Manx Herald Report on May 27th Court Hearing

Posted 28/05/2009 - 02:04 by Hoping and coping

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2009-05-26 16

It’s official – KSF (IOM) ‘bust’, and will be liquidated

Finally, after 7 months of pointless prevarication, Kaupthing Singer Friedlander (IOM) Ltd was, this morning (Wed 27th May), officially placed in liquidation, at Douglas Court House; and an ‘official receiver’ appointed.

(Continued, at length)

After the hearing the Manx Herald spoke to Mr Simpson and Mr Ferris to try and clarify the size of the first dividend payment.

He wouldn’t be drawn beyond saying it will be at least 14.5p in the £. He said he hopes it will be more, but it will depend on the payout from London, expected in June, the exchange rate, the number of claimants and the return of other deposits etc.

DAG members have said they believe it should be more, and also expect to receive at least one more dividend before the end of the year.

They are also considering their options in regards to their support or not for Mr Simpson to continue as liquidator.