Liquidator Provisional's update

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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Posted: Thu, 16/10/2008 - 13:12

15 October - http://www.kaupthingsingers.co.uk/Pages/3988

Summary:

  • £100m already under his control
  • In contact with administrators of KSF UK over status of deposit there
  • Working through Icelandic lawyers to enforce the parental guarantee
  • Talking to purchasers, purchase of loan-book is most likely (i.e. that asset will become liquid and available to pay out depositors)
  • Frozen transfers are being looked into
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100 million down

  • Monkeyface3604
  • 10/10/08 31/05/09
  • unspecified
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  • Thu, 16/10/2008 - 15:12

100 million down, 740 to go
At least there is some news coming through, not enough and not quick enough though


Liquidator update

  • Morgan Fitzgerald
  • 13/10/08 31/05/09
  • unspecified
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  • Thu, 16/10/2008 - 13:18

This only refers to KSF UK not IOM. Further more the announcement is on the UK site, not IOM site.


IOM

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Thu, 16/10/2008 - 13:22

No, it's an announcement from Mike Simpson, the IoM Liquidator Provisionally. It also says "Kaupthing Singer & Friendlander (Isle of Man) Ltd" as the title.

Mike's been using a page on the UK site for his announcements.


Liquidator Update

  • Morgan Fitzgerald
  • 13/10/08 31/05/09
  • unspecified
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  • Thu, 16/10/2008 - 13:21

error. It is on the IOM site. Sorry


Liquidator...this is interesting

  • Diver
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 16/10/2008 - 13:27

He mentions:

'Taken control of bank balances totalling approximately £103,000,000 which are held with banks outside the group'

No mention of what (if any) balances are still within KSF IoM.


Balances in KSF(IOM)

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Thu, 16/10/2008 - 13:29

Not much I wouldn't have thought - they pretty much ran out of ready cash (there had been a lot of withdrawals), and couldn't 'restock' from London or Iceland, hence why they are in the current situation.


I wonder...

  • Diver
  • 11/10/08 31/05/09
  • a depositor
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  • Thu, 16/10/2008 - 13:34

....if this £103,000,000 is the majority of the 15% that we were told was with other IoM institutions. It cant be all of it because that would make the total loss only £686.67m and we know it's more than that.


Sounds like it

  • cold-dose
  • 11/10/08 31/05/09
  • unspecified
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  • Thu, 16/10/2008 - 13:36

It would make sense - that would be funds that could be brought under the liquidator's control pretty quickly.

I do wonder if the percentages were rounded to the nearest 5%. They were all very round numbers...