Cash Plus salt to rhatid!

[CeaBee]

Re: Cash Plus salt to rhatid!

me juss a follow along...i heard that a guy that i went to school with had invested money in Cash plus and was living off the returns, because he had quit his job [img]/forums/images/%%GRAEMLIN_URL%%/eek.gif[/img]

[Dr.Dudd]

Re: Cash Plus salt to rhatid!

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: coolbeans</div><div class="ubbcode-body">True..

me did really read about the people dem dat did a try get dem christmas money and dem tell dem fi come back end of january or someting suh.

i guess we haven't heard much from Olint's customers..[img]/forums/images/%%GRAEMLIN_URL%%/70402-thinking.gif[/img] </div></div>
the problem only started after the Bank of Jamaica and the commercial baNKS UNDERHANDEDLY STARTED HOLdING THE PEOPLE'S FUNDS.
wHAT cASH+ iS DOING qaS BEING DONE by the lawyers and soliciters on Dule street for decades. The difference is that they were not payong much more than the banks. although in those days the banks was not charging userer rates while paying pittance as intrest.

[Dr.Dudd]

Re: Cash Plus salt to rhatid!

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: coolbeans</div><div class="ubbcode-body">True..

me did really read about the people dem dat did a try get dem christmas money and dem tell dem fi come back end of january or someting suh.

i guess we haven't heard much from Olint's customers..[img]/forums/images/%%GRAEMLIN_URL%%/70402-thinking.gif[/img] </div></div>
What you expect to hear abput OLINT?
They don't have to do buisness from Jamaica.
The difference is that Olint is not intrested in investment funds from the greedmongers,and that will make him publuc enemy in their eyes. they would want him to invest exclusively for them
and exclide the unwashed commoners. Since he wont,the greedmpongers will try every effort to destroy them in the future.
This is all about control.
Notyhing more nothing less.

[Yuriatin]

I Like This Line The Best

<span style='font-family: Verdana'>In that regard, Cash Plus urged its clients to "roll over their monthly consideration for a period of up to three months", allowing it space <span style="color: #CC0000">"to regularise its operations not as a financial entity, but as a profitable conglomerate of companies with diverse operations, without any risk to our clients."</span></span>
____________

Cash Plus Converting From Investment Club - Asks Lenders To Roll Over Funds for 3 Months

published: Sunday | December 30, 2007


Carlos Hill, chairman of Cash Plus Group, wants his clients to hold off collecting interest payments to allow the group to restructure. - File

Faced with jittery investors, Carlos Hill's controversial Cash Plus Group says it will transform itself from mainly a financial operation to a multifaceted conglomerate.

"We ... have begun to strategically reclassify the group to ensure the continued long-term development, growth and success of the company," Cash Plus says in an advertisement appearing in newspapers today.

"The effectiveness of this new strategy is contingent on time."

In that regard, Cash Plus urged its clients to "roll over their monthly consideration for a period of up to three months", allowing it space "to regularise its operations not as a financial entity, but as a profitable conglomerate of companies with diverse operations, without any risk to our clients."

The revamped business is to focus on telecommunications, real estate development, food distribution, and hospitality.

Cease-and-desist order

It was not immediately clear how the cease-and-desist order issued by the Financial Services Commission (FSC) on Cash Plus late Friday would affect its move to reclassify its operation.

The order was against Cash Plus Limited and its principals, directors, officers, and employees, as well as Carlos O. Hill, and Kahlil Harris.

The FSC cited breaches of sections 7 and 10 of the Securities Act, as well as Section 26, saying "the securities they offer to the public have been issued without them first being registered by the FSC".

Cash Plus just this month announced a hold on disbursements to clients until January, saying it was revamping its payment system.

Anxious clients have been flooding its offices since.

Operating for five years

The company has operated in Jamaica for the past five years, taking 'investments' from lenders on the promise of returns of upwards of 120 per cent a year.

It has also, particularly over the past year, announced a flurry of investments in real estate and other ventures, but it is unclear how many of these have been finalised.

The company's unaudited accounts published a week ago suggest Cash Plus has interest liabilities to clients over the next three years of nearly $23 billion.

The data also suggest that the company has assets of $23 billion and shareholders' equity of $14.7 billion.

But the company is also short on working capital. Its short-term debts exceed current assets by $28.2 million. Expressed in another way, if Cash Plus were to convert its liquid assets to cash to pay off debts that are due within a year, it would still be short $28 million - suggesting it is facing a cash crunch.

Hill's organisation has been in a bitter tussle with the FSC, whose regulatory authority it has resisted, insisting that it was not in the business of trading securities.

In fact, Cash Plus, one of several so-called alternative investment schemes that have mushroomed in Jamaica in recent years, has gone to court seeking a declaration on whether it would be properly regulated by the FSC or the Bank of Jamaica.

Analysts have suggested, though, that its position would have been weakened by a Christmas Eve court ruling against Olint, the foreign-exchange trading club, which too, had insisted that it could not be regulated by the FSC.

History of finance fraud

Among Cash Plus' other recent troubles have been the revelation that its founder, Hill, went to jail in the United States for finance fraud, and a move by commercial banks to close the accounts of various entities on the grounds that they had failed to provide adequate information on the operations in accordance with the laws against money laundering.

Hill and his spokesmen have blamed the action of the banks for its difficulties in making payments to investors.

Cash Plus has an injunction against one bank - National Commercial Bank - preventing the shutdown of the accounts.

Payment mix-up

Investors have formed queues at its offices and have mostly received explanations for mix-ups over payment dates and requests for deferment of withdrawals.

Today's ad brings a level of formality to the plea.

The three-month rollover, Cash Plus said, would allow time for the amalgamation of the companies and to "optimise the potential of the companies within the group".

Says the Cash Plus ad: "We will not only give clients a stake in the company equivalent to the amount of their loan, but also a first lien against the assets of the consolidated Cash Plus Group. We are very advanced in achieving this objective." The company promised to contact clients with specifics and the benefits of the deal.

[Joemaican]

Re: I Like This Line The Best

These lines say a lot more about the FSC than Cashplus,and look very bad on the part of the government too.

<span style='font-size: 14pt'> The company has operated in Jamaica for the past five years, taking 'investments' from lenders on the promise of returns of upwards of 120 per cent a year.</span>
It say nothing about the company paying as agreed for 5 years,at such high rates without default.

<span style='font-size: 14pt'>It has also, particularly over the past year, announced a flurry of investments in real estate and other ventures, but it is unclear how many of these have been finalised.

The company's unaudited accounts published a week ago suggest Cash Plus has interest liabilities to clients over the next three years of nearly $23 billion.

The data also suggest that the company has assets of $23 billion and shareholders' equity of $14.7 billion.

But the company is also short on working capital. Its short-term debts exceed current assets by $28.2 million. Expressed in another way, if Cash Plus were to convert its liquid assets to cash to pay off debts that are due within a year, it would still be short $28 million - suggesting it is facing a cash crunch.</span>
I say nothing just a little more than 1 in 1000th of the asset value and with their outstanding record of payment,the company would not have neem considered insolvent,or even badly run. Who are they trying to fool? Don't they realize that we can consult with Jamaican investors from anywhere on the eplanet through Internet?

they think that the ere is such a dearth of relevant and appropriate ADVICE TO MANY OF THOSE small INVESTORS?
i MUST SAY THAT i HAVE NOT ADVIOSED IN FAVOR OF CASH+, BUT i DID NOT SEE THEIR FInANCIALS EITHER.

[Dr.Dudd]

Re: I Like This Line The Best

Hyman anxious to see response of Cash Plus creditors
Posted: 2007-12-31 14:11:25
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Financial Analyst, Ralston Hyman, is advising investors not to make any further deposits into the Cash Plus alternative investment scheme.

Last Friday, the Financial Services Commission (FSC), issued a cease and desist order on Cash Plus. The company is no longer able to transact its financial business until it is licenced and registered with the FSC.

Mr. Hyman said he is anxious to see the response of creditors to the request by Cash Plus to rollover their interest payments for the next three months.

Yesterday, Cash Plus Limited placed an advertisement in the press asking its clients not to withdraw their investments.

The company indicated that the three month rollover would allow the Cash Plus group to restructure.

<span style='font-size: 20pt'> Mr. Hyman said he hopes the Cash Plus case will serve as a model for other alternative investment schemes</span> Where did I see that statement in this post before??
What a shame,.... and the even feel justified to admit it!!