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SoA fallen at first hurdle - lancara

  • Helvetica Bold
  • 09/02/09 24/07/09
  • a depositor
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Posted: Thu, 23/04/2009 - 12:25

lancara, I'm denied access to reply to yor topic - Why?
I'm a DAG Chat member and logged on.
Is the problem your end?

However, did the Court say 10 days or 10 working days?
I spoke to LP team last Friday 17 April and was told 10 working days!

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If it's working days...

  • Anonymous
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  • Thu, 23/04/2009 - 13:42
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...then 19-May-09 for voting date is "out the window". 10+28=38 - 38 working days from 9 Apr, allowing for bank holidays = 8 Jun 09, I think.

Alternatively, if the 10 days is working that equates to 27 Apr 09 for scheme documents, and then 28 calendar days = 4 weeks = 25 May (which is a bank holiday (sic)!!)

P.S. Don't know why you were denied access


SoA documents

  • Brabander
  • 15/10/08 31/05/09
  • unspecified
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  • Thu, 23/04/2009 - 12:52
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The KSFIOM web site states the following:
"The various Scheme Documents are required to be issued to creditors within 10 days of the Court Hearing".
In my book this period ended 19th April ie more than 3 days ago!

I believe that there may be three reasons for this delay:
- Organisational incompetence
- The drafters of the SoA are belatedly trying to correct the many errors in the document and clarify contentious points (after following the feedback on the DAG web site!)
- The recent KSFUK statement came as a surprise and the IOMG now realise that signing the SoA makes absolutely no financial sense to the great majority of depositors
It could be any one of these or a combination.

I do not believe that they will have given up entirely on the SoA as in that case they would have to admit to have wasted £500k(?) and in the process upset a lot of depositors. We will probably be given a re-drafted SoA and will then be subjected to further delays!
I hope the Court will, at long last, do the honourable thing and pull the rug out from under the "Schemers"!


When have the IOMG ever been on time?

  • bellyup
  • 10/10/08 09/01/10
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  • Thu, 23/04/2009 - 13:32
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When have the IOMG ever been on time?

They delay the delivering the papers to court in thereby putting the depositors legal teams at a disadvantage,

If I received the documents today i would have trouble getting them read and posted back in time.

If they get control through the SOA they can then sit back and PROCRASTINATE forever.


SOA Documents

  • Reddy
  • 04/03/09 31/05/09
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  • Thu, 23/04/2009 - 13:09
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Could there be a fourth reason! That in the light of the KSFUK statement they have found a buyer for the bank and are therefore holding back on sending out the documents because there then would not be a need for the SOA!!!!


KSFUK Statement .....

  • chipmunk
  • 13/10/08 31/05/09
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  • Thu, 23/04/2009 - 13:04
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Can somebody please enlighten me just where can I find this statement ...and why are we not jumping with a little joy over this news if true.....it seems all rather low key if this is the case and we are all to get 80 or 90% return surely there would be a lot more on this site about this.....


Chipmunk. The statement

  • thesunnysouth
  • 10/10/08 31/05/09
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  • Thu, 23/04/2009 - 13:35
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Chipmunk. The statement relates to E&Y advising that they will be able to provide at least 50% return (with caveats) and most people believe that once they are able to provide> 60% then the PwC return should reach 80-90%.
The full E&Y report can be found here.
http://chat.ksfiomdepositors.org/forum-topic/ksfuk-ey-report-april-09

cutrrently last topic under active forum topics

John