DAG/DST Update 21 June 2010: Key points

Category: DAG Public News

The key points from the 21 June DAG/DST Update are summarised here. Registered members of KSFIOMDAG will find the full update here (please login before using this link).


We are pleased to announce that the response to our recent appeal for funds for “The Way Forward” and associated actions has been excellent.  Thank you to those who have already sent contributions towards funding for « The Way Forward » and associated actions. Members can access the previous (14 June) update and appeal for funds HERE.

Donations should be sent according to the instructions HERE. It would be helpful if you could also email This email address is being protected from spambots. You need JavaScript enabled to view it. to confirm your participation in this action. This will enable us to keep you better updated on progress.


Early Day Motion (EDM)
EDM 63 session 2010 - 2011 was tabled by Bob Russell MP on May 25th 2010 and has so far been signed by 6 MPs, all Lib Dems: Andrew George, Mike Hancock, John Leech, Lorely Burt, Mark Williams and Bob Russell.  It replaces EDM 474, tabled by the same MP in the previous parliament session 2009 – 2010, and can be found HERE.

We now need all depositors/bondholders to ask their MPs to sign this new EDM in the hope that we can use it to persuade Ministers to listen to our case and enter into a meaningful dialogue with the IOM authorities.

Two template letters are available HERE and we ask depositors/bondholders to choose the appropriate one to send to your MP. One of the letters should be sent to your MP if he signed the previous EDM 474 and a list of those MPs is also available to download. The other letter is intended for all other MPs i.e. MPs who did not sign the previous EDM and new MPs (the House of Commons list of MPs may be found HERE). Anyone whose MP has already signed the EDM could usefully write to thank them and ask them to persuade other MPs to sign.

Please email This email address is being protected from spambots. You need JavaScript enabled to view it. to keep us informed of your actions so that we can keep track of which MPs have been contacted and their responses.
We do believe that, in association with « The Way Forward », this is a worthwhile attempt to get some forward movement and we urge every depositor/bondholder to write to their MP as soon as possible.  It will cost only a little of your time and energy, so we hope everyone will play their part.

Individual claims under the Parental Guarantee
For the attention ONLY of depositors/bondholders who submitted individual claims under the Parental Guarantee

As you will be aware, DAG/DST has retained the services of an Icelandic legal firm, BBA Legal, to support individuals in making and following up their claims under the Parental Guarantee.  Whilst some of their work has been to the benefit of all DAG members, most of it has been to support those depositors who submitted individual claims to the Winding-up Committee (WuC) in Iceland.

Almost half of the total fees incurred to date represents the cost of BBA Legal collating claim forms submitted to them by email and acting as Power of Attorney to ensure their timely delivery to the WuC.  The remaining fees relate to the follow-up of all the individual claims submitted (whether via BBA Legal or independently), including the preparation of grounds for objection (recently made available to all claimants), the submission of objections for those whose claims were rejected in January and representation at the initial Court hearing in Reykyavik when a test case will be presented to protect the position of all claimants.

We are most grateful to those of you who have already responded to the appeal in our 4th May update for contributions to these cost and would ask those of you who have not yet contributed to consider doing so. If your finances are still tight then please contribute what you can, or send your contribution later.  Estimates of the cost per claimant according to whether or not the Power of Attorney was used are included in the full DST Update HERE (log-in required) or on request from This email address is being protected from spambots. You need JavaScript enabled to view it..

For information about how to donate please see the Fund Raising section on the ksfiomdag.com website.  It would be helpful if you could also confirm your contribution for this specific purpose by emailing This email address is being protected from spambots. You need JavaScript enabled to view it..


Website and Contact
For on-going and regularly updated news, as well as Discussion with other depositors/bondholders, please consult our website at www.ksfiomdag.com
Other useful links may be found on our links page.

The DST can be contacted directly by email at This email address is being protected from spambots. You need JavaScript enabled to view it. and other contact addresses are listed here.



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