Key Post Investment in Irish Forestry Funds

Marco 1972 said:
At least we got a date, maybe celebrate on the 17th
Click to expand...

I have Been reading this thread since it was a whip. The early posts give a wonderful insight into investing in woodlands. The later posts are more concerned with the returns from specific forestry funds, and people who are disappointed with their performance.

I have long thought this part of the thread a bit naive but the above just takes the biscuit.
 
We were in the High Court yesterday for four and a half hours, all done by remote tele conferencing,
All went very well, waiting for the decision which will be going out to our members,
We can only disclose information to those involved in the case, a total of 633 paid up members,
The fight goes on,
Lar
 
I have a relative (the same relative who invested in Dolphin Trust!) who invested in one of the funds, As the liquidator wanted to charge him €400 for re-issuing a cheque, he complained to Alan Fitzpatrick's supervisory body, IASSA, who washed their hands of it. It seems ODCE are also washing their hands of it.

I see that some investors have issued legal proceedings. Do these legal proceedings deal with the fees he is seeking for re-issuing cheques?

Has the liquidator held annual meetings of shareholders?

Have the shareholders approved his fees?
 
We have had three High Court appearances to get hold of the liquidation documents,
Awaiting the Judges decision,
Lar
 
Decision day delayed till 13th July, at least that is a definite date one way or the other..
 
The case was heard in March but judgement has been pushed back to July, though l dont know what date before July it was due......
 
I found my seventh Irish forestry fund shares a few weeks ago and followed up with the liquidator only to find that he requires 200 euros per share to cover

1 Reviewing the register of members of each Company to establish the shareholding.

2 Reviewing the original Company bank account to establish if the initial transaction was processed.

3 Preparing an indemnity, consent for GDPR and instruction.

4 Issuing documentation in relation to the above and seeking its return and correspondence relating to same.

5 Issuing the replacement cheque.

6 Maintaining insurance for the liquidation as required under the Companies Act.

He also wants me to tick a box for GDPR purposes which is clearly in contravention of any data protection guidelines. He has no problem emailing me to tell me the above even though I never provided him with my email address.

Any suggestion as to what to do next
 
Depending on how many shares you have and what they are worth, pay him the money and collect whatever you can.

Alternatively, put it down to a lesson learned
 
Only a few days till we learn the outcome... hopefully will have a celebratory hangover like King Billy...
 
The Judgement is out. Highlights:
"The the liquidator has concluded that all decisions made by the directors, including specifically the decisions to sell the [portfolio companies’] assets prior to the estimated maturity and to wind up [those companies], were appropriate in the circumstances. It is the liquidator’s view that the directors pursued an early exit strategy in the best interests of the preference shareholders with due and careful regard to the challenges faced by the forestry sector. Such a step is not uncommon for a fund of this nature/structure"

"While it is regrettable that your clients’ return on investment was not at the level they had hoped, the prospectuses make very clear that the estimate of returns contained in the prospectuses were projections only based on certain assumptions and were not to be regarded as a forecast of likely returns to investors. Your clients received a return on their investments in excess of the original investment and, therefore, have suffered no loss."

"The applicants have failed to satisfy me that it would be just to permit the inspection they seek because their proposed inspection seems to me to fall on the wrong side of the line between one that would assist them with an existing or intended claim against the directors or promoters, on the one hand, and one that would allow them to fish for evidence to enable them to determine whether they can formulate such a claim, on the other

"unless there is some real evidence of dishonesty or abuse which only early disclosure can properly reveal and which may, in the absence of such disclosure escape the probing eye of the litigation process and thus possibly all detection, I think the court should be slow to allow a merely prospective litigant to conduct a review of the documents of another party, replacing focussed allegation by a roving inquisition.”
 

Attachments

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Is this the end of this matter ? I need to get the cheques reissued by the liquidator which was supposedly up for mention etc.
 
Think the court case is being pursued despite the latest setback though funding is an issue, l think those with large amounts riding on it are determined to see it through, one way or the other....
 
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