23 JUNE 2009

Nominations for the Committee of Inspection

As referred to in Section 1.8 of the letter to creditors dated 10 June 2009, the following nominations have been received in respect of the Committee of Inspection:

Nigel Smith

I am a retail depositor with about £98,000 and $430,000 at risk and have been involved with collating questions from depositors who post queries on the Depositor Action Group website to Mike Simpson (latterly Liquidator Provisionally, now Liquidator) on bi-weekly calls. While I have not sought or hold proxy votes for other creditors, I believe that I have been involved and provided a useful function to retail depositors who are looking for specific answers and also to the LP in helping reduce the amount of similar questions directed at his offices over the last 6 months.

I am 38 years old and a Chief Marketing Officer of a large technology company based in the UK.

Axa Isle of Man Limited

AXA Isle of Man Limited is a wholly owned subsidiary of the AXA group and has been offering offshore insurance products on the Isle of Man since 1992. It is one of the leading offshore insurance companies offering products into the UK market. AXA Isle of Man Limited understands the offshore financial market and its customer base and, after the collapse of Kaupthing Singer & Friedlander (Isle of Man) Limited, has worked with other insurance creditors to secure the solution that best suited its policyholders. AXA Isle of Man Limited has also held talks with other interested creditors and freely exchanged views as to the best way forward, not always in agreement, but always with the aim of maximising the return to creditors.

Gavin Brake

Age 38. UK national, UK tax payer. Private retail depositor in KSFIOM. Currently living in Devon in the UK. Educational background - degree from Cambridge University. Professional experience as follows, 1993 - 2005: Goldman Sachs, of which 1993 - 1997 Investment Banking/Mergers & Acquisitions (in UK & US), 1997 - 2000 Equities (Capital Markets, Structured Trades, Derivatives, UK, Europe & Nordic Regions, Emerging Markets), 2000 - 2005 Financing Group (Managing Director 2004 and Joint Head of UK Financing Business for Goldman Sachs). Extensive financial and legal experience working with both major corporate client and Governments. 2005 - present: Devon (change of lifestyle/semi retired). I now own two farms in Devon, one equestrian based and one under development. Chairman of my local Parish Council. One of four trustees of a 640 acre private common land estate in my parish. Also own & manage two small private limited companies, both of which represent family businesses. Since KSFIOM went into provisional liquidation I have undertaken a number of important initiatives to further the interests of depositors including (i) travelling to Iceland to meet in person with the Finance Ministry, Chairman of the Resolution Committee and Moratorium Supervisor of Kaupthing Bank Hf, (ii) various meetings with Alan Bell, IOM Treasury Minister and other representatives of the IOMG, (iii) meetings with senior Conservative MPs and members of the Shadow Cabinet in London, (iv) instigating a group legal action on behalf of depositors with "inflight funds" to seek compensation from those parties in the UK responsible for preventing bank transfers in the week prior to provisional liquidation, (v) promoting the interests of higher value depositors though the HNW Committee of 9, of which I am one member, (vi) holding & exercising the proxy vote on behalf of higher value depositors in the recent vote against the proposed Scheme of Arrangement. I have personally funded all my activities/travel to date. In summary, I believe I have the necessary skills, relevant professional experience and can commit the time required for a role on the Committee of Inspection.

William McMurray

  • Major depositor with Kaupthing Singer & Friedlander (I.O.M)
  • Resident, Isle of Man
  • 70 years of age
  • Retired Professional Engineer C. Eng. F.I.E.E. F.I. Mech.E
  • Retired 1997
  • Business experience until retirement included Chief Executive positions with industrial corporations in U.K. , U.S.A, and associates in Europe
  • Some years prior to retirement I completed a Management Buy Out of six engineering companies which I subsequently registered with full listing on the London Stock Exchange
  • The businesses were sold in 1997 with significant premium to shareholders
  • I submit these details for depositors consideration whose interests I would hope to serve, without bias, on the proposed committee

Michael James Lees

Manx born living in the Isle of Man. Dob 20.7.48

Retired in December 2008 from a local bank Conister Tust Ltd. I worked for the bank for 40 years and had a vast experience of lending having held the position of senior local Manager for some 20 years. My last position with the Bank was Head of marketing which involved being a member of the Asset and Liability committee of the Bank which gave me an understanding of the deposit taking side of the business.

Stuart Roberts

I am an individual retail foreign currency depositor with $530,000 on deposit. I have been actively involved since the 9th October, initially making numerous television appearances both on national and local TV news, national radio and national and local newspapers to bring media attention to the plight of depositors in KSF IOM. I later joined the DAG Strategy Team and attended meetings with the IOM Treasury and Alix Partners to discuss the proposed scheme of arrangement. I was responsible for the statistical analysis and comparison between the SoA and Liquidation & DCS that enabled depositors to make an informed decision as to how to vote and ultimately led to the defeat of the proposed SoA. I was the nominated proxy for DAG at the vote on the SoA and carried over 1000 depositors votes in that role.

I am in communication with other members of the DAG Strategy Team on a daily basis and am involved in the ongoing communication with the media, politicians and financial institutions working towards the DAG's objective of rightful return of 100% to all depositors. As a nominee for DAG I will be asking creditors to send their proxy forms in the name of Robert Coates (who has co-ordinated our Helplines & SoA voting). He will cast the votes on my behalf and under the direction of the DST.

As a member of DST I have been privy to a considerable amount of information that is not in currently in the public domain regarding events surrounding the demise of KSFIOM and I have the benefit of being able to consult with DAG appointed lawyers Edwin Coe LLP despite the confidentiality agreement that will be required. Edwin Coe LLP has been the appointed DAG lawyers throughout and have a thorough understanding of events and are in the best position to advise depositors during the next stages of this saga, providing impartial and appropriate advice and direction that benefits all of us.

I have worked in the IT consultancy and supply industry for 20 years and am currently managing director of an IT consultancy firm. I am a UK national and UK tax payer.

Simon Bessant

I am an individual retail depositor with substantial amounts of life and family savings deposited in KSFIOM, both in Sterling and Euros and do not benefit from the DCS. I have closely followed developments on KSFIOM since 7 October 2008, and I was present on the DAG website from the early moments attempting to answer concerns and questions of depositors in a legal capacity, for this reason that I was invited to join the DST and have accepted the responsibility of being of the Legal Team for DST representing the 2,500 members of the Depositors Action Group. I am in constant contact with the other members of DST in relation to the strategic and legal issues that confront DAG and was involved in the report on the qualitative analysis of the SoA that was pivotal for many in the decision to vote against the proposed SoA.

My role within the DST has afforded me access to otherwise unattainable information and communication and I have given input on media and political liaison that occurs on a daily basis on behalf of DAG, with the key objective remaining the rightful return of 100% of funds to all depositors. As a nominee for DAG I would ask creditors to send their proxy forms in the name of Robert Coates (who has co-ordinated our Helplines & SOA voting). He will cast the votes on my behalf and under the direction of the DST.

I am a solicitor, having worked at a law firm in the City for over 9 years and latterly in-house as general counsel for a company active in the renewable energy sector, with a particular expertise in banking and finance.

Alex Marsella

I am an individual retail depositor with £530,000 on deposit from my home sale. Since the tragic demise of KSFIOM I have endeavoured to find solutions that fit with the DAG's objective of the rightful return of 100% of funds to all depositors. I am convinced that this is still the right objective. I have also been working behind the scenes to develop relations with the political establishment both in the UK and Iceland and have kept the DAG team appraised of any developments that will benefit our cause.

Having been in contact with members of DST since October, I was pleased to accept the request to donate more of my time and professional skills by joining the team, and have been in constant contact with DST now to ensure I am brought up to speed with all the key efforts and information attained over the last nine months. I am in constant communication with the other members of DST and as a member of the team I will be able to consult with Edwin Coe LLP on behalf of retail depositors throughout the process of the creditors committee, despite the confidentiality agreement that will be in place.

As a nominee for DAG I would ask creditors to send their proxy forms in the name of Robert Coates (who has co-ordinated our Helplines & SOA voting). He will cast the votes on my behalf and under the direction of the DST.

I am a Chartered Accountant with 21 years of experience both within the Big 4 community and subsequently running businesses in the technology arena. I have previously worked for PWC (formally Coopers and Lybrand for 4 years) and understand their methods of working and I am still involved with partners of these firms through the company with whom I am employed. I believe that I can add value to the tremendous work and effort that the DAG has already achieved on depositors behalf.

Singer & Friedlander (Isle of Man) Limited Retirement Benefits Scheme

The Singer & Friedlander (Isle of Man) Retirement Benefit Scheme is the largest non-depositor creditor of the company. Section 75(1) of the Pensions Act 1995, as applied in the Isle of Man, states that if "the value at the applicable time of the assets of the scheme is less than the amount at that time of the liabilities of the scheme, an amount equal to the difference shall be treated as a debt due from the employer to the trustees or managers of the scheme". The pension scheme debt advised by the Scheme Actuary is estimated at £3.0 - 3.5 million (a calculation is taking place at present).

The pension scheme has two trustees: Law Debenture, based in the UK; and Boal & Co (Pensions) Ltd, based in the Isle of Man. It is proposed that Mr Mark Kiernan MPMI, a director of Boal & Co, is the nominated representative of the Singer & Friedlander (Isle of Man) Retirement Benefit Scheme for the purpose of the creditors' committee.