Do you believe we should have legal representation in place in time for the next liquidation hearing?

Yes - I can contribute up to £10
6% (32 votes)
Yes - I can contribute up to £20
13% (74 votes)
Yes - I can contribute up to £50
36% (200 votes)
Yes - I can contribute more than £50
31% (174 votes)
Yes - sorry but I cannot afford to contribute at this time
10% (53 votes)
No - I don't believe we should go down this route
4% (23 votes)
Total votes: 556
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Repped Off

Ng. Please do not take to heart negative comments like MIKONG. We are very very appreciative of your superb effort to get this web site up and running, it is going from strength to strength and provides a lifeline to many. You will surely go to heaven when the time comes. For every negative person you have at least 100+ positives supporting your efforts. I also do hours and hous of free computer work for 'charity' but at the end of the day I know I have done my bit to help things move along. Keep up the great work. Must go elephants in the cabbage patch again. Love. Maud in the bush

Posted by Maud on Sun, 02/11/2008 - 18:34
I wonder who's being ripped off

Right now, the group "owes" me approx 6000 GBP in professional fees which I have no intention of invoicing let alone collecting. Add to that the lost income form taking a full week off projects which would otherwise have been invoiced, six days actually, not to mention the nights and the weekends. So, please check your facts before you accuse anybody here, whether directly or indirectly, of any "ripping off".

Incidentally I no longer live in Alicante, guess I should really update the WHOIS database.

Posted by ng on Sun, 02/11/2008 - 16:20
Editing of posts

There have been some changes to the system in this respect, for all members and for Editors - if a comment is edited, the previous version is retained (though hidden) as a "revision". Clearly we need to give Editors the ability to fix things, this way nothing gets lost.

Posted by ng on Sun, 02/11/2008 - 16:08
Narrowing Down

OK - sounds good to me

Posted by wipeout on Sun, 02/11/2008 - 16:03
re - Funding Legal Costs - srcoates question

ps. why do my posts show 'Edit' in addition to 'reply'?

because until someone replies to your post "you" can still edit the content.

Posted by skintagainnow on Sun, 02/11/2008 - 15:50
"Edit" exists, I believe,

"Edit" exists, I believe, until someone else responds to you ... it's your fleeting and one and only chance to correct things!
i bet it's gone now! ;-)

Posted by go mann on Sun, 02/11/2008 - 15:49
Funding Legal Costs

From the disappointing number of replies to the Legal Represntation/How much can you contribute poll, it can be seen that a reasonably substantial sum can be raised.

I have seen in some other post that a solicitor on a 'No Win/No Fee' basis has been difficult to find----How about another tack, perhaps the solicitor's costs could be met with the initial pledge followed by a commensurately smaller win bonus. A very modest % could be a substantial attraction?

ps. why do my posts show 'Edit' in addition to 'reply'?

Posted by srcoates on Sun, 02/11/2008 - 15:34
Narrowing down

We have been narrowing down our list of solicitors in the IoM as well as working out what effect this appointment may have on any future legal action that may be necessary (e.g. litigation). We are talking to solicitors in both London and the IoM to decide on what is the best way forward. From history with cases involving Lloyds Insurance and BCCI we are very aware that what happens early on in legal proceeding (no matter how mundane they seem) is very important going forward so we are making sure we get this right from the start. We will hopefully have something to report back on very soon.

Posted by Diver on Sun, 02/11/2008 - 09:49
This was a poll to check appetite

Thanks for your observations but clearly you failed to understand the nature of the poll. This wasn't a 'pledging' exercise, is was as exercise to see if depositors wanted to take legal advice and representation at the next hearing as well as an exercise to get an idea of how much we may be able to raise.

I don't see anything asking people to pledge anything to an 'anonymous account', and no one has asked for any money for 'hypothetical representation'. Please point me to anywhere on this site that asks for funds for legal representation without naming the firm to be used.

I'm not really sure that your comments are valid, justifiable or even particularly well thought out. I'm going to ignore the insinuations made in your post as I understand that a lot of people are under a lot of stress and perhaps that can impair judgement, I hope that is the case here.

For the record, we are currently setting up a bank account (probably with Lloyds) that will have 4 separate signatories to it. This won't be anonymous as it will be in the name of this action group. The account will be used in conjunction with a PayPal account to collect funds for legal representation once we have researched our options with regards to solicitors.

All information regarding solicitors, costs and bank accounts will be posted on here before any request for funding is officially made. A record will be kept of every individual who contributes together with how much was given. All expenditure out of this fund will be accounted for and contributors can at any time ask for details of this.

I hope this clears matters up.

Posted by Diver on Sun, 02/11/2008 - 09:44
Cynical moi

You expect money pledged to an annonymous account?

Most of us here have lost our life savings in KSFIoM and now via a website registered to Mr Axxxxx Ixxxx of Redovan, Alicante, Spain you expect pledged donations for hyperthetical legal representation with no referance to the actual law firm that would be retained or the probable cost.

Maybe there should be another option in the vote "I HAVE BEEN RIPPED OFF ONCE NOT PREPARED TO BE RIPPED OFF TWICE"

Posted by Mekong on Sun, 02/11/2008 - 05:17
Legal Representation


What is the latest on this? We now have a reasonable sum pledged to cover the costs.

Hopefully we will not require the service but...........

What form do we expect this to take as the cost of 2-3K appears to be cheap to me if we are expecting anything like a "legal opinion" as well as just attendance at the court?

Posted by wipeout on Sat, 01/11/2008 - 23:33
legal fees

I am trying to ensure that costs are not affected by the number of participants and that estimates of costs for specified work are given before lawyers are instructed. Therefore there is no mathematics required, either at the level of general relativity theory as you suggest or even GCSE arithmetic.

Posted by Anonymous on Sun, 02/11/2008 - 21:32
Legal representation in the IOM

You certainly seem to have selected a suitable IOM firm
anyone interested might look at the following link

They even did work for KSF IOM

Posted by Grouville1 on Fri, 31/10/2008 - 19:36
Thanks for clarifying

OK, what I hear you proposing is to engage a lawyer familiar with liquidations and with Isle of Man law who can recommend to us a course of action at the next meeting which yields the best strategy for getting our money back, ie do/say/vote like this but don't do/say/vote in favour of that.

On that basis I am happy to provide some funding. But let's make sure the lawyer knows his/her stuff!

Posted by David9J on Fri, 31/10/2008 - 10:52
in flight

This is why I can't easily vote because the options don't appear to adequately cover the likes of me whose total amount at risk is tied up in-flight.

Posted by steveflor on Fri, 31/10/2008 - 10:52

The main purpose behind this suggestion is to get a legal opinion on where we stand with respect to the next hearing, to find out what our options at this hearing will be and to take advice on what the best course of action is for us all. This suggestion for representation doesn't include anything outside of the hearing itself (e.g. in flight transfers) as that would probably be something for a bigger firm that we may need to appoint if we choose to go down the route of litigation.

Posted by Diver on Fri, 31/10/2008 - 08:31
Elpasout I agree, this is my

Elpasout I agree, this is my fear: legal team will commence on est. costs, costs will increase beyond estimated scale (as and when new details unfold), some depositors, understandably, will drop off as they cannot materialize the funds, result is an exaggerated individual bill for remaining participants who are trapped in limbo if they don't proceed. We need clear terms of engagement, but thankfully we have folks on board to give us an inside leg. Goodnight all.

Posted by sleeplessnight on Thu, 30/10/2008 - 23:06
The More the Better!.... United

Please count me in too... I think this is the ONLY way forward, I want to be represented I ALSO want 100% of my Money refunded plus interest.... I am willing to contribute what ever I can... How ever long it takes as long as we get it back PLEASE....
Dawn R

Posted by Anonymous on Thu, 30/10/2008 - 22:52
The More the Better!.... United

Please count me in too... I think this is the ONLY way forward, I want to be represented I ALSO want 100% of my Money refunded plus interest.... I am willing to contribute what ever I can... How ever long it takes as long as we get it back PLEASE....
Dawn R

Posted by Anonymous on Thu, 30/10/2008 - 22:52
Sorry - yes I am in for this...

as long as there is no "we cant let you know how much it will cost until we know how many people we have on board" sh*t. My answer to that is (as it was to Hopper's people) - if it was just me on my own you'd be able to give me an estimate wouldn't you? Well lets have that - we can divide it by the number of people who sign up - its arithmatic not relativity theory.

Posted by Elpasout on Thu, 30/10/2008 - 13:58
Can we get Denzil Washington?

Shall I ring his agent? :-)

Posted by Elpasout on Thu, 30/10/2008 - 13:52
Could you say a bit more?

Diver, your suggestion for legal representation sounds like the right thing to do. I assume that the general purpose would be to make sure that the interests of depositors are properly represented in the proceedings. Do you have any more specific objectives in mind, such as making applications to find out where depositors money is? (For example, I have €57k in flight and no idea where they are or even how to find out).

In principle I am in favour and happy to contribute but I would like to hear a bit more about what you hope to achieve. Thanks.

Posted by David9J on Thu, 30/10/2008 - 13:05
Not in poll section

We currently have a less than 1 in 10 reponse to the poll.
Is this because people cannot find the poll?
Should we not put this in the new poll section?

Posted by bellyup on Thu, 30/10/2008 - 10:29
Great Idea!

Count us in. Our own legal representation at the next hearing is essential. Willing to contribute towards costs, of course. Thank you.

Posted by peter and louise on Thu, 30/10/2008 - 04:54
Hey! this is great !...

It's a tank of diesel for a month for me & I can choose to take the car out or walk/cycle for a month --- I could do with the exercise, so glad to forego the car & give the money for the best cause going right now! (-:

Posted by Lucky Jim on Thu, 30/10/2008 - 01:40
Legal representation

I agree we should have some representation and if the majority of us contribute it will not cost very much each.

Posted by annespension on Thu, 30/10/2008 - 01:30
legal contribution

Perhaps you're thinking of the £557m deposited with KSF(UK). If so, a contribution of £55.70 each is 1/10,000,000 of what we are owed. In fact, I think depositors are owed around £800m, so a millionth of that is £800.

To be clear, any money contributed for the purpose of representation at the winding up proceedings is unrecoverable, and has to be thought of as at best an investment in optimising the recovery process in favour of depositors, nothing more.

Posted by Anonymous on Wed, 29/10/2008 - 23:46
Legal Contribution

How about if we all felt we could contribute £55.7 to the legal fund?.... thats one millionth each of what we are all owed.....(I think....maths was never my best suit....)

Posted by sgebbett on Wed, 29/10/2008 - 22:45