Depositors in the collapsed bank Kaupthing Singer and Friedlander appear to have given the thumbs-down to the government's Scheme of Arrangement.
The SoA has been the Treasury's preferred repayment method, as it would avoid a liquidation of the bank.
A ballot took place on Tuesday, with depositors registering their vote in person at the Villa Marina, or by proxy.
But early indications suggest it has not been accepted by two of the three categories of depositor, namely those with deposits over ?50,000 and unsecured creditors.
Those who had savings of less than ?50,000 appear to have voted in favour.
It's a disappointment for Treasury minister Allan Bell, who said the SoA would make repayments more quickly than the Depositors' Compensation Scheme.
But, speaking earlier this week, Chief Minister Tony Brown warned there were many different interests to be met:
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