Just information about the press............

  • follow_the_tao
  • 11/10/08 31/05/09
  • a depositor
  • Offline
Posted: Sun, 24/01/2010 - 02:01

RE: What happened?
...
Fri, 22 January, 2010 8:25:52
From:
Chris Vallance-INTERNET
...
View Contact
To: David Morrison
David, I'm very sorry. Reading your email I feel - to use an American expression - like a heel.

The editor on the day decided to take a different approach, so things are a bit on old until closer to the referendum. I should have emailed to explain my silence.

Please accept my sincere apologies.

Best wishes,

Chris.

From: David Morrison [mailto:follow_the_tao(?)yahoo [dot] co [dot] uk]
Sent: 22 January 2010 03:46
To: Chris Vallance-INTERNET
Subject: What happened?

I worked in the BBC compound at Bristol for three years.

Comfortable isn't it?

From: Chris Vallance-INTERNET
To: David Morrison
Sent: Wed, 6 January, 2010 8:50:36
Subject: RE: Thanks for the question..

David thanks for the email - let me ring you! as it's Uruguay I should be the one picking up the tab I think!

Best

Chris

From: David Morrison [mailto:follow_the_tao(?)yahoo [dot] co [dot] uk]
Sent: 06 January 2010 04:54
To: Chris Vallance-INTERNET
Subject: Thanks for the question..

Hi Chris,

My phone no 00 598 (0) 97424824. The zero is in brackets because you might need to omit it.

I'd be delighted to phone you.

Tomorrow (well today as it is early in the morning) is the 'three kings' public holiday. I need to go to the local telephony office to call you and I think it might be shut but I'll try. If not I'll ring you on Thursday.

The situation just suddenly got 'interesting' again with, as you can see, the Icelandic Presidents veto of the 'payback agreement'.
From a journalistic point of view there are one or two very interesting quoted in the broadsheets tonight. I read them and I'll see if I can isolate them for you.

I realise we all might be famous for just two minutes but, as you saw below, let's say that not everybody was 'rescued'.

kind regards

David Morrison

From: Chris Vallance-INTERNET
To: David Morrison
Sent: Tue, 5 January, 2010 8:01:13
Subject: RE: re Kaupthing IoM.

David,

I'm a reporter with BBC Radio 4's iPM programme.

Would you mind giving me a call re the below - I'm having a look at some of the issues again - or letting me know a number where I can reach you?

With thanks

Chris Vallance
0208 624 9725

From: David Morrison [mailto:follow_the_tao(?)yahoo [dot] co [dot] uk]
Sent: 09 April 2009 15:53
To: IPM
Subject: re Kaupthing IoM.

Dear Sir,

I understand the demonstration by Kaupthing Depositor Action Group members at the Court hearing to day in the Iom has caught your attention.

This is a brief note to encourage you to investigate the reasons behind the anger you noted.

I couldn't be at the demonstration because I'm in Uruguay but I'm just as angry as they are. For the following reasons:

All my life savings and 'my house' were deposited in Kaupthing. I received 160K for my house, and the saving I have sum to approx 140K which was composed of literal savings, redundancy, and an inheritance from the sale of my mothers flat when she died. Total was appros 250K. You can see I'm not rich, and I personally didn't assume any tax advantage from being in Kaupthing on the IoM, in my circumstances the 'witholding tax' arrangement offered me absolutely no advantage at all (You can check- I'm happy to show you my tax records and documentation - and no I don't have another account in Switzerland)

After six months I've received no money. I would have received an amount from a liquidation.
It appears that I'm going to lose 50% of my worldly goods, and wait for years to receive this.
It is my informed opinion that the IoM Government is 'spinning' the situation for the purposes of 'damage control'.
They, their Financial Services Commission (their regulatory body), and the directors of Kaupthing IoM, (Two directors of the FSC are also directors of Kaupthing IoM - you might well ask yourself how that situation assisted 'regulation'), managed to turn a solvent bank into a disaster by placing half the funds of the IoM bank in Kaupthing UK, in a situation that was obviously looking very nasty, without protecting it. The UK Govt must have been delighted.

Their behaviour since October when they placed the bank in Administration has been one of procrastination and basically misinformation towards us. You have their press release today I understand saying something along the lines that 'the depositors will receive compensation today... ", or so I infer from your story. Well it isn't quite like that.

The reality I see is that after keeping me waiting so far for six months, if their 'heath-robinson' proposal for a scheme to avoid a liquidation is accepted by the Court, there will be a vote on it taking 1-2 months, then if it's accepted over the next two years and three months I will get 30% of my deposit, and after that the future is uncertain, there is no timetable or committment/guarantee from the IoMG. The probable time line for distributing whatever else is recovered during the course of the "administration" looks to be at least four more years.

Yes 75% of depositors, all those who have less than 50K will have been paid off within just under 3 three years ( but it is hardly 'depositors will get their compensation today )
But those like me will have been pretty much destroyed. I was going to buy a farm to do some arboriculture or horticulture. I may still just be able to do something small but you might be able to see the postion the debacle has placed me in. I don't know at this point whether I will be able to negotiate a mortgage here.

The IoM Government is being disingenous (well I'd simply say they were lying but I was trying to be polite ). What they are actually 'offering' is on close examination a joke. I don't want their contrived scheme, I would prefer a liquidation. If their scheme goes ahead they basically have a presence in the liquidation. Given their performance so far I very much want that they do not. I will vote against their scheme, and hopefully there might just be enough people like me to prevent it being a reality, the vote might be close.

I believe currently that it would be fair to say we are in the worst 'banking failure in Europe. Landsbanki Guernsey got 30% immediately. I don't know how much more they'll get in the liquidation, it appears less than us but currently with their 30% they are nearly 3 years ahead of me, and this is important.

They, the IoM, have a consultancy firm, and a contractor in the treasury running their PR. They want to cover up the debacle. They want to blame the UK FSA. Of course they will say nothing is amiss about the situation but you don't have to believe me, you can ask others and event the IoMG.
They originally intimated that they wanted to put the bank back on its feet but they have appear to have done nothing significant to achieve that end.

The British Government says the situation is not their responsibility although they are holding the funds necessary to pretty much make the bank solvent. Technically KSFIoM is an unsecured creditor.

I know these are difficult times but at least some of us are being treated unfairly. I haven't buried you in detail, but I believe I've given you enough of a picure to counter some of their spin.

I hope you consider what I had to say,

Yours faithfully

D Morrison

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