The most positive of all here seemed to be our own Captain Shead... every RNS was positive we would be compensated for the "blatant" misappropriation of the assets! Wonder if the final report will ever be published... and we get to see why it all went so badly wrong? I'll take my two quid and buy half a pint with it!! :)
ago I owned Marconi shares.. (that's where I should have stopped) and when was all said and done I got a check £2 or something like that out of a 5k holding. I suspect that any thing left (if at all) will follow the same scenario. Such a shame. This seemed so positive..
The Administrators get their fees covered before any money is distributed. I imagine they will be charging somewhere in the region of £400 per hour for their services. So if they take 15 mins to answer an email or call from a shareholder it reduces the pot of money to be distributed (if there actually is one) by £100!! On the plus side, the fact that there are administrators working on this means there is some money in the pot for them to actually bother with it.
Oldernotwiser, that's a good point about the tax rebate not being in contention.
It looks highly possible that the Uzbels were simply withholding in lieu of the amount they wanted to claim in the UK courts. The arbitration merely stated they didn't have jurisdiction over that so it wasn't a win by Calunius in knocking it aside, however, administration has done that.
So Oxus has no liabilities of significance aside from, potentially, Calunius. On the face of it then they appear not to have met any standard litigation funding criteria that warrants payment. It's important that the administrator clarifies that point at an early stage and also clarifies if a decision on whether to try and get the French courts to set aside has been made. I also hope he will ensure that shareholders get to see the full arbitration award document.
Background and contact information on the Administrators.
Malcolm Cohen -
Services: Business Restructuring
Malcolm is a Licensed Insolvency Practitioner with thirty years business restructuring and insolvency experience. Malcolm has extensive knowledge across a range of sectors including, financial services, property, professional services, shipping and not for profit. Malcolm leads the firms' National Contentious Insolvency Team, this team is dedicated to recovering assets through litigation, cross border investigations and uncovering fraud. He also leads the firms' Corporate Streamlining Team.
The purpose of the administrator is to attempt to keep the company operational and if possible find a buyer. Failing that then yes, they will attempt to liquidate all the assets and pay all the creditors before distributing any remaining surplus to shareholders. The main issue as I see it is the question of legal fees. They were incurred on a no win no fee basis. As the RNS clearly stated that the OXS case had been dismissed how can it possibly be interpreted as a win. The tax refund due to OXS may never have been in dispute in the first case for all we know so not the result of any effort by the legal team. If those potential legal fees can be avoided then with limited debts there should be something left for the shareholders.
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