Financial trader Wolfgang Flottl is pulling out of Bermuda over the next 18 months and moving his trading operations to New York, we can reveal.His withdrawal will have a significant impact on the local economy and will put pressure on landlords to reduce high-end residential rents.
British pharmaceuticals giant Glaxo, which has taken heavy losses in the bond markets in recent months, is closing down its Bermuda investment arm with the loss of ten jobs.The decision follows a sweeping reorganization of Glaxo's board of directors announced a week ago.
The Bank of Bermuda has accepted an invitation to act as a financial advisor to the development of the Bermuda Financial Centre on the site of the former Bermudiana Hotel in Hamilton.
Bermuda-based trader Wolfgang Flottl obtained a court order this week banning 220,000 copies of an Austrian magazine from newsstands on the grounds that they contained an article allegedly libelling him. Austrian police carried out a door-to-door visit of Vienna's newsagents on Wednesday evening, confiscating all copies of the down-market tabloid News.
The joint provisional liquidators of Bermuda Fire & Marine Insurance have brought their first legal action in Bermuda since they were appointed six months ago, filing an application to be appointed receivers of Bermuda London Underwriting Agency Ltd.
Bermudian investors who have for years been staring at a collective paper loss of several million dollars from their investment in a publicly-quoted US company had something to cheer about this week.They stand to get some of their investment back - or may even end up with a profit - following the announcement on Monday of a proposed deal between NYSE-listed Regal International and a Hong Kong/Chinese conglomerate.
Businessman Thomas Coughlin, who is being investigated by Bermuda police following a complaint that he may have misappropriated funds from a local firm, has broken his public silence since allegations were made against him.But he has refused to shed any light on what has happened to hundreds of thousands of dollars that has allegedly gone missing from a local property development firm that he ran.Mr Coughlin, who has failed to return several calls left by us, last week gave an interview to his local newspaper in Connecticut, the Middletown Press.
More US companies may turn towards Regulation S securities offerings as a way of raising money due to the recent plunge of American stock markets, according to investment manager John McNiff.Mr McNiff, who runs Bermuda-based Offshore Investment Fund Ltd (OIFL), said US firms would find it increasingly difficult to raise money through public offerings in the current climate of market uncertainty.
An application has been made to wind up Bermuda-based Windsor Investments, which is majority owned by beleaguered American businessmen Gilbert Beinhocker and Gregory Plunkett.Channel Islands-based Maydown Consultants, which filed the winding-up petition at Bermuda Supreme Court on Wednesday, claims the investment company owes it $375,000.
Bermuda-based investors fighting to regain $750,000 which was allegedly stripped from their firm by American Gilbert Beinhocker may get most of their money back.The receiver of their investment firm, EPA Inc, has ordered the return of $500,000 in Promissory Notes that were taken out of the firm by Dr Beinhocker.Dr Beinhocker, who ran EPA for its investors, gave two notes - worth a total of $207,692 - to law firms Hale & Dorr, of Boston, and Richards, Layton & Finger, of Delaware, as payment for legal bills.
The saying ‘there's one born every minute' has never been more appropriate than when applied to the plethora of investors who have lost their shirts gambling on companies that prospect for diamonds and gold in ‘them thar hills' of British Columbia, Canada. DAVID MARCHANT takes a look at an industry that has attracted substantial investment from Bermuda residents and scrutinizes the performance of the notorious Vancouver Stock Exchange, which helps firms raise money and which was described in Forbes magazine in 1989 as ‘The Scam Capital of the World'.
Bermuda Fire & Marine chairman Charles Collis said yesterday that the company has between $50 million and $60 million in reserves and was put into liquidation to avoid "a feeding frenzy" by its creditors.
Provisional liquidators have been appointed to investigate the financial position of Bermuda Fire and Marine Insurance Company Ltd after the company filed for a voluntary winding up order on November 2.
Promoters behind the Bermuda Financial Centre said this week that they are seeking Bermudian investors as much as Bermuda dollar investments for their proposed $131 million hotel, conference and office complex.
Bermudians will soon be invited to buy in to the international business industry — by purchasing shares in a new company planning to replace the Bermudiana Hotel with a posh, five-star business hotel and office complex. The project, which includes a big convention and leisure centre, could be completed in 1996 and is expected to inject millions of dollars into the economy.
Founding investors in a planned $131 million hotel proposed to take the place of the Bermudiana have been told that the full cost of the project could be met with funds from overseas. Gordon Capital Corporation, the Canadian investment banking firm advising on the financing of the project, has said the money can be raised from its clients off the island.
A Small group of Bermudian investors and businessmen plans to raise over $130 million to turn the Bermudiana Hotel into a five-star hotel and convention centre, with offices and a recreation complex. The group has not been named but is known to include architect Fraser Butterworth. Two other well-known Bermudians with extensive hotel experience are among the founding sponsors.