Michael Pilling

Notice of Filing of Statement of Financial Affairs and First Report to Creditors in the matter of Hatteras Reinsurance Ltd. at the U. S. Bankruptcy Court for the Southern District of New York.

Chapter 15 Petition for Recognition of a Foreign Main Proceeding in Bermuda by Mike Morrison and Charles Thresh, as Foreign Representatives of Hatteras Reinsurance Ltd., at the U. S. Bankruptcy Court for the Southern District of New York.

Writ of Summons in National Warranty Insurance Risk Retention Group (in Liquidation) v. Deloitte & Touche (a firm), Ian Wight, Richard Douglas, Michael Pilling, Glen Wigney, Deloitte & Touche USA LLP, Deloitte & Touche LLP, Deloitte Consulting LLP, and Milliman Inc. at the Grand Court of the Cayman Islands.

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.

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.

Two Cayman banks that were closed down by regulators due to money laundering concerns have filed lawsuits against the government seeking the return of a mysterious US$2.5 million payment in 1997. The litigation relates to the unusual circumstances in which Euro Bank Corporation, then a Class 'B' bank, obtained a rarely-awarded Class 'A' banking license on October 8, 1997.

Originating Summons in First Cayman Bank Ltd. (in Liquidation) v. Al Jabor Group at the Grand Court of the Cayman Islands.

Writ of Summons in First Cayman Bank Ltd. v. Cayman Overseas (Pinnacle) Ltd., Cayman Overseas (Park Place) Ltd., Cayman Overseas (Downtown) Ltd., Cayman Overseas Developments Ltd., Cayman Overseas Holdings Ltd., Cayman Overseas Investments Ltd., Cayman Overseas Purchasing Services Ltd., Cayman Overseas Realtors Ltd., Cayman Overseas Reinsurance Association Ltd., and The Cayman Overseas Group Ltd. at the Grand Court of the Cayman Islands.

Cayman Islands-based Euro Bank Corporation this month officially went into voluntary liquidation, as we revealed it would in the May edition of Offshore Alert. Additionally, two members of its management, Ivan Burges and Judi Donegan, were arrested by Cayman police but released without charge, according to sources.  

Cayman-registered Euro Bank Corporation is to go into voluntary liquidation following a report into its affairs by Ian Wight and Michael Pilling, of Deloitte & Touche, OffshoreAlert can reveal. The accountants were appointed as controllers of the bank by the Cayman government on May 11 following concerns that it may be involved in illegal activities.

Originating Summons in First Cayman Bank Ltd. (in Liquidation) v. Al Jabor Group at the Grand Court of the Cayman Islands.

The liquidators of First Cayman Bank have opened negotiations with the bank's directors and officers with a view to holding them financially accountable for their responsibilities. A lawsuit for negligence is also being considered against the bank's auditors. This and the fact that professional fees and disbursements totalling $1.16 million were incurred in the first 23 weeks of provisional or official liquidation were the highlights of the second report of FCB's liquidators, Ian Wight and Michael Pilling, of Deloitte & Touche, dated May 14.

Buyers of luxury property in Bermuda in 1997 include John Deuss, Reg Grundy, Britons Michael Butt, David Brown, and Ernest Stempel, First Cayman Bank liquidators defend size of fees, Ken Dart turned down for permanent residency in Cayman Islands, John Tugwell wanted to be Bank of Butterfield's Chairman, as well as CEO, say sources; Bermuda Sun newspaper to start publishing twice a week, Thomas Azzara's 'Tax Havens of the World' book contains several inaccuracies, nearly half of all births in Bermuda in 1996 were out of wedlock.

First Cayman Bank could be insolvent by as much as $34.5 million and appears to have been stripped of up to $8.3 million in the seven weeks before its collapse through withdrawals by depositors acting on inside information, according to the bank's provisional liquidator, Michael Pilling, of Deloitte & Touche.In a report submitted to the Grand Court of the Cayman Islands this month, Pilling indicated there was evidence that a massive fraudulent preference took place as FCB was on the verge of collapse.