Monday, July 15, 2019
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Many P & R investors hope for more money

NAfter the billions fraud at the Munich container company P & R insolvency administrator Michael Jaffé woos several tens of thousands of creditors for his settlement proposal. So far, according to Jaffé, only one-third of the 54,000 P & R investors have voted in favor of the plan, which aims to ensure that creditors' claims are taken into account according to a single model so that nobody is favored or disadvantaged.

"The settlement agreement can only be implemented by the insolvency administrators in the interest of all creditors if it is accepted by an overwhelming majority of the creditors (…)", Jaffé explained in Munich on Wednesday. Overall, investors had invested 3.5 billion euros at the time of the bankruptcy in the spring of 2018. It is estimated that between 2.5 and 3 billion euros could be irretrievably lost.

The background to the appeal of the insolvency administrators: In this case, numerous law firms are represented, representing the bruised P & R investors. Some of these lawyers hope their clients will be able to recover more of their lost money and therefore advise against accepting the settlement proposal. "The adoption of the Settlement Agreement offers benefits for all creditors alike," Jaffé campaigned for his proposal. Anyone who agrees can, in the words of the insolvency administrator, receive advance payments, the first of which is planned for next year.

Jaffé hopes to be able to recover about 560 million of the 3.5 billion euros by the end of 2021, in the following years further sums. P & R had sold around 1.6 million containers to private investors. After the bankruptcy, however, it turned out that just over a million of the containers sold existed only on paper.

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. (tagsToTranslate) Michael Jaffé (t) Compare (t) Billions Fraud (t) Container Company (t) Munich


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