Edwin Coe LLP - Appointment

Edwin Coe LLP - Appointment

David Greene of Edwin Coe LLP has now been officially appointed to manage our legal efforts in the UK.

The primary contacts with David will be myself (Ziggy/Diver), Teapot and Sleeplessnight. Please do not contact David or anyone else at Edwin Coe on behalf of depositors as this will just rack up our legal bill. Naturally if you wish to contact them for your own reasons that’s completely up to you.

David’s primary goal (in the short term) will be to seek counsel’s advice on our position and specifically to investigate whether or not a judicial review (JR) of the UK government’s actions is warranted. This is a time sensitive issue as under UK law there is a 3 month timeframe in which parties can issue papers for a JR so we have until January 8 to reach a decision on this.

A specific area that will be looked into will be the ‘transfer order’ enacted on KSFUK and specifically the paragraphs in that transfer order that refer to the movement of funds outside of Kaupthing’s UK group of companies. The aim of this investigation will be to examine the legality of this order and to try to ascertain if there has been any unlawful preferential treatment of creditors in KSFUK.

David will also be finding out what other legal actions are currently in progress and who is carrying them out. There may be an opportunity to join forces with another party in this matter which would enable us to keep costs as low as possible. A JR is a very expensive process and it is unlikely we would be able to finance it ourselves, however we are not the only ones caught up in all of this so combining efforts may be a way forward if it appears justified.

At this stage we are simply gathering information to allow us to make informed decisions on the way forward. It is important that you all know that there is no action being taken against anyone at this stage. I know that there are some very strong feelings about whom to blame for this mess but we need to be careful and methodical in our approach and be sure we have all the facts to hand before we pursue any further legal route.

David is liaising with John Wright on the Isle of Man to ensure that all our legal activities are well coordinated and both David and John are in touch with the legal representatives of the IoM Treasury and the Liquidator Provisional. Where appropriate there may also be contact with Alix Partners and Ernst & Young or their representatives.

Any information we receive from Edwin Coe will be published on here providing it does not compromise any ongoing legal efforts. If there is any new news we will publish it, if there is no update it’s because there is nothing new to update you all on – it does not mean there is nothing going on. Please do not swamp us with emails asking for updates as we assure you we will be timely when there is something to report.

Any URGENT issues regarding legal representation should be directed to KSFIOMlegal(?)googlemail [dot] com. Please make sure that any email you send to this address is actually urgent,

Please be aware we are paying substantial fees to obtain the highest calibre of legal advice. Any questions you have thought of will also have been thought of by our legal advisors so please do not bombard us with suggestions as to what they should be doing, whom they should be pursuing, what questions they should be asking etc… We need to trust the people we are paying to do the job we are paying them to do, they are the experts so let’s leave them to get on with their job.

We have decided to publish details of how many donations we have received to date together with details of the costs we are incurring and will incur in the future. The reason for this is that we will require further funding to see this through to any sort of conclusion so we feel it is important you know how your donations are being spent.

Please see the information under the menu option 'Funding'

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