Shareholder Update (4/02/19)
The Liquidator’s team have been coordinating with the tax advisers, in order to file the tax return for period ended 31 December 2018. The PFIC statements are now publicly available.
Creditors will recall that PFP has a claim against the Foreign Exchange Anti-Trust Settlement (the “FX Settlement” or “Settlement”) and we were advised that PFP’s claim remains under review by the claim administrator. On further investigation by the Liquidator’s team and based on the discussion with the claim administrator, the burden of proof to provide information on the claim falls on PFP. The Liquidator’s team has performed a review of the documentation and discussed the position with former directors of PFP on the quality and quantum of the documents to substantiate the claim. Giving due regard to the time it would takes to process the claim and the likely recovery to be received from the Settlement, the Liquidator is of the opinion that the cost of pursuing such a claim would outweigh any benefit to the investors. Accordingly, the Liquidator has formed the view to not continue pursuing this claim and proceed to a first and final dividend distribution to the investors.
Should any investors wish to compel or fund the Liquidator to continue the pursuance of the Settlement, we should be grateful if you could put this in writing to CBCBMrestructuring@ deloitte.com within the next 30 days.
In line with previous publications, there will be a first and final Liquidatior’s distribution of more than 10 cents per share to be declared. The exact quantum of the total distribution will be disclosed directly to shareholders in early course.
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
