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Kaupthing Singer & Friedlander... About To Go Pop?

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And there was an advert for their services on Manx Radio today - presumably pre-paid or whatever.

 

Iceland appears to be going into meltdown. Beware the Tsunami.

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http://uk.reuters.com/article/businessNews...E49768320081008

 

I've heard that some of the IOM staff have been told not to come back in tomorrow and that they are going into liquidation today/ tonight.

 

Its a foregone conclusion. Its wholly owned by the Icelandic parent which has now gone tits up (or at least shares have been suspended since just after opening today). The FSC will have to act as its unlikely to be able to cover all of its deposits if it can't get money back from its parent (which it likely can't as the parents' liquidator - if it even has one yet - is unlikely to be able to release any monies owed to its IOM subsidiary for some time).

Edited by oldmanxfella

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The deposits arm has been taken over by ING Direct.

 

The UK deposit arm has been taken over by ING no mention of the IOM which is not a subsidiary of the UK company but another subsidiary of the Icelandic company.

Edited by oldmanxfella

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They had a TV camera outside Kauputthing today, but the fella interviewing didn't know what was happening to the IOM branch, was just fishing for something I think.

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Expect to see something like this tomorrow night:

 

torchlight_procession_04.jpg

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I have savings in Kaupthing and am trying to get them out - turn out central banks in london are stopping any further payments from IOM branch - so dont know if i will get them out or not?

 

I know members of tynwald who have an account with them so hopefully the emergency tynwald meeting tomorrow morning will address the current situation - i expect nothing more than them to make sure they look after their own pockets - so fingers crossed that anybody with savings there will get them back.

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Your an Idiot! that article you linked says they are going into "Administration" http://en.wikipedia.org/wiki/Administration_(insolvency)

 

"Administration is a procedure under the insolvency laws of a number of common law jurisdictions which functions as a rescue mechanism for insolvent companies and allows them to carry on running their business. The process — an alternative to liquidation — is often known as going into administration."

 

They are also in talks with ING and the UK goverment to nationalise S & F in the UK.

 

I've heard that some of the IOM staff have been told not to come back in tomorrow and that they are going into liquidation today/ tonight.

 

Very worrying.....

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Your an Idiot! that article you linked says they are going into "Administration" http://en.wikipedia.org/wiki/Administration_(insolvency)

 

"Administration is a procedure under the insolvency laws of a number of common law jurisdictions which functions as a rescue mechanism for insolvent companies and allows them to carry on running their business. The process — an alternative to liquidation — is often known as going into administration."

 

They are also in talks with ING and the UK goverment to nationalise S & F in the UK.

 

I've heard that some of the IOM staff have been told not to come back in tomorrow and that they are going into liquidation today/ tonight.

 

Very worrying.....

 

An idiot, perhaps, but KS&F over here is bust - official. neither IOMtoday or ManxRadio has covered it yet but here's the official confirmation.

 

http://www.gov.im/fsc/ViewNews.gov?page=li...ingsingerf1.xml

 

Administration generally means that the administrators sell off any profitable assets to recover funds and then liquidate the remainder to return to creditors.

 

I feel for anyone for funds in there, I read the IOM compensation scheme last night and the pot is empty. They don't start collecting the levy UNTIL a bank collapses. So it could take a long long time for people to be repaid.

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Sign up outside today says they're talking to the regulator at 9 today and that it's going into liquidation and that depositors should claim on the protection scheme. I'm afraid it looks like the manx company isn't part of the ING buyout.:

 

Following consultation with the Commission, the Board of Kaupthing Singer & Friedlander (Isle of Man) Limited has notified the Commission that it has passed a resolution that the company be wound up.

In order to protect the interests of depositors a joint petition is to be presented to the Court today for the appointment of a liquidator provisionally. The Commission has suspended the banking licence of Kaupthing Singer & Friedlander (Isle of Man) Limited with immediate effect.

The Scheme Manager of the Depositors’ Compensation Scheme will meet as soon as appropriate to consider the activation of the Scheme. Once the Scheme is activated depositors will be contacted and invited to make a claim.

 

 

Sorry for the savers and to the staff who I guess won't get any notice or redundancy. Sucks :(

 

I feel for anyone for funds in there, I read the IOM compensation scheme last night and the pot is empty. They don't start collecting the levy UNTIL a bank collapses. So it could take a long long time for people to be repaid.

 

Not ideal, but as long as there's solvent banks to pay up, better than the other offshores.

Edited by ai_Droid

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Administration generally means that the administrators sell off any profitable assets to recover funds and then liquidate the remainder to return to creditors.

 

I don't think they are broke, rather unable to trade solvently - there's a small but important difference.

 

Also I don't expect staff will get paid, I wonder how the staff pension scheme is invested? Lehman's was invested in - Lehman stock to a large extent.

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Few questions.

 

Why is the Kaupthing ad still on MRs site?

 

I said to a mate back in April that Iceland was looking dodgy, someone on here said it's been that way since 2006.

So,

Why was the Kaupthing op here allowed to continue?

Why didn't the FSC act or couldn't it do anything?

 

As the Hobbits have been summoned today to agree the uprate in compensation, and Kaupthing went down before it's been passed as law, will that mean anyone loosing out will be stuck to 15K?

 

Or as is claimed on here, because some of the great and wise have dosh there, will it be backdated?

 

And finally given the crap bank report on TV last night on both ITV and BBC, are the hobbits going to do anything to counter/mitigate the bad PR?

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