Update January 9th 2017
Jan 9, 2017
The Liquidator of Primus Guaranty, Ltd. (the “Company”) has received notice dated December 29, 2016 from the Administrator of the Credit Default Swaps (CDS) Antitrust Settlement (the “Settlement”) that the Company’s subsidiaries, Primus Financial Products LLC and PFP Eagle LLC (the “Subsidiaries”), have been awarded pro rata payments from the Settlement in the amounts of $106,798.10 and $124,893.46, respectively, pursuant to the Plan of Distribution In Re Credit Default Swaps Antitrust Litigation Settlements (Case No. 13-MD-2476-DLC) which was approved by the United States District Court for the Southern District of New York on April 18, 2016. Whilst the Administrator disclosed that payments were made to all eligible Class Members on December 28, 2016, the funds are yet to be received as of the date of this press release. The payments are approximately 10.21% of each of Primus Financial Products LLC and PFP Eagle LLC’s claims.
Based on information from the Settlement’s website at www.cdsantitrustsettlement.com, the total amount for this distribution was $1.48-billion and that a portion of the funds was set aside as a reserve to cover Class Member appeals in the challenge process; the amount of the reserve was $120-million plus interest earned on the Settlement funds. The notice disclosed that the Subsidiaries will be entitled to a payment from such reserve, which will likely be made in the second quarter of 2017, if funds are available after all remaining appeals are resolved. If the entire $120-million will be distributed, the Liquidator anticipates that the second and final distribution to the Subsidiaries will be no more than approximately $18,000 in total. The Liquidator will continue to coordinate with the Administrator of the Settlement regarding the impending receipt of the award payments as well as its prospects of a second and final distribution.
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