SoA Timetable

  • Tricky Dicky
  • 24/10/08 30/05/09
  • a depositor
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Posted: Thu, 19/03/2009 - 22:56

All members
Thank you to the member who found this link http://www.kaupthingsingers.co.uk/Pages/4061, halfway down is the proposed time table for the SoA. All members need to read and comment - yes I have sent it through to DAG team for E&Coe - if they have not already seen it.

Why it is posted on kaupthing .co.uk web site I have no idea,

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SoA quicker payments????

  • Tricky Dicky
  • 24/10/08 30/05/09
  • a depositor
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  • Sun, 22/03/2009 - 16:57

Back in Nov 2008, when the SoA first raised its head via IOMG, the main reason given for its implementation was that payments to depositors would be quicker than via the DCS.
The timescale as above shows first payments due July/Aug 2009, which one could argue is 'quicker' than a DCS payment in Sept/Oct 2009 (the revised DCS ends on 8th Oct 2009), this is assuming that the SoA can meet its timescale.
Also dont forget that if KSFIOM had been put into liquidation in Nov 2008, then the money presently sitting in KSFIOM could have been paid out by now and the participating banks would have had to pay their levies into the scheme before the end of the DCS year - for 2008- 2009 year that ends on 31st March 2009.


Interesting thought

  • Tricky Dicky
  • 24/10/08 30/05/09
  • a depositor
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  • Fri, 20/03/2009 - 15:05

Well heres an interesting thought, - the IOMG have put all their eggs in one basket ie SoA, if that is rejected either by the Court or by creditor votes - what happens then, apart from a lot of eggs on faces


Payments

  • Tricky Dicky
  • 24/10/08 30/05/09
  • a depositor
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  • Fri, 20/03/2009 - 11:28

One thought that has struck me is that if IOMG have taken 3 months to sort out and pay EPS1 to some (guess) 2000 account holders - how are they going to pay out in half that time (according to the timetable) to 10,000+ account holders in various parts of the world.


tricky dicky

  • Ramsey resident
  • 22/10/08 31/05/09
  • unspecified
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  • Fri, 20/03/2009 - 11:48

As I understand it once the SOA is accepted, it will not be the IOM Gov running it but the LP and the Bank itself. The IOM Gov is only providing cash to cash flow the operation

As the bank still has 35 staff sitting staring out of the window then it should not be a problem


Ramsey R

  • Tricky Dicky
  • 24/10/08 30/05/09
  • a depositor
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  • Fri, 20/03/2009 - 13:12

You are right I believe, but the scheme and therefore the proposed timescale is under the control and creative forces at present of IOMG and Alix Partners, and it leads one to wonder whether or not this has been discussed with the LP, noting that the present LP may not be the one who runs the scheme, ie another LP may not be acceptable of this timescale - not likely, but it is a possiblity.


Given it's on the LP's website...

  • Anonymous
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  • Fri, 20/03/2009 - 16:13

...I would have thought the chances are good that it has been discussed with him.


SoA Timetable

  • icdbrazil
  • 10/10/08 30/11/09
  • a depositor
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  • Fri, 20/03/2009 - 00:11

Note reference to Creditor Road Shows - Interesting given that we are spread all over the globe!

What a waste of time and effort all this is - why don´t they just get the loan and deal with it.


This is terrible

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
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  • Fri, 20/03/2009 - 00:51

It will be years before we get our money back and in dribs and drabs

Why are they so sure that it will go ahead .

Why wont they get a loan

I dont believe this is in our interests in any way.


Re - This is terrible

  • sabi Star
  • 10/10/08 n/a (free)
  • unspecified
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  • Fri, 20/03/2009 - 07:29

Does anyone remember a letter from John Wright - his first to be posted I think- now I believe removed - made at the time the EPS1 was offered, before Christmas ?
At the end if it he said something to the effect - "enjoy you GBP1000 because it could be 23 years before you see any more money". I remember this because I was shocked by his attitude. But the last IOM liquidation took that long didn't it? Or am I mistaken?
Another point - has everyone made an IOM WILL - considering some of us are not so young?
John Wright offers to do it on line for 1% of value of IOM estate plus hourly fees which come to GBP300 an hour.
I do not have IOM Will - but presume one should make one?!


Re, re This is terrible

  • sabi Star
  • 10/10/08 n/a (free)
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  • Fri, 20/03/2009 - 07:42

About making IOM Will with John Wright - making the Will only cost GBP100 - if it is not complicated.
It the administration after deceased that cost 1% of estate plus hourly fees.