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Primus Liquidators Update (11/01/17)

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Enterprising Investor Member Level  Wednesday, 04/11/18 10:08:54 PM
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Primus Liquidators Update (11/01/17)

The Liquidator is still in the process of closing the sale of the CLO note. (See PDF below providing brief background on the sale of the CLO). Whilst the Liquidator has performed the requisite onboarding process on the CLO purchaser, the Liquidator had to comply with the purchasers extensive onboarding process, which attributed to the delay in moving the sale forward. The Liquidator will continue to work with the purchaser to progress the sale further and eventually close the same hopefully within this month.

The remaining company inventory in the storage facility in New York, on the other hand, has been deemed to have nominal value and that it would cost the Company more to sell the items than the value that may be recovered from them. The Liquidator is working to have the inventory items securely discarded. Books and records of the Company retrieved onsite, however, will need to be maintained for a specified period pursuant to Bermuda law.

The Liquidator estimates that the revised timeline for closing the CLO purchase will likely be on or before the end of November. The Liquidator estimates that he will be in a position to call for the final meeting of shareholders between December this year and early January next year, and to make the final distribution to shareholders by the middle of January after statutory requirements, subsequent to the final meeting, are met.


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