OK folks - so it does look like we may have jumped the gun a little with our last update at the end of January... Throughout this process of trying to get the refunds sorted, we've been mindful to be super careful about raising any expectations.... but we've also had to balance that with the need to let you know about any movement in the process.
When we got positive and clear signals in January that the funds were indeed moving, and moving quickly, we just had to let you know. It's been 6 weeks now since we got that news and, if it wasn't already clear, we need to let you know now that there's been an unexpected delay. We're really, really sorry. This is a crazy complex issue and the TL:DR version is that there's a dispute within Lloyd’s of London, our insurer, as to the share of liability between two of their syndicate partners. We've been in touch with our broker almost daily and each time the message is that we're expecting this to be resolved soon.
Blue Chip Dispute
Now Lloyd’s of London is no bucket shop - it's a blue chip global insurer with a reputation they fiercely maintain. They're now addressing this partner dispute directly after our broker made an official complaint about the delay in payment. It is clear - and we can confidently say - that our broker, our underwriter and Lloyd’s of London all agree our claim is proper, documented and valid and needs to be paid. All these parties are confident full payment will happen - it just relies on when an agreement can be reached between these two syndicate partners at Lloyd’s of London.
Our underwriter is now putting pressure on the lead syndicate partner to pay us in full and then sort out the issue with the other syndicate partner. They say this is a highly unusual situation and that everyone all the way to Lloyd’s of London is doing what they can to resolve this dispute between the partners.
The Man, The Irony
It is kind of ironic that our little Burn is being pushed and pulled around the desks of City financiers on the other side of the world but there it is. As mentioned, our broker is in touch with us almost daily on this and when we have any more concrete information to pass on we'll do that. For the time being, we're so, so grateful for your patience and understanding. We've never had to deal with an issue like this and while we're learning on the (volunteer) job, we're realising much of the solution lies outside of our control. We've done and we are doing all we can to get that cash back in your pocket.
Seed 2017 - a question for you
The delay with the refund is actually impacting Seed more deeply than we might have expected. We've been super conscious of getting the refund situation resolved and behind us before kicking off shenanigans for 2017, but we're getting to the point now where we have some critical dates we need to meet - so we have a question for you.... How do you feel about us pushing on with plans for Burning Seed 2017 in parallel with the refunds process? Does that feel OK?
Planning for Seed
We don't feel we can hold on for much longer - we have some key announcements and decisions to make around art, theme, tickets and new ideas on insurance (which will be tougher to get now) for 2017.
As a community we know we all want to start getting excited, getting involved and making plans for this year's event - as much as we can with this still hanging over us. One of the most urgent things we need to do is recruit, recruit, recruit for some lead positions on the core organising team. Whatever your skills, interests, experiences or preferences, we're looking for people to crew some of our team leadership positions including at Centre Camp, Comms, Kitchen, PEER, Rangers, Traffic and Mutant Vehicles! - if you're keen to get involved or find out more visit the website TODAY!
So let us know what you think. We'll keep posting updates on the refunds and we'll try and do that as regularly as makes sense. Again, thank you folks for your incredible patience and understanding.