View more on these topics

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.

Recommended

1

What a waste

Many people ask me what new business opportunities arise from the RDR. I tell them the same thing – very little, whether you are an advertising agency, a freelance consultant or a compliance expert. The story is different for IT contractors and website builders. Huge budgets are being allocated to streamlining processes to enable more […]

5

FOS receives over 5,600 false PPI complaints

Over 5,600 complaints about missold payment protection insurance were referred to the Financial Ombudsman Service last year where no policy had ever been sold, figures from the FOS reveal. The FOS has published its annual review this morning, which sets out complaints trends for the 2011/12 financial year. Its figures show that out of the […]

The great divide

It is encouraging to see Zurich and Aifa picking up the cudgels in the battle for the restoration of the 15-year long stop, a crusade that I and many others have been pursuing for over five years. Maybe Aifa has finally turned the corner and will start fighting for important issues that were previously ignored. […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment