Dear Ripple Coop 4 Member,
Here is the latest update for Ripple Coop 4 Limited.
The short version:
- We have a new member of the Board of Directors – Sheena Tay Schyma
- Legal: The steps to get legal advice are underway
- BTG: Some members of the Board met with BTG; formal legal opinion on the status of members’ money is at least several months away.
- Following the money
- FAQ – The answers to many questions have been published at coop4.uk/faq
New Board Member – Sheena Tay-Schyma
We are pleased to be able to announce that Sheena Tay-Schyma has joined the Board. Sheena responded to our call for directors earlier in the year. The confirmation and announcement of her board appointment was delayed until her employer approved her becoming a volunteer director and signing our NDA. Sheena is an ESG investment specialist, chartered accountant and was previously a tax advisor. Details of all our board members backgrounds are available at https://coop4.uk/board-of-directors/.
Thank you to everyone else that volunteered, we truly appreciate it.
Legal Advice
The steps to obtain advice continue. Board members Sonya Leydecker and Jetinder Shergill have had a meeting with one legal firm for a preliminary discussion of relevant issues and how most effectively to use our funds to obtain early, formal, opinions on them. Discussions continue, but the likely route is to instruct a barrister to advise on threshold issues. We are currently taking the necessary steps to do that, including considering which barristers to instruct.
BTG Meeting
Several members of the board met online with Craig Purvey and Josh Lloyd from BTG, Ripple Energy’s administrators for an update on Ripple’s administration and to understand how we can help. The offer to help was welcomed.
- BTG updated us that formal legal opinion on the state of the members fees is not expected for several more months. Until this is received, the administration cannot proceed.
- The Creditors committee has not been formed yet as while member nomination forms were received from Coop 4 and others, the required quorum was not met and they will be recirculating nomination forms. (Now completed).
Following the Money…
We are working on building an understanding of where the money that we paid for wattage fees and administration fees actually went as part of the preparation for obtaining legal opinions. The starting point is which bank accounts money was paid to. Many members paid by credit or debit card, but some paid by bank transfer to 09-02-22, 10899940. Please check your invoice/receipts and if you paid by bank transfer to another account, please let us know by email at [email protected]
We’ve also asked the other coops for information and placed requests on facebook and WhatsApp.
With best wishes,
Sam, Sonya, Tom, Klaus, Jetinder, Sheena and David
Board of Directors – Ripple Coop 4 Limited
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