Very Urgent: Comparison Questions for DCS\SoA & Modified Liquidators Balance Statement

To All – what must be done by mid March in Prep for 9.4.2009

  1. Having written my original Blog to try and show that there could be an opportunity to get our cash, or most of it back by using Mike Simpson’s original Balance Statement as at 8.10.2008 and modifying it with some of the figures I feel could be realistic.
  2. And then having taken note of what the >£500k Bondholders had to say in their Affidavit of 19.2.2009.
  3. Then having written back on the 20.2.09 in reply to the London Team’s thoughts of the Court situation on 19.2.2009. I then received a reply to my reply from – ‘Thesunnysouth’ – on the 20.2.09 explaining where they felt I had gone wrong in one part.
  4. This made me think of all that has been said in the DAG chat site along with the official blurb on the official site. On many occasions people are like ‘thesunnysouth’ mannerly and trying to be helpful to others. People read official documents – as I have done – and make their own interpretation of what has been said – and most of us are lay people. So there are differences, and some of these are misleading because we are all individuals doing our best but not experts in law or finance – not like our IFAs eh! Then there are people who are awkward, disrespectful who ‘dig people up’ because they either know better or think they know better – and maybe they do or maybe they don’t. But we are all uptight and worried – to put it mildly and we know that the IOMG and the Life companies want what is best for them. But what they want and what we want, might just also be best for us – for different reasons. So I feel it is important not to close doors – as I feel the DAG Committee have done and the London Team have done – re the S of A. And I am not decrying these two groups – they are doing a brilliant job in trying to save our cash – especially Diver – so don’t get me wrong. I just want minds kept open to what’s best for all.
  5. So based on the above I decided to do two things –
    a. Update my original Balance Statement (a modified version of Mike Simpson’s Balance Statement of 8.10.2009) to include my guestimates of Prov Liquidators costs, KSF – IOM staff costs plus other costs to see where we came to with regard to cash available for return to Depositors. I also allowed for repayment to IOMG their £150m to reach a net figure and translated that into a percentage return to all (remember my guestimate) – hope to God I am not misleading people into a false sense of hope. I then said what I think the IOMG and the Life companies should do to ensure we all get 100% of our cash back. And I accept it is one person’s view out of 8000-14000 people – and a lay person at that.
    b. And then having to travel through all the Affidavits I could find, plus statements from various legal teams/IOMG officials plus others that I have written to (very few replied back sadly) plus read I don’t know how many blogs and replies etc – all giving information/disputing information/giving their thoughts (like me) on legal jargon etc., etc I felt that as we are now entering the final stage of either going for the DCS/Liquidation or the S of A route (especially as the life companies are now saying – Paul Morris that the 19.2.2009 was probably the last time they will support another adjournment re the winding up of KSF – IOM) or has also been suggested a kind of mixture of both DCS/Liquidation/S of A route if that’s what keeps the Provisional Liquidators in place in order to retain rights to claim against third parties etc. That we need to get one document that shows clearly the various can do’s and cannot’s between the two schemes, so that we can all make up our minds as to what is best for us individually and hopefully what is best for all of us.

So I give my thoughts using a table format again and have used what I have read on the IOMG DCS/Liquidation Scheme details and what has been written so far re the S of Arrangement details to show some form of comparison. I have also included points like when the 4th, 5th and 6th payments to large depositors/’Group bondholders’ depositors would be paid – it obviously interests me – and also if there is later payments an idea of when that might be (as I think there will be a reasonably good idea when we can expect cash back from KSF - UK including info on the ‘CDs’. We already have been told the loan book for KSF – IOM lasts up to 6 years max.

In conclusion – in my humble opinion we should now be asking -

John Wright, the DAG Committee, the >£500k depositors and their lawyer and perhaps the London Team and their lawyers to take these documents (not fight over them) and use their expertise to enhance, put in what’s missing and do their best to get the best deal we can under the Scheme of Arrangement - so that all are happy, or as happy as they can be, then well before 9.4.2009 (probably by mid March 2009) get all this info sent to those who matter – Deputy Deemster Andrew Corlett, IOMG – Treasury, Tony Brown, Allan Bell, Alix Partners (David Lovett), G Moss, Paul Morris for Life Companies, the 5 named people who submitted affidavits on behalf of the Life Companies, Alan Morgan – Moodie chairman of the AILO, Attorney General – John Corlett, John Aspen Chairman of FSC, Aiden Doherty – MD KSF- IOM and any other person who should be included. We should include the Life Companies, as we want them to bear utmost pressure – whatever the reason – on to the IOMG.

To get these documents ‘totally fleshed out’ before it goes before the Deputy Deemster, in order that there is an overwhelmingly agreed way forward, hopefully using the S of Arrangement (with all safeguards included and we start to get our cash back.

To those who disagree with my thoughts I apologise, I only want, what we all want, our money back in total, and as soon as possible. So we need to stop bickering, or worse and get a unified way forward – this may be it who knows.

God Bless and may we all succeed,

Gordon 45

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