Well, I turned my back on you for a few days, and look what the results are: heaps of things. Articles, letters and rumours.
Today I wanted to tell you a fairy tale about the big bad wolf, Patrickinov in the kingdom of Edwafinia. Of course there are faeries, real ones called Carolina, Donitia, and Ronella. There was a mother-boss-faerie, Veronella, as well, but I have no idea what happened to her - eaten perhaps? by the wolfettes?
Anyway the tale will have to wait until tomorrow, when it arrives, possible and perhaps. not.
Although I try to live only for the moment, things don't easily pass me by. It was thus that I discovered that the snail had been busy in my cabbage patch again, and continued teir slimy path to a slow and painful dissolution caused by Slugem (thanks to anonymous for that hint/ Now what can I do about my marauding dogs?). Yes, of course, it was Carole who retracted her retraction and allowed good old Marc, the "siccer", to publish her statement. Thus we snail slitherly along. Of course, brother Patrick was not happy by the snailing of Carole, and decided to do some slimery of his own. Now to the tune of "Under the Shine of the Moon":
Slithery, slidery, slimy me,
Tell my tale to set me free.
I do not retract, I do not detract,
All I do is not state the fact.
Slithery, slidery, slime you,
Let's tell stories and make them blue.
It is not me, it's you, you and you,
Now we know they don't have a clue.
OK. I was going to discuss the words of our friends a bit today, but there are too many documents and things to show and tell you.
First off, we have the first official circular from the liquidators. It is basically the same as the preliminary circular from a few weeks ago. It tells us that Edwafin has no money, and that if we want them to pursue possible criminal investigations, we possibly have to pay them a bit more. Now, Now, pick yourself up from the floor and sit properly, listen to the rest. Rather, what they did not mention is what they told good old Carola: that we might have to refund some/all of our interests should they find that illegal business had been done by Mr Patrick Stapleton and close-knit family of business friends. This possibility was further mooted in an article by a certain Mr. Prakke (unfortunately, I can't find the link anymore, but I have the article on my computer should anybody want a copy):
In any case here is the circular:
20090611 Liquidators Circular to Creditors No 1
Today I wanted to tell you a fairy tale about the big bad wolf, Patrickinov in the kingdom of Edwafinia. Of course there are faeries, real ones called Carolina, Donitia, and Ronella. There was a mother-boss-faerie, Veronella, as well, but I have no idea what happened to her - eaten perhaps? by the wolfettes?
Anyway the tale will have to wait until tomorrow, when it arrives, possible and perhaps. not.
Although I try to live only for the moment, things don't easily pass me by. It was thus that I discovered that the snail had been busy in my cabbage patch again, and continued teir slimy path to a slow and painful dissolution caused by Slugem (thanks to anonymous for that hint/ Now what can I do about my marauding dogs?). Yes, of course, it was Carole who retracted her retraction and allowed good old Marc, the "siccer", to publish her statement. Thus we snail slitherly along. Of course, brother Patrick was not happy by the snailing of Carole, and decided to do some slimery of his own. Now to the tune of "Under the Shine of the Moon":
Slithery, slidery, slimy me,
Tell my tale to set me free.
I do not retract, I do not detract,
All I do is not state the fact.
Slithery, slidery, slime you,
Let's tell stories and make them blue.
It is not me, it's you, you and you,
Now we know they don't have a clue.
OK. I was going to discuss the words of our friends a bit today, but there are too many documents and things to show and tell you.
First off, we have the first official circular from the liquidators. It is basically the same as the preliminary circular from a few weeks ago. It tells us that Edwafin has no money, and that if we want them to pursue possible criminal investigations, we possibly have to pay them a bit more. Now, Now, pick yourself up from the floor and sit properly, listen to the rest. Rather, what they did not mention is what they told good old Carola: that we might have to refund some/all of our interests should they find that illegal business had been done by Mr Patrick Stapleton and close-knit family of business friends. This possibility was further mooted in an article by a certain Mr. Prakke (unfortunately, I can't find the link anymore, but I have the article on my computer should anybody want a copy):
Forensic accountant Andre Prakke says he's concerned that the liquidators will issue summons against investors to start repaying the money they received from the estate.
He warns that if the liquidators can find that new debenture holders' funds were being used to pay interest and capital to existing investors, then they might be able to argue that Edwafin was an illegal scheme.
This would allow the liquidators to issue summons against investors to recover money that was paid to them by Edwafin. The rationale is that they received this money at the expense of other investors, and it must be repaid so it might be apportioned more equitably.
Ha - Ha, you say. So they might ask us for more money, so that they can do a criminal investigation, so that they can ask us our interests back. Ha - Ha. I warned the readers a while ago that attorneys are working people, who operate within structures, and these structures may not suit you or be of benefit to you in this case. They are certainly not a replacement for your need of a saviour in your time of trouble. There is now an official website : www.edwafinliquidation.co.za. One question though: I have just returned from another reality, I think, but didn't Patrick tell us months ago that they had 4000 investors? That is why they couldn't write out so many cheques ... la di da di da, etc. Now it turns out there are only just over 1400 investors who collectively invested nearly R200,000,00. Patrick, have you been fibbing again - watch your nose my friend, it is nearly on the floor already.
For those of you who demand that we claim from the insurance: there is only R20,000,000 worth of insurance, and only the liquidators can claim against the policy at this time. Stop it now!!
For those of you who demand that we claim from the insurance: there is only R20,000,000 worth of insurance, and only the liquidators can claim against the policy at this time. Stop it now!!
In any case here is the circular:
20090611 Liquidators Circular to Creditors No 1
Posts
3 comments:
Confused says:
If only the liquidators can claim against the R20,000,000 insurance policy then why do they need monies from investors to persue a criminal investigation.
Part of their mandate is to investigate if there was any criminal wrong doing and report back to the courts and the relevant authorities. Sounds like these liquidators 3 have no experience whatsoever in their chosen field and are failing at the courts mandate, which they accepted.
I also can't help notice that there is no report back on financial audits, overseas or derivative investigations as mentioned in 1st & last report.
As it has been weeks since the 1st report and now to send out the same report again - are the liquidators are doing something, anything - sucks.
Here is the Prakke link:
http://www.itweb.co.za/sections/
moneyweb/2009/0905281333.asp?A=HOME&O=FPW
Prakke's logic questioned??
1. He warns that if the liquidators can find that new debenture holders' funds were being used to pay interest and capital to existing investors, then they might be able to argue that Edwafin was an illegal scheme.
Q: If this is the case then a criminal case should be persued immediately by the liquidators, court and relevant authorities - Investors need not fork out any monies to persue criminal charges, most were unaware that this was an illegal scheme to begin with.
2. This would allow the liquidators to issue summons against investors to recover money that was paid to them by Edwafin. The rationale is that they received this money at the expense of other investors, and it must be repaid so it might be apportioned more equitably.
Q: If investors bought debentures in a legal scheme, then how can they be held responsible for an illegal one? what action is going to taken against the perpetrators of said illegal scheme?
Post a Comment