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Liquidation Update (7/28/17)

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Enterprising Investor Member Level  Monday, 08/21/17 11:42:07 AM
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Liquidation Update (7/28/17)

The Liquidator confirms that the second and final distribution from the CDS Class Action Settlement has been received last 21 July 2017, which totaled to about $17,000. Regarding the sale of the CLO note, the Liquidator has since found another interested purchaser and is now finalizing the documents for the sale and transfer of the CLO note investment to the purchaser of the note security. As the CLO note is a US restricted subordinated note and as the transfer would also involve the CLO trustee, the Liquidator estimates that it may take about 3 weeks to be able to fully close the sale and finalise the transfer. The Liquidator is also arranging to dispose of inventory (mostly office-related) remaining at a storage facility in New York. Once the transfer is complete and the inventory has been sorted out, the Liquidator will then immediately move to dissolve the two Primus subsidiaries at the same time in the states of Delaware and New York, and then call for a final general meeting for Primus Guaranty Ltd., which the Liquidator anticipates will be held in October. Based on the above, the Liquidator estimates that the final distribution to shareholders will likely be made sometime between the end of October and early November.

12/31/16 Unaudited Financials:
http://www.primusfinancial.com/reports/financial-reporting/PGL%20Consolidated%20(Unaudited)%20Financials%20-%20December%2031,%202016.pdf

"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
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