Lucky Jim's blog

LUCKY JIM SAYS: "FAREWELL"

Posted 23/09/2009 - 22:02 by Lucky Jim

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We are fast approaching the first anniversary of the demise of KSFIoM on 9 October 2008.

The DAG is entering a new era now that the new DAG Company website is operational.

As you all know I am not a depositor so I do not qualify to join under the terms of membership. This means that I will cease to have any direct involvement with the DAG & the DST.

For the time being I will continue to support the depositors through the channels of the media, my blog, Twitter, & Facebook, (though I am not so sure of the efficacy of the latter).

I set up the complementary website www.kaupthingiom-dag.co.uk at the express wish of those depositors who found the DAG’s 2 Forums difficult to navigate for the purpose of finding the essential information that they sought. The new site www.ksfiomdag.com has been designed to overcome those problems.

So I would encourage all depositors to join the new site & take an active part in the new Discussion Board, an area reserved exclusively for bona fide depositors. It will be for members to work together there with DST to put together a strategy that will take the DAG forward in confidence in the year ahead.

It is my intention to run down the complementary website. It will only remain on the internet for a limited period so long as there is an express request for it from depositors.

My sincere thanks to all of you who have been so supportive of me since October 2008. I wish you all well in your united efforts, best endeavours and firm determination to see that justice is finally done by you being reunited with what you lost on 9 October 2008.

My Very best Wishes to you all,

Jim

The Isle of Man can only offer a 'piggy bank' service up to £20k

Posted 18/09/2009 - 10:58 by Lucky Jim

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As a consequence of the successful progress of the DON'T BANK ON THE ISLE OF MAN campaign there has been a sudden response by way of anonymous comments from the IoM to several of my blogs posted over the past 4 months.

Reproduced (below) is my latest blog posted in response to an anonymous comment to an earlier blog:'Depositing in the IoM could seriously damage your wealth'.


The IoM boasts itself as a world leader in the offshore financial market, having a triple AAA credit rating & a budget surplus that is required by statute. Nevertheless it does not have the financial infrastructure in the form of a bank of last resort or a corporate commitment by its banks to underwrite the liquidity of one of its members in the event of there being a run on it.

The IoM boasts having a strong regulatory framework underpinning the conduct of banking business on the island. The government says that KSFIOM was "a one-off" incident. That being the case the government & the banks should have great confidence in the stability of the banking sector to withstand the chill of a recession, and had there been a mechanism in place to cope with the sort of crisis that hit KSFIoM - a crisis that the FSC was party to & capable of handling rather than simply resorting to withdrawing the licence - KSFIoM might still be operating today. Certainly 11,000 people would not have lost everything on 9 October 2008.

It is not good enough to simply say that the IoM with a population of 80,000 can not have a bank of last resort. You can not have your cake & eat it. If the IoM is to be a leading trustworthy offshore financial centre then it has got to be able to offer depositors from around the world the assurance that their life savings are safe on the island. This is a Crown dependency & if necessary it should have the backing of the Bank of England, and preferably have its banks regulated by the UK.

Hitherto the IoM had no problem in allowing people with £50k ++ to deposit on the island. Now post KSFIoM there is a problem, & the seriously flawed compensation scheme will only cover deposits up to £20k from October 2009. On present form - unlike the UK FSCS - it will be up to 12 months before compensation is paid.

Depositing in the IoM is no longer the best option for anyone looking to deposit a substantial sum from the sale of a house, an inheritance or a life's accumulated savings intended to provide for one's 'golden years'.

On its own admission from October the IoM can now only operate a 'piggy bank' deposit service up to £20k. That in itself is good enough reason why millions of people around the world would not consider depositing on the Isle of Man. There are at least 15 other reasons that readily come to mind for not doing so.

http://ksfiom-blog.blogspot.com


My 'tweet' for today on Twitter links to the same article:
The Isle of Man can now only offer a 'piggy bank' service up to £20k http://bit.ly/nqd9U

If you are on Twitter feel free to copy it a repost it as your 'tweet'

Open letter to Manx Herald: "DCS is another cockup for the IoM"

Posted 13/09/2009 - 13:38 by Lucky Jim

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Open letter to the Editor, Manx Herald

The KSFIoM Depositors' Compensation Scheme is another cockup for the IoM

Nearly 11 months after the demise of the Kaupthing bank Allen Bell, Treasury Minister, told the media that everything was on target for a rapid payment of compensation to Kaupthing depositors. Depositors were told that payments under the compensation scheme or liquidation would be made 4th. September. It didn't happen. Instead the scheme manager complained that he had been inundated with mail; his staff could not cope so there was going to be delay in getting payments to all claimants under the DCS. In other words it was the depositors' fault they had not been paid!

Then he whined that his computer system could not process BAC payments! But not to worry, he would have it sorted so everyone would get paid by 11 September. They haven't.

This is a total disgrace. The scheme manager has failed to provide the communication that was promised between himself & the depositors. He has a dedicated website but doesn't know how to use it. His last announcement on 4 September concluded: The Scheme Manager would ask for your patience and remind you that there are a number of reasons why payments may not yet have been made. You are kindly asked to refer to the payment announcement following this section to remind you of the different possiblities."

What direct communication there has been with depositors has been insensitive & often incomprehensible. The scheme manager seems to be totally blind to the terrible stress that he is creating. He might well have problems but he isn't suffering the terrible deprivation that the depositors have been enduring, & their desperate desire to get something of their money back after 11 months of sheer hell in which there has been family breakdown & separation, homlessness, death through acute stress & suicide.

This incredible beurocratic shambles just reinforces the perception of an offshore financial centre that is first rate at cockups and second rate at caring about customers who provide the lifeblood of the IoM economy.

If anyone had any doubts hitherto about the wisdom of depositing on the IoM, the answer is clear: DONT BANK ON THE ISLE OF MAN as it could seriously damage your wealth and ruin your health at the same time.

A depositor was on the Trafalgar plinth on 12 September, broadcasting to the world: DON'T BANK ON THE ISLE OF MAN, & his video Manx Alchemy is on Youtube.com http://www.youtube.com/watch?v=Ul-j3tj6gc4 where he tells how the IoM turned gold into sand, ruining the lives of thousands of depositors from around the world.

The dispossessed depositors are telling the IoM government loud & clear that they are not going away until they have had every penny of their savings restored to them like those who lost everything in the UK & the rest of Europe. They have the backing of a number of major international financial organisations in their fight for justice, including the Independent Financial Advisers online site.

Jim for Justice
http://www.ksfiom-blog.blogspot.com/

brought forward: Notes of Guidance on how compensation & liquidation payments work

Posted 10/09/2009 - 08:58 by Lucky Jim

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There is still much understandable confusion about the way you will receive your money through the Depositors' Compensation Scheme or Liquidation.

Anrigaut & I have put our heads together to offer these Notes of Guidance in the hope they will help you the better to grasp what it's all about!


Explanatory Notes of Guidance on compensation under the DCS & payment under liquidation

The first distribution under liquidation is 24.8% payable from 4:9:09

As a direct depositor you fall into one of 4 categories:

Category 1.
If you deposited up to £50,000 & have applied for compensation under the DCS, you will now get all your money returned to you from the DCS;

Category 2.
If you deposited BETWEEN £50,000 & £201,613, & have applied for the DCS, the DCS fund will be credited with your 24.8% dividend (ie: your deposit x 24.8%) and you will receive £50,000 compensation;

Then you will receive no more UNTILthe DCS has recovered from the assets the balance to make up the £50,000 paid to you .

  • Thereafter, further liquidation dividends recovered by the DCS manager on your behalf will be automatically paid to you.
  • Alternatively, at this point, you will be able to request that your rights assigned to the DCS be transferred back to you, in which case you will receive these dividends directly from the Liquidator.

Category 3.
If you deposited MORE than £201,613 & have applied for the DCS you will now receive via the DCS 24.8% of your deposit.
Just multiply your deposit by 24.8% (eg: if you had £250k you will get £250,000 x 24.8% = £62000).

  • Then, further liquidation dividends recovered by the DCS manager on your behalf will continue to be automatically paid to you.
  • Alternatively, you will be able to request that your rights assigned to the DCS be transferred back to you, in which case you will receive these dividends directly from the Liquidator.

Category 4.
If you have NOT applied for DCS - but you have submitted a proof of debt form to the Liquidator - then whatever the amount of your deposit you will now receive under liquidation 24.8% of your deposit.
Just multiply your deposit by 24.8% (eg: if you had £20,000 you will ge back for now £20,000 x 24.8% = £4,960,... or if you had £300k you will get £300,000 x 24.8% = £74,400).

Joint Account holders should divide the total amount of their deposit by the number of joint holders. For example, a couple with £200,000 held in a joint account will be treated as two individual depositors with £100,000 each and will thus receive in the first instance either £50,000 EACH under the DCS or £24,800 EACH under liquidation.

Receiving your payment
The standard payment method for the DCS is by cheque.

However once your claim has been approved you will see an additional option when you log onto the DCS web site using your own log on details. This option will allow you to enter the details of the bank account to which you wish the payment to be made. All this is explained on the first page of the DCS web site where there are announcements from the scheme manager dated 18th August and 28th August.


These notes exclude members who are bondholders through an insurance wrapper that was invested in KSFIoM.. You are in their hands for advice

Attached is a table to illustrate what has been desribed described above. Obviously it is not possible to put in everyone’s exact deposit, so please use a calculator to multiply your deposit by 24.8% to see where you fit under the DCS OR Liquidation.

We hope this helps!

Anrigaut & L J

The IoM continues to be scheming, deceitful, contemptuous & hypocritical

Posted 09/09/2009 - 09:49 by Lucky Jim

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Posted today on LJ's popular, top-ranking blog:
www.ksfiom-blog.blogspot.com

Depositors were told that payments under the compensation scheme or liquidation would be made 4th. September. Allen Bell, Treasury Minister, has told the media that everything was on target for a rapid repayment under the scheme of all deposits up to £50k, with those up to £201,613 receiving £50k under the scheme. Now the scheme manager is complaining that he has been inundated with mail; his staff can't cope so there is going to be delay in getting payments to all claimants under the DCS. That's right -- he blames the depositors!

This is a total disgrace. The scheme manager has failed to provide the communication that was promised between himself & the depositors. What communication there has been has been insensitive & often incomprehensible. The scheme manager seems to be totally blind to the terrible stress that he is creating. He might well have problems but he isn't suffering the terrible deprivation that the depositors have been enduring, & their desperate desire to get something of their money back after 11 months of sheer hell.

This incredible beurocratic shambles just reinforces the perception made in this blog back on 11 June that the Isle of Man continues to be scheming, deceitful, contemptuous & hypocritical.

If anyone had any doubts hitherto about the wisdom of depositing offshore here, the answer is clear: DONT BANK ON THE ISLE OF MAN as it could seriously damage your wealth and ruin your health at the same time.


Please post your comments on the blog as it is now widely read.

Also now widely read by the public (including the Isle of Man) is the complementary DAG public website www.kaupthingiom-dag.co.uk where you can post e-mail letters. You can also make comments on the Guestbook.

NB: Nixi has a trafalgar plinth page on the site which auto plays his song, & links to the plinth broadcast site

Trafalgar plinth 'business' cards here!

Posted 06/09/2009 - 12:47 by Lucky Jim

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Attached is a file of a page of 14 'business' cards. You can print of on A4 paper as many as you like [20 sheets of A4 will give you 280 cards.] to hand out to people in Trafalgar Square -- or anywhere!

They are easily cut up if you have a guillotine, otherwise use a ruler & craft knife, or scissors.

NB: A flyer is being organiseded by DST for distribution on the plinth site.

UPDATE 4 Sept: 24.8% distribution CONFIRMED for today

Posted 03/09/2009 - 13:58 by Lucky Jim

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Quote from KSFIoM website: http://www.kaupthingsingers.co.uk/Pages/4154

3 September 09
First distribution

I am able to confirm that the first distribution in the liquidation has been set at 24.8 pence in the pound. The process of inputting payment details has begun and it is intended that the payments will be made on Friday 4 September 2009.

A number of payments are being held over at this stage due to queries over amounts claimed, payment details or signatures. There are also some instances where depositors originally intended to apply through the Depositors Compensation Scheme but have changed their minds and their direct claims are still in the process of being approved. We are working through these queries as quickly as possible so that, where appropriate, catch-up payments can be made to the relevant creditors. Catch-up payments will be made on a regular basis so as to minimise delays. I realise that any delay will be frustrating for creditors and would appreciate your patience while we deal with the large number of queries.

Any creditors who have not yet submitted a claim, either directly or through the Depositors Compensation Scheme, are asked to submit their claims as soon as possible to ensure that they receive the distributions to which they are entitled.

Future Distributions

The timing and value of future distributions is uncertain, as it depends upon the value and timing of future asset realistions, particularly from the loan book and KSFUK. It is anticipated that a second distribution will be made in December 2009 when further funds are expected to become available - an announcement will be made on this website in early December.

Contacts
As previously, the best way to make contact is to write to the bank or email branch(?)kaupthing [dot] com. If you need to telephone the bank, please use the main switchboard number +44 1624 699222.

Mike Simpson
Joint Liquidator


NB: The Notes of Guidance on how Compensation & Liquidation claims work has been updated for the 24.8%

UPDATE 30:8:09: another Twitter tip to find MP's

Posted 25/08/2009 - 10:48 by Lucky Jim

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30:8:09:
'blogminster' on Twitter links to those MP's of all parties who have blogs. Many of them also subscribe to Twitter. They can all be found here! http://www.blogminster.com/category/westminster-mp-blogs/labour-mp-blogs/

When you put their names into the Twitter 'find people' box MP's usually come out at th top of the list so you don't need to trawl through hundreds of names to find them.


25:8:09:
Yes, Twitter is delivering the message to the Twitter community. A number of DAG members have put out tweets so that anyone in the world on Twitter who puts in any of the following words into the Twitter search box will get our message:

bank on the IoM
isle of man
offshore bank
banking on isle of man
safe banking
offshore banks
banks to trust
trustworthy banks
kaupthing
expat looking for safe offshore banking

It is important to put a URL link to a tweet so that it directs the viewer to the message or piece of information we are broadcasting.

A good tip is to make the tweet message look so compelling that it arouses curiosity so inviting the viewer to click on the accompanying URL link. Example: 'dispossessed depositor makes page 3 of Professional Adviser mag' - that got chaps racing to see conned on Youtube ! Another example: 'Script for a real horror film' with a link to one of the DAG's public sites.

Feel free to use any of my tweets here: http://twitter.com/Jim4Justice

Since subscribing (free) to Twitter the hits on my blog & on the complementary website have rocketed putting both on page 1 of Google and top of Yahoo.

This really is a powerful means of racking up the DAG's campaign to bring about a political solution.

However, using Twitter it is only one tactic to achieve this. The campaign really does need another 30 videos on DONT BANK ON THE ISLE OF MAN on www.youtube.com before the big media guys will take up our story, and we get a Panorama programme.

A number of high profile financial organisations are giving us huge publicity but they can only go on doing this if we give them something to talk about A few members are working their socks off in this campaign but we should ALL be proactive.

A note was placed on the Guestbook of www.kaupthingiom-dag.co.uk - "You have 2,600 members but only 15 of you have bothered to do a video -- doesn't sound as though anyone's bothered too much about their money & on the strength of that you aint going to win this one, mate!"

That's a wakeup call to us all! The DST is doing the seemingly impossible, but it is up to the members of the DAG to pull off the miracle of securing 100% return of deposits for all !


20 Aug: One only has 140 characters for a Twitter. Adding long URL's (like the Youtube link to all the videos) greatly shortens one's post. There's a way round it!

  • first insert the (copied) long URL. (ctrl+V)
  • now post it -- You will notice that the Twitter software reduces the link to a short URL.
  • copy this URL (highlight then ctrl + C)
  • delete the post
  • do your new Twitter & paste in the shortened copied URL (ctrl+V) BINGO!
    ......................................................................................................................................................

www.twitter.com is now working well for the DAG. Google's crawlers scan 'Twitter' and our twitters are now coming up on various searches on Google (do a Google search on 'don't bank on the isle of man' -- we are all over first 3 pages!)

It is time consuming finding people/agencies to follow that might pay huge dividends for the DAG's campaign but I think it is undoubtedly worth wading through the tosh to find good outlets for spreading our message. I am now being selectively followed by HM Treasury & Ministry of Justice and other key agencies.

In response to members' request for more tips here's a few:

  1. put in search box: bank isle of man (see what folk get if they put that into Twitter's search box!) journalists; financial journalists; safe banking; etc..
  2. look up any 'Twitter' that looks like worth following; check what they are twittering about; check a few of their followers. If they or any of their followers look as though they are people/agencies you want to 'twitter' to about us -- & you would like them to follow you (hopefully) - then click on 'follow'
  3. Some who choose to follow might drop you a short line, or check you out as bona fide (because there's lots of tosh spam on Twitter )
  4. Periodically review those who follow you -- if you don't think they are worth having on board 'block' them.
  5. It's best to keep those who are following you relatively small (manageable), bearing in mind that folk will find about you from other twitterings and may just be following you for their own publicity purposes (eg: call girls!)
  6. Our aim is not to 'twitter' to each other but to those we want to target (eg: expats, journalists, financial agencies such is financial advisers, financial bloggers, etc..)
  7. feel free to copy & paste any of my twitters as yours! They are all here: http://twitter.com/Jim4Justice

  8. note that every word you have on your twitter will be picked up if someone is searching using that word, so we need to try to use words that, for example, people might use to find a 'safe offshore bank'

All our twitters are weapons to win the fight for justice to accomplish the DAG's Mission

Good Luck!

Jim
Original blog on Twitter HERE

The DAG now has a huge Internet profile - our Trafalgar has commenced!

Posted 13/08/2009 - 21:38 by Lucky Jim

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The DAG's public site is top of Google for Kaupthing Isle of Man, whilst the complementary public website www.kaupthingiom-dag.co.uk is top on Yahoo & has moved up to 4th.

An introduction to TWITTER

Posted 13/08/2009 - 10:27 by Lucky Jim

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I have received a number of e-mails asking me if I would do an introduction to Twitter. I have not been twittering for long so do not claim to be an expert but I am happy to share here a few tips to help you get going

Until the Kaupthing fiasco I had no need for Facebook, blogging, or Twitter. Infact I still don’t use any of these online services for my own personal use. But I am now using all 3 to promote the DAG. Why? because they are internet vehicles capable of reaching millions of people who need to hear what the DAG has to say!

This is what Independent Financial Advisers say about twitter:
An increasing number of frustrated financial consumers are finding out that Twitter can work as a service “express lane.” ..... more and more people are expressing their displeasure with various companies - including financial institutions (or rather, particularly financial institutions).

Banks and credit unions alike seem to be listening. Those financial institutions responding to consumers’ concerns on Twitter have enjoyed heaping servings of praise.

Some financial institutions are providing more than reactive customer service though. Some are actually being proactive.. Can you imagine that…

So what is Twitter?
In short, it is a free social networking internet service that enables its users to send and read messages known as tweets. Tweets are text-based posts of up to just 140 characters displayed on your profile page and delivered to your subscribers who are known as followers. Senders can restrict delivery to those in their circle of friends or, by default, allow open access. Followers can be blocked at any time.Users send and receive tweets via the Twitter website, (more information in Wikipedia HERE

Though originally intended as a social networking service it has in fact become a big tool used by governments, companies, commercial bodies, organisations, banks, etc., to get their message across by using a tweet with a website link
In essence, the tweet is no more than a bait to catch followers' attention and invite them to look at the link.

How can we use it to promote the DAG ?
When you first look at it you may think (you probably will think!) : "this is a load of twoddle & I am not wasting my time with it!"
But don’t be put off by first appearances. It is what one does with Twitter that makes it a valuable means of communicating to a mass audience the important messages DAG members want to communicate to as many people as possible.

OK - how do I get twittering with the DAG’s message?
Let me share my short experience with it by way of illustration of how to get it to work for the DAG

  • First, get yourself a list of DAG related links together (eg: www.ksfiomdepositors.org;
    www.kaupthingiom-dag.co.uk; http://ksfiom-blog.blogspot.com; the Youtube links to members'
    videos http://www.youtube.com/watch?v=1K62sDlGU_U etc..)

  • now post a twitter incorprating one of your links
    To get you started feel free to paste & copy selected twitters of mine
    HERE to use as your own

  • now play around with the Twitter search box using keywords (eg: financial advisers, financial blogs, feature journalists, offshore banking, looking for safe banking, banking Isle of Man, depositing, BBC, ITV, Sky, dowing street, uk parliament, uk newspapers,...etc...etc....) Hundreds of twitters come up which have your keywords in them!
    Click on any twitter avatar image to bring up the person/agency that’s doing the twittering
    Look at their profile (top right) & if it looks interesting click on the URL in the twitter to see where it leads. Now, if you want to follow them click on ‹follow›.
    What happens now is when you refresh your browser or next go online to Twitter the people/agencies you are following will come up.

  • the ideal now is for you to get those you choose to follow to start following YOU! Then every time you post a twitter THEY will see it! This is the way your message & that of the DAG gets spread!

Today I am going through a search on financial journalists, feature journlists & financial blogs. It takes a lot of time to go through hundreds of them but I aim to pick out those that I feel might be interested in the DAG campaign - or need to know about it.

  • note that you can stop following anyone at any time OR delete anyone that’s following you if you think they are a waste of space.
    I have already pruned dozens that have turned out to be of no worth to our cause. eg: if you select a News channel which does not bother to follow you then chop it! Many 'twitters' like these are just one way communicators that swamp you with news feeds.

It is rather time consuming finding people/agencies you think are worth following to get a reciprocal following, but I believe it is worth it. I have had 3 'twitters who have stopped banking in the IoM after reading my twitters and we are getting traffic to the 2 DAG public websites (don’t use the Chat site as it is for members only) and to my blog which has shot up to the top in Google rankingt

Note too that any words you use in a twitter will come up if anyone searches using them! You will notice that my twitters now come up frequently on a search using any of the words in them! So anyone searching using 'bank on the isle of man' will find my twitters saying DON’T ! Likewise if an expat anywhere in the world is using twitter to find 'safe banking offshore' it will take them to www.kaupthingiom-dag.co.uk !

The limit to 140 characters is VERY restricting , especially as it includes characters in URLs.
Note that once red numbers come up as you type your twitter you have exceeded your 140 limit & it will not post without you rejigging your twitter! It’s a bit frustrating but with practice you can make use of the space you have.

There’s more I could share with you on twittering but hopefully the above will help you get going! Remember, do feel free to use any of my twitterss to relay to your followers.

If the above proves to be helpful drop me a line from-jim(?)hotmail [dot] com & I will update this blog with some more tips.

Good Luck !

Jim

http://twitter.com/Jim4Justice
http://www.youtube.com/watch?v=oTIB1XYpV-0
http://www.facebook.com/home.php#
http://ksfiom-blog.blogspot.com

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