VERY URGENT - LEGAL FUNDING

  • Diver
  • 11/10/08 31/05/09
  • a depositor
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Posted: Thu, 06/11/2008 - 10:42

We will be publishing the name of the solicitor who will be representing us at the the liquidation hearing later today. As such we will shortly need to ask for actual donations to the legal fund. We are in the process of opening a Lloyds not-for-profit account in the name of the group but we have come across an issue.

The bank account (due to it's nature apparently) will take up to 10 business days to open and that could be too long. We need a bank account to open a paypal account to accept donations from around the world. Also, once we open the PayPal account we have to go through various verification procedures (which take time) to lift the restrictions on how much money we can take out each month. In the medium term these are issues we will easily overcome but in the short term (i.e. the next week) they're not helping.

We have two choices.

1) Wait for Lloyds to open our group account and proceed from there
2) Use a private (already set up) PayPal account and bank account in the short term and then move the funds into Lloyds when that account is ready.

Issues:

With route 1 we have the issue of time. This may take too long as we may need funds before the paperwork goes through. On the plus side, everything will be in the name of the DAG so may give people more confidence.

With route 2 we have the issue of trust. It would be my personal accounts that would be being used for this and I fully appreciate that this can make a lot of people very nervous. I have no problem if this causes trouble for anyone...I won't take offence as it is only natural (especially in these circumstances). If it makes people feel any better then you can be assured that the funds that would go into this account wouldn't make a dent on what I've lost so it really isn't worth me heading to Rio. I addition I will also have signing rights on the Lloyds account so I'd have access to the funds from there in any case.

Please use this thread to post comments on the above, also, if anyone has any better ideas then please share them as all thoughts are welcome. Thanks.

Note by Mat Walker
This is a very big request by Diver for us to trust him and should not be taken lightly. As most of you will know i have been involved with the site since its birth, and although tend to take a back seat role (mostly due to personal circumstances which many of you know - see Stories), have been trying to make sure of the identity and sincerity of our key players. Not 'big brother', just trying to keep us safe from those who may have an ulterior motive; lets face it we are vulnerable at the moment.

I know the teams, and have known Diver since he came on board with the site. I personally consider him 100% trustworthy and would opt for Option 2. It is a personal decision each one of us must make but I just thought I would add my vote of confidence and also extend my thanks to Diver and indeed the rest of the teams.
End of Note

UPDATE --> see Divers latest statement posted below (6 Nov) in this thread :

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Update on legal funding

  • Mandy_Italy
  • 13/10/08 31/03/10
  • a depositor
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  • Thu, 05/02/2009 - 14:24

The contribution I made to the legal fund via Paypal in December was returned to me as "uncollected". I think Sunny1 also had the same problem. Would it possible to have an update on the legal fund amount?

Also, is the Paypal account you set-up for the legal fund working? Or is the current account the only option now?


The DAG site says the PayPal

  • Paul83
  • 10/11/08 31/05/09
  • a depositor
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  • Mon, 09/02/2009 - 16:26

The DAG site says the PayPal account is still not operational. Can anyone please confirm that this is correct? For those of us outside the UK, it's far more convenient to use PayPal than a Lloyd's account!

Since we're being told that there is an urgent need for contributions to the legal fund, it would be great if the PayPal issue could be resolved quickly!


Legal fund PayPal

  • Nixi
  • 20/10/08 31/05/09
  • a depositor
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  • Thu, 05/02/2009 - 14:57

It should be working!
Looking into it and will let you know.
Also working on an update on a number of matters.. probably for tomorrow morning.


R. Legal Fund Paypal

  • Mandy_Italy
  • 13/10/08 31/03/10
  • a depositor
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  • Thu, 05/02/2009 - 23:13

Ok, Nixi, will wait to hear from you.

The message I received from Paypal (in Italian) said that the amount had been credited back to me because it had not been accepted/collected within the maximum limit of one month set by Paypal.


Funding

  • mbb
  • 12/10/08 31/05/09
  • unspecified
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  • Thu, 05/02/2009 - 19:59

As an ancient and fairly thick (and somewhat poorer) pensioner, may I request that a simple header be put somewhere for funding, with links to the legal and IT routes? I have managed IT OK, but am missing the Legal bit. As one of the lucky ones with Landsbanki AG obligations also, and therefore with several commitments, I would really appreciate a method of making a monthly donation through PayPal or other means that does not require any thought on my part, once set up. The TSC meeting has given me some encouragement that the cat will shortly be out of the bag for HMG, and I wish to help ensure that we have the financial wherewithall to take any action needed.
I reiterate my admiration and support for all those really active members who give so much to this cause with little recognition, and who manage to maintain a sense of humour in the face of considerable adversity.


R: Funding

  • Mandy_Italy
  • 13/10/08 31/03/10
  • a depositor
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  • Thu, 05/02/2009 - 23:04

Hi mbb,

The bank details for the Legal funding are on the public Web site

http://www.ksfiomdepositors.org/category/10/668


Funding

  • mbb
  • 12/10/08 31/05/09
  • unspecified
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  • Fri, 06/02/2009 - 09:49

Grazie molto, Mandy.


R: Funding

  • Mandy_Italy
  • 13/10/08 31/03/10
  • a depositor
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  • Fri, 06/02/2009 - 11:57

Prego! mbb


Legal Funding

  • howagcr
  • 18/10/08 31/05/09
  • a depositor
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  • Fri, 19/12/2008 - 10:50

Diver,
Option 2 is OK with me. Thanks for the great job you are doing. I have full confidence in you. Will make another contribution as soon as possible. Good luck!
howag


Contribution to legal fund

  • Mandy_Italy
  • 13/10/08 31/03/10
  • a depositor
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  • Thu, 18/12/2008 - 16:37

I have just sent you my payment via Paypal.
Sorry for the delay. A bit of sinc this week


Legal fund update

  • Nixi
  • 20/10/08 31/05/09
  • a depositor
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  • Wed, 17/12/2008 - 10:58

There's an update on the public site.. we have just under £7k in the fund at the moment.


Legal Funding Result?

  • IceCrusher
  • 14/10/08 25/10/11
  • a depositor
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  • Wed, 17/12/2008 - 05:52

Did I miss the latest report on our legal funding situation? Many of us made a second donation, but I have not seen the latest sum raised - anyone?


Legal funding

  • homeless
  • 18/10/08 01/01/16
  • a depositor
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  • Sun, 09/11/2008 - 15:18

Fully agree that we need legal funding and I am happy to go along route 2 so please let us have the details when you are ready.

May I also take this opportunity to thank you for all your efforts on our behalf. Being so far away our contribution is limited to writing letters, keeping up-to-date with the news and daily monitoring of this site.

Guess we all have faith and confidence in you and hope that helps you.


Legal Funding

  • peter and louise
  • 18/10/08 01/09/09
  • a depositor
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  • Sun, 09/11/2008 - 14:51

Yes Diver, we will contribute towards the costs. It is the least we can do. Either route is fine by us. You and all the others are doing such a great job. We've said before, reading on this web-site about all your efforts, and those of everybody else, and seeing all this intelligent, creative, balanced and single-minded determination to overcome and resolve all our difficulties really is what keeps Lou and I going. We do what we can and send out e-mails and protestations to everyone we can think of. Derbyshire is our focus at present. We have them on the defensive and 'ducking and diving' for sure! Please let us know how we send our contribution. We are with you 100%


Option 2

  • LoserToo
  • 09/11/08 31/05/09
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  • Sun, 09/11/2008 - 14:32

Glad for what you're doing for all of us Diver.

We have great faith in you. Happy with Option 2.

Lost everything so short on cash at the moment but will contribute what we can.

Let us know when and where.


legal funding

  • TykeinSingapore
  • 12/10/08 22/06/09
  • unspecified
  • Offline
  • Sat, 08/11/2008 - 03:59

More than happy to assist the funding in either option 1 or 2 as set out by Diver. Please just let us know asap which option you are going with and I will deposit funds. Thanks for your hard work, I feel guilty sat here in Singapore being unable to help, but am more than happy to contribute in any way I can.


Link to Diver's Latest Statement

  • Peasant
  • 10/10/08 31/05/09
  • a depositor
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  • Sat, 08/11/2008 - 00:38

Mat
Appreciate the good work you're all doing. I was going to say Please include a link when you're referring to another post such as UPDATE --> see Divers latest statement posted below (6 Nov) in this thread : However this is not working as it should and seems to only get to the most recent post currently comment-15713
instead of Divers Posted: Thu, 06/11/2008 - 19:06 comment-15400

This site is losing its functionality due ad hoc posting and lack of structure plus not linking to comments! :)


Option two seems to be a more

  • WorriedWoman
  • 23/10/08 31/05/09
  • a depositor
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  • Fri, 07/11/2008 - 22:21

Option two seems to be a more favorable choice.

I do not have much money right now but I will try to keep some aside for this purpose. I still believe that there are good people left in this world.

I choose to trust Diver on this matter.

My only problem is I have never used PayPal before. I do not possess a credit card at the moment. I think bank transfers are acceptable, aren't they?

Thank you for giving us hope and working so hard to do whatever it takes to get our money back. I admire everyone's strength and determination.

WW in Japan


LEGAL FEES

  • mikepapa
  • 10/10/08 n/a (free)
  • a depositor
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  • Fri, 07/11/2008 - 20:19

Many thanks Diver and London Team,

Happy with Option 2.

please post details when you are ready.

Cheers


Legal Funding

  • markfromnz
  • 15/10/08 31/05/09
  • a depositor
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  • Fri, 07/11/2008 - 20:05

Yes, more than happy to contribute using Option 2.
Many thanks for all your hard work Diver.


Legal Fees

  • IanAbroad
  • 11/10/08 13/08/09
  • a depositor
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  • Fri, 07/11/2008 - 19:55

Option 2 is fine by me


Legal fees + EXPENSES

  • Anonymous
  • Offline
  • Fri, 07/11/2008 - 19:47

Do we not ALSO now need funding for reimbursement of "expenses" ?

As this battle enters it's fifth week I think it's time that we should ALL be assisting those who are not only giving of their time but also becoming seriously out-of-pocket (eg by being deprived of routine earnings / fees / commissions etc) on our behalf.

For them to help, f.o.c., for one or two weeks was generous, now it's past a joke.

Perhaps there exists, behind the scenes, some assistance already ? I hope so.


Legal Fees

  • MissP
  • 10/10/08 31/05/09
  • a depositor
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  • Fri, 07/11/2008 - 19:43

We are happy to go with Option 2. We want to believe that there are some honest people still left in this world.

We would prefer on-line payments because of our location; please provide us with the details

Thank you for everything.


Legal Representation Fees

  • Clogs2
  • 20/10/08 31/08/09
  • a depositor
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  • Fri, 07/11/2008 - 19:15

Thank for all your efforts. Very much appreciated. You and your team have done an excellent job to date. I am happy with Option 2 if you need to proceed. I prefer online payment if you can get the bank details to me.


Funding

  • Maud
  • 13/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 07/11/2008 - 19:15

Count me in. Thank you for all your hard work. We really appreciate it. Maud


Legal Representation Fees

  • jamjar
  • 11/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 07/11/2008 - 16:50

Diver,many thanks for this initiative,i agree with option 2,then to 1.We do desperatly need this representation,irrespective of IOM-Gov,explanations of proposals,dont get me wrong on this,but what we have had thrown at us so far,we dont know if were playing a HMG reserve team,yet ,do we.but we do know what ALL poloticians stragegies are.


Count me in

  • FalconVet
  • 11/10/08 31/05/09
  • a depositor
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  • Fri, 07/11/2008 - 16:11

Diver, Happy to contribute - want to send a cheque - please post your name and adddress or e-mail me your name and address so that we can send this to you ASAP,
Thanks
FV


Funding - Collection of monies

  • paulmackenzie
  • 14/10/08 31/05/09
  • a depositor
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  • Fri, 07/11/2008 - 15:44

Once you name the solicitor who will be representing us, we could make the money transfers directly to them, (as they will be able to accept monies from clients) thus avoiding the need to use your personal account or wait for the LTSB account.

Some members migth even be happier with that?

Once the LTSB account id open that could be used for non-solicitor costs.

Happy with whatever route you decide upon.


Legal funding

  • martinfei
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 07/11/2008 - 15:09

Diver thank you for all you are doing for the group..

Option 2 is fine with me, just let us know how much and where to send it


Legal funding

  • Anonymous
  • Offline
  • Fri, 07/11/2008 - 14:33

Diver,
Thanks to you for the hard work, and to all your colleagues also.
Pleased to provide donation as soon as you press the trigger,


Legal Funding

  • iak1655
  • 13/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 07/11/2008 - 14:30

I am fine with option 2. Just give me the paypal details and i will donate immediately to this. I think its important we have proper representation.


Legal Funding.

  • German Mike
  • 13/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 07/11/2008 - 12:22

Hello Diver.

Will send donation anyway, and when, you want - your efforts greatly appreciated.

Will be missing all next week - can I send you a UK cheque now? If so, to where/whom?


Manx govt to 'run down' Kaupthing IoM to avoid compensation"

  • Jas III
  • 14/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 07/11/2008 - 09:34

Diver because of this news release yesterday,
http://www.citywire.co.uk/personal/-/news/money-property-and-tax/content...

Please count me in for OPTION 2.

I am shocked! To quietly allow KSFIoM to run down, rather then cut expenses, fees etc. and liquidate so as not trigger FCS liablily does not appear in depositors interests at all. I believe it is not only crucial that we are represented, but critical if not for all of us, that we have joint unified voice on this matter. I know Hoppers Team, had counsel present at the last hearing and I understand named 4 depositors he represented, inpsite of the fact that more than 70 people had paid £100 and had joined the group at that time.


HowMuch and who are the Solicitors

  • EIL
  • 14/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 07/11/2008 - 09:26

Hello Diver, Howmuch is the contribution expected to be and who are the solicitors.


Legal Funding

  • sunny1
  • 16/10/08 30/05/14
  • a depositor
  • Offline
  • Fri, 07/11/2008 - 08:54

Again, thank you to everyone working out there. Method 2 is fine for me. I will gladly contribute, preferably by cheque sent from the UK. Let us know address, payee, and some idea of the amount.

My MP Alan Simpson wrote a very positive letter on our behalf to Mr Darling. About four other MPs I've written to have replied to say that although they cannot speak for me they do have consituents who have already informed them of the situaion and asked for their help. Kenneth Clarke was helpful.


I agree

  • Alex
  • 13/10/08 31/05/09
  • a depositor
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  • Fri, 07/11/2008 - 08:45

I'll go for option2 and I'm waiting for new instruction.


happy to contribute

  • dizzy
  • 21/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 07/11/2008 - 08:33

hubby and i happy to contribute, option 2 fine with us. just say when, how, and how much and we'll be on to it.

Thanks for all your help!


Legal Funding

  • martyn57
  • 15/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 07/11/2008 - 04:50

We are fine with Option 2. Can we Fed-Ex a check to your bank account? We are remote with limited services, i.e. electric or internet.


Option 2

  • lorraine
  • 14/10/08 14/07/10
  • unspecified
  • Offline
  • Thu, 06/11/2008 - 23:14

Perfectly happy with option 2 providing this doesn't cause you any tax issues??? I can appreciate that the solicitor/advocate might not want hundreds of cheques into a client a/c and also I believe that would make each and every one of us clients and therefore they would need copy of passport etc. for all of us.


Thx driver

  • Last Bel
  • 10/10/08 31/05/09
  • unspecified
  • Offline
  • Thu, 06/11/2008 - 22:59

Many thanks for all your hard work I am happy to contribute on either basis.


Legal Funding

  • tobacco
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 06/11/2008 - 22:46

Option 2 is fine for my wife and me.

But, we don't know what paypal is. We'd prefer to send a cheque. Have I understood correctly? You're in a hotel somewhere?

Where do we send it, and whom do we make it out to?

We greatly appreciate the dedication and work being done by the IoM, London and IT teams.

Thank you.


Legal funding

  • conchita
  • 28/10/08 31/05/09
  • a depositor
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  • Thu, 06/11/2008 - 22:36

Many thanks for all your hard work I am happy to contribute on either basis.

Has anyone elses MP also called for a Public inquiry ? David Davies has written to me to say he is calling for one and Mark Hoban has written to the Treasury Minister Ian Pearson to set out the issues.
I cant get my computer to post the letter onto the web site can anyone give me some guidance as to how to post it ?


cash

  • cottesmore
  • 21/10/08 16/07/12
  • a depositor
  • Offline
  • Thu, 06/11/2008 - 22:05

Hey,i'm already in the cr*p for £391,000,count me in.
I would think a lawyers client account should work though!
I would just add, we obviously need expert help not fee creation!
Many,many thanks for what you have done.


REQUEST FOR LEGAL FUNDING UPDATE

  • Diver
  • 11/10/08 31/05/09
  • a depositor
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  • Thu, 06/11/2008 - 19:06

Some of you may have already heard about the discussion/announcement that took place in the IoM today..see here

http://www.citywire.co.uk/personal/-/news/money-property-and-tax/content...

With this in mind we are consulting the solicitor we were going to appoint officially to get his opinion on these developments.

I believe it is important to give the IoM enough room to help but to maintain a degree of reservation. We need to fully understand what the IoM intends to do and how it intends to about it. Also we need to ensure that this isn't simply an exercise to delay the payment of compensation to some amongst us who need it most.

We will therefore be postponing the request for donations to the legal fund (for a brief period) to give the IoM government time to explain the way forward. I do not want to request funds from those who can ill afford to donate if we don't have to.

However, we may well still make the request for funding next week if we believe it prudent to have funds available for legal fees should the need for action arise.

All comments welcome and I will report back once we have taken further legal advice (which so far has been very charitably offered for free).


Legal funding

  • mbb
  • 12/10/08 31/05/09
  • unspecified
  • Offline
  • Fri, 07/11/2008 - 19:34

Option 2 is fine by me. Small beer in the overall scheme of things, and we are lucky to have the enthusiasm and commitment of all those people putting in the hard yards (0.915m., or thereabouts) FOC.


implications of a run down

  • KA
  • 14/10/08 29/06/09
  • a depositor
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  • Fri, 07/11/2008 - 16:06

do you , at this stage, have some idea of the impications of a run- down ? Could it really provide a " good deal for creditors " ?


Many thanks for all your hard

  • AJM UAE
  • 11/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 07/11/2008 - 12:54

Many thanks for all your hard work, Diver. We are happy to pay in whatever way is easiest. We will await news of when/how to pay. Please post this informaiton in a prominent place on the home page so that none of us miss it.


Legal Funding

  • Anonymous
  • Offline
  • Fri, 07/11/2008 - 12:25

Thank you Diver for all your hard work. I am quite willing to go along with Option 2 paying with a UK bank cheque. Living in Mauritius with little access to financial news, this website is a wonderful link to get updated with the latest news! Thanks again.


IOM breathing room - funding legal representation

  • Knife Edge
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 06/11/2008 - 22:53

Diver, I agree with your approach above. I understand that you are planning to go ahead and open the account in any case, which seems like the most sensible thing to do.

In response to the question that has been raised, from my conversations on the subject, I understand that not every advocate with whom we have spoken has had the facility or desire to hold client monies on client account, which explains the need for our own account.

Fwiw, I am also happy to have you as the accountholder if that expedites things.

I think that the key issue, as you say, is whether the "run-off" may prejudice people who urgently need cash now, and the related decision of whether to push ahead for liquidation to get compensation. We will have to wait and see what the proposal involves, frustrating tho' it is.

As far as I can tell, the IOM authorities are more open and communicative than the UK or Icelandic ones, so I have a little more faith that this process will be more transparent than I do in dealing with UK or Iceland.


Legal Funding

  • Emabroad
  • 10/10/08 30/08/09
  • a depositor
  • Offline
  • Thu, 06/11/2008 - 21:44

Excellent - as ever Diver! Thank you so very much for all your efforts on our behalf. Delighted that we are now going to an Advocate as I think the time's right. Count me in for option 2 and then to option 1 when Lloyds get their 'know your customer' cr*p together.

I sound like my grandmother, but I remember the days when one walked into a bank and opened a bank account. No documents, no passports - just the good, old fashioned British honour system. It seems this has gone the way of everything else in this travesty of our formerly honourable country.