Thoughts on Finance, Current Affairs and General Consumer Ripoffs - Damn Lies and Statistics

The full High Court judgement for the case brought be Global Security trustees to reverse the administrators decision about formation of the Creditors Committee is available at the link below http://www.bailii.org/ew/cases/EWHC/Ch/2019/3339.html A really important part of the summary explains the sums of money paid to the 4 individuals connected to LCF that total nearly £20 million. These are in section 7. The concerns raised by the Administrators in their report about transfers made to connected individuals are illustrated by the table below. Nearly £20 million of bondholders' money was transferred either directly or indirectly to the four individuals concerned. Transfers out Mr Barker  /FONT> Mr Hume- Kendall Mr Golding Mr Thomson /FONT> Charges Total out Date £ £ £ £ £ £ 22/06/2018 411,675.00 2,332,825.00 2,332,825.00 411,675.00 11,000.00 5,500,000.00 03/07/2018 150,448.50 709,827.50 709,827.50 351,296.00 3,850.50 1,925,250.00 23/07/2018 374,250.00 2,120,750.0...

The collapse of London Capital and Finance is continuing to give more unexpected twists and turns with a court case being pursued by the administrators against the current trustees called GST supposedly responsible for ensuring that LCF investors' interests were protected. https://damn-lies-and-statistics.blogspot.com/2019/01/lcf-global-security-trustees-capital.html Despite the grand sounding name, Global Security Trustees was a company in name only and was solely responsible as trustee for LCF investors. It had no other role and no money. If you check the accounts for GST then you find that it was not trading and only had nominal capital of £100. You may want to check previous articles about GST which highlighted their unusual ownership which was transferred to a company in Malta early in 2019. The directors/shareholders were also linked to the solicitors that facilitated many of the LCF deals so may be seen as being linked too closely to LCF. London Capital Finance/Global...