As the Park First hearing approaches we have received a request from Mr Kevin Cresswell who made a large investment with Park First. He has met the people who control Park First and it is fair to say that he was not impressed by them or with their failure to answer his questions.
Mr Cresswell is determined to recover his money and has appointed Quantuma to represent him at the hearing on the 25th November. He has asked us to publish his details because he would like others to join him and support a liquidation. He has invested more than £500,000.
We have been made aware of some incorrect comments regarding the two competing proposals. As far as we are aware the FCA have confirmed that the £33m held in escrow will not be affected by either proposal. The funds are protected by the FCA and they will make the decision on how those funds will be used.
Investors should read this update from the FCA which contains this sentence “The FCA is asking the Court to order the Defendants to pay a just sum to the FCA to then distribute among the investors who have suffered loss as a result of the Defendants’ alleged contraventions“. It does not say “but only if investors vote for a CVA“. That is a rumour spread by those who are trying to frighten investors into supporting the CVA. The fact that they have to resort to telling lies should be a warning sign to investors of what they can expect in the future. It seems to us that the FCA statement is very clear. They are seeking compensation for investors irrespective of the outcome of the hearing.
From: KEVIN CRESSWELL
Sent: 15 November 2019 10:51
To: Mark Hendrick <[email protected]>
Subject: Park First
Dear Mark
Further to our recent communication in relation to this matter I write to confirm that I am happy for you to share this email with investors as a guidance note on how I am intending to vote at the meeting on the 25th November.
In order to assist you, I attach a copy of my proof of debt and proxy (completed) and should investors so desire, I would invite them to vote in the same manner.
As a further point of note, I attach the guidance note that leads me to vote in the manner that I do
I look forward to speaking with you again soon
Thanks
Kevin Cresswell
From: Mark Hendrick
Sent: 15 November 2019 11:39
To: Mark Hendrick <[email protected]>
Subject: FW: Park First
Dear Investor
I write further to your recent communication and can confirm that I am representing Mr Cresswell (and others) who has asked me to respond to you all to advise of his intentions regarding the meeting of creditors on the 25th November 2019.
Attached you will find a copy of a guidance note which highlights why my clients are intending to reject the Administrators’ proposals.
Further, attached is a copy of Mr Creswell’s form of Proof Of Debt and Proxy, which he is lodging in respect of the meeting of creditors itself. I will be in attendance at the meeting on his behalf and Mr Cresswell invites you to vote in the same manner that he does, should you so desire.
If your intention is to reject the administrators’ proposals in order to seek that the companies go into liquidation with both Carl Jackson of this firm and Ben Barrett of Dow Schofield Watts appointed to act as joint liquidators I would be happy to act as your proxy holder at the meeting on the 25th November (free of charge)
In order to do so, I will need you to send to me your completed forms of proof of debt and proxy, with myself as the named proxy holder, and completed in the same way that Mr Cresswell has done.
Should you wish to accept the administrators’ proposals, I would also be happy to act as your proxy holder and convey that vote at the meeting.
In order to assist, I have attached copies of all forms of proxy for the respective companies in Administration and where you will hold a claim.
I look forward to hearing from you
Mark
Mark Hendrick
Director of Creditor Services
Quantuma LLP
Direct: +44 (0)203 8566736
Office: +44 (0)203 8566720
Mobile: +44 (0)7818 354802
Please see the links below for the documents referred to in the above.
Quantuma_K Cresswell POD & Proxy
Quantuma_Investor Guidance on Liquidation_Nov 2019
To view our previous article on Park First please click here.
To view our more recent article on Park First please click here.
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