Update September 19th 2016
September 19, 2016
The following are the liquidator’s updates which relate to the two (2) outstanding asset matters since the previous press release. The matter regarding the return of the Patent to the parties who appear to have title to the Patent, has since been completed and resolved. Regarding the possible sale of the investment in CLO notes with a face value of $1.096 million (the “CLO investment”) in Primus Asset Management (“PAM”), we have since been in pursuit of an investment buyer interested in purchasing the investment from PAM. We await advice from the potential buyer regarding a firm offer to purchase the CLO investment.
Additionally, it has been brought to the attention of the liquidator that Primus Financial Products, LLP (“PFP”), one of the Company’s subsidiaries, may be eligible as a claimant to a Class Action CDS Anti-Trust Settlement (the “Settlement”) which has an aggregate amount of $1.86 billion. We have worked with a former officer of the Company to submit a claim against the Settlement. The administrator of the Settlement informed that it is not clear yet how much PFP may be entitled to in the Settlement and when a decision on the claim will likely be made by the Federal District Court for the Southern District of New York.
Whilst the above matters are being resolved, the liquidator is working to assign both the Settlement claim and the CLO investment from PFP and PAM (the “US entities”), respectively, to their parent, PGL, and then have the US entities liquidated and dissolved. We aim to complete the above assignment of assets by the end of October 2016.
Update May 11th 2016
May 11, 2016
The Liquidators of Primus Guaranty, Ltd. (the “Company”) notifies shareholders that two (2) outstanding asset matters remain in relation to one of its subsidiaries, Primus Asset Management, Inc. (“PAM”) – (1) the possible sale of its investment in CLO notes with a face value of $1.096 million, and (2) the possible disposal of a Patent which was originally made out to those within the former Primus Corporate (the “Patent”), amongst other parties. The Liquidators have been coordinating with Deutsche Bank National Trust Company, the trustees of the CLO notes, to assist in finding potential Qualified Investment Buyers of the CLO notes. The Patent certificate was issued by the United States Patent Office for the design of a trading platform/system, which was originally intended to be operated and managed by PAM but such a system was never developed/materialised. As neither the Company nor PAM appears to have title to such Patent, the Liquidators have reached out to the original parties of the Patent and await their decision/confirmation to have the Patent returned. The Liquidators anticipate that these asset matters will be completely resolved by end of June 2016.
PRIMUS TAX INFORMATION (PFIC) IS NOW AVAILABLE ON ITS WEB SITE
March 31, 2016
Primus Guaranty, Ltd. has posted the 2015 PFIC tax statement to its web site. The statement can be found under the "Tax" tab.
PRIMUS GUARANTY, LTD