Edwin Coe LLP - Updates
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:-
Re: Kaupthing Singer & Friedlander (Isle of Man) Limited (“KSF”)
Financial Supervision Commission (“the Commission”)
Depositors Compensation Scheme (“DCS”)
Thank you for your email of the 11th June 2009.
Our view is that those who have a claim for in-flight money (awaiting Habana case) should not assign their rights to the DCS. Although ultimately they may get those rights back by reassignment, you can see that there may be some difficulty in the short term.
Dear Mr Greene,
Thank you for your email.
Regulation 16 of the Compensation of Depositors Regulations 2008 (as amended) (for link see – www.dcs.iom/Regulation.pdf ) provides as follows:-
For the Attention of Mike Fayle - Agent to the Scheme Manager
Dear Mr Fayle
I have been provided with a copy of your letter sent to claimants on 5 June 2009. We understand that it is proposed that each depositor will receive a full payment of £50,000 (subject to deduction for the Early Payment Scheme) in the next few months.
You say in the course of that letter:-
Dear Mr Greene
We refer to your email addressed to Mike Simpson which refers to your
discussions yesterday and raises two points which you state are worth
repeating. Mr Simpson has asked us to respond, which we do below using
- Your comments in relation to the potential effect of the Scheme of
Edwin Coe to Cains 4th May 2009
Dear Mr Caine