Questions for Mike Simpson LP - for March 9th 2009

  • frog
  • 10/10/08 13/09/09
  • a depositor
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Posted: Thu, 26/02/2009 - 06:40

Dear all,

Please post your questions here for the biweekly call with Mike Simpson, Liquidator (provisional) of KSFIOM.

Please note that there were a lot of questions that came in after the list was closed on the preceding Friday, so if your question missed the cut, please post again - and also please don't wait until the last minute to post!

Regards

frog

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Iceland's IMF loan obligations

  • wood
  • 12/10/08 30/05/13
  • a depositor
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  • Sun, 01/03/2009 - 06:56

Written Answers - Treasury: Kaupthing Singer and Friedlander: Isle of Man (26 Feb 2009) (http://www.theyworkforyou.com/wrans/?id=2009-02-26a.256649.h&s=kaupthing...):
Ian Pearson: " In line with usual constitutional arrangements, the Government will represent the Crown Dependencies in its negotiations with the Icelandic authorities. The focus of the negotiations is to ensure the fair and equitable treatment of creditors.
--The IMF Stand-By Arrangement to Iceland, agreed on 19 November, includes Iceland's commitment to "ensuring the fair and equitable treatment of depositors and creditors of the intervened banks"."--

In light of Pearson's written answer above on 26 Feb, does MS know when/where/how the IoMG is monitoring these discussions on Iceland's IMF loan obligations? Or is KSFIoM not included in "the intervened banks"?


http://www.theyworkforyou.com/wrans/?id=2009-02-26a.256649.h&s=k

  • icdbrazil
  • 10/10/08 30/11/09
  • a depositor
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  • Sun, 01/03/2009 - 19:05

See above link.

The puppet Pearson is still churning out absolute garbage in response to serious queries. They have no shame at all. It is a disgrace.

We must continue to write to MPs etc and given the above suggest bombard Pearson also.


question

  • dans le merde
  • 14/10/08 31/05/09
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  • Thu, 26/02/2009 - 10:27

In the event of a significant return from London,could we possibly end up in a situation where more is eventually recovered than is owed to depositors?what would happen then?

Also if the court case on the isle of man regarding an inflight transfer is succesful,is Mr Simpson physically able to release the moneys from London?
thanks


Ha Ha

  • bellyup
  • 10/10/08 09/01/10
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  • Thu, 26/02/2009 - 11:34

Hopefully they would give us all a big bonus!

We certainly deserve it for all the stress worry (not to mention lost interest) and disruption to our lives but this is not something i would hold my breath for.


ha ha ?

  • dans le merde
  • 14/10/08 31/05/09
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  • Thu, 26/02/2009 - 12:04

I`m certainly not holding my breath,but surely its possible,what percentage return is needed from uk to make it possible for a full payout for us?it isnt 100%,so therefore it must be possible


62.5%

  • skintagainnow
  • 10/10/08 31/05/09
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  • Thu, 26/02/2009 - 12:15

On rough figures and assuming loan book goes to plan a tad over £200m say £250m take into account charges & costs or 62.5% (assuming £400m in UK)


62.5%

  • dans le merde
  • 14/10/08 31/05/09
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  • Thu, 26/02/2009 - 13:43

given the one or two bits of positive info about kaupthing uk,ie the fact that assets exceed liabilities(book values)and the comments an mp made about "significant return",the possibility does therefore exist of 62% or more coming back,in time.


dans le merde don't get your

  • skintagainnow
  • 10/10/08 31/05/09
  • a depositor
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  • Thu, 26/02/2009 - 16:34

dans le merde don't get your hopes up,

IF

IoMG are true to their word on either DCS or SOA and put in approx 12.5% (around 110>150m) could drop that to a lowest of 50% return after that we're screwed.

HOWEVER even if E&Y publish a forecast return of 50 / 60 / 65% return in their initial report, 1st reports are never accurate / a year down the line the returns for that year will be published (which will not match the prediction - there will be a loss - there always is). They will also at that time predict a forecast for the next year & whatever the 1st forecast was - look to drop a minimum of 10% off overall recoveries - same applies at the end of the second year - if sufficient money recovered they pay out (generally annually) but may drop to bi-annual - then payments dry up - forecasts get lower - published figures cover their costs / legal costs / court costs and that's about it.

The same will happen with PWC if KSF IoM goes down the liquidation route...

You also have to remember our own loan book has to stand up to forecast too, everyone on here and in the media are assuming 100% return on that -- I'll belive that when it happens.

That doesn't indicate a preference for SOA or liquidation of KSF IoM