FSC petitioners contact numbers- 415627 / 612326

  • user1123
  • 14/10/08 31/05/09
  • unspecified
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Posted: Tue, 21/10/2008 - 13:21

Been given the FSC petitioners phone numbers if anyone is interested. He was interested in my views and wanted to know what other depositors thought. Sounds like a helpful chap.

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I've e-mailed Weldon

  • markH
  • 12/10/08 n/a (free)
  • a depositor
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  • Thu, 23/10/2008 - 03:32

I'm not lawyer and until 2 weeks ago had no interest whatsoever in the banking system or economics. SO, when we have conflicting opinions of our best next steps from our 'experts' then it makes my decison so much more difficult. I'm not ashamed to say that I am hugely influenced in my actions by the general consensus of our posters here. I have therefore sent the following e-mail to Mr Weldon at the FSC. We need to remind him that we want OUR best interests at the centre of any decision on Friday.

Dear Mr Weldon,

Please consider this request to delay the KS&F IOM liquidation. My family will lose our entire life savings if the bank is liquidated and the consequences of that are too severe for us to contemplate. Based on the information we have received from the Liquidator, Michael Simpson, there are complex and political international discussions taking place over recovery of deposits. The IMF loan to Iceland may result in the parental guarantee from Kaupthing HQ being honoured. There are also potential buyers of at least some of KS&F business. The liquidator is also persuing the return of the IOM deposits currently frozen in the UK.

If KS&F IOM is wound-up on Friday then these potential avenues of compensation will be lost. What is the harm in allowing suffient time to see if depositors can recover their money?

The depositors are completely innocent victims in all of this and all we ask is that OUR best interests are at the forefront of any decision.

Thank you,

Mark Harrison
Depositor of US dollars 290,000 in a Kaupthing Edge account


My Points to Welden

  • Mekong
  • 14/10/08 31/05/09
  • a depositor
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  • Thu, 23/10/2008 - 03:58

My Law is a little rusty, I did a Bachelor in Law over 20 years ago as open learning to keep sane whilst in the Middle East but have never practiced it.

My argument for delaying Liquidation is based on "Precedent" that is a legal decision or form of proceeding serving as an authoritative rule or pattern in future similar or analogous cases.

What is surrounding our case is totally "Unprecedented" with sealed court papers, invoking of anti terror laws false statements from HMG etc etc, therefore "Precedent" is non-applicable to this case and liquidation should not be applied until the unknowns have been resolved.

I don't old up much hope, I stuck to Engineering and never followed law but it felt good to fire the email off


EMAIL TO MR WELDON

  • Estes
  • 11/10/08 31/05/09
  • a depositor
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  • Wed, 22/10/2008 - 23:01

I have also emailed for delay. Probably, a few more weeks is all that will be required if anything good is to happen, but worth a try.


KSFIoM liquidation postponement

  • Snuff
  • 16/10/08 31/05/09
  • unspecified
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  • Wed, 22/10/2008 - 19:16

My wife and I have emailed Michael Weldon and our so-called "Corporate Investors" re our Bonds. We are pensioner UK residents.


POSTPONEMENT ACTION-IMPORTANT

  • everhopeful
  • 11/10/08 n/a (free)
  • a depositor
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  • Wed, 22/10/2008 - 18:57

I wrote to the head of Michael Weldon again this time re postponing the petition and received the following reply which is important:-
QUOTE:-"

QUOTE "The Commission will ensure that depositors’ collective views, to the extent that they have been expressed to it, are brought to the attention of the Court when it meets on 24 October 2008.
However, if you wish to make a formal representation to the Court you must follow the correct procedure which is set out on our website:
www.fsc.gov.im and listed under “Latest News”, “Kaupthing Singer & Friedlander (Isle of Man) Limited - 20 October 2008” “Advertised Notice”.Regards,Michael Weldon Head of Supervision, Financial Supervision Commission." UNQUOTE
The "Advertised Notice " he is referring to is as follows:-
QUOTE:-"KAUPTHING SINGER AND FRIEDLANDER (ISLE OF MAN) LIMITED
Notice is hereby given that a joint petition for the winding up of the above name company by the High Court of Justice of the Isle of Man was, on the 9th October 2008, presented to the said Court by Kaupthing Singer and Friedlander (Isle of Man) Limited and the Financial Supervision Commission And that the said petition is directed to be heard before the Court sitting at the Courthouse in Douglas at 10 a.m. on the 24th day of October 2008; and any creditor or
contributory of the said Company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing in person or by his advocate for that purpose; and a copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. By order dated 9th October 2008 the said Court appointed Michael Simpson of PricewaterhouseCoopers, Sixty Circular Road, Douglas, Isle of Man, liquidator provisionally of
the Company, pending the hearing of the petition on the 24th October 2008. Signed: Seth Fargher Caine, Advocate for the Company and Jonathan James Wild Advocate for the Financial Supervision
Commission, both care of 15‐19 Athol Street Douglas Isle of
Man Note: ‐ Any person who intends to appear on the hearing of the said petition must serve on or send by post to the above named Advocate for the Petitioner, notice in writing of his intention so to do. The notice must state the name and address of the person, or, if a firm, the name and address of the firm, and must be signed by the person or firm, or his or their Advocate (if any), and must be served or, if posted, must be sent by post in sufficient time to reach the above
named no later than 6 o’clock in the afternoon of the 23rd day of October 2008." QUOTE
I.E. SOMEBODY NEEDS TO BE THERE APPARENTLY. HOWEVER ANOTHER POST TALKS OF OUR LAWYER RICHARD GORE BEING THERE TO REPRESENT US? I HOPE SO!

Onward and Upward and as Winston Churchill once famously said
"NEVER, EVER, GIVE UP!"


Postponement Action

  • jane maloney
  • 12/10/08 31/05/09
  • unspecified
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  • Wed, 22/10/2008 - 19:00

Must be standard reply. I got exactly the same wording


FSC Call to Postpone Liquidation

  • Broke Bule
  • 12/10/08 31/05/09
  • unspecified
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  • Wed, 22/10/2008 - 18:25

I've e-mailed Michael Weldon too to ask him to plead our case for postponing liquidation. If you haven't, please add your voice by e-mailing him at: michael [dot] weldon(?)fsc [dot] gov [dot] im


Thank you

  • uptight61
  • 14/10/08 n/a (free)
  • a depositor
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  • Wed, 22/10/2008 - 18:38

Thanks for posting his email adress. Email done!


Mail sent

  • barnie
  • 19/10/08 31/03/10
  • a depositor
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  • Wed, 22/10/2008 - 19:23

Have also e-mailed Mr Weldon.


IOM COMPENSATION FUND REPLY

  • everhopeful
  • 11/10/08 n/a (free)
  • a depositor
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  • Wed, 22/10/2008 - 18:05

I wrote to the FSC asking if there is any money in the compensation pot to pay out to depositors and as we all probably suspected it appears there is none as per the reply I received back today. I have removed the person's name for the time being in fairness to him.
QUOTE:-"The scheme is not pre funded, in much the same way as some other compensation schemes (including the UK).� The Scheme raises funds through levies on other banks and borrowings."UNQUOTE

I have replied as follows:-Dear Mr. XXX, Many thanks for your quick reply. I can’t see the point of having a scheme if there is no money in it after all the years that the Isle of Man has been in the offshore banking business. In summary it basically seems that there is no money available for compensation and so in theory, the Tynwald could set compensation levels at anything it likes e.g. £1 million each and in practice it would be meaningless since there are no funds to pay anybody anything? If funds are to be levied on other banks starting from today then it is likely to take over 50 years for us all to get our money back which will be pointless. Is this a wrong assumption?
Forgive the directness, but my wife and I are 62 and 60 and retired and this is a crippling financial loss to us and to many others. We can’t now afford to pay for our daughters’ wedding next year as promised but she doesn’t know that yet. As depositors we all need to know specifics and not theories because theories will not pay the bills.
Can someone tell us the real position please. Kind regards,


Postpone

  • skintagainnow
  • 10/10/08 31/05/09
  • a depositor
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  • Wed, 22/10/2008 - 18:05

Sent


Postponement

  • chb
  • 10/10/08 15/10/09
  • a depositor
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  • Wed, 22/10/2008 - 17:48

Sent.


Michael Weldon

  • rhbbpd
  • 12/10/08 31/05/09
  • a depositor
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  • Wed, 22/10/2008 - 16:23

I've added my e.mail too.


Michael Weldon

  • Julienne
  • 16/10/08 31/08/09
  • a depositor
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  • Wed, 22/10/2008 - 17:46

me too -


Weldon

  • matti
  • 11/10/08 31/05/09
  • a depositor
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  • Wed, 22/10/2008 - 17:34

...yep, done.


emailed him....

  • rk
  • 12/10/08 31/05/09
  • unspecified
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  • Wed, 22/10/2008 - 16:17

emailed him....


Weldon Responds

  • BustedFlat
  • 20/10/08 31/05/09
  • a depositor
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  • Wed, 22/10/2008 - 15:53

Here is the response I just got from Mr. Weldon ..................


Dear Mr X

Thank you for your email.

The Commission will ensure that depositors' collective views, to the extent that they have
been expressed to it, are brought to the attention of the Court when it meets on 24 October
2008.
However, if you wish to make a formal representation to the Court you must follow the correct
procedure which is set out on our website:

www.fsc.gov.im and listed under "Latest News", "Kaupthing Singer & Friedlander (Isle of Man)
Limited - 20 October 2008" "Advertised Notice".

Regards

Michael Weldon
Head of Supervision

Financial Supervision Commission


... doesn't say much but at least he's read the email !


FSC

  • btandkt
  • 11/10/08 30/11/09
  • a depositor
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  • Wed, 22/10/2008 - 15:39

Emailed Mr Weldon earlier today


Is anyone up to representing us at the meeting

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
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  • Wed, 22/10/2008 - 16:15

I got the same reply
Is anyone up to representing us at the meeting?


I just e mailed too

  • Rave On
  • 15/10/08 31/05/09
  • unspecified
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  • Wed, 22/10/2008 - 10:59

I just e mailed too


Contact Weldon

  • Largeloss
  • 14/10/08 30/04/10
  • a depositor
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  • Wed, 22/10/2008 - 15:35

Done - here's mine without the personal bank details.

Dear Mr Weldon,

Apologies if you have been in-undated but here is another request to delay the KS&F IOM liquidation for the following (fairly obvious) please.

  1. To allow more evaluation time for the accountants and lawyers to fully assess the nature and amount of assets vs. liabilities (this is a complex, global and multi legal faceted issue and is more complicated than I understand Mike Simpson’s experience to be and I welcome his refreshingly honest call for assistance in this matter).

  2. Incidentally he and his staff cannot even answer simple e-mail requests regarding client communication details to be changed as fragile postal service in overseas countries such as my current abode.

  3. Allow for another bank to acquire the whole bank as a full going concern with all assets in place, especially considering the attractive offer made by many depositors (including myself) to guarantee for a minimum period before withdrawing.

  4. Allow the Iceland Govt to secure the finance required (IMF-elsewhere) to honor the parent company guarantee.

  5. Failing all else the UK government, be it mainland with or without the help of IOM to treat all British citizens indiscriminately and guarantee the depositors funds. As they did for Northern Rock and B&B offshore depositors.

Thank you for your understanding.

Signed a hopeful UK British expat (accountant) for 14 years and original S&F depositor.
In Kazakhstan whom confirms the impossibility to open UK bank accounts without a UK address.


tel codes

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
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  • Wed, 22/10/2008 - 14:22

Do these nos have dialling codes?


Petitioner Number

  • srcoates
  • 10/10/08 31/05/09
  • a depositor
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  • Wed, 22/10/2008 - 16:01

01624 689318

Good Luck!


URGENT

  • wood
  • 12/10/08 30/05/13
  • a depositor
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  • Wed, 22/10/2008 - 10:53

I've lost the thread. I'm sure I saw it said much earlier today (Michael Weldon? Aspden?) that we would also need to be represented by a lawyer at the hearing. Have I lost it - in three ways now?


E-mail to Weldon

  • Mandy_Italy
  • 13/10/08 31/03/10
  • a depositor
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  • Wed, 22/10/2008 - 10:44

I just e-mailed too!


Ditto - Weldon e- mailed

  • AnneD
  • 15/10/08 01/09/09
  • unspecified
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  • Wed, 22/10/2008 - 11:07

Just done it and urge others to follow.


K S&F IOM LTD

  • Francis Hutchinson
  • 22/10/08 31/05/09
  • unspecified
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  • Wed, 22/10/2008 - 10:36

Dear Sir
My wife and I have a capital redemption Bond with Skandia Life which was formed in May 2008 on the advice of our financial advisers. Within the Bond there is a large portion in cash (72%)which is what we decreed when setting up the Bond due to the financial uncertainty in equities prevailing. . The cash emanated from the sale of a property in Spain and forms a large proportion of our life time savings. We feel totally let down by our financial advisers who advised us on the deposit stressing "the 100% protection of investing in the IOM". They are registered with the FSA and have to have professional indemnity insurance and we will pursue a claim on the Company once the quantum of our losses is known.
I do not know how other members of your group are pursuing their lost money but if you have other members who are following the same line of approach as ourselves I would like to make contact with them .
Is there anything we can do to help? We live in Pembrokeshire and although we have internet phone and fax are unable to attend meetings in London except in extremis
Francis Hutchinson


EMAIL WELDON use name/address

  • IceCrusher
  • 14/10/08 25/10/11
  • a depositor
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  • Wed, 22/10/2008 - 10:17

I have just managed to get through to Michael Weldon (he is very busy which is probably a good sign!) I was concerned about his request for identification by Account title (I don't really want to go splashing it about in an email!) I pressed him on this point and he said he only requires name and address not account details/numbers.

IceCrusher


JUST E-MAILED MR. WELDON

  • everhopeful
  • 11/10/08 n/a (free)
  • a depositor
  • Offline
  • Wed, 22/10/2008 - 10:13

"Dear Mr. Weldon,
My wife and I are depositors with KSF IOM under account no.xxxxxxxx in the names of xxxxxx. A growing number of depositors with KSF (IoM) are concerned about the impending wind-up of the bank currently scheduled for court hearing on October 24th. (See comments at: http://www.ksfiomdepositors.netgenius.co.uk/?q=node/142). We collectively feel that there is sufficient political will and collective interest to result in the eventual recapitalization of the Kaupthing parent through a multi-national effort. Witness Belgium's recent initiative, the IMF agreement in conjunction with other countries to lend Iceland funds, the task force in Iceland, and negotiations between the United Kingdom and Iceland. Also very recently Kaupthing’s decision to re-imburse all savers in Kaupthing in Finland via 3 loans from Finnish banks.Our sense is that this situation needs sufficient time for all of the political parties to this crisis to formulate an Icelandic banking solution. While this may take another month or two, we believe it would be worth leaving the KSF (IoM) bank in place so that it may benefit from the eventual political solution when that arises; a solution for the KSF parent will, as you know, benefit us through the existence of the parental guarantee of our deposits. The provisional liquidator also needs sufficient time to explore the possible sale of the bank as a going concern which would be the best solution for all concerned.
There is a separate growing concern that with the administrators of KSF in the UK who are Ernst & Young’s have had their orders sealed by the High Court in the UK which is very unsettling as it means that the administration process will not be transparent and that funds available in Kaupthing in the UK will more than likely be used to re-imburse all UK savers in full at the likely expense of Isle of Man depositors i.e. we will receive what is left over rather than there being a proper and fair allocation of funds to all investors.Please consider this request for a postponement of the winding up process on October 24.
Yours sincerely,"


EXCELLENT LETTER

  • BobWashington
  • 10/10/08 31/05/09
  • a depositor
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  • Wed, 22/10/2008 - 21:14

Dear everhopeful

I just wrote to Mr Weldon using your letter as the base. Hope that you'll forgive the plagiarism! But as you know imitation is the sincerest form of flattery. Thanks.


Contacting Michael Weldon

  • Blades
  • 19/10/08 n/a (free)
  • a depositor
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  • Wed, 22/10/2008 - 11:37

Thanks everhopeful for drafting an excellent letter. I have also now written to Michael Weldon.


FSC petitioner

  • wood
  • 12/10/08 30/05/13
  • a depositor
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  • Wed, 22/10/2008 - 09:56

Just emailed Michael Weldon but have the feeling this news needs to be more prominently displayed - with the press release heading on main page - to get a significant number of messages to him at this late stage.


Have sent e mail to Micheal

  • The Biggest Ban...
  • 10/10/08 14/07/15
  • a depositor
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  • Wed, 22/10/2008 - 13:19

Have sent e mail to Micheal Weldon - please everyone do the same !


Have just done the same and I

  • amar
  • 13/10/08 31/05/09
  • unspecified
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  • Wed, 22/10/2008 - 09:58

Have just done the same and I agree. We all need to action this


Emailed Weldon too

  • webrooster
  • 12/10/08 31/05/09
  • a depositor
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  • Wed, 22/10/2008 - 13:08

We have added our request for a delay


Me too

  • Done like a Kipper
  • 10/10/08 n/a (free)
  • a depositor
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  • Wed, 22/10/2008 - 09:59

Me too


Also just emailed

  • annespension
  • 19/10/08 31/05/09
  • a depositor
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  • Wed, 22/10/2008 - 10:39

I have just emailed Michael weldon to ask for delay.


weldon - me too

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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  • Wed, 22/10/2008 - 13:01

just emailed Michael Weldon with plea to defer


conversation with michael at FSC

  • michael12
  • 10/10/08 31/05/09
  • a depositor
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  • Wed, 22/10/2008 - 09:20

i have just spoken to michael at fsc regarding delaying the liquidation. he was really helpful. he said he has not received many call/emails asking him about deferring the hearing.
please can everyone email him michael [dot] weldon(?)fsc [dot] gov [dot] im with your name, email, tel and short message asking to put off hearing and why
he also said we should be represented by lawyer on friday - doers anyone know if this has been done?


delaying the hearing date.

  • KA
  • 14/10/08 29/06/09
  • a depositor
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  • Wed, 22/10/2008 - 14:15

I believe that Richard Gore is going to be there , of Gregg Latchams WRH.
And I have e-mailed Micheal Weldon . I will do so again saying that it is on behalf of all of us that I write.


Emailing Mr. Weldon

  • Big Sushi
  • 22/10/08 31/05/09
  • a depositor
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  • Wed, 22/10/2008 - 09:58

I have just found this site today - VERY useful and I feel less alone now! I have just e-mailed Michael myself requesting the hearing be delayed. Thanks to all you posters for finding such information since like you all I really cannot afford to lose the money I deposited!


DELAY THE WIND-UP

  • srcoates
  • 10/10/08 31/05/09
  • a depositor
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  • Wed, 22/10/2008 - 08:51

I have this morning received a call from Michael Weldon, a commissioner at the FSC, having left a voicemail on what turned out to be his home phone.

In respect of the petition on Friday his helpful comments were that the petition was being presented on behalf of the depositors and if we believe that more time is needed for the liquidator to seek return of the UK deposits by the IOM Bank in the UK Bank and or facilitate any sale---then we should E-Mail him promptly at michael [dot] weldon(?)fsc [dot] gov [dot] im identifying ourselves as account holders by using our account title and stating our reasons for delay.

When I asked his opinion re the delay he replied that to the best of his knowledge the Liquidator has not yet had any indication from the UK mainland liquidator (Ernst & Young) as to the status of the IOM funds, also with the IOM government discussing the increase of the scope of the compensation scheme delay may be beneficial (for me that is the case as my fund are pension account funds).

I also elicited the information that there was only one other message on his phone despite the number being on this site. In future he asks that we use this number 01624 689318 (not 612326) to contact him.---IF WE WANT ANY INFLUENCE ON THIS PETITION WE NEED TO E-MAIL, WRITE OR PHONE AS HE STATES THAT HE IS INFLUENCED BY OUR VIEWS!!


You are clearly being manipulated

  • Anonymous
  • Offline
  • Wed, 22/10/2008 - 19:10

It is unhealthy in my view that you're allowing yourself to be encouraged by the regulator to take a particular position in respect of the petition for winding up.

This is especially so as the regulator is itself a petitioner and it is its own application for winding-up that you are being encouraged by it to apply to postpone. From a legal point of view I find this is more than a little odd.

I repeat my previous warning elsewhere, which is that some depositors are allowing their strings to be pulled by people whose interests do not necessarily coincide with those of depositors. I am not persuaded that a delay in winding up is at all in the interests of creditors. It is, however, in the interests of the Manx government.

Shall we wait now and see the result of all of you playing into the hands of the Isle of Man authorities?


Elgee

  • Monkeyface3604
  • 10/10/08 31/05/09
  • unspecified
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  • Wed, 22/10/2008 - 19:34

Elgee, it may help to clarify what your saying if you point out any interests that the Manx goverment would have in delaying liquidation


manx government

  • Anonymous
  • Offline
  • Wed, 22/10/2008 - 19:41

It will cause significant damage to Manx economy for bank to be wound up. Moreover, of the 4 directors of the bank, one is the Deputy Chairman of the IoM regulator and the Island's former chief financial officer and the other is a former Manx Chief minister. Have you not noticed?


wind up or winding us up

  • dustyourselfdown
  • 13/10/08 n/a (free)
  • a depositor
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  • Wed, 22/10/2008 - 19:53

I do resent being called a sheep, especially when the wolves are about. We are in an emotional state without others necessarily winding us up of which there has been more than one on this forum recently.

From what facts I have been able to gleen from this forum, I do not see the benefits in rushing the winding up. Once initiated, assets will be sold to the hightest bidder (at a discount), HMG, E&Y etc can wipe their hands of the matter, and we all stand to get pennies for our pounds.

I have considered for now that it is not in MY best interest to have the petition for winding up, and would like a little more time for matters to unfold.

If between now and Friday there should be more information available which should point me the other way, I will take that stance. For now I am not convinced...


Sheep?

  • Anonymous
  • Offline
  • Thu, 23/10/2008 - 03:49

It is a very valid point elgee is making and after some investigations his points are entirely accurate.

My personal stance has been for a delay. However, i'm having to ask myself why? Is it to just delay the pain? Is it to let the dust settle?

cold-dose has put an excellent post up with a breakdown of the pro's and con's of a delay and much of what is being argued here is not entirely accurate. I indeed would like to know why the people elgee has mentioned are also calling for a delay; what could their motive be?

It is actually a very difficult question. However, i feel we should rally behind the decision of the guys (expat, elpasout etc...) who are on the ground in Douglas - none of us know better what is happening in Douglas than them. So while Rome burns (ok, had to slip in at least one cliche), lets not argue over the best way to put the fire out as it is burning right now.


Elgee

  • Monkeyface3604
  • 10/10/08 31/05/09
  • unspecified
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  • Wed, 22/10/2008 - 20:03

I do think that Elgee has a valid point in this discussion in that we may well be being manipulated. We need both pesimists and optimists in our debates in order to get balanced views. Whilst we may allow ourselves to be "Steared" as it may well be a mutually advantagous course i do think we should not be complacent and always take things on face value. We should be ever vigilant for people who may appear to be acting in our interest on the surface but are actually detrimental to our cause.
In this case i feel that we hopefully have nothing to loose, liquidation now or a month away is hopefully not going to change any final balance. It does however give us a bit more time to see if any bolts come out the blue.......the time however must be used constructively and our cause stepped up.


Pessimists and optimists?

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Wed, 22/10/2008 - 20:33

Granted that both sides of the coin need to be examined, but there haven't been many actual arguments made for going ahead with the liquidation on the 24th. On the other hand, various posters have come up with cogent reasons why they think it should be delayed,

I think that nobody has a problem with looking into the reasons for going either way - going through the pros and cons.

What isn't helpful are emotionally based arguments.


Elgee

  • jane maloney
  • 12/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 22/10/2008 - 20:14

Oh dear I thought this discussion was dead.

We must remember that a liquidator is a bit like an undertaker. Get the job done as quickly as possible and on to the next one.

So long as the bank is some sort of going concern my thoughts are that we must avoid liquidation at all cost. There would be no way back. If the £550m can be returned from the UK surely the bank must be a going concern & someone may take over the whole entity including our deposits.

Postponement may well suit the IOM government but I cannot see how it can be anything other than in our interests as well.

The danger with liquidation is that we end up like Landbankski Guernsey and get 30p in the £. That's not what we are fighting for.