And thus Friday arrived

Yes, here we are. Friday has come and it is actually a precursor to an exciting weekend.
Elke, my wife, now begins a two week holiday from teaching, and its always nice to have her at home.
The journalist from FIN24 would have come to interview me today, but instead is coming over the weekend, and he sounds like a jolly friendly and intelligent chap - I'm looking forward to it.
Also, this weekend is the end of the month: pay cheques, shopping, drinking coffee, eating breakfast, and of course the interest payment from Edwafin - or not. Who knows what the gods have in their lucky packet for us this time.
Furthermore, Edwafin is sending us all a letter towards the middle of April to report back on those meetings they held in Durban and cape Town (how many weeks ago then). It seems they were not very happy events, and perhaps it was a good thing that I was not invited as it would possibly have unsettled me too much. Shame on you, though, Edwafin, are we in Gauteng not good enough investors for you to keep us informed about such things? Perhaps the invitations were more selective than that.

But before I continue, I should first confirm that I am utterly disgusted with myself. My last email to Mr Stapleton, was just one big mess: full of grammatical errors and just plain badly written. By writing the email, when I did, I broke one of my own pertinent rules: never write a letter to somebody when you are not feeling happy, are upset, red in the face, hypertensive or any combination of the above.

To today's business.
Fortunately, I have the time to write this entry because FIN24's journalist is stuck with a broken car. We will meet over the weekend however.
Perhaps you will remember that I expressed my concern to Mr Stapleton about the dilemma I find myself in, and that I asked him to put his mind to the problem and see if he could come up with some kind of solution. Apparently he couldn't and as it is seemingly the norm at Edwafin, he could not bring himself to communicate his inability to me. This is not abnormal behaviour though, as I previously inquired about the board meeting concerning refunds to investors, and communication about this with the authorities, and that also resulted in a tromboning silence.

This morning when I contemplated this blog I was reminded serendipitously of old Mother Russia. Before that big "nation" disintegrated into 15 nincompoop states, disinformation, non-information, powerful threats of retribution, and actual persecution amongst many other forms of controlling the masses to tow the line. Now we have our own little Mother Edwafin, who rules firmly by means of the investors' collective fear of loss, and by legalistic bullying. One only has to read through the pages of this blog to note how effectively we are threatened with collective loss and legal repercussions. That is besides the other personal abuse one has to suffer when questioning a matter. Oh my ex-wife - how painful that was.

Anyway, back to my dilemma - well actually, based on my own answers to the following questions, I have concluded that there is no real dilemma, only a reality. Of course, if Edwafin has a different reality, they are free to tell us, please do.

• My inquiry concerning the famous board meeting in March - unanswered
• I asked about Edwafin informing the authorities - unanswered
• I requested some kind of commitment from Edwafin concerning my refund end of May - unanswered.
• Does this mean that they don't have answers, and can't commit to anything? - most probably
• Are investors trying to get their money back through legal representation? - yes
• Is Edwafin trying to find a legal loophole to avoid its obligations? - Read Stapleton's
  comments in this blog - apparently he has found one
• Are such investors successful? - apparently not yet. Crafty, gentlemanly professionals, of the upstanding kind - lawyers advocates are used to try and avoid such repayments
• Are these brave lawyers and advocates paid? - what do you think?
• With what money? - well now, three guesses
• Are monthly management salaries being paid? I have no idea
  
• Are you allowed to question the matter? - no, unless you are an expert on whatever matter concerns you (Mother Edwafin's stance)
• Why has this matter has become such an covert issue; "don't go public", "don't contact the authorities"? - perhaps they are in real trouble?
  

And that brings us to a logic 101 exercise:

1. Are the investors being stolen from? - no
2. Did they take our money originally? - yes, with pertinent basic conditions
3. Are those conditions being adhered to or even acknowledged? - well, are they?
4. Do investors receive their interests due? - no
5. Are there huge amounts of past interests due outstanding? - that's what started the whole mess
6. Do they want to give investors their money back? - I have asked, not even a promise
7. Are the investors being stolen from?

As I was writing this, I received an email from a person who used to work at the Paint Business, and who was retrenched at the end of February 2009. A "horror story" is what the person calls it. If one thinks about it, it must be clear that the "temporary" cash-flow problems must have built up for a considerable period of time, before the actual blow came. So the directors must have been aware of the impending crisis. Yet, they knew how to placate the investors with all kinds of stories about computers (costing millions of your interest money). I think the word is naive.

Sorry, Patrick, you are a nice fellow, but I'm done. Heavens, its like pulling teeth from a stubborn horse.

PS. This is today's first blog. The second will follow shortly and will deal with the now equally famous Edwabond, and its "preferred consultants".

Soon it will be Christmas - "HAPPY" as they say in Gauteng

After all the exchange of economic prose, I decided all must be in order, and settled down for the last few weeks of 2008. Of course 15 December 2008 would be an important day, as the cheque for the two month's interest would become payable, and we could then deposit it. Of course, we would have to wait some time for it to be processed by the bank, but who cares?

On the 15th, an sms message arrived from EDWAFIN, stating something to the effect that they were closing shop for the holidays, and that they would open again on 12 January 2009. Now, nobody begrudges a well earned break after a year's hard work, and I secretly blessed them all with a surrounding white light and mentally wished the staff happy days.

Of course, my wife and I also went to the bank to deposit the cheque, and all was hunky dory. Christmas was going to be full of jingles and a few Bells.

That's what I thought. Remember those good wishes for the holiday season, mentioned earlier? The devil surely didn't like that.

19 December the phone rings and it is the bank. "Sir, do you know that you have one unpaid cheque?" My mind began racing, "Who did I pay by cheque?". No, it wasn't a cheque that I had issued, but a cheque I had deposited, one issued by EDWAFIN. Shock - horror and many other unpleasant states of reality! Five days before Christmas - now isn't that a powerful gift.

I immediately informed Stapleton of this fact by email (as if he didn't know):
20081219 Email From Mk Cheque Bounced

Publish at Scribd or explore others: Business & Legal cheque bounced cheque unpaid

Of course the staff at EDWAFIN were now on holiday and nobody answered the phones. Convenient, because they wouldn't be back before next year. After a bit of research, however, I managed to find Mr Stapleton's cell number, and I must admit the sms I sent him wasn't very nice or polite (he would not answer the phone). I threatened to take legal action and have an interdict issued against him and the company. I bow my head in shame, and my actions will probably return in a future life by the law of Karma.

Prompt as ever, and ever so congenial, Mr Stapleton returned the favour the next day in an email, in which he threatened me with his dogs of Hades, extended and unaffordable legal battles and essentially implying that I had not chance in hell against EDWAFIN. Here we are:

Publish at Scribd or explore others: Business & Legal protracted legal cas expensive legal case

Remember how the problem of not being able to pay the interests was due to the naughty computer database. In the letter that EDWAFIN had dispatched on 19 December, all was revealed: there was no money in the bank. The letter appears below. Notice the paragraph at the beginning of the second half of the first page. I quote

We are presently facing a short term liquidity problem, resulting in nour [in]ability [sic] to service ourn investors over the next months, probably until the end of ebruary 2009 at the latest. We will therefore effect an electronic payment into your account on or before 28 February 2009, which covers your interest payements from November to February, ...

After all who needs working computers in these times, but remember this promissory phrase for future reference. He then admits that the interest payment cheques had been stopped by themselves. Of course all is legal and above board.

20081219 Edwafin Letter About Non Payment

Publish at Scribd or explore others: Business & Legal inflationary pressur interest not paid

To sum up thus far:

• Happy festive season
• Due to computer problems we send you a postdated cheque
• Computer database no longer a problem
• 15 December: we are going on holiday, won't be back before 12 January next year. By the way your cheque has been stopped
• We have a shortage of cash
• You'll get nothing before end of February 2009
  
• You will get all outstanding funds at the end of February 2009
• We know you are concerned, but don't worry we are fine
• They were let down by investors and soon all will be in order
• At the time of this note, 26 February 2009, the debtors have still normalized the debt situation
• 2+5 makes 3001, doesn't it
  

We'll continue after a bit of rest.