NSFG to mark down accounts and allow withdrawals afterall

Sorry this came abit late ,i got this from another blog.. here goes

“ While a vast majority of you have given your support in what needs to be done over the coming months, one problem did occur over and over again, and that was in respect to the lock-in period we applied last week.

Taking these comments on board I have decided that choice is indeed important. No one likes to be told what to do, and especially told what they can not do! To this end then we are going to open up for withdrawals at the end of this month and give you guys the choice of what you want to do.

This will work in the following way. First of all we must establish what the liquidity % is at the end of the month so we know where we all are.

What I will then do is reflect this in your statements, the only way I have of doing this is by showing it as a trading loss. I want to emphasize at this point that we will return the fund to 100% liquidity and that this balance will purely show what your account is currently valued at should you choose to withdraw and close at this point.

If you do decide to take this amount now, it WILL close your account as there will be no more money in your account if you take it out now.

For example:

If your account currently stands at $100 and the liquidity % is determined to be 30%, your account statement will show a balance of $30.
You have the option now of withdrawing this money (or part thereof) or not.
If you choose to take all $30, it would close your account with the Northsea Pool. ”

It is nice to see that Paul finally got the message and decided to cancel their earlier plans of a forced three month lock-in period. Our accounts will now show the true balance, which represents a major loss but at least it is real. Don't buy Paul's liquidity explanation, the money is gone... and it will take a long time to trade your new balance back to the level of the old one.