The Provisional Liquidators’ monthly update to Bondholders and other creditors for the period 7th July to 3rd August 2014.
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.
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
This week I’m providing a round up of items as there has been no BDO update in August. I’m also continuing with the campaign to raise the profile of the appalling damage done to our investments by the FSA. ‘Thought for the day’ Maybe it is time for the Treasury to start asking itself did it get the ‘best bang for it’s buck’, or rather our bucks, with the organisation as it then was. The FCA are actually asking for your opinions, and it is your chance to tell them. More below.
Due to a setback with my wife’s health overnight there will be no BWU this week. I apologise for the inconvenience to regular readers.
Have a good weekend one and all.
This is a bit of a FSCS/FCA/FSA special, as there is a growing feeling of both anger and outrage, that the Regulators have yet to ‘man up’ and concede they were at serious fault in the way they engaged with ARM Bondholders, and that their performance in regard to other funds was severely lacking.
This week I’m afraid I have been too busy to plan an Update properly, as health issues aside, we still have an unrepaired house three months after our furniture was removed. Today instead of writing my Update I spent most of the my day catching up with bondholder emails, as I was running nearly a week late on some of them and they needed attention. There were really only three main subjects, news of claims paid or questions about claims process, and letters to and from HM Treasury. Next week I will post a selection of these for your information. The minor subject was tax claims.
This week have seen a continuation of the flow of emails from happy people who have received their compensation from the FSCS. As I wrote last week, these are a pleasure to read.
Sorry for the delay, here it is below.
Bob & Ian
I must apologise to my regular readers for the sporadic appearance of my Updates of late. Unfortunately ‘real life’ has been getting in the way. Once again, I have to offer my sincere thanks to those of you who have been kind enough to write with your good wishes for my wife’s recovery.