One of the readers has kindly provided me with a copy of the newest circular that originated with Edwafin. Apparently if one live up country, the mail takes longer to arrive. I thank the person who provided me with a copy. The contents took me somewhat by surprise though: for months the masters of the Edwafin universe neglected to consult with their investors, denied the predicament their in, and now suddenly they are seeking support for their quest to be placed under Judicial Management. They were a little ingenious though, as they stress the paltry amount (R0.0653) that each investor would get for every R10,000.00 invested with them. On the other hand, aren't they just confirming that they are simply bankrupt at this point? and that they are really, really bankrupt to a disastrous point. Where are the denials now of not being bankrupt, and the company being essentially profit making. Madre Mia!
So we will have another meeting, and further gobbledygook will be presented. Have you also noted how cleverly they have biased this listing of benefits between liquidation and Judicial Management? Should you opt for Judicial Management, then every is going to be fine it seems, so obviously we all join the happy party of Judicial Management. Their badly mastered smoke and mirrors is again evident when the letters states: "Judicial Management is the best option....for...all investor's capital would be repatriated to them in the long term". I must say they are positive thinkers par excellence!
With my outlook in life, time is a relative measurement of awareness, but it seems that Stapleton and friends are themselves, and in their own way, philosophers. Remember how, Patrick promised us money repeatedly at the end of certain repeatedly increasingly longer periods? The last I remember we would be more-or-less back on track by the end of May (in fact that is when he promised I would have my money back), the goal post is once more moved to November this time, and just to makes sure, they have planned goal post movement to March 2010. How in the world, after so many years of deplorable business results, are these people going to put everything back within the next 8 to 12 months? But, miracles happen, and I happen to believe in them, so in spite of it all I am tempted to give them the benefit of the doubt.
I just wonder why they took this step, and the only conclusion I can reach is that they are essentially unsure that they will be granted the request they made to the court themselves. One benefit that I would be very pleased to see happening is point no iv: that the company would be properly investigated with an possible unbiased feedback to the investors and the court.
Having said that, "scepticality" is a new word that applies to the situation I find myself in when I I think about the involvement of the authorities. Remember the protection NCC, SAVCA, FBI, CIPRO offered us as investors. In essence Edwafin defrauded all its investors when it promised, contractually, to refund us our money. And thinking carefully, one should have realized that that would be an impossible scenario. The bodies of authority and supervision, surely must have realized this as well, but nevertheless gave Edwafin the green light (CIPRO, FSB) to go ahead, while the other mentioned bodies were only to happy to provide them with credibility. Let's face it, as matters now stand, we have been defrauded and lied to - if that were not the case many of us would have had our money back by now.
However sceptical I might be, the question is: what has one to lose? If they go bankrupt we loose majorly; if they are given the opportunity to try and redeem the company, who knows? Perhaps Patrick will pull a rabbit from his hat after all.
I would certainly give him all the credit for being a master businessman, and that includes the sneakers and lurkers.
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