Bob’s Weekly Update

Dear Bondholders,

I’m going to have to keep this Update short as I keep nodding off at the keyboard and my wife will not be pleased if she catches me tapping away.

The Serious Stuff

Director Ronan Collins has supplied me with the latest figures for changes of ownership of our policies to FCIL. The position, as of today, was 210 of 299 changes of ownership have taken place, so we have the reverse of last weeks position in that only a trickle have gone through this week.

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Bob’s Weekly Update

Dear Bondholders,

This week I’m going to reverse last weeks approach and put things like my health update at the bottom. So you all have something to look forward to, however modest.

The Serious Stuff

I’m glad to report that information is beginning to flow. A little earlier today, Ian Ward will have placed on this website a statement, dated 15th Jan, issued as an information piece by Ernst & Young. You will also find an article, on the subject of that statement, by Nick Reeve writing in the FT Adviser.  Nick has been a good friend to bondholders, with his regular reporting of events and even though I disagree with parts of his interpretation, this time, I wouldn’t wish to be without his coverage.

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ARM Asset Backed Securities S.A. (“ARM” or “The Company”) E&Y Announcement

ARM Asset Backed Securities S.A. (“ARM” or “The Company”)
Luxembourg 15 January 2013
The purpose of this statement is to provide the public with additional information following the announcement made by ARM on 16th November 2012 on the Irish Stock Exchange of the outright sale of the life settlement policies in ARM’s portfolio to Financial Credit Investment I Limited (“FCIL”).

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Sipp providers’ valuations challenged

Investors in the stricken ARM Asset Backed Securities life settlements fund have challenged self-invested personal pension (Sipp) providers after two firms took different stances on the value of the fund.
Bob Sharpe, a member of the ARM Help investor steering group, publicly challenged Sipp providers Carey Group and Standard Life to explain their valuations of bonds issued by ARM. The bonds have not paid income since August 2011, and the ARM board recently sold its entire portfolio of life insurance contracts in an effort to restructure the fund.

By Nick Reeve | Published 08:26 | FTAdviser

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Bob’s Weekly Update

Dear Bondholders,

A slightly shorter Update this week as, along with the world and his wife, I’m unwell again.  My paternal grandmother, who was a Victorian, used to say “green winters full churchyards” and she was probably correct.  Mind you, on the other side of the scale, readers should be aware that she blamed the terrible wet weather that arrived with the onset of WW1 on “Zeppelins disturbing the air currents”, so you have been warned.

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Bob’s Weekly Update

Dear Bondholders,

I was afraid that readers may think I’ve forgotten our ARM problems when they read on, but I promise that I haven’t.  Over the festive season, I may have been answering emails and keeping in touch with those involved, who were available, but many key players were absent.  To get an official update of where we are now to you, an RNS is required, but to get that, it would have to be written, passed by the Board, and crucially, signed off on by our Supervisory Commissioner M.Pacaud. The latter will not return from his Christmas holidays until the 6th January, so assuming he is in his office next Monday, I suspect it will still be a few days before he gets around to our pressing need for news on the restructure.

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