WH Selfvinvest: 3. Update on MF Global

More information from the broker were to us today WH Selfinvest announced. This applies to details on how to proceed and information booth WH Selfinvest in the case of MF Global bankruptcy (Part 3 our report).

WH SelfInvest message

Here is the wording of the current message from WH SelfInvest, As of today 06.02.2012:

“THE- We hereby wish to inform you about the current state:

The insolvency of MFG UK, KPMG, has published his detailed proposal, which was now the "High Court" for approval. One of the points of this proposal is the calculation of interim payments. In the first step, a withdrawal of KPMG 26.9% before. This is at the lower end of the estimates for this payment. The main reason for this is the amount of overrated and unjustified claims. Although KPMG states clearly, that many of these claims were unjustified in their opinion, they are obliged at this stage, to consider all claims and have the amount of the payments very carefully ansetzten. KPMG now has the task of validating the claims, and to contact the claimant with respect to accelerating the amount of the claim and payments. Our office is in contact with KPMG. We will inform you as usual on all other development s.”

Those: WH Selfinvest

Dear Client, Cher Client, Sehr geehrter Kunde, Dear Customer,

EN – In order to keep you informed:

The MFG UK special administrator KPMG published its detailed proposal which it submitted for approval to the high court judge today. One of the elements in the KPMG proposal is their calculation of the interim payment. KPMG proposes at this stage an interim payment of 26,9%. This is on the lower side of estimates for the interim payment. The main reason for this, KPMG states, is the amount of over-claims and unjustified claims. Although KPMG clearly states that many of these claims are in their opinion invalid, they are at this stage in the process, obliged to take all claims into account and thus be prudent with the size of this interim payment. KPMG has now accelerated the process of validating all claims and contacting the claimants in order to agree the claimed amounts and payments. Our law firm is in contact with KPMG. We will keep you as usual informed of further developments.

FR - To keep you informed :

KPMG, Administrator of Special MFG UK, published a detailed proposal which was submitted today for approval to the High Court of Justice. One element in the proposed KPMG is the method of calculation used for the interim payment. KPMG proposes at this stage an interim payment 26,9%. This percentage is at the bottom of the range of estimates for the interim payment. The main reason is due, selon KPMG, the sum of receivables and overstated claims unjustified. WhiKPMGs clearly stated his view that these claims are invalid, he is obliged, at this stage of the procedure, take account of all claims and to be careful about the size of the interim payment. KPMG has now accelerated proceedings to determine all claims and to contact all creditors to validate the amounts of debts and payments are. Our law firm is in contact with KPMG. As usual, we will keep you informed of any future development.

DE - We would like to inform you about the current state:

The insolvency of MFG UK, KPMG, has published his detailed proposal, which was now the "High Court" for approval. One of the points of this proposal is the calculation of interim payments. In the first step, a withdrawal of KPMG 26.9% before. This is at the lower end of the estimates for this payment. The main reason for this is the amount of overrated and unjustified claims. Although KPMG states clearly, that many of these claims were unjustified in their opinion, they are obliged at this stage, to consider all claims and have the amount of the payments very carefully ansetzten. KPMG now has the task of validating the claims, and to contact the claimant with respect to accelerating the amount of the claim and payments. Our office is in contact with KPMG. We will inform you as usual on all other development en.

GB - To keep you informed:

The MFG UK special administrator KPMG published a detailed proposal for which they are now in a high court judge appointment with the approval sought. One of the elements in this proposal is the calculation of the interim payment. KPMG is currently establishing an interim payment of 26,9% for. This is on the low side of estimates for the interim payment. KPMG gives this as the main reason the number of overrated and unfounded claims. Although KPMG explains that many of these claims in their opinion not founded, they are at present obliged to take into account all claims and so careful with the size of this interim payment. KPMG now accelerates the validation of all claims and contacting the claimers and payment amount to be agreed. Our law firm is in contact with KPMG. We will keep you informed as always when there are further developments.

WH SELFINVEST