I spoke with Rachael at Moore Stephens yesterday and she told me that they are just waiting of confirmation of what we are owed (these figures come from ERA Soloutions) before they will start writing any cheques.
They should be in possesion of enough cheques and cheque writers as well as the amout of what we are owed by the beginning of next week.
EAAC have released £500,000 to Moore Stephens (the second half million will be released in May 2005) and we will be paid at 3p in the pound this time around with the balance in May also to be paid at 3p in the pound. It still works out at 6p in the pound - it is just that the figures have been halved thats why it is 3p in the pound.
However if EAAC profits are more than £1million while operating under the protection of the CVA, for example if they make 1.5 million pounds then in May, Moore Stephens will be given an additional £1million as they would have already been given £500K (this total makes 1.5 million pounds - EAAC's operating profit while operating under the CVA). But if EAAC's profits are less than the second installment of £1million Moore Stephens will still get £500,000 in May as the second £1million is a garrunteed amount, (£500,000 now and £500,000 in May totals the second £1million payment that has been promised)
So expect a cheque within the next couple weeks, though I doubt it will be for that much!
Mods - I know I have posted this in the Rumours & News forum as well, but I just want it to be read by as many Ex-EAAC staff as poss so they know what is going on and what to expect.
Last edited by London Jets; 17th Dec 2004 at 09:55.