Third Irish forestry fund.

Is it possible for the shareholders to request a copy of the contract deal that veon made with AXA?

I believe it really should be disclosed to us

Hi, I just posted a lengthy post and I don't know what happened to it.

I had 4 shares in the third fund, I was annoyed on hearing the news that they were considering selling the funds.

I emailed Mr Brosnan and shared my annoyance, especially that it would only be now in the last few years that the fund would be realising it's true potential. He responded to tell me that with the looming brexit and the US/China trade war there was uncertainty and that in the past shareholders had wanted to sell and couldn't. Also that they had secured a good deal for us, I disagreed but still thought (naively) that he was acting in our best interest.

I searched online and found this thread and the 'Ask about money' forum which led me to the belief that something dodgy was going on. That at the very least, questions needed answers!

Lar Sheeran on the other forum has engaged a QFM to investigate these actions and is looking for shareholders to contact him if you want to add your name to the list, I have and I implore you to contact larsheeran@gmail.com to add your weight, together we may force them to answer for their actions. An email doesn't cost anything, if there's enough of us we may be able to get the governing bodies to take on the investigation.
Lar Sheeran asked me to put up his contact details, he is on the 'ask about money' forum.
Thank you.
CS

FYI from askaboutmoney:

Irishforestryactionclaim.com
We are growing faster than the trees!!!
Lar Sheeran

99nsr125 wrote: »

No

Premium is only paid in first few years

really thats a bumber.. i guess there thinking about it...introducing it? they dont speak of this issue when looking for farmers for planting ..

Hi all,
Irish Forestry Action Association Ltd., has been set up to fight the wrongful sale of the 18 forestry funds,
The legal firm, Mathesons, one of the big 5 are the firm handling the legal side,
Lar Sheeran is one of the Directors,

Is there anyone out there who need to have their out of date cheques reissued or who have already had one reissued by the liquidator

Lar Sheeran wrote: »

Hi all,
Irish Forestry Action Association Ltd., has been set up to fight the wrongful sale of the 18 forestry funds,
The legal firm, Mathesons, one of the big 5 are the firm handling the legal side,
Lar Sheeran is one of the Directors,

According to Courts.ie an affidavit was filed on 27 of May by Lar Sheeran by Gore & Grimes Solicitors; and it was listed for Chancery Court 6 today 13 July 2020; any update on how this is progressing?

Case details are SECOND IRISH FORESTRY FUND PLC [IN LIQUIDATION] & ORS -V- COMPANIES ACT 2020/155 COS

Hi Lar,

I was an investor in a number of the funds and was disappointed in the return that was made versus the return that was projected. I believe one of the problems with the funds was the lack of transparency, and while I consider should I join action with other investors, I would need to have fuller information.

Neither the post here, nor on AskAboutMoney nor on the website Irish Forestry Action Claim give me any details of what is proposed. I understand you will not want to publish your legal advice to a public forum as it may hamper the legal action you are taking; but information already filed with the courts could be posted?

Specifically the questions I have are ...
1. What is the cost to an investor to join this action? Does it depend on the number of shares held in each fund or is it a once off cost?
2. Do the funds raised by the investors cover all legal costs, or just enough to file the original motion? Or is the solicitors firm operating on a no foal no fee basis?
3. The initial post said one of the big five solicitor firms was taking the case, but a different solicitors firm is listed on the action? As the name of the big five solicitor was used to provide assurance that there was a case for action, how should the change of solicitor be interpreted or does it make no difference?
4. What remedy is sought and from whom? If the funds are in liquidation and the claim is successful, who will make a good on the award?
5. What is the likely timeline for a final court decision to be made - is this a commercial case in excess of 1m and a speedy process is expected or could this go on for years?
6. If I don't join the action, will I be asked by the liquidator to return what little I have got on my original investment in the event of your claim being successful?
7. If I don't join the action, will I benefit from your claim being successful?
8. 600 investors out of 12500 is less than 5% of the investors; does it represent the same by value or are these the larger 600 investors?

I appreciate you may not be able to answer some of these questions, but I think given the lack of transparency in the original investment I would need to see a lot more transparency before I would commit good money after bad.

The Judgement is out. Highlights:

"The the liquidator has concluded that all decisions made by the directors, including specifically the decisions to sell the [portfolio companies’] assets prior to the estimated maturity and to wind up [those companies], were appropriate in the circumstances. It is the liquidator’s view that the directors pursued an early exit strategy in the best interests of the preference shareholders with due and careful regard to the challenges faced by the forestry sector. Such a step is not uncommon for a fund of this nature/structure"

"While it is regrettable that your clients’ return on investment was not at the level they had hoped, the prospectuses make very clear that the estimate of returns contained in the prospectuses were projections only based on certain assumptions and were not to be regarded as a forecast of likely returns to investors. Your clients received a return on their investments in excess of the original investment and, therefore, have suffered no loss."

"The applicants have failed to satisfy me that it would be just to permit the inspection they seek because their proposed inspection seems to me to fall on the wrong side of the line between one that would assist them with an existing or intended claim against the directors or promoters, on the one hand, and one that would allow them to fish for evidence to enable them to determine whether they can formulate such a claim, on the other.

"unless there is some real evidence of dishonesty or abuse which only early disclosure can properly reveal and which may, in the absence of such disclosure escape the probing eye of the litigation process and thus possibly all detection, I think the court should be slow to allow a merely prospective litigant to conduct a review of the documents of another party, replacing focussed allegation by a roving inquisition.”

You should chcek the CRO B1 form for your share details,

We won our appeal in the High Court,

Lar Sheeran

This decision was overturned by the High Court, We won the Appeal, And get our costs!!

Lar Sheeran