Questions for the Conference Call with Mike Simpson 1st June 16:00 BST (tentative)

  • frog
  • 10/10/08 13/09/09
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Posted: Tue, 26/05/2009 - 14:39

Dear all,

I'm just waiting on confirmation of another conference call with Mike Simpson- Provisional Liqudator of KSFIOM.

Please post your questions here - I'll collate them and publish the final list on Sunday.

Regards

Nigel

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I missed this 1 june date but we must ask Simpson..

  • steveservaes
  • 13/10/08 31/05/09
  • unspecified
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  • Tue, 02/06/2009 - 09:49

1) To ask E&Y whether KSFUK was insolvent as at 8 October 2008?
2) Whether KSFUK's records show that insolvency was actually caused by historic dealings of KSFUK or by the events of the last couple of weeks before that instigated by the FSA and UK government,such as requiring money to be paid into trust accounts etc?
3) What effect the HMG intervention - ie steps associated with trust accounts and transfer to ING of bank accounts in "Edge" had on the solvency of KSFUK (eg fines/damages/ calling in of debts).

Isn't this a way we can find what actually happened in October last, despite the UK sealed orders?
Then, we can either advance a stronger case that either (i) appalling FSA regulation pre October 2008 caused our losses; or (ii) the UK Intervention caused or seriously increased our losses.
Once we have this information we have a new line of attack.


Questions for Mike Simpson

  • Roman2005
  • 04/12/08 31/05/09
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  • Sun, 31/05/2009 - 20:47

Answers to the following questions would be welcome;

1) Insofar as the offset between KSF UK and KSFIOM is concerned, why is it the case that KSFIOM now in liquidation is expected to return the full amount invested in its subsidiary by KSFUK, whereas KSFUK itself is only proposing to return a minimum of 50%. Surely as a creditor of KSFIOM, KSFUK should only get a percentage of the realisable assets achieved by PWC on behalf and as such the balance sheet should carry a "prudent" return figure ?

2) Can we have an indication of the projected interest on the loan book over the next 3 to 4 years ?

3) What progress have the UK government made in terms of negotiations with Iceland regarding return of lost funds/parental guarantee /

4) when can we expect Ernst and Young to provide a payment profile for the funds owing to KSFIOM ?

5) Will creditor claims include lost interest on depositors funds up to the date the SOA was defeated and liquidation was confirmed ? Also what about lost interest on funds going forward ?


Auditors liability-IMPORTANT

  • Hampnew
  • 22/01/09 31/05/09
  • not prepared to answer
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  • Sun, 31/05/2009 - 19:05

What action does Simpson propose to take against KSF Auditors?

The fact that there was a parental guarantee in place was critical to this business continuing as a going concern. If it did not have one it would not have been licensed. It is obvious from the position that we are in now that this guarantee was worthless. The auditors KPMG must be negligent, but to what extent. Did they carry out any risk assessment or check the validity of the guarantee. Serious consideration should be given to attacking KPMG's indemnity policy. What is he going to do about this.

Can Simpson now tell us if there was a D&O policy in place? If Yes, who was it placed with and what action is he taking against the insurers. Has he made a claim? If there was not then why not? All serious businesses have D&O policies, why did the auditors sign off without there being one in place?


another question

  • Anonymous
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  • Sun, 31/05/2009 - 11:13

If it is not too late, can I suggest one more question:

Can MS please revisit all those of our questions which he has refused or otherwise failed to answer over the last 8 months and state which of those he is now willing to answer and provide those answers forthwith or in any event no later than 3 weeks in advance of the creditors' meeting at which there is to be a vote confirming his appointment as liquidator?


Please list them and I'll add

  • frog
  • 10/10/08 13/09/09
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  • Sun, 31/05/2009 - 11:21

Please list them and I'll add them to the questions.


Please list them and I'll add

  • Anonymous
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  • Sun, 31/05/2009 - 11:24

Frog: Yours is a reasonable request, but I don't have the time to do so. I was hoping that you or someone else might have kept a running list.


I guess also it is a matter

  • frog
  • 10/10/08 13/09/09
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  • Sun, 31/05/2009 - 13:40

I guess also it is a matter of opinion as to whether he has answered the questions fully - and whether he is indeed allowed to. Generally, I keep a list of open questions - but most have become less important over time - for instance the request for a multi-currency balance sheet.


@frog

  • Anonymous
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  • Sun, 31/05/2009 - 13:48

Is it possible to run through a list ofthose questions he has refused to answer because he has claimed that we are not entitled to the information? Those are the ones that I am after now, because I feel that he may not be entitled to our vote to remain in the position of liquidator in circumstances in which he refuses to disclose certain information to us?

Also, could you add the following question, if it does not already appear:

What steps have been taken to date to recover from IoMT/IoMG any and all of the bank's/PWC's costs of and occasioned by the proposal, development, promotion of and voting for the SoA, including all the legal costs incurred by the bank/PWC (in IoM, in UK and in Iceland) and if, as has been stated, he is in negotiation with IoMT over this matter, what steps has he taken to canvass creditors' wishes concerning those negotiations and have they led to him compromising the matter in any way with the IoMT/IoMG and, if so, what authority does he have from creditors to make any such compromises?


Elgee, AS I said before -

  • frog
  • 10/10/08 13/09/09
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  • Sun, 31/05/2009 - 18:11

Elgee,

AS I said before - please list those questions you feel haven't been answered.

The second one is in the list if you review what I posted.


frog

  • Anonymous
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  • Mon, 01/06/2009 - 00:51

Yes, I see a similar question in the list you posted, but it does not ask quite the same things. Can you concatenate my question with the existing question?

Also, having read the existing question in your list, I see thet it ends in what appears to be a statement rather than a question. Can that statement be rephrased as a question and is the "not" actually intended to be there?

Finally, the "Docherty" referred to in your list is, I think, A. Doherty. I am sure that many depositors want to know why he is still gainfully employed by teh bank and drawing a director's salary, especially in view of the numerous complaints from depositors about the reassuring statements made by him to them during the final days of trading.


Final list of questions for Mike Simpson - call on 1st Jun 2009

  • frog
  • 10/10/08 13/09/09
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  • Sun, 31/05/2009 - 10:19

Dear all,

Here is the list of questions based on your input that I will pose to Mike Simpson at 4pm BST on Monday.

Note that you need to register to be able to listen to the call.

Call details are:

The registration website for listen-only participation is available at:

https://cossprereg.btci.com/prereg/key.process?key=PBMK3AQR3

The relevant telephone numbers are as follows:
Participant joining details
UK Freefone dial-in number: 0800 387 772
UK Direct dial-in number: 01296 480 104
International direct dial-in number: +44 1296 480 104
Passcode: 415 513#

General Questions

  1. What is the current cash balance for the bank?

  2. How much interest has been earned so far?

  3. Any news about the KSFUK dividend from E&Y?

  4. What is the latest status on the sale of the loan book and any other interest in the purchase of the bank?

Open Questions

  1. Have you submitted costs in developing the SoA to the court or directly to the Treasury – as we discussed on the last call?
    At the SOA town hall meeting on 11th May, Peter Spragg confirmed that IOM Treasury sponsored the SOA. Creditors have rejected the SOA yet a very considerable quantum of creditors' assets (I estimate £2-3 million) has been expended on drafting the SOA. Given that the Liquidator is required to act in the creditors' interests, will Mike Simpson please confirm that he will invoice IOM Treasury for each and every cost incurred on behalf of the creditors to KSFIOM in connection with the SOA.
    At the SOA town hall meeting, Peter Spragg appeared to confirm that the Liquidator Provisional had not first agreed that IOM Treasury would pick up all costs associated with the SOA before PWC agreed to devote the estimated £2-3 million of creditors funds to this project.

This Week’s Questions

  1. Can you lead us through the timetable for liquidation – what happens when, and in what order?
  2. What is the timetable for the first dividend – and any ideas on how the DCS would work?
  3. Can you clarify why the balance with KSFUK dropped by £128M from one balance sheet to the next?
    a. Is the £241m now quoted as due back from KSFUK – a net figure? I.e. The previous net book value figure shown on Oct 2008 was £401.8m. So are we now saying the £241m comes from £401.8m - £241 = £160.8m of a difference?
    b. If so what has caused this difference of £160.8m? 
I saw one explanation that it was due to KSFUK (E&Y) getting their initial figures wrong due to the complexity of untangling the situation. Any truth in that?
    c. Does the Liq Prov still expect10p in the £ back from KSFUK in June/July this year?
    d. What is happening with the CDs – has the first £10M come back – how about the rest?
  4. With the UK balance, how much is in clearly identifiable cash deposits? What financial instruments is the rest denominated in? Why is their valuation uncertain? You have previously talked about offsets and put the total at £164.3m. Exactly what are those offsets?
  5. With regard to the sales of collateral in the repo agreements; how much has been realised, when can he provide more info?
  6. What claim have you put into KSFUK, as the deadline is 18th June, and can we see the accounting for it?
  7. Has Mike Simpson received proceeds from the sale of shares in Booker Group plc sold following the liquidation on 27th May? The sale involved 324.7 million shares at around £0.29p per share. Unless I am missing something, that produces the sum of approximately £94 million. Can we ask Mike Simpson to confirm the amount realised?
    Ref: See - see
 http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?...
    And

    http://www.bloomberg.com/apps/news?pid=20601102&sid=aCTlN4aSf_gw&refer=uk
  8. It was stated in court that ‘in the next six weeks Mike Simpson will undertake immediate duties: distribution of claim forms, collation of data from claimants...' Can you confirm that you will accept electronic copies of the documents (as long as they had a signature) in order to deal with the voting of matters at the first creditors meeting?
  9. How does the change to Liquidation affect your powers – and can you provide more information to depositors in the future?
  10. Will LP please detail the number of ksfiom staff still employed by the liquidator at the date of this conference call? I understand from staff that continues to be employed there that staff have been awarded a contract that gives them a 50% bonus if they stay until the end of the new contract. In addition, most if not all the remaining staff are to be retained until at least October with a number already having received contracts to October 2010.
  11. Are any of these staff former directors of the bank? Why is Docherty still employed? Now 8 months later surely MS is up to speed and does not need him as all his knowledge will have been secured over 8 months.
  12. If MS cannot provide full answers at the time of the conference call will he agree to provide a full written answer within 7 days following the conference call?
  13. The KSFIOM depositors' website has undoubtedly proven an invaluable communication tool to many depositors. Given the willingness of the manager of this website to set up a separate section of this site for official communications from the Liquidator, would Mike Simpson confirm in principle that assets from KSF IOM can be used to fund reasonable costs associated with this website?

Expedite Repayments from Loan Book

  • 345681
  • 28/11/08 31/05/09
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  • Fri, 29/05/2009 - 08:40

As I understand it, much of the outstanding loan book is being repaid on an interest only basis. This obviously means that capital will only be returned to KSF IOM at the end of each respective interest only loan term. Obviously this restricts the funds immediately available to Simpson to pay dividends to creditors.

Should we ask Mr Simpson whether he has the power to suggest to the creditor's committee that the Bank offers some form of incentive to its debtors to repay their outstanding loans early. Perhaps all debtors should be offered the opportunity to settle early with an amount equal to, say 90% or 95% of their current outstanding balance. I suggest that any debtors able to refinance with another bank might like to take advantage of this - and also possibly enjoy a lower rate of interest on the refinancing package.

I know that American Express recently offered such a deal on outstanding credit card balances to its US customers.

Might fly in the face of the 100% return for all campaign, but a bird in the hand.......


This was discussed in part on

  • frog
  • 10/10/08 13/09/09
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  • Fri, 29/05/2009 - 10:54

This was discussed in part on the last call. There is a cost-of-money calculation always in the back of their minds when talking to customers of the loan book and there have already been some capital repayments made.

I for one whould not support a wholesale discount on all loans - it makes no sense as the most secure loans would be cleared using this proceedure, while the less secure ones will remain.


Loan Book

  • 345681
  • 28/11/08 31/05/09
  • not a depositor
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  • Fri, 29/05/2009 - 11:03

Good point Frog

Should we ask Mr Simpson to direct the bank's staff to conduct an analysis of the loan book and then, having highlighted the loans with the highest risk of default (poor payment history, high loan to value ratio etc), offer those borrower a discount for early repayment.


The mitigation of risk in the

  • frog
  • 10/10/08 13/09/09
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  • Fri, 29/05/2009 - 11:19

The mitigation of risk in the loan book is exactly what they have been doing. Mike Simpson himself has been talking to some of the bigger loaners apparantly.


Soft deals on loan book

  • kiwi38
  • 11/10/08 31/05/09
  • unspecified
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  • Fri, 29/05/2009 - 11:37

Frog - given the track record of MS to date, your comment about him talking to some of the bigger borrowers worries me. Simpson has hardly proved to date that he is acting in the best interests of the creditors, as he is legally obliged to do. I concur that we need to consider having him replaced by either a different UK based PWC partner, or possibly another company. Either way I believe that the PWC Senior Partners in the UK need to be made aware of our concerns and put on notice that we believe PWC are not and have not always acted in the best interests of creditors to date.

I have no idea of who the larger borrowers from KSFIOM are but who knows who they are and what circles they move in - I would hate to think MS could do soft deals on thier outstanding debts without any reference to the credit committee. There is too much room here for corruption. What are the limits that he / PWC may deal or agree to without reference to the credit committee?


how soon

  • bellyup
  • 10/10/08 09/01/10
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  • Thu, 28/05/2009 - 08:33

How soon can he give us some money?


:) My favourite question.

  • frog
  • 10/10/08 13/09/09
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  • Thu, 28/05/2009 - 13:11

:)

My favourite question. Looks like 14.5% and in a month or so - I'll try to get dates for future distributions - plus the KSFUK one.


EPS deduction

  • nr8209
  • 12/10/08 31/05/09
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  • Thu, 28/05/2009 - 21:06

For those that have already received the EPS payments will this be paid back to IOM first before any further funds are granted to me? (I am class 1)


nr8209, re ERS deduction

  • Anonymous
  • Offline
  • Thu, 28/05/2009 - 23:36

The answer to your question is yes. The following is an extract from the DCS Question & Answer documunt found on the website shown below.

Q. I have made a claim under one or both of the Early Payment Schemes - how does this affect any claim under the Depositors’ Compensation Scheme?

A. The amount of any payment you have received from the Early Payment Schemes will be deducted from any compensation payable to you under the Depositors’ Compensation Scheme.

http://www.dcs.im/dcs/dcs.nsf/FAQs


Please can you post questions

  • frog
  • 10/10/08 13/09/09
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  • Thu, 28/05/2009 - 01:58

Please can you post questions here rather than comments - it is proving difficult to ensure I capture all the questions and I'm concerned I'll miss one.

Also, the 'resignation of the lp' has been covered enough here, and will be a matter for the Creditors' Committee so it would be probably better to start a new thread for letting off steam on that one.


Sale of Shares in Booker Group plc

  • jr
  • 10/10/08 31/05/09
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  • Thu, 28/05/2009 - 21:25

My question is has Mike Simpson received proceeds from the sale of shares in Booker Group plc (possibly around £8million), sold following the liquidation on 27th May?

Thanks.


Booker Share Sale

  • britsick
  • 19/10/08 31/05/09
  • unspecified
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  • Fri, 29/05/2009 - 08:23

The sale involved 324.7 million shares at around £0.29p per share. Unless I am missing something, that produces the sum of approximately £94 million. Can we ask Mike Simpson to confirm the amount realised?


Can you both provide me with

  • frog
  • 10/10/08 13/09/09
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  • Fri, 29/05/2009 - 10:41

Can you both provide me with links to the source of this info? I'd like to be able to have a clear idea about what I'm talking about and I haven't heard of this deal.


Booker

  • manx-person
  • 17/10/08 31/05/09
  • not a depositor
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Thanks - just what I needed.

  • frog
  • 10/10/08 13/09/09
  • a depositor
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  • Fri, 29/05/2009 - 11:25

Thanks - just what I needed.


The LP's next task

  • brianbrasil1
  • 17/11/08 n/a (free)
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  • Wed, 27/05/2009 - 21:29

'In the next six weeks Mike Simpson will undertake immediate duties: distribution of claim forms; collation of data from claimants ...'

CAN we please ask the LP (in view of the shambles over which he recently presided) to contact all creditors by e-mail as well as by carrier pigeon or whatever system he previously used. (As at 27/5/09 I still have received nothing by post about the vote or the amendments....)

Nigel/Frog: Thank you very much for what you have done/are doing.


LPs next task

  • manx-person
  • 17/10/08 31/05/09
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  • Wed, 27/05/2009 - 23:00

In the draft order discussed in court today, there were - amongst other things - specific provisions to allow for distribution of the claim forms by email and fax, and also for the LP to at his discretion accept electronic copies of the documents (as long as they had a signature) in order to deal with the voting of matters at the first creditors meeting.


Allowed to, but will he?

  • brianbrasil1
  • 17/11/08 n/a (free)
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  • Wed, 27/05/2009 - 23:26

Thank you Manx Person. I would just like to be sure that he does what he's 'allowed' to do


MS Court Appointed Liquidator

  • Done like a Kipper
  • 10/10/08 n/a (free)
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  • Wed, 27/05/2009 - 13:34

As the liquidation process is now under way and MS has been appointed as liquidator I, as a creditor would seek detailed information on the following:

1a) As liquidator will MS be more open in his responses to questions from creditors than he has been as LP?

b) If MS cannot provide full answers at the time of the conference call will he agree to provide a full answer within 7 days following the conference call?

2) Will MS as liquidator please now disclose the details of the legal advice he received on the in flight transfers which until now he has refused to disclose?

3) Will MS provide a full written report to creditors which details how PWC miscalculated in excess 1,000,000 pounds of funds originally apparently due to creditors?

4a) Will PWC be seeking all its unauthorised expenditure on the SOA from the IOMG? If this is not to be the case then will the liquidator please provide a detailed report to creditors on its reasoning?

b) If it is intended to seek reimbursement from the IOMG and the IOMG refuses to make payment what action will the liquidator take to return its unauthorised expenditure to creditors?

5a) Will LP please detail the number of ksfiom staff still employed by the liquidator at the date of this conference call?

b) Are any of these staff former directors of the bank?

Many thanks frog!!!


Hi, Can I ask for

  • frog
  • 10/10/08 13/09/09
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  • Fri, 29/05/2009 - 10:59

Hi,

Can I ask for clarification or answer some already posed questions:

  1. This has been asked before and the change from LP to L doesn't affect the answer; he will not disclose the legal advice as it would provide information on the basis for the advice to any entity that would wish to challenge the decision.

  2. What is the £1M that you refer to here?

  3. I made this case on the last call - and I'll certainly do it again on this one.

5b The CEO is still employed. I'll ask how many staff are there, but it will still be 'mid-thirties' of course.


Reply to Frog

  • Done like a Kipper
  • 10/10/08 n/a (free)
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  • Fri, 29/05/2009 - 14:31

The new lower amount in the pot (excess of 1M) is the figure which the LP published just prior to the vote which appeared to be an atempt to influence voters to support the SOA and extend the voting deadline until 27 May.

I'm aware that one or two of the questions have been asked previously but MS's answers have not been definitive or positive enough for my liking. Therefore I think we should ask the same questions again to keep the pressure on. As you will be aware we cannot hold him accountable if the answers are vague.


Can you point me to the line

  • frog
  • 10/10/08 13/09/09
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  • Fri, 29/05/2009 - 15:52

Can you point me to the line item that you are talking about? I'm still in the dark (I'm assuming you mean something on the balance sheet)


Apologies

  • Done like a Kipper
  • 10/10/08 n/a (free)
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  • Fri, 29/05/2009 - 21:50

A bit jet lagged at present as am currently in the USA. I meant to say in excess of 100,000,000GBP (I think the actual figure that we are now light is 128M). I have received nothing at all from MS by way of explantion for the apparently basic 'accounting error'.


Oh OK, this is the difference

  • frog
  • 10/10/08 13/09/09
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  • Fri, 29/05/2009 - 22:36

Oh OK, this is the difference in the balance sheets of the £128M. The question is already in the list.


Why is he still employed

  • amar
  • 13/10/08 31/05/09
  • unspecified
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  • Fri, 29/05/2009 - 11:03

Frog

Could you ask why he is still employed?

Initially the reason was that he was integral to the business. Now 8 months later surely MS is upto speed and does not need him as all his knowledge will have been secured over 8 months

Thanks


A company in liquidation

  • frog
  • 10/10/08 13/09/09
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  • Fri, 29/05/2009 - 15:53

A company in liquidation needs a liquidator to manage the business.


Liquidator?

  • amar
  • 13/10/08 31/05/09
  • unspecified
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  • Fri, 29/05/2009 - 17:15

Frog I was talking about Docherty. Apologies if my question was unclear.


Appointment of Liquidator

  • britsick
  • 19/10/08 31/05/09
  • unspecified
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  • Wed, 27/05/2009 - 16:30

Manx Radio says:

"Although Mike Simpson and Peter Spratt have been named as provisional liquidators and receivers, creditors would have the chance to appoint somebody else at that meeting."

As usual, I am confused. Court-appointed or creditors-appointed?

britsick


Appointment of Liquidator

  • manx-person
  • 17/10/08 31/05/09
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  • Wed, 27/05/2009 - 16:53

I think that the provisional liquidators have been appointed as, i think the phrase is, deemed receiver and liquidator.
The creditors committee could appoint a replacement.
As I understand it.


Simpson should resign

  • shafted
  • 10/10/08 12/12/09
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  • Tue, 26/05/2009 - 21:21

I also beleive he the lp should go for his amature handling so far, he has probably earned a small fortune for his ineptitude, it would have a least been more palatable if he had handled thing better, although PWC are probably clapping their hands as they would not have made as much putiing someone in charge with more clout and probably a higher salary! we deserve better treatment.


Balances with KSFUK

  • frozenrover
  • 11/10/08 31/05/09
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  • Tue, 26/05/2009 - 17:48

Unless I've mised the answer to this can you ask Mike Simpson the reason for the dramatic reduction in KSFIOM's balances with KSFUK. Recently stated at 406m when in his affidavit of the 21st Jan it was 565m

Thanks


From the horses mouth

  • Kevin Platt
  • 20/10/08 31/05/09
  • unspecified
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  • Fri, 29/05/2009 - 16:06

See today's piece "a response from the treasury", where the UK government spokesman is saying the amount is 550 plus million pounds.


@horse's mouth

  • IceCrusher
  • 14/10/08 25/10/11
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  • Sat, 30/05/2009 - 06:42

That letter is a revamp of one that's been doing the rounds for months; they have not updated the sum (as you might well expect as no one there gives a damn).


missing ksfuk money

  • iainb
  • 11/10/08 01/02/10
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  • Tue, 26/05/2009 - 19:19

yes..we need to get to the bottom of this

i posted about this earlier but it was lost under a deluge of silly posts

i'm surprised that there has not been more speculation about this

we got notification that after set-off the amount owed from ksfuk to ksfiom was reduced to 240m

why? how?

was the amount upstreamed to ksfuk wrong? is so how can that be..surely KSFIOM should know how much it has placed with ksfuk

otherwise, has ksfuk lost the money and if so how? and to whom

what is the LP doing about it

regds

iainb


Nah nah nah nah

  • dj
  • 07/11/08 31/05/09
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  • Sat, 30/05/2009 - 10:36

If HMG are paying someone off to try and get the £552Million reduced to £240Million (or less!!!!) then things will start getting really ugly. I promise that. Really really ugly. I know someone who has lost his entire life, family and any future he or his family may have had. He is a gentle kind and generous guy but if he hears that that has happened (he doesnt look at this site anymore because of the petty bickering) then God help some folk as he has nothing more to lose.

I know that sounds overly dramatic and 'threatening' but I know the guy and considering what he has lost it really wont be good - and will probably not help our general situation. What are the facts and where are they coming from?


£552 Million reduced

  • dj
  • 07/11/08 31/05/09
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  • Sat, 30/05/2009 - 16:01

Anyone got any information on that call that the £552 Million owed by Kaupthing HF in London has been reduced to £240 Million?


I'm assuming you mean KSFUK

  • frog
  • 10/10/08 13/09/09
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  • Sat, 30/05/2009 - 19:59

I'm assuming you mean KSFUK not Kaupthing Iceland (Khf)? If so...

The £552M was the gross amount owed by KSFUK to KSFIOM. KSFIOM owed KSFUK some money too and this was 'set-off' against the gross amount.

The error in the balance sheet was most likely the repo agreements having their credits counted twice (this is the basis of another question) - and so we remain with a net balance between KSFIOM and KSFUK of the amount you speak. No money has been lost.


Excuse me, but 11,400

  • IceCrusher
  • 14/10/08 25/10/11
  • a depositor
  • Offline
  • Sun, 31/05/2009 - 15:27

Excuse me, but 11,400 depositors including bondholders have 'lost' their money.

Let's not get too clever about 'errors' in balance sheets, 'repos' and 'set-offs', this serves only to detract and justify the loss of our hard-earned savings. We chose to save our monies in the Isle of Man; some other bugger moved it to the UK and LOST it. I don't give a shit about the excuses, no one deserves to get (not earn) the money these vultures collect and get away with 'losing' the odd £128M here, and oh! the odd £160M there, without comment.

I see the latest list of questions doesn't ask when Simpson is standing down - a question asked by many depositors. You're too soft on this geezer frog, you need to pull back on the leading questions that give him an answer he can't think of and get on his case like a terrier after a weasel - because that is what he is. He spent 90% of his time working on that sodding SoA instead of keeping his eye on the ball; every conference call has him umming and aahing because he hasn't done any work to answer our questions. He's not proactive, merely reactive - ask him a question and his reaction is to uum and ahh because he's not been proactive enough to seek asnwers beforehand. Don't get soft on him and let him off the hook as you've done before, chase after the little shit!!!


A bit of pressure

  • JD
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Sun, 31/05/2009 - 17:54

Yes, - time for Mr Simpson to answer for himself. There is now no SoA to distract. No reason not to be fully up to speed on our issues. He actually now needs to re-establish our faith in him somewhat.