Friday 24th October - As it happens

  • VeryWorried
  • 10/10/08 31/05/09
  • unspecified
  • Offline
Posted: Fri, 24/10/2008 - 09:11

http://www.iomtoday.co.im/news/Desperate-KSF-customers-withdrawing-milli...

edited:

HEARING HAS BEEN ADJOURNED TO 27 NOVEMBER

http://www.iomtoday.co.im/news/Petition-to-wind-up-Kaupthing.4627802.jp

0
Your rating: None

Comment viewing options
Select your preferred way to display the comments and click "Save settings" to activate your changes.

Doherty's affidavit

  • occams razor
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 12:40

From: http://www.iomtoday.co.im/news/Petition-to-wind-up-Kaupthing.4627802.jp

"A new affidavit from the bank's managing director Aidan Doherty, read out in court by Mr Clucas, said the UK government gave no prior notice of its plan to put the bank's UK operation into administration.
He said that the board asked for the parent Kauphthing Ban hf to transfer sufficient funds - £300 million - for the bank to cover depositors' liabilities potentially due payment within the next eight days.
But the parent bank refused the request, explaining it was in default.
At 9.43pm on October 8, the board of directors formally resolved that KSF (IoM) was unable to pay its debts and they should now apply for the company to be wound up."

Is there any way for someone on the island to get hold of this affidavit?
I think it would be good to have an actual copy if possible, rather than only IOMToday's reporting of it.


Congrats..

  • bushmen
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 24/10/2008 - 11:35

Congrats to everyone for an early achievement.

Lets keep working at this, more media, more pressure.

Just want to thank everyone involved, especially the action teams for all their efforts.

Well done once again!, and please, keep doing such a good job.


Ace result

  • Monkeyface3604
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 24/10/2008 - 11:25

Big pat on the back to everyone, lets look at this as our D Day (rather than our Dunkirk)
Its been a long 2 weeks and we are now faced with twice as long........therefore we need to aim to achieve twice as much!!!
Lets keep up the momentum!!!
Charge!!!!!!!!


HMG

  • jjw
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 11:28

Agreed. Let's continue to be the biggest pain in the arse to HMG over this issue since Winston Churchill got piles!


working lunch on

  • dave
  • 14/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 24/10/2008 - 11:30

have we contacted them


Piles

  • Anonymous
  • Offline
  • Fri, 24/10/2008 - 11:42

Winson Churchills piles? :-)


I thought you would

  • jjw
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 11:54

I thought you would appreciate that one Mat - we need some humor on here now and again!


NEXT MOVE

  • user1123
  • 14/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 24/10/2008 - 11:27

Well done everyone, the lobying works and it will be worth it.

We now need to start chasing up the Treasury for information on what they are doing to recover funds.

Suggest everyone should now be emailing Mr Shimmin (CFO) at the Treasury so that the group can establish a regular up to date information feed from which to formulate ongoing strategy. Interested in views?

Would ask everyone now to email:
mark [dot] shimmin(?)treasury [dot] gov [dot] im

or call +44 1624 685586 (given to me as his pa)

for up to date information.


THANKYOU ALL

  • Dougie
  • 22/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 24/10/2008 - 11:22

As a new member i would like to thank all of you for trying to save our money, i have worked hard for it like the rest of you and do see why the Gov should take it all.


THANKS ALL!

  • Big Sushi
  • 22/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 11:30

I would like to add my appreciation to all those who have worked so tirelessly on EVERYONES behalf, especially individuals like my self half way around the globe who can only help you by sending piles of e-mails to MPs, FSC etc. Now take a deep breath......it is on to the next battle. Thanks all.


Great News

  • steveejeb
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 11:21

Great news, that is a relief time is what we need, well done to all


Well done all

  • neilbkk
  • 10/10/08 08/06/09
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 11:25

Excellent news..my heartfelt thanks to those in IOM and around the world working together on this !!! First hurdle overcome...lets leap the remaining ones.

Please use my contribution to the Sefton Bunker for some well earnt drinks!


Friday 24th November - As it happens

  • lifesavings
  • 14/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 24/10/2008 - 11:19

Many, many thanks to all of you working round the clock to try and save our hard earned savings. We have been sending the necessary emails etc to all relevant parties. We have not posted the fact each time although we are logged on most of the time. Let´s hope there is a good outcome after all our efforts.


Great News

  • jjw
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 11:18

We have all played out part over the last couple of weeks with the emails etc. BUT there are those who are princes amongst men - you know know you all are. Just like to say a big thanks to you all. We will get there and get our money back.


... and breathe!

  • go mann
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 11:15

Well done all those who helped buy a bit more time to achieve a proper resolution. Thank you.


court decision

  • rippedoff
  • 12/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 11:43

I'm happy and relieved about todays decision but I would interested to hear from anyone at court today; were any real arguments for winding up today voiced? If so what were they and by whom were they made?


Thank you

  • WorriedWoman
  • 23/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 11:09

To everyone who has worked so hard to fight for us - Thank you!! @hugs@

:- ) WW


Friday 24th October - As it happens

  • ng
  • 11/10/08 31/12/20
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 11:06

... promoted to front page.


POSTPONED

  • 208
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 24/10/2008 - 11:07

Due to ongoing talks the liquidation has been postponed for 28 days

Manx Radio noon


yipee! Nothing more to say,

  • Mekong
  • 14/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 11:28

yipee!

Nothing more to say, this is the best result we could have achieved


Liquidation postponed

  • conned
  • 13/10/08 n/a (free)
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 11:16

Congratulations to all involved. Your hard work is much appreciated. It is up to all of us to keep the pressure on. 'If you work hard, you will get there in the end.' This quote got me through University when i was given a place although I had no educational qualifications. We can do it!


Sorry but am i supposed to be

  • joooojoooo
  • 10/10/08 n/a (free)
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 11:33

Sorry but am i supposed to be surprised!
lets get back to matter at hand

AS you can all now see Alistaair Dalrling may have got it all wrong, he fed supergordo the lines and wham there is a bank run in which we get caught,
Stay with me here please
AS that little lot is exploding, John Aspen of the FSC (not my favourite person) and with i can only assume assisatnce from the FSA get our money to the UK, now they might have done this in the spring, its a ll a bit confussing, (bblair have you got it worked out yet?).
anyway the intemperate words of supergordo and adarling have done damage, so bang KSF London is put into recievership (not frozen), of course if Aspen and his buddies had been watching they could have moved our funds to a safe house, But they didn't reckon on that happening, any more than UK gov diidn't when they issued Landbanski 2008 order. Very very slack of them, unless they wanted to bring down the offshore system of course, which is another matter all together, i don't do conspiracy theories i do human error of judgement. Bt no doubt it'll give barrie something to go for!!!!

if this wasn't our money it would be an hilarious series of errors on a mega scale, or ineptitude on a maga level take your pick!

So the two things we have that are very important are the FT Darling Tapes and the IOM Aspen Tapes, they are the crux of this.

So may i make a suggestion to legal minds, whats the case for taking action agianst gordo, darling, aspen, fsc and fsa, treasury etc for damages, suffering, stress, destitutiion, etc etc??? maybe a hint to the press that we are considering this might speed up some talking!!!

I must eat by brain hurts!!!!! THe Ruskie propaganda channel Russia Today are trying to get hold of me, now if there is one country that would love to make the brits look stupid its Russia and for once i think i might help!!!!


re compen for stress etc

  • skintagainnow
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 11:59

Been thinking along those lines myself and if we were looking at court action for stress / damages etc,. if possible would it not be better for the folks in the states to take it up through the US justice system - nice international argument "how British (any US citizens caught up too) citizens living / working in US were caused financial hardship / stress by the ill- concieved actions of the UK government (*the darling tapes are and timelines are great for this). Then all ex-pats & other nationals caught up sign up to the class action.

*The timeling would suggest HMG was already going down this path 6th October anti - tip off, then darling has his big moment on the 8th which was just an excuse - they had in fact naff all before that - they were looking for an excuse and used the tapes as one.


EXPAT

  • joooojoooo
  • 10/10/08 n/a (free)
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 11:43

sorry that was expat not joojoo !!!!!!!


uk liquidation

  • dave
  • 14/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 24/10/2008 - 11:40

Can we confirm the uk branch situation, is it in liquidation or administration because there is a lot of difference. I think it is in administration which I think means it is still a working bank?


UK Liquidation

  • Mrs Not Too Happy
  • 12/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 11:44

It's in administration


uk branch

  • dave
  • 14/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 24/10/2008 - 11:48

Am I right that this means bank is still trading under administrators albeit without its depositors who have been transferred. Come on legal eagles


adjournment

  • joooojoooo
  • 10/10/08 n/a (free)
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 10:48

Just back from the Court - Liquidation application has been adjourned till 27 November 2008.

Well done all!!


Phew!

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 11:21

A great relief to have a breathing space. Huge thanks to all concerned.
Can we possibly hope for some more good news from the meeting in London today?


MORE PRESSURE PLEASE

  • user1123
  • 14/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 24/10/2008 - 11:19

Well done everyone, the lobying works and it will be worth it.

We now need to start chasing up the Treasury for information on what they are doing to recover funds.

Suggest everyone should now be emailing Mr Shimmin (CFO) at the Treasury so that the group can establish a regular up to date information feed from which to formulate ongoing strategy. Interested in views?

Would ask everyone now to email:
mark [dot] shimmin(?)treasury [dot] gov [dot] im

or call +44 1624 685586 (given to me as his pa)

for up to date information.


Adjournment

  • vikkinkit
  • 15/10/08 30/11/09
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 11:05

Great news! Huge thanks to all, well done. Have been holding my breath all morning!


Great work!

  • grapow
  • 20/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 24/10/2008 - 11:03

Best news I have seen in a while though in truth its not much news at all of course. It does however serve to illustrate how desperate we have all become here!

I am lobbying my own MP in the UK Dr Liam Fox (Conservative) and Prince Andrew - the more of us who do this, the better in my view!


Thank you

  • christabell
  • 14/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 24/10/2008 - 11:03

To everyone on the team......THANK YOU


Adjournment......

  • Brian FISHER
  • 20/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 24/10/2008 - 11:02

I think this is a good result for now. Whilst it still allows for keeping up the pressure, also allows time for all to step back, and for the frosty relations between the three governments to cool down a little etc., - for it looks like a government level settlement will ultimately produce the best answer for the depositors -

BF


Adjournment

  • gazfuk
  • 12/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 24/10/2008 - 11:00

Sounds like a small battle won. Well done guys.


Eat My Shorts

  • 491
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 24/10/2008 - 11:34

Congrats to all who worked so hard. And to those of you who were against adjourning: eat my shorts :) Blair


Good news

  • jot
  • 12/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 10:58

Well done everyone. Any more details on what the key reasons for postponement were ?


Anything else said or just a

  • Captain Mainwaring
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 10:56

Anything else said or just a quick "in and out" ?


The Treasury (IOMG) - Largest creditor argued for time

  • manx-person
  • 17/10/08 31/05/09
  • not a depositor
  • Offline
  • Fri, 24/10/2008 - 11:10

The Treasury (IOMG) petitioned for the delay they are a £10M creditor
THE FSC and the Liq. prov. neither supported nor opposed the adjournment motion
Also the ICelandic Parent were represneted and supported the adjournment


Kaupthin hf supported adjournment...

  • 491
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 24/10/2008 - 11:23

Hmmm... really? What could that mean? To encourage "alternative solutions"? To forestall messy litigation?
If I was a parent being now directed by a now bankrupt government I might want the sub to windup and look to limited corp liability to tie off the problem? But then there is the guarantee. I dunno.


IMPORTANT - The FSC's role

  • manx-person
  • 17/10/08 31/05/09
  • not a depositor
  • Offline
  • Fri, 24/10/2008 - 11:30

Their were some questions regarding the FSC role and costs.
Please remember it was them who put copies of the petition and supporting affidavits on their website.
If they are removed as a notice party then will as much information be available to depositors in the public domain?


Now TREASURY's ROLE

  • user1123
  • 14/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 24/10/2008 - 11:33

This is why we have to force a regular information link with Treasury:

Start mailing: mark [dot] shimmin(?)treasury [dot] gov [dot] im
or call +44 1624 685586


I think receiving x,000

  • manx-person
  • 17/10/08 31/05/09
  • not a depositor
  • Offline
  • Fri, 24/10/2008 - 11:37

I think receiving x,000 emails wont help. The message will be lost.
It would be better to have an appointed representative
regular meetings
and the results posted here


MORE PRESSURE PLEASE

  • user1123
  • 14/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 24/10/2008 - 11:46

They will not agree to that unless pressure is put on first. ,000 of email will assist. Who is going to appoint the representative, their is no constitution we have no recognised body. We should seek for the Gov to establish a Government information board on the subject or similar forum. Open to suggestions from any techies on board.

Email : mark [dot] shimmin(?)treasury [dot] gov [dot] im
or call +44 1624 685586

for up to date information.


Kaupthing HF supported Adjournment

  • manx-person
  • 17/10/08 31/05/09
  • not a depositor
  • Offline
  • Fri, 24/10/2008 - 11:27

Yes, really I was there and they had an appointed advocate appearing
I guess it means that they would prefer, as I think nearly all parties would, that this bank re-emerges as a solvent entity.
This would be a win-win-win.
Please do not underestimate the political, industry, regulatory and IOM Government wish that all of the depositors get all of their money back.


Hey Manx-Person

  • 491
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 24/10/2008 - 11:40

I've been preaching this for two weeks! We are of one mind. Sadly, not all "parties" have been pushing to adjourn - even on this forum - and it's been difficult to understand their thinking. They have been quite tenaciously pushing Mr Smalley's pitch for a quick windup. I never understood it, but there it is. Go figure. Blair


Well neither the FSC nor the

  • manx-person
  • 17/10/08 31/05/09
  • not a depositor
  • Offline
  • Fri, 24/10/2008 - 11:46

Well neither the FSC nor the liquidator stated their position in court on this. That is to say the neither supported nor opposed the adjournment.
There was one person opposing the action on the basis of set-off rules between loans and deposits, hence the change to the order on the 9th


Article in Times Fri 24th Oct.

  • tbayliff
  • 20/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 24/10/2008 - 09:29

Good supporting article page 59 of the Times. Looks like some profile is filtering thru so congratulations to all those of you who are making calls and sending letters. We ALL need to increase this effort. I have sent a file of documents to my MP (Susan Kramer LD Richmond) and am trying to get into her surgery today.


The article is available

  • OurMoneyHasBeen...
  • 24/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 24/10/2008 - 11:27

The article is available online at http://business.timesonline.co.uk/tol/business/industry_sectors/banking_....

Excellent work by those concerned in feeding this stuff to the media. Key message to communicate at present seems to me to be the fact that the UK operation have £550m of our money!


Posting news

  • ng
  • 11/10/08 31/12/20
  • a depositor
  • Offline
  • Fri, 24/10/2008 - 11:35

Apologies if you have done it (I haven't checked), PLEASE post news into our news archive using Create new News item (near top of right side-bar). By all means post a link in the forum too, but better to link to the News Item her rather than the off-site link. Hope that makes sense.