We know that lots of group members have been receiving letters from David Rubin & Partners telling them that their claim in the Docklands liquidation is not going to be admitted due to some badly drafted assignments between Key Homes UK Ltd (KHL) and West India Dock Road Ltd (WIDR).
The upshot is that investors who exchanged before November 2010 may have their claims in the WIDR liquidation rejected. If that happens of course the dividend that ends up being paid to those who exchanged after November 2010 will be higher.
We know that this is a worry for people as the liquidation of West India Dock Road ltd is the only one that is likely to pay any sort of sizable dividend to creditors as the Docklands plot is going to raise up to £10m. Members have therefore been asking our lawyers, Lucas & Co, what they should do.
Unfortunately we cannot instruct our lawyers to advise on the point. The reason is that we have group members in both camps, some before November 2010 and some after.
However what we are prepared to do is help to put any investors in touch with each other so they can get their own advice on the issue if they want to do so. Any investors who are affected and who have had a letter from David Rubin & Co should therefore get in touch and we will set up a way of their communicating with each other.
We also asked Lucas & Co to speak to David Rubin & Partners and make sure that investors have more time to co-ordinate with each other. They have done that and have had confirmation that no claims will be rejected before 1st May 2015 and, in any event, even then, not before they have been given further notice.