This update follows yesterday's Court hearing on the winding up
petition and the telephone conference calls with creditors, as
discussed with the Depositors Action Group.
In preparation for the Court Hearing on 29 January 2009, I
submitted a further Affidavit dated 28 January 2009 which responded
to some of the comments made in the Affidavit submitted by Mr
Lovatt of AlixPartners to the Court on 26 January 2009. My further
Affidavit is now available for viewing on the website here. I can only emphasise
that my principal concern is that the best interests of creditors
are served, whether this is through a liquidation of the Company or
by a Scheme of Arrangement.
Following the hearing, the Court has ordered a further
adjournment of the hearing of the winding up petition for 21 days
until 19th February 2009, with Affidavits to be filed by the
Treasury addressing certain issues referred to by Deputy Deemster
Corlett and to be served on the other Noticed Parties by 12
I am seeking confirmation as to whether a transcript of the
Judgment by Deputy Deemster Corlett can be placed on the website
and hope to be in a position to provide this early next week.
Provision of further information
regarding the Company's assets
Since the submission of my Affidavit to Court, I can confirm
that a further amount of £2m has been realised in respect of the
CD's. The remaining CD's, totalling £35m are, as indicated
previously, subject to ongoing legal disputes with regard to
set-off and are in the hands of lawyers.
At the Court hearing, a request was made on behalf of certain
creditors for further information to be provided. It was explained
to the Court that I am constrained in the amount of information I
can share with creditors due to issues of commercial sensitivity
and legal privilege.
The only area where I feel that I may be able to share some
further information is in respect of the make up of the loan book
and its maturity profile. I will be seeking to provide further
information on the website at the end of next week in this regard
but would stress that this will represent the extent of the
information I can provide.
Telephone conference dial in
Following discussions with the Depositors Action Group I have
set up a fourth conference call which will take place on Monday 9
February 2009 4:00 pm GMT.
I am making the access details generally available to
depositors. If you wish to listen to the call, you will need to
register in advance. Please click the link to register.
Participation will be on a listen only basis. The facility is
provided by a third party and accordingly there is a cost per head
for usage. Should any party register and then not attend the
liquidation will be charged.
The number of lines is limited and I would request that only
those depositors who are able to make the call register
as we will make the audio recording of the call
available on the website for those of you who are
unable to attend. Should depositors choose this route to listen, it
will significantly reduce the costs. The audio recording from the
previous call on 12 December 2008 has now been made available on
the KSFIOM website.
As previously, the best way to make contact is to write to the
bank or to email firstname.lastname@example.org. If you need to
telephone the bank, please use the main switchboard number +44 1624
Joint Liquidator Provisionally
The website for Kauthing hf is: www.kaupthing.com
The website for Kaupthing Singer & Friedlander in the UK
Various government websites that may be of interest are:
The Depositors Action Group is:
Please note that neither the Joint
Liquidators Provisionally, nor KSFIOM, are responsible for the
content of these external websites. Only information placed on
www.kaupthingsingers.co.im, has been formally agreed and issued by
the Joint Liquidators Provisionally.