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  • #4,361
  • Feb 24, 2015 10:07am Feb 24, 2015 10:07am
Why they want wait last minute for show proposal???? frustrating.
myfxbook: neoxis
  • #4,362
  • Feb 24, 2015 10:32am Feb 24, 2015 10:32am
Update: https://www.insolvency-kpmg.co.uk/ca...F119D1101.html
  • #4,363
  • Feb 24, 2015 10:33am Feb 24, 2015 10:33am
NEWS

https://www.insolvency-kpmg.co.uk/ca...F119D1101.html
  • #4,364
  • Edited 10:53am Feb 24, 2015 10:40am | Edited 10:53am
Quoting ghibellino
NEWS https://www.insolvency-kpmg.co.uk/ca...F119D1101.html
that a book..what the hell
i didnt see anything in there relating to payout?

was there a claim form notice b4 today?
  • #4,365
  • Feb 24, 2015 11:00am Feb 24, 2015 11:00am
Quoting nAVIN2007
{quote} that a book..what the hell i didnt see anything in there relating to payout? was there a claim form notice b4 today?
Look again. There are about 7 new documents on the site relevant to Retail Clients.
  • #4,366
  • Feb 24, 2015 11:09am Feb 24, 2015 11:09am
Quoting Cooltrooper
{quote} Look again. There are about 7 new documents on the site relevant to Retail Clients.
my compueter is acting very funny..for some reason i cant open these files..typical
  • #4,367
  • Feb 24, 2015 11:14am Feb 24, 2015 11:14am
Firefox seems to have a problem with the site, try IE
  • #4,368
  • Feb 24, 2015 11:36am Feb 24, 2015 11:36am
Ok

so I'm worried

it seems that those of us who had trades open are going to be treated differently

given that funds are going to be distributed on a pro rata basis from the pool of money, I would imagine that those claiming first would dwindle the pool of money, leaving those with funds to be settled taking on a greater share of any shortfalls.

i hope that is not how things will be done
  • #4,369
  • Feb 24, 2015 11:47am Feb 24, 2015 11:47am
Quoting verv
Ok so I'm worried it seems that those of us who had trades open are going to be treated differently given that funds are going to be distributed on a pro rata basis from the pool of money, I would imagine that those claiming first would dwindle the pool of money, leaving those with funds to be settled taking on a greater share of any shortfalls. i hope that is not how things will be done
I DONT THINK SO..what worrys me is the fact of negotiating i dont understand..just say me what i am owed

what are they saying they are going to give us?...i must have missed it but i cant see it anywhere
  • #4,370
  • Feb 24, 2015 11:50am Feb 24, 2015 11:50am
Quoting verv
Ok so I'm worried it seems that those of us who had trades open are going to be treated differently given that funds are going to be distributed on a pro rata basis from the pool of money, I would imagine that those claiming first would dwindle the pool of money, leaving those with funds to be settled taking on a greater share of any shortfalls. i hope that is not how things will be done
Yes, this is worring and something to be mentioned at the meeting!

As for the document in general here is what I understood:

- Costs related to dealing with clients / distributing money will be paid off the client pool.

- KPMG bill was already reaching £2,000,000.00 on the 13th of February, of course not all that is paid off clients poll as this is the total cost of all services provided so far.

- On an additional note, to all the idiots that were earlier advising all to bombard KPMG with emails and phone calls, the bill for general correspondence with Retail clients currently stands at 191,228.50 - 592 hrs charged @ 332.97. http://screencast.com/t/iiESbwtMs5tE
  • #4,371
  • Feb 24, 2015 11:51am Feb 24, 2015 11:51am
i read everything...

their initial expenses are around 4 mln $ (they can take them from client money) they are not total expanses. So i don't know how much will be the final cost.

All money are returned in pro-rata but still they cannot say how much.

How held trades in 15-16 jan should to submit a claim of money for vote with the form submitted by them on the website. (this will not used for claim in portal just for vote) after when you will receive a mail with full login for enter and agree your claim statement.

Others can just agree with the portal statement for both things vote and agree claim.

Any proposals and distribution of funds and prorata etc will be decided in the meeting appointment by 12 march.

So at the end kpmg decided to not make any sale of client money and just close the company and refund all on the process.

All legitimate clients will have access on FSCS for a compensation.

But is not clearly the procedure and details for make a claim and in what form.

When it will be possible they will post it on their website.

In my opinion...the only thing i wanted know they not said...just this kind of prorata basis what is the amount? still in the dark.
Anyway one thing is sure..this process will be so long...and full of expenses paid by our funds.
myfxbook: neoxis
  • #4,372
  • Feb 24, 2015 11:53am Feb 24, 2015 11:53am
Quoting nAVIN2007
{quote} I DONT THINK SO..what worrys me is the fact of negotiating i dont understand..just say me what i am owed what are they saying they are going to give us?...i must have missed it but i cant see it anywhere

They haven't said anything new in terms of client money distribution, all stays the same for now:

- Clients with no open position at January 15th 9:30GMT and only holding cash balance will be given access to claims portal first.
- Clients with open positions after that date/time will have to wait and see and will be contacted at a later date to agree on a balance once KPMG has figured out everything
  • #4,373
  • Feb 24, 2015 12:00pm Feb 24, 2015 12:00pm
Quoting papamax
{quote} They haven't said anything new in terms of client money distribution, all stays the same for now: - Clients with no open position at January 15th 9:30GMT and only holding cash balance will be given access to claims portal first. - Clients with open positions after that date/time will have to wait and see and will be contacted at a later date to agree on a balance once KPMG has figured out everything

this is nuts there no way after this i am giving my money to a broker..its just not safe..i will only change my mind once i get my money without any deductions
  • #4,374
  • Feb 24, 2015 12:05pm Feb 24, 2015 12:05pm
client balances sale process is still ongoing. may be once we have agreed our claims then deal will be finalized.
  • #4,375
  • Feb 24, 2015 12:08pm Feb 24, 2015 12:08pm
and we have to attend or choose a proxy...this is crazy
  • #4,376
  • Feb 24, 2015 12:10pm Feb 24, 2015 12:10pm
Seems like this document has been added later than the others. First time I checked everything it wasn't there, now i refreshed the page and it appears!

https://www.insolvency-kpmg.co.uk/Vi...c-e7ad7007fd24
  • #4,377
  • Feb 24, 2015 12:12pm Feb 24, 2015 12:12pm
Quoting nAVIN2007
{quote} I DONT THINK SO..what worrys me is the fact of negotiating i dont understand..just say me what i am owed what are they saying they are going to give us?...i must have missed it but i cant see it anywhere
yep, I don't like that language. Ultimately I think they are going to have to agree on the closing prices for every instrument

Quoting papamax
{quote} Yes, this is worring and something to be mentioned at the meeting! As for the document in general here is what I understood: - Costs related to dealing with clients / distributing money will be paid off the client pool. - KPMG bill was already reaching 2,000,000.00 on the 13th of February, of course not all that is paid off clients poll as this is the total cost of all services provided so far. - On an additional note, to all the idiots that were earlier advising all to bombard KPMG with emails and phone calls, the bill for general correspondence...
All those people ringing in costs time and our money
  • #4,378
  • Feb 24, 2015 12:14pm Feb 24, 2015 12:14pm
Quoting papamax
Seems like this document has been added later than the others. First time I checked everything it wasn't there, now i refreshed the page and it appears! https://www.insolvency-kpmg.co.uk/Vi...c-e7ad7007fd24
better for people to wait for the claims portal rather than burden kpmg with a load of forms
  • #4,379
  • Feb 24, 2015 12:18pm Feb 24, 2015 12:18pm
Here are some additional salient points on the Proposal.


Claim Portal

The Claims Portal will shortly be open for the majority of Clients (who had cash balances as at 9.00 GMT on 15 January 2015 and entered no further trades).

We will send an email to these Clients over the coming days providing details of access to the Claims Portal. We are unable to give definitive timelines for when we will be in a position to agree claims of Clients who held open positions on the 15 and 16 January 2015 due to the ongoing review referred to above. All Clients will receive an email once they are able to access the Claims Portal.

Sale of Client List

The Company had a diverse client base with some 116,000 clients of which 27,000 were active users (as at December 2014). The customer base was dominated by direct retail customers, however, the business also served 70 professional clients. As the bulk transfer of client balances was not possible for logistic and regulatory reasons, we have pursued a standalone sale of the client list and discussions with buyers are continuing.

Client money

From our work to date, we have identified balances of approximately USD 99.3 million held in designated client money or trust accounts on the date of appointment. To date, USD 99.6 million has been repatriated to the special administration estate and is held in client money trust bank accounts. A balance of USD 1.3 million is yet to be repatriated. The difference between the balance on appointment and realised is due to exchange rate differences and interest accrued.

The operation of the FCA client money rules means that client monies are subject to pooling at the point of insolvency. Individual entitlements to funds disappear on the pooling event and are replaced by a right to a share in the pool. Accordingly there is a requirement to ensure that the amount of client monies and relevant costs is known before the entirety of the client money pool can be distributed prorate to clients with claims. This will not prevent an interim distribution to such Clients. Further information on the potential outcome for Clients is included in section 4.1.
  • #4,380
  • Feb 24, 2015 12:21pm Feb 24, 2015 12:21pm
I had opened position on 15 jan i need to fill the formal form than is just for voting??? or i should to wait to enter in the portal claim and just agree and make a claim by portal?

I wanna know if is really important made a formal form claim for this meeting or i can bypass it and just wait when i can access on claim portal. Thanks.

Cause this form claim is used only for vote on meeting date.

What you think?

Thanks for help
myfxbook: neoxis
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