DAG RECOMMENDATION REQUIRED ON EPS 2
I am a depositor in the over 50k group and note that there is a clause on page 7 of the guidance notes accompying the early payment 2 application forms (received today) that states "The Treasury has the right to vote in relation to any restructuring or scheme of arrangement proposed by the Liquidator Provisional/Liquidator in proportion to the payments made to KSFIOM depositors".
I imagine that most of us would wish to apply for these early 10k payments which are expected to be made around the 19th March. However the above clause seems to suggest that the IOMG will automatically gain voting rights for the SOA for every depositor who applies for the 10k (max) loan under EPS 2.
If this is the case, the IOMG will benefit in their aim to get the SOA approved and its a crafty way of doing so. This is just another example of how badly the IOMG have treated us. Firstly they manipulate the winding up process and cause a significant delay with the various court adjournments and then they create a situation where they induce depositors to accept an early payment so that they can hopefully get their way and proceed with the SOA.
I think that this latest stroke by IOMG will certainly disadvantage those depositors who would prefer Liquidation over SOA when it comes to the vote.
I would like to know if the DAG core team are recommending depositors in the over 50k group to accept the early 50k payment at this stage or stand back until after the vote on the SOA.