Voting

  • Brabander
  • 15/10/08 31/05/09
  • unspecified
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Posted: Thu, 16/04/2009 - 18:28

According to the KSFIOM web site, voting at the Scheme meeting on 19 May should be either by personal vote or by proxy ie authorising another person who attends to vote on your behalf.
This is a total DISGRACE. Postal votes are nowadays used in elections across the world. As many KSFIOM depositors live overseas this is likely to significantly reduce the numbers of votes cast by these creditors. Especially since the time allowed to get the papers to the IOM has been kept very short, bearing in mind the time they have taken to draw up the SoA!
I suspect that this is an attempt at gerrymandering the vote as the majority of local (IOM) voters are likely to be <£50k and this category probably benefits most from the SoA.
Can we legally challenge this arrangement?
I have already asked for legal advice.
This dispicable action by the IOM government has really cemented my resolve to vote against the SoA.
I hope most DAG members will see through the all the propaganda from the IOMG.

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I would suggest that people

  • expatfrance1
  • 15/10/08 31/05/09
  • a depositor
  • Offline
  • Fri, 17/04/2009 - 08:30

I would suggest that people speak to someone who knows what they are talking about before posting some of the scare mongering rubbish on this web site.

I have just spoken to the SoA help line and they have said that forms will be sent out to all depositors to allow them to have a postal vote if they cannot attend in person. These forms will also be posted on the web for people to download if necessary. These should then be sent back to Mike SImpson who cast the vote on your behalf as indicated on the form.

Now I will just sit back and wait for all the 'Well they would say that wouldnt they' postings from the usual 'conspiracy theory' suspects. However I am more interested in getting the facts into the public domain but I would guess that wouldnt serve the interests of some of those posting here!

This sort of thing does not benefit anyone as it just puts into doubt some of the other information that these posters report. Some of which may actually be of benefit to those trying to decide how to vote.


Of course you can vote by post!!!!

  • chris watson
  • 23/10/08 31/03/10
  • a depositor
  • Offline
  • Fri, 17/04/2009 - 11:43

Expatfrance1,

I also spoke to KSFIoM helpline and was categorically told I can vote by mail and not fly into Douglas and hand my vote over personally.

My postal vote will be collected by Simpson, who presumably acts as the 'proxy'.

The idea that this was not going to be the case seemed to me to be so ridiculous I could not understand why other (obviously intelligent) posters were believing it wasn't!

Unless one was convinced there was some big conspiracy or.....oh, hang on a minute.


Voting

  • IanAbroad
  • 11/10/08 13/08/09
  • a depositor
  • Offline
  • Thu, 16/04/2009 - 19:40

http://www.kaupthingsingers.co.uk/Pages/4074

"Those wishing to vote need to ensure that they are present or if voting by proxy need to ensure that the Form of Voting and Proxy is returned as soon as possible......."

Looks like a form to vote will be provided.


Proxy voting

  • Brabander
  • 15/10/08 31/05/09
  • unspecified
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  • Thu, 16/04/2009 - 20:12

IanAbroad.
I sincerely hope your interpretation is correct.
The definition of voting by proxy is: "Proxy voting and delegated voting are procedures for the delegation to another member of a voting body of that member's power to vote in his absence. ...".
I have voted by proxy on other occasions and the arrangement has always been that I have given written authority to another person who is present to cast my vote.
A solution is for other DAG members who will be present to cast the votes.
But why, why?

PS Podather has come to the same conclusion. His reply is under another thread.


What happens if you don't vote

  • chd
  • 13/10/08 30/09/09
  • a depositor
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  • Thu, 16/04/2009 - 20:40

I'm just wondering for all those depositors who live in remote parts of the world and have no idea that their bank is up the creek, what happens if they don't vote (or anyone else for that matter?) Will it count as a vote for liquidation? I would imagine that only those votes for the SoA really mean anything, since there has to be a certain % and number for the scheme to kick in.


What happens if you don't vote

  • podather
  • 10/10/08 31/05/09
  • a depositor
  • Offline
  • Thu, 16/04/2009 - 22:29

If you don't attend the creditors meeting (either in person or by proxy) then you cannot vote and your vote will not be cast.
For any class of depositors to carry the SOA they require more than 50% of the votes that are cast and 75% of the value of deposits held by those
who voted.

All votes not cast in this way will not count.

My thoughts would be to use our legal representatives to collect the proxy votes on behalf of members/depositors.
This would allow them to vote on our behalf for the scheme which favours depositors based on the financial and legal position and would also
allow them to change the way they voted should concessions be made between now and the 19th May on either point.
The scheme is allowed to be improved between now and the 19th of course, just not the opposite.


Podfather is correct on

  • Anonymous
  • Offline
  • Thu, 16/04/2009 - 23:02

Podfather is correct on this. In fact, I have just replied to an email from someone on the same subject. The authoritative answer is to be found here, in Isle of Man statute:

from...Companies Act 1931, s152

Power to compromise with creditors and members

(1) Where a compromise or arrangement is proposed between a company and its creditors or
any class of them, or between the company and its members or any class of them, the court may, on
the application in a summary way of the company or of any creditor or member of the company, or, in
the case of a company being wound up, of the liquidator, order a meeting of the creditors or class of
creditors, or of the members of the company or class of members, as the case may be, to be
summoned in such manner as the court directs.
(2) If a majority in number representing three-fourths in value of the creditors or class of
creditors, or members or class of members, as the case may be, present and voting either in person
or by proxy at the meeting, agree to any compromise or arrangement, the compromise or arrangement
shall, if sanctioned by the court, be binding on all the creditors or the class of creditors, or on the
members or class of members, as the case may be, and also on the company or, in the case of a
company in the course of being wound up, on the liquidator and contributories of the company.

If depositors are not going to attend the meetings, and I assume most are not (and if you do go, I regret that I am wholly unable to recommend Aer Arann) , the answer I suggest is to let DAG (or its representative) cast your proxy vote for you. I think depositors will be told in detail how to do this in a matter of days. In any event, I beg of depositors not to waste their vote even if they expect to be fully compensated under either alternative.


Or return the voting form and proxy

  • chris watson
  • 23/10/08 31/03/10
  • a depositor
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  • Fri, 17/04/2009 - 12:04

to the address provided So that Simpson acts as your 'proxy' which, after all, is what he is paid to be.


postal delays

  • simple
  • 26/01/09 31/05/09
  • a depositor
  • Offline
  • Thu, 16/04/2009 - 22:38

For many of us abroad, the receipt and return of any voting forms, within the time frame of 19th May, is cutting it fine. IOMG is doing everything to ensure it get its way with SOA.


simple, voting form must be back by May 15th

  • Anonymous
  • Offline
  • Thu, 16/04/2009 - 23:05

According to posting by Mike Simpson (Liquidator Provisional), all voting forms must be received by him no later than May 15th not the 19th (see below). If I read the posting correctly, information regarding the Scheme, vote, etc. must be issued to all creditors within 10 days of the Court hearing in various forms. If this means 10 calender days then the info should be distributed by next Tuesday (May 19th). By various forms I would think that the info (including voting form?) should also be available on the Bank or IOM government sites.

Extract from Mike Simpons posting--
"Those wishing to vote need to ensure that they are present or if voting by proxy need to ensure that the Form of Voting and Proxy is returned as soon as possible, and in any event, received by 5p.m. on 15 May 2009 by the Provisional Liquidator at Kaupthing Singer & Friedlander (Isle of Man) Limited, PO Box 197, Samuel Harris House, 5-11 St. Georges Street, Douglas, Isle of Man, IM99 1SN "


I have heard nothing of this

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
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  • Thu, 16/04/2009 - 23:10

WE have not received any voting forms and we need at least to be safe two weeks to get the forms from here.


bellyup, go to this site....

  • Anonymous
  • Offline
  • Thu, 16/04/2009 - 23:22

Thanks for this

  • bellyup
  • 10/10/08 09/01/10
  • a depositor
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  • Thu, 16/04/2009 - 23:42

Thank you Undone.

What a fiasco!