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‘Friends of Cash Plus’ meet
Saturday, 31 May 2008
Cash Plus investors met Saturday afternoon to decide their next move following the collapse of the alternative investment scheme nearly two months ago.
The meeting was called by a newly formed group called "Friends of Cash Plus" at Jasciera Park off Molynes Road, St. Andrew.
Chairman of the group Birton Smith said the meeting was to discuss strategies for lenders to recover their investments among things.
"The purpose of the meeting is to rally support among all the clients and creditors because nobody is saying anything to us. There are 46,000 clients and what we have to do now is formulate ourselves into one body so that when we say anything we say it with one voice."
Mr. Smith said the group needs to find ways to get information from the Receiver/Manager and other sources as they have been left in the dark as to what is happening with the company.
A report presented earlier this month by Cash Plus' Receiver/Manager Kevin Bandoian showed that the entity had $3 million in cash and liabilities of more than $20 billion.
The Receiver found that the Carlos Hill led entity was not operating as a growing, financially viable and diversified conglomerate.
The team said no documentation was found to support Cash Plus' management philosophy, methodology or financial plans.
Mr. Bandoian said the operating environment revolved around only three viable entities out of more than 200 companies.
Remove Bandoian
The Cash Plus lenders will also decide whether they should take legal action to remove the Receiver/Manager Kevin Bandoian.
According to Mr. Smith the appointment of the Receiver/Manager has hampered efforts by lenders to recover their investments.
<span style="font-weight: bold">"I think the receiver/manager should be removed and we're going to try and remove him because I didn't see the purpose for a receiver/manager in the first place. What should have happened is that Carlos Hill should be freed (from jail) to pay his investors. If and when he comes and says I can't pay you, we'll hold him at that," said Mr. Smith.</span>
Saturday, 31 May 2008
Cash Plus investors met Saturday afternoon to decide their next move following the collapse of the alternative investment scheme nearly two months ago.
The meeting was called by a newly formed group called "Friends of Cash Plus" at Jasciera Park off Molynes Road, St. Andrew.
Chairman of the group Birton Smith said the meeting was to discuss strategies for lenders to recover their investments among things.
"The purpose of the meeting is to rally support among all the clients and creditors because nobody is saying anything to us. There are 46,000 clients and what we have to do now is formulate ourselves into one body so that when we say anything we say it with one voice."
Mr. Smith said the group needs to find ways to get information from the Receiver/Manager and other sources as they have been left in the dark as to what is happening with the company.
A report presented earlier this month by Cash Plus' Receiver/Manager Kevin Bandoian showed that the entity had $3 million in cash and liabilities of more than $20 billion.
The Receiver found that the Carlos Hill led entity was not operating as a growing, financially viable and diversified conglomerate.
The team said no documentation was found to support Cash Plus' management philosophy, methodology or financial plans.
Mr. Bandoian said the operating environment revolved around only three viable entities out of more than 200 companies.
Remove Bandoian
The Cash Plus lenders will also decide whether they should take legal action to remove the Receiver/Manager Kevin Bandoian.
According to Mr. Smith the appointment of the Receiver/Manager has hampered efforts by lenders to recover their investments.
<span style="font-weight: bold">"I think the receiver/manager should be removed and we're going to try and remove him because I didn't see the purpose for a receiver/manager in the first place. What should have happened is that Carlos Hill should be freed (from jail) to pay his investors. If and when he comes and says I can't pay you, we'll hold him at that," said Mr. Smith.</span>
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