Questions for Mike Simpson LP - for Feb 9th 2009

  • frog
  • 10/10/08 13/09/09
  • a depositor
  • Offline
Posted: Tue, 27/01/2009 - 15:31

Dear all,

New thread for collating questions for the bi-weekly call with Mike Simpson Joint Provisional Liquidator.

Please add your questions below.

4.3
Your rating: None Average: 4.3 (10 votes)

Comment viewing options
Select your preferred way to display the comments and click "Save settings" to activate your changes.

Listening in to the call

  • Nixi
  • 20/10/08 31/05/09
  • a depositor
  • Offline
  • Sun, 08/02/2009 - 12:34

Can you remind us how to do it?
Thanks!


Call in info for call on 9th

  • frog
  • 10/10/08 13/09/09
  • a depositor
  • Offline
  • Sun, 08/02/2009 - 12:46

Call in info for call on 9th Feb 2009.

Note from PWC:

Telephone conference dial in details
The fourth conference call which will take place on Monday 9 February 2009 4:00 pm GMT.
I am making the access details generally available to depositors. If you wish to listen to the call, you will need to register in advance. Please click the link to register.
https://cossprereg.btci.com/prereg/key.process?key=P3HVQPLJR


Funds in UK

  • pwakeham
  • 20/10/08 31/05/09
  • unspecified
  • Offline
  • Sat, 07/02/2009 - 17:20

Have you any reason - legal or other - to believe that Treasury will not consent to the release of a finally agreed balance of UK based funds to KSFIOM. This is required because KSFIOM is a related party under Clause 27(1) of SI 2008 No. 2674?

If Treasury consent was refused what action do you plan to take?


This was discussed in an

  • frog
  • 10/10/08 13/09/09
  • a depositor
  • Offline
  • Sat, 07/02/2009 - 17:23

This was discussed in an earlier call. It is his belief that this clause will not prevent the money returning to KSFIOM. The purpose was to stop the money going off to Iceland.


FSC/FSA communications

  • pwakeham
  • 20/10/08 31/05/09
  • unspecified
  • Offline
  • Sat, 07/02/2009 - 17:07

What action are you taking to enforce disclosure of the communications between FSC and FSA regarding the soundness of Kaupthing?

Will you take action under the Freedom of Information Act if voluntary disclosure is not forthcoming?

Have you sought to verify last week's statement to TSC by the former Singer & Friedlander Chief Executive regarding the "fitmess for purpose" of Kaupthing management?


The questions have already

  • frog
  • 10/10/08 13/09/09
  • a depositor
  • Offline
  • Sat, 07/02/2009 - 17:16

The questions have already been sent - please enter this question for the next call.


Questions

  • pwakeham
  • 20/10/08 31/05/09
  • unspecified
  • Offline
  • Sat, 07/02/2009 - 17:22

Do I need to resubmit or can you collate in advance?


I'll try to remember, but it

  • frog
  • 10/10/08 13/09/09
  • a depositor
  • Offline
  • Sat, 07/02/2009 - 17:41

I'll try to remember, but it would be better to re-submit when I start up the new thread on Monday - it's hellish enough trying to filter out the questions from the comment just on the one thread!


Final list of questions for Mike Simpson - call on 9th Feb 2009

  • frog
  • 10/10/08 13/09/09
  • a depositor
  • Offline
  • Sat, 07/02/2009 - 12:51

Dear all,

Here is the final list of questions for Mike Simpson for the call on the 9th Feb at 4pm GMT.

At the moment, the balances haven’t changed – with around £140M in cash being held. There is no update as to when KSFUK will report on when and how much dividend will be paid.
E&Y have not disclosed neither an approximate percentage of payout or date to any creditor. It seems that the IOM Government’s 65% is just a random projection.
Previous Question
1. DAG website address on bank site

A: This will be done also in the next couple of days.
- The site information cannot be found on the site – can you provide its location?
A2: Mike Simpson is collecting a number of relevant sites to include on the bank site – it will be updated with these sites this week.
- This still hasn’t happened – note this request is outstanding since early December
2. What is the current cash balance for the bank?

  1. How much interest has been earned so far?

  2. Any news about the KSFUK deposit from E&Y?

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

Today’s Questions
6. Do the staff have contracts ending in Feb, if so, are you planning to reduce the number on the payroll at that time
7. Do any of the current directors (or previous directors) have any outstanding loans, via cash/mortgage or their personal directors loan accounts? If you won't offer that up now, will you under full liquidation?
8. Previously Mike Simpson has said that the costs of running the bank for first 3 months were £900K. Is the current going rate £300K/month? Or has it come down since the first 3 months? If the bank goes into liquidation what is his estimate of monthly running cost?
9. KSFIOM is in provisional liquidation, is Kaupthing Holding (IOM) Ltd, whose Directors are basically one and the same, also in provisional liquidation. If not, why not? - It is the 'holding' company and trades at the same address as KSFIOM
10. Is Marriott IOM Ltd (previously Marriott Singer Ltd)(Company number 084667c) who’s Directors are basically one and the same to those of KSFIOM and K Holdings, also in provisional liquidation. If not, why not - it is part of the 'group', and traded at the same address as KSFIOM, before changing address on 14/11/2008. Normally under IOM Companies Memorandum of Articles of Association, there is a clause which states that at least 2 of the Directors must be Islanders, and 1 of these must be the Managing Director - does this clause apply to KSFIOM, and if it does could the nationalities of the Directors and their titles be issued.
11. Did any employee of KSF (IOM) transfer or move any sizeable assets in the proceeding 12 months to Oct 2008? Of particular interest would be the final 4 weeks of operation.
12. Does KSFIOM have any outstanding relationship via loans or anything else, with JJB Sports PLC its subsidiaries or associates other than the share ownership being held by KSFUK?
13. Who are/were the ‘four eyes’ on IOM between Jan & Dec 2008 and who are/were the 'four eyes' of KSFIOM from Jan 2008 to now Note: Four eyes are two people who have responsibility for the day-to-day operations of a licensed entity. They are subject to vetting by the FSC and must be, and remain, 'fit and proper' and are assessed using the broad categories of ICS (Integrity, competence and solvency). The term more usually used following the introduction of the FSA2008 (which came fully into effect in the Isle of Man on 1 Jan 09) is "resident officer" but as KSFIOM’s was licensed under the Banking Act 1998 Banking general Practices (Regulatory Code) 2005 in Para 10 and 69 or Part I and II respectively will apply which refer to "Four Eyes"
14. Can we have a breakdown of the type and quantity of individual depositors/entities?
15. Following the EPS payment of £1,000 How many account holders have now been removed, by fact, they had less than a £1000?
16. LP has already said that the loan book has a life of about 6 years. What is the analysis year by year?
17. What has been recent experience in KSFIOM of bad debts on loans? 
% in 2008? % in 2007 ?
18. Can we have a breakdown of the balance sheet in multicurrency (£, $ and Euro)
19. What is the average rate of interest that you are receiving on the cash balances?
20. Staffing: Are all the staff on contracts or have employment contracts. If contacts, do the staff have these contracts ending in Feb, if so, are you planning to reduce the number on the payroll at that time"?
21. Were KSF Staff able to get their money out after the 6th - and if so, has this been returned to the bank as well as other in-flight transfers made after the 6th?


question re "liquidation sale" of furnishings etc

  • kiwi38
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Sat, 07/02/2009 - 13:40

Why has "Mollags" question not been included? I agree with Mollag - how can this be done if:

a) the Bank is not yet in liquidation?
b) the IOM authorities expect us to believe their BS about a white knight showing up to take over the bank?

Mollag asked:

"Given that KSFIOM has not yet been put in formal liquidation, how is it that Isle of Man Auctions of Ramsey held a sale on Friday 6 February including, per their advert: "Singer & Friedlander Liquidation Sale of Office Equipment: Desks, Chairs, Filing Cabinets, Bookcases, etc"?

As I understood it, until such time as the company is put into liquidation, and an official liquidator appointed, none of the assets can be disposed of, or does the LP have such powers?"


This had been discussed before

  • frog
  • 10/10/08 13/09/09
  • a depositor
  • Offline
  • Sat, 07/02/2009 - 16:43

The 'Liquidation sale' name is a loose term for a sale of assets not needed by the bank due to the drop in staff and functions performed by the bank.

It is a good thing that unused assets are sold off. Staff also have been dismissed. This would be regarded as normal running of the bank - so liquidation is not necessary.

With regard to your point 2, I haven't seen any mention of the IOM Government saying that there is a company ready to take over the bank - can you show me where that is?


Question 6 & 20

  • cypheath
  • 01/11/08 30/10/09
  • a depositor
  • Offline
  • Sat, 07/02/2009 - 13:33

Do you expect to get different answers from 2 very similar questions?


No I don't because they are

  • frog
  • 10/10/08 13/09/09
  • a depositor
  • Offline
  • Sat, 07/02/2009 - 16:44

No I don't because they are duplicate questions.


That's OK then

  • cypheath
  • 01/11/08 30/10/09
  • a depositor
  • Offline
  • Sat, 07/02/2009 - 18:01

Didn't like to suggest that in case I was being presumptious,


KSFIOM site 30 jan DAG link

  • coldlightofday
  • 20/10/08 31/08/09
  • a depositor
  • Offline
  • Sat, 07/02/2009 - 13:13

Frog
When I last looked the KSFIoM website had an update 30 January, at the bottom of which are various links to official websites, the last one is to DAG official site


Thanks - I've removed that

  • frog
  • 10/10/08 13/09/09
  • a depositor
  • Offline
  • Sat, 07/02/2009 - 16:45

Thanks - I've removed that question from the questions sent to Mike Simpson.


Liquidation - Legal Rights

  • jkk
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Sat, 07/02/2009 - 13:07

Frog, knowing our rights in case of liquidation may be crucial in our voting for or against the SoA. Could you please ask MS two questions:

a) If the bank is in liquidation and we want to initiate a legal action against KSFIoM, FSC or IoMG, would Mike Simpson be prepared / obligated to lead such action on our behalf?

b) Could such action be funded by KSFIoM liquid assets?


frog

  • cottesmore
  • 21/10/08 16/07/12
  • a depositor
  • Offline
  • Sat, 07/02/2009 - 12:02

Following the EPS paynent of £1000 (yes,i know some have yet to receive) How many account holders have now been removed, by fact, they had less than a £1000?


Latest Questions for Mike Simpson Call - 9th Feb 2009

  • frog
  • 10/10/08 13/09/09
  • a depositor
  • Offline
  • Fri, 06/02/2009 - 13:59

Dear all,

Here are the questions I've sifted through. There is still time to post questions, so please do under this note.

  1. Previously Mike Simpson has said that the costs of running the bank for first 3 months was £900K. Is the current going rate £300K/month? Or has it come down since the first 3 months? if the bank goes into liquidation what is his estimate of monthly running cost?
  2. KSFIOM is in provisional liquidation, is Kaupthing Holding (IOM) Ltd, whose Directors are basically one and the same, also in provisional liquidation. If not, why not? - it is the 'holding' company and trades at the same address as KSFIOM
  3. Is Marriott IOM Ltd (previously Marriott Singer Ltd)(Company number 084667c) whose Directors are basically one and the same to those of KSFIOM and K Holdings, also in provisional liquidation. If not, why not - it is part of the 'group', and traded at the same address as KSFIOM, before changing address on 14/11/2008
  4. Normally under IOM Companies Memorandum of Articles of Association, there is a clause which states that at least 2 of the Directors must be Islanders, and 1 of these must be the Managing Director - does this clause apply to KSFIOM, and if it does could the nationalities of the Directors and their titles be issued.
  5. Did any employee of KSF(IOM) transfer or move any sizeable assets in the proceeding 12 months to Oct 2008? Of particular interest would be the final 4 weeks of operation.
  6. Does KSFIOM have any outstanding relationship via loans or anything else, with JJB Sports PLC its subsidiaries or associates other than the share ownership being held by KSFUK?
  7. Who are/were the ‘four eyes’ on IOM between Jan & Dec 2008 and who are/were the 'four eyes' of KSFIOM from Jan 2008 to now Note: Four eyes are two people who have responsibility for the day to day operations of a licensed entity. They are subject to vetting by the FSC and must be, and remain, 'fit and proper' and are assessed using the broad categories of ICS (Integrity, competence and solvency). The term more usually used following the introduction of the FSA2008 (which came fully into effect in the Isle of Man on 1 Jan 09) is "resident officer" but as KSFIOm was licensed under the Banking Act 1998 Banking general Practices (Regulatory Code) 2005 in Para 10 and 69 or Part i and II respectively will apply which refer to "Four Eyes"
  8. Can we have a breakdown of the type and quantity of individual depositors/entities?
  9. LP has already said that the loan book has a life of about 6 years. What is the analysis year by year?
  10. What has been recent experience in KSFIOM of bad debts on loans?
    % in 2008 ? %in 2007 ?

question

  • dans le merde
  • 14/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 06/02/2009 - 15:04

Apologies if this question is relavent only to a minority.
Looking at the figures it looks like a large % of depositors are going to get their money back,pro rata one would assume that most people with trapped inflight money will get there money in time,bearing in mind the low projected return from London,is it now time to send these funds on,i cannot see how this will disadvantage other depositors??
We have read on this site that KSF staff were able to get their money out on the 8th and the bank took deposits up to this date,why were these "transactions"allowed to stand,yet others made days before have not been allowed to stand?
is it physically possible to release these funds?
Thanks


Q1 and Q3. The in-flight

  • frog
  • 10/10/08 13/09/09
  • a depositor
  • Offline
  • Fri, 06/02/2009 - 19:19

Q1 and Q3. The in-flight money was pulled back into KSFUK and sits there as part of the unsecured credit (or didn't leave KSFIOM). The point of sending them on was discussed on the last call.

Q2 - unsubstantiated. How about: Were KSF Staff able to get their money out after the 6th - and if so, has this been returned to the bank as well as other in-flight transfers made after the 6th?


Questions

  • cottesmore
  • 21/10/08 16/07/12
  • a depositor
  • Offline
  • Fri, 06/02/2009 - 14:23

How much money has now been recovered?
How much interest have we earnt?
Why are the 35 staff, not on short time,therefore saving costs? There can not be that much to do.All the day to day banking is non existant.
If he is using the staff to 'assist' him,does this mean there are no others from PWC in the bank?Therefore reduced costs? Or is he billing us for the banks staff helping him? I hope not, but wont to make sure.
Surely he must have an up to date fee note he has charged us all.How much is it?
What were the largest withdrawals made by individuals(not employees,different question from above) up to the 8th by individual amounts,not by name.(We can try and get the names at a later date)
Do any of the current directors (or previous directors) have any outstanding loans, via cash/mortgage or their personal directors loan accounts? If he wont offer that up now,will he under full administration?


Questions

  • frog
  • 10/10/08 13/09/09
  • a depositor
  • Offline
  • Fri, 06/02/2009 - 18:23

1st question is added as the general 'running total' type question for all calls.

Q2 - the interest as of 16th Jan is 400K (approx) Do you want to know what interest has been raised in the past three weeks?

Q3. He has said previously that he has the 35 people, and I understand the contracts thru through Feb - he may reduce them at that time. How about "Do the staff have contracts ending in Feb, if so, are you planning to reduce the number on the payroll at that time"?

The general question about large withdrawals by individuals is not relevant - what is the purpose of this?

Directors' loans - will be included, but the privacy issue will be the likely response, so we'll see...


Frog

  • cottesmore
  • 21/10/08 16/07/12
  • a depositor
  • Offline
  • Fri, 06/02/2009 - 18:57

1st question,we should see how much he is raising weekly,not accumalative! That way we see how much has been achieved in the week for his efforts and costs!
2nd question,I want regular updates on interest earnt, so we can see what rate he is getting.
3rd question,are you telling us that all staff are on temporary contracts and not full time perminant contracts? I would find that quite unbelievable.If he planning on reduction,by how many? If they are temp' contracts,then there would be no redundancy payments to be made to them? Is this correct? And again what are they doing as the bank has no day to day work for this amount of employees?
The general question about large deposit withdrawals is VERY important.It gives us a clue if people were 'pre warned.'


Questions

  • frog
  • 10/10/08 13/09/09
  • a depositor
  • Offline
  • Fri, 06/02/2009 - 19:13
  1. The amount raised will vary - it will not be a regular amount as loans mature etc. I'll ask how much has been raised, you can deduct that number from the statement of the 16th Jan to see what has happened in 4 weeks.

  2. This also will vary based on the amount invested. I can ask him what is the average rate of interest he is getting on the cash which will save you having to work it out.

  3. This I can ask.

  4. Not really - a number of people on this site and others withdrew money as soon as they heard of Glitnir failing.


Call in info for call on 9th

  • frog
  • 10/10/08 13/09/09
  • a depositor
  • Offline
  • Fri, 06/02/2009 - 14:02

Call in info for call on 9th Feb 2009.

Note from PWC:

Telephone conference dial in details
The fourth conference call which will take place on Monday 9 February 2009 4:00 pm GMT.
I am making the access details generally available to depositors. If you wish to listen to the call, you will need to register in advance. Please click the link to register.
https://cossprereg.btci.com/prereg/key.process?key=P3HVQPLJR


Liquidation Sale

  • mollag
  • 12/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 06/02/2009 - 09:40

Given that KSFIOM has not yet been put in formal liquidation, how is it that Isle of Man Auctions of Ramsey held a sale on Friday 6 February including, per their advert: "Singer & Friedlander Liquidation Sale of Office Equipment: Desks, Chairs, Filing Cabinets, Bookcases, etc"?

As I understood it, until such time as the company is put into liquidation, and an official liquidator appointed, none of the assets can be disposed of, or does the LP have such powers?


Questions to pwc 9 Feb

  • banna
  • 15/10/08 01/03/10
  • a depositor
  • Offline
  • Tue, 03/02/2009 - 15:45

LP has said that the costs of running the bank for first 3 months was £900k. Is the current going rate £300/month? Or has it come down since the first 3 months? if the bank goes into liquidation what is his estimate of monthly running cost?
Alix tells us that SoA would be less costly. I have asked Shimmin to tell us what the running costs of the SoA would be and want a comparison.


Run Sheet

  • Done like a Kipper
  • 10/10/08 n/a (free)
  • a depositor
  • Offline
  • Tue, 03/02/2009 - 23:45

The only idea I can come up with to keep proper account of what the 30 odd staff and directors are currently doing at KSFIOM is to request that each employee (of ours) keeps a daily 'Run Sheet' of the specific activities conducted by them.

At least this would provide some form of checks and balances.


bank costs

  • dave
  • 14/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 03/02/2009 - 16:22

What is LP doing to rack up £300,000.00 per month. That is 1.2 million todate, how many depositors would that pay? H e needs to reduce the staff and pull his finger out. Most of the money he has clawed back was in bank accounts, I could have done that. He is also employing the directors I would love to know how many of the directors are depositors something we will never know.

At the 2 year SOA time to pay, the bank costs will be 7.2million and the DCS will be a lot more.

Also IOMG take 5% of payout to run the scheme, what a smack in the mouth, they should do it for nothing.


Tiny bank, tiny balance sheet

  • kiwi38
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 03/02/2009 - 16:37

KSF IOM was a tiny bank with a tiny balance sheet. The LP and also Alix are like pigs at our trough - clearly there is no incentive for them to resolve the issue when they effectively have a blank cheque which ultimately will be cashed by us. A question needs to be raised about the level of fees currently being charged and about how these fees can be capped at a reasonable level. Professionals don't like capping thier fees but when pushed I have always managed it for large transactions. We should not let the LP feast at our table indefinitely.


LIke winnig of a lottery

  • steelwood
  • 24/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 05/02/2009 - 13:00

To take over control of a faild bank like KSF IOM , looks like winning of a lottery, how good this business is!!!!!!!, but depositors can do nothing and are helpless to reduce such costs


KSFUK ASSETS

  • steveservaes
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Tue, 03/02/2009 - 17:20

Its not looking good on this. From Shearer's comments the management of Kaupthing were just taking deposits to punt on the markets like a big Ponzi scheme. Sounds unlikely we're gonna get much back from there does it. Maybe thats why Ernst and Young are so silent.

As for the FSC/FSA business I interpret John Aspden's comments as: "we expected them to tell us if anything went wrong and trusted them to do so but they gave us no guarantees and the money was not in any way anyting other than a loan from KSFIOM to KSFUK". This leaves no normal way in UK insolvency law for KSFIOM to get this back as a preference ahead of other unsecured creditors.

This leaves the questions: can IOM FSC recover from UK FSA? Sounds unlikely. Can KSFIOM recover from FSA - again, I'm not sure if FSA has liability as such (rather than Parliament being able to vote compo if it messes up) and in any case it sounds a bit far-fetched to ask UK FSA to compo KSFIOM for not telling them about naughtiness of their own sister company! As for IOM FSC - they will presumably say they were reasonable in what they did because of a practice with FSA that was broken inexplicably in one circumstance. Not sure they have any direct liability anyway and IOM government did not indicate today they felt any moral obligation to guarantee 100% even if there had been a failing anywhere in the IOM system. Looks like a politicial solution would be our only hope then.


If you go for liquidation, that's exactly what will happen..

  • skintagainnow
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 03/02/2009 - 17:59

If you go for liquidation, that's exactly what will happen..

Also until liquidation occurs then the creditors have no say in PWC's fee's - they are a matter for the court.

After liquidation it is a matter for the creditors committee -- again we will not have a say, think who will be voted to the creditors committee -- the insurance companies have the vast majority of voing stock and will determine that committee. Retail depositors will not get a look in.

Now do you see why liquidation is the deathnell for depositors.. PWC's cost will escalate once they are in full control with little or no restraints from the court.


creditor committee

  • banna
  • 15/10/08 01/03/10
  • a depositor
  • Offline
  • Tue, 03/02/2009 - 22:02

Skintagainnow,
I agree with your comment on likely power of the insurance companies in election of creditors' committee, but only if we act like a disorganised rabble. We suspect the companies have £200-300m deposits? That means the others have £500-600m that's us. If we get our act together why can't we get fair representation?
It will need to be organised - but I do not think it impossible.
We surely need to start thinking about it and talking to our lawyers

And what's your alternative to liquidation?


Bank Costs

  • Codpeace
  • 23/10/08 30/11/12
  • unspecified
  • Offline
  • Tue, 03/02/2009 - 16:36

That is outrageous! What on earth are they doing to justify spending that at our expense! Last I heard they still had 35 staff - WHY??? Can we ask what justification there is to employ so many - nothing seems to be happening?


Staffing

  • bobwin
  • 23/12/08 n/a (free)
  • a depositor
  • Offline
  • Wed, 04/02/2009 - 03:24

A lady I spoke to at the bank befor Xmas said that they all had a job through february---I suppose that to be reasonable for the staff---still seems a lot of money I agree but MS is in control of that and it is the usual way of things--the suits are the only winners!


A legal opinion from Mike Simpson would be helpful

  • Lucky Jim
  • 13/10/08 31/05/09
  • not a depositor
  • Offline
  • Tue, 03/02/2009 - 14:15

The Treasury select Committee meeting 3/2 is certain to have melted the wax to seal the fate of the IOM despite Chief Minister Brown's feeble remarks kowtowing to HMG.

Short of a miracle it is now going to be liquidation for KSFIOM on 19/2. This will mean the DCS will be triggered.

It now looks like DAG will have to consider legal action to fulfil its Mission.

Question: As Mike Simpson is anxious to secure the best deal for depositors, is he prepared to say now - or later - if he considers we have a case for legal redress, & if so against whom?


This question was answered a

  • frog
  • 10/10/08 13/09/09
  • a depositor
  • Offline
  • Tue, 03/02/2009 - 21:10

This question was answered a week or so ago - he will wait for liquidation before he will start any legal actions. Nothing has changed since that comment.

If the bank liquidates on the 19th, then the question will be asked after that.


Questions for Mike Simpson

  • Tricky Dicky
  • 24/10/08 30/05/09
  • a depositor
  • Offline
  • Tue, 03/02/2009 - 13:23

A few more to be asked:

  1. KSFIOM is in provisional liquidation, is Kaupthing Holding (IOM) Ltd, whose Directors are basically one and the same, also in provisional liquidation. If not, why not? - it is the 'holding' company and trades at the same address as KSFIOM

  2. Is Marriott IOM Ltd (previously Marriott Singer Ltd)(Company number 084667c) whose Directors are basically one and the same to those of KSFIOM and K Holdings, also in provisional liquidation. If not, why not - it is part of the 'group', and traded at the same address as KSFIOM, before changing address on 14/11/2008

  3. Normally under IOM Companies Memorandum of Articles of Association, there is a clause which states that at least 2 of the Directors must be Islanders, and 1 of these must be the Managing Director - does this clause apply to KSFIOM, and if it does could the nationalities of the Directors and their titles be issued.


Data Protection

  • SgKZ
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 03/02/2009 - 03:44

Dear Frog,

You may well remember asking a question last week that related to trying to establish if any of the Directors had moved large amounts of cash or shares from their personal accounts in the proceeding 12 months to Oct 2008. This was re-buffed by MS due to 'Data Protection issues'.

Can we try another way? I have looked at the Manx DPA and I am reasonably conversant with the way the UK DPA worked as I used to be a Data Controller.

We are not looking for MS to name any single individual which would therefore possibly identify their account. We are looking for a simple 'yes' or 'no' answer. He alluded to the Directors making a statement but this doesn't appear to have surfaced yet.

So, to broaden it as much as possible and so not to identify any single account, could he answer the following..

Did any employee of KSF(IOM) transfer or move any sizeable assets in the proceeding 12 months to Oct 2008? Of particular interest would be the final 4 weeks of operation.

If he cannot answer that directly, can he give a full explanation 'why' rather than the catch all "Can't do it, its the DPA" excuse that is so widely misunderstood and misused.

Thank-you.


Movement of Directors Assets

  • merlina
  • 26/01/09 01/06/09
  • a depositor
  • Offline
  • Tue, 03/02/2009 - 13:50

My question is the same a SgKZ. Did Directors move any of their deposits prior to collapse of our bank ?

Personally, if it is not answered, I will take that as a yes.


Merlin, The question was

  • SgKZ
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Tue, 03/02/2009 - 17:16

Merlin,

The question was worded like that last week and MS copped out woith the DPA excuse. If our instincts are correct, a simple "there were some out of character movement of funds" will suffice. We don't need to know whom. We just need to know that some people were preparing their own exit whilst telling people on the phone that everything was fine.


Questions for M Simpson

  • manx-person
  • 17/10/08 31/05/09
  • not a depositor
  • Offline
  • Mon, 02/02/2009 - 14:58
  1. Re: JJB

From the previous answers, it is clear the the LP holds shares in JJB. Could MS confirm whether the bank has lent any money to JJB, or is its exposure purely in respect of the shares seized.


This was answered in the last

  • frog
  • 10/10/08 13/09/09
  • a depositor
  • Offline
  • Mon, 02/02/2009 - 15:03

This was answered in the last call. The loan was made to KSFUK (KSFUK made the loan), so the amount that KSFUK owes KSFIOM is still the same. Mike Simpson has asked for the shares anyhow. If the value of the shares received is not equal to the original loan amount, then the difference exists as a credit with KSFUK.


JJB

  • manx-person
  • 17/10/08 31/05/09
  • not a depositor
  • Offline
  • Mon, 02/02/2009 - 15:20

Frog,

Are you working for PWC now (joke) - I know you want to avoid duplication questions, but I think that KSFIOM may have multiple exposures to JJB hence my question.

I appreciate what you are saying, but my questions is slightly different from that which was asked/answered last time.

I have looked at the last filed accounts at Companies House and they don't disclose the information needed to answer this question for sure.

I would be very grateful if you could ask the question please - thanks.

P.S. the question about you working for PWC is a joke - please don't take offence - but maybe if you can secure their hourly rates then you might get your money back in no time.........

Thanks again for your work on this.


Actually I'm just trying to

  • frog
  • 10/10/08 13/09/09
  • a depositor
  • Offline
  • Mon, 02/02/2009 - 19:23

Actually I'm just trying to ensure I understand the questions well enough to get the answers that people want. By understanding this, I can clarify the question upon an unclear response by Mike Simpson. I now understand your question (see note below)


@frog - I know just joking

  • manx-person
  • 17/10/08 31/05/09
  • not a depositor
  • Offline
  • Mon, 02/02/2009 - 19:51

Yes I know you are, I was just joking.
As I have said before, I think that this is a very good initative and on the calls I have listened to the questions are put very professionally. I was just trying to add some humour !
Keep up the good work !


Definitely direct from KSFUK,

  • Captain Mainwaring
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Mon, 02/02/2009 - 15:09

Definitely direct from KSFUK, or via an intermediate bank?

Has simpson registered an interest in the share by way of 2nd charge? If he doesn't actually hold them, then there is no lien (I think that is right).


This wasn't mentioned. Key

  • frog
  • 10/10/08 13/09/09
  • a depositor
  • Offline
  • Mon, 02/02/2009 - 15:17

This wasn't mentioned. Key thing is that the loan was not made by KSFIOM, but by KSFUK and so the amount loaned (which wasn't given) is fully recoverable from KSFUK as an unsecured credit. I think he doesn't 'own' the shares, but is asking for them from KSFUK - although this is different to the press which seems to think he already has them!