Over £350k - DCS or liquidator?

  • needshod
  • 02/07/09 31/05/09
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Posted: Tue, 21/07/2009 - 14:33

I have been following the posts re waiting to vote, but now that has passed, if you have over £350k is it advisable to apply for DCS to at least get some money soon (given you can get your rights back later) or wait for the liqidator?

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DCS claim or not?

  • barrona
  • 17/11/08 31/05/09
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  • Wed, 22/07/2009 - 07:33

I apologise if I have missed previous correspondence on this topic but I am a partially protected depositor with between 100 -120k on deposit.

Could I have a consensus of advice as to whether I should now apply for DCS or wait for the liquidator?


DCS or not?

  • anrigaut
  • 19/10/08 30/10/09
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  • Wed, 22/07/2009 - 08:32

Barrona: see also this thread which addresses your question:

http://chat.ksfiomdepositors.org/forum-topic/dcs-later-claims


Barrona - check this

  • Julienne
  • 16/10/08 31/08/09
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  • Wed, 22/07/2009 - 07:49

http://chat.ksfiomdepositors.org/forum-topic/it-8-dividends-mr-simpson This thread is from Gordon who has made an unofficial "guess"at what is likely to be the Liquidation pay back timetable -- see the transcript here -- http://chat.ksfiomdepositors.org/forum-topic/state-play from frog.

You need to do the % sums as per my posting below - joint / single account holders against the 50K per person from DCS.

Then you have your personal position.hope this helps -


350k

  • bellyup
  • 10/10/08 09/01/10
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  • Tue, 21/07/2009 - 22:14

If you have 350k+ Dont apply for the DSC.

You will get the same from the liquidator possibly more.

So why bother?


Joint or single

  • Julienne
  • 16/10/08 31/08/09
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  • Wed, 22/07/2009 - 07:28

Forgot to mention in my previous post - it also depends whether the account is joint or single person.

If Single account holder then 300K - brings you really close to DCS @ 14.5% = 43,500 GBP - but if this account were joint you would get 50K each from DCS - nearly double than that via liquidation.

A single account of 350K brings in more than DCS at 14.5% as Bellyup says - but again it is shared if joint.

I am joint so it mostly depends on Simpson and his total pay out in the 1st two dividend and how far apart they may be - If he promises 30% then may as well stick with liquidation and forget DCS - which is my preference - less agro and paperwork!! Have to get back my rights to sue the pants of ém.

If anyone else sees it differently please let me know ...


not sure !!

  • Julienne
  • 16/10/08 31/08/09
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  • Tue, 21/07/2009 - 19:35

Personally I am not sure - I am in a similar position - boarderline!!

I am waiting to see what dividend Mike Simpson is going to declare in the light of the increased payment from KSF - UK it may go up from 14.5% to nearer 20% as I understand it, but possibly not payable at the 1st dividend (September time) but shortly afterwards - say year end in the 2nd divided payable. See Gordon't timetable as an indication.

This may bring some people closer to the equivalent of DCS payout and therefore make the DCS redundant.


Liqidation payouts

  • jamjar
  • 11/10/08 31/05/09
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  • Fri, 24/07/2009 - 12:18

Can anyone advise when Mr Simpson,will confirm the payout program and percentages,as he did,so efficiently for the SOA proposal,this information is what everyone must and needs to know,before impaitience sets in,and lots of depositors in excess of 50k or 100k,start making DCS compensation claims.the DAG have so far succsessfully,maintained our legal rights,should they be needed in the future,it would be sad to see them willingly handed over to the IOM Gov,specifically theFSC department.To date,and i will stand to be corrected,the well researched info we have,is discussion,debate,and guesstimates,we now need solid informative fact from PWC,whether its from Mr Simpson,Mr Spratt, or the regional directors of PWC.Without this info,its not impossible for us to be sold down the river,thro circumstance.Could DSTfollow this up please.


payouts under liquidation

  • banna
  • 15/10/08 01/03/10
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  • Fri, 24/07/2009 - 14:05

jamjar,
go to public site

then to Facts -iom- pwc

PWC have made an announcement dated 22 july including this info. It also includes Directors' Report


banna

  • Julienne
  • 16/10/08 31/08/09
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  • Fri, 24/07/2009 - 14:27

You answer to jamjar semed to answer my querie too .

BUT I can't follow your links - something must be missing - on the public page I cant find facts - - iom -- or pwc.

I must be in the wrong place -
Can you advise again or post the web page for everyone to see.


Directors' Report

  • Nixi
  • 20/10/08 31/05/09
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Thanks Nixi

  • Julienne
  • 16/10/08 31/08/09
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  • Fri, 24/07/2009 - 16:45

Thanks Nixi - yes I found that report - eventually -- but no where in it can I find Simpsons declaration of his 1st / 2nd expected diviend payment...

That is the most important thing for may of us who are close to the DCS payout figure
All we have to go on is his 14.5% of long ago before KSF - UK declared their 20% 1st payout

Simpsons 14.5% was based on KSF - UK dividend of 10% So surely now he should increase his expected 1st / 2nd dividend -

Basically I ask -- is he sitting on his hands??? Just what is he doing ??? It is time to talk to us and cc or someone should be pressing for an answer.


Julienne, the 14.5% is not

  • thesunnysouth
  • 10/10/08 31/05/09
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  • Sat, 25/07/2009 - 08:20

Julienne, the 14.5% is not predicated on the payout from KSF UK. He has the money to pay the 14.5%. If Simpson gets monies from KSF UK prior to the payout and he can include that in the first dividend the amount will increase. If not the monies received will form part of the 2nd dividend in 6 months time (mention is made of december somewhere).
The full accounts to date are on the KSF IoM website since 22nd and details other money he has such as from share sales that he cannot include atm for legal reasons as well.
John


Thanks The Sunny south

  • Julienne
  • 16/10/08 31/08/09
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  • Sat, 25/07/2009 - 10:22

Thanks for the extra clarification.

Yes I have read the report available on the KSF IoM website -- I probably didn't word my posts well enough - but your post is exactly what I understand.

My question perhaps really should be - By how much might Simpson uplift the 1st OR 2nd dividend - Gordon's spreadsheet has made a good guess - but we need Simpson to make an official announcement.


Julienne - first dividend

  • anrigaut
  • 19/10/08 30/10/09
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  • Fri, 24/07/2009 - 17:06

Julienne - Not wishing to defend MS, but my reading of this is that all he can guarantee for now is the 14.5% because the amount of KSFIOM's claim against KSFUK has not yet been agreed (and that of course is up to KSFUK) - and until it has they will not pay anything out to KSFIOM (20% - of what?). If KSFUK are going to pay a first dividend in July (ie by end of next week!), it looks unlikely that KSFIOM will be included...

Having waited for the court decision on the CC, I sent off my DCS form yesterday (but as I'm at the low end of the 50K+ band it wasn't so hard to decide).


ok

  • Julienne
  • 16/10/08 31/08/09
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  • Fri, 24/07/2009 - 22:23

My mis understanding - i thought the UK 20% had been agreed not timed for our 1st dividend but would make our 2nd . -- that would make sense then if not.

anrigaut I would never think of you as defending MS from postings I have read of yours. Just seeking true facts and total clarity.

I will re think in the light of expecting only 14.5% - which is about half that of our joint DCS payment - as you say not too hard to decide in the light of those facts!

Thanks


75% of depositors will be paid by end of September

  • Lucky Jim
  • 13/10/08 31/05/09
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  • Sat, 25/07/2009 - 11:58

Bell told Tynwald that 75% of depositors would be fully compensated by end of September. Does this help? see: http://www.iomtoday.co.im/politics/KSF-75-per-cent-to.5478255.jp

See also https://www.dcs.im/dcs/dcs.nsf/220509 though the DCS website as yet doesn't report Bell's statement


Updated DCS FQ&A's

  • Anonymous
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  • Sat, 25/07/2009 - 12:36

As Lucky Jim has posted above, the DCS website has been updated along with their Frequent Question & Answer listing. One item that may be of interest to all partially protected creditors (depositors) considering applying for the DCS reads as follows-

Q. Having assigned my rights to the DCS, will I still get back any payments by the liquidator in excess of the compensation I get from the DCS?

A. Yes. As the liquidation proceeds and distributions are made, the DCS will recover the compensation payment. Once the compensation has been fully recovered, any further distributions by the liquidators will be re - directed to you (the Scheme Manager will automatically seek a re-direct).

The assignment you executed transferred all the rights in your account (and any other accounts you have with the bank) to the DCS. If, after the recovery of the compensation, you actively wish the DCS to re-assign all rights to you (as opposed to receiving the redirected monies referred to above), the DCS Scheme Manager upon request will prepare re-assignment documentation which you will be required to execute and return to the Scheme Manager. You will also need to give notice of the re-assignment to the liquidators and for this re-assignment to be accepted by them for it to take effect.

Note: The re-direct approach does not require formal re-assignment and is the preferred approach, as this will reduce administrative time and cost for both the DCS and the Liquidators.