William Ransom Share Discussion Threads

[deswalker] 27/4/2015 14:56

Bru,

Coincidentally it is in my diary to call again this week. Will do it before Thursday to avoid the long weekend getaway. Last call was on 17 February and things were a little more positive.

I'll post something here in the next few days.

Des

[brumont] 27/4/2015 13:44

Des,
Thanks for your response above. I was remiss in not acknowledging it.
I wonder if you or anyone has an update on the present position.
Thanks
Bru

[deswalker] 07/8/2014 12:01

Brumont,

Following my last call with KPMG back in June I estimated that things ought to be clearer in early September. Knowing how these things pan out this could well be moved back a month but I still intend on calling again in early September for an update. I shall post on this board once I have anything definite.

Des

[brumont] 06/8/2014 12:12

Gentlemen,
can anyone enlighten me as to what is happening please?
Thankyou
Bru

[davidosh] 13/6/2014 22:44

Do keep me posted as well if you can. I will see Kramch at the Mello on Monday too

[deswalker] 13/6/2014 16:25

Simon & Stuart you have mail ...

[deswalker] 13/6/2014 15:09

I have yet to receive the letter. Postman not been yet.

I shall digest over the next few days and call KPMG next week. Last call made on 21 May so I was partially aware of the situation. Need to see the full explanation in black and white though.

I'll be in touch once I have any further info.

[graham1ty] 13/6/2014 15:05

As usual, hope that one person can talk to KPMG. I have spoken to Alistair

[graham1ty] 12/5/2014 10:44

Thanks Des. Keen to see if there is an update, but not have us all calling KPMG. Maybe will wait until the annual statement and then see what needs asking. Thanks Des

[deswalker] 12/5/2014 10:07

No news since 12 Feb when Stuart spoke to KPMG, emailed me with his findings and I forwarded this email on to you. We should get a written statement up to April 2014 at some point within the next six weeks or so (last years was sent towards the end of June). I'm waiting for that report before making any further enquiries myself but if anyone does call KPMG then could they please disclose their findings.

[graham1ty] 12/5/2014 09:21

Any update from anyone ? Another four months have passed............

[deswalker] 17/1/2014 10:21

Thanks playful.

[playful] 16/1/2014 19:02

Update from KPMG:

We have now received a formal claim from the liquidators of Witham Contract Manufacturing Limited (WCM). Whilst we have received the claim, and are discussing it with our lawyers, the liquidators of WCM have indicated that they are still in the process of gathering evidence to support the claim. As far as we are aware they have requested certain documents from the lawyers who dealt with the restructuring and I believe they have also contacted the former directors of WCM.

Relying on the fact that we advertised for creditors claims at the outset of the liquidation and in order to keep costs down our lawyers have recently written to the liquidators of WCM advising them that we do not intend to conduct a review of the claim at the level of detail that would be necessary if we were to formally adjudicate upon the proof of debt, but we have considered the claim on the basis of our knowledge of the groups restructuring and the relevant law. Based on this we have concluded that it is highly unlikely that the various contingencies to which the claim is subject would be fulfilled, so that any valuation of the claim would be at a very low figure by comparison to the total claimed in the proof.

We also pointed out to them that the former liquidator of WCM considered whether he should bring claims against the Company on the grounds which are substantially similar to those set out in the proof and reported to the creditors of WCM (in his final report dated 15 April 2013) that "legal advice was sought and I was advised that the strength of any potential claim was questionable and potentially expensive to pursue". For these reasons we have determined that we should not deal with the proof.

Although we have not gone down the formal route of rejecting the claim which would give the liquidators of WCM the opportunity to apply to Court to have the decision of the liquidators reversed or varied, in order to save costs, we have given them 21 days to consider our lawyers letter and respond otherwise we will make a final distribution to the shareholders. The 21 days will expire in early February.

[playful] 26/11/2013 16:54

Thanks Des,

Let's all hope they throw the towel in

[deswalker] 26/11/2013 10:51

I've just called Paul at KPMG ...

The official claim against us was received later than expected in early November. Part of this claim was a request from the other party to see certain company files held by us. We are currently considering this disclosure request with our lawyers, so the ball is currently with us.

Paul said that hopefully by Christmas we will have formally rejected the claim and the ball will be back with them. They then have 21 days to take this to the Courts in which case we will ensure that they will be liable for our costs should we win. Alternatively they will have to let the complaint and claim lapse.

The process is continuing as Paul described to me months ago but the timeframes between the ball being passed back and forth is taking longer than expected. However the 21 days is set in stone so once the ball is back with them around Christmas time we will know definitively one way or the other 21 days later.

I shall be calling again at the end of January.

HTH

Des

[deswalker] 25/10/2013 13:22

So all a bit frantic, but eventually in line with what me and playful said above. The time for new news is the end of November.

[graham1ty] 25/10/2013 11:40

Des, playful will revise above now spoken to Paul. The new liquidators are currently looking at all the info......no new claim received yet. More news in November...so really repeating Paul's email above. Apologies for duplication and hope my conversation ( kept to 9mins 58 secs) does not cost us another £100.........

[graham1ty] 25/10/2013 10:45

Des, playful, spoken to KPMG today............suggested it is likely to go to Court and earliest payment 1Q next year ( two years after we were outvoted to liquidate this damn thing). mThe partner actually dealing with this is going to call me back.

I have left a message with Sir Wodger to give him a hard time. Anyone else feels like him please call him also on his private number 01874611777. He needs to feel the heat, stupid oaf

[deswalker] 18/10/2013 17:12

Hi playful,

Yes that is in line with my understanding. Basically we ought to know whether the other party intend to go to court by approximately 20 Nov.

If they decide against then I don't see much of a delay in distributing the funds. If they decide to go to court then who knows how long it will take.

I will be calling Paul at the end of November to find out which route we are going down and to ensure that we will be claiming all our costs wherever possible.

Des

[playful] 18/10/2013 13:18

Hi Des,

Here we have an update that Paul sent me today:

As mentioned in the report we did facilitate a meeting between the liquidators of Instant and the Company's financial director and legal representatives at the time of the restructuring to answer the questions they had raised in respect of the groups restructuring transactions.

Unfortunately the responses provided did not fully satisfy their concerns and they subsequently petitioned for the winding up of Witham Contract Manufacturing Limited ("WCM") in order to have themselves appointed as liquidators to gain access to further information. The winding up order was made on 3 September and the liquidators of Instant have now been appointed liquidators of WCM.

I can confirm that the liquidators of the Company formally rejected the claim of Instant which gave them 21 days to apply to Court to overturn the liquidators decision to reject the claim. No application was made during the 21 day period.
Correspondence received from the new liquidators of WCM has indicated that they are carrying out further investigation into the affairs of WCM and will shortly be submitting a claim into the liquidation of the Company.

Clearly as liquidators of the Company we are not in a position to distribute the remaining funds to shareholders with the knowledge of this potential claim. Once we receive the revised claim, which I would anticipate will be before the end of October, we will have to evaluate the merits of the claim and take the appropriate action to deal with it.

.............

Fingers crossed this gets sorted and we can receive our final payment in full.

[deswalker] 18/10/2013 10:47

Hi playful,

I phoned a couple of weeks ago. I was told the following rough timeline.

1. The other party has to lodge a formal complaint by approx 18 Oct (coincidentally that's today).

2. We will consider this for a period and respond. Assuming we decide to oppose the compliant that will take us to very approximately 1 Nov.

3. The other party then has three weeks to either decide to go to court or to let the complaint lapse. If it is the former then who knows when the case will appear but we ought to know one way or the other by the end of November. That is when I said I'd give Paul another call when I shall be enquiring on how we might go about reclaiming any costs from the other party.

Do you know anything contrary or above and beyond my understanding of things ? Any response here or via email as I'm away from my land line. Cheers.

Des

[playful] 17/10/2013 14:47

I phoned KPMG today to see where we are with the final payment and they said the claim is still holding things up and not to expect any payment this year!

[playful] 08/7/2013 23:03

Totally disgraceful...

[playful] 25/6/2013 14:35

Talked with KPMG and was told HMRC have now given clearance on the final payment, but the landlord of the facility shown below has issued a claim to KPMG for outstanding rent, it seems the company that purchased the naturals business from RNSM has gone into liquidation and not paid the rent:



They are meeting with the landlord in the coming weeks but KPMG do not feel we should be too concerned and expect to pay circa 0.0153 as final settlement within 6 weeks.

Final payment is projected to be circa 0.0153

Already paid 0.028

Total payment = 0.0433

This is not exactly the 5p Sir Roger Jones seemed to think was a certainty.

What I am concerned about is despite the fact Sir Roger Jones gave shareholders an assurance that Ran Oren would need to wait until shareholders were fully paid before he received his £200,000 commission for selling the business, it turns out he got the cash before KPMG were even appointed.