HNW creditor committee representation

  • adrienne
  • 10/10/08 13/05/10
  • a depositor
  • Offline
Posted: Wed, 17/06/2009 - 20:59

Hello everyone.

Several of you may have already received this email from Gavin as a result of having appointed him as your proxy previously. Others of you, who did not appoint him as your proxy during the great SOA debate might have received a copy from me, or have seen it on Gavins blog on the website. However, I wanted to add my personal support to appointing Gavin as proxy and encourage you all to act now and do the same.

We once again find ourselves at a juncture where it is important for us to get AS MUCH representation as we possibly can for high value depositors on the creditors committee to ensure we are fairly represented and have a specific voice, and once again will go through the process of proxy collection to achieve this. It is EXTREMELY important that we get fair representation at the table. Can you imagine after all this time finding ourselves in a position where no one is batting in our corner on the creditors committee because we couldnt organise ourselves properly?

Below, I have copied an abbreviated version of the contents of Gavins mail sent on behalf of the committee. It is number six in the series. I wont re-cover any of the issues, suffice to say the 9 of us will continue to give as much of our time and professional expertise as we can in the ambition of being reunited with our money, and definitely want your support in getting one or more of us with the right skills and lots to lose personally a seat on the creditors committee.

We believe in being transparent as to who we are, what decisions are being taken, how they are taken and what our personal interests are. We are a committee of professionals - lawyers, CA's and business folk, and action/ advice represents our personal and collective opinions on a majority vote basis.

The most important point at this time is for you to consider submitting a proxy ASAP in the name of Gavin Brake, who will be acting on behalf of the high net worth depositor committee to earn a seat on the creditors committee.

I hope you are all holding up, I know many of you are struggling tremendously.

Adrienne


EMAIL #6

PLEASE GIVE YOUR GENERAL PROXY VOTE TO THE HNW – DETAILS BELOW
Good evening everyone.

This email is being sent on behalf of the HNW Committee of 9 – Adrienne Liebenberg, Hilde Bartlett, Peter Wakeham, Mira Davidovski, Steve Thomas, Dipika Shah, Alastair Lees, Nigel Smith & Gavin Brake. We operate with a named committee of individuals, and all decisions are taken on a majority voting basis.

  1. Giving Your Proxy Vote to the HNW

If you have not already done so, you will shortly be receiving a 15 page letter from the Provisional Liquidators/Joint Deemed Official Receivers, Mike Simpson and Peter Spratt of PWC. This letter is dated 10 June 2009, but only appears to have been received by IOM based depositors (by post) and overseas depositors who normally receive communications from KSFIOM by email. In addition, today, Tuesday 16 June 2009, this information was also posted on the KSFIOM website but dated 12 June 2009 (see http://www.kaupthingsingers.co.uk/Pages/4108).

Key highlights of this letter/information include,

  •    Official notification of the First Meeting of Creditors (11am Tuesday 7 July, Villa Marina, IOM)
    
  •    The intention to create a Creditors Committee of Inspection of up to 7 members (who must be depositors or creditors to KSFIOM)
    
  •    A requirement to submit a Proof of Debt by 12 noon Friday 3 July in order to be able to vote at this First Meeting of Creditors
    
  •    An explanation of how you can vote, including in person, by General Proxy or by Special Proxy (more below)
    
  •    That the Provisional Liquidators plan to distribute a first interim dividend by 28 August 2009 
    
  •    To receive this first interim dividend, a requirement to submit a Proof of Debt Form by Wednesday 12 August 2009
    

We strongly recommend that you read this letter in full. It is a very important document.

THE HNW COMMITTEE ASKS YOU TO PLEASE GIVE YOUR GENERAL PROXY TO GAVIN BRAKE. This is similar to the Discretionary Proxy given to Gavin Brake, a member of the HNW Committee, for the recent vote on the proposed Scheme of Arrangement. We need your General Proxy in order to be able to vote for or against the various resolutions which have been, and may be, proposed at the First Meeting of Creditors on Tuesday 7 July 2009.

A General Proxy allows the holder to exercise their own discretion on how to vote at the First Meeting of Creditors. As explained above, our current intention is, on balance, to support the appointment of PWC. In addition, we will use this General Proxy to support the nomination of AXA IOM/S&F IOM Limited Retirement Benefits Scheme/Stuart Roberts/Gavin Brake to occupy 4 seats on the Creditors Committee of Inspection of 7. PLEASE NOTE THAT THIS MEANS WE ARE ALSO EXPLICITY SUPPORTING THE APPOINTMENT OF A DAG REPRESENTATIVE, STUART ROBERTS, TO THE CREDITORS COMMITTEE OF INSPECTION. We are doing this because we believe, morally, it is the right course of action. Because of the assignment of voting rights under the DCS explained above, the DAG might not receive many General or Special Proxies. The suggestion by the HNW Committee to PWC to have a resolution appointing 4 out of 7 seats on the Creditors Committee of Inspection has helped DAG & smaller depositors gain representation. It has, of course, also helped improve our own chances of obtaining a seat for a HNW representative.

Our strong preference is for you to give a General Proxy to Gavin Brake. However, you can also consider the alternative of a Special Proxy. This gives specific instructions to the Proxy Holder on how to exercise the vote at the First Meeting of Creditors. If you decide to do this, you may still appoint Gavin Brake as your proxy, and we would ask that you indicate that you are IN FAVOUR of resolution (a) iii (i.e. vote FOR the resolution that Stuart Roberts, Gavin Brake, Axa IOM and S&F IOM Limited Retirements Benefit Scheme be appointed as members of the Creditors Committee of Inspection). You may of course also instruct Gavin Brake to vote for or against the other resolutions which have been, or may be, proposed.

If you decide to appoint Gavin Brake as your proxy, to complete your proxy form, either General or Special, please follow these instructions,

a. General Proxy - Complete the form as follows “I [your full name] of [your address], a creditor of the Company, hereby appoint [Gavin Brake] to be my/our general proxy......” and please date and sign the form as indicated.

b. Special Proxy – Complete the form as follows “I [your full name] of [your address], a creditor of the Company, hereby appoint [Gavin Brake] to be my/our proxy......”. In the gap one quarter down the page, please insert FOR or AGAINST and specify the resolution (i, ii, iii). Then please date and sign the form as indicated.

c. Please send the ORIGINAL form (either General or Special) back to KSFIOM. The letter (on page 2) provides a postal address, an email address and a fax address. However, in ALL CASES you must provide, eventually, a hard copy by post with an original signature. We suggest you also send back your Proof of Debt form at the same time.

d. Please send a PHOTOCOPY of your General or Special Proxy to Adrienne Liebenberg (one of the founder members of the HNW Group and a HNW Committee Member). You can send this by email (adrienne(?)vasat [dot] co [dot] uk), by fax (+44 (0)20 8929 0875, or by post (Adrienne Liebenberg, 12 Ernshaw Place, Putney, London, SW15 2BT, United Kingdom). This is for administrative purposes only. This is so we know how many proxies we hold.

e. Remember the deadline is 12 noon Friday 3 July 2009. We strongly suggest you send back your Proof of Debt forms at the same time.

Our apologies for the long email, but these are important issues. We thank you again for your continued support, and will continue our role to represent the interests of the HNW Depositors in seeking a 100% return of all of our deposits.

Sent by Gavin Brake, on behalf of the HNW Committee

Addendum

  1. A Reminder of Who Are the HNW Committee?

Please find below the brief CVs of the 9 HNW Committee Members. As a brief reminder, and unlike the DAG, we fully disclose our names and backgrounds. We vote by simple majority on all Committee decisions. Given the legal expertise of several of our members, we generally do not need outside legal advice. We have strong political connections with the UK Shadow Cabinet. We have very senior level connections into PWC. We have a “working relationship” with the IOMT. We have visited Iceland to meet with their Finance Ministry and the Chairman of the Resolution Committee & Moratorium Supervisor of the parent company Kaupthing Hf. We have not yet sought funding from group members, although if we decide this would be beneficial in the future, we will seek to do so. We work with the DAG, where possible, but on our own if we judge it to be in the best interests of our supporters – high net worth depositors in KSFIOM.

Hilde Bartlett - UK national, living in Hampshire. £2.6m deposited in KSFIOM, which is the majority of the proceeds on selling her business. Was aiming to retire. All private money, tax paid. Together with a business partner, over many years, Hilde built up an IT company to approximately £16m turnover. During that time Hilde won two "Women in Business Awards" in 1995 (presented by Richard Branson) and 1996 (presented by Kenneth Clarke when he was Chancellor). Hilde was a magistrate for over 8 years and sat on the bench at Aldershot. She currently lectures part time at Surrey University on Entrepreneurship and runs mentoring sessions with young, budding entrepreneurs. Hilde is totally committed to our cause and will put all her energy and skills into getting 100% of our money back.

Gavin Brake (Hopper) - Age 38. UK national, UK tax payer. Currently living in Devon in the UK. Degree from Cambridge University. Professional experience 1993 – 2005: Goldman Sachs, of which 1993 – 1997 Mergers & Acquisitions (in UK & US), 1997 – 2000 Equities (Capital Markets, Structured Trades, Derivatives, UK, Europe & Nordic Regions), 2000 – 2005 Financing Group (Managing Director 2004 and Joint Head of UK Financing Business for Goldman Sachs). Extensive financial and legal experience working with both corporate and Governments. 2005 – present: Devon (change of lifestyle). Owns two farms in Devon, one equestrian and one under development. Chairman of local Parish Council. Trustees of a 640 acre private estate. Also own & help run two limited companies, both of which represent family businesses.

Mira Davidovski - Independent Legal Consultant, (Legal Services industry) February 2008 — Present (1 year 4 months). Partner at Salans (Partnership; Law Practice industry), June 1992 — December 2007 (15 years 7 months). London 2001-2007; New York 2000-2001; Paris 1996-2000; Moscow 1994-1996. CIS & Russian Practice Group; Head of CIS & Russian Banking Practice Group 2002-2007; Chair of Global Legal Opinions Committee 2002-2006; Global Financial Institutions Practice Group facilitator 1998-2001; Client Team Head 2001-2007. Advice to multinational corporate clients, banks, and international financial institutions in finance, securities, telecommunications, media, pharmaceuticals, luxury goods, and natural resource sectors in Russia and the CIS. Education - University of Maryland School of Law, J.D., Law, 1982 — 1985 . Activities and Societies: Joseph Bernstein Prize (for publication); Moot Court Board 1983-1985; Jessup International Moot Court Competition, Best Brief Award (Mid-Atlantic Region) 1984-1985; Maryland Journal of International Law & Trade, Articles Editor. Harvard University , A.B. cum laude, Government, 1977 — 1981

Alistair Lees (BC) - Retired Barrister, Barbados. Lives in Barbados where his full time job is bringing up his twin daughters who are 3. Hold with partner 440,000 GBP in KSFIOM/previously Derbyshire IOM for last 8 years. Trained as a barrister but worked for 16 years as an oil/energy trader, setting up trading/marketing teams in Europe, South America and the USA. Heavily involved in large mergers and acquisitions activity. Down shifted in 2005 to take a lead role in the charity SOS Children's Village (SOS Kinderdorf) with responsibility for the FIFA 2006 World Cup of which SOS was the official charity. Previously one of the founders of the Shareholders United (now MUST) that fought and won the battle against BSkyB to take over Manchester United and fought and lost the Glazer family's similar takeover.

Adrienne Liebenberg (Liebenk) - Global Head of Products - the Linde group, based in UK. Have worked at Afrox / BOC / Linde (the Linde group) since 1996. BSc Engineering University of Witwatersrand, Johannesburg, South Africa. Post-graduate education at Chicago Business School, Wits Business School and Oxford Said. Acting on behalf of her parents who are retired and have their life savings in Kaupthing. Her parents are large retail depositors. Adrienne and Alastair Lees set up the HNW group in February.

Nigel Smith (Frog) - Age, 47. Occupation: Chief Marketing Officer of Hi-Tech European company of 3,800 people (for last 2 years). Qualifications: MSC Software Engineering, BSc Computer Science. Based in Surrey UK. Have experience in large value sales negotiations and has also actively participated in the DAG even prior to its founding and has $600,000 at risk in the bank. Nigel is the questioner in the regular calls with Mike Simpson, LP of the bank and the summaries of the calls can be seen in his blog.

Stephen Thomas (expat) - Qualifications BA Architecture (Oxon) Oxford School of Architecture. Politics, Philosophy and Economics BA (Oxon). Professional 2007-present Director, Hot Data, Project Strategies. 2005-2007 Head of Moscow City Project. 2002-2005 General Director Davis Langdon, Russia. 2001-2002 Project Manager, Samsung Corporation, Russia. 1999-2001 Director, HOK, Moscow Russia. 1995-1999 Director, Hot Data Project Strategies. 1984-1995 Director, Beaton-Thomas Partnership, UK. 1977-1984Regional Manager, Scott, Brownrigg and Turner Middle East.

Dipika Vora - A large private depositor, but her background is as follows: Qualified chartered accountant and been involved in M&A since 1995, previously with Kleinwort Benson (now known as Dresdner Bank) and more recently (2000-2008) with Merrill Lynch (now part of Bank of America). Previously a Director at Merrill Lynch, leaving the firm in early 2008 to work in a related financial role.

Peter Wakeham – Retired. Most recently, late developer entrepreneur. In 1989 founded WILink (now PrecisionIR) a leading investor relations and communications firm, listed on AIM in 2000 and then sold to USA based Private Equity Fund in 2006. At its peak WILink had 4,200 corporate and mutual fund clients across 14 countries in Europe and North America. Formerly blue chip multinational executive. Senior international marketing and general management positions in UK, Sweden, Japan and USA with Mars Inc and PepsiCo Inc. Management consultancy with McKinsey & Company and self employed, working for clients in UK, Denmark, Sweden, Australia and Middle East. Founder member of buy-out team which acquired Bricom, a business services conglomerate, from British and Commonwealth Holdings Plc in 1987. Divisional Director, Business Services Europe for BET Plc until its acquisition by Rentokil-Initial Plc in 1996, after which full-time role with his own company WILink.

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