PWC / LP / Mike Simpson - what do you expect from him? Comments about performance to date as well please...

  • laserblues2
  • 12/10/08 31/05/09
  • unspecified
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Posted: Thu, 27/11/2008 - 13:59

I spoke last night with some of the people at PWC in the IOM and explained how unhappy I was with the situation and the lack of communication to date. It was explained that obviously some of the information is confidential and cannot be shared with everyone which is understandable but there must be an overview or general amount of information we can be given on a regular basis.

I would like to collect some views from other people regarding this and will be sending it over to PWC for their perusal and hopefully we can resolve part of the communication difficulty.

So......... fire away

Thanks in advance

Nick

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account Nos.

  • mikeinfrance
  • 12/10/08 28/09/09
  • a depositor
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  • Thu, 27/11/2008 - 19:44

As far as I'm aware we still don't have a definitive figure for the number of retail depositors (as opposed to accounts). I have seen figures ranging from 8,000 to 10,800 depositors (or accounts?) We have only just over 2000 registered on this site and some are not depositors.I wonder how many out there are still unaware of the situation? How and when will we know the definitive numbers,surely the bank can tell us ? Has PWC contacted EVERY single depositor or only those who had in-flight transfers or a 30th Sept statement due ?


still no word from anyone

  • worried jules
  • 13/10/08 14/06/09
  • a depositor
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  • Fri, 28/11/2008 - 12:27

the only info i've recieved from the bank since the collapse on 8th october is a returned phone call confirming that the bank had ceased trading. i have 2 accounts with KSF and as yet, nothing offical from them and no statements as of 30th september...its disgraceful that we're treated like this by PWC. they have no idea what we're going thru and obviously dont care...its like our money has just dissapeared in a puff of smoke....


1230 Friday 28/11 I managed,

  • Sophie
  • 16/10/08 31/05/09
  • a depositor
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  • Fri, 28/11/2008 - 13:18

1230 Friday 28/11 I managed, at last, to get hold of KS&F IOM. Spoke to a very helpful kady, who sounded like an employee I have dealt with in the past. Anyway I remonstrated about a letter from the Liquidator having been sent to my old South African address and she reassured me that my UK adddress was on their records OK. So then I asked why I had not received the statements that Simpson said in his affidavit he had sent earlier this month. She said that not all depositors were sent statements but everyone would receive statements up to October in about two weeks time. She emphasised EVERYBODY!!! We then had a general chat in which she stated that the IOM Gvt were working hard to ensure that depositors would get their full amounts deposited. Certainly for those with more than £50,000 there will be more money paid out (!!). For what it is worth, and accepting that she may actually know nothing, she sounded very optimistic.


Please call your helpful lady

  • ianhkhi
  • 12/10/08 31/05/09
  • a depositor
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  • Fri, 28/11/2008 - 13:46

Please call your helpful lady again and tell her she's completely wrong. It is totally clear that everybody will simply NOT receive those statements because KSFIoM and PWC are no longer using the correct addresses for everybody.

When it's so difficult to get through to these people it's such a shame that all we're given is confirmation that they really do not know which end is up.


1230 Friday 28/11 I managed,

  • margaretta
  • 22/11/08 31/05/09
  • a depositor
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  • Fri, 28/11/2008 - 13:29

I think I know her. I suspect it's the same lady who told me on 6 October that my transfer would definitely go through tomorrow and that the bank was in absoultely no danger of collapse, otherwise why would she have her own money depsosited there.


Contacts and Statements

  • Anonymous
  • Offline
  • Thu, 27/11/2008 - 23:21

Only those individuals who received statements dated September 30th have been contacted by Price Waterhouse and Coopers with an accompanying letter as to the status of KSF IOM. I spoke with Allison with PWC earlier this week and she told me that only those depositors who would normally have received statements on September 30th were sent out statements during the past couple of weeks. However, she went on to say that every depositor, and she emphasized every depositor, would receive an updated statement in the next couple of weeks which would show their balances up to October 8th or is it the 9th.

I asked her what the procedure who be in the event the bank were liquidated and she said she would have to call me back with an answer as she didn't know herself at that time. She called back about an hour later and said that in the event of liquidation a letter along with forms to be filled out would be sent to every eligible depositor. It is at that time one would be required to stipulate who was to receive the funds, which is important in the case of joint owners, and where/how the funds are to be paid. My wife and I plus our two children are joint holders of our account so each theoretically would have a claim.

Hope this answers some queries.

Cheers


Every depositor will receive an updated statement... wanna bet?

  • ianhkhi
  • 12/10/08 31/05/09
  • a depositor
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  • Fri, 28/11/2008 - 12:37

How can PWC say that every depositor will receive an updated statement when they don't have the correct addresses for all of us?


Re: PWC / LP / Mike Simpson - what do you expect from him? Comme

  • colinalvin63
  • 28/10/08 n/a (free)
  • a depositor
  • Offline
  • Thu, 27/11/2008 - 18:22

I'm been stunned at the lack of information on the KSF(IoM) website. For over a month now, all that is displayed is a banner page saying that the company has had it's banking license revoked and that it is in administration. Given that it was nigh on impossible for depositors to get through on the phone lines for the first few weeks, they should have used that banner page (or a link from it) to inform depositors of daily progress. It's the obvious place for depositors to look. Why can't Mike Simpson give us a little more hope by getting KSF(IoM) staff to update us on daily progress via their web site ? At least that way we could see what Mike Simpson is attempting to resolve.


Requests to Mike Simpson

  • romasanta
  • 16/10/08 02/10/10
  • a depositor
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  • Fri, 28/11/2008 - 00:30

Why not ask him to appoint one of his new ex-bank staff who happen also to be a depositor (see MS' affidavit, http://www.kaupthingsingers.co.uk/Pages/4032) to maintain an information flow via the web and to be a point of contact for one of us?
There are comments that MS, having the sort of job he has is not necessarily the the most appropriate person to keep us satisfactorily informed, so if he were to appoint someone with a better record of communication then we could all be happier.
My vote would be for Aidan Doherty the MD (if this proposal warrants any merit and he is available, willing, etc) I have spoken with him several times in October and he always gave me a response that was caring, helpful, intelligent and informed.


I'd just like a statement.

  • nivit
  • 19/10/08 31/05/09
  • a depositor
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  • Thu, 27/11/2008 - 17:23

I'd just like a statement.


statements

  • Sophie
  • 16/10/08 31/05/09
  • a depositor
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  • Fri, 28/11/2008 - 12:35

so would I!


Mike Simpson's posting 27Nov2008

  • Anonymous
  • Offline
  • Thu, 27/11/2008 - 16:59

If you go to this KSF website you will find the latest posting by Mike Simpson along with links to his affidavits. Interesting reading.
http://www.kaupthingsingers.co.uk/?pageid=3985

Cheers


info on what Simpson has achieved so far

  • chd
  • 13/10/08 30/09/09
  • a depositor
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  • Thu, 27/11/2008 - 16:20

Found this on Jonathan Smalley's website. It states what has been achieved so far by PWC.

http://www.law-man.com/library/news-32.pdf


Simpson info

  • mikeinfrance
  • 12/10/08 28/09/09
  • a depositor
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  • Thu, 27/11/2008 - 17:26

It's bizarre that Michael Simpson didn't see fit to give US any of this information, but that we have had to obtain it through Jonathan Smalley.


Work of Simpson LP

  • Ramsey resident
  • 22/10/08 31/05/09
  • unspecified
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  • Thu, 27/11/2008 - 16:34

Having read the above post link I can now see the huge effort being made by PWC on our behalf so could everyone please stop beating up the man and let him get on with his job

After todays 2 month postponment I doubt there will be any new hard facts until January, however the process of an interim payment should commence after December sitting of Tynwald (Parliament)


Tungin Cik

  • Captain Mainwaring
  • 11/10/08 31/05/09
  • a depositor
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  • Fri, 28/11/2008 - 01:38

It must be, you cannot be otherwise serious.

Not only must a job be done, a job must be seen to be done, and it looks to me like Mr Simpson is right out of his depth and has had to buy himself the Ladybird Book Of Internation Banking Terminology, just for starters.

And why keep on bank staff? you need a few only to be dealing with incoming mortgage payments, but what are the rest doing? it can't be much.

While on full rant mode, how come Mr.Smalley is able to post more information than a retained legal representitive? something isn't right there.


PWC's Huge Effort

  • Alastair
  • 10/10/08 30/09/09
  • a depositor
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  • Thu, 27/11/2008 - 21:21

Ramsey Resident I conclude that you are being either ironic or are related to Mr Simpson. His and PWC's communication to us the depositors has been abysmal period. The affidavit mentions little or nothing about the single biggest ticket item the 550 mln GBPand discussion with E&Y or lawyers.


Could Do Better?

  • go mann
  • 10/10/08 31/05/09
  • a depositor
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  • Thu, 27/11/2008 - 15:44

I'm very disappointed by the quality and quantity of information received from KSFIOM, LP and PWC ... in fact I know nothing more than I did on 7 October 2008 ... I have some money out there somewhere, and a statement would be nice to have. One at 30 Sep is pointless: I know what I had, but what have I got now, and where is it?!!

As to allocating blame, and screaming at individuals, I suppose I'm more phlegmatic than I thought. I can't get very excited about it, because I KNOW things are happening in the background, and kicking some accountant [whilst briefly quite fun] get me nowhere. Progress IS being made, both policitically and financially ...

But then I can afford to wait, unlike so many here.


Could Do Better

  • desparatedan
  • 12/10/08 31/05/09
  • a depositor
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  • Thu, 27/11/2008 - 18:30

Could someone please remind Mr Simpson that the court adjournment has been put back to 29 January 2009 and not 2008, see his latest "important customer information and updates".
Thought for one moment that Id woken from a dream and 09 November never really happened.
Aplogies to Ramsey if I appear to be beating up on the poor guy.


Regular Updates Essential

  • BobWashington
  • 10/10/08 31/05/09
  • a depositor
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  • Thu, 27/11/2008 - 15:35

Thanks Nick for this initiative.

I quite agree, the lack of any meaningful information from PWC is a disgrace given the amount of anxiety and stress that is on display every single day on this website. I suggest that PWC spend a little time in checking the 'our stories' section on the site as it might help to shame them into being more transparent. It also might give them some idea about the main areas of concern for the depositors so that they can at least have a shot at addressing them.

it would be useful to hold them to a strict reporting timeline as well. So far they seem satisfied to toss us a few crumbs when the heck they feel like it.


PWC Mr. Simpson

  • Stunned Mullet
  • 17/10/08 n/a (free)
  • a depositor
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  • Thu, 27/11/2008 - 15:09

As I commented earlier, Mr. Simpson has been branded a wilfully perjured individual through his affadvit to the court for additional support from PWC London without any reference to us. He has also failed in his reponsibility to us his clients though his lack of communication as stipulated in his brief.

The least we should expect from him is honesty and a comprehensive brief (no need to include sensitive matters) followed by regular communications as stipulated in his brief. Hopefully he will become redundant in the shortest possible time as Alix Co make headway to craft a solution.


PWC - Mr Simpson

  • drglowry
  • 14/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 28/11/2008 - 02:12

So mote it be!


Performance of LP

  • gerry paul johnson
  • 13/10/08 31/05/09
  • a depositor
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  • Thu, 27/11/2008 - 15:05

Clearly Mike Simpson is merely a "number cruncher", devoid of any humanity, otherwise he would have had the good grace and understanding to realise that real people are out there with very real financial difficulties. His limitations have been further underlined by his plea (through the IOM court) for his "big brother" to come and help him now that he realises that he is in a fight, and that he has reached the limit of his intellectual tether.
His postings on the KSFIOM website are little better than useless, and he merely re-iterates much of his previous posting.
The fact that the IOM govt have appointed Alix Partners to assess the feasibility of re-structuring, should be seen by PWC as the writing of their "marching orders" and the sooner that their contract is determined the better. I had hoped that today's further adjournment would have given of the pre-condition that PWC was bound to keep the individual depositors fully informed, and I hope that this might eventually surfaces once full details are made known..


Performance of LP

  • oap
  • 08/11/08 31/08/09
  • a depositor
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  • Thu, 27/11/2008 - 15:14

An update of his KSF(IoM) website, giving us news of this morning's adjournment, for a start . . . ?


Exactly.... which is why I want to bring it to PWC's attention..

  • laserblues2
  • 12/10/08 31/05/09
  • unspecified
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  • Thu, 27/11/2008 - 14:48

I want to bring it to their attention before its too late!! Personally I feel so far that he should not be paid a penny for the work he may or may not have done.... Please comment.....

PS. I am also not expecting him to tell us everything but a brief overview or just to let us know something is still happening! I have called, emailed and faxed and not had one single response


Views concerning PWC/Mike Simpson

  • Caroline
  • 13/10/08 31/05/09
  • a depositor
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  • Thu, 27/11/2008 - 14:33

We may not like it but understand that all information can not be shared with the depositors - but no news at all, it is a disgrace!!!

He must know how desperate we all are, surely he understands what is at stake?


info and regular updates from LP please

  • Anonymous
  • Offline
  • Thu, 27/11/2008 - 14:48

Agree, we need to be brought more into the picture from PL from now on. We've been able to be patient up till now, waiting/hoping for a solution. Now there isn't one, and it'll be a very lean three months, we need to know what's happening. This website alone proves how serious we are about this, and how desperate. And if LP's salary is coming out of our assets, as suggested by some comments lately, then that also entitles us to know what he's doing on our behalf.


"And if LP's salary is coming

  • Captain Mainwaring
  • 11/10/08 31/05/09
  • a depositor
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  • Fri, 28/11/2008 - 03:57

"And if LP's salary is coming out of our assets, as suggested by some comments lately,"

Not only his salary, but those business class tickets and nice hotel room poncing around London on a fools errand.

There is no "if" about it, where did you think it was coming from?


What are his interests?1) To

  • VeryWorried
  • 10/10/08 31/05/09
  • unspecified
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  • Fri, 28/11/2008 - 12:07

What are his interests?

1) To make this a long drawn out & complicated process to increase the Fees for PWC?
2) To give us back our life savings.

It's not hard to see the answer looking at his actions/inaction in the past few months.

I can forsee his safety being threatened if our interests continue to be ignored...

There are many angry life savers out there...


his interests....

  • rippedoff
  • 12/10/08 31/05/09
  • a depositor
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  • Fri, 28/11/2008 - 12:39

Come on VeryWorried, get real. The LP's objective is to identify and collect the company's cash and assets so as to maximise the value of a potential liquidation and to seek out potential purchasers with a view to selling all or parts of the business. His objectives are neither of your two choices and it is unacceptable for anyone to threaten anyone elses safety.

I'm as angry as anyone over this mess and the actions of some institutions are disgraceful. I agree also that Mike Simpson should have updated DAG more efficiently/frequently but I suspect his role will now be overshadowed by the restructuring team. I hope he will continue to pursue (and update us on) the 557m in KSF UK


Firstly, Nobody was

  • VeryWorried
  • 10/10/08 31/05/09
  • unspecified
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  • Fri, 28/11/2008 - 18:01

Firstly, Nobody was threatening anyone. I was simply pointing out the fact that he would be in the firing line should any angry savers cross the line. They should have a team on this, with someone communicating updates to us. This should not all be going through Mike Simpson. He is incapable of handling this on his own. I think most of us would be

Secondly, do you have any idea of how Consultants operate. This is their bread and butter. In these difficult times all companies will be cutting back on their need for the likes of pwc, deloitte, accenture etc. These kind of jobs are what fix their balance sheet.

PWC will be milking KSF IOM just like they are milking Lehman's current liquidation and E&Y's handling of KSF UK. If you think they are out to look after our interests, get real.

They operate by law, not by our interests..As you said, they obviously will be looking to maximise value, however this is in everyone's interests. They have no savers interest's at heart, but seek to do what is within the law to not only claw back anything that belongs to a company in administration, but also to make sure the prioritised creditors are identified and compensated accordingly, however long it takes. They are in no rush, have nobody's interests in mind but themselves, and this is just them doing their job..