‘Rockfire Capital received £180,000 from Axiom scheme, not £1 million’, says Liam Kavanagh

I am comfortable with the information that OffshoreAlert has reported.

I refer you to an email that David Rae, of Tangerine Investment Management, sent to Neil McLeod on September 22, 2012, in which Mr. Rae wrote, inter alia: “TIM has entered into an agreement with Rockfire Capital to be appointed as the Loan Manager and sub Investment Manager. This provides investors with a FSA regulated loan manager.”

A revealing insight into the credibility of Liam Kavanagh and Rockfire Capital can be found in the following extract from a report by Axiom's Receivers dated May 15, 2013: "The Receivers made contact with Rockfire Capital to ascertain what information they were holding with respect to the Master Fund and its various counter parties. Rockfire Capital were engaged by TIM to carry out a review of the loan book. Rockfire Capital stated that they could not voluntarily release the information due to a confidentiality clause and if the information was required, then the Receivers would need to engage them on a short term basis. The fee quoted by Rockfire Capital was a GBP32,000 take on fee plus GBP1,800 per hour for two to three weeks (i.e potentially in excess of GBP200,000). The Receivers did not consider that Rockfire would be able to produce any information which would augment or support their already detailed knowledge of the PLFs that would justify this expenditure."