70c for Goodyear Ja shareholders?

Goodyear Shareholders could get another 70 cents from the liquidation of the company according to information gleaned by IC insider. Shareholders in Good Year Jamaica expected the liquidation of the company to have been completed long ago. The liquidators made two payments and then there was dead silence since, with no one indicating what was happening.
The liquidators sold off inventories and fixed assets but Income Tax refund of $17 million and General Consumption Tax (GCT) refund $9 million was outstanding up to 2008 with recovery having been protracted and unlikely to be fully collected due the absence of withholding tax certificates on interest income. Of $21 million claimed for withholding tax between 2000 and 2008 only $14 million is accounted for leaving $6.9 million primarily for 2003 and 2006 to 2008. Seems strange that the staff of the company have left shareholders to suck up such losses and they will end up getting all the surplus on the pension fund.
Refunds totaling $12 million up to and including 2012 were agreed with the tax authorities and the amount for GCT seems to be collectible and should amount to $16 including interest.
The liquidators indicate that they accepted the liquidation for a fixed fee of $1.5 million on the basis that the company was solvent and the winding up process would be resolved within a reasonable time. They are now requesting $18.7 million which is well above the original figure and collected $4.3 million to 2014. But looking at the details it is noted that sitting in a bank current account is $5.7 million in 2013 and $5.4 million in 2014. At the start of 2013 the current account balance was $6.8 million. The big question is why were the funds left in the current account and not placed on an interest earning account to generate interest income? It is difficult to see how the liquidators want more funds when they have fowled here and one wonders how much interest income has been lost due to poor handling of the funds.
Assuming no more funds are collected than those agreed to, the amount that is available should be in excess of $55 million before the liquidator’s fees are finalized.