Key Post Investment in Irish Forestry Funds

Galway21

Registered User
Messages
13
My accountant looked at the funds I invested in and reviewed the accounts file at Cro. He also looked at the previous liquidations of the previous funds. He was unable to get any info on the previous liquidations as the liquidator has failed to file the necessary returns, which is very unsatisfactory. My accountant said that delays in closing the liquidations may be due to litigation, disputes etc such litigation could reduce the return to shareholders.
 

Dair Ghaelach

Registered User
Messages
6
Whilst I am a new member on this forum I have been following it with interest over the last number of weeks as both myself and my father have invested in the tenth and eleventh investment funds we would both be prepared to be involved in any group action as this would appear to be the only way any of us are going to get straight answers from IFF .
I sent a private message via this forum to five other members who have expressed concerns. No response so far, but maybe we can get something going yet???

In the meantime, FYI, the IFS Admin is back from leave. siobhanATifsamDOTie
 

jaja95

Registered User
Messages
6
I sent a private message via this forum to five other members who have expressed concerns. No response so far, but maybe we can get something going yet???

In the meantime, FYI, the IFS Admin is back from leave. siobhanATifsamDOTie
Got it and relied thanks
 

extopia

Frequent Poster
Messages
3,105
Looking at the FAME company database, the Castlebeck director Paul Brosnan is not the same Paul Brosnan director of IFS so let's not go jumping to any conclusions that would undermine the credibility of any approach.

Re the liquidation of previous funds, the information is contained in the annual reports of the liquidating and acquiring funds, I posted details on this above.
 

Peter Forde

Registered User
Messages
4
I am a small investor in the 11th and 12th Forestry Funds. I made my investment based on advice given in an Irish Times article. Innocently I thought if their finance correspondent suggested it , it must be a sound investment.

I know it's 8 or 9 years away from the maturation date of my investment but at this stage if I got my original investment back I would be happy. Please include me in any group action that is taking place. Thanks.
 

extopia

Frequent Poster
Messages
3,105
I asked my own accountant to look at their accounts and he has told me not to worry. The accounts are audited by Deloittes and the assets exist. It is only a question of timing. However, he did say it was difficult to identify what the final return was going to be. He expressed concern that the liquidator of three previous funds, (the second, the third and the Forestry Investment Plan Plc) has not filed any returns at the companies registration office. He said that the liquidator has failed to file at least 7 annual returns in respect of the three companies. No final returns have been filed which makes it difficult to determine what past returns the shareholders actually got. He advised me that there might be an issue with the ( tax free) status of the funds, as some of the funds have received deposit income: I.e. The returns to sHare holders might not be 100% tax free.
There is no ongoing issue with Forestry Investment Plans 1-3. These plans liquidated and returned funds to investors. As I mentioned above, FIPs 2 and 3 sold assets to later plans managed by IFS. This is transparent and reported in annual reports of the acquiring plans. FIPs 1-3 filed solvency declarations and liquidation forms with CRO - these documents are available from CRO. (Whether all forms required by law were filed I do not know as I'm not familiar enough with company law).

Before people start getting carried away, I don't think people need to be concerned (yet) about corporate compliance, or the existence of the assets on the balance sheets of the plans with liquidity "difficulties". The main issue here is how to liquidate the plans in a way that ensures a return to investors. While this was supposed to be a low risk investment, the way things have transpired since 2008 means there ARE no low risk investments. Also, the plans have been set up in such a way that investors have no voting rights (this was flagged long ago in his thread). This is not unusual (film investment companies used be set up in a similar way e.g.). So ultimately we have no real power over the IFS directors, beyond the ability to kick up a stink, if that is deemed to be useful (or profitable).
 
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Galway21

Registered User
Messages
13
My accountant tells me that plans 1 to 3 are not yet fully liquidated as the returns have not been filed. He tells me that if there is litigation after the funds are given to shareholders that the companies might go bust, and a new liquidator could reclaim the monies back from the shareholders. Why has the liquidator not filed the returns? Is there other creditors that the shareholders do not know about?
 

7thForestryFund

Registered User
Messages
5
Hi I'm new to ask about money, I found this lnk through Google. If anyone is setting up an action group please pm me. I have an investment in the 7th Fund and like others, have received letters dragging out the process of return.
 

Lesh37

Registered User
Messages
16
Hi folks,

I asked for an update from Ms, McCarthy on Friday, it's set out below. Here's hoping.

"The sales process is moving along well and as per the update letter issued approximately 6 weeks ago, a preferred bidder has been selected and they were given until the end of September to revert with a final bid and terms sheet.

The directors are now in receipt of the final bid and terms sheet from the preferred bidder and are in the process of evaluating the terms of the sale agreement before making a final decision. They expect to have a letter issued to shareholders within the next few weeks to update shareholders as to the decision made"
 

jaja95

Registered User
Messages
6
Hi folks,

I asked for an update from Ms, McCarthy on Friday, it's set out below. Here's hoping.

"The sales process is moving along well and as per the update letter issued approximately 6 weeks ago, a preferred bidder has been selected and they were given until the end of September to revert with a final bid and terms sheet.

The directors are now in receipt of the final bid and terms sheet from the preferred bidder and are in the process of evaluating the terms of the sale agreement before making a final decision. They expect to have a letter issued to shareholders within the next few weeks to update shareholders as to the decision made"
 

jodeal

Registered User
Messages
3
you have to wonder if this is yet another delaying tactic , I mean how long can it take to examine a bid and make a decision.
 

Lesh37

Registered User
Messages
16
Fair point jodeal, you would think that considering how long it's taken to get to this stage that the director's would know the approximate bid that would allow them to accept it without any delay, or maybe as you say it's another delaying tactic.

If we just got our money back at this stage, I think most investors would be happy. Certainly not a scheme I'll be getting involved in again.

I still feel constant and regular enquiries to company by us will let them know that we are not going away and that their responsibilty is to us the shareholder and not any "face saving exercise" on their behalf.

Good luck and here's hoping this saga comes to an end shortly...............
 

frankde

Frequent Poster
Messages
60
Fair point jodeal, you would think that considering how long it's taken to get to this stage that the director's would know the approximate bid that would allow them to accept it without any delay, or maybe as you say it's another delaying tactic.

If we just got our money back at this stage, I think most investors would be happy. Certainly not a scheme I'll be getting involved in again.

I still feel constant and regular enquiries to company by us will let them know that we are not going away and that their responsibilty is to us the shareholder and not any "face saving exercise" on their behalf.

Good luck and here's hoping this saga comes to an end shortly...............
Well said Lesh37
Yep they should give up on the "face saving experience", and give us our money back now.

Some years back when they were promising 7% return per year, I actually recommended to my brother to buy into this fund. Thanksfully he did not, I would feel pretty guilty today, if he also had money with this crowd...

I agree we should keep chasing these people for our money, posting to this forum (I am sure they are also looking at our posts), phoning them, and mailing them.
 

DDanmurphy2

Registered User
Messages
5
There is a neighbouring plot of 16 acres of forestry returning 3k P.a. With 12 years premium remaining on it. Auctioneer has a bid of 45k on it. I have a family member asking if this is a good investment if it was purchased for 45-50k. Just wondering what are the pitfalls assuming the current grant can be maintained by the new purchaser?
 

11Shareholder

Registered User
Messages
9
Well said Lesh37
Yep they should give up on the "face saving experience", and give us our money back now.

Some years back when they were promising 7% return per year, I actually recommended to my brother to buy into this fund. Thanksfully he did not, I would feel pretty guilty today, if he also had money with this crowd...

I agree we should keep chasing these people for our money, posting to this forum (I am sure they are also looking at our posts), phoning them, and mailing them.
Hi All

Phoned IFF this morning. Sarah confirmed shareholders letters will be going out next week. Hope the long wait has been worth it.
 

Lesh37

Registered User
Messages
16
Thanks, you would hope that they have finally accepted the offer from their "preferred bidder", but like most here I'll remain just slightly hopeful that the news will be good and that the wait is coming to an end.
 

frankde

Frequent Poster
Messages
60
Thanks, you would hope that they have finally accepted the offer from their "preferred bidder", but like most here I'll remain just slightly hopeful that the news will be good and that the wait is coming to an end.
Hi all

I was speaking to them recently as well, while they did not mention the contents of the letter they are sending out, the person I was talking to mentioned that if there will be a sale agreed, they hope to get payments to us by the end of the year.... so a while to go yet before we see any money here...
 
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