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Depositor predicts 'bad news' at court hearing

by isleofman.com 9th April 2009

The next chapter in the Kaupthing Singer and Friedlander saga takes place later this morning (Thursday).

The Isle of Man government will attempt to gain approval for its Scheme of Arrangement from Acting Deemster Andrew Corlett.

But even if that's granted it also needs to get the nod from the depositors, a number of whom are due to protest outside the courthouse in Douglas.

They want to see direct negotiations with the British government, according to leaflets handed out by them in the town on Wednesday.

One depositor, Ian Torbet, isn't holding out too much hope for a conclusive outcome today.

He told Manx Radio:

"I suspect it will be another postponement.

"Whether that postponement will be leading to a vote on the Scheme of Arrangement, or that postponement will be leading to another rehash of the papers, I think we will just have to wait and see.

"But, whichever happens, it seems to be bad news for the depositors."


Clip 1
Posted by isleofman.com
Thursday 9th, April 2009 10:05pm.

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