Olint Update: Liquidator Gives Update #2

Money Down the Drain
Originally uploaded by briansphotopage

Olint Liquidator, Joseph Connolly, published his second update on the official Olint Liquidation site, two days ago.

According to him, as at July 31,2009, he has received claims of $67 million dollars from 376 claimants.

He has again informed Olint investors that he's only been able to identify US $13 million of Olint TCI's assets, so there will be a shortfall in monies distributed to them.

NB: he has now said that these assets are liquid (accessible)...[as evidence of this, please see below, where he has asked the TCI Court to unfreeze the exact amount of monies (in the Turks and Caicos Islands -TCI), needed to pay himself and his legal team].

However, he goes on to say that:

1) An imminent distribution is unlikely, as there are still more claims to be received, processed and verified. (Olint had approximately 6,000 investors who invested approximately US $220 million).

2) He will need to reconstruct Olint TCI's financial records in order to see if the claims are valid and since David Smith has been uncooperative in providing the financial records and the company database, for him to do so, he's taking him to court to get this information.

(David Smith's lack of cooperation will mean that the liquidator will have to spend a prolonged period of time reconstructing these records).

Hint: This process of identifying, liquidating and distributing Olint assets will go on for a few more months. A lengthy process equals less monies for Olint investors, as the very monies identified, will have to be used to pay Mr. Connolly and his team.

I am pleading with Olint investors to read Update #2 from the Official liquidation site, as there is aditional information there, that is very important.

E.g. in a Court Order petition to the Turks and Caicos Islands Supreme Court, the fees of the liquidator ($188,443), expenses related to the liquidation process ($3,645) and fees of the liquidator's legal team ($150,000), for the 7-week period ending July 31,2009, are claimed for.

If you're an Olint investor who has not claimed, please do so now...your monies and those of your fellow investors, are dwindling away for each day that your claim is outstanding!

(I would like to thank briansphotopage for the use of his inset photo above, of money going down the drain).

Gillian

Sources Include

1) Nationwide Radio, September 9,2009

2) The Official Olint Liquidation Site

Comments

[Gillian Campbell]

Hi Peter,

Thanks much for your comment! :)

Peter, let's say that David Smith could restart his companies tomorrow...

Would you trust him with your money, knowing all that has happened?

Gillian

[peter andrews]

I think the court and the liqudator needs to give David Smith a specific time to repay the investors with any harassment. We are th ons suffering, the court od liqudator has nothing to lose so time means nothing to them , but to us time is of the essence.
Shallah

[Gillian Campbell]

Hey Kel,

Yes, I think that's what all investors in Olint TCI, want. :)

Have you been able to submit your claim as yet? :)

Gillian

[Kel]

I can't help but want my money.