WE ARE READY. ARE THEY? 16/02/09

WE ARE READY. ARE THEY? 16/02/09

WE ARE READY. ARE THEY?

ISLE OF MAN GOVERNMENT SOUNDING THE DEATH KNOLL FOR ITS OWN FINANCIAL SERVICES SECTOR

KSFIOM DAG LAWYERS ARE ALREADY EXAMINING A DETAILED CASE AGAINST THE FSC AND KSFIOM DIRECTORS & OFFICERS.

TOP LONDON LAW FIRM EDWIN COE HAVE BEEN ASKED TO REVIEW THE ACTION ON A 'NO WIN NO FEE' BASIS IN THE EVENT THAT IOMG FAIL TO GIVE ASSURANCE TO DEPOSITORS THAT THEY WILL RECEIVE 100% RETURN OF THEIR SAVINGS

Despite the best attempts of the Isle of Man legal system to try to find out just what the Isle of Man Government is trying to do in developing a Scheme of Arrangement for depositors in KSFIOM, it appears that the disrespect shown to depositors has been extended to the courts and everyone involved in this debacle.

Not only did the IOMG fail to deliver the affidavits on time. They failed to explain why they were late or put forward any form of apology for doing so. These arrived late Friday, too late for depositors to gain considered legal opinion before the weekend and too limited to add ANYTHING to the information already available to the courts last month.

Despite retaining the expensive services of renowned UK barrister Gabriel Moss QC, the papers still fail to clarify the fundamental issues requested by the court and primarily they fail to confirm whether depositors would retain their legal rights to pursue parties who have been potentially culpable in this mess.

Why would depositors sign away this right without some kind of compensation?

Isn't the very fact that the Scheme of Arrangement appears to remove this right an indication that something has gone amiss?

So we ask again:

Can The IOMG and the huge team of consultants retained for the last four months to develop this complicated Scheme of Arrangement please tell depositors what benefits it offers when compared to initiating liquidation?

Can the life companies who have almost £300m at stake please tell us why they are supporting this development when it holds no benefits for individual bondholders?

The only benefit being promoted is 'certainty' and 'accelerated payment'. Depositors do not feel that the prospect of 60% return of their money offers certainty.

Nor do they feel that minimum two years (which equates to two and a half since the demise of the bank) and for many, ad infinitum offers accelerated payment when much can and should be done right now to turn the remaining assets of the bank liquid for depositors. To delay any further represents a significant downgrade in their value.

Can the liquidator provisional please offer an opinion in its rightful legal capacity as to how depositors should view this latest development?

Can the Isle of Man Government recognise that the ONLY solution for depositors is to find a way of returning 100% of their money immediately?

We are ready. Are they?

Ends

Sent on behalf of the KSFIOM Depositors Action Group – ( DAG)

www.ksfiomdepositors.org

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