06 MARCH 2009

General Matters

As outlined previously, the Joint Liquidators Provisionally continue to work with the Isle of Man Treasury in helping develop its proposed Scheme of Arrangement.

The Joint Liquidators Provisionally understands creditors wishing to seek more information regarding the detail of the Scheme of Arrangement.

At this point, the Scheme of Arrangement is still being drafted and cannot be shared with creditors. I will provide more information on the website when this becomes available and I appreciate your continued patience in this regard.

My website update of 20 February 2009 provided some detail relating to the Scheme of Arrangement. In due course the Scheme will be presented to creditors who will then have the opportunity to vote for or against it. In order to approve the Scheme more than 50 percent in number and 75 percent in value of those voting in each class of creditors need to vote in favour.

The Joint Liquidators Provisionally continue to protect the assets of the Bank and are engaged in the realisation of those assets for the benefit of creditors. There is no further news regarding the realisation of assets at this time.

Telephone conference dial in details

Following a conference call with the Depositors Action Group which took place on Monday 23 February 2009 (and can be accessed on this website here) I have set up a sixth conference call which will take place on Monday 9 March 2009 4pm GMT.

I am making the access details generally available to creditors. If you wish to listen to the call, you will need to register in advance. Please click the link to register.

https://cossprereg.btci.com/prereg/key.process?key=P3YXG8MKR

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 calls are available on the KSFIOM website.

Contacts

As previously, the best way to make contact is to write to the bank or to email branch@singers.co.im. If you need to telephone the bank, please use the main switchboard number +44 1624 699222.

 

Mike Simpson

Joint Liquidator Provisionally