DAG Strategy Team with Edwin Coe meet Alix, Spellman and Lawyers

  • Mekong
  • 14/10/08 31/05/09
  • a depositor
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Posted: Wed, 25/03/2009 - 17:18

And it has taken you so long to see this?

Jeezus no wonder I fly solo snd incure the wrayh of FTT if this is all you can tell us!

U may be ugly but I am also correct

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What are you on?

  • Anonymous
  • Offline
  • Thu, 26/03/2009 - 09:45

If you're going to post a comment, kindly make sure it makes sense in English.

Taken from the latest DAG blog

  • bellyup
  • 10/10/08 09/01/10
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  • Thu, 26/03/2009 - 11:45

However, no guarantee of 100p/£ recovery has been provided. No request for support (e.g. a loan) from the UK Government has been made thus far, although, we are being lead to believe that diplomatic/political discussions are taking place behind the scenes.

I find this ominous.
No request for a loan begs the question why not?
Do they ever answer this question?

we are being lead to believe.............................................behind the scenes

Havent we heard these words all along from day one. Have'nt they always said behind the scenes something is happening but nothing has happened 6 months down the road.
Why does it have to be behind the scenes?
The IOM stands unique as the only government not to support its depositors.
Its time for clarity not more futiveness which is the hallmark of everything to do with this shameful debacle.

Are we being lead down the garden path again?

red herring

  • chris watson
  • 23/10/08 31/03/10
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  • Thu, 26/03/2009 - 18:33

I think many of us would appreciate the written clarification from IoM Govt representatives that clarifies whether signing the EPS does or does not transfer our "voting rights" to the IoM govt, and I welcome DAG strategy team making this the first point on the agenda. Do we have a timescale for the reply, out of interest?

I'm not sure where the idea came from (that signing the EPS transferred our voting rights to IoM Govt) as I saw no reference to it the Guide Notes document which accompanied the EPS documents.
In fact, quite the reverse, as it states "in particular, receiving payment under the Early Payment Scheme will have no impact on your rights to vote in relation to any restructuring or scheme of arrangement proposed by the Provisional Liquidator/Liquidator".

I raise this point, as wading through the multiple posts on this site on a daily basis, there seems to be a huge amount of "should I apply/ should I wait to apply" postings with regards to individuals approach to the EPS, in the belief that doing so would lose one's voting rights.

As I needed some of my money back pronto, and saw no rationale for not applying, I signed and posted back my EPS within 24 hours of receiving it, and expect to receive part of my deposit by the end of next week.

The issue appeared to me to be a red herring which should be seen for what it is, but I am happy to stand corrected.

@ herrings (or kippers)

  • IceCrusher
  • 14/10/08 25/10/11
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  • Fri, 27/03/2009 - 16:11

It may well not impact upon your rights to vote, but the power of your vote may be reduced by how much you've given to the IoMG in exchange for EPS. They in turn could accumulate a number of voting rights depending upon how many take the Govt. loan. IoMG may well claim no intention to use it, but they have already claimed too much and that show of Brown before the TSC is enough to convince me never to trust a word they say.

See Page 7 of the EPSEarly

  • cande
  • 15/10/08 n/a (free)
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  • Fri, 27/03/2009 - 14:38

See Page 7 of the EPS guidance notes:

'Will This change any of the rights or entitlements in the future?

This means that the treaury:.....

has the right to vote in relation to any restructuring or SOA ...in proportion to the sums paisd to depositors.'

Ie the IoM Govt are buying votes in any creditirs meeting called upon to vote upon proposals for restrsucturing.