Mitchell: McCanns move funds from Madeleine Fund to another account.

[Eleanor]

What was the original title of this thread and who started it?

Faithlily.

And I said on page one that it has probably been moved to a High Interest Account.  What would be so strange about that.

[Alfred R Jones]

So if it's only allegedly you won't mind bending the rules too.

I have no idea why the McCanns are keeping funds back specifically for the search, however if it was me I would rationalise it like this:  In the early days when the money was pouring in and the bank balance healthy there was plenty to pay for private investigators to conduct a parallel investigation, so no need to ring fence anything.  Then money started to dwindle which flagged up the fact that cash was not an infinite, renewable resource and that income would need to be generated to keep the search going, so alternative means of raising money were sought eg: writing a book.  In the meantime there were mounting legal costs to finance but also the re-opening of the case, meaning no need to pay for a private investigation, but still lawyers fees to shell out for.  As time has dragged on however and the missing child not located as hoped, attention has returned to the need to mount and pay for a private investigation again, hence the need to ring-fence a percentage of the remaining fund to finance this. 
Now over to you to pour scorn over.

[faithlilly]

What was the original title of this thread and who started it?

You are saying the movement of any money may have happened at the time SY launched the investigatio. I am asking for proof from the account.

[faithlilly]

Faithlily.

And I said on page one that it has probably been moved to a High Interest Account.  What would be so strange about that.

Indeed it was Eleanor but I believe the movement is far more recent then either you or Carana are contending otherwise it would have shown up in the accounts.

[faithlilly]

I have no idea why the McCanns are keeping funds back specifically for the search, however if it was me I would rationalise it like this:  In the early days when the money was pouring in and the bank balance healthy there was plenty to pay for private investigators to conduct a parallel investigation, so no need to ring fence anything.  Then money started to dwindle which flagged up the fact that cash was not an infinite, renewable resource and that income would need to be generated to keep the search going, so alternative means of raising money were sought eg: writing a book.  In the meantime there were mounting legal costs to finance but also the re-opening of the case, meaning no need to pay for a private investigation, but still lawyers fees to shell out for.  As time has dragged on however and the missing child not located as hoped, attention has returned to the need to mount and pay for a private investigation again, hence the need to ring-fence a percentage of the remaining fund to finance this. 
Now over to you to pour scorn over.

So, correct me if I am wrong, you are saying the main portion of the fund ( that part not ring fenced ) is being used to pay for the McCann's litigation ?

[Eleanor]

Indeed it was Eleanor but I believe the movement is far more recent then either you or Carana are contending otherwise it would have shown up in the accounts.

Wasn't there some contention back along about how much of Kate's Book earnings went into The Fund?  The Book must have earned more than the original advance.  Perhaps some of it was "Held Back,"

[faithlilly]

Wasn't there some contention back along about how much of Kate's Book earnings went into The Fund?  The Book must have earned more than the original advance.  Perhaps some of it was "Held Back,"

But it would still have shown up in the accounts if it went into the fund.

[Alfred R Jones]

So, correct me if I am wrong, you are saying the main portion of the fund ( that part not ring fenced ) is being used to pay for the McCann's litigation ?

See, I knew you'd do this.  Trying to turn my speculation about something to which I don't have the answers into ammunition that you can then try to use against the McCanns.  Sneaky.

[Eleanor]

But it would still have shown up in the accounts if it went into the fund.

Do you know, I really don't think I can get off on this.  What they do with the money and where they put it isn't actually any of our business.  And they won't have broken the law.  So what is the problem?

[John]

Assuming that the Mirror article is true and I see no reason to disbelieve it, it is curious that the McCanns feel the need to siphon off funds so soon after they realised that half a million quoid wouldn't be floating their way from a numbered account in Lisbon.

Mitchell had no need to brief the Press in relation to any transfer of funds so I agree with earlier posters, there has to be a reason for him going public and I don't accept for a moment that that reason was to stir up the sceptics.  Mitchell doesn't do anything without a good reason.

[G-Unit]

Do you know, I really don't think I can get off on this.  What they do with the money and where they put it isn't actually any of our business.  And they won't have broken the law.  So what is the problem?

One wonders then, why Mitchell choose to put it in the public domain. His mouth is the nearest we have to the horse's, so he should be careful with it.

[John]

One wonders then, why Mitchell choose to put it in the public domain. His mouth is the nearest we have to the horse's, so he should be careful with it.

Neigh          ...sorry G, couldn't resist that!

[pegasus]

Faithlily.

And I said on page one that it has probably been moved to a High Interest Account.  What would be so strange about that.

In the PO tea room this letter fell out of my postbag onto the kettle and accidentally steamed itself open.
"Dear C, we've moved some money into an account, please can you urgently get that on the front pages tomorrow for us, confidentially the real reason is simply to get a slightly higher interest rate, but shsssh don't tell them that, make up something about keeping money for searching separate from money for searching, that should throw them off the higher interest scent. Ta."

[Alfred R Jones]

One wonders then, why Mitchell choose to put it in the public domain. His mouth is the nearest we have to the horse's, so he should be careful with it.

What damage do you imagine he might have done with his mouth on this occasion?

[Alice Purjorick]

The term "Restricted Funds" first appeared in 2012 financial statements. There have been two chunks of revenue described as "Restricted Funds" £550k in FY 2011/2012 and £400k in FY 2013/2014 of which £371k has been spent on "merchandising and campaign costs".
Income from unrestricted funds in FY 2013/2014 was only £21k.