Court Adjourned for 60 days + HELPFUL LINKS

  • Bottom Dollar
  • 17/10/08 31/05/09
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Posted: Thu, 27/11/2008 - 12:22

Manx Radio. Court adjourned for a further 60 days to give more time. No further info given.

Editor (L J) - see Provisional Liquidator's Statement now posted on the KSFIOM website:
http://www.kaupthingsingers.co.uk/Pages/4031

also Provisional Liquidator's Sworn Affidavit to the Court:
http://www.kaupthingsingers.co.uk/lisalib/getfile.aspx?itemid=19904

also report in IOMnews
http://www.iomtoday.co.im/politics/KSF-40IoM41-winding-up-is.4738984.jp

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New site

  • Nixi
  • 20/10/08 31/05/09
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  • Fri, 28/11/2008 - 15:45

Lots of this stuff is already on the new site under FACTS and Court Docs
New drop down menues make this a lot easier now :-)


Is there a full transcript of today's proceedings?

  • David9J
  • 10/10/08 31/05/09
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  • Thu, 27/11/2008 - 17:05

Could one of our Manx residents say whether there are transcripts of court proceedings available to the public, and if so when this might be available? I have read the reports of those in court with great interest and they provide some details which the press reports overlook. But I also noticed one or two comments that our correspondents were not sure about what was said. A court transcript would be definitive.


Transcript of court proceedings.

  • German Mike
  • 13/10/08 31/05/09
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  • Thu, 27/11/2008 - 21:12

There are vaious news items about, and copies of the afidavits submitted, but wasn't it intended to have a legal representative at this hearing? Did that happen?

Perhaps I have it wrong, but if a lawer was there on the Group's behalf, might we not hear what his considered view was? And perhaps what he/she did on the Group's behalf?


FSC affidavit

  • mikeinfrance
  • 12/10/08 28/09/09
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  • Thu, 27/11/2008 - 22:52

the FSC representative's affidavit states that "The commission has not seen any further evidence from creditors/depositors in relation to the question of a further adjournement, and if so for how long, and therefore my comments have necessarily been restricted to addressing the comments made for and on behalf of the treasury" (ie 60 days adjournment requested)
From this I conclude that the legal rep didn't make any representation to the court, since I thought the intention was to ask for 7-14 days adjournment, but so farI haven't read anything on this site one way or the other.

see: http://www.law-man.com/library/news-33.pdf


The Request...

  • Diver
  • 11/10/08 31/05/09
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  • Thu, 27/11/2008 - 23:00

....was made in court today. On the grounds that we only knew 48 hours ago that the adjournment was being proposed for 60 days there was no alternative but to contest it in court today - we did not succeed as we were the only party to make this request...all other parties agreed to 60 days.

I assume the affidavit you refer to was made earlier than this.


The request

  • manx-person
  • 17/10/08 31/05/09
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  • Thu, 27/11/2008 - 23:31

The Deemster gave directions on filing so hopefully there will be more chance to deal with matters next time in good time.


Diver FSC affidavit

  • mikeinfrance
  • 12/10/08 28/09/09
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  • Thu, 27/11/2008 - 23:08

Diver thanks for the info... The FSC affidavit was signed on 26th


Transcript of court proceedings.

  • Ally
  • 13/10/08 31/05/09
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  • Thu, 27/11/2008 - 21:21

German Mike

John Wright was there and and he would have access to the transcript. I am sure Diver will come on and update people with the hearing from John Wright's point of view. As I am not part of this action it is not for me to comment.


Re: full transcript of today's proceedings?

  • Ally
  • 13/10/08 31/05/09
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  • Thu, 27/11/2008 - 17:24

Daivd

I am not sure if there is. I would have to check. Apologies for being uncertain on a couple of points. However there were a couple of other forum members there who had remembered their note pads and hopefully they will be on later and fill in any blanks.


Transcript

  • manx-person
  • 17/10/08 31/05/09
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  • Thu, 27/11/2008 - 17:42

Ally,
Have you made a notice to appear in this matter?
If you had then you would receive notice of what was happening, and have a 'right' of access to for example the transcript.
If I was a depositer - i am not - and lived on the Island then I would make sure that I was a notice party so that I could get copies of documents as they were circulated.


Transcript

  • Ally
  • 13/10/08 31/05/09
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  • Thu, 27/11/2008 - 20:42

Manx-Person I was actually sat two seats along from you!

No I hadn't made notice to appear but the thought has crossed my mind. I will think about it for the next week or so. It could be that it could be something worth doing, but as you know the IoM is not that big and there are always other ways to get information. However you are right and it is worthy of consideration.


Transcript

  • manx-person
  • 17/10/08 31/05/09
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  • Thu, 27/11/2008 - 20:51

Yes, I know you were LOL.

I know there are other ways to get information; but it will cost nothing - you wouldnt need a lawyer, you would just need a letter to the joint petioners advocates with a copy for the court file.
I don't suppose that they would object and it means you would get all of the documents.

I am sorry that I didn't talk to you afterwards but they guy who spoke to me after the case was a litigation partner I know in one of the big firms and I wanted to get his views on things as we walked back to our offices.

If you become a notice party it also means you can speak at the next hearing;I know you might not want to, but if you are on the appearances list you could.


Transcript

  • Ally
  • 13/10/08 31/05/09
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  • Thu, 27/11/2008 - 21:08

Manx Person.

You are right, and I have thought about it today. I don't think I particularly would want to speak but it is always worth having up your sleeve. As I say I think I will chew it over for a week and see.

I saw you talking to someone but was unaware of who it was. As luck would have it we bumped in to the Alix partners team outside the Court, shook hands with them and exchanged a few words


Interim payment

  • Bottom Dollar
  • 17/10/08 31/05/09
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  • Thu, 27/11/2008 - 15:54

If this does materialise and it really does get offered to all (including small businesses etc), it will be interesting to see if it takes the form of a fixed amount or whether it would be a percentage,

I would imagine the small depositors would prefer a fixed amount and the large depositors would prefer a percentage.


Gruel or Barbecued Polar Bear for Christmas Lunch!

  • VikingRaider
  • 10/10/08 31/05/09
  • unspecified
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  • Thu, 27/11/2008 - 23:18

It really is like a plot from a Dickens book. Surely given the available funds of £100m-plus , we could expect say £20,000 each (a few could be thus paid in full).
If not, then it's either gruel or barbecued polar bear for Christmas lunch this year. Now where's my .303....?


It would be nice to get some

  • Captain Mainwaring
  • 11/10/08 31/05/09
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  • Fri, 28/11/2008 - 01:10

It would be nice to get some out, but Simpson won't do that - this is his paycheque we are talking about here.

I doubt Simpson would be able to pay out fixed amounts either, to do so would be preferential treatment of depositors and would actually release some as creditors.

As for polar bear, I wouldn't mess around with anything less than a .300 win mag, or better still a .458 , as for a .303, you'd be better off bashing it over the bonce with it.


Go for gruel

  • skintagainnow
  • 10/10/08 31/05/09
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  • Fri, 28/11/2008 - 00:29

Better off with gruel, you wouldn't want to damage a fellow endagered species - mind you the bears probably outnumber us as endangered species "an IoM depositor with cash for christmas", dust off the 308 and few softnose - the 303's likely just to make the bu88er mad


Mixed feelings

  • Yogi
  • 18/10/08 31/05/09
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  • Thu, 27/11/2008 - 15:26

Overall our adjournment is great news - far,far better than liquidation, however, another 2 months is longer than we've already covered and it's been hell for all of us so far, some will clearly not survive this extra time period (money or health - wise).

Tynewald meet again on 16th Dec - whatever happens then, we will not see a single penny before Christmas - the happy festive season of goodwill to all men (Except DAG's obviously).

I am thrilled with the efforts of our group and cheered on daily by them, but I hope that we can be steered by the 'heads' of our group to force some action which will bring some monetary assistance to keep us all in for the long haul.

I apologise that I am a weaker member and need steering, but will gladly continue to support where and when I can. As a <50k member I am not going to cut and run until we are all settled fully as we should be.

Thanks again to all who've driven us this far, we can get there.


Strength

  • David9J
  • 10/10/08 31/05/09
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  • Thu, 27/11/2008 - 16:33

Yogi, you write with great strength and eloquence. You do not seem in any way a 'weaker member'. We do not all need to be leaders, indeed that would be a recipe for disaster! But we can all do our bit, and I am sure that you are doing yours. Our strength comes from our ability to be organised, collective, forceful and persistent. You are a part of our strength and you have nothing to apologise for!


Winding up delayed by 60 days

  • AJM UAE
  • 11/10/08 31/05/09
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  • Thu, 27/11/2008 - 14:58

Sounds like potentially good news to me. I was dreading the possibility that the bank would be officially wound up as this would mean a maximum of 50 k for all of us and even that would take years to pay out as there is little (if any) money in 'the pot' to pay out with. I assume that the court made this decision based on the fact that there is a strong possibility that the bank is either (a) viable and can be restructred (b) there is a plan for running it down and therefore selling off all/parts in a more leisurely fashion and therefore potentially getting a better deal. The fact that the IoM government has mentioned an earlier 'stop gap' payout is also good news as it means that the dire circumstances many of us face are being recognised. Not quite 'break out the champagne' news (not that any of us could afford a bottle) but definitely 'open the box of supermarket plonk' news.


Actually 63 days...

  • silvesc
  • 10/10/08 31/05/09
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  • Thu, 27/11/2008 - 14:56

or NINE weeks from today.

Its difficult to see how smaller depositors can be happy with that. What happened to the 14 days compromise?

Come January 29th, and if no "payment on account" has been forthcoming, nor any meaningful communication around restructuring has been made with defined timelines, I feel that smaller depositors will be left with no choice but to go along with liquidation.

I fear these NINE weeks are going to be very difficult indeed.


Actually 63 days...

  • Ally
  • 13/10/08 31/05/09
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  • Thu, 27/11/2008 - 15:39

If there is no plan on the table by 29 January I think the Court will have no option but to place the Company into liquidation.

The Court took the view that the IoM Treasury through Alix Partners would not have a plan on the table after 14 days so it would not necessarily be a good use of everyone's time to have them back in Court in 2 weeks.

I think this is pretty much the last adjournment unless the plans of a deal or whatever are laid out next time and they are fully developed (e.g. 90% + on way to completion) and the adjournment is for a week or two.

Hopefully the PR from the IoM govt will become better, I'm think there was some mention of a new improved website for information. I agree though they need to flesh out this "payment on account" e.g. amounts, timescales, pretty quickly.


If that is true, then it is

  • Tomigaya
  • 10/10/08 31/05/09
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  • Thu, 27/11/2008 - 13:05

If that is true, then it is awful news for those of us who are waiting, and desperately need our money. Even a little bit would help. The longer they delay, the more I fear that they will wiggle out of it. Yes, I know that some of you want the delay, but for many of us, delay just extends the nightmare.


How long

  • mrken30
  • 10/10/08 31/05/09
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  • Thu, 27/11/2008 - 15:00

It has been 2 months now, had 1 letter about my in flight transaction, and nothing else from this bank. I am bored of eating baked beans and wonder how much longer can the keep adjourning. Maybe adjourn for another 6 months and then decide to repay us over the next 10 years. I would be glad of 500 GBP for now just to try and buy some luxury baked beans with sausages maybe for Christmas. I think this may just be a delaying tactic as they don't know how the scheme will work.


Some sort of interim payment

  • Ally
  • 13/10/08 31/05/09
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  • Thu, 27/11/2008 - 13:13

Please read quick summary

They are looking to make "payment on account" either out of funds recovered from liquidator or from IoM government funds.


Some sort of interim payment and adjournment.......

  • Ashoker
  • 12/10/08 31/05/09
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  • Thu, 27/11/2008 - 15:28

I like the sound of an interim payment, and as it was specifically mentioned at the hearing, I believe we should maintain serious pressure from now on to get it as soon as possible -before Christmas at the latest! They have now raised our expectations and as such, should deliver. However, I would think that the parties concerned must feel fairly confident of being able to make some kind of payment soon or they will have risked the possibility of making themselves look pretty stupid and insensitive. I feel sure there are many other people like me out there, who desperately need some money asap and if we don´t , we will almost certainly feel that salt has been added to the wound already inflicted. In addition, such a payment would also contribute to the continued unity of purpose within our group and increase confidence in the IOM govt. actions and intentions.

In general I was very pleased to hear of the news of the adjournment and the involvement of Alix & Partners in a restructuring of the bank, and although nothing is yet certain, I feel sure that this is really moving in the right direction now.

Finally, my heartfelt thanks to all the movers and shakers in the IOM and UK teams for the sterling work you are doing on everybody´s behalf - I am truly grateful for what you have done and continue to do. I really don´t know how I would have coped without this site as a support. As soon as I get some money back I shall be more than happy to make a contribution towards your costs.


IOM Today Article on 60-day Adjournment

  • BustedFlat
  • 20/10/08 31/05/09
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  • Thu, 27/11/2008 - 13:00

from IoMToday 60 day adjournment

  • skintagainnow
  • 10/10/08 31/05/09
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  • Thu, 27/11/2008 - 12:55

http://www.iomtoday.co.im/politics/KSF-40IoM41-winding-up-is.4738984.jp

Published Date:
27 November 2008
By ADRIAN DARBYSHIRE
A PETITION to wind up Kaupthing bank was adjourned for 60 days at the High Court today - to allow time to put together a possible salvage plan.
There was standing room in court 1 as proposals were unveiled for Tynwald to approve an emergency fund to help Kaupthing depositors facing hardship with the loss of their life savings.

Attorney General John Corlett insisted this could not be called a hardship fund as it would apply to all the Kaupthing creditors.

He said it could be funded either from assets already recovered by the provisional liquidator or from the £150 million of taxpayers' cash already approved by Tynwald for the depositors' compensation scheme - or possibly new money in addition to that £150 million.

The court heard that the Manx government had appointed global business advisory firm Alix Partners to look at alternatives to a traditional winding up of Kaupthing Singer and Friedlander (IoM).

Theses included the rescue or sale of the bank and/or a salvage by way of restructuring or recapitalisation that would be led by Tynwald and guarantee a minimum return for depositors 'much in excess' of what they would get back via the compensation scheme.

A third option would be a restructuring plan combining bank recoveries with third party funding.

In an affidavit read out in court, Alix Partner's David Lovett said: 'If a restructuring plan can be put in place then I am confident that depositors will be better off than if the court simply makes a traditional winding up order.'

He said Treasury was prepared to recommend to Tynwald that a scheme be set up to enable a payment on account to be made to depositors as soon as possible.

And he argued that while there were many uncertainties and promises were 'just not possible', if the winding up order was granted then 'we may never know if a more satisfactory solution could, with patience, have been achieved.'

Deputy Deemster Andrew Corlett granted the adjournment until January 29, saying he was taking into account the wishes of the vast majority of creditors.

WHAT DO YOU THINK?
Send your comments to newsviews(?)newsiom [dot] co [dot] im


not bad news

  • sambururob
  • 10/10/08 n/a (free)
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  • Thu, 27/11/2008 - 15:06

Obviously the best result would have been 'we have found a buyer and all deposits are guaranteed' But this still leaves room for hope.
Many, many thanks to our web-site team in court. You are the guys that are bringing us the news. For some people it may be that the stess of this situation is becoming a matter of life and death and you guys are supplying the info that gives hope.
In contrast the 'Isle of Man News' has a picture of a pit bull dog as its lead story and the BBC IoM whilst noting there is a hearing has a bottle nosed dolphin and the pit bull as its main stories three hours after the result. Do they realise that if the island loses its banking industry it will never be the same again. And if KSFIOM depositors suffer then every non-Manxman will withdraw all monies from the Island's banks
How do I make my financial contribution to the web-site upkeep fund?
Thanks again guys.


Deemster does not speak for me

  • Alastair
  • 10/10/08 30/09/09
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  • Thu, 27/11/2008 - 13:06

To wait another 60 days before they need return to court and continue paying PWC's inflated wages - this is not the view of this depositor.


good news as far as i am

  • expat
  • 10/10/08 31/05/09
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  • Thu, 27/11/2008 - 13:01

good news as far as i am concerned, i was wondering if the fate of pwc might be revealed as well. glad to the hardship fund has come through as well, took its time, maybe alan bells secretary was a little slow in passing the message along a few weeks ago!! alll makes the uk treasurys lack of concern look even sicker.

hope ally and dave found the bbc camera and reporter! wish iwas there really! okay so we live to fight on, time to active legal advice about how to unlock the treasury as i will hazard a guess the iom will be doing the same.


agree entirely expat, next

  • skintagainnow
  • 10/10/08 31/05/09
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  • Thu, 27/11/2008 - 13:28

agree entirely expat, next bit of good news we need is something about PWC - taken to task over their preformance to date.


i think that pwc will be held

  • expat
  • 10/10/08 31/05/09
  • unspecified
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  • Thu, 27/11/2008 - 13:38

i think that pwc will be held more acountable as long as they are on the job, but i am not convincd that they will last longg if allx and partners get the restructuring to work, they get as much out of pwc as we do, nothing!


Sent email to IoM today using link

  • skintagainnow
  • 10/10/08 31/05/09
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  • Thu, 27/11/2008 - 13:44

Sent this one =

Excellent news for all depositors, but what can be done with PWC and their lack of performance & information with respect to those depositors, although they appear to have informed the court to the contrary, application for joint liquidators??? depositors informed via website -- try asking any DAG site member if they were informed.

Anyone else have thoughts on PWC - use the email link newsviews(?)newsiom [dot] co [dot] im


doesn't work

  • Julienne
  • 16/10/08 31/08/09
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  • Fri, 28/11/2008 - 05:11

newsviews(?)newsiom [dot] co [dot] im

UNfortunately doesn't work for me - Could be CHina !!!
Keep being told forthe last 3 hrs that my email cannot be delivered -
pity it was good !!


PWC - Formal complaint?

  • icdbrazil
  • 10/10/08 30/11/09
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  • Thu, 27/11/2008 - 13:57

How about a formal complaint regarding the way PWC are handling this (and ref issue of non communication to depositors despite submission to court stating they had done so) - either from DAG representatives to their senior partner in London, or we all send complaints via their website (via website one or two complaints may be ignored, but if they got dozens one assumes it would get attention high up).


PWC

  • Codpeace
  • 23/10/08 30/11/12
  • unspecified
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  • Thu, 27/11/2008 - 14:44

I agree - all of his reports amount to 'i am working on it - don't bother me' and after 60 days he has nothing to show. It sure does seem he has been vacationing in the IOM for 2 months.....


House of Keys Order Paper for December 2nd

  • Hoping and coping
  • 16/10/08 31/07/10
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  • Thu, 27/11/2008 - 13:26

Yes, I think it's good news too - though it will be hard to continue living with uncertainty... The following from the House of Keys Order Paper for December 2nd - items 9 and 10 - see
http://www2.iomtoday.co.uk/pdfs/HOK_orderpaper_021208.pdf

The Hon Member for Michael (Mr Cannan) to ask the Chief Minister –
What progress is being made by the United Kingdom Government on
behalf of the Isle of Man Government, in recovering the £100 million,
the property of Kaupthing Singer and Friedlander (IOM) Limited,
which was placed on deposit at the Kaupthing Bank in Iceland?

The Hon Member for Michael (Mr Cannan) to ask the Minister for the
Treasury –
When depositors with Kaupthing Singer and Friedlander (IOM)
Limited will receive payment provided by the Compensation of
Depositors (Amendment) Regulations 2008?


29th Jan 2009 - Next hearing

  • Ally
  • 13/10/08 31/05/09
  • unspecified
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  • Thu, 27/11/2008 - 13:12

Got to fly to other appointments. Others have made notes and I am sure will posts updates in due course. (Not to put pressure on people but Dave Braddon and Manx-Person made notes, unfortunately I forgot my note pad!!!)

Delay until 29th Janaury. Skelaton arguments to be submitted to court by 15th or 22nd Jan 09 didn't quite catch it.

Looking to make a payment on account either out of recovered funds or from IoM government £150m available for DCS or indeed from "other funds" to these. If made by IoM govt need to get Tynwald to approve at next sitting at beginning of December (don't know the date but if someone google's Tynwald IoM on the homepage it will say the date of the next sitting)

I am sure it was the attorney general who said it was believed the funds were held "in trust" in London but London (someone, didn't quite catch who, but probably E&Y) say it is just an unsecured creditor. Didn't catch all of this, some of the speakers were not that clear, but it was definitely said it was thought the funds were in trust.

No joy from London,either govt or from E&Y.

Alix Partners now have 60 days to put a plan together. If something major happend in the meantime the Court can reconvene and go with another plan, so if by miracle £550m (or whatever reappeared) from London or if it became clear nothing was coming back from London the IoM govt would go to Court to inform the Court of this and decide what to do in light of this.


Further Random Points from the Court

  • Ally
  • 13/10/08 31/05/09
  • unspecified
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  • Thu, 27/11/2008 - 15:57

A couple of other points spring to mind

I see Jonathan Smalley posted on his blog that Kaupthing hf wanted to be relieved from the IoM jurisdiction. They did indeed ask for this.

This was adjourned until 29th January as well as the main event. Personally I don’t think it will be allowed. At this hearing the IoM Treasury objected, someone else did, (can’t remember who I’m afraid) as well as John Wright (Diver’s advocate). I think come the 29th January this will not be allowed by the Court as I imagine all parties present will object.

By the way at the moment Jonathan Smalley’s website is the most up to date in terms of Court documents if anyone is interest in reading them.

Another point to come out was that the FSC are remaining as joint petitioner but they are not going to be claiming costs.

Finally someone did ask where this “other funds” for the “payment on account” would come from. I am not 100% sure on this but yes I think it was not necessarily IoM govt, I think there could have been mention of “3rd parties”.


so the money is ringfenced or

  • expat
  • 10/10/08 31/05/09
  • unspecified
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  • Thu, 27/11/2008 - 13:43

so the money is ringfenced or trust position has been raised in court, although e&y say no it isn't. seems thta this is an area that needs serious exploration. i have heard that said twice before by people who might well know, although there is no sign of it being the case on any papers we've seen.

intereting!


ringfenced

  • insameboat
  • 12/10/08 31/05/09
  • a depositor
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  • Fri, 28/11/2008 - 08:02

I agree with steve and manx person. The "ringfencing/trust position" is a very important point. Perhaps Mondays E&Y meeting may provide us with some information failing which I think it is essential that we get clarification from the powers that be.

It would also be helpful, if, when someone like Bell makes a comment about the likelihood of the return of this money that he would substantiate it or at least tell us if he is privy to more information than say, the local councils, who have been "told" that they are likely to see most of their funds returned!


Ring fenced

  • user1123
  • 14/10/08 31/05/09
  • unspecified
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  • Fri, 28/11/2008 - 09:40

What has gone out of focus here is the role of the IoM FSC and the Directors of KSF. If they were acting in the interests of depositors, they both should have ensured that the money was "ringfenced/trust position" before they agreed to the transfer. Does this mean they are negligent? Should consideration be given to action against these parties?
Both these parties have now escaped from this scenario. Are the Directors still being paid? They should be making more substantial efforts if they are. What are the IoM FSC doing now?
Suggest that the LP and Finance Minister are not the parties to attack, they appear to be onside.


You can be rest assured the

  • manx-person
  • 17/10/08 31/05/09
  • not a depositor
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  • Fri, 28/11/2008 - 09:20

You can be rest assured the PWC will be looking at this as will its lawyers!!

I know depositors want information, but I have been involved as a acreditor/shareholder in a number of liquidations and matters are always slow tortuous.
Aditionally if there any documents, call recordings etc. that the LP is relying on, in respect of the trust argument he wont want to let these out of the bag.

I think from memory what Mr Bell said was that he thought it unlikely all of the £550M would be returned.


ringfencing

  • manx-person
  • 17/10/08 31/05/09
  • not a depositor
  • Offline
  • Thu, 27/11/2008 - 21:43

Steve,
Yes the Attorney General mentioned this.
It seemed like the IOM thought it was and the UK thought it wasnt.
I was surprised to hear this to be honest.
As I am sure you know if a trustee becomes bankrupt/insolvent, then assets he holds as a trustee are not part of the corpus for distribution to creditors = This is potentially very good news


expat £557M inquiry?

  • mikeinfrance
  • 12/10/08 28/09/09
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  • Thu, 27/11/2008 - 19:22

expat..I posted this on another thread..don't know what you think...

I think that the treasury select committee members should be pressured into investigating the situation with the £557M. As I see it the treasury's actions caused this money to become effectively frozen in KSFUK,the transfer order forbids KSFUK from transferring the money to KSFIOM (without the treasury's authority) by virtue of para 27, The recent E & Y report confirmed that they are still unsure as to the exact status of this money and Alan Bell has stated several times that he believes it to be highly unlikely that it can be recovered, but we don't know on what basis he makes that statement.


Tynwald sittings

  • skintagainnow
  • 10/10/08 31/05/09
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  • Thu, 27/11/2008 - 13:22

Thx Ally

next sitting is 16>18th December.

all sittings are at _== http://www.tynwald.org.im/


Adjournment good news /bad news

  • BustedFlat
  • 20/10/08 31/05/09
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  • Thu, 27/11/2008 - 13:08

Any idea where to find details of how said 'fund' will work and when it will work ? Didn't see any detail. Did PwC reveal how much in assets there is? I guess we'll get a bit more detail today from those who were there.


Adjournment good news /bad news

  • Ally
  • 13/10/08 31/05/09
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  • Thu, 27/11/2008 - 14:10

No mention of how it will work

It was called a "payment on account"

Said it would come out of

1) Funds so far recovered by Mike Simpson

2) The £150m IoM government said was available for DCS

or interestingly enough

3) "Other funds" from IoM government.

If IoM government make the payment they need approval from Tynwald. As Skintagain found out that is 16th December. However if they wanted to or had tothen they could reconvene Tynawald earlier (they did an emergency sitting to increase the DCS limit to £50k)

Skintagain, PWC were taken to task over the appointment of a joint liquidator. The Court was not happy at all that this had not been notified to interested parties as was stated to the Court on 12th November.

If the IoM government through Alix partners can come up with a workable and reasonable solution I think we could see PWC taking a back seat.


adjournment

  • rippedoff
  • 12/10/08 31/05/09
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  • Thu, 27/11/2008 - 14:43

Thanks Ally,

I consider this development good news.

Interesting to learn about the "other funds". Did they say these would come from IOM Gov or was the provenance left open?

If we believe the direction the restructing team will take then we should believe we stand to get significantly more of our savings back if the restructing is successful (when compared to DCS scenario), but the restructure itself is not necessarily dependent on full recovery of the 550m tied up in KSFUK, right?

The inference being that if we did recover that 550m then we would be home and dry.... so one thing we should focus on is applying pressure to recover that money. How best can we do that over the next 60 days? Any idea how to do that as a group? (I mean apart from Diver's idea about legal action; which I think we need to do anyway)