HNW Group Proxy and Relationship with DAG/DST

After taking some time to consider the recent communications from DAG, and following a few conversations with others in the HNW group, I have decided to take the plunge and make this posting / send this email to provide those of you wondering what to do with your proxy some of the facts so that you can make a more informed or considered opinion.
 
In an issue with this level of complexity, and with the amount of personal interest we all have vested in the issue, together with the natural differences we have in the dimensions or status of our accounts, its to be expected that there will be a number of different opinions. And equally, a number of different ways to deal with the situation.  Despite several attempts at working with the DAG, we have been unable to act as a single group. Gavin has tried, Peter Wakeham tried, alistair has tried, Nigel has tried, Steve has tried and Mira has tried. Despite this, difference of opinion is not necessarily bad for us, and having a DAG and a HNW group has quite possibly enabled us to have two distinct avenues of contact and discussion with the various stakeholders, and we have two different kinds of voices now well established on the playing field.
 
Given the current escalating evangelical tone of communication we and the political stakeholders are now receiving from DAG, I would advise some caution. No one wants to hear that they were 'defeated'. The levels of self congratulation combined with aggression, frankly makes the depositors look a little ridiculous. DAG claim to be the one true voice of depositors in some evangelical way.  We don't make any such claim, we offer a different approach but remain supportive of many of the DAG initiatives - indeed many of us from the HNW group have actively contributed over the last 8 months to the DAG cause. We are not dogmatic, where there is a proposal with merit (conflict liquidator) we will review and support if agreed by our committee irrespective of the source of the idea.
 
Despite DAGs implication that anyone else soliciting proxies are basically frauds, and that they will have no command of the facts, I would point out that The HNW group we are includes
1. steve(expat) who spent the first six weeks of this debacle on the island trying to resolve the issue for us
2. Nigel (frog) who runs the conference calls with DAG
3. Mira who completed the legal review for DAG on SOA
4. Gavin (Hopper) who runs the in-flight operation, and has spent time meeting with the players on the island
5. Peter, who together with Gavin flew to iceland to meet with the head of the resolution committee, and worked all night with Dominic Chambers to formualte the arguments which won 'us' the separate class of vote
6. Gavin and myself who met the MPs, Spellman, alix and Alan Bell
7. Hilde who individually paid the largest amount to the legal fund.
 
In addition to this, between us we have two very highly qualified lawyers, two serious CA's and banking professionals with extensive legal experience and excellent qualifications to provide value in this process.
 
Transparency is important to me, to know who i am entrusting action on my lifesavings are, so we have all provided our personal information for you. Obviously, we are professionals, and none of us are ecstatic about putting ourselves on the web, but we understand that in order to represent others you should at least be clear about who you are and what your interests are. There is still a majority of the DST who use nicknames but seek undivided support from depositors. Are you sure about this?
 
DAG pushes their Edwin Coe advice as key. Whilst they are a recognised law firm, we have the ability to provide our own legal advice for free. Lawyers provide legal advice, they dont take decisions. The decisions we need taken are legal, financial and political and for the best outcome for us all we need individual depositors with decision making capabilities sitting at the table. External support from edwin coe will not be enough. It is my belief that the HNW depositors have also been providing the legal funding. If the lawyers are no longer supported by us, or providing legal advice, there is no reason to continue funding them. The smaller depositors and bondholders will need to foot this bill as we see no reason for any High value depositor to further contribute to the legal funds at this point.
 
In conclusion, if If you are a higher value depositor, I would encourage you strongly at this point to provide your proxy to Gavin Brake, as per the previously supplied instructions, which will help us getting Gavin, Nigel and Peter on the committee. If you need the instructions again, email me at adrienne(?)vasat [dot] co [dot] uk. It should be made clear that the HNW proxy will be used to support a DAG nomination to the creditors ctte - in fact the vote on the block of 4 voters was our idea. Finally I would suggest we collectively raise as many votes on both groups as possible to get as many retail depositor seats as possible. It HAS to be in all of our interests.
 
regards
Adrienne

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Madness by cerberus
Hear Hear by lorraine
Madness by simonc
HNW/DAG schism by peter and louise
@Adrienne by anrigaut
AGREED by everhopeful