Bob’s Weekly Update

Dear Bondholders,

…….and we think getting some of our ARM money back is taking time:

From this mornings Telegraph ‘City Briefing’

CHANCELLOR TO REPAY PART OF BRITAIN’S WW1 DEBT

George Osborne is to make a repayment on a loan first issued by the then-Chancellor Winston Churchill in 1927 to refinance National War Bonds originating from the First World War.

He will redeem £218m of the debt from the so-called 4pc Consolidated Loan on February 1 2015. Still, it will only put a small dent in the UK’s WW1 debt, which still stands at around £2bn.

My father held a lot of these ‘Perpetual Loans’ which have no maturity date, though I have no idea what happened to the loan certificates when his estate was wound up. Today 4% seems good, but through all those high inflation years, in between then and now, it seemed a disaster. Just think what that £218m, let alone the £2bn was worth in 1927.  One could buy a perfectly good 3 bed semi in the London suburbs then for around £650!  We had ‘never had it so good’ as Viscount Stockton told us approximately 30years later, and considering growth in the Euro Zone is currently doing worse than those countries did in the Great Depression he was probably correct.

This post has a serious point, for although hopefully, we will never see the inflation of the past repeat itself (although I think it will at some point), it is a reminder of the ‘time costs’ risks related to the FCIL credit stream that will hopefully supply further distributions for larger bondholders.

READ FULL UPDATE

Bob’s Semi Weekly Update

Dear readers,

There will be no BWU this week as there is no news that I am able to discuss.

Maltese readers:  Please see the announcement from the MFSA on the website.

Sunday is my birthday, and I am being taken to lunch today ‘somewhere posh’ so I’m actually grateful that I do not have to spend several hours writing today.  My typos do tend to increase in direct ratio to my consumption of G&T.

Enjoy your collective weekends,

Bob

Bob’s Weekly Update

Dear Bondholders,

Last week I asked Ian to put up the message:

“There will be no BWU this week as there is no news that I can discuss.I had hoped to be able to write on one subject this week but due to my NDA I have to wait for BDO to publish the information, and I must remain silent.”

The more observant of you will have noted that BDO then ‘sneaked’ out an update, after close of business the same day.  You will also now be aware of the points I wished to discuss within the limits imposed on me by my membership of the AHC.To read the whole document (an absolute must if you haven’t done so) please visit the BDO website or read it here:

READ FULL UPDATE

 

Bob’s (Semi-Weekly) Update

Dear readers,

There will be no BWU this week as there is no news that I can discuss.

I had hoped to be able to write on one subject this week but due to my NDA I have to wait for BDO to publish the information, and I must remain silent.

There is always another day….

Enjoy your collective weekends,

Bob

Bob’s Weekly Update

Dear Bondholders,

Well both Ian and I are back. This has been another poor week for health for me, and I’m basically typing with one hand, but……wait for it……the house is finally finished!!!!!

The AHC meeting took place last week as promised by BDO. Obviously, only BDO can share any information on matters discussed, should they so wish, but all I can tell you. was that it was a very busy couple of hours. Subsequent to this, the three bondholder members, who were actually present, as opposed to on the telephone, then had an informal meeting with the FSCS representative present. This was a very kind offer on her part, which was much appreciated, and I felt it was a most constructive end to the day.

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Bob’s Weekly Update

Dear Bondholders,

Special Arrangements for September

Before moving on to today’s business, an important announcement for readers. Having had my return to Prague prevented by water damage to our home in May, and then by the health problems in June, July and August, I’m finally taking a break. In the past I have tried to file an Update from wherever I am, but this time I’m shutting off for two weeks, as I really need the rest. By a cursed coincidence Ian will be away the last two weeks of September, and therefore there will be no Updates on this website for September.

READ FULL UPDATE

 

HSBC faces £151m lawsuit over Keydata collapse

HSBC faces £151m lawsuit over Keydata collapse

by Jun Merrett on Aug 27, 2014 at 09:53

HSBC has vowed it will fight against a $250 million (£151 million) lawsuit which alleges it aided fraud in relation to failed investment company Keydata.

The claim was filed to a New York court last week by Baden & Baden, which is the liquidator for life settlement vehicle SLS Capital, and has been backed by a group of 900 Keydata investors, according to The Financial Times.

SLS Capital issued life settlement bonds which were then marketed by Keydata.

The liquidator accused the US subsidiary of HSBC