Post 8 Oct 2008 Interest: Concerns re the position of the DCS

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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Posted: Sun, 04/09/2016 - 08:32

In response to Mike Simpson's Letter to Unsecured Creditors, I have today submitted to his office two letters - one for the attention of Counsel for himself as Liquidator and one for the attention of Counsel for the IOM Financial Services Authority (ex FSC) as Scheme Manager for the DCS.

They express my concerns re the position of the DCS in this matter and will, I trust, be self-explanatory. While the essential material is common to both letters, some of the points are reordered to reflect the difference in emphasis. I have few illusions as to their likely influence, but who knows - the points raised may possibly give the DCS pause for thought and at least I can feel I did my best. Given the relatively small amounts of money involved, it's more about the principle than anything else - but that does irk me considerably.

I am attaching the two letters here. Please feel free to use or cite them in any way you think fit.

Regards to all,

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Letters to Counsel

  • Blades
  • 19/10/08 n/a (free)
  • a depositor
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  • Tue, 13/09/2016 - 05:39

Thank you so much for drafting these excellent letters. Like everyone else I extremely grateful for everything you have done for our group.

Response from Mike Simpson

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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  • Thu, 08/09/2016 - 07:37

I have today received the following response from Mike Simpson:

"Thank you for your email and attachments. I can confirm that the letter to the DCS has been forwarded. My intention is to attach your letters, and any other communications received from creditors on the matter, to my next submission to the Court. "

So, if anyone else would like their views on the proposed alternatives to be heard by the Court, now is the time to get writing .....

Thank You Anrigaut

  • D RAM
  • 13/10/08 01/08/14
  • unspecified
  • Offline
  • Tue, 06/09/2016 - 14:54

Sincerest thanks for all your hard work on behalf of all depositors.

You're a star.


To Anrigaut

  • Gordon 45
  • 22/10/08 n/a (free)
  • a depositor
  • Offline
  • Mon, 05/09/2016 - 19:13

Hi There Anrigaut,

Just on to thank you most sincerely for your work on the interest situation. You have been a 'backbone' in this whole KSFIOM situation for years now, are so precise, knowledgeable and so willing to share all information with all of us.

Without your time consuming efforts we would be far worse off and not have the important information you manage to procure for all of us. I personally am so grateful and I am sure all other DAG members feel the same.


Gordon 45

Thank you Anrigaut

  • everhopeful
  • 11/10/08 n/a (free)
  • a depositor
  • Offline
  • Fri, 09/09/2016 - 04:17

I would also like to express my sincere thanks to you and to Gordon for the unstinting efforts and support which you have both given to our cause. It would have been a bigger struggle otherwise. I didn't think we would receive all of our money back as I have a friend with a Guernsey bank account who lost 25% of his large deposits at the same time so we have been very fortunate.

Your two letters are perfect and will certainly make them sit up and think.

Thank you!


From Iceland, where we are at

  • peter and louise
  • 18/10/08 01/09/09
  • a depositor
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  • Sun, 04/09/2016 - 19:31

From Iceland, where we are at the moment, an enormous thank you Angela. You really are, and always were, a great person to have to fight our corner. We walked into one of the branches the other day in Reykjavik and one of the employees said 'Good morning, thank you for bringing lovely weather with you to our country.' I simply grimaced (regretting I hadn't brought the bomb Louise persuaded me to leave at home) and ate the chocolate that was on offer in dishes everywhere by the handful, the least I could do for what they did. It sweetened the sourness a bit. I did wonder who was paying for the chocolate.

I too was in Iceland for a

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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  • Sun, 04/09/2016 - 20:05

I too was in Iceland for a few days in August (before moving on to Greenland). I didn't visit the bank, but I did have some interesting political discussions with ordinary Icelanders and (by request) was shown - from a distance - the site of the prison on the Snaesfell peninsula where the jailed bankers spent some time before being moved to another 'prison' where they are free to leave during the day and only have to return overnight - all thanks it seems to a law passed for their benefit and only discovered by the population when they were in a helicopter crash with some of their cronies.

Thank you

  • dodot
  • 10/10/08 01/06/13
  • a depositor
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  • Sun, 04/09/2016 - 13:22

Thank you for your effort in sending these letters. What you say seems absolute common sense. Hopefully the Scheme Managers will look beyond legal complexities or principles and take view on what is fairest to most depositors.