FSCS only Lifemark deal in town as Ford's bank backer walks

Keydata founder Stewart Ford had brokered a $150m rescue bid to put to bondholders who want to try to save the portfolio in the hope their investments will make a return at maturity, backed by US investment bank Seaport - the Seaport Proposal. But the bank has now backed out of providing funding after KPMG, the provisional administrator of the portfolio, revealed the bank's name in a public note to bondholders. The only other main option available to investors is a controlled liquidation supported by a temporary cash injection from the FSCS, one the biggest holders of bonds in the por...