A summary of todays' meetings
Posted 13/11/2008 - 19:30 by Podcarson
After a long journey I arrived at the Isle of Man last night. I would have loved to come here on different circumstances… early morning I left the hotel, bags and all (I decided to look for a cheaper hotel, for lack of money – you know), and walked up to a few different places, and asked to speak to people. Here is a summery of all of today’s meetings:
First I walked up to the Isle of Man government offices and asked to speak to Mr. Allan Bell, or to be given an appointment for one. An official of the ministery, Mr. Clive McGreal, came down. I told him I may have a solution which is depositor based and we are to have a meeting tomorrow, hopefully together with the minister. Sadly the haven’t called back yet, but I’ll be there first thing in the morning.
Than I went to Simcocks Advocates, a law firm I was recommended. I talked to Mr. Chris Webb. I asked him would it be wise to hire an advocate to represent us on this case – my parents as individuals or the group on the whole. His answer: NO. why:
1. The situation isn’t clear and he can’t help us clear it…
2. It depends on a proceeding done in London and there is no way an advocate can speed it up.
3. The only representation that can be done in court is if we want to prevent the liquidation. For that we have to show that we have a way of making the bank solvent.
4. other than that it would simply be taking our money in a time we are in dire straits any way.
5. he commented that other law firms are doing that, but their policiy is not to.
6. last thing – they are not aloud, by IoM law to work, on a ‘no profit no fee’ contract.
I was convinced that there is no need for an advocate now.
I also showed him my plan for the banks’ solvency. He agreed with me that it might work if the IoM government, and depositors, will be willing to go that way…
Than I went to see the bank. Why? I don’t know… but I wanted to see it. When I got there I was accepted by some workers and a young guy called Scott Bevine, from PWC, met with me. He is on Mike Simpsons’ team in charge of setting the depositors books in order and answering depositors claims. I showed him my plan of Depositors buying the bank and he:
1. confirmed my calculations, give of take a few Millions
2. said it might work if the government and depositors will be willing to go that way…
3. also told me a bit about the way they see things and was quite optimistic as to the amount they can retain and distribute to depositors – but he also said it’s not his job on the team.
I later on met with Expat and exchanged ideas. It seems his greatest achievement here has been making all authorities in the Isle of Man work very hard to solve things – and that’s a very important thing.
Expat for one doesn’t think my idea can work. I appreciate his opinion (and I also do agree with him on the fact that other solutions – like government or a big corporate take over would be better) but we also agreed that there’s no harm in trying… we agreed to keep talking… I’m happy for him that he’s going back to his family, and seems he has done all he can do on the Island.
That’s it for today.
I have a problem connecting to the internet so I won’t be responding to your comments and mails at the mean time… though I have read them. I will expand on the plan itself in the next entry.