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.