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ARM receives 11 restructure proposals

Troubled life-settlements vehicle Arm Asset Backed Securities has received 11 proposals for a potential restructure of the portfolio.

In an announcement to the Irish stock exchange, the firm said it has received interest from 10 parties, with one offering two potential restructure options.

The sealed bids were all received before the deadline of May 18, 2012. The proposals were opened by the company’s lawyer, a representative from the Supervisory Commissioner’s office and by a local Luxemburg bailiff and his assistant.

The board and the appraisal committee have begun a review of the proposals with a management report to be unveiled in due course.

Luxemburg-based ARM issued bonds based on life settlement policies without the appropriate permissions. The bonds were sold through distributors in the UK and Europe and a total of £75m was paid into the bonds by UK investors.

A group of investors in the troubled life settlement vehicle ARM announced that they wanted to be able to scrutinise each proposal from prospective buyers of the fund to ensure the best offer is put to a bondholder vote.

ARM was one of the underlying investments behind Rockingham’s retirement income tri-investment account. Rockingham was fined £35,000 in September for putting clients at risk of unsuitable advice and went into liquidation in March.



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