PricewaterhouseCoopers retained as KSFIoM liquidator

Posted 18/07/2009 - 15:01 by anrigaut

PricewaterhouseCoopers retained as KSFIoM liquidator

by Helen Burggraf
Kaupthing Singer & Friedlander (Isle of Man) depositors have voted to retain PricewaterhouseCoopers as liquidator of the stricken bank, even though several recent surveys by a depositors action group found most would have preferred a change.

The vote, which was worded in a way that asked whether PwC should be replaced as liquidators of KSF(IoM), was 419 against removal compared with 237 in favour. Four people abstained.

continues .....

Helen Burggraf has got the results by number the wrong way round (and no mention of that by value). I thought it best to tell her and have emailed as follows:

Dear Helen,

As a creditor of KSFIOM and member of the Depositors' Action Group, I write to point out an unfortunate error in your reporting on the vote at the first creditors' meeting to replace or retain PWC as liquidator of the Company.

The vote was 419 IN FAVOUR OF REMOVAL versus 237 AGAINST. The resolution to replace PWC was therefore passed by number.

It failed however by value. The results of the vote by value were £86,839,559 in favour (of removal) and £329,578,740 against.
The vote by value was dominated by the insurance companies (few in number but high in value).

Since majorities were required by both number and value, the resolution failed and your headline is therefore correct (but the voting details are not).

These results were sworn at the IoM court on 16th July and you can find a copy here:


UPDATED 20 July:
Reply (below) from Helen, who sounds sympathetic to our cause and a useful contact. I have replied to thank her, with copy to DST for follow-up.

"Hi xxx, thanks for pointing this out. I can't believe you're the first to have spotted this, as I sent the copy before it ran and after to various KSIOM DAG members, and no one caught it; clearly it was also explained to me wrong.

In the future (should there be a future, hopefully this will all end soon), could I contact you when I'm trying to sort out what's going on there? Do you have a phone number?

I would also be grateful if you might let us know when developments like this occur; I only heard about this one by accident, when I happened to attend a lunch at which an insurance company executive with an interest in the matter mention it.

Thanks again, will correct the story on the website for future use...


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