Manx Herald articles: April-June 2009

Category: Newspaper & Media Reports
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1. Isle of Man legal system has conspired with the Isle of Man Government to continue the agony for KSFIOM depositors

Tue, 23/06/2009

Isle of Man legal system has conspired with the Isle of Man Government to continue the agony for KSFIOM depositors. When will the authorities on the Isle of Man recognise that every court hearing, every adjournment and every delay in this process is costing depositors financially and emotionally?


2. The IOM: scheming, deceitful, contemptuous and hypocritical

Fri, 12/06/2009

The more we learn about the Isle of Man the more we come to discover that it has a financial services industry that is built of smoke & mirrors on quicksand foundations.

The banks & other financial institutions use the IoM as a cheap back street lockup that just take money & pass it on. A UK bank chooses to go off-shore for no other reason than it can operate with lower costs in order to make higher profits. The way the Manx finance houses advertise themselves is all smoke & mirrors designed to give the appearance of offering low risk security coupled with high returns on money placed there. The minute the benefits outweigh the cost these banks leave the island not on the next ferry (that's too slow) but on the next plane.


3. "The FSC (Financial Supervision Commission) & directors failed in their duty to protect the trust depositors put in them"

Tue, 16/06/2009

In the Tynwald on 16 June Mr. Allen Bell set out to put down the courageous Mr. Cannan.

Mr. Cannan should not be made some sort of scapegoat & discredited in this matter. At the outset he & fellow MHK's were given 'best advice' from professionals and that advice favoured the proposed SoA (Scheme of Arrangement). At that point it was understandable that he should support the SoA in the light of the way it was sold to the Tynwald.


4. IoM Treasury refuses to pick up court costs

Thu, 04/06/2009

Mr Simpson says the latest recovery will help close the gap between the calculated liabilities of the company and the amount of recoverable assets; and as this gap closes the more attractive the business may become to any prospective purchaser.

Provisional liquidator for Kaupthing Singer & Friedlander (IOM) [KSF (IOM)], Mike Simpson is cautiously optimistic that the recent recovery of further assets will boost the returns to creditors of the failed bank.


5. FSC ‘advice’ to depositors remains; “don’t put all your eggs in one basket” !!

Mon, 01/06/2009

The Manx Herald asked Michael Weldon, Head of Banking Supervision at the FSC, how many IOM license holders would be in a position to continue trading if the ‘parent’ ceased to trade. He rather hesitantly replied that “many would be in difficulty”.


6. It’s official – KSF (IOM) will be liquidated

Tue, 26/05/2009

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.


7. Did Bell deliberately give potentially misleading information to influence KSF (IOM) SoA vote?

Tue, 19/05/2009

The Manx Herald is attempting to find out why, and on the basis of what advice or information, Treasury Minister Allan Bell said, live on Manx Radio’s Agenda programme (6.00pm Monday 18th May), a failure to vote in favour of the KSF (IOM) Scheme of Arrangement (SoA) would be: “damaging to the interests, certainly sections of the depositors, as they wouldn’t get their money so quickly, …there would be a tendency towards a ‘fire sale’ of assets, rather than the managed sale of assets which we think would give a higher return to the depositors; and one or two other things”.


8. Treasury Minister indulges in self congratulations over ‘finance industry’ award but NO MENTION of KSF (IOM) and OTHER 'failures'

Thu, 14/05/2009

Perhaps if awards were on offer for ‘centre for incompetence’ or for ‘believing your own twisted propaganda and PR’ the IOM would have been a more deserving winner.


9. KSF (IOM) depositors confused, bemused and not amused at SoA ‘road-show’

Wed, 13/05/2009

It came across loud and clear the provisional liquidators have no real clue at all; as they do not seem to be able to reconcile what funds were sent to London - although the figure of £550 million was used at one point by Mr Simpson - and what has happened to them.


10. Does the probable ‘loss’ of ‘parental guarantee’ mean KSF (IOM) SoA is a ‘dead duck’?

Fri, 08/05/2009

The Manx Herald shares the view of many DAG members that, regardless of the perceived value of the guarantee now, it would be stupid to write it off as worthless and to close off the opportunity, in the future, to be able to make a claim under the guarantee.


11. The SoA Presents A False Image

Wed, 06/05/2009

One of the biggest sticking points at the moment is the issue of the ‘parental guarantee’; and whether the SoA truly preserves the right to pursue this option if the SoA is unable to realize 100% recovery.

Members of the Kaupthing Singer & Friedlander (IOM) Depositors Action Group (DAG) are roundly criticizing the Scheme of Arrangement, propounded by the Treasury and its consultants, and say it is unacceptable.


12. KSFIOM Scheme of Arrangement defunct before it starts

Thu, 23/04/2009

“This new information which we know has always formed the basis of the Treasury’s expectations shows that the cashflow and distribution proposals currently contained in the Scheme of Arrangement to be detrimental to depositors when compared with straight liquidation."


13. KSF (IOM) DAG Unconvinced voting ‘Yes’ to SoA is an option

Tue, 21/04/2009

In fact many DAG members still believe depositors, with over £50,000 at stake, are disadvantaged by the proposed SoA and are actively campaigning for a ‘No’ vote; even though all DAG members are still 100% united in calling for the Treasury to guarantee 100% return of their money.


14. KSF (IOM) depositors call on Jack Straw to broker deal for return of £550m held in UK

Wed, 01/04/2009

If the return, from London, of the money is not forthcoming in the next week or so, the only other real option is for the IOM Government to swallow its pride and go and borrow the money, from the UK Government if necessary, to fund a swift and 100% return of deposits.



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