Interest from 9 Oct 2008

  • KSFIOMCRAP
  • 15/03/09 31/05/09
  • not prepared to answer
  • Offline
Posted: Thu, 10/12/2009 - 00:33

Hello,

just wanted to give everyone some update regarding the possibility to claim interest after 9 October 2008.

If you are a "fully protected depositor" with below 50,000 GBP who has claimed under the DCS you will only get your deposit plus interest until 9 October 2008. The DCS will not pay out interest after 9 October 2008.

If you want to claim it you need to submit a seperate claim to the liquidators BUT this will be rejected as you have had to assign all your rights to the DCS in order to get compensated from the DCS.

So what you need to do is to get the DCS to reassign your rights back to you after they have paid your compensation before you can claim the interest from the liquidators.

However the DCS will only reasign the rights back to you once they have received 100% of what they have paid out to you from the liquidator. The first distribution in 2009 and second distribution (paid on 9 December 2009) sum up to only 40% so the DCS so far did not get back 100% of what it has paid out to you. So at the moment its impossible to get the rights assigned back and therefore impossible to submit an extra "Interest only" claim to the liquidators.

We will only be able to claim interest after 9 October 2008 once everybody got paid 100% of his deposit - which will probably not happen.

No difference is made between interest that accrued from 9 October 2008 to 27 May 2009 and interest that has acrued after 27 May 2009.

Does the DAG Team have any news/update/further information ??? This issue was discussed in so many forums previously.....

How likely is it that eveybody will get 100% back? Seems not all of the money that was deposited in KSF UK will be recovered so what about the Icelandic parental guarantee of Kaupthing HF?

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I can't believe this bullshit!!!!!!!

  • follow_the_tao
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Wed, 30/06/2010 - 06:53

The majority have 100% of their capital, they have been deprived interest.

I have 50% of my life savings. Minus much more than interest.

WHAT THE FUCK ARE YOU GUYS ON ABOUT???????????????????????????????????????????????????????????


Same old stuff . . .

  • drglowry
  • 14/10/08 31/05/09
  • unspecified
  • Offline
  • Wed, 30/06/2010 - 08:27

IOMG, DSC, PWC all colluded in and profited by the theft of our life/retirement savings. They are still holding and enjoying the use of and interest in our life/retirement savings. They can do this with impunity on their tiny pirate lair, much as the Icelandic Vikings, who are live and well, and living off their takings from all us suckers in UK and IOM. Individuals devoid of all moral worth and totally unfit to be admitted to the company of honest people.

Nothing new.


Interesting legal point on DCS interest 9th October -- 27th May

  • VikingRaider
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Thu, 24/06/2010 - 10:43

Edwin Coe Correspondence to DCS Manager 11/6/2009

http://www.ksfiomdepositors.org/public-page/edwin-coe-correspondence-dcs...

Dear Mr Fayle

Thank you for your message which is most helpful. Whilst you are correct to draw me up on the quantification of the protected payment, I may have missed the implication as to the payment of the protected deposit. I asked about the expressed intention to pay either the full £50,000 or £20,000 as applicable (subject to the deduction of any dividend paid out of the liquidation) within the next few months. Is that what is proposed?

I note your point about the provisions of Regulation 16 of the Compensation of Depositors Regulations 2008. I have to say that I'm not sure the regulation is as clear as you would suggest.

Regulation 16(1) states that the regulation has effect in relation to depositors who apply for compensation under the Scheme. 16(2) then goes on to say that the Scheme Manager shall not pay or determine to pay a compensation sum out of the fund in respect of a liability unless the depositor has agreed that the depositor's existing rights in respect of that liability shall vest in the Scheme Manager. There is no definition of which liability is referred to in this regulation. In particular, Regulation 9 is not invoked for the purposes of Regulation 16.

Regulation 9 stipulates that, "an eligible protected deposit liability" is the total liability of the participant to the depositor. As I say, however, that definition is not then carried into Regulation 16. Regulation 16 is talking about a liability and the willingness of the depositor to vest in the Scheme Manager existing rights in respect of that liability. Regulation 16 does not suggest that there has to be an assignment of the "eligible protected deposit liability" as defined in Regulation 9. Indeed Regulation 16 suggests that the liability referred to there is simply the payment that is received under the Compensation Scheme up to a maximum of £50,000 for individuals and a maximum of £20,000 (as you remind me) for companies.

Parking that one for the moment, the other point you make, repeated in your letter of 5 June, is that, "As soon as the compensation is recovered, any additional distributions in the liquidation will be redirected to you immediately". Surely the position should be that when the Compensation Scheme recovers the money which it has paid out to the depositor, there should be a reassignment of the remainder to the depositor so that they may pursue it. I note in particular with some concern the possibility of the DCS being able to compromise any claims against the relevant institution following the assignment.

There are some other issues on which I would be grateful for your guidance.

My understanding is that the Depositors' Compensation Scheme only becomes effective when there is an event of default on the part of the relevant institution. My understanding here is that that default took place when the Company was placed into liquidation. It does not take place when the winding-up petition is presented. Thus, accordingly, under Regulation 9(1) the liability for the definition of "eligible protected deposit liability" is the principal and accrued interest at the time of the default, namely 27 May 2009. I note the provisions of Regulation 9(4) but that talks about deposits and not accrued interest. I understand that it is being asserted that interest accrued as at the true date of default is not being allowed as part of a claim. I would be grateful for an explanation.

1.Under Regulation 16(5) there is a definition of the words "retained sum" for the purposes of Regulation 16(4). I have to say that I simply do not understand Regulation 16(5)(b) and perhaps that could be explained. I am sure my lack of understanding is entirely due to my own failings.

2.I understand that depositors are being pressed to lodge their claims by 30 June 2009. Could we know, however, what is the effect if they fail to do so? What if it is with you by 1 July, and what if it is with you by 31 July? What is the effect of any delay and, if there is an effect other than the delay in submission, why does that have any further effect?

3.I understood from a recent article that some further authority for distribution under the Scheme is required from Tynwald. Is that correct?

4.What are the Scheme’s intentions in relation to the vote at any creditors’ meetings in relation to any assigned rights? Will they be used in any way?

Regards

David Greene
Partner
For Edwin Coe LLP

Missed this -- v. interesting!


re-assignment

  • Codpeace
  • 23/10/08 30/11/12
  • unspecified
  • Offline
  • Fri, 25/06/2010 - 13:16

Also interesting is the comment - "Surely the position should be that when the Compensation Scheme recovers the money which it has paid out to the depositor, there should be a reassignment of the remainder to the depositor so that they may pursue it. I note in particular with some concern the possibility of the DCS being able to compromise any claims against the relevant institution following the assignment"

This is now far from the reality as Simpson is not allowing it to be so, hiding behind some 100 year old legal crap..... seems we were stitched up on this......


Oct-May Interest Stitch Up? Maybe -- but Maybe Not!

  • VikingRaider
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Sun, 27/06/2010 - 12:40

Watch this space, Sr. Codpeace -- More to follow!


@KSFIOMCRAP Future DCS Payouts

  • margaretta
  • 22/11/08 31/05/09
  • a depositor
  • Offline
  • Thu, 24/12/2009 - 11:28

Where are you getting your figure of 40% from ? (after second distribution). This is a serious question. I would like to follow what percentage the DCS have received back but I don't know where to get data from. 40% sounds more like what all depositors have received back. Since the DCS only paid out 50k per depositor I would have thought the percentage they have received back would be much higher than that if not nearly 100% already.


margarettas question

  • KSFIOMCRAP
  • 15/03/09 31/05/09
  • not prepared to answer
  • Offline
  • Thu, 24/12/2009 - 12:14

Hi margaretta,

the 40% is what the liquidators have so far paid out to every depositor who has logged a claim which was approved.

If you have claimed from DCS and assigned your rights the DCS will receive the distributions from the liquidator so I assume that DCS has so far received 40% of the claim I made to them. Would be surprised if DCS had received more from liquidator then any normal depositor who submitts his own claim directly to the liquidator.

Consequently DCS will only recover 100% of the money they paid out when the liquidators have paid 100%.


@KSFIOMCRAP Future DCS Payouts 2

  • margaretta
  • 22/11/08 31/05/09
  • a depositor
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  • Thu, 24/12/2009 - 18:04

Thanks for replying. On the face of it this doesn't make any sense to me. I suspect you have something wrong here although it may just be wishful thinking on my part. I am in too much of a Christmas kerfuffle to get my head around it at the moment. When things settle down I'll try to work it out for myself with an example. If it doesn't add up I'll post again to see where I'm going wrong.


Useful info, Mr. Crapper, but only 80% by 2017?

  • VikingRaider
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Thu, 24/12/2009 - 10:40

Useful info, Mr. Crapper, although leaves me a bit glum for my interest -- enough for a fish and chips in Morcambe in February! Did you see the banner headline on Citywire.co.uk (personal investor edition)? Sez KSFIOM depositors may only receive 80 percent and that in 2017. Bah Humbug.


Viking Rader

  • KSFIOMCRAP
  • 15/03/09 31/05/09
  • not prepared to answer
  • Offline
  • Thu, 24/12/2009 - 12:21

Hi Viking Raider,

the following os from Mr Simpsons and was posted on 11 December 2009:

Estimated outcome
Now that we have better information about the performance of the loan book and the estimated distributions from KSFUK, we have been able to produce an estimate of future distributions for creditors. Our current estimate is that ultimate distributions will be between 82.88% and 93.76%, however it should be borne in mind that these figures are based on estimations of future asset realisations, and therefore neither the timing or value of future distributions can be guaranteed. These estimates will be updated periodically when further information becomes available.

So there is still hope that once KFSUK has been unwound the payout is about 93 to 94% which is still quite substantial in my view. If so I still have hope that ultimately the parental guarantee of Kaupthing hf in Iceland will kick in and potentially pay for teh remaining 6 to 7%. In that case all depositors might even get their interest from October 2008.

Check recent postings from M Simpson:

http://www.kaupthingsingers.co.uk/Pages/4168 http://www.kaupthingsingers.co.uk/Pages/4169

It probably makes sense to log a seperate claim at Kaupthing hf for the interest.

Better be quick..............


A Quickie to Kaupthing HFby Penguin Post!

  • VikingRaider
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Sun, 27/12/2009 - 08:54

Well, I fought my was to the Post Office counter on Christmas Eve witha hurriedly completed claim form for Kaupthing HF. Fingers crossed to see if it makes the 6,000 mile flight in time for the 30/12/09 deadline. Hope those pengiuns are quick!


DCS

  • Julie
  • 03/12/08 14/07/09
  • a depositor
  • Offline
  • Thu, 24/12/2009 - 19:00

My wife and I have now been paid full under DCS which is 50K each. The only problem is that the Government have received our joint 100K plus a further 21,322.00K which they have failed to pass on to us. I cannot understand why they should have only paid half the amount received from the receiver, on the December paymen. Because they have paid us our 50K each, what right have they got to keep our other 21.322.00K? On phoning KSF the lady told me that "I went down the wrong route" and that I should have left it to the receiver to have paid me. However we were advised that anyone with less than 350K should claim DCS. No doubt we will get the other 21.322.00K when these "morons" on the IOM decide to pay it. I am sure there must be 100's of us in the same situation. Why should they pay us by cheque when they have our Bank details? Another ploy to hang on to our money. Or have the IOM not realised that cheques are yesterday's technology?