SOA Not for me

SOA not for me

Basically I’m a depositor with well over 100k of hard earned cash.
I’m not a lawyer or an accountant, but I’m far from stupid. Like all of us I’ve learnt more regarding the banking system since October by reading and following these articles news etc.

This is my own opinion and I’m sure its going to get shot down by a lot of you.

What I have learnt following this site, news articles, court cases and HOC meetings etc. is that:-
The people in key positions in the IOMG are very close knit, its going to be a long battle trying to ascertain any fault through the FSC, directors etc.
Also on reading news clips etc. Key players Bell, Aspden, Cashen have not been without other scandals on the IOM. Basically every one of them will be covering each others ar*e.

The money from the UK (correct me if I’m wrong) has not been requested by the IOMG or our man MS. That’s after 6 months.
Letters to MPs haven’t really gained us any help, what can they do when dealing with another country, which IOM is when it suits them. Lets not even go there.

The IOMG giving us 100%, the UK returning the 500 million or any other great rescue plans are not options open to us.
6 months down the track we have a choice either to vote for the IOMG SOA or go into liquidation.
Yes certain people will get there money back quicker, there was a time when we said we would stick together until everyone got 100% unfortunately that’s not an option either.

I for one claimed the EPS2, I’m still waiting to receive it  as yet, and also I’m living on a friend’s boat as temporary free accommodation. Obviously I would like my money quicker.
There’s a table showing the advantages of each one over another which I think had some mistakes.
But after already enduring 6 months, and comparing 15%-20% or 30%-35% over “x” number of years, in my mind there’s little in it.

As for the DCS time frame with the IOMG, through having no money, I don’t think they will let it go on too long, (but then again I would never of expected any of this to happen), also its going to create some negativity with the Islands banking reputation, which I think they will be trying to avoid, hence the scheme.

If we accept the SOA, the general worlds view will be that the IOMG came up with a scheme to rescue KSF depositors, giving 70% of depositors 100% of there money back. End of story.
Any protests, petitions whatever won’t even be acknowledged once its activated.

I DEPOSITED money in a BANK regulated by the ISLE OF MAN FINANCIAL SUPERVISION COMMISSION.
The Governing body of the FSC, IOMG is now coming up with a Scheme of Arrangement. I believe it’s obvious they don’t want to tread on any one of their toes.

We have been Shafted BIG TIME.
I personally, and I’m hoping the majority will vote Against SOA.

My reason is this; basically whatever is recovered from KSF is better in the hands of an independent Liquidator who specialize in Liquidation. The costs of liquidation will also be a known entity.
Not by a group of people looking after their own interests first, who definitely won’t be out to create any ripples let alone waves on their island. The costs of the SOA?

I know a lot of the above is common knowledge, and obvious how is there a choice?
Lets get out of the IOMG grip.

Dave