Don't miss this

  • Anonymous
  • unspecified
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Posted: Thu, 14/05/2009 - 01:19

Don't miss these:

http://www.kaupthingsingers.co.uk/lisalib/getfile.aspx?itemid=20227

http://www.kaupthingsingers.co.uk/lisalib/getfile.aspx?itemid=20228

Note in particular amended balance sheet and very significant change in position in respect of assets held in KSFUK.

Note also statement on revised votes and the clear indication that results of voting cannot now be made available until May 27, which is of course date of sanction hearing.

Does anyone still have any confidence left in the IoM and the liquidator?

If so, you may want to compare the figures in the new balance sheet with those given a couple of weeks ago in the explanatory statement.

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Received this by Email

  • rapata
  • 13/10/08 03/08/09
  • a depositor
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  • Thu, 14/05/2009 - 18:19

We received the amendment referred to above by E-mail from the LP just over an hour ago, and I replied stating that we have still not received the original documents (we are in Canada). Within 40 minutes we received a second email with all the Scheme Documents attached. Someone in the LP's office is working overtime - its past 7.00 pm in the IOM. Are they now getting concerned about so many people not getting their documents, and why didn't they email them to everyone in the first place, as well as mailing them?

Anyway its all irrelevant as we downloaded the forms, faxed our vote and sent the originals via Fedex to Edwin Coe last week.


rapata

  • giveus backourfunds
  • 13/10/08 31/05/09
  • unspecified
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  • Thu, 14/05/2009 - 21:14

very good point, both would have been sensible but when has sensible come into this whole mess!!


@Don't miss this

  • Anonymous
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  • Thu, 14/05/2009 - 09:33

Don't allow the monumental cock-up over £128million to blind you to the other very significant aspect of this - the result ofthe vote cannot be announced until the day ofthe sanction hearing. Think what effect that will have on DAG's legal costs and how our lawyers can prepare for a hearing which might be a sanction hearing or might be a winding up hearing and in which the vote count is unknown until the very last minute. Perhaps an adjournment will be inevitable, and think of the wasted costs.


who would have believed it possible

  • Anonymous
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  • Thu, 14/05/2009 - 01:41

Far be it from me to harp on these matters, but you may want to compare the new balance sheet:

http://www.kaupthingsingers.co.uk/lisalib/getfile.aspx?itemid=20228

with the figures given in the explanatory statement only a couple of weeks ago.

Note the new and unexplained disappearance of a mere £128million from KSFUK (an oversight, presumably) and of course the correction of what was the famous £383million adding mistake.

Anyone seen the missing £128million lying around anywhere in London? It's not really the sort of cash that most people overlook and represents about 15% of our deposits, but we are assured that it has no significant effect on asset realisations.

I'm just going to get back on my starship and resume my search for intelligent life elsewhere in the universe.


Material changes?

  • manx-person
  • 17/10/08 31/05/09
  • not a depositor
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  • Thu, 14/05/2009 - 19:20

Has Simpson been asked what the difference is - I don't think its right to be brushed off in the letter like this.

I wonder if Simpson has sought directions from the court on this matter - if he hasn't his proposed actions are a bit presumptuous don't you think?

Has the DAG ask for involvement in the vote scrutineering?

The Florida chad "scandal" comes to mind


Material changes?

  • Anonymous
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  • Thu, 14/05/2009 - 20:29

Manx: it has not escaped the DAG's notice.


Looks like they

  • frog
  • 10/10/08 13/09/09
  • a depositor
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  • Thu, 14/05/2009 - 08:14

Looks like they double-counted the repo agreements - rather sloppy....

Good news is that they can add up now.


Looks like they

  • Anonymous
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  • Thu, 14/05/2009 - 08:32

You sure it is the repo agreement that was the source of the mistake - the amount is not the same. What about the money in the Bank of England?


No - not sure, but seems to

  • frog
  • 10/10/08 13/09/09
  • a depositor
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  • Thu, 14/05/2009 - 18:46

No - not sure, but seems to be the most likely in that they probably double-counted some loans. This is of course only a guess.

I really doubt it is the BoE money as the transfers only happened right at the beginning of October and involved all deposits into the UK bank.


The missing 128M and the mystery ringfence

  • expatvictim
  • 10/10/08 01/11/10
  • a depositor
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  • Thu, 14/05/2009 - 17:01

The missing 128M is too close to the reported 147M in that (BOE) account for this not to be the likely reason. If this is the case, then I'm not surprised that MS withdrew the 28th April update on the banks website.
It may also explain some of the confusion on the alleged ring fencing.

The 550M (pre-set off) has been touted from the start of this affair by all parties so either KSFIOMs book's were severely erroneous or it got sent somewhere else by KSFUK. 147M of deposits in less than a week seemed like a large amount for a bank known to be in trouble - unless it came from another financial institution. That said, it is strange that losing ~5% of the anticpated return (based on 50% UK return) has "no material impact" on either the SOA or liquidation - would the impact of "other reconcilliations and information received" have been published if the return from KSFUK not been reduced?


THE MISSING 128M

  • mikepapa
  • 10/10/08 n/a (free)
  • a depositor
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  • Thu, 14/05/2009 - 18:57

Dear expatvictim,

" The missing 128M is too close to the reported 147M in that (BOE) account for this not to be the likely reason."

You could well be correct, and it occurs to me that it could well comprise of depositors In-Flight Funds that were transfered in the few days prior to 8th October 2008 and confirmed by Internet banking, but then were 'cancelled" and returned by LP Mike Simpson.

IE - instructions sent from KSF IoM to KSF UK for transfer but not executed and held in BoE Trust Account.

FYI: E&Y have yet to receive direction from Court regarding the 147M BoE Trust Account.

Kind regards,

Mike


Not sure I buy that. Reason

  • frog
  • 10/10/08 13/09/09
  • a depositor
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  • Thu, 14/05/2009 - 19:33

Not sure I buy that. Reason is that the funds would still form part of the deposits into KSFUK and whether it was in the BoE or in Kaupthing UK is immaterial.


A classic statement by MS

  • Anonymous
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  • Thu, 14/05/2009 - 07:59

"Following further information coming to light"

It brings to mind:

"During the Falkland war the English troops nicknamed the members of the local population 'Bennys' after a character from the English soap Crossroads, famous for his wooly hat and limited intelligence.
This was considered politically uncorrect and the solders were ordered to stop and that the population were not Bennys.
Henceforth the Falkland Islanders were refered to by the solders as 'Not Bennys' "

Is there an IOM equivalent?


Apologies for correcting

  • go mann
  • 10/10/08 31/05/09
  • a depositor
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  • Thu, 14/05/2009 - 16:01

Apologies for correcting you, but I was serving in the Falklands at the time when we were told to stop calling the Islanders "Bennies".

They were subsequently called "Stills" - an abbreviation of "We're not allowed to call them that but they're STILL Bennies".

I'm not an accountant, but I do like accuracy ;-)


of notbennys

  • Anonymous
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  • Thu, 14/05/2009 - 08:06

I hadn't heard that before, lancara. Many thanks for that. I do remember Benny and I can quite understand why this matter might have brought Benny to your mnd.


intelligent life elgee

  • Anonymous
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  • Thu, 14/05/2009 - 04:00

elgee, no need to go as far as the universe: I'm in Maebashi, Japan

Thanks, as usual, for all the info.
steen