Ownership of ‘Psychic News’ assets has been decided

Seven months after I revealed that the Spiritualists’ National Union (SNU) was claiming to own the assets of Psychic News – the weekly Spiritualist newspaper it closed in July last year – I can now disclose that the Union has had to concede that the newspaper’s title, archives and other assets are not its possessions.

This revelation is contained in a statement that has just been posted on the News pages of the Spiritual Truth Foundation (STF), of which I am a trustee. The STF, as the previous owner of Psychic News, disputed the SNU’s claim and took legal advice which it presented to SNU representatives and the Joint Liquidators in January.

The Joint Liquidators have now approved this brief statement:

As a result of discussions between the parties involved and following legal advice, it has been determined that the disputed assets referred to in the November 17, 2010, joint statement belong to Psychic Press (1995) Ltd, now in liquidation.

Naturally, I will report on the outcome of the liquidation process, which is currently on-going, when it comes to a conclusion.

Regular visitors to this Blog will know that on 21 August 2010, in an article headed “Life, death and asset stripping?” which referred to talks that had taken place between the SNU and a potential buyer of Psychic News, the JV Trust, I wrote: “What is new to me is the declaration made by the SNU representatives during those discussions that ‘the newspaper’s title and its archives are assets of the SNU and always will be’.”

I concluded my Blog with these words:

“If Psychic Press (1995) Ltd goes into liquidation [which it subsequently did], the above mentioned items must be among the assets which the liquidator puts up for sale to the highest bidder. It is essential that what is sold by the liquidator raises as much as possible for the newspaper’s creditors.

“Needless to say, I and many others will be examining the events surrounding Psychic News’ demise and the actions of those involved very closely and challenging any attempt by the SNU to hijack assets that do not belong to it.”

Let us hope that, having established the ownership of those disputed assets, the Joint Liquidators can now bring matters to a swift conclusion, though breathing new life into a business that has been allowed to lie moribund for so long is not going to be easy if a new owner is found.

Since comment and speculation about the on-going liquidation is not likely to assist the outcome, I am not opening this Blog to comments. There will be ample opportunity to do that when I am able to announce completion of the liquidation process, what the company’s creditors will receive and what will happen to Psychic News in the future.

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