash Position

Attached is the summary of cash balances held at 31 May 2012.

  Cash Position

Cash balances increased by approximately £26.9 million during the month.  The dividend from KSFUK was £24.6 million.  Loan repayments, interest and other income totalled approximately £2.4 million.  Expenses and catch-up dividends were £0.1 million.

Loan Book

Attached is the summary of the loan book position at 31 May 2012.

  Loan Book

During May 2012, two facilities were redeemed in full and two in part realising £2.3 million overall.  

The loan book details shown have been converted to Sterling using exchange rates as at 31 May 2012.

The Joint Liquidators have purchased currency options to hedge certain of the future loan receipts.  Sterling options purchased to hedge future Euro receipts were matched against the relevant loans included in the summary at 31 May 2012, and we have calculated that they would add a further £2.0 million to the value of the receipts due on these loans.  Sterling options purchased to hedge future US dollar receipts were matched against the relevant loans included in the summary at 31 May 2012, and we have calculated that they would add £Nil to the value of the receipts due on these loans.

Seventh Distribution

The Joint Liquidators are pleased to announce that a seventh distribution of 7.8 pence in the £ will be paid on 15 June 2012 to all creditors whose claims have been agreed. This will bring the total distributions to date to 91.0 pence in the £.

There are some cases where payments are being held over due to queries over the amounts claimed, payment details or signatures. We will continue to work through these queries as quickly as possible so that catch-up payments can be made to the relevant creditors.

We are aware that there are a number of potential creditors who have not yet submitted a claim, either directly or through the Depositors Compensation Scheme. We invite those creditors to submit their claims to the liquidation as soon as possible so that they can receive the distributions to which they are entitled. The Manager of the Depositors Compensation Scheme has stated that no new claims are being accepted by the DCS since 27 November 2010. Further details can be found at www.dcs.im.

04 MAY 2012

Cash Position

Attached is the summary of cash balances held at 30 April 2012.

 Cash Position 

Cash balances increased by approximately £5.7 million during the month. Loan repayments, interest and other income totalled approximately £5.8 million. Expenses and catch-up dividends were £0.1 million.

Since the end of April, a further £24.6m has been received from the administrators of KSFUK.

Loan Book

Attached is the summary of the loan book position at 30 April 2012.

 Loan Book 

During April 2012, seven facilities were redeemed in full and three in part realising £5.7 million overall. A write-off of £0.8m was realised in respect of a loan secured on a Spanish property which was sold at a loss.  

The loan book details shown have been converted to Sterling using exchange rates as at 30 April 2012.

The Joint Liquidators have purchased currency options to hedge certain of the future loan receipts. Sterling options purchased to hedge future Euro receipts were matched against the relevant loans included in the summary at 30 April 2012, and we have calculated that they would add a further £1.8 million to the value of the receipts due on these loans. Sterling options purchased to hedge future US dollar receipts were matched against the relevant loans included in the summary at 30 April 2012, and we have calculated that they would add a further £19k to the value of the receipts due on these loans.

Next dividend

Attached below is a copy of the notice for the next dividend which has been published in the press and sent to all known creditors who have not yet submitted a claim.  It is anticipated that the dividend will be paid on or around 15 June 2012.

 Notice of seventh dividend

In accordance with the advertisement, creditors who have not yet submitted a Proof of Debt form are required to return the completed form to the Joint Liquidators prior to 21 May 2012 in order to be included in the seventh dividend.

For claimants with an admitted claim directly in the liquidation, if you wish to change the bank account details for payment of your dividends please contact the bank prior to 28 May 2012.  Any request for a change in payment details after this date may result in a delay to the payment of the seventh dividend to you.  The Joint Liquidators will only change a claimant’s payment details upon receipt of an original, signed document – photocopied, faxed or scanned documents will not be accepted.

As previously advised, dividend levels can only be determined once cash has been received.  We will distribute as much cash as is available at the point of declaration, which based on cash currently in hand will be not less than 7.6p in the £.

04 APRIL 2012

Cash Position

Attached is the summary of cash balances held at 31 March 2012.

 Cash Position 

Cash balances increased by approximately £0.8 million during the month. Loan repayments, interest and other income totalled approximately £0.9 million. Expenses and catch-up dividends were £0.1 million.

Loan Book

Attached is the summary of the loan book position at 31 March 2012.

 Loan Book 

During March 2012, one facility was redeemed in full and two in part realising £0.9 million overall. 

The loan book details shown have been converted to Sterling using exchange rates as at 30 March 2012.

The Joint Liquidators have purchased currency options to hedge certain of the future loan receipts.  Sterling options purchased to hedge future Euro receipts were matched against the relevant loans included in the summary at 31 March 2012, and we have calculated that they would add a further £1.5 million to the value of the receipts due on these loans.  Sterling options purchased to hedge future US dollar receipts were matched against the relevant loans included in the summary at 31 March 2012, and we have calculated that they would add a further £12.5k to the value of the receipts due on these loans.

Next Distribution 

The Administrators of KSFUK have announced that they anticipate paying a further distribution on 2 May 2012 of not less than 9p in the £.  This would equate to a receipt of not less than £22.14m.

We will make an announcement on the amount and timing of the next distribution to be paid by KSFIOM once the details of the KSFUK distribution are finalised, taking into account other anticipated recoveries.

07 MARCH 2012

Cash Position
Attached is the summary of cash balances held at 29 February 2012.

 Cash Position

Cash balances increased by approximately £6.5 million during the month. Loan repayments, interest and other income totalled approximately £6.7 million. Expenses were £0.2 million.

Loan Book

Attached is the summary of the loan book position at 29 February 2012.

 Loan Book

During February 2012, two facilities were redeemed in full and five in part realising £6.3 million overall.

The loan book details shown have been converted to Sterling using exchange rates as at 29 February 2012.

The Joint Liquidators have purchased currency options to hedge certain of the future loan receipts. Sterling options purchased to hedge future Euro receipts were matched against the relevant loans included in the summary at 29 February 2012, and we have calculated that they would add a further £1.5 million to the value of the receipts due on these loans. Sterling options purchased to hedge future US Dollar receipts were matched against the relevant loans included in the summary at 29 February 2012, and we have calculated that they would add a further £12k to the value of the receipts due on these loans.

17 FEBRUARY 2012

Report to Creditors

Attached is a Report to Creditors for the period from 10 July 2011 to 9 January 2012.

  Report to Creditors

08 FEBRUARY 2012

Cash Position

Attached is the summary of cash balances held at 31 January 2012.

 Cash Position

Cash balances increased by approximately £0.49 million during the month. Loan repayments, interest and other income totalled £0.74 million. Catch-up distributions were £0.17 million and expenses were £0.08 million.

Loan Book

Attached is the summary of the loan book position at 31 January 2012. 

 Loan Book

During January 2012, one facility was redeemed in full and one in part realising £0.6 million overall.

The loan book details shown have been converted to Sterling using exchange rates as at 31 January 2012.

The Joint Liquidators have purchased currency options to hedge certain of the future loan receipts. Sterling options purchased to hedge future Euro receipts were matched against the relevant loans included in the summary at 31 January 2012, and we have calculated that they would add a further £1.4 million to the value of the receipts due on these loans. Sterling options purchased to hedge future US dollar receipts were matched against the relevant loans included in the summary at 31 January 2012, and we have calculated that they would add a further £7,000 to the value of the receipts due on these loans.

09 JANUARY 2012

Cash Position

Attached is the summary of cash balances held at 31 December 2011.

 Cash Position

Cash balances increased by approximately £27.6 million during the month. Loan repayments, interest and other income totalled £27.6 million. Catch-up  distributions were  £0.2 million. Expenses were £0.1 million.

Loan Book

Attached is the summary of the loan book position at 31 December 2011.

  Loan Book

During December 2011, five facilities were redeemed in full realising £27.5 million overall.

The loan book details shown have been converted to Sterling using exchange rates as at 30 December 2011.

The Joint Liquidators have purchased currency options to hedge certain of the future loan receipts. Sterling options purchased to hedge future Euro receipts were matched against the relevant loans included in the summary at 31 December 2011, and we have calculated that they would add a further £1.5 million to the value of the receipts due on these loans.  Sterling options purchased to hedge future US dollar receipts were matched against the relevant loans included in the summary at 31 December 2011, and we have calculated that they would add a further £1,000 to the value of the receipts due on these loans.