DCS later claims

  • Anonymous
  • unspecified
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Posted: Mon, 20/07/2009 - 14:27

Having given my proxy vote to the creditors committee election, I am now in a quandary as to whether to make a late application for the DCS, or whether to stay with liquidation. I'm assuming this is now a difficult question for those of us who are mid-range depositors and who still haven't claimed.

I've emailed the DCS team several times with the question of when later claims will be processed, and whether late claimants will receive the full 50.000GBP back in compensation in one payment, but the best answer I can get is that claims will be paid out regularly.

Is anyone else suffering over this question, and does anyone have any opinion or advice on it?

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Reassignment of rights

  • Iwantmymoneyback
  • 10/10/08 31/05/09
  • a depositor
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  • Wed, 22/07/2009 - 19:22

I am in the same situation and discussed this matter in a recent forum. My concern was whether the reassignment of rights would be done unconditionally by the Scheme manager. I asked the question last week to their helpline and, although the guy I talked to (Peter Halpin) was happy to tell me so verbally, I told him it was a key issue to depositors and that a public statement should be made on this. For example, we do not want them to refuse the reassignment of rights if they know we plan to sue the IOM's regulator.

He said he would raise the issue with the Scheme manager, who was to raise it with politicians yesterday. I will keep you posted when I hear more.


Reassignment of rights

  • Iwantmymoneyback
  • 10/10/08 31/05/09
  • a depositor
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  • Thu, 23/07/2009 - 14:19

Just talked to Peter Halpin. He said that their advocate is drafting a statement on the reassignment of rights (ie is it unconditional or not) which will be posted on the DCS website "in a day or two".


Reassignment of rights

  • Iwantmymoneyback
  • 10/10/08 31/05/09
  • a depositor
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  • Thu, 23/07/2009 - 14:19

Just talked to Peter Halpin. He said that their advocate is drafting a statement on the reassignment of rights (ie is it unconditional or not) which will be posted on the DCS website "in a day or two".


A principle, a feeling, and a poll

  • Anonymous
  • Offline
  • Thu, 23/07/2009 - 07:08

I have recently heard by email from one of the scheme's agents that they reckon to pay DCS claims several times through September, so this answers my question, yet I'm still undecided. What most bothers me is a principle and a feeling. (Both human conditions are either conveniently relegated to the back of such issues, or are not acknowledged for the strong bearing they often have on situations.)

In assigning my rights to the FSC for the duration of clawing back the 50.000 paid to me by the DCS, I'd be deferring to a party of whose negligence we are suspicious contributed to the mess we're now in. Secondly, I don't like the idea of the DCS payment being in the form of a 'loan', and of my own money, in effect, and then have to wait for it to be paid back from liquidation returns that I could otherwise see coming back directly to me. The issue of loans and debts is central part of the mess. Even on this very small scale, I'd prefer not to be involved, as the terminology suggests, in another one.

A single DCS payment would actually give me more percentage return than the suggested first two liquidation payments. However, I think I prefer the directness of the liquidation, and then if the DAG and/or HNW suggest other actions that involve our votes or contributions that depend on our having maintained certain rights, I am in a position to contribute.

Should we have a poll on this question of DCS or liquidation? While 50.000 or lower will obviously go for DCS, and HNW more likely stay with liquidation, the question is most difficult for mid-range depositors. It might be useful to have an idea of what proportion of us are remaining with liquidation.


I'm in exactly the same

  • give_me_my_money
  • 15/10/08 n/a (free)
  • a depositor
  • Offline
  • Mon, 20/07/2009 - 19:32

I'm in exactly the same boat.

All recent posted communications have focused on finger-pointing on who voted for who in the recent creditor's committee meeting. It's divisive & distracting, playing right into the hands of KSF(IOM)/IOMT/Mike Simpson & PwC. Draw a line under it & move on. Work together.

<£50K are fully compensated by the IOMT, so let's move on, unite & fight the common enemy to get the rest of us (>£50K) fully compensated too. We all are fighting for the same objective (FULL RECOVERY OF ALL OUR MONEY + INTEREST); the only difference being, some of us have more at stake than others.

What are the pros & cons of DCS vs non-DCS payout re. timetable of pay-out, amounts/% payout, total recovery + interest of deposit etc. ? Can I get the max. £50K DCS payout now (because this has dragged on long enough & I need the return of at least some of my deposit to meet financial hardship, bills & debt), but without compromising the recovery of the remaining funds, either in timescale or of final amount recovered ?


DCS or not?

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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  • Mon, 20/07/2009 - 20:49

There seems little point in claiming DCS if you have more that £350K, because you will get back at least £50K from the first dividend to be paid out very soon. Presumably this is not your case as you are posting in the up to £250K group.

With less than £350K, I see no disadvantage and some advantage in terms of timing in claiming through DCS. The less you have, the more advantageous to claim DCS and get your first £50K soon. The rest will start to come when liquidation reaches the % you have already had, at which time you can if you wish request reassignment of your rights (but even without this you will still get your money). Your final amount will be the same and at the same time via DCS or liquidation. Interest due after 8 October will only be paid if and when the dividend reaches 100% (ie probably never!) - the same under DCS or liquidation.

This is my take anyway. So the short answer to your final question is YES!
Having waited like you to vote at the Creditors' meeting, I am about to apply for DCS and see no reason not to do so.


Depends

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
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  • Mon, 20/07/2009 - 20:18

Depends on how much MS pays out

If you have 250k- IF- liquidation gives 14.5% you will get 36,250k

If it gives 20% you will get 50k

Its a close call .

Claiming the DSC may or may not give you 50k in a couple of months time.

Liquidation the same.

I dont see why claiming the DSC should compromise you getting the rest of your funds.

Ask the scheme manager.