CoI communication

  • Anonymous
  • unspecified
  • Offline
Posted: Wed, 18/11/2009 - 11:02

Dear all,

Please see a recent communication from Peter Wakeham who is on the CoI

The CoI have agreed with the Joint Liquidators that a Policy statement will be published and kept updated on the KSFIOM web site . This document will aim to provide answers, where feasible, to questions raised by depositors. A clarification of the role of CoI and a proposed future communications strategy will also be included. It is hoped to do this by the end of week commencing 16 November. This will ensure that all depositors receive the same information and help keep to a minimum the time spent by the Joint Liquidators and their staff in responding to questions – at a cost which is at the expense of depositor returns.”
In addition the Liquidator put up the following statement on November 10

The policy statement first draft has been agreed by CoI members and is now with the Joint Liquidators for additional material and final agreement.

Minutes of the CoI meeting are WIP and, as per Liquidator’s statement, will be published shortly.

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CoI minutes

  • chb
  • 10/10/08 15/10/09
  • a depositor
  • Offline
  • Mon, 23/11/2009 - 20:03

Meeting took place 3 weeks ago. No minutes yet. Any ideas why it's so difficult to summarise the discussions?

This is very sensible

  • Anonymous
  • Offline
  • Thu, 19/11/2009 - 11:21

Thanks Frog
This seems an eminently sensible idea.


  • Anonymous
  • Offline
  • Thu, 19/11/2009 - 02:37

Is this a joke Frog?
The statement is pathetic. It's an insult. You want us to sit here thinking that these 'officials' are operating in out best interests when they spit in our face, (and the likes of Gordon45- who is currently doing a bravura performance on our behalf), it won't do Frog!

The bastards that screwed us are flesh and blood, and as such when they meet with my flesh and blood they will understand that all the kings horses and all the kings men won't prevent their bones getting broken.

Let us please have a level a debate that is of accord with the insult that has been dealt us.

Now can we please return to an agenda that is is appropriate to the situation.

The TSC last hearing was a disgusting and revolting display of the sycophancy of the drogue 'members of parliament (IoM) in front of 'senior' (compromised) politically bought appointments by KSF from the IOM politicians/operatives that were for sale and bought by the exploitative Iceland exploiters.

Can we kindly get a grip? These guys step off the Island and who knows what will happen.


  • Brabander
  • 15/10/08 31/05/09
  • unspecified
  • Offline
  • Thu, 19/11/2009 - 14:51

Tsao I understand that you are angry. A lot of us are equally angry.
Your intemperate language may relieve some of your personal anger but does not help our cause.
I do however agree with you regarding the unsatisfactory communications with the depositors both in terms of substance as well as accuracy.

We are now effectively share holders of the bank and as a shareholder I expect more accurate and more substantive information.
As far as I am aware we have so far received three "Directors Statements/Balance Sheets".
The first one was a Balance Sheet dated 9th October 09. It is to be fairly assumed that if the bank had been well managed up to that date that this Balance Sheet should have accurately reflected the status of the bank at that time. An amended Balance Sheet was issued by the LP on 31st March 2009. Unfortunately this amended Balance Sheet was, in some areas, dramatically different from the 9th October one.
As these discrepancies had a substantial impact on the future dividend flow to the creditors I would have thought some explanation to the creditors of the reasons for these discrepancies would have been justified.
On 22nd July the Liquidator issued a report to the creditors which detailed the flow of funds in the period from 9th October 08 to 26th May 09. It also contained estimates of the outcome in terms of future receipts.
Unfortunately these figures contained some additional variances compared with the Balance Sheet of 9th October 08.

It is now almost 8 months since we received the last Balance Sheet. I believe that the creditors/shareholders should receive an up to date Balance Sheet every 6 months and a Flow of Funds statement every quarter.
In addition there should be a clear explanation/justification of/for any material discrepancies/changes.

I imagine a shareholders meeting where the shareholders are told by the Board of Directors that the company has lost 20% of its assets but that the Directors cannot explain the reasons as they are confidential!

It is to be hoped that the promised statement due this week will provide a satifactory answer to the above mentioned issues. If this is not the case we can fairly assume that the members of the CoI will apply the necessary pressure on the Liquidators to provide information the creditors are fairly entitled to.
Until this is done the creditors will continue to suspect that vital information is being withheld to possibly protect persons involved in this fiasco.

By the way, in order to avoid doubt, I have no reason to believe that the members of the CoI are not working hard on behalf of the creditors but confidentiality clauses are sometimes primarily designed to prevent "whistle blowing"!



  • IceCrusher
  • 14/10/08 25/10/11
  • a depositor
  • Offline
  • Thu, 19/11/2009 - 19:30

Wholeheartedly agree.

Tao,Read the note again

  • Anonymous
  • Offline
  • Fri, 20/11/2009 - 08:16


Read the note again carefully.

It doesn't come from me - but from Peter Wakeham who is on the COI as a depositor representative. I'm just forwarding the note. I myself have no view on what you should be thinking.

In the rest of your note, I believe that you are saying that you will physically assault 'The Bastards' IF they come off the island. I do not countanance physical violence myself, but just to be clear - who specifically are you threatening? And where do you want them in order to act on this threat?

Do you have any other suggestions that can help the process to get more of our money back?