Ownership of Psychic News assets under review

I am pleased to report some progress in the ongoing saga of Psychic News‘ demise. At a meeting of creditors of Psychic Press (1995) Ltd, held in London on 15 November, Patricia Marsh and Clive Hammond of Marsh Hammond & Partners were appointed joint liquidators of the company that published the weekly Spiritualist newspaper. As a result of discussions that took place at that meeting, the following statement has been issued, under the heading “Asset realisations”:

The Spiritual Truth Foundation (STF) and the Spiritualists’ National Union (SNU) have agreed to discuss the identity and the ownership of the disputed assets with the Joint Liquidators and further updates will be provided in due course.”

Regular visitors to my blog will know that it is the STF’s contention, as the previous owner of Psychic News (PN), that the publication was given to the SNU in 1995 as a total package so that PN could continue to exist as an independent newspaper. It ceased publication earlier this year when the SNU declared it could not support its continued publication.

However, when an offer to purchase Psychic News was made, the SNU insisted that the publication’s title and other assets belonged to the union and were not on offer to potential buyers. No explanation has been offered as to why it would want to claim and retain these assets.

Naturally, I will keep you informed of developments, as and when they happen.

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