Maxwell funds to pursue BNP
Thursday 09 February 1995
Today is the deadline for institutions holding disputed Maxwell pension fund assets to name the amounts they are prepared to offer as compensation in the proposed settlement. The trustees of the pension funds then have to decide whether to accept. They hope to deliver their verdict by the weekend.
Although the talks under Sir John Cuckney's leadership are aimed at a global settlement, significant claims remain outside the talks. In particular, it is unclear whether BNP is willing to pay into the global settlement over the £33m claim. Whether thereis a settlement or not, the Paris court case will go ahead.
In 1990 Robert Maxwell pledged £33m of shares in Euris, a French investment trust, to BNP as collateral for a loan to a private Maxwell company. BNP lent Fr180m (£22.5m) to Headington Holdings, a private Maxwell company.
Neil Cooper, of Robson Rhodes and liquidator of Bishopsgate Investment Management, the main Maxwell pension fund, claims the Euris shares were improperly removed from BIM and should be returned, or their value in cash.
The London talks towards a global settlement were last night still on the brink. If they fail, pensioners' representatives will have to pursue their claims through the courts at huge expense.
Ken Trench, chairman of the Maxwell Pensioners' Action Group, put the talks' chances of success last night at 60 to 40 in favour.
"It would be a horrendous scenario if we were forced into the courts. We would be looking at tens of millions of pounds of legal costs," said Mr Trench.
Much will depend on the Government's attitude towards the £115m in state scheme premiums that it has waived since the discovery of the pension funds' losses.
These premiums still have to be repaid by the Maxwell pension funds, but the timing of the repayment is all important.
- 3 Indonesia executions: Death row British grandmother Lindsay Sandiford will refuse to wear a blindfold when she faces firing squad
- 4 Oxygen-starved 'dead zones' with no marine life up to 100-miles long discovered in the Atlantic Ocean
- 5 How the language you speak changes your view of the world
Lucy Hawking: Stephen Hawking's daughter writes impassioned open letter to Katie Hopkins about rights of disabled people
Indonesia executions: Death row British grandmother Lindsay Sandiford will refuse to wear a blindfold when she faces firing squad
Oxygen-starved 'dead zones' with no marine life up to 100-miles long discovered in the Atlantic Ocean
How the language you speak changes your view of the world
Russian warships accused of 'chasing away' Swedish vessel to prevent Baltic States from achieving energy independence
Over 50,000 families shipped out of London boroughs in the past three years due to welfare cuts and soaring rents
EU asylum policy is 'a direct threat to our civilisation', says Nigel Farage
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: SNP and its activists 'openly racist' towards the English, Farage says
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
iJobs Money & Business
£16000 - £18500 per annum: Recruitment Genius: This is an excellent opportunit...
£24000 - £28000 per annum: Recruitment Genius: A Senior SEO Executive is requi...
£16000 - £18000 per annum: Recruitment Genius: An Online customer Service Admi...
£18000 - £22000 per annum: Recruitment Genius: This global, industry leading, ...