Juridica Share Discussion Threads

[+eysenck] 19/5/2021 10:46

thanks Plasybryn, I contacted kpmg also and got a similar reply this morning after a reminder email. I didn't see post 1309 but I suspect it's similar to below,

"By way of update, I am pleased to confirm that the auction process for the sale of the remaining JIL assets has concluded and the sale process is now complete. The voluntary liquidators will be providing an update report to shareholders very shortly with regard to completion and final distributions to be made to shareholders".

[plasybryn] 18/5/2021 17:28

Sorry I had to delete my post as apparently I'm not authorised to share it!
But it confirmed that the auction process for the sale of the remaining JIL assets has concluded and the sale process complete. We will get an update report soon stating details of the completion and final distribution.

[flying pig] 15/5/2021 19:37

Takes you to Brickell Key Asset Management which is a platform to source and underwrite complex investment in commercial legal claims, with a special emphasis on intellectual property/patent assets. They are a registered investment adviser With the US Securities And Exchange Commission and are licensed with the Guernsey Financial Services Commission.

It appears that they have $400 million under a mandate to invest in litigation claims.

Is this a clue?

[tonsil] 10/4/2021 08:15

I tick posts here to show my interest.

[plasybryn] 09/4/2021 21:49

Well we are in Q2. Fingers crossed for news over the next 8/10 weeks.

[djderry] 16/3/2021 09:07

I may be putting two and two together to get ten but I notice in this morning's interim results from Litigation Capital Management that they have $2 million in their portfolio labelled 'acquisition of claims'.It's obviously a low possibility but could it possibly be the rump of the Juridica portfolio?
Perhaps,it's just the workings of a fevered imagination,a bit like Lear on the heath.

[plasybryn] 12/3/2021 17:36

Thanks Bedbel. Kind of you to share that.

[djderry] 12/3/2021 11:52

Thanks Bedbel.So we're completely in the dark,even after the sales process.
I'm not altogether surprised.Staying on to the bitter end was,for me,not an investment.Rather,it's a punt.One had no real knowledge of the quality or kind of cases left on the books or how long it would take to monetise them or even if they could be monetised.
Yes,one had a NAV ,but that was always going to be a moveable feast.
The other unknown was the cost of the process.No disrespect to KPMG,but it reminds me of the wonderful description of the financial industry ( contained ,if memory serves me in 'Where are the customers' yatchs') as 'the greatest transfer of wealth from the unwary to the wary'.

[bedbel] 12/3/2021 10:52

Answer on my question from KPMG today:

Unfortunately, the sale process has taken a lot longer than anticipated so it won’t be made until quarter 2 now. I can’t give a definitive date though as there are still a number of issues to resolve before making the final distribution.


I can’t give a precise amount until the sale process has been completed.


Kind regards

Brian

[speedsgh] 21/2/2021 11:18

Yes, good news. Light at the end of a somewhat lengthy process. Would be appreciated if anyone who doesn't hold via a nominee could advise on the final distribution per share as & when they receive notification. TIA

[plasybryn] 21/2/2021 08:39

Thanks Nigelmoat. Thanks for sharing. I hadn't seen that. Good news.

[nigelmoat] 21/2/2021 07:51

Update received last week from LiquidatorsWe can confirm that the Voluntary Liquidators are in the process of finalising the sale of the remining assets and anticipate a final distribution to shareholders will be made towards the end of Q1 2021. An announcement will be made to all shareholders prior to the final distribution being made. Please note that as you hold shares via a nominee, we will not be in a position to provide you with access to the updates directly and therefore, suggest that you liaise with your nominee regarding updates on the final distribution.

[+eysenck] 04/1/2021 16:50

>+eysenck: Would you mind if I copied that over to LSE?

Please do

[speedsgh] 04/1/2021 16:13

Plas - Last reference I can find to number of shares in issue was a TVR rns in Dec 2016 which stated that there were 110,340,019 shares in issue. Have checked the Delisting circular (Nov 2018) and the KPMG report to shareholders (July 2019) and can find no reference to number of shares in issue.

[bedbel] 04/1/2021 15:57

Thanks +eysenck. Your answer is a little bit more optimistic with final distribution anticipated in Q1. Probably at the end of it. Anyone wants to estimate how much?
I'll go for at least 2 pence per share.

[plasybryn] 04/1/2021 15:51

+eysenck: Would you mind if I copied that over to LSE?

[djderry] 04/1/2021 15:08

Thanks +eysenck.

[plasybryn] 04/1/2021 15:06

Thanks +eysenck

[+eysenck] 04/1/2021 13:50

Hi Folks, I received this from KPMG. I thought there'd be more detail.
Cheers, mark

Dear Mark,

Happy New Year!

Thank you for your e-mail.

We can confirm that the auction process has concluded and the Voluntary Liquidators are in the process of finalising the sale of the remining assets. We anticipate a final distribution to shareholders will be made in Q1 2021. An announcement will be made to all shareholders prior to the final distribution being made.

Please note that as you hold shares via a nominee, we will not be in a position to provide you with details directly and therefore, suggest that you liaise with your nominee regarding updates on the sale and the final distribution.

We trust the above is in order, however, should you have any further queries please let me know.

Many thanks & kind regards,

For and on behalf of the joint voluntary liquidators

[plasybryn] 03/1/2021 17:52

Thanks Bedbel. Will diarise end of January/early February for your next update. Cheers

[djderry] 03/1/2021 17:16

Thanks Bedbel.It's been a really slow process to get information.This is the first time I've heard anything about it taking several months to finalise the sale auction.One would have thought that at the end of an auction,one would have a price at which the asset was sold,a winning bidder named and cash put into the account.Perhaps auctions are different in the UK.What are the legal issues?
The company was in wind down for some time before the liquidation.I presume that as a going concern creditors were paid.It's not as if there should be a long que of creditors.
We've waited years for this to be finalised and,as an investor in litigation finance companies,I'm quite used to being infinitely patient.

[bedbel] 03/1/2021 16:27

Hi all,

I received following reply last week:

The escrow money has been received. The amount received was slightly over $3m..



The sale auction is still progressing. There has been one bidder to date who we are currently liaising with. It will take a number of months before the sale auction is finalised as there are a number of legal aspects that we have to deal with before the sale is completed.



We will have a better picture once the sale process has been completed and all creditors have been paid before we know how much will be distributed to shareholders. I hope to have a better idea at the end of January/ start of February.



If you have any further queries please do not hesitate to contact me.



Kind regards



Brian

[plasybryn] 03/1/2021 16:19

+eyesenck:- Have you had a reply yet?

[+eysenck] 28/12/2020 12:42

From
hxxps://home.kpmg/qm/en/home/services/advisory/liquidations/Juridica%20Investments%20Limited%20(in%20Voluntary%20Liquidation).html

* UPDATE ON AUCTION PROCESS * (27.12.2020)

Please be advised that the auction process has now concluded and, subject to receiving no superior bids from investors, an offer for the Company’s assets will be accepted by the Joint Liquidators on Thursday 3 December 2020. Any investor wishing to review the updated position should contact Elaine Hanrahan or John Casey at [e-mail] and [e-mail] for access to the attached notice.

I'll let you know what they say, if and when, I get a reply.