When can we expect an update from DAG Strategy / Legal Team?

  • Anonymous
  • unspecified
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Posted: Tue, 14/04/2009 - 13:33

Could the DAG strategy team please advise when they will issue an update? Unless I am missing something, the last posting was on April 7, with a promised update shortly after, but nothing has been posted since. Even knowing a timeline for feedback and understanding what may come would help.

I appreciate there are very good reasons for not publicising too much detail of our stategy, but I would really like to know what our legal team's objective analysis of the SOA vs DCS is. There are also many open questions (eg lack of clarity on status of joint account holders in the SOA...) which need to be addressed as they could have a very significant impact. I try to follow the ongoing discussions and 'ping-pong' of differing opinions, but I would very much like to hear the legal view. Unfortunately, and no doubt like most of us, I'm not in a financial position to seek legal advice myself. I have twice contributed what I could manage to the legal fund, and would appreciate some feedback to all DAG members.

As things stand today, I have a deep mistrust of the SOA and would definitely vote against it - but I do try to keep an open mind.

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Update posted

  • expatfrance1
  • 15/10/08 31/05/09
  • a depositor
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  • Tue, 14/04/2009 - 16:37

Legal Advise

  • steelwood
  • 24/10/08 31/05/09
  • a depositor
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  • Tue, 14/04/2009 - 16:29

In the past I do have contributed TWICE to the DAG , and looking to clarification of the recently discussed various points, specially the status of JOINT ACCOUNT HOLDERS as in SoA vs DCS.
Looking for a positive reply on this web for the benefits to many account holders.


UPDATE FROM DAG

  • Hilbert
  • 25/10/08 31/08/09
  • unspecified
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  • Tue, 14/04/2009 - 14:39

I too have contributed to the legal fund and think we deserve an update. Please let us have a report very soon indeed.


Radio Silence Unacceptable

  • fastcat1
  • 12/10/08 31/05/09
  • unspecified
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  • Tue, 14/04/2009 - 16:47

We contributed 1K and are frustrated at lack of feedback from DAG re legal advice. I emailed an alternate London law firm to give us general advice on a personal basis and they indicated a likely initial cost of 1-2K. I assumed it would be more productive to support DAG action but now not so sure we didn't make a mistake. I appreciate that there is a limited amount one can discuss on this semi public site but a brief objective summary of the pro's and con's of liquidation versus SOA from a legal expert would not seem too much to ask for. There is a lot of banter on this site regarding the SOA based on a vaccum of objective expert advice as far as I can tell.


Perhaps

  • Tricky Dicky
  • 24/10/08 30/05/09
  • a depositor
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  • Tue, 14/04/2009 - 18:21

Perhaps it is difficult to compare, when you do not have - how can I say this without causing problems - a finalised document that even the FSC are finding difficult to understand.
On another angle was it not the IOMG who promised (only verbally I think, as opposed to good old writing in black & white) that they would produce both a comparison AND a calculator. So now it is up to us to do this AND at our expense and any legal firm for a situation like this does not come cheap - as we know.