Correspondence from DCS Manager to Edwin Coe 10/07/09

Correspondence from DCS Manager to Edwin Coe 10/07/09

Mr Greene,

The question of the application to the Court and the relevant date for interest purposes will shortly be considered by the board and a further announcement will be made on the DCS website during this month.

In relation to your numbered paragraphs we comment as follows:-

  1.   The Scheme Manager does not intend to charge or make a deduction for costs pursuant to Regulation 16 (5) (b).   
    
  2.   As indicated above, it is not the Scheme Manager's intention to apply Section 16 (5) (b) by setting a specific figure for costs of recovery to be included in the "Retained Sum" calculation and therefore a further analysis of this section is unnecessary. 
    
  3.   We understand it is likely that questions will be put before Tynwald at the July sitting and it is confirmed that it is the intention of the Scheme Manager to make a single full payment of DCS sums due to eligible depositors. 
    
  4.   We confirm that the Scheme Manager adopted a neutral stance in relation to the first meeting of creditors.   
    

Regards

Mike Fayle
Scheme Agent

Dear Mr Fayle

I refer to yours of 17 June. In relation to interest, you said that you were considering making application to the court to determine the issue. Is that a course that you now propose?

I refer to the numbered paragraphs:-

  1.   Are you any further in relation to the costs of recovery?  My understanding is that there is some indication given to applicants that there will be costs of recovery.   
    
  2. No comment, but I raised separately the question of the words “retained sum” for the purposes of Regulation 16(4).  As I said, I do not understand that phrase for the purposes of Regulation 16(5)(b).  I think you did not address that and would be grateful for a response to the question I raised.   
    
  3. I fully understand that for full payment of compensation in one payment Tynwald approval is required.  As I understand the position from your email, it is proposed to make payment in one lot.  If Tynwald approval is required for that, when is that likely to be forthcoming? 
    
  4. You indicated that your position in relation to the first meeting of creditors remains under consideration.  Has any decision been made about it?  I have to say that I had heard from third parties including PwC that the DCS was not intending to vote at the creditors meeting.  I would be grateful for your confirmation either way.   
    

Regards

David Greene
Partner
For Edwin Coe LLP

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