Very Brief Comments on the KSFUK 7.10.16 Progress Report

  • Gordon 45
  • 22/10/08 n/a (free)
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Posted: Wed, 09/11/2016 - 16:03

Hi Folks,

E&Y (KSFUK) 7.10.2016 Progress Report is out now

The above report was issued as above on the KSFUK Website.
The Report does not concern us now, due to the sell off to a third Party by our JLs re the balance of our claim against KSFUK. So I will not go into any great detail other than to say the report is there if anyone wishes to browse through it.

  1. The 14th dividend of 0.5p/£was paid out on 7.11.2016.

  2. Further dividends will be paid subject to consultation with the Creditors committee and the level of funds making it cost effective to do so.

  3. It also mentions the total returns from the various loan books (including Interest) is now £2,214m. Excluding interest and fees received, the total is £2067m as against a 'Statement of Affairs Value' of £2,610m as at October 2008 ( Book Value).

  4. Receipts from Kaupthing hf regarding redemption of Convertible Loan Notes was £17.4m.

  5. Note – Their Administrators had already applied and been granted an extension of the Administration of a further three years. So, in effect, E&Y now have up until 7.10.2018 to finalise their Administration Process.

  6. The estimated range for total dividends to non-preferential creditors has increased slightly from between 85.5p/£ -86.5p/£ to between 86.0p/£ - 86.5p/£. Total paid so far is 84.25p/£. A slight rise in the lower % figure.

  7. The next progress report will be in approximately six months time covering 8.10.16 - 7.4.17.

  8. We then have a some very in depth information regarding the loan books and what is still due from Kaupthing hf. This part of the Report is quite complex and anyone interested should go to the site for more information. The above condensed info on the repayment side to KSFUK may be of some interest as it shows what is happening re KSFUK. We await further info from our SL on whether he has received back the Shares and Convertible Notes from Kaupthing hf WuC as was agreed.

  9. So again, we, thanks to our JLs(at the time) managed to ‘close off’ the balance of our claim with KSFUK, to a third party – and that allowed our JLs to pay the balance due to us, giving us our 100% by 28.11.2014 on the return of our capital.

Again my very very brief thoughts may not be sufficient for many, or some of you. But we really have no great interest now on something that no longer affects us, other than how the KSFUK claim against Kaupthing hf is doing (purely my opinion) against our own PG claim.

Yours,

Gordon 45

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14th dividend

  • Jean-Charles Marlier
  • 10/10/08 31/05/09
  • a depositor
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  • Sat, 12/11/2016 - 15:47

Hi Gordon,

           Thank you very much indeed for all your efforts for keeping us posted during all those long years,but may I draw your attention to the fact that I haven't received that 14th dividend that you said was sent on the 7th, yet and we are the 12th.....Should I be worried or did I misunderstood  something?

Could you please let me know?
Thank you

Best regards

Jean-Charles


to Jean-Charles Marlier

  • Gordon 45
  • 22/10/08 n/a (free)
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  • Mon, 14/11/2016 - 21:08

Hi Jean-Charles,

Sorry cannot see the question you appear to be asking.

Gordon 45


14th dividend

  • Jean-Charles Marlier
  • 10/10/08 31/05/09
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  • Tue, 15/11/2016 - 13:08

Hi Gordon,

            I do not know why my question seemed to have disappeared from the box......

You mentioned that a 14th dividend of 0.5/GPB was paid out on the 7/11/16,but to whom?To us depositors?

It that is the case,then I haven't received anything yet?!.....

Could you kindly clarify?

Thank you

Best regards

J-Ch


Hi Jean-Charles

  • Gordon 45
  • 22/10/08 n/a (free)
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  • Tue, 15/11/2016 - 21:30

Hi There,

Sorry, I thought I had made it plain that the data I was writing about concerned the Progress Report on the KSFUK Bank based in England and that it did not concern us as our Jls sold off the balance of our rights due from KSFUK to a third party, thus allowing our JLs to pay us 2p£ in late 2014 thus giving us our 100% back.

This was purely an update on that Bank's situation and what they had returned so far from their Administration through E&Y. And also how their returns were doing ex Kaupthing hf Bank in Iceland as we still await our shares and Notes from Kaupthing hf in Iceland also (unless our SL has now received these returns and not informed us as yet)

My apologies again if I have inadvertantly mislead you.

Gordon 45


Hi Gordon, Thank

  • Jean-Charles Marlier
  • 10/10/08 31/05/09
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  • Wed, 16/11/2016 - 15:21

Hi Gordon,

           Thank you very much indeed Gordon for your explanation,and taking the time to reply, which after reading it makes sense.I obviously misunderstood the post that you posted then re that topic.

Best regards and very much looking forward to reading your next posting as we all are.

Jean-Charles


dividend

  • thesunnysouth
  • 10/10/08 31/05/09
  • unspecified
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  • Tue, 15/11/2016 - 16:39

JC-M
Gordon was reporting on the KSFUK bank that we are no longer linked to and if interested he posted a number of relevant points and one of those was that they gave a dividend to their depositors. We are no longer a depositor, the Liquidator having sold our exposure and provided us with the money some time back.

john


Hi John, Thank you

  • Jean-Charles Marlier
  • 10/10/08 31/05/09
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  • Wed, 16/11/2016 - 15:24

Hi John,

        Thank you very much indeed John for replying to my query to Gordon.I truly appreciate your concern and care to answer it.

Best regards,

Jean-Charles


To thesunnysouth

  • Gordon 45
  • 22/10/08 n/a (free)
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  • Tue, 15/11/2016 - 21:33

Thanks john,

Did not see your reply to JC-M before I posted my unrequired reply also.

cheers,

Gordon 45


Thanks Gordon. All things are

  • sambururob
  • 10/10/08 n/a (free)
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  • Fri, 11/11/2016 - 07:29

Thanks Gordon. All things are relative and we seem to have done pretty well when compared to clients of KSFUK or those in Guernsey.


To sambururob

  • Gordon 45
  • 22/10/08 n/a (free)
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  • Mon, 14/11/2016 - 21:33

Hi There sambururob,

Although mikeexpat is correct re returns to KSFUK depositors thanks to the UK Government, these fortunate depositors were banking with a bank based in the UK and met the criteria for help. We were with the IOM and not seen as being the same by the UK Government. We may have had to wait just over 6 years to get our 100%, but we did get it eventually, with more to come. So we should be relieved at being where we are. And if our JLs (as was) had not done what they did re our cash from KSFUK, we would not be sitting with 100%.

Re Brabander's thoughts, again I think he is correct in what he says, but we are well past 2008, the IOM Government did not stand by us, so we are where we are, and in spite of them we now have 100% back. So we should try and look ahead, try and get by where we were in those dark,dark days, get this Liquidation finalised ASAP, so we can all move forwards hopefully and 'lock away' in some corner the horrendous nightmare and enjoy what is left of our lives. And our SL may well do something about the Banks Directors and others regarding Litigation. Although personally I don't think that will happen now. My thoughts are always with those families who have lost loved ones, or those whose health has deteriorated over these last 8 years - so tragic and unfair.

So sambururob, I apologise if I opened the doors to the other comments made in your initial response to mine.

Yours,

Gordon 45


Never a problem Gordon. I

  • sambururob
  • 10/10/08 n/a (free)
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  • Sat, 19/11/2016 - 15:12

Never a problem Gordon. I know we were treated atrociously by the IoM and the UK government decided that the IoM was temporarily outside of its sphere of influence but I also know that those in Guernsey received only a very small percentage back compared to us.


Old friends

  • cottesmore
  • 21/10/08 16/07/12
  • a depositor
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  • Tue, 15/11/2016 - 19:51

Hi Gordon 45 and all. It's been so long now since I've posted on here. It is only yesterday that I was thinking about other friends we've lost since this started all those,8,plus years. Some of the horrendous stories still sit in my memory bank! Yes,we all have our money back. Yes,there may be more to follow. But no one can compensate us for the heartache,suffering,depression that came in a huge wave for us. Guys on here know I suffered dreadfully throughout this ordeal. My way of coping was to post daily jokes just to deflect the misery,even if it was just for a few moments. Time heals,so they say. It is getting better,I have to admit. This prolonged administration doesn't help, but,just signing in makes me think of you all. We never got together for that big party. I would have enjoyed meeting my friends on here. Maybe one day hey?
Anyway,bless you all and as we approach Xmas,I wish you all the very best of health. Have a wonderful time.
Mark xx


We have not "done pretty well when compared to clients of KSFUK"

  • mikeexpat
  • 31/10/08 31/05/09
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  • Sat, 12/11/2016 - 06:06

Hi sambururob,

We have not "done pretty well when compared to clients of KSFUK".
All Clients of KSFUK were returned all their money plus interest in less than one month,
It was all financed by British Government (British taxpayers) and cost billions of GBP.
British Government paid these billions of GBP to ING Bank to carry out this operation.
85,000 GBP limit for deposit insurance did not apply - there was one depositor who had 40 million GBP returned in one week (plus interest).

KSFUK Liquidator is now returning money to British Treasury, and not to UK depositors who got all their money back plus interest in October 2008.
Also KSFUK depositors got all their money back in currency they deposited (US Dollar, Euro, Swiss Frank etc.), and not in GBP as is our case, which means Isle of Man depositors have additional huge losses for non GBP deposits.

Your comments are right regarding Guernsey. It is another offshore pit hole where depositors were not compensated by Government and had to go through many years of nightmare liquidation procedure (like us).

There is a very valuable lesson from this disaster. Offshore banking is a very dangerous place to keep your money. For example, Isle of Man has 60,000 population and 100 billion GBP on deposits. With such a small population they do not have enough resources to compensate depositors. Also offshore centers cannot print money (they use GBP) to compensate Depositors; UK. US or other Governments can print money in time of crisis (and they did it)..

I believe that we have had and still have a very bad treatment from Isle of Man Government. In year 2008 they could have taken over KSF Isle of Man bank and with injection of only around 100 million GBP to stabilise the situation. Their Accountants should have realized that there was enough assets in KSFIOM bank to cover all deposits. If IOM Government did it, we would not have to go go through this eight years liquidation nightmare, IOM would get all injected money back and also ensure a good reputation for IOM banking.

I believe that our Liquidator should seriously consider claim against IOM Government for allowing "cowboys" from Kaupthing to take over very old, conservative and well run Singer&Friedlander Bank and later not providing right supervision to KSFIOM and allowing this"cowboy" Bank to operate and collect deposits from Depositors in IOM.


Not Dancing in the Streets

  • D RAM
  • 13/10/08 01/08/14
  • unspecified
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  • Sun, 20/11/2016 - 02:52

Spot on comments "mikexpat".

Whilst we may have had almost 100% of our money returned (many of us have still to receive top-up to our contracted deposit interest rate up to 8 October 2008) I'd planned to retire (aged 63) in 2008, collect my deposited funds, return to the UK from working 35 years overseas, purchase a house, and hopefully live happily ever after. Instead having no access to the bulk of my life savings I had to continue working until last year and, of course, house prices in the UK have rocketed in the interim.

Don't get me wrong, I'm very relieved to have had the bulk of my funds returned but I'm not exactly dancing in the streets (anyway arthritis won't allow it).

DRAM


KSF UK

  • Brabander
  • 15/10/08 31/05/09
  • unspecified
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  • Sat, 12/11/2016 - 21:57

I totally agree.
I am a UK tax payer and part of my taxes was spent on compensating depositors in KSF UK (UK citizens and tax payers as well as non UK citizens and non UK tax payers.
I deposited my money in the old Singer and Friedlander bank (which had an excellent name) for the simple reason that the money originated from outside the UK and at that time I was uncertain that I would remain in the UK.
The Isle of Man is not in the EU or EEA, if it had been most depositors would have been fully compensated.
The IoM and Channel Islands status is an anachronism which should have been corrected a long time ago.