A crucial court date looms on Monday 25th as stricken Park First investors decide whether to appoint Park First's own choice of administrators, Smith & Williamson, or rivals Quantuma LLP, proposed by an investor group.
A reminder of where we stand at the moment:
Back when the FCA shut down Park First as an illegal collective investment scheme, £33m of assets were ringfenced by the FCA to meet repayments to investors.
Smith & Williamson claimed that this sum would only be available to investors if they voted to appoint Smith & Williamson, otherwise Park First would withdraw it, and investors would risk getting nothing.
#TeamQuantuma claimed that this was false, and that the FCA had confirmed to Quantuma that the £33m was still ringfenced for investors regardless of which administrator they appointed.
Continue reading...