Lets Thank the IOM for helping us, so far !

  • calpespain
  • 12/10/08 n/a (free)
  • a depositor
  • Offline
Posted: Sun, 30/11/2008 - 01:08

Mike Simpson and PCW. In nearly eight weeks have not released a statement of account for the affairs of the bank as of 8th October. Why not. It would appear that all we get form Mike Simpson is that he is talking with perspectives to sell part/s of or the whole bank. According to his affidavit he thinks we have all had sent to us a personal statement of deposits held. Not true. He also says that another statement is being produced, where is it.

We can all see that, fortunately for us, the IOM government is very active in trying to help resolve this mess. They have engaged a restructuring company to see if it is possible to put us all in a better position than that of being liquidated. Is this a clear indication that the Isle of Man government feels that PCW are not acting in our best interests of that of the IOM.

Are PCW doing a fare job for us a depositors or are they failing us. If it is the latter, can we actually do anything about this. Would we wish to.

After 1 week the Administrator with Landsbanki Guernsey issued a statement of affairs and released 30 % cash back to depositors. Whether that was right or wrong, is debateable, but at least those in distress were able to get some of their cash back to help them if in distress.

This bank is naturally more complex and much bigger and for all our sakes it would be nice to have it sold off and we get back 100% of our money. Is that ever going to happen, not through PCW is my opinion. But there again, I'm no professional in these circumstances. My only concern is that, do we have the best available to us acting for us in this as the provisional liquidator. Many here and outside this forum are doubting that and this causes me some serious concerns. Again, is this why the IOM government is so actively trying to find another solution to this.

I hope that we as a group, are taking time out to thank those in contact with the government of the IOM for their efforts in assisting us and ultimately themselves with this fiasco. Whether this has undertones of a political stance from the UK or not, hopefully the IOM government will prove to the world that, they maybe small but, they didn't let one of their banks go down without a good fight or indeed were seen to have resurrected and ultimately saved it. ( lets hope)Unlike if you are following the Guernsey depositors the government there are doing very little to help, they are in damage limitation mode and not recovery mode for Landasbanki on Guernsey. Their politicians feel that the collapse of Landasbanki will do the Island of Guernsey no harm whatsoever. Two different Islands with two different approaches to the same crisis. I think the government of the IOM has it right and probably have some forethought. Lets all hope so.

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The PWC response has been

  • Done like a Kipper
  • 10/10/08 n/a (free)
  • a depositor
  • Offline
  • Mon, 01/12/2008 - 01:19

The PWC response has been woeful to say the least. I sent a formal letter some 4 weeks ago addressed to Michael Simpson and this has been met with a resounding silence. Given that we all are in effect PWC's paymasters it puzzles me how they can treat us all with such contempt.

Clearly the IOM Government do not wish any financial institution on the island to go under and I'm certain that they will be pulling all the stops out to try to prevent KSFIOM going into liquidation. At least we have had positive commentary from the IOM Government in stark contrast to the inaccuracies, lies (court documents) and absence of news from PWC