Make sure your voice is finally heard

Make sure your voice is finally heard

Make sure your voice is finally heard

This is a final plea for those of you who have not yet pledged your proxy to the DAG to help make a difference to the outcome of the sorry KSFIOM saga. We have many names pledged to our legal list who have yet to submit their proxy. We understand that the last seven months have been purgatory for us all. It's hard to believe that any modern day government can choose to treat their citizens in this way and even harder to belive that a jurisdiction to whom we trusted our money could behave with such contempt - putting their political ambitions ahead of the well-being and financial recompense of depositors in a way unlike any other terrority in Europe. We all hoped and went on hoping that the Isle of Man authorities would see sense and recognise the regulatory failures that led to this financial disaster that has affected all our lives in ways much wider than the sheer loss of our money - the stress, the anxiety, the pressure that the situation has put on us all has had a profound affect in a way that can never be recompensed.

But we must not lose sight of the key objective of the Depositors Action Group. 100% return for all. And now as we approach the deadline we have an opportunity to make a difference to the outcome and enusre that the Isle of Man Government does not have it all their own way. It appears that they have manipulated facts and figures to their advantage. Even the statement that over 70% of depositors will be repaid within a year is a fallacy since it has already been seven months and will almost be two years should they succeed in pushing through the current Scheme of Arrangement. Their solution is all about face saving and nothing to do with doing what is fair. We all want our money back now.

To those of you that wonder whether they should just accept what's on the table in order to close this sorry story and move on, we would say: Why should we be treated in this way? Why should we allow the Isle of Man to hide the inadequacies that led to the demise of the bank behind a sub-standard Scheme of Arrangement that does not do the right thing and return 100% of our money? Why do we have to be the political collateral of a breakdown between two governments and their respective regulatory bodies?

Send your proxy now, don't delay

So please, as the deadline approaches, if you have not done so already, consider the following:
The DAG will be relying on the recommendation of our lawyers, Edwin Coe and Dominic Chambers QC, in assisting them in making their decision. To date, that has been that the SOA does not represent a significant improvement for depositors – you can find their opinion on the SOA here:

If we have sufficient weight on our side, we can change the outcome. We already have much support but want to show the unity and sense of purpose that the DAG has given to us during this awful time in all our lives. Think about the difference the DAG has made to you during this crisis and make your voice count at this final hurdle.

Should you be clear in your mind which way you wish to vote regardless of any developments in the run up to the court hearing, you can of course vote either “Yes” or “No” to the SOA now and return your vote to Price Waterhouse Coopers. But if you want to let our lawyers finish what they have so ably started and push for a better solution, give your proxy to the DAG and complete your voting form as outlined at:
Since time is of the essence you must fax the documents to Edwin Coe on +44 20 7691 4040 or email to KSF(?)EdwinCoe [dot] com as well as posting them to Edwin Coe so that we can add to the enormous support we have already received and embarrass the Isle of Man into finally doing the right thing.

A final note for bondholders, don't forget that it is important that you too express your opinion to your life office and try to influence their voting. Although they only have one vote each they represent some £300m of deposits and therefore are important in terms of the final result. Many bondholders have not been given sufficient information on which to base any sensible decision and this too is information that should be passed back to the life offices so that we can understand on what basis they have chosen to support the Scheme of Arrangement in any form since day one. We would really appreciate you emailing us at KSFIOMBondholders(?)googlemail [dot] com to keep us informed of your instruction to your life office.

Face to face information

On Monday 11 May at 2pm there is an opportunity for all depositors to meet with the DAG legal team and find out more about the current Scheme of Arrangement. So if you are unsure about what to do and are able to travel to London, why not come along to Edwin Coe LLP at 2 Stone Buildings, Lincoln's Inn, London WC2A 3TH and find out for yourself face to face with the experts, meet fellow depsositors and feel the common bond that binds us. 100% for all.


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