August’s $3.83 million sale of the Caledonian Bank Building had contributed to a 10-fold debt reduction for the bankrupt company, according to Ernst & Young liquidators, who have scheduled a sixth payout to long-suffering creditors.

In a 300-word Thursday statement, EY Joint Official Liquidators Keiran Hutchison and Claire Loebell “confirm[ed] that the sale of Caledonian House was completed on Aug. 25, 2017.

“The JOLs are in the process of realizing the Company’s remaining assets,” they said, but declined to identify them.

“At present the total of outstanding claims net of set-offs amount to approximately $46.1 million, but this number is likely to be further reduced as recoveries continue to be made and dividends are paid.”

The liquidators had “advertised a notice of intention” for a sixth “interim dividend,” but said they could not “determine the amount or date” of the payout “as it depended “on the success of future recoveries.”

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EY Associate Director for Brand, Marketing and Communications Christine Haring, declined to elaborate saying she was “not at liberty to answer” questions regarding remaining creditors, “recoveries,” prospective dividends or schedules.

New York City’s Securities and Exchange Commission forced Caledonian into receivership in February 2015 in the wake of a lawsuit alleging that the bank and three offshore broker-dealers had netted US$75 million selling unregistered, restricted shares as part of a penny stock “pump-and-dump” scheme.

Four days after the SEC move, the Cayman Islands Monetary Authority appointed EY as liquidators as approximately 1,550 Caledonian customers with nearly 1,900 active accounts sought to withdraw US$68 million in a massive bank run, forcing the institution to suspend operations.

On Feb. 10 2015, the Grand Court appointed Mr. Hutchison and Ms. Loebell joint controllers of the company. Two weeks later, on Feb. 23, the court appointed the pair joint official liquidators.

“At the date of appointment,” Thursday’s JOL statement said, “the company had over 1,300 depositors and a small number of trade creditors. Total admitted creditor claims net of potential set-offs [were] in excess of US$460 million.”

In July that same year, the JOLs paid “a first and final” dividend of 100 cents on the dollar to “priority” creditors, which they described as those with claims of CI$20,000 or less. Thursday’s statement did not enumerate them.

Liquidators, the statement said, since 2015 had paid four more interim dividends at 90 cents on the dollar for “non-priority” creditors “with admitted claims against the company.” The statement neither quantified those “non-priority” claims nor enumerated the group, but said original demands had been slashed to $46.1 million.

Mr. Hutchison and Ms. Loebell also did not say if the latest payout would remain at 90 cents on the dollar.

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