Posted 07/04/2009 - 17:17 by Anonymous

It must be understood that we, DAG and the legal team, can only give out limited information on the site at this time for legal and procedural reasons.

We are constrained in what we can say on the site about legal strategy, particularly at this time as anything we say is read by the other parties to the proceedings.

After taking extensive legal advice and discussing the contents of the belated affidavit and draft Scheme of Arrangement ("SoA") with them, it is the view of Counsel, legal team and the DAG Strategy Team that there is no advantage to the depositors in the SoA over liquidation and the DCS. The SoA is not, contrary to what we had been led to believe by the IoM Treasury, "liquidation plus". Accordingly the position that the DAG will be taking on behalf of depositors in Court on Thursday 9th April 2009, is to oppose the SOA as proposed.

We have received several new documents very late this afternoon which may or may not influence our overall assessment of the SoA. We will be studying these overnight and will post an updated statement tomorrow

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