LATEST THOUGHTS & RELEASE

  • Diver
  • 11/10/08 31/05/09
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Posted: Sun, 18/01/2009 - 22:08

Following further moves, over the past couple of days, by countries such as the UK and Ireland to further underpin and support their banks and financial sector as a whole we have issued another release to underline what we expect of the Isle of Man. See this link on our main site:

http://www.ksfiomdepositors.org/public-page/who-knew-what-when-who-did-w...

We strongly believe that the IoM authorities have run out of goodwill and time on this one and now we need to keep the pressure building. We gave them time to come to us with serious concrete proposals to rectify this mess and all we are seeing is further procrastination.

There is no doubt that there are still a lot of unanswered questions surrounding this fiasco and a number of people in high places have a lot of explaining to do. This isn’t just about the IoM as a whole…this is also now about individuals on the island who are implicated and, potentially, are being protected by their colleagues who don’t have the integrity to do the right thing.

The press release on Friday was just the beginning. We need to let all of the participants in our disaster know that we will not rest until we get to the truth. They have a short period of time now to save themselves, their island and their reputations before we all go down together. Now is the time for the IoM to join the rest of the world community and go cap in hand to anyone that will loan them the money to put us back together…100%. The time for action is now.

If the IOM politicians are concerned about the effect a huge loan would have on voters then they’re focusing on the wrong thing. There won’t be any voters left on an island devoid of any financial industry. This will be the end of them.

To those of you on the IoM reading this, this is your chance to do something to save us all. Talk to your MHKs, your friends and your colleagues; let them know what is heading their way. We don’t want to see disaster hit the Island any more than you do but your authorities are leading you into oblivion.

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Thank You

  • Clogs2
  • 20/10/08 31/08/09
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  • Tue, 20/01/2009 - 21:38

Only to add my thanks to Diver and team for excellent work on press releases which I have sent to my MP to urge for more immediate action.


What about a web petition like the Avaaz.org has?

  • SusanfromBC
  • 10/10/08 31/05/09
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  • Tue, 20/01/2009 - 17:11

Diver, NG and core group, I'd like to suggest that we start a petition to urge the IOM Gov't to loan the funds to cover the KSF depositors losses (as per your excellent press release).

The AVAAZ petition protesting the Gaza war has huge visual impact and is set up to be user friendly and viral. Take a look at it. This was sent to me in an email and I have copied an excerpt showing their sign up page below:

"Enough is enough: these civilian deaths can't go on, and we can't let Bush and co block a fair, negotiated ceasefire. 250,000 of us have signed the ceasefire petition, let's make it half a million -- we'll publish it in a hard-hitting ad in the Washington Post and deliver it in meetings with UN Security Council members -- follow the link below to see the ad, sign the petition, and forward this message to all your friends and family:

http://www.avaaz.org/en/gaza_time_for_peace

Thank you for all of your brilliant work,
Susan


Online petition

  • ng
  • 11/10/08 31/12/20
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  • Tue, 20/01/2009 - 22:28

Give me the words for the petition and I will set it up. Next step can be "viral email" asking people to see the petition.


For Diver - Citywire contact Iain Martin

  • jmf
  • 16/10/08 31/10/09
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  • Tue, 20/01/2009 - 16:24

I wrote to Iain Martin at Citywire with regard to his article concerning Alix Partners asking him to expose the fiasco which is occurring with the IoM government and quoting sections of the recent press release. Also mentioned David Lovett's recommendation 'that the Isle of Man Treasury should lend money to KSF IoM to support the wind down and guarantee compensation for around 8,000 savers'.

He replied:
Thank you for your interest in the story. I have just updated it with reaction from the KSF IoM action group with concerns about the delays and lack of firm details from AlixPartners.

I understand your concern about the DCS and the FSA’s involvement and I will continue to look in to them.

Please contact me with any information or updates relating to KSF IoM.

Iain

Did he contact you or the press group or did he just look at the DAG website for information? He is aking to be kept up-to-date so could someone on the press side pass our story on to him on a regular basis. His email is IMartin(?)citywire [dot] co [dot] uk

Great press releases.


jmf-Diver

  • steveejeb
  • 10/10/08 31/05/09
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  • Tue, 20/01/2009 - 16:41

jmf

Diver phoned him as soon as the article had been published .


Tories in the Lords disown us - see this

  • steveservaes
  • 13/10/08 31/05/09
  • unspecified
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  • Tue, 20/01/2009 - 10:48

Dear Mr Servaes

Due to workload pressures here, I regret that I shall be unable to assist you further with this matter.

Yours sincerely,

Noakes

Baroness Noakes
House of Lords


UK Parliament Disclaimer:

This e-mail is confidential to the intended recipient. If you have received it in error, please notify the sender and delete it from your system. Any unauthorised use, disclosure, or copying is not permitted. This e-mail has been checked for viruses, but no liability is accepted for any damage caused by any virus transmitted by this e-mail.

-----Original Message-----

From: Steve Servaes
Sent: 16 January 2009 13:39
To: NOAKES, Sheila
Subject: RE: KAUPTHING ISLE OF MAN

Dear Baroness Noakes

I am thankful for your quick reply.

I have just discussed it with a gentleman representing a children's hospice whose charity contributions have been caught up in KSF Uk and who now has no timeframe or quantum for their return.

We both agreed that the correct position is :-

(1) The terms of the court order for putting KSF UK into administration remain sealed and secret;
(2) KSF (UK) was put into administration by an exercise of Anti-Terrorism/Crime legislation not normal insolvency law;
(3) The administration is not normal : an "overriding objective" was imposed by the Treasury wich prevents unsecured creditors being treated in the usual pari passu way - that the ING transfer be given overall prioriy and a minimum 6 months allowed to achieve this.

These facts are pretty uncontroversial - as can be seen from the press.

KSF (Isle of Man) has about half of its balance-sheet in KSF UK.
In a normal administration it would have been treated equally - and the IOM government- using the limited funds it has - would be able to set up a restructuring of the Bank that would have saved its mainly-Uk depositors from any loss.
Instead 8,000 of us are faced with loss of our life savings - due to this unprecedented and exceptional action by Mr Brown.

What I personally would wish to see is some influence brought to bear on Treasury to treat unsecued creditors in the usual pari passu way (time and quantum) so that their losses are not magnified by HMG's actions.

If HMG wishes to take big political actions of this kind then I submit it should be prepared to compensate those who suffer from a change in the "rule book" - I am not talking about compensating IOM depositors under the UK DCS but of allowing the IOM bank to maximise its legitimate asset recovery so the IOM government can assist in restructuring.

Its not a big ask.

You might also like to know that IOM government does not have the resources to compensate depositors to the same degree as HMG. I am aware of what is in place.

Most of the 8,000 depositors in Kaupthing Isle of Man are UK voters.
Many are retired people who stand to lose life savings. Many look to your party as their natural protectors against excessive use of government power. Could you please reconsider your answers and obtain clarification from your colleagues - MP's such as Mr Mark Field and Mr Mark Oaten are well briefed on the reality of the position.

Would be grateful for a reconsidered response - and also your confirmation that I may pass your comments on to the Depositors Action Group, many of whom have or are contacting their Conservative MP's regarding this matter.

Kind regards and thanks again


A poor reply, but don't give up on this

  • sami
  • 10/10/08 31/05/09
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  • Tue, 20/01/2009 - 11:24

Does this reply follow a series of correspondence you've had with Baroness Noakes?

I notice she says she is unable to assist you further. But this shouldn't be a reason to give up putting pressure on those who can do something.

Why don't a number of us put further pressure on the opposition party to help us, in such dire circumstances?

I'd suggest re-working your letter Steve and keep hounding. I do not follow your opening couple of paragraphs and the three initial points though. It seems out of context.


Baroness Noakes - the Tories

  • steveservaes
  • 13/10/08 31/05/09
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  • Tue, 20/01/2009 - 11:44

Yes - my message responds to an earlier message from her.
So the comments you see above do not respond to her "clear off" message but an earlier one from her.
Is there any way we can have a co-ordinated strategy viz the Tories?
I'm quite happy to carry on scatter-gunning them, but don't want to divert from any established channel we have.


too busy.....Ahhhhhh

  • sad
  • 10/10/08 31/10/09
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  • Tue, 20/01/2009 - 11:16

too busy!! too Busy.......what the hell!!!.....maybe the old gal needs the time to take a nap......this is bloody disgusting.....too busy my a**e.............(thanks, feel better now)


Scotland's "Herald"

  • jkk
  • 10/10/08 31/05/09
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  • Tue, 20/01/2009 - 10:39

Manx government urged to step into Kaupthing fray

SIMON BAIN January 20 2009

EXPATRIATE savers and UK investors who stand to lose £821m in the liquidation of offshore Icelandic bank Kaupthing Singer & Friedlander Isle of Man have called on the island's government to step in...

read on:

http://www.theherald.co.uk/business/news/display.var.2483021.0.Manx_gove...


Good Press from Scotland!

  • cypheath
  • 01/11/08 30/10/09
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  • Tue, 20/01/2009 - 10:46

Appears reasonably accurate "apart from bondholders will receive £20,000" which to me reads £20000 for every bondholder, which we in bonds all know to our cost, not to be the case!


The more I think

  • SgKZ
  • 10/10/08 31/05/09
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  • Tue, 20/01/2009 - 11:49

The more I think about it that joke of a written guarantee from Kaupthing Hf, the more I want the IOM Treasury to put it's money where it's mouth is. Especially after they seem to have indicated recently that it could be relied upon as a 'last measure' or whatever the word was. If they were more than satisfied with the guarantee then they can fund the shortfall and then claim it back from Kaupthing Hf.

SG


Dear Diver and

  • mikepapa
  • 10/10/08 n/a (free)
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  • Mon, 19/01/2009 - 18:33

Dear Diver and Committee,

Many thanks for your update and the two excellent press releases
that have been posted over the past couple of days.

Time to wind up the pressure on IoM Gov.

Interesting to note that LandsBanki of Guernsey is in a similar position
as KSF IoM, however depositors have at least been repaid 30% of their
deposits, as compared to the IoM EPS 'offer' of GBP 1,000 which has yet
to be agreed by the Tynwald!

Kind regards,

Mike


Mikepapa, The 30p in the

  • expatfrance1
  • 15/10/08 31/05/09
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  • Mon, 19/01/2009 - 18:38

Mikepapa,

The 30p in the pound paid to Landsbanki depositors was paid out by the administrator from liquid assets still in the bank. (They sent a smaller proportion of their money to their UK sister company).

So far the Guernsey government have taken an even less supportive stance than the IOM government and in effect said that they are not bothered about retail depositors because most of their finance indistry is corporate and institutional base.

I know all this because I was unfortunate to have money in both Landsbanki Guernsey and KSF IOM.


Dear Expatfrance1, Your are

  • mikepapa
  • 10/10/08 n/a (free)
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  • Mon, 19/01/2009 - 18:58

Dear Expatfrance1,

Your are of course indeed correct in the detail!
Landsbankiv/KSF - I did say similar not same :-)

Just used it as an example to highlight the inadequacies of the EPS
and the IoM Gov lack of compassion and continued prevarication.

Sorry to hear that you got 'both barrels' at the same time,
you have my very sincere sympathy.

Kind regards,

Mike


Isn't this good news?

  • chb
  • 10/10/08 15/10/09
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  • Mon, 19/01/2009 - 18:18

Taken from yesterday's Citywire news article, published on the other DAG site, the report says that Alix are recommending IoMG should lend money to KSF IoM in order to 'compensate savers if the value of the bank's assets fell short' -

A report by US financial consultancy AlixPartners, commissioned by the island's Treasury, says a controlled wind down of KSF IoM would be a simpler and quicker way of returning money to the bank's 8,000 savers than a liquidation, which would immediately trigger the Isle of Man’s Depositor’s Compensation Scheme with its £50,000 cap.

The report’s author David Lovett recommends the Isle of Man Treasury should lend money to KSF IoM to support the wind down and guarantee compensation for around 8,000 savers if the value of the bank’s assets fell short.

The AlixPartners report was submitted to the Isle of Man High Court on 15 January. Depositors and the Isle of Man Government have until 29 January to consider its conclusions. In the report Lovett claims the wind down plan would streamline the claims process and accelerate payments which would equal those offered by the Depositor Compensation Scheme.


IoMG Propaganda and Spin ?

  • steveejeb
  • 10/10/08 31/05/09
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  • Mon, 19/01/2009 - 18:36

Being cynical I think this is more to do with the IoMG contacting Citywire and using this article as their own propaganda to try and counter the latest press releases from DAG. Lovett had the opportunity to make some creative statement backed up with proposals on the 15th January and failed spectacularly. This is probably an attempt by the IoMG to re-hash the affidavit and try to put positive spin on it. Be very careful what comes out in the press from here on in.


Spin?

  • chb
  • 10/10/08 15/10/09
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  • Mon, 19/01/2009 - 18:59

I admit that I'm possibly being naive here but shouldn't we contact Alix for clarification of, or a response to, the article?

Does anybody have a contact name, number or e-mail address for him? I'll happily ask the question.


David Lovett's e-mail

  • chd
  • 13/10/08 30/09/09
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  • Mon, 19/01/2009 - 19:12

JKK posted this on the site a while ago. David Lovett's e-mail is at the end of the posting.
He apparently replied immediately.

http://chat.ksfiomdepositors.org/forum-topic/alix-partners-ray-hope

Good idea to e-mail him again.


If the IOM politicians are

  • ng
  • 11/10/08 31/12/20
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  • Mon, 19/01/2009 - 16:44


If the IOM politicians are concerned about the effect a huge loan would have on voters then they’re focusing on the wrong thing. There won’t be any voters left on an island devoid of any financial industry.

... very, very good point. --- Use it as the headline for the next press release perhaps.


not according to John Cashen

  • bellyup
  • 10/10/08 09/01/10
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  • Mon, 19/01/2009 - 16:57

Not according to John Cashen ( director of KSFIOM and member of the FSC) today.

He tells me that the IOM is not dependent on the Financial industry but has many other resources such as agriculture and tourism.


IOM Today reports significant rise in unemployment

  • rapata
  • 13/10/08 03/08/09
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  • Tue, 20/01/2009 - 06:43

http://www.iomtoday.co.im/news/Significant-rise-in-Isle-of.4889665.jp

The Report mentions "Other areas with more candidates than jobs include banking and insurance, where there are 23 jobseekers and only five posts currently unfilled. "

............... and this is before the banking industry on the island is ruined if the IOM Government does not do something to save KSF IOM.


41% of IoM economy in Finance-bellyup

  • steveejeb
  • 10/10/08 31/05/09
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  • Mon, 19/01/2009 - 17:19

bellyup
Me thinks Cashen was exaggerating somewhat.....

Isle of Man Economy Economy:
GDP by sector: Finance 41%,
professional and scientific services 15%,
construction 7%,
tourist industry 6%,
manufacturing 6%,
public administration 4%,
agriculture and fisheries 1%,
other services 18%. Total deposit base (end-2002): £27.8 billion.

Source
http://www.sovereignsociety.com/Default/IsleofManFinancialOverview/tabid...


give it a couple of years

  • skintagainnow
  • 10/10/08 31/05/09
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  • Mon, 19/01/2009 - 17:39

Ok,,
give it a couple of years,,

Finance 10%, - most of the banks & services have pulled out
professional and scientific services 5%, - few advocates left handling liquidations
construction 1%, - should be retermed as demolition
tourist industry 12%, - depositors paying their last respects to any savnigs they had
manufacturing 4%, - no one to sell anything too - manufacturing start's to decline
public administration 8%, - doubles as now most are unemployed
agriculture and fisheries 1%, - not much that can done to increase land area for farming - Iceland stops increased range of fissing vessels
other services 25%. - Increase in the monitoring of the unemployed - to make sure they are not working in their allotments

39% reduction in population


IoM loan

  • rbirch
  • 13/10/08 31/05/09
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  • Mon, 19/01/2009 - 17:36

sounds to me like there is enough there then for the IoM to borrow against to pay all the money owed us ...... !!!


IoM business plan avoids triggering fossilization scheme

  • ng
  • 11/10/08 31/12/20
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  • Mon, 19/01/2009 - 17:28

I see the plan... support construction, tourism industries and other industries. There will be many new museums built to attract huge numbers of tourists to the island. Where new construction cannot be justified, disused bank and insurance companies offices will be converted. Museums will display the fossilized bones of numerous ex-financial services employees. Actually they will be fake fossilised bones, mass produced by local manufacturing using raw materials mainly extracted from animal and fish products, as to use real fossilized bones would require the triggering of the government's fossilization scheme which of course takes several million years to produce results and wouldn't produce enough anyway.

Sorry, I will get back on with some work.


They tried that before the banks arrived en masse

  • skintagainnow
  • 10/10/08 31/05/09
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  • Mon, 19/01/2009 - 17:17

They tried that before the banks arrived en masse, oh and they HAD lots of herring and fishing back then -- I seem to recall it didn't quite give them the life style they have now - do they really want to step back that far.


Expat Investor

  • caledonia
  • 14/10/08 30/09/09
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  • Mon, 19/01/2009 - 16:13

Yes, well done, another excellent PR.
Has anyone thought of putting it to 'Expat Investor' ...........?


Latest Thoughts and Release.....

  • Ashoker
  • 12/10/08 31/05/09
  • not prepared to answer
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  • Mon, 19/01/2009 - 11:03

Another welcome, well written and concise release. Thank you, and please keep it up! It is also worth noting, I believe, that the process of the IOM govt. digging its own grave, has already begun. Their lack of serious response so far, eg the pathetic offer of the interim payment etc, should already be sending out shock waves to well-informed depositors with other banks on the island. Who in their right mind would want to keep their money there now? How much business have they already lost, I wonder? For their own sakes and more importantly ours, they need to act quickly, responsibly and decisively in order to stop the rot.


Back in the News

  • Bill
  • 13/10/08 n/a (free)
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  • Mon, 19/01/2009 - 10:53

......and we're back in the news - excellent work!

http://www.moneymarketing.co.uk/cgi-bin/item.cgi?id=179316&d=340&h=341&f...


.............and another

  • Bill
  • 13/10/08 n/a (free)
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Yes, excellent work

  • uptight61
  • 14/10/08 n/a (free)
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  • Tue, 20/01/2009 - 08:11

Truly good work, Diver. Time to turn up the heat.......we're all sick of their procrastination.....if the rest of the world is bailing out their banking systems, why can't we be helped? (I stress help, not bail-out)


Latest Thoughts and release

  • bobwin
  • 23/12/08 n/a (free)
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  • Mon, 19/01/2009 - 09:57

I think you will become embarrased soon because you have written another superb article for the press--i don't know what you do for your day job, but you should give it up and pursue another venture--but what do I know!
There are only 80,000 odd residents in IOM and I guess half of them are not of working age--of the remainder, half are employed in financial services=20,000 so we are half of them in number!
Seems to me that the downturn in business as a result of a Tsunami in Douglas would be more catastophic for IOM than that in the Indian ocean a few years ago.
I trust that this is part of your strategy, but then again, you are probably miles ahead of my thinking.

Good Job Diver--don't know your real name sorry

Bob Windley

Ukay in Davao(Philippines)


The cost of doing nothing for the IOM!

  • kiwi38
  • 11/10/08 31/05/09
  • unspecified
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  • Mon, 19/01/2009 - 10:08

The Chancellor is all over the news today defending the decision to do another bail out of the UK Banks as he rightly says that "the cost of doing nothing will be much greater than providing the bailout".

We need the IOM Govt to understand that the "cost of doing nothing" to help us will be catastrophic for the IOM. This "cost of doing nothing" is now an internationally accepted defence for Governments to bail out the Banking sector as the UK, Ireland, the USA and others have used it. How do we ram home to the IOM that there are 10,000 depositors ready and willing to do everything in their power to ruin their island unless they do the right thing and step in to solve this issue. The solution remains political and the IOM Government are better placed than a Group of individual depositors to recover the £550M over time.


The cost of doing nothing...

  • gazfuk
  • 12/10/08 31/05/09
  • unspecified
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  • Mon, 19/01/2009 - 10:27

I 100% agree with the suggestion that the IoM Government needs a wake-up call. I have a suggestion, but I do not have the necessary skills personally to carry this forward.

How about a website is created, detailing the perils of depositing and investing in the Isle of Man? How about this website showing what has happened to us, the woeful response by the IoM Government whilst other governments in the world are busily protecting depositors and the effect this has had on pensioners and others for whom the money lost fulfilled their basic needs? Then, rather than publish the website, it is forwarded to members of the Tynwald, the relevant insurance companies, the Manx newspaper and other appropriate players as a warning of what we will do unless the situation is tackled to our satisfaction.

I feel this might be the kick up the backside that is needed. Please, members of the core team, let us have your views on this.


Would it need to be a spearate website?

  • ng
  • 11/10/08 31/12/20
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  • Mon, 19/01/2009 - 20:51

Our www site could head in that direction (already is?) But either way, I'll provide support if the idea is popular.


New site

  • Monkeyface3604
  • 10/10/08 31/05/09
  • unspecified
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  • Mon, 19/01/2009 - 18:48

This idea was bandied around in the early days, almost like a private eye style site...very tongue in cheek etc. I think its a great idea, important thing would be to get it in first page of google search. I think "Isle of muppets" was one of the suggested titles.
The time for waiting is rapidly coming to an end and i think the IOM goverment need to realise we are not just going to carry on waiting forever.
Start giving us some bloody figures and plans!!!
My parents are in their 70's and i want them to see their money and enjoy it, not use it to pay for a bloody nursing home!!!


Website on the perils of depositing in IOM

  • Flower
  • 18/10/08 31/05/09
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  • Mon, 19/01/2009 - 14:37

Excellent idea gazfuk. Perhaps NG or the Core Team coild set something up.

Diver: your latest press release was another masterpiece, punchy and more direct than ever. I've forwarded it to Bloombergs News Desk in the hope that they'll use it.


IoM Shame Site

  • bozza
  • 12/10/08 31/05/09
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  • Mon, 19/01/2009 - 23:05

There are ways (apparently) of pushing your site up to the top in Google search. Would serve the IoM government right seeing the first result of "Investing on IoM" search being a website created by Ng to promote the "buyer beware" aspect of depositing on the island.


Excellent

  • Done like a Kipper
  • 10/10/08 n/a (free)
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  • Mon, 19/01/2009 - 04:31

Thanks for all your hard work Diver - another excellent article.


I know the press release is

  • ng
  • 11/10/08 31/12/20
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  • Mon, 19/01/2009 - 01:13

I know the press release is on the public site, but perhaps these points also need to be prominently on the public site, even the front page. Any objection? If not I will put it there.


Press release now on www

  • ng
  • 11/10/08 31/12/20
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  • Mon, 19/01/2009 - 18:29

Press release now on www front page (link and title). Actually is it's the very slightly edited title, as it has been pointed out that the original: While Isle of Man is busy saving reputations, depositors left to watch as other territories quickly enact rescue strategies --- might beg the question which depositors have left, and where did they go to watch? A bit like Red Tape Holds Up New Bridges So please use the new version if your are posting anywhere.

P.S Not meant to be any criticism of the original!


Who knew what when.... A notice in the paper??

  • IoM-neveragain
  • 12/10/08 30/03/10
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  • Mon, 19/01/2009 - 08:01

The press release is absolutely brilliant.
An excellently crafted piece of prose and to the point.
Yes please on the front page.

A suggestion - how about placing this in the IoM newspaper?
It is aimed at the local folk so lets put it in there.
A half page placement would get the message home.
I would be happy to contribute towards the cost.


publicity

  • bobwin
  • 23/12/08 n/a (free)
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  • Mon, 19/01/2009 - 10:16

Yesssssssssssssssssssssssssssssssss
Do you want to bankrupt like Iceland?
Maybe that would get some reaction!


Why not bankrupt the island?

  • drglowry
  • 14/10/08 31/05/09
  • unspecified
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  • Tue, 20/01/2009 - 01:31

Why not? They have bankrupted me. One good turn deserves another.


national press more like

  • hippychickrobbed
  • 03/11/08 31/05/09
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  • Mon, 19/01/2009 - 09:07

I think this should be in the national press, if not how can we get going on this?


GOOD IDEA

  • steelwood
  • 24/10/08 31/05/09
  • a depositor
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  • Mon, 19/01/2009 - 10:58

Yes it need to be put in the National Press.
This is a nice article and will do something. It is true that there is NO SOLID OUTCOME from IOMG even after nearly 4 months , the way things are now , just complications and gives only falls hopes to the depositors.It need to grill the DIRECTORS to find out why and where the money 550 millions was transfered and who has created this huge mess and troubles for the depositors.


Some questions along those linee . . .

  • drglowry
  • 14/10/08 31/05/09
  • unspecified
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  • Tue, 20/01/2009 - 01:42

Who on IOM - KSFIOM directors / staff, IOM Government - aurhorised and enabled the transfer of our funds to UK? What did each of them gain by doing so? Were any of them on the Queen's gong list for New Years?

As with any other property crime, we need to ask "who gains" and to expose the culprits. As the prospect of having access to my life / retirement savings fades ever further into the past, I would like to take the people who did this to us down with us. Naming and shaming, followed by prosecution, might focus minds on IOM who, up until now, seem incapable of devising a reasonable win-win outgcome.

If I have to live out my days in penury and shame, I would like to see the people who have done this to us suffer as sell. Any ideas?


We need answers from -

  • homeless
  • 18/10/08 01/01/16
  • a depositor
  • Offline
  • Tue, 20/01/2009 - 04:46

We need answers from Chief Minister Tony Brown, Treasury Minister Allan Bell, the FSC.

What has IOM and the UK done re negotiations with Iceland who, on the 11 October, stated it would honour its obligations to depositors at failed Icelandic banks.

We have heard the terms bandied - "it is not a time to apportion blame, it is a time to find solutions", "everybody needs to show flexibility", "unique situations call for unique solutions". It is the IOM who need to take a "long hard look" at where they are going unless they wish to be exclusively labelled as the country where depositors DO lose money.

Following the visit to Iceland last week Mr Bell claimed that, "a huge amount" of work was going on to find the. "most effective way to develop the best solution for depositors". Could he explain what work, and what he believes he has achieved. Referring to Iceland's legal action he said ... "I certainly see this legal action as helpful and may well clarify the background for this whole unfortunate saga and get the answers we've been seeking".

The IOM can't sit on the fence and wait for others to come up with solutions they have got to become proactive, push harder for answers that will show real results, think outside the box and own up to their own mistakes and shortcomings and put things right for those who entrusted them with their savings.


re - Some questions along those lines

  • skintagainnow
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 20/01/2009 - 01:55

I started a new topic which contains a similar thought, near the end of the post

re Northern Rock - Lehman bro's & KSF IoM

http://chat.ksfiomdepositors.org/forum-topic/iomg-what-you-make-it