CC Voting - What Happened DST and HNW

Posted 17/07/2009 - 15:36 by HOPPER

Folks, I am going to try and end this debate on who voted for who on the CC vote. There appears to be a fair degree of misunderstanding. Here is what I understand happened. This is "factual", not judgemental.
I understand the DST was of the view that the Committee should be 3 DST, 1 HNW, 2 insurance, 1 Manx retail. On the CC vote, from the official numbers, it would seem DST held 318 proxies for £73.2m. Let’s call this the 3/1/2/1 Committee.
The HNW were of the view that the Committee should be 2 DST, 2 HNW, 2 insurance, 1 other (such as a trade creditor). On the CC vote, from the official numbers, HNW held 150 proxies for £75.0m. Let’s call this the 2/2/2/1 Committee.
Both groups, DST and HNW, sought to do deals with the other major block of voting power, the insurers (8 votes totalling approximately £210m). This is normal behaviour in a vote of this nature, more so in a situation with three clear blocks of voting power.
HNW tried to put together a mutually beneficial deal between all three parties - HNW/insurers/DST. This would have achieved the 2/2/2/1 Committee. This was not DST’s preferred structure. They rejected this offer. Therefore HNW and the insurers agreed to support each others’ candidates along with the trade creditor and a Manx retail depositor.
I understand DST tried to put together a deal between themselves and the insurers to give their preferred 3/1/2/1 Committee, but this did not succeed. HNW were not involved in or aware of this deal.
On the day, the votes were cast. We can see the outcome.
HNW supported the insurers and the other candidates as agreed between them. DST supported the insurers and one HNW, the insurers did not vote for DST.
Each group (DST and HNW) did what it judged necessary to achieve its preferred outcome.
The end result is that the 2/2/2/1 Committee is the most likely outcome, but this is not certain. The Deemster will decide at a court hearing in the near future.
As mentioned at the beginning, this is "factual" (based on my understanding of what happened), not judgemental.

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