SJ Berwin consultant Jonathan Stone has been appointed as chair of the Barings Perpetual Noteholders Action Group (BPNAG), which seeks action to recoup losses to members following the collapse of merchant bank Barings.
The BPNAG group represents more than 50 per cent of the 100 million bearer notes outstanding.
Stone says: “A substantial fighting fund is required to pay for the costs of a very thorough investigation, including the terms of and the circumstances surrounding the issue of the notes in January 1994. I would appeal to all noteholders who have not yet contacted the action group to do so now.”
Group co-ordinator Nick Ritblat says Stone is a “no-nonsense corporate lawyer who led the formidable Burmah shareholders action group…between 1975-83. We are very fortunate to have his services.”
Stone says his Burmah work showed that the Bank of England is technically a subsidiary of the Treasury because of clauses in the Bank of England Act.
– Stone can be contacted at SJ Berwin on 0171 837 2222.