This website has been established by the court |
This website has been established by the court |
This website aims at informing the public with respect to the liquidation process and at communicating general information. Even if the liquidators pay careful attention to the quality of published information, they can neither guarantee expressly, nor implicitly that available information is accurate, current and complete.
On 17th March 2010, the Court appointed liquidators of Herald (Lux) Sicav have filed a lawsuit at the Luxembourg District Court against the different parties that have intervened during the life-time of Herald (Lux) Sicav. The purpose of the lawsuit is to recover the assets of the Sicav, in the interest of the shareholders and the investors in the fund.
On 8th July 2011, the Luxembourg District Court rendered a first judgement in the Herald (Lux) case. A copy of the judgement is here.
On 2nd March 2012, the Luxembourg District Court, second Chamber rendered its verdict on ongoing proceedings which is published hereunder.
On 15th June 2012, the liquidators have agreed with the US Trustee to the extension of the Voluntary Discovery for Herald (Lux) SICAV.
On 18th November 2013, the liquidators drew the attention of the shareholders and investors in HERALD (Lux) on the Madoff Victims fund, announced by the US Department of Justice Asset Forfeiture Distribution Programme. http://www.madoffvictimfund.com/
On 12th December 2014, the liquidators announce that they have reached a settlement agreement with Irving H. Picard, Trustee for the Estate of Bernard L. Madoff Investment Securities LLC (BLMIS) in New York, which results in the recognition of the Herald (Lux) customer claim in the BLMIS estate. (Statement 12-12-2014)
As a result of the approved US settlement, HERALD (Lux) received so far $131,270,025.60 from the BLMIS Trustee, up to and inclusive of the 6th interim distribution that the Trustee announced on 15th April 2015, but in addition to a $500,000.- payment from SIPC. (Notice of Adjournment of the Hearing for the 6th interim distribution from the Trustee). In addition to those monies from the BLMIS estate, HERALD (Lux) recovered monies in March 2015 from the JP Morgan class action settlement in the amount of $3,169,440.
On 15th June 2016, HERALD (LUX) received the 7th interim distribution payment from the Trustee in the amount $3,002,025.60 or 1.305% of the allowed claim. This brings the total percentage of the service to the allowed claim to 58.369%. (Notice of Adjournment of the Hearing (part 1 and part 2) for the 7th interim distribution from the Trustee).
By judgment of 4th February 2016, the Tribunal d'Arrondissement de et à Luxembourg [District Court of and at Luxembourg], 6th Chamber, hearing commercial matters, changed the method of liquidation of the variable capital investment company HERALD (LUX). The judgement and the publications made by the liquidators on 15th February 2016 in the European Financial press can be found here.
On 2nd June 2017, the liquidators of Herald (Lux) would like to announce the following: Publication 02-06-17.
On 04 April 2018, the liquidators of Herald (Lux) would like to communicate the following: Publication 04-04-18.
On 31 May 2018, following the agreement received from the supervisory judge of the Herald(Lux) liquidation, the liquidators filed an application with the Court to obtain authorisation for a first "distribution payment in principle" to be made to the shareholders of Herald (Lux). The liquidators have applied for a distribution of 67.8 % of the total net loss, i.e. USD 255,600,000, which in view of the Herald (Lux) register amounts to a 70% recovery per share based on the aforementioned amount. The Court hearing took place on 14 June 2018. The judgment will be given on 28 June 2018. The liquidators would like to remind that Herald (Lux) still holds an allowed claim in the BLMIS estate for the remaining amount of USD 83.035.238,40.
On 5th July 2018, the liquidators of Herald (Lux) would like to communicate the following: Publication 05-07-18.
Following the letter which the liquidators addressed to the shareholders on 15th October 2018, and with regards to the potential sale of the allowed claim of USD 230.040.000 held by Herald (Lux) the BLMIS bankruptcy and which has a remaining nominal value of USD 76.757.446,8 following the 10th interim distribution in (hereinafter "the claim"), the liquidators will request firm offers in writing from potential buyers. These requests will be issued to interested parties in early September 2019 and a selection of the retained offer will be done shortly thereafter based on the criteria the liquidators collected from the shareholders and investors in 2018.
March 2020: update on the sale of the allowed claim held by Herald (Lux) in the BLMIS bankruptcy: - In view of the current situation in the financial markets, the liquidators were notified yesterday by the potential buyer of the claim of the break off of the negotiations. The liquidators shall now reconsider all options regarding the next steps to be taken in view of the closing of the liquidation and a final distribution. The liquidators received the 11th interim distribution from the BLMIS Trustee in the amount of USD 4.543.290 or 1,975% of the allowed claim.
May 26th, 2021 - The Court appointed liquidators to Herald (Lux) Ferdinand Burg and Carlo Reding are pleased to announce today that they have entered into an "ASSIGNMENT, PURCHASE AND TRANSFER AGREEMENT" with a New York based company by which Herald (Lux) sells its Final Allowed Customer Claim in the BLMIS estate to that company. The "ASSIGNMENT, PURCHASE AND TRANSFER AGREEMENT" achieves an increase in recovery of assets for Herald (Lux) in the amount of approximately USD 11.640.024,00 in addition to the 12th distribution payment received by the US Trustee.
June 10th, 2021, During the Court session of the VI chamber of the Luxembourg District Court, the liquidators presented their request to be allowed sell the final allowed customer claim of Herald (Lux) in the BLMIS estate. The judgement will be given on the 17 June 2021.The "ASSIGNMENT, PURCHASE AND TRANSFER AGREEMENT" remains subject to approval by the Luxembourg District Court. The approval was given by judgement dated 18th June 2021 and the sale of the final allowed customer claim of Herald (Lux) was duly executed.
On November 2nd, 2021, in view of the second and final distribution payment, the liquidators reached out by registered mail to the shareholders of Herald (Lux) requesting from them updated AML / KYC information as well confirmation of their holdings in Herald (Lux)
On March 3rd, 2022, the liquidators will present at the Court session of the VI chamber of the Luxembourg District Court a request to be allowed to distribute the total amount of USD 32.610.552,19 as second and final distribution payment to the shareholders of Herald (Lux). This second distribution will result in the payment of the amount of USD 164,65 / share which comes in addition to the amount of USD 874,96 / share paid in 2018 to the shareholders. This second distribution payments will bring the total recovery ratio per share to 83,22 %. On 11 July 2022, the liquidators released a first batch of payments to parties in the Herald (Lux) register who complied with their diligence requests. More will follow shortly.
Following the second and final distribution, the liquidators will apply at the Luxembourg District Court for the closing of the liquidation of Herald(Lux). Remaining liquidation assets which could not be distributed by the liquidators shall be deposited at the "Caisse de Consignation" https://te.public.lu/fr/caisse_consignation.html.
By judgement dated March 17th, 2022, the Luxembourg District Court approved the liquidators' request to proceed with the second and final distribution payment to the shareholders of Herald (Lux) for the applied for amount of USD 32.610.552,19. The liquidators will now execute this judgement and make distributions to the shareholders which have complied with the requests made to them for this distribution.
