US$50,000 per day?!?!

[Dr.Dudd]

Thursday, 15 May 2008
Cash Plus investors have again taken their plight to the streets.

A handful of Cash Plus investors, some armed with placards, staged a peaceful march at the entrance to Jamaica House on Thursday morning.

A spokesperson, who asked not to be named, said Thursday's protest is the first in a series of similar demonstrations planned across the island.

The spokesperson said while the march did not achieve the desired results, the small group of ten managed to get their voices heard.

"The police were very cooperative, they understand our situation. Mr. Bruce is not here he has gone to Chile...and there is no one to speak to us. We did talk about what is bothering us the [lack of] transparency, the lack of dialogue and no one seems to be telling us what is going on," said the spokesperson.

She said plans are now underway to mobilise overseas investors as they seek answers on the financial status of Cash Plus.

"I am going to New York to mobilize investors in Bronx, Brooklyn and Queens and the people here will mobilize the Jamaican people so that we can get more transparency into what is going on,"

"We found that [the receiver managers] are getting US$50,000 per day and we think it is madness because by the time they are finished being paid there will be no money left for the investors," she continued.

On Thursday morning's protest was incident free and lasted for 15 minutes.

[Dr.Dudd]

Re: US$50,000 per day?!?!

The only goal is to make sure that black investors loose their shirts. Who tell them that they canm have ambition to get such high returns on their money?
Things like that have the potential top make them i9nto real influencial in the economy. And we dont want that...As a matter oif fact,we cant have that!! Jamaica is still a colony. you think that without even a little revolver in your posession, you can't change your economic position??

[Dr.Dudd]

Re: US$50,000 per day?!?!

Cash Plus lawyers challenge bankruptcy status
Thursday, 15 May 2008
There is a major development on Thursday afternoon in the ongoing saga involving the collapsed Cash Plus Limited.

Lawyers representing the company Thursday filed action in Court challenging the takeover of Cash Plus by the authorities.

In a surprise move, Cash Plus lawyers raised objections to the take-over on Thursday morning during a hearing between High Court judge, Mrs. Justice Marva McIntosh and the Co-Interim Receiver/Manager Keven Bandoian.

Mrs. McIntosh was getting a status report on Cash Plus Limited from the Receiver/Manager when the attorneys intervened.

Lead attorney Paul Beswick raised a preliminary objection to the proceedings.

As a result, the judge gave the Cash Plus lawyers until June 12 to file affidavits outlining their objections.

Mr. Beswick declined to give much detail on his challenge, but told the RJR News Centre that his clients are opposed to the appointment of the Receiver/ Manager.

Sources close to the case say the lawyers intend to challenge the fact that Cash Plus was placed into receivership based on a lawsuit filed by an employee of Cash Plus.

According to our source, under the law an employee cannot file for liquidation of a company.

The lawyers intend to argue that only shareholders or directors can.

Meanwhile, sources told RJR News that the Receiver/Manager will be seeking to recover money invested by Cash Plus in the Hilton Hotel and Drax Hall property in St. Ann and other companies.

However, those investments will not cover the more than $4 billion owed to Cash Plus investors.

Mr. Bandoian was appointed by the Supreme Court on March 31 with a mandate to track down the assets and liabilities of Cash Plus Limited and its affiliates.

He submitted a 20-page report to the High Court on Tuesday which reportedly showed that Cash Plus has no money to refund its investors.

Over the past several weeks forensic accountants have been combing through documents trying to locate assets owned by Cash Plus.

It is understood that the accountants have identified nearly 200 companies registered under the Cash Plus brand, but 90% of them are dummy companies.

The authorities moved in on Cash Plus last month following the arrest of Cash Plus boss Carlos Hill.

Mr. Hill has since been charged with fraud following allegations that he collected billions of dollars from investors and shipped the money overseas.