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Lack of transparency by affiliate of Cayman law firm Thorp Alberga
Posted: Saturday, August 13, 2011

Posted: 7/7/2010 2:19:26 PM

By: David Marchant

International Corporation Services Ltd. finally made the share registers available this morning. The ownership for both companies is hidden through a nominee (ICSL itself).

Something that should have taken five minutes ended up taking eight days. Pathetic!

Posted: Saturday, August 13, 2011

Posted: 7/7/2010 5:17:02 AM

By: David Marchant

I was not aware that the LOM business had migrated to Cedrus. If true, that is remarkable.

LOM previously stated publicly that the remaining business of LOM (Cayman) would be moved to LOM (Bahamas).

Another article in the most recent edition of OffshoreAlert was about the fact that the case of the SEC vs. LOM (Cayman), LOM (Bahamas), LOM (Bermuda), Scott Lines, Brian Lines et al has been sent "for settlement" at federal court in Manhattan.

If it doesn't settle, a date of October 12, 2010 has been set for the start of the trial. If it goes to trial, OffshoreAlert will have someone covering every day of it and filing reports.

Posted: Saturday, August 13, 2011

Posted: 7/7/2010 12:58:07 AM

By: box out

wait david, lemme get my popcorn, this is going to be good.

surprised you have not yet mentioned the fact that pretty much the entire LOM cayman operation (more than just mcnay) migrated to cedrus. we call it the 'new' LOM.

also - just for the sake of comedy, you may want to look into some of the other hires there and their qualifications and backgrounds. he is roping in people to take hits for him when the stuff starts hitting the fan.

Internal Administrator
Posted: Saturday, August 13, 2011
Joined: 10/12/2010
Posts: 5780

Posted: 7/6/2010 9:45:29 AM

By: David Marchant

For the last eight days, I have been trying unsuccessfully to exercise my legal right to view the register of members for two Cayman Islands-domiciled companies: Cedrus Investments Ltd. and GC Research Ltd. (see lead story in today's OffshoreAlert about Thorp Alberga client Rani Jarkas moving transferring his operations from California to Cayman and leaving behind substantial debt, including a $1.7 m arbitration award for fraud against a client)

However, the registered agent, International Corporation Services Ltd., which is the company management arm of law firm Thorp Alberga, refused to produce the registers when a researcher went to its office on my behalf and none of the partners of the law firm have responded to my many emails and telephone messages asking for the registers to be produced.

Michael Alberga, a partner of Thorp Alberga, is a director of Cedrus Investments.

The other members of Thorp Alberga's management team who failed to respond to my requests are Ruth Hatt, Christopher McDuff, Darryl Myers, Melanie Myers-Khouri, Everton Robertson, Richard Thorp and Harriet Unger.

OffshoreAlert has complained to Cayman's Registrar of Companies and intend to test the integrity of Cayman's regulatory and judicial systems by demanding that the registers be produced in accordance with Section 44 of the Companies Law (2009 Reviision), which states that: "The register of members, commencing from the date of the registration of the company, shall be kept at the registered office of the company or, in the case of an exempted company, at any other place within or without the Islands. Except in the case of an exempted company and when closed as hereinafter provided it shall, during business hours, subject to such reasonable restrictions as the company in general meeting may impose, so that no less than two hours in each day be appointed for inspection, be open to the inspection of any member gratis and to the inspection of any other person on payment of ten dollars or such less sum as the company may specify for each inspection; and every such member or other person may receive a copy of such register or any part thereof, or of such list or summary of members, on payment of one dollar for every page required to be copied. If such inspection or copy is refused, the company shall incur for each refusal a penalty of four dollars and a further penalty of four dollars for every day during which such refusal continues; and every director and manager of the company who knowingly authorises or permits such refusal shall incur the like penalty; and in addition to the above penalty, a Judge sitting in chambers may, by order, compel an immediate inspection of the register."

Posted: Saturday, August 13, 2011

Posted: 7/28/2010 9:23:14 AM

By: David Marchant

I am interested in finding out more about which former Lines Overseas Management staff (apart from David McNay) now work for Cedrus and how much of LOM’s business was transferred to Cedrus and on what terms.

I will be publishing a follow up on Cedrus in the next edition of OffshoreAlert and I am trying to obtain as much useful information as possible.

Any information you can give me would be greatly appreciated.

Posted: Saturday, August 13, 2011

Posted: 7/8/2010 9:32:17 AM

By: David Marchant

After obtaining the register for Cedrus Investments Ltd., I noticed that it was incomplete. The sole shareholder was identified as International Corporation Services Ltd. which, according to the register, became a shareholder on March 16, 2010.

However, Cedrus Investments was incorporated on January 30, 2009. So who were the shareholders between January 30, 2009 and March 16, 2010?

Under Section 44, the register of members must contain details of all shareholders since inception.

What does it say about Michael Alberga and ICSL that, ten days after OffshoreAlert first requested this information, the complete information has still not been provided to me. What should have taken five minutes with minimum fuss, which is what typically happens in Cayman's main offshore competitor, Bermuda, has turned into a long-running farce.

I will not let this matter lie until I have been provided with what I am entitled to under Cayman law.

The conduct of Michael Alberga and ICSL is an embarrassment to the Cayman Islands.


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