Questions for Dave with API ( reframed ).
1.
Is it true that Aircrew Protection International are about to attempt to defend a major lawsuit in the Channel Islands using the pilot fund to finance same ?
Members are awaiting your post providing contact details for Sovereign Trust(Guernsey) Limited preferably including the direct
e mail address and telephone number for Trust Manager Stephen Hare.
2.
How much is the plaintiffs claim against the API fund ?
as in question 1 above.
3.
How much will the defense of the lawsuit cost the pilot fund ?
as in question 1 above.
4.
How much as a percentage of the fund can Sovereign Trust Guernsey Limited legally spend on fighting lawsuits arising from decisions made by Trust manager Stephen Hare and still be judged as acting in utmost good faith and acting in the best interests of the current Beneficiaries ?
5. Refer to post #194 page 10 of this thread and watch and listen to the narrative in the video. The question is
What is the identity of the registered Owners/ managers/ shareholders listed under “private” in the aircrew protection international British Virgin Islands limited company incorporation document and why was this information withheld on Registration ?
6. (The original question has been replaced with a more pertinent one.).
Referring to the plan rules 5.9-5.11 inclusive below, will members be provided with three months notice of reduction of benefit due legal expenses
incurred by the Trust ?
5.9 Benefits payable under the Plan to members cannot exceed the vailue of the assets held in the Plan at any time.
5.10 If the balance of the funds becomes insufficient to pay the claimants as per Section 6, then the income of the fund shall be distributed to the claimants to the maximum extent possible on a pro-rata basis as determined by the Directors.
5.11
Under certain unlikely conditions, (for example a sudden, massive increase in the number of claims due the same tragedy ie. a large group of pilots travelling together)
the Plan allows for monthly payments to claimants to be reduced, at the discretion of the Directors. This would only be towards ensuring viability of the Plan. In the unlikely event this facility of the Rules is required,
members and claimants will be provided with three months' written notice.
API – 4 December 2017
Page 6 of 27.
Below is a direct quote from
The API 2017 annual summary
"We also ask you, the member, if you can suggest anything we might have missed as a way to increase membership beyond word-of-mouth? Perhaps you have ideas, seen from the outside, that we haven’t considered. It is in every member’s benefit to increase the number of contribution-paying members to keep the mutual-benefit fund growing!”
end of quote
Fact
The API 2017 annual summary states that
the number of members (those contributing to the funds and referred to you david as “money going in”) stands at 1546.
Basic mathematics here
1546 members each contributing 450 AED a month =
695700 AED a month “coming in”
25 Current beneficiaries each receiving 25000 AED a month =
625000 AED “going out”
This would leave
70700 AED a month remaining before expenses are deducted.
Using financial data from the
API 2017 annual summary the following “expenses” are incurred by the fund each month :
Fuller Admin and Fuller Accounting Services:Accounting and data entry from service provider
210000 AED /12 = 17500 AED (money going out)
Banking /Financial Services Dubai & Guernsey (Sovereign Trust)
211088.56 AED/12 = 17590.71 AED (money going out)
Corporate Contracts ( Oman Insurance,Harvey Watt & Co USA , Website management)
1,221,142.27/12 AED/12=101761.85 AED (money going out )
Employee costs (Consultants, admin)
300413 AED /12= 25034 AED (money going out)
Conclusion:
Funds available balance each month
70700 AED
less monthly expenses
70700 AED - 17500 - 17590.71 - 101761.85 - 25034= - 91186.56 AED a month in the negative.
That’s a monthly deficit (loss to the fund ) of -91186.56 AED
(202 individual pilot monthly contributions)
an annual deficit (loss to the fund ) of - 1,094,238.72 AED
(2,431.64 individual pilot monthly contributions)
members can cross check the above figures on the aircrewprotection.org website
under the NEWS tab
https://www.aircrewprotection.org/news/1
David
have the pilot consultants considered the annual running cost or what you refer to as “just the cost of doing business" already running at 1942643.83 AED (4316.98 individual pilot monthly contributions ) a year indicates aircrewprotection international cannot afford to finance a pending colossal legal drain from the fund.
With audited accounts as published in
the API annual summary 2017 indicating running costs are on a monthly deficit, an astute observer as seen from inside or out could not miss the fact that
any additional legal costs incurred in defending any lawsuit would have to be drawn from the source fund (capital) held in The API Trust and managed by Sovereign Trust Guernsey Limited and sanctioned by Trust manager Stephen Hare.
7. A member of the plan loses his license on medical grounds and puts in a claim to API.
The question is
have the “founding members” or “consultants” of aircrew protection international ever intervened in any process or decision on process involving interaction /correspondence between Harvey Watt & Co, the doctors providing opinions for Harvey Watt & Co and Sovereign Trust Guernsey Limited so as to influence decisions that effected the potential or actual outcome of that claim being settled or denied?
8.
Why is there no appeals procedure in existence ? You say there is :to date 040318 where is it documented in the rules of LIPS, API or anywhere ?
10.
Exactly how many individual pilots have current lawsuits against API /Sovereign Guernsey Limited ?
You answered
one .
Fact
The API 2017 summary states:
“There are
several, ongoing legal disputes from claimants regarding their
entitlements which also increases the legal costs of the Trust’s attorneys....”.
So exactly how many individual pilots have current lawsuits against API / Sovereign Trust Guernsey
Limited ?