Joint announcement on behalf of the DST and the HNW Committee.

Posted 21/07/2009 - 14:59 by ng

Authors: HOPPER and Knife Edge

This is a joint announcement on behalf of the DST and the HNW Committee.

We are pleased to announce that as a result of collaboration and liaison between DST, HNW and the other creditors concerned, we have signed a joint letter supporting the establishment of a 7-strong Creditors’ Committee of Inspection (“CC”) which, if the Deputy Deemster approves it, will result in the appointment of 4 retail depositors to the CC, 2 from each group. We believe that the letter should be persuasive, as it represents the wishes of 9 of the 10 remaining nominees.

We recognise that there is concern amongst DAG members about the presence of the Singer & Friedlander pension fund amongst these nominees. We would like to assure all DAG members that the letter in no way amounts to an endorsement of, or support for, the pension fund’s claim. Whether or not the pension fund has a valid claim will be established by PwC and, ultimately, the court. If their claim is rejected for any reason, then the letter asks that the next nominee in the ranking be appointed. This would, as the votes stand, be another retail depositor. If the pension fund’s claim is valid, then the number of votes they have entitles them to a place on the CC.

To reiterate what the letter says, we all believe that this represents a well-balanced and representative CC, and that it is a good outcome for all depositors.


[ng: posted on behalf of HOPPER and Knife Edge]

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