DAG Strategy Team Update 14 April 2009

Posted 14/04/2009 - 15:30 by Anonymous

At the Court Hearing on IOM (9th April 2009), the Deputy Deemster decided that the proposed Scheme of Arrangement as explained in Court (as well as in the evidence before the Court) provided sufficient advantage over liquidation for it to be voted on by creditors. This was despite the opposition to, and clear evidence against the SoA by DAG appointed Counsel Dominic Chambers

You will also probably all now be aware that there are 3 classes of depositor, argued for and won by our Counsel:
Class 1 - unprotected depositor
Class 2 - protected depositor whose claim is fully paid out by the DCS
Class 3 - protected depositor whose claim is in excess of the protection

Due to the timing of the Court Hearing, the Easter Holidays and various commitments of strategic personnel it has been difficult to provide a complete update as yet, however now that events are returning to some form of normality, there will be a full update in the next 48 hours.

One important aspect as you will all be aware, was that the SoA and other documents (provided by IOMG) were flawed, and erroneous. New versions of these documents are, we understand, being prepared by IOMG so that creditors will be asked to vote on much clearer and less flawed documents than previously available.

Another important issue will be to try and obtain (from IOMG) a clear and simple voting system that is independently verifiable and transparent to all. This will require DAG Legal Team undertaking further discussions with IOMG, the associated costs for which will be the responsibility of DAG at this time.

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