EMAIL TO MARK SHIMMIN IOMT, 01/02/2009

EMAIL TO MARK SHIMMIN IOMT, 01/02/2009

Dear Sirs,

I am a depositor with KSFIOM, and have been following closely the developments since early October 2008, as a member of the Depositors Action Group. I have been reading the information submitted recently to the court for the Hearing that occurred on 29th January 2009. It appears to me that the weakest of the statements submitted came from David Lovett of Alix Partners, which purported to be a finalised draft of the Scheme of Arrangement that the IOM Government would implement.

I personally have to say at this point that I would not vote for an SoA, as it does not provide depositors with their money any faster than it would under the DCS, and it also does not allow for some legal actions to recover more money, which the DCS/Liquidation does.

I understand from Alix Partners point of view, that they would prefer this debacle to continue for as long as possible, so I would suggest:

  1. Perhaps you have need to have a second opinion other than Alix Partners
  2. Other routes of solution to this problem are rapidly sought and presented before the next Court Hearing
  3. If a swift and acceptable solution (100% return of deposits) is not found, there will be no choice but to pursue all avenues to uncover the truth of the situation that is obviously, even to a blind man, being hidden, be produced and the real situation exposed, and that whoever has made mistakes hold up their hands and admit it, then we can move on and sensibly resolve this.

As a closing note, I am the Pensioners Group Manager, and there are several members in their 80's, who have worked many years to accumulate their savings. There is the distinct possibility that whilst some are seen as playing political games, these members may not ever see their hard earned cash during their remaining life span. This is becoming past a joke, it is life threatening and serious.

Regards

IMPORTANT

Please note that the content of this site is no longer regularly updated, and much of it may be outdated.

See this page for alternative sites.

Main Menu