IOM Treasury to pay full cost of SOA

  • ianw
  • 14/10/08 n/a (free)
  • unspecified
  • Offline
Posted: Thu, 21/05/2009 - 15:02

I attended the SOA London roadshow on Monday 11th May and questioned Peter Spratt regarding who will pay for the costs of the SOA. Whilst receiving a very vague answer from Spratt, it was clear that PWC hadn't bothered to clarify this matter before spending a significant quantum of creditors' assets (I estimate £2 million) on drafting the document - complete with inept errors, including the balance sheet etc.

Subject to PWC's confirmation that the SOA has been rejected and given that Spratt at least confirmed at this meeting that the SOA was promoted by the Isle of Man, I suggest that we INSIST that IOM picks up each and every cost associated with the SOA - in particular all the time wasted by PWC and charged at £800 / hour and Lovells massive fees that will otherwise be deducted from money that should be returned to us.

Furthermore, if IOM won't pay, then PWC must since PWC would then be negligent in not first agreeing that IOM picks up the full bill BEFORE setting out on this very expensive exercise that has proven to be a complete waste of time.


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SoA Costs

  • cypheath
  • 01/11/08 30/10/09
  • a depositor
  • Offline
  • Fri, 22/05/2009 - 08:37

Have we the depositors asked for or sought an SoA or indeed liquidation?

No, all we asked fom the outset and continue to ask, is that our hard earned savings should be rightfully restored to us, 100% in a timely manner.

Did the IoMG consult us the depositors about using our money to concoct a scheme to disenfranchise us of not only our money but apparently also some of our rights to seek redress?

No, as far as I am aware they have not consulted us at any stage during the last 7+ months about the SoA or indeed about anything else.

Do any of you feel that the JLP's and PWC are acting in the best interest of the creditors?

For my part I certainly do not, IMHO MS's performances on Conference Calls came over as flippant, uninformed, uncaring, disinterested and even condescending. How frog keeps his cool when speaking with him is truly remarkable!

From ianw's post above, apparently the other LP was no better at the London roadshow, yet we are paying them huge amounts of money. Many of the conference call questions (£800+ per hour?) were SoA related simply because it was so badly engineered and presented that no-one really understood it.
Thousands of pounds of our money has already been spent in Legal costs to fight this nightmare scheme.

Do they really expect us to PICK UP THEIR TAB TOO!!!!!!!!

If the LP's are working for the IoMG and their SoA which it appears they have been for the majority of the time since last November, probably to our detriment, and have not questioned who is paying for this work or to ensure that the tab is picked up by IoMG before work commenced, what does that tell you about them?

SOA cost's

  • banditman
  • 21/01/09 31/05/09
  • a depositor
  • Offline
  • Fri, 22/05/2009 - 08:42

They are a bunch of shiesters!!!!

IOM have to foot their own bill

  • merlina
  • 26/01/09 01/06/09
  • a depositor
  • Offline
  • Fri, 22/05/2009 - 04:46

Ridiculous. To even think IOM can take assets of the bank to pay for their SOA. We have all written reams but we cannot be reimbursed from the assets. You'll be telling me next that we are paying for their Christmas card list.

No, anyone who wants to print and disperse literature about this mess must pay for it themselves. If not, where do I send MY bill ?

IOM Gov´t - cost of SOA

  • icdbrazil
  • 10/10/08 30/11/09
  • a depositor
  • Offline
  • Thu, 21/05/2009 - 17:45


Agree 100%. We must insist on this. Lets have it as an item for next call with Simpson - not a request, a statement that the depositors will not accept these costs. Either the IOM bears them or PW pick up the tab.

DAG team support on this as necessary please.

keep at it...

  • hippychickrobbed
  • 03/11/08 31/05/09
  • a depositor
  • Offline
  • Fri, 22/05/2009 - 12:21

WE WILL NOT PAY FOR SOA COSTS. This has to be made a point in the next phone in to mike simpson at pwc, we will not be pushed around...