If the Charities are confident of 100% return from KSF UK why aren't the IOM Government ??

  • podather
  • 10/10/08 31/05/09
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Posted: Sat, 14/02/2009 - 16:48

I noticed in the news article linked below that Brampton Cottage Hospital has received indication that it will be successful in getting £261,000 it had deposited in KSF UK back in full.
It follows a previous annoucement from Transport for London some weeks ago that they believed they would eventually receive all of its funds back also.
If these charities are receiving indication that they will get 100% back in time, and taking into account KSF UK had a £1.3 billion surplus when it was put into administration why are the IOMG not prepared to do more for depositors confident in the belief that the £557 million it deposited in KSF UK will also be 100% returned in time.

Unless I am mistaken the charities are also non secured creditors in KSF UK and therefore have exactly the same rights and will receive the same % return in time as KSF IOM is entitled to.

Taking this into account offering 100% return to depositors should be easily achieved by IOMG safe in the knowledge that any exposure they have will be removed when the funds flow back from KSF UK.

I note with interest that Brampton Cottage Hospital believe there £261,000 is below some kind of "threshold" therefore reaffirming that they will be OK in its return
Anybody any idea what threshold they might be refering to ??

http://www.cumberland-news.co.uk/news/1.513079

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Naomi House Charity Money, Years not Months

  • steveejeb
  • 10/10/08 31/05/09
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  • Tue, 17/02/2009 - 14:42

I listened to a radio 4 interview with the Director of Naomi House Hospice charity a couple of weeks ago. His view after just having come from a meeting with MPs and someone from the Treasury was and I paraphrase, "that getting the charity's money back would take a matter years not months and that he was not aware of what percentage of the money would be returned over time and that the matter was in the hands of E&Y"

It is best to stay aware that there is a lot of disinformation going around and in no way should we rest easy in the "hope" that there "may" be a full return from the UK. Most information that I am aware of does not lead me to believe that there is a possibility for full returns from the Uk Administration.


Charities Etc

  • Tricky Dicky
  • 24/10/08 30/05/09
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  • Sat, 14/02/2009 - 18:17

Well lets get some facts if we can, it could make a big difference over the next few days


Brampton Cottage Hospital

  • bellyup
  • 10/10/08 09/01/10
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  • Sat, 14/02/2009 - 21:12

I know the principal is the same but Brampton cottage hospital apparently had 172k in KSF as opposed to 550 million.


Others getting good news from E & Y

  • gerry paul johnson
  • 13/10/08 31/05/09
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  • Sat, 14/02/2009 - 21:16

Hi Bellyup,
This is not the first organisation to make just such a claim. I recall about 10 weeks ago now Transport for London making much the same noise. I take this to be good news, but I am forced to wonder just how such minor players (compared to our £550 million) can get such information when it seems that we can't!!!
Any Ideas anyone?


Question for Frog to ask PWC (again)

  • Alastair
  • 10/10/08 30/09/09
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  • Sat, 14/02/2009 - 21:44

A fair enough question and one that Mike Simpson should be forced to at very least duck again.


Expectation that charities will get 100% return

  • homeless
  • 18/10/08 01/01/16
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  • Sun, 15/02/2009 - 04:34

Why can't we approach the charities direct and ask them whether they can help us with any information ? At the moment we are all in the same boat ie fighting for the return of our monies.

Does anyone in DAG have a friend or relative who works in any of the charities and who might know of a good contact ?

The situation we are in anything is worth trying.


Charities

  • bobwin
  • 23/12/08 n/a (free)
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  • Sat, 14/02/2009 - 17:25

The charities' representative at the TSC banking committee hearing asked for them to be treated as a special case.
Charity begins at home, my home and I do not see why they should have special treatment--I don't think they will get it either.

They don't pay taxes at all--so are they also tax avoiders to Darling?


Charity where it belongs...

  • IceCrusher
  • 14/10/08 25/10/11
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  • Tue, 17/02/2009 - 15:24

Well excuse me, but all these people get 'expert' advice before placing their wholesale deposits in a bank - we were just retail depositors who should have been prioritised but because of those fools in the IoM (FSC/directors) we ended up as wholesale depositors too - all bloody 8000/10000 of us!!


Which leads us back to legal action against the FSC/directors

  • glen07
  • 21/10/08 n/a (free)
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  • Tue, 17/02/2009 - 22:21

What does our legal counsel feel about the possibility to sue these entities after the decision about the future of KSFIOM?