From Michael Simpson's updates, we know that around 600m GBP of Kaupthing Singer and Friedlander (IOM)'s 840m GBP deposits are held in London. Combined with the 100m GBP already under Michael Simpson's control and the bank's supposedly strong loan book, this should be enough to keep the bank running normally.

Until recently I was mostly indifferent to the bank being wound up but I've now realised that winding up would be very bad, even for depositors like me with under 50,000 GBP. An article I read somewhere included a quotation, probably from someone on this site, which dismissed the IOM DCS as "little more than a whiparound on Douglas high street", which I think is fairly accurate.

So, as far as I see it, there are two main actions needed now, which must happen in parallel:

• Recover the 600m GBP - UK political pressure: Mike Simpson's update today says that the court documents appointing Ernst and Young as administrators of KSF UK were "sealed", and that from his discussions with Ernst and Young, anything other than UK Kaupthing Edge deposits are of "secondary importance". There's no point in complaining to Ernst and Young about this--they have to work within the terms of the court order, so UK political pressure is needed here.
• Apply pressure on IOM FSC: Michael Simpson's update today states that as he's not a "petitioner", he can't influence the outcome of the hearing on Friday. I don't fully understand that as surely his work and negotiations will form the main decision-making material for the hearing, but whatever--I'm not a lawyer. I think the key thing is that we need to apply pressure to IOM FSC for allowing KSF IOM to conduct itself as a KSF UK subsidiary when it officially wasn't. This is a massive blunder on the part of the IOM FSC. Had KSF IOM been a KSF UK subsidiary, the UK government would almost certainly have protected KSF IOM deposits in much the same way as they did for Bradford and Bingley offshore deposits and so on.

So these activities have to be done in parallel. IOM FSC must realise that getting the 600m GBP back would allow the bank to continue operating normally (albeit requiring some further guarantee or change of ownership to prevent a run once it's set up again). So, as a "petitioner", IOM FSC must request that the winding up hearing is adjourned.

How can we help make this happen? bblair and expat, what's the most effective way of helping?

As a slight aside, is anyone else infuriated with Peter Karran for withdrawing his questions about KSF IOM at tomorrow's Tynwald meeting? His questions (for example asking why IOM FSC members were allowed to be on KSF IOM's board, when there's clearly a massive conflict of interest) were important. I know Allan Bell is seen as an ally of depositors, but wanting to avoid work doesn't really impress me very much. Those questions were important, and Peter Karran should be ashamed of himself.