IOMG goes on record(BBC) that the SOA is better than DAC

  • calpespain
  • 12/10/08 n/a (free)
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Posted: Sat, 21/02/2009 - 23:20

John Spellman's BBC interview is listed here: It is clear from this, that according to the IOMG, the SOA does not take away our right to seek redress against 3rd parties. Indeed the SOA guarantees us a minimum of 60P in the £ and the possibility after that of further recovery. Lets hope we can get our hands on the money locked away by the UK government to be able to secure a 100% return eventually.

http://news.bbc.co.uk/player/nol/newsid_7900000/newsid_7903300/7903320.s...

I am now persuaded that a SOA is better for me than liquidation and a DCS. At least if another banks goes under we will be guaranteed at the very least 60% over 3 years. In the knowledge that we can, if necessary, go after 3rd parties and our rights as under the DCS will be upheld within the SOA. I think that is a result by the actions of the DAG in getting this confirmation from the IOMG that this is so.

Yes it is not what we all want, 100% of our money back but, it's a start and lets see with time, 3-4 years what the LP can recover, as this does seem the very best we are ever going to be offered for now, out of the IOMG.

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April Fool

  • Kevin Platt
  • 20/10/08 31/05/09
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  • Sun, 22/02/2009 - 15:28

I do have a lot of sympathy with the posting and eventually we have to believe in someone.
The IOM government must surely know by now that the DAG is not going to be deceived.
It would be in the IOM government's best interest to use the weeks until the 9th April to make clear all of their plans to depositors without any anomalies.
They must also ensure that the UK government is put under maximum pressure to come clean on it's plans for the return of our money.


@calpespain. Sorry but where do you get the .....

  • follow_the_tao
  • 11/10/08 31/05/09
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  • Sun, 22/02/2009 - 13:06

where do you get the impression the IoMG would be organising the payout of 60% in three years?

Spellman didn't say anything about this, to the best of my knowledge neither does the information we have on the SoA.

Must admit it would make the SoA look interesting if the payments were evenly spread for all - the sudden distortion of payout at 60% were removed -, the currency issue was solved, and the issues about legal action were simply not there.

I noted that Spellman pointed out the contribution of the banks under both schemes "is identical", as this man is director of the Financial Services Division of the Treasury, Isle of Man Government he understands the time value of money, therefore he single handedly and very impressively has just dissolved the issues about the security of payment under the DCS. And I must say I'm very grateful to Mr Spellman for that.

I think the IoMG emphasis on the rate of recovery, whilst obviously important, is being used by them to worry you: "If you don't go with this, then .....", remember the trick? They seem to like that tactic rather than making more straightforward arrangements for achieving the same goal. Why the interminable tinkering with the details of the SoA over ongoing adjournments, why didn't they just offer a modified variation of the loan arrangement Brown and Lovett were in favour of at the start. In fact that's what they are doing. It's just they look like they are getting the high value depositors to return it.

So many questions, so many twists and turns, so much ducking and diving, no wonder we get confused.


Would somebody, even Mr

  • follow_the_tao
  • 11/10/08 31/05/09
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  • Sun, 22/02/2009 - 11:18

error


Be Very Careful

  • Done like a Kipper
  • 10/10/08 n/a (free)
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  • Sun, 22/02/2009 - 02:55

Whilst Mr Spellman and others may state that our legal rights to take action against third parties will not be affected by an SoA it is the law that has the final say. If there was a legal challenge and it was ruled that action could not be taken then anything that Spellman or any other person has said goes out the window!


Just wish that we could force

  • chd
  • 13/10/08 30/09/09
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  • Sat, 21/02/2009 - 23:43

Just wish that we could force them to put a clause in there whereby the IOM can only pull back their "loan" once we get back at least 80%. That would show their good faith. I'd like to say 100%, but that would be met with great resistance.


IOMG Marketing Campaign

  • Done like a Kipper
  • 10/10/08 n/a (free)
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  • Sun, 22/02/2009 - 04:36

With reference to the forum topic, it doesn't surprise me in the least that the IOMG has now undertaken a marketing campaign to persuade all and sundry that the SoA is the better option. I am only surprised that it has taken so long for it to ramp up its marketing. It is clearly desperate and I expect to see and hear much more from the IOMG over the next 50 days with a big push for support for its preferred option. It might even place an advertisement in the IOM newspapers - something which the DAG were effectively blocked from doing!


IoMG PR

  • Bill
  • 13/10/08 n/a (free)
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  • Sun, 22/02/2009 - 12:38

In fact the IoMG's need to do some serious PR is a great compliment to the DAG's effectiveness in getting in the press and shows just how concerned they are about public opinion turning in our direction. This is the strongest indication ever that we are making serious progress and need to step up our PR to counter what you rightly anticipate as a big push from the IoMG over the period until the next court.


IOMG PR - more

  • Lostinspace
  • 13/10/08 31/05/09
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  • Sun, 22/02/2009 - 14:12

When you read the release on the IOMG web site, they make it sound like the SOA is a done deal:

http://www.gov.im/lib/news/cso/courtgivesgoahea.xml

Grrrrrr.......

I know we are in the midst of a global economic crisis, but I still cannot believe the way the IOMG are handling this, still trying their utmost to try to prevent paying us 100% of our money, come what may, while looking after themselves and trying cover up what really happened....or at least that is the picture they are giving to the outside world.

Funny but I keep thinking back to Perrier, how they instantly and brilliantly reacted to the contamination scandal of a few years back,. Staring a commercial and PR disaster in the face, they took decisive action to sort the problem out, pulling bottles off shelves etc until it was resoved (which wasn't long) and while it cost them in the short term, they came out of it the other side with their image not just restored, but transformed, many, many times for the better.

The really smart guys should have sorted this KSF IOM scandal out ages ago, Perrier style, to show they are really on top of the game as I thought the IOM were all along (which is why I put my money with them, in the Derbyshire). Now, I really wonder.....

They way they are behaving now, all the smoke and mirrors, well, let's just say instead of breeding confidence, it's the total reverse - They know it, we know it, they know we know it etc etc etc....but still the games go on. IOM, raise your game,


@swiss: Why not a time/date clause?

  • follow_the_tao
  • 11/10/08 31/05/09
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  • Sun, 22/02/2009 - 03:59

For example: Why not six years? The would fit with when all the well behaved loans in the KSFIoM loan book will have been collected by.

So the suggestion would be: "If after six years more than 60% has been collected then they IoMG start reclaiming their money on the same basis as all other creditors." Seems sort of fairer to me. They did suggest they were making a contribution.

Might we not also have received some news from E&Y London on the KSFUK state. Mike Simmons said work, other than the that required by the transfer of deposits to ING, was being done. Also I find it hard to believe that nobody that worked in Kaupthing, or a specialist from E&Y, or a joint effort by the two, is unable to give some sort of estimate before April. I also find it hard to believe that HMG is just hanging around for six months waiting to see how much of 3.5bn GBP they are likely to receive back. And HMG appear to have active on a steep learning curve about banks recently and might actually be getting up to speed about now.

I of course take it that the IoMG is going to be consulting during the period up to the next hearing. Not to do so would appear to me to be curiously remiss, even negligent. How would it look to the Deputy Dempster if we get to court and then we start arguing about things that could apparently have easily been resolved before. Or don't people think like this?


If they have time to do press

  • SgKZ
  • 10/10/08 31/05/09
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  • Sun, 22/02/2009 - 05:00

If they have time to do press interviews, they surely have time to consult with us.