Edwin Coe Correspondence to Mr Caine of Cains Solicitors 6th May 2009

Edwin Coe Correspondence to Mr Caine of Cains Solicitors 6th May 2009

Dear Mr Caine

Thank you for your note and the documents. We would indeed be pleased to have a meeting today but it would have to be by telephone with DAG committee members [--redacted--] and myself. I can provide conference call facilities. On this notice the three of us can only do at or after 4.30 p.m. today and I hope that fits.

As to a further meeting I am not sure I see the point of having a meeting after the road show since our concerns are for matters that should be dealt with before public presentation of the Scheme but perhaps we would leave that arrangement until after the instant discussions and see where we get today.

I am disturbed by the revelation in your message that a public body, the Depositors Compensation Scheme, is distributing information to a private third party, the Liquidator Provisional, concerning, presumably, payments under that Scheme, which is then being maintained as a secret between them. With respect your note suggests a conspiratorial cabal to which the authority and the Liquidator are party and on which the Liquidator is placing reliance in his presentation to the creditors. This is wholly improper and fails to meet any appropriate standards of transparency. How can creditors make a decision based on a stance of "accept the Scheme because we know things about the alternative that you do not"? There must be openness between the Company and its creditors in the presentation of the Scheme. Information available to the Company and on which it bases its offer must be made available to creditors.

Please let me know by return what information you and the Liquidator have in relation to the DCS that leads to the assumptions made in drawing the graphs so that we can discuss this issue with the Liquidator at the proposed meeting today.

Yours sincerely

David Greene


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