Liquidations & Insolvencies

Ian Renert may be target of criminal investigation

Former offshore fund manager Ian Renert might be facing criminal action in the United States to go along with a civil lawsuit alleging securities fraud that was brought against him by the SEC.Documents filed in the civil case indicate that Renert is also being investigated by the United States Attorney for the District of Connecticut.

Arthur Andersen captive seeks Scheme of Arrangement

Arthur Andersen's Bermuda registered captive, Professional Services Insurance Company Ltd., is seeking to enter into a Scheme of Arrangement with its creditors.An order was issued at Bermuda Supreme Court on November 14, 2002 granting the firm's application to meet with

MRM allegedly offers $100 million to settle Legion claims

Mutual Risk Management has made a $100 million offer to the Pennsylvania Insurance Department to settle all claims relating to its subsidiary in rehabilitation, Legion Insurance Co., it has been claimed.Details about the purported offer are contained in the latest of several civil lawsuits filed by clients and shareholders against the MRM group in the United States and Bermuda.

Omnicorp Bank attempts to restructure

Omnicorp Bank, of St. Vincent, is attempting to convert from an offshore bank to an investment fund in an attempt to stave off liquidation.Canadian national Nelson Bayford, who controls the bank, has been approaching depositors requesting that they convert their interest from debt to shares, said two sources.

Laravilla Enterprises Limited

Laravilla Enterprises Limited - Enforcement Actions - Isle of Man Financial Supervision Commission

Asset freeze order issued against Imperial Consolidated founders

A worldwide mareva injunction has been issued in the United Kingdom against Lincoln Fraser and Jared Brook, who co-founded the fraudulently-operated Imperial Consolidated Group. The injunction freezes all personal and business assets belonging to Fraser and Brook.

Two more FIBG promoters file for bankruptcy in the United States

Two more men who were involved in the fraudulently-operated First International Bank of Grenada have filed for bankruptcy in the United States.Paul James Peiffer and Robert John Skirving separately filed for bankruptcy on May 20 and May 23, respectively, at the U. S. Bankruptcy Court for the District of Oregon.

Two new lawsuits filed in Evergreen Security bankruptcy

Two new civil lawsuits have been filed against parties believed to have contributed to the collapse of Evergreen Security, an unlicensed 'mutual fund' that is believed to have defrauded investors of approximately $200 million.On July 9, 2002, Evergreen's Bankruptcy Trustee, Bill Cuthill Jr., announced he had sued Bahamas resident Greg A. White for an amount that could exceed $50 million.

Imperial Consolidated administrator awaits results of geological survey in Argentina

The results of an independent geological survey of 4.5 million acres of land in Argentina to which the Imperial Consolidated Group has mining rights are expected to be known by the end of August. They will go a long way to determining the level of dividend creditors can reasonably expect, said a spokesman for Imperial's UK-based administrator, Mazars Neville Russell.

Bahamas resident sued for more than $50 million by Evergreen Security’s Bankruptcy Trustee

A civil complaint has been filed against Bahamas resident Greg A. White as part of the investigation into Evergreen Security, whose principals defrauded its clients of more than $200 million.The action, which seeks to recover more than $50 million, was filed at the United States Bankruptcy Court for the Middle District of Florida, in Orlando, by Evergreen's Chapter 11 Bankruptcy Trustee, R. W. (Bill) Cuthill, Jr.

Imperial Consolidated has debts of US$336 million

The value of mining rights in economically crippled Argentina will determine the financial condition of the Imperial Consolidated Group. More than 50 per cent of Imperial's total assets - on paper - are in holdings in mining ventures in Tucuman, said a spokesman for the group's UK-based administrator, Mazars Neville Russell Services.

Lincoln Fraser blames OffshoreAlert for Imperial Consolidated’s problems

After many months of refusing to be interviewed by OffshoreAlert, Imperial Consolidated co-founder Lincoln Fraser finally responded to questions about his business activities on June 30. In an email, Fraser inferred that it was inaccurate to state that Imperial had "collapsed" and disputed our assertion that he had a track record of failure in business, even though he was petitioned into bankruptcy in 1996 by a creditor, was last year disqualified from serving as a company director for four years in the UK and has managed at least two previous firms which were compulsorily wound-up by their creditors, namely Progressive Leisure Ltd. and Fraser Brook Corporation Ltd.

Cambridge International Bank files action against former principal

Cambridge International Bank & Trust, whose banking license was revoked in Grenada last year, has brought a lawsuit in the United States against its former principal, David Frank Rowe. The action was filed as an Adversary Proceeding at the United States Bankruptcy Court for the Southern District of Mississippi on May 13, 2002.

Euro Bank liquidators pay first dividend

The liquidators of Euro Bank Corporation have paid a first dividend totaling US$70 million to creditors, representing 80 cents on the dollar to recognized claimants.Liquidators Michael Pilling and Ian Wight, of Deloitte & Touche, told creditors in a letter dated May 13, 2002 to expect a final return of at least 100 per cent of their respective claims.

Bermuda firm suspected of fraudulent transfer of assets

A company partly-owned by former Bermuda Premier Sir David Gibbons and other Bermuda-based investors is being investigated for a suspected fraudulent conveyance of assets in the United States. It is the latest chapter in the sordid saga of NimsTec Ltd., a 3-D technology firm which - together with predecessor companies and affiliates - has lurched from one fiasco to another over many years.

Imperial Consolidated goes into administration

The Imperial Consolidated Group has gone into 'voluntary administration' in the United Kingdom. The news was announced today by Imperial's London-based public relations firm, Luther Pendragon.

Lawsuit filed against Meridian Investment Bank

A civil complaint has been filed in the United States against a now defunct Grenada licensed offshore bank and its principals by a client seeking the recovery of $6 million. In an action brought at the Circuit Court for the

Merrill Scott break-away firm has assets frozen

The Receiver for Merrill Scott & Associates, which operated from the Bahamas and Utah, has obtained a temporary restraining order against a break away group set up by some of the firm's former principals. The order was issued at the

AvantGuard Bank goes into liquidation in Grenada

Grenada licensed AvantGuard Bank and Trust Ltd. has gone into voluntary liquidation following a review of its operations by accounting firm PricewaterhouseCoopers, acting on behalf of Grenada's Ministry of Finance. Pierre Gauthier, a spokesman for the bank, told OffshoreAlert on

Third arrest warrant issued in investigation of Atlas Financial Group

An arrest warrant has been issued in the Turks and Caicos Islands against a third person suspected of fraud involving Atlas Financial Group (in liquidation), namely Robert D. Whitney, who is AFG's former Chief Operating Officer. It follows arrest warrants that

76 lawsuits filed against Evergreen Security brokers

Seventy-six new lawsuits have been filed by the Bankruptcy Trustee of a fraudulently-run offshore 'mutual fund' known as Evergreen Security, which is insolvent by approximately $200 million. The actions, which have been filed in Florida, seek to reclaim more than $8.1 million that was allegedly fraudulently transferred by way of commissions to promoters of Evergreen.

Grenada regulators take administrative control of Imperium Bank

The future of the Imperial Consolidated Group has been thrown into doubt after regulators in Grenada took administrative control of its offshore bank. Imperium Bank cannot make any financial disbursements without the consent of PricewaterhouseCoopers, which is conducting a 15-day review of its books at the behest of the government.

Former offshore banker David Rowe files for bankruptcy

Former offshore banker David Frank Rowe has filed for bankruptcy in the United States citing liabilities of $33.1 million and cash assets of just ten dollars. His biggest liability is listed as $30 million relating to a breach of contract claim by the now-defunct, Grenada-based Cambridge International Bank and Trust, of which he was a principal.

AvantGuard spokesman discusses possible liquidation

A spokesman for AvantGuard Bank and Trust has said it may go into liquidation whatever the outcome of recent action taken against it by regulators in Grenada.The administrative functions of AvantGuard Bank were taken over for an initial 15-day period by the Grenada Ministry of Finance at the end of April in a clampdown that saw similar action taken against Imperium Bank and CornerStone International Savings and Investment Bank.

Grenada acts against three offshore banks

Grenada's Minister of Finance, Anthony Boatswain, has publicly announced that a review is being carried out of three offshore banks: Imperium Bank, AvantGuard Bank and CornerStone International Savings and Investment Bank.

Steps taken to recover SSBT assets in United States

The Provisional Liquidator of Bahamas-based Suisse Security Bank and Trust has taken steps to recover approximately $13 million of the bank's assets held in the United States. Raymond Winder filed a petition at the United States Bankruptcy Court for the Southern District of New York on February 22, 2002.

Former BTCB CEO arrested in US & charged with money laundering

A Venezuelan businessman who was CEO of Dominica-based British Trade and Commerce Bank before it was forced into Receivership has been charged with money laundering in the United States. Rodolfo A. Requena, 51, was arrested on November 13, 2001 after a sealed complaint was filed against him eight days earlier at the United States District Court for the Southern District of Florida, in Miami.

Creditor forces Mariner International Bank into Receivership

A Receiver has been appointed for St. Vincent & the Grenadines-licensed Mariner International Bank Ltd. following a court application from a creditor claiming to be owed US$818,379. The local High Court appointed chartered accountant Linton A. Lewis as Receiver of MIB on March 15, 2002. Lewis is a former head of the Offshore Finance Authority in St. Vincent.

MRM insurance subsidiaries taken over by Pennsylvania regulator

Mutual Risk Management subsidiaries Legion Insurance Co. and Villanova Insurance Co. have gone into "voluntary rehabilitation" following court action by Pennsylvania Insurance Commissioner Diane Koken. The rehabilitation orders, which were granted by the Commonwealth Court of Pennsylvania on March 28, 2002, become effective April 1, 2002.

Owner of Bermuda hotel files for bankruptcy with debts totaling $54 m

The owner of White Sands Hotel in Bermuda has filed for bankruptcy in the United States citing debts of $54.13 million and assets of just $6,005. James M. Dwyer filed for bankruptcy on December 6, 2001 at the U.S. Bankruptcy Court for the District of New Jersey.

Enron’s Cayman liquidation petitions

OffshoreAlert has obtained further details of two petitions filed at the Grand Court of the Cayman Islands on January 25, 2002 in relation to two subsidiaries of failed energy firm Enron Corp. The actions, which were filed by Huntlaw Corporate Services Ltd., are applications to wind up Enron Bahamas LNG Ltd. and Enron LNG Shipping Company in order to preserve and sell their assets.

Merrill Scott reinvents itself with a new name and allegedly stolen property

Items that were stolen from the premises of Merrill Scott and Associates four days after an SEC lawsuit was filed against the firm were allegedly found in the office of a new firm set up by former employees. That is a claim being made by the attorney who has been appointed Receiver for the Merrill Scott group, which was based in Salt Lake City, Utah, and the Bahamas.

Suisse Security Bank & Trust Ltd.: Section 304 Petition

Section 304 Petition for Assistance in Insolvency Proceedings in the Bahamas by Raymond Winder, as the Foreign Representative of Suisse Security Bank and Trust Ltd., at the U. S. Bankruptcy Court for the Southern District of New York.

Enron’s Bermuda captive goes into liquidation

Enron Corp's Bermuda-registered captive, Enron Re Ltd., has assets of just $9.58 million to meet its liabilities, according to its liquidators. The self-insurance vehicle was ordered into provisional liquidation at Bermuda Supreme Court on January 2, 2002 following an application by the Supervisor of Insurance and the Bermuda Monetary Authority.

Enron Re has assets of just $9.58 million

Enron Corp's Bermuda-registered captive, Enron Re Ltd., has assets of just $9.58 million to meet its liabilities, according to bankruptcy court filings. Creditors of the firm include Enron Corp., Enron North America, Risk Management & Trading Corp., European Finance Re and Harrington International Insurance Ltd.

Enron Re Ltd.: Section 304 Petition

Section 304 Petition for Assistance in Insolvency Proceedings in Bermuda by Malcolm Butterfield and Anthony McMahon, as the Foreign Representatives of Enron Re Ltd., at the U. S. Bankruptcy Court for the Southern District of New York.

Evergreen Trustee wants offshore trust company to turn over documents

OffshoreAlert reported last month that R.W. Cuthill, Jr., the Trustee of Evergreen Security Ltd., had filed an Adversary Proceeding against Costa Rica-based Intrados S.A. at the United States Bankruptcy Court for the Middle District of Florida, where Evergreen has been in bankruptcy since January 23, 2001.

Robo Enterprises files for bankruptcy

An oil and gas company which was promoted as an investment opportunity at Institute of Global Prosperity conferences has filed for bankruptcy amid allegations of fraud.Robo Exploration Inc., a.k.a. Robo Enterprises Inc., filed for Chapter 11 bankruptcy protection at the United States Bankruptcy Court for the Western District of Kentucky on October 23, 2001.

First Cayman Bank loot used to pay off fraud judgment, claim liquidators

Part of the estimated $5.5 million allegedly looted from the First Cayman Bank/Gulf Union Bank group in 1997 went to satisfy a $1.75 million fraud judgment in the United States, according to the liquidators.The fraud had been committed by Sheikh Abdus Shimmy Qureshi and his now defunct Florida firm Escue Management Inc., it was alleged.

Carolina Reinsurance Ltd.: Section 304 Petition

Section 304 Petition for Assistance in Insolvency Proceedings in Bermuda by Gareth Hughes and John McKenna, as the Foreign Representatives of Carolina Reinsurance Limited, at the U. S. Bankruptcy Court for the Southern District of New York.

Scott Turner hits out ahead of meeting of Atlas Securities creditors

Canadian businessman Scott Turner, who is subject to an arrest warrant in the Turks & Caicos Islands for suspected fraud, has issued a letter attacking other members of his failed stockbroker Atlas Securities Inc.Nowhere in the five page letter, which

Americas International Bank is insolvent, used to launder fraud proceeds, says liquidator

Bahamas-based Americas International Bank Corporation Ltd. is insolvent and was used primarily as "a vehicle to launder funds" received from investment fraud, according to its liquidator.Accountant Clifford Culmer painted a bleak picture of the bank's activities in an affidavit filed with the Bahamas Supreme Court on November 19, 2001.