SGH, page-222

First 222 Last

Share
Profile

Follow
Beave

6,027 Posts.

330

08/05/18

16:47

Post #: 32961694
Share

Originally posted by yensog ↑

Sorry about that. The message didn't post

Dear Babscay Group Member

We regret to advise you that the Scheme Administrators (KordaMentha) have rejected the proof of debt that we lodged with them on your behalf in the Slater and Gordon settlement scheme. Their reason is because Maurice Blackburn have also lodged a proof of debt for you in respect of your losses in the Hall class action. We believe this decision is wrong. The loss claimed on the proof of debt we lodged for you is separate and distinct from the loss claimed in the Hall class action. We unsuccessfully tried to persuade the Scheme Administrators that their views were wrong. Unfortunately, your only remedy now to achieve a dividend as a Babscay group member (which would be in addition to whatever you stand to recover as a Hall group member) is to appeal to the Supreme Court of Victoria.

On our calculations, based on information from the Scheme Administrators, you would have received a dividend of about 2.9 cents on the dollar on the proof of debt we lodged for you. Our view is that it is not commercially worthwhile for Vannin to fund the necessary court case to overturn the decision of the Scheme Administrators. Whilst we think the issue for decision is straightforward, our experience is that court cases almost always end up being less straightforward than originally expected and far more expensive. If you nevertheless wish to bring your own appeal, we will provide you with any assistance that we can. Please note that any appeal to the Court needs to be filed as soon as possible because the time period for an appeal expires today and it will be necessary to obtain an extension of time.

We are disappointed that we can’t report better news.

Please contact Maurice Blackburn if you have any queries regarding the proof of debt they lodged on your behalf and your expected return.

The Pitcher Partners claim is continuing and is unaffected by the decision of the Scheme Administrators. We will keep you updated on the progress of it.

Kind regards

Vannin Capital

Supreme Court, yeah right!

Expand

The administrators calculation 2.9c hmm ....... better than nothing I suppose

Last edited by Beave: 08/05/18

SGH Price at posting: $3.28 Sentiment: Sell Disclosure: Not Held
1 Upvote

0 Great analysis

Reply

Top Stories

PFE

Pantera begins drilling of maiden test well at Smackover

QHL

Aerospace smallcap Quickstep Holdings jumps nearly 100% after 40cps takeover offer

MKT

The ASX can overlook its Telecomm small-caps. Here’s one diversified brand with an international footprint

Palladium's the newest geopolitical hot commodity. But ASX exposure is limited

Trump is President Again: What Does This Mean for Crypto?