DST Update 26 Jan 10: Parental Guarantee Claims

Category: DAG Public News

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Depositors whose PG claim has been rejected but DID NOT use the BBA Legal power of attorney to lodge their claim, but who now wish to object to their claim rejection at Friday’s creditors’ meeting.

DST has arranged with its Icelandic legal advisers, BBA Legal, for them to represent individuals' objections to the rejection of their individual claim under the parental guarantee ("PG") at the creditors' meeting on Friday morning. The objection will lead to a court hearing to assess the claim.

In order to do this, BBA Legal require three pieces of information from claimants: the Kaupthing-assigned claim reference number (from the list of claims on the Kaupthing website), the name of the claimant, and the total amount claimed.

To mitigate costs, DST is coordinating the provision of this information so that it is presented to BBA Legal in a coherent fashion. It is anticipated that the creditors will be included in a schedule to be attached to a letter setting out the grounds for objection.

To help us in the generation of this schedule, we ask that you e-mail the following text to this address: This email address is being protected from spambots. You need JavaScript enabled to view it. in the following format:-

E-Mail Subject Line: PG Claim Details”

And only the following text in the e-mail body:
Claim reference no: xxxx
Creditor's name: xxxx
Amount claimed: xxxx

Please do not supply any additional information.

In order to present this information to BBA Legal, please provide this information by
5pm (UK time) on Thursday 28 January 2010. We will endeavour to include information supplied after this time, but cannot guarantee it.

If you have already provided your claim details to BBA Legal as part of your original claim, you do not need to do anything - BBA Legal will object to the rejection of your claim in any case by including you in the schedule of objectors.

You should be aware that this objection process is a fail safe and that the chances of its success are slim; however, in particular given the current debacle over the KSFIOM PG claim, we believe that it is in creditors' best interests to keep all avenues of possible recovery open.

Please note the DST would ask depositors using this service to make a fighting fund donation to mitigate the costs attached to this action HERE.

Thank you for your ongoing support

DAG Strategy Team


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