Olint Update: US $13 Million Identified, for Olint TCI Investors, Only?

Frozen Assets
Originally uploaded by Fotagenic

There has been news, since yesterday and today, from Olint Liquidator, Joseph P. Connolly, of PriceWaterhouseCoopers.

...He has so far found US $13 million of frozen Olint assets in the USA and Turks and Caicos Islands.

However, he has said that:

1) This is not enough to meet claims

2) He is not in possession of these assets and doesn't know if they can be recovered for the estate of Olint TCI.

He has also revealed that the process of identifying assets and meeting claims, has been tedious and time-consuming...

Translation: Olint investors, be prepared for a long process that will leave you with less money...after all, Mr. Connolly and his team will have to be paid for those long, tedious hours!

What is troubling, is that Mr. Connolly is reported to have said that he is only seeking reimbursement for investors in Olint TCI - the company incorporated in the Turks and Caicos Islands.

Well, upon examination of http://site.olinttciliquidation.com/, the official site whereby which Mr. Connolly communicates with Olint TCI investors, I see where that Mr. Connolly was appointed as Liquidator for Olint TCI, only.

Olint Corporation Limited, Overseas Locket International Limited and other entities incorporated in Jamaica and elsewhere, by David Smith and his wife, Tracy-Ann Smith, are excluded from the liquidation process.

So, I really don't know where this leaves Jamaican and other investors in these entities.

(Please see my suggestions, re this, below).

However, Mr. Connolly is encouraging all investors in Olint TCI, to submit their claims and all documents needed to substantiate same.

Please read our previous post, here, re where to make your claims.

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One of our friends, Annmarie, has asked what Jamaicans should do to monitor the liquidation process...

My humble advice for:

1) Olint TCI investors, is to:

a) Form yourselves into a group, with an honest and qualified lawyer in these matters, (preferably one who was also an Olint investor) who, with Mr. Connolly's help, can help you to ascertain, the monies you can realistically recover and the time-frame for recovery

b) Submit your claims, immediately!

2) Investors in the other entities, to:

a) Also form a group and appoint an honest, qualified lawyer who can guide you re how to get liquidation proceedings started for these other entities and who will tell you what countries (jurisdictions) can be covered by these proceedings.

Please let me know how the above processes are progressing,ok? :)

Thanks in advance.

[I would like to thank Fotagenic for the use of his inset Flickr photo above, of frozen assets (yachts)].

Gillian

Sources Include

1) Power 106 FM News at 5:00 p.m., July 22,2009

2) http://site.olinttciliquidation.com/ - The official website whereby which Olint Liquidator - Joseph P. Connolly, communicates with Olint TCI investors.

Comments

[Gillian Campbell]

Hi Creative Recreation,

Thanks much for the compliment!

Yes, I do hope so as well. :)

Gillian

[Creative Recreation]

I hope everyone who visitis your blog has a good time here as much as I do.