Better outlook for Maxwell's creditors good news on payo $3bn
Wednesday 31 July 1996
The latest report by Price Waterhouse on the administration of Maxwell Communication Corporation (MCC) also discloses that fees and legal costs have surpassed $74m since the group went bust four years ago.
The accountants estimate an "optimistic" forecast for their fees and legal costs would be $81m. Their "pessimistic" view is $86m.
Maxwell pensioners will benefit from a proposed fifth payout by the administrators in the autumn of 3 per cent of the $3bn claims. Price Waterhouse has already paid out around $1bn.
Price Waterhouse announced in their sixth report to creditors this week that 44 to 48 per cent of claims will ultimately be settled, a rise from 38 to 43 per cent initially forecast. This does not include legal claims made against various banks and professional advisers by the administrators.
Price Waterhouse is suing three of Maxwell's banks for around $140m, and Maxwell's auditor Coopers & Lybrand for an undisclosed sum. A court decision on the banks' case is expected in November, when the trial over the Coopers audit is due to start.
It is also suing Whitman & Ransom, the New York law firm which advised Macmillan, formerly part of MCC, over a number of deals, but refuses to speculate on how much could be gained for creditors.
Price Waterhouse hopes to secure a deal with Arthur Andersen, liquidators of the private side of the Maxwell empire, over certain disrupted assets.
- 1 Apple has installed security backdoors on 600m iPhones and iPads, claims security researcher
- 2 Malaysia Airlines MH17 crash: Pro-Russian rebel 'admits to shooting down plane'
- 4 Is Gideon Levy the most hated man in Israel or just the most heroic?
Malaysia Airlines MH17 crash: Pro-Russian rebel 'admits to shooting down plane'
Israel-Gaza conflict: Deadly flechette shells 'used by Israeli military in Gaza Strip’
Malaysia Airlines MH17 crash: Blogger captures footage ‘showing BUK missile launcher that shot down jet’ now back in Russia
Peaches Geldof inquest: Tragic final moments of socialite's life reveal she "lied" to husband about failed drugs tests
Israel-Gaza conflict: The myth of Hamas’s human shields
Malaysia Airlines flight MH17 crash: 'Nine Britons, 23 Americans and 80 children' feared dead after Boeing passenger jet is 'shot down' near Ukraine-Russia border
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
iJobs Money & Business
£300 - £350 per day + competitive: Orgtel: Cost Reporting Manager - MI Packs -...
£35000 - £40000 Per Annum plus 23 days holiday and pension scheme: Clearwater ...
£475 - £525 per day: Orgtel: Test Lead, London, Investment Banking, Technical ...
£380 - £480 per day: Orgtel: Business Analyst - Banking - Edinburgh - £380 - ...