Should Mike Simpson and PwC be fired

  • moneytoburnnot
  • 26/11/08 31/05/09
  • not prepared to answer
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Posted: Thu, 14/05/2009 - 17:45

It is now 14th May and I like so many others (70% according to a sample size of +100 depositors) have not yet received their SOA voting forms.

The overriding duty of the LP is to look after the interests of the creditors, in this respect is now clear that Mr. Simpson and PwC have failed in this capacity.

It is easy to say we have placed these forms on line but it is well know that many of the depositors affected by this mess are elderly and probably do not possess a computer let alone know where to look on line. Mr. Simpson has a duty of care to ALL depositors and again in this respect he and PwC has failed. Clearly the support of Creditors as evidenced by many posts on this site is no longer there for the current office holder of LP or the firm he represents.

I am not a legal person but suggest the DAG team should petition the IOM courts to have this shambolic vote delayed at the same time as petitioning for the removal of Mr. Simpson and PwC.

Clearly this vote is meaningless when as it appears the overwhelming majority of creditors are disenfranchised.

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PwC Corporate Governance

  • moneytoburnnot
  • 26/11/08 31/05/09
  • not prepared to answer
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  • Sun, 17/05/2009 - 00:25

For those interested Mr Mike Davies at PwC is the contact responsible for corporate governance at PwC, he can be reached at tel 44 (20) 78042378, alternatively send him an email on what you think of Mr. Simpon's failure to protect the rights of creditors http://www.pwc.com/extweb/newcowebpouch.nsf/Memo?OpenForm&CIF=MCD&CN=Mik...


128 million

  • shafted
  • 10/10/08 12/12/09
  • a depositor
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  • Fri, 15/05/2009 - 23:29

I think the IOM now know that the soa will be voted down so they will not be able to claim back as much from the DCS so bingo they have claimed the 128 million first!


wrong stamps

  • shafted
  • 10/10/08 12/12/09
  • a depositor
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  • Fri, 15/05/2009 - 23:10

Perhaps a new stamp was minted in the IOM which was then paid for by our funds this may be the reason where part of the 128 million has gone!, because dont forget the IOM treasury would probably claw back commission after the first say twenty voting pack were sent out, hay a good scam heh.


should M. Simpson be fired?

  • felosleet
  • 14/11/08 31/05/09
  • a depositor
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  • Fri, 15/05/2009 - 21:04

I agree that the DAG should address the issue of so many of us being "disenfranchised" by the failure of the LP to ensure the timely dispatch BY AIRMAIL to overseas creditors of the SOA voting forms.
I have suggested to him that his mailing company may have put insufficient postage on items for transmission via AIRMAIL. If so, it will take up to 6 weeks to reach us in North America. Yes SURFACE MAIL does still exist!!!


should M. Simpson be fired?

  • Anonymous
  • Offline
  • Fri, 15/05/2009 - 21:09

It does appear likely that voting docs. were sent out with the wrong stamps, but do we have evidence of this (the envelopes)?


Swiss postage stamp

  • chd
  • 13/10/08 30/09/09
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  • Sat, 16/05/2009 - 07:47

They were sent out by Swiss Post London with a return address in Zurich. I googled it and this is what I got.

http://www.swisspost.co.uk/en/global/home.shtml

Guess the Swiss aren't as efficient as they claim!


Swiss postage ...

  • anrigaut
  • 19/10/08 30/10/09
  • a depositor
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  • Sat, 16/05/2009 - 12:11

Does this mean our documents are now sitting in Zurich?

In order to get a better grip on the scale of the posting fiasco, can all members outside IoM and UK PLEASE REPLY to the latest DAG blog asap:

http://chat.ksfiomdepositors.org/blog-entry/receipt-or-not-voting-packs-...

Thanks.


Postal delays

  • bobwin
  • 23/12/08 n/a (free)
  • a depositor
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  • Sat, 16/05/2009 - 10:23

Looks like they tried to do it on the cheap---130 pages of bumpff.

Another balls up


email from Scheme User

  • Anonymous
  • Offline
  • Fri, 15/05/2009 - 21:59

scheme(?)singers [dot] co [dot] im
No name.

I STILL have not received my voting forms. I want to track them down with help from the post office. The mail service between the UK and Japan is always reliable and fast. When did you send them?

Hi
They were sent on Monday April 27th.You can download the forms from the website at www.kaupthingsiners.co.im .I would advise this as the vote has to be in by 5 p.m today.
Regards

Did you sent the forms by surface mail?

Hi
They were sent out by surface mail.
Regards


A DIFFERENT STORY - WHO CAN YOU BELIEVE?

  • brianbrasil1
  • 17/11/08 n/a (free)
  • a depositor
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  • Fri, 15/05/2009 - 23:44

Mike Simpson's reply to me told a completely different story:

The documents were dispatched to you from the UK on 27 April 2009 by Royal Mail air mail to your address as noted below. As an officer of the Isle of Man Court, I am required to show evidence of postage. However, the documents were not issued recorded delivery and as such individual tracing is not possible.

I am very concerned that you and others have not yet received the original documents. Please let me know if you have not been able to download the documents from the bank's website and I will get them emailed to you.

Regards

Mike


Sacking Simpson

  • Helvetica Bold
  • 09/02/09 24/07/09
  • a depositor
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  • Fri, 15/05/2009 - 15:35

I am staggered by what I am receiving from and reading about Mike Simpson at this LATE date.
The enormity of losing £128m and its effect on these shambolic procedings to-date must surely be sufficient grounds for Edwin Coe to apply to the Court to have him removed.
Time and again we have seen growing evidence of deviousness from a LP and IOMG pointing everytime to saving the IOMG finance industry at the expence of the creditors of KSF IOM. We are now well aware of the treatchury being played out on the IOM and we have to stick together and fight this evil demon.
If liquidation will allow us a strong say in matters with a new Liquidator in place (I understand one only required) and a larger and more diversly represented Creditors Committee without Treasury interference then, having survived on my meagre pension for 7 months I can survive a few more months if DAG and Edwin Coe can get rid of this Manx scum.

As an aside to this affair did anyone see last Sunday's ITV 1 programme at 9.00pm titled British Islands narrated by Martin Clunes ? Last Sunday he visited the Isle of Man, met the Chief Womble in his little electrical shop in the village of Castletown and some wellhealed residents. The opinion of the programme interested me...........a race of arrogant and smug minded people.............hows that for an independent view !!!........Ring a bell with anyone out there ?


British Islands narrated by Martin Clunes

  • Yorkie
  • 13/10/08 10/12/09
  • a depositor
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  • Fri, 15/05/2009 - 16:57

Found the forum below when looking for info' on the Martin Clunes programme.

http://www.manxforums.com/forums/index.php?showtopic=32313&st=60

I found a couple of comments relevant to our situation:

"I could just imagine the look on the faces of all those pissed off KSFIOM investors when they realise that their financial well being is in the hands of someone who sells three batteries for £3.20 as his day job."

"Bit like a Loughtan [Manx sheep] when its k****ers are in the hands of a man behaving very badly !"

Supposedly, you can watch the programme if you download Microsoft Silverlight. I tried, but received this message: "Unfortunately, we are experiencing a technical issue at present. Please try again later."

http://www.itv.com/ITVPlayer/Video/default.html?ViewType=5&Filter=41381

I hope it hasn't been removed. I will try again later.


simpson is incompetent..

  • hippychickrobbed
  • 03/11/08 31/05/09
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  • Fri, 15/05/2009 - 15:57

Simpson is incompetent fullstop, .I never saw this man from day one fight anything for us, he is a tool of the isle of man. Its our duty to have the best man on the job and he for sure is not. You only have to read frogs phone ins, his answers are pathetic. I heard the roadshow wasnt anything impressive either, honestly how they can call this nightmare a roadshow I dont know.


Who do we think we are?

  • grapow
  • 20/10/08 31/05/09
  • unspecified
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  • Fri, 15/05/2009 - 16:01

As annoyed as I am after my life changed for the worst like everybody else last October, just who do we think we are kidding. All this talk of "sacking Simpson" etc is complete garbage, we have zero influence in this matter, despite our interest.

This site would be far more effective, if we stuck to lobbying and sharing news with each other not talking such im-mature nonsense


Who do we think we are?

  • Anonymous
  • Offline
  • Fri, 15/05/2009 - 17:18

If there is a real liquidation, I am informed that the liquidator's appointment has to be confirmed by the creditors and he can later be removed and replaced at a later date by the creditors. The vast majority of creditors are of course depositors. The IOMT is but one creditor.


should he be fired

  • banditman
  • 21/01/09 31/05/09
  • a depositor
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  • Fri, 15/05/2009 - 07:29

Simple answer yes.

But who knows what other half wit we might get in his place.

It's a shame we can't get sombody with some impartiality from the UK.


But the cost?

  • steveservaes
  • 13/10/08 31/05/09
  • unspecified
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  • Fri, 15/05/2009 - 08:20

I personally think we needed a rottweiller who would have pursued E&Y aggressively and really pushed on issues like why we were excluded from the creditors committee etc.
It is also disappointing MS couldn't get the sums right.
However imagine the cost of replacement!


Cost of replacement

  • Nixi
  • 20/10/08 31/05/09
  • a depositor
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  • Fri, 15/05/2009 - 08:38

The cost of replacing Simpson could be considerably less than the cost of having him continue to cock it up!
He made a dog's breakfast of the "In Flight" issue and this latest "Oh dear we got some of the numbers wrong, but we can't give you proper details" suggests total incompetance or a deliberate device to delay further and add to our legal costs.


Demand PWC give us a top dog?

  • steveservaes
  • 13/10/08 31/05/09
  • unspecified
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  • Fri, 15/05/2009 - 09:14

Perhaps a better solution might be to ask PWC to send us a decent attack dog from London - someone of rank to do the tough bits?


Voting Papers not received to date

  • howagcr
  • 18/10/08 31/05/09
  • a depositor
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  • Fri, 15/05/2009 - 03:57

Today is 15 May 2009 and I have not received any voting papers in Kuala Lumpur , Malaysia. Airmail to Malaysia can be normally one week. Surface mail: I don't know. May take a year if they sent by Runner!


I received an email from

  • Consuelo
  • 13/10/08 31/05/09
  • a depositor
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  • Thu, 14/05/2009 - 20:16

I received an email from LP this afternoon informing me of the fact that he had amended the balance sheet being used for the last 7 months to reflect the fact that the KSFIOM balances with KSFUK are 406M not 534M as they thought and this would help me to evaluate the SOA proposal sent to me on 27 April which I still havent received.

Still not to worry, he also tells me what James Ferris told frog ie that they have been using a different fag packet to work out the recovery rates so the rates originally sent and still not received by me are not too far out so alls well that ends well!!!!!!!!!!!!


Its now about PwC

  • moneytoburnnot
  • 26/11/08 31/05/09
  • not prepared to answer
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  • Fri, 15/05/2009 - 02:59

This is no longer just about Mr.Simpson and the IOM branch, its about his employers, PriceWaterCooper, losing 128 million pounds must concern them as us,

Maybe we could expect a comment from the parent?


128 million

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
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  • Sat, 16/05/2009 - 11:14

Has anyone contacted him/them?
I cant get through on the helpline.
Has anyone been given an explanation?


this is what I worry about, ...

  • hippychickrobbed
  • 03/11/08 31/05/09
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  • Sat, 16/05/2009 - 13:38

This is what I worry about them losing massive amounts like this which in turn affects our payback, we really have to breathe down their necks about the balance sheets. Its not alright, bellyup did you get through to pwc? one more mistake like this and he has got to go. Christ how did we get it all so wrong?


PRICE WATERHOUSE COOPERS better be watching. IOM banks too.

  • librasaver
  • 12/10/08 n/a (free)
  • a depositor
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  • Fri, 15/05/2009 - 20:42

If they allow the bungling to continue, PWC will lose customers and potential customers faster than the IOM is losing depositors.

If there are 10000 plus depositors in KSF IOM, about 5 might be foolish enough to elect PWC as Auditors if they are at a shareholders meeting anywhere worldwide after witnessing this.

I am willing to bet that the IOM is already seeing a massive outflow of funds, and that KSFIOM will not be the only bank facing liquidation. If the hardware store shopkeeper had asked for help when he had the first opportunity, this problem would have gone away.


WHERE IS THE 128 million pounds?

  • hippychickrobbed
  • 03/11/08 31/05/09
  • a depositor
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  • Fri, 15/05/2009 - 06:11

has icecrusher got onto asking about this? we have got to be on top of this incompetent, uncaring lot. we are going to come out with nothing if we are not breathing down their necks on every figure here...listen we are not going to be pushed around anymore . Who do they think they are, this evil has gone on long enough


@ moneytoburnnot

  • Anonymous
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  • Thu, 14/05/2009 - 18:47

As important as it is that everyone should have a vote, there should not be any further delay. It may not even change the result. We have waited 7 months already and if there is still no decision by October, the IoMG will not fund the DCS.


mike simpson and pwc should be fired..

  • hippychickrobbed
  • 03/11/08 31/05/09
  • a depositor
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  • Thu, 14/05/2009 - 18:38

There are many accountants wanting jobs during this crisis and I would love to see the back of this ma the whole lot of them infact...


I agree but....

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
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  • Thu, 14/05/2009 - 17:51

Do we want yet more delays?

its obvious that this vote /SOA Is a non runner.

Now we have the added factor of the change in the figures given out by the LP.

What say Edwin Coe?


bellyup

  • giveus backourfunds
  • 13/10/08 31/05/09
  • unspecified
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  • Thu, 14/05/2009 - 21:19

no we have to have a decision next week on this whole mess, no more delays, we have all been through enough no matter where we stand on the SOA. Whatever we all think and we have all had our views surely we agree that there has to a conclusion soon ?


WTF???

  • nr8209
  • 12/10/08 31/05/09
  • a depositor
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  • Fri, 15/05/2009 - 02:15

Reference email from LP (lax procrastinator???). WTF???

The sooner DAG has control of all factions and ends this shambles the better - send your proxy vote in NOW.


Enough - no more delays

  • keving
  • 13/10/08 31/05/09
  • unspecified
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  • Fri, 15/05/2009 - 02:56

120 million suddenly disappeared from the KSFUK balance, countless delays since October, still not received the SOA forms (but they still demand originals by May 27th) .... all just reeks of incompetence and a continual attempt to delay, delay, delay!

What should have happened in October (liquidation) has now been dragged out to May, I dont want to see demons where they dont exist, but it is certainly obvious that it is in the IOMs interest to delay even further. I have had enough! The SOA is a dead duck and they know it. Present tactics are perhaps a straw grasping attempt to wear us down even further with more delays and of course more expense.

I still hope the IOM court, staffed by IOM residents, with an IOM liquidator and just about IOM everything else (perhaps having an inherent conflict of interest) will still have the basic decency to grant us the justice we have been crying out of since October.

The DAG depositor votes have spoken and it is crystal clear .... we have had enough, no SOA, liquidation and liquidation now!!


128KK pounds......Calculation & SOA at last is out

  • chipmunk
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 15/05/2009 - 07:11

With 128 million vanishing where does that put our expected return...I have seen from 50% to 88% and even 100%...pre 128kk loss.......so assuming 128 million had dropped into a deep hole where do we now stand as a percentage return?


@chipmunk 128KK pounds...

  • IceCrusher
  • 14/10/08 25/10/11
  • a depositor
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  • Sat, 16/05/2009 - 12:18

I would tentatively suggest that we previously required about 43% from UK to ultimately get 70p/£ recovery. With the loss of £128M I think it would now take about 65% from the UK to achieve the same 70p/£. This assumes 85% recovery on the loan book; 35% on the CDs; 100% on the cash and no account of share values, costs, fees or future interest (very roughly for simplicity's sake just assuming interest will absorb costs/fees). This is offered as a ball-park figure only; I cannot know what the LP or 'Alix' have in mind, but I assume they will follow their previous submissions. I am not an IoM plant or even a supporter of these knaves. If the other assets make good, then the return will obviously be better, but I am not a natural optimist...
Ice


icecrusher or anyone else?

  • hippychickrobbed
  • 03/11/08 31/05/09
  • a depositor
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  • Sat, 16/05/2009 - 13:42

This 128 million missing, what does this mean for our deposits, is it more like 65 percent now?


@hippychickrobbed

  • IceCrusher
  • 14/10/08 25/10/11
  • a depositor
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  • Sat, 16/05/2009 - 15:53

If the IoM were to get in-line with other European countries then we'd get back all of our money and stop living this perpetual anxiety and dread - especially when they offer news to lift our hopes, then release worse news to dash them. Other than that, how long is a piece of string? There are too many variables (like losing £128M) to offer anything sound. I would think that the returns should reach 60%, but are unlikely to exceed 80%, that's a best guess based on inadequate data.
Ice


Thanks icecrusher...

  • hippychickrobbed
  • 03/11/08 31/05/09
  • a depositor
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  • Sun, 17/05/2009 - 09:49

Thanks for that information. Met another victim here on the island last night caught up in this,some choose to block it off, by not involving themselves in this as they find it more distressing.. Though they all say the same thing when I speak to them, lOUR MONEY WAS TAKEN AWAY FROM US.