A man who has money in Kaupthing Singer and Friedlander is hitting out at the Manx government's preferred method for repaying depositors.
Richard Carter says the proposed Scheme of Arrangement has been the subject of more spin than Shane Warne can produce and claims it's nowhere near as good as it's made out to be.
Depositors will vote on whether to accept the SOA on May 19, but Mr Carter says a number of the attached conditions are completely unacceptable.
He told Manx Radio:
"This is a contract between the company and the depositors and basically the contract is saying that once it is signed there is no responsibility on the people who have created or will run the scheme at all - there's no legal recourse to them if it fails or goes wrong.
"Secondly, they can also change points within the contract as and when they wish, and I can't see that anyone in their right mind would want to sign a contract with those sort of clauses in it, whoever they are or whatever it's for."
Researching your Manx family history can be a very interesting and rewarding hobby. Trace your roots in the Isle of Man with our helpful of guide.
