Harlequin Investor Group Update

Harlequin Resort

Harlequin Update – 25th April 2013

The Harlequin Investor Group (HIG) have met following the Harlequin presentations over the last few days.

The presentations brought forward two key issues.

1.      The re-financing of the Harlequin companies and the “Rescue Plan” and ;

2.      The quality of the initial advice surrounding the investments in Harlequin.

Re-Financing

The key to any financing is that those providing the monies are confident in both the company and the investors. We have little evidence as to the progress being made with regard to the finance. 

HIG are seeking Dave Ames’ permission to talk to James Cannon of Eleven Capital Ltd (the finance broker) and James Baker (the Harlequin accountant) regarding refinancing and re-launch plans. HIG are prepared to sign confidentiality agreements to facilitate this. Very simply, the HIG are requesting this consent by the end of next week (3rd May 2013).

HIG feel that if we can achieve this and be able to confirm to investors that the financing progress is both genuine and on going.  Any financing arrangement will require investors to engage positively. In all likelihood, any financing arrangement will require investors to agree new terms. These terms will need to be negotiated and agreed.

There is no doubt that those holding Cancellation Agreements, holding Finance Agreements (with missing payments) or holding contracts via their SIPP will need to be accommodated. The Harlequin Investor Group can assist Harlequin with this process while providing reassurance to investors that the process is ongoing and viable.

Rescue Plan

HIG are seeking disclosure of the “Rescue Plan”. This document is core to the interests of all investors.  It is the “Rescue Plan” which will dictate whether finance is available. Once again, the HIG are prepared to sign confidentiality agreements to facilitate this.

Suitability of Advice

HIG are seeking to agree a process with Harlequin to facilitate the review of all investments through SIPP or those which have utilised a re-mortgage. The advice to invest into the product is in general terms very poor.  However, the Harlequin business would be strengthened (to the benefit of all investors) by those with unsuitable advice being able to bring the relevant third party redress claims.  Harlequin did not provide the pension transfer advice / re-mortgage advice as they are not regulated under the Financial Services & Market Act 2000.  The practical position is that there is a significant number of investors for who it was never suitable to invest into the Harlequin product. Many of these people cannot complete as their financial position does not allow it. Therefore, they need to be highlighted as they will (on any sensible analysis) not be part of any future property ownership with Harlequin.

Brazil

The HIG were informed that the Brazil development has been cancelled and that Harlequin currently do not own any land in Brazil and therefore have no planning permission. Those investors who wish to have their deposits refunded should apply direct to Harlequin citing this confirmation of no further development action.

Conclusion

HIG fully understand that those holding valid Statutory Demands need to see verifiable progress in order to persuade them to defer any action.  The above suggested process allows a fair period of time for Harlequin to engage with the HIG.  It also allows the HIG to confirm to investors what is happening which will assist in restoring confidence in the current position.  The reverse also applies.

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51 Comments

Filed under Barbados, Consumer Issues

51 responses to “Harlequin Investor Group Update

  1. Investor

    So we wait for Mr Ames to let us see the accounts,

  2. Django

    HIG, how can you just think that any person with a sound judgement would accept to finance Harlequin? This is a Ponzi scheme…

  3. Beggars Belief

    It is being reported on the HIG website that Dave Ames wanted to warn purchasers that their monthly finance payments would be stopped but was “talked out of it”.

    Can the HIG ask who in the organisation talked him out of telling the purchasers and also confirm that this person has been removed from office?

    Or was this just another example of a quick “let’s see who I can blame for this one” response to a pesky question from the floor?

  4. Django

    Been Had, insults are not going to change the nature of the project which is a Ponzi scheme…I am not an investor, I am not Dave Ames, I am not O’ Halloran or Newman. Just a neutral person with a lot of experience and integrity…BFP, you should not admit persons who spend their time at vocifarating insults.

  5. Investor

    HIG does not speak for everyone I want the expired Statuary Demands acted on now before the rest of the funds are shifted

  6. Investor

    After getting £300 million its rich for Aims wanting more funds, maybe if he had just build some more and less living like he had made a personal fortune, it would have turned out better

  7. Fatchett does not represent me.

    The HIG does not represent all investors and as such should not try and negotiate for all investors. “However the Harlequin business would be strenthened (to the benefit of all investors) by those with unsuitable advise
    being able to bring the 3rd party redress claims” How is that to the benefit of all investors? This is an example of a minority looking after them selves. So much for the “we will all stick together” on this.

  8. 143

    What has happen to the Dominican Republic build?

  9. yatinkiteasy

    Same as the St Lucia one….nothing.

  10. 221

    not sure who is telling the truth anymore11

  11. Mr Lars

    The truth is in the pudding

    Evaluate the work done at BB and you wil find the truth.

  12. Investor

    well if you say HP statement last night, all is well and they just did not need the UK based company or the 40 jobs so just shut it down, nice business ethics, oh he forgot to tell them until it was public knowledge.
    We are dealing with a real nice piece of work,
    His next move will be to try to get every one to sign new contracts with no finance payments.and of course 2020 completion dates, so lets see, its a time he was removed and a new owner put in to see if anything can be saved from the mess

  13. Erica Broughton

    BBC Moneybox R4 is covering Harlequin today. From what we were told this morning, Moneybox will look at Harlequin as an example to question what people should be putting into their SIPPs.

    It is at 12 pm on 27 April (today) and 9 pm on 28 April.

  14. algarvec

    HIG won’t like this but here’s some advice for free.

    You are wasting your time holding meetings in the UK

    You need to try to raise a fighting fund and engage an aggressive experienced forensic international property lawyer (not me, I’m a developer) to try to find a legal way to freeze the shares in all the Caribbean Holding and Operating Companies if they can find them. At least then you’d have some control over your destiny, rather than dear old Dave running the show and running you all ragged. BTW he’s the guy you met who omitted to tell you Carol was at the Court placing HMS (SE) ltd into Administration while he was talking to you? Hello, wake up – you still want dialogue?

    Get someone out to the Caribbean fast (maybe pro-bono if you can’t raise any funds) and for your investors sake do not let the companies be placed in administration as you will then be sunk as pre-pack administration deals could have been struck with mates of the owners which enables them to buy the assets at little or no cost and it’s good night investors.

    No charge for the advice BTW.

  15. St George's Dragon

    You can listen to the Moneybox programme here:

    http://www.bbc.co.uk/programmes/b01s3797

    And I agree with Algarvec. Mr Ames is just continuing the scam but in the Caribbean where investors will have even less ability to understand what is going on or to take action against Harlequin than when there was a UK connection to go for.
    Take the Buccament accounts, for instance. In the UK, not filing accounts for 7 years would surely not have been possible. In the Caribbean……..

  16. Fatchett does not represent me.

    This may be a stupid question but can a uk court put a SVG company into admin, or does it have to be through a SVG court?

  17. Lighthouse

    The Insolvency Act does have provision for a UK court to wind up an overseas company.

    The SVG Finance Agreements have a English Law clause. It is an option.

    Any UK insolvency order would need to be recognised in SVG. Therein lies the problem.

  18. Fatchett does not represent me.

    @lighthouse, thanks for the reply. Many thanks.

  19. Investor

    Yes Ames must go he can not be part of any rescue plan, he has had the time and money to complete, I totally agree with @algarvec,

  20. Frothy Man

    @ Investor.

    So you think do what? make a company go bust, just for a few people who want revenge? that would work! you pillock!!

    Get ride of Ames, get proper management in, proper contractors and savage the IFA’s whats wrong with that??? it may work.

  21. Investor

    So articulate, pillock eh, well sure we can leave Ames then and he can have another 5 million loan to him self, of our money out of any restructure.

  22. Investor

    these bogs are a waste of time with people with no constructive information on them, so bye

  23. An Investor

    Ames must go and be replaced by a manage company that had experience in building and finance for any rescue plan, with Ames at the head it will fail again, also he must repay the 5 million loan he took out of the company, (see accounts),also any award from the Irish court case must not disappear into his account.

  24. Crazy Horse

    After reading all the posts and comments here as well as attending the meetings. I am quite glad that HIG is trying this approach. Much better than actually closing the company down. At least there could be a chance for some people to get their investment back, or maybe even gain some trust back into theit investment. People need ignore that nikki from cpc. All she is doing is taking advantage of the situation and people who are already in financial difficulty. Also after attending the meeting in Warrington and witnessing certain people’s behaviour, I hope they are ashamed of themselves. It only makes the situation worse!

  25. A Real Investor

    Some people shown how unstable they are for sure, on both sides, The whole thing was an embarrassing farce – no matter what side of the fence you sit on.

  26. Roving Ranger

    Dave the Ponzi master aims to make millions, rake millions and take millions. The O’Halloran scam is a perfect example, these two men are good friends and still meet together despite claims to be inbroiled in bitter litigation.

  27. Short Legs

    @Roving Ranger
    Well that’s a new one! but alas, I can assure you not true 100%

  28. algarvec

    Just seen a press report stating that Harlequin are experiencing cash flow problems (so the £300m has disappeared then as we all thought) because they are awaiting £30m in completion money on the 300 units built in BB. Oh, Hallelujah, it’s not Dave’s mess after all, it’s the wicked investor’s at fault, saints be praised. Oh, wait a minute, the fact that they didn’t complete wasn’t down to none of the 100% mortgages that Dave promised having materialised was it? And what with all the hopeful “owners” being on gagging orders not to tell the truth for fear of losing all their money? Oops. The usual Harlequin smoke and mirrors department forgot to tell “investors (aka mugs) that no one on Planet Earth is providing mortgages in the Caribbean at the even the smallest fraction of what Harlequin were promising in their model. Probably slipped Dave’s mind to fess up to that fact now, what with all the fuss over ICE and the pesky SFO and Police investigating and the FCA finally waking up to the UK’s equivalent to Maddoff’s and Stanford’s Ponzi schemes merrily rolling along under their nose.

  29. It really is game over

    It is all gonna fall over

    The only assets HP has is BB, which is incomplete and will never ever be making money…SVG and the Caribbean tourist market just aint big enough to fill the place

    If one room makes a £1 profit the logic of 1200 will make £1200 doesn’t work…ya gotta fill em all.

    So even if you all get your units (and that just isn’t going to be possible) you wont get much return and the things will take forever to sell if at all….even if all 1200 were built most peeps will want to dump them so the market will be flooded with a product that nobody wants, trying to sell at top dollar prices…not gonna be a happy ending

    those still dreaming need to wake up

  30. algarvec

    THE NET CLOSES…………

    Dave and Carol were issued with an order yesterday freezing their personal assets up to £1.1m..

    The order was brought to court by solicitor Chris Coney of law firm Carter Lemon Camerons, on behalf of 13 investors in Harlequin.

    The Ames were unaware of this and they have a right to respond to it, and a further hearing will be heard on 28 May.

    Until this date the Ames must not remove from England or Wales any of their assets up to the value of £1.1m, including by the sale of their Essex home.

    They must also not dispose of or diminish any assets they hold outside the UK up to the same value.

    The Ames must inform Carter Lemon Camerons of all their assets worldwide, whether in their own name or not, and whether solely or jointly owned, giving the value and location of the assets.

    They are restricted to what they can spend to £600 a week on ordinary living expenses, and a “reasonable amount” on legal expenses (Carter F*ck rubbing their hands with glee at this point). But before spending anything the Ames must tell Carter Lemon Camerons where that money is coming from (their Ponzi scheme?).

    The court order will cease to have effect if the Ames provide security by paying the court the sum of £1.1m.

    A spokesperson for the Ames said: “Mr and Mrs Ames are unavailable for comment until they have taken legal advice on the matter.”

    Have HIG got their lawyer out to freeze the Harlequin Assets in the Caribbean yet? If not try to get CLC on the case as they seem switched on or the horse will bolt. I’ll have a little side bet with anyone who fancies it (£1) that the horse has actually bolted and what’s left of the money is nowhere near the Caribbean. Perhaps Mauritius? No transparency and no extradition. Lovely place to enjoy your retirement with £200m of cash. Passports anyone?

  31. It really is game over

    It would seem CA & DA have gone on a little trip to SVG…..maybe they gone to bring a couple of bags of cash back for the court, or maybe a last trip before separate bedrooms in a hotel with bars on the windows…or maybe never to return

    Maybe this was the rescue plan…they flee the country

  32. Janice

    Thanks God someone is seeing sense.
    Freeze what???? what to make lawyers rich …? madness
    Best way here t restructure – and make it work….
    Lawyers love pouncing and talking rubbish…
    I have 2 properties and am looking forward to the proposals….
    lawyers – same as sharks ….

  33. Henrietta

    Dear All
    I am taken aback at the vindictive spirit and the attack on Mr Ames – its so unfair and yet we have banks that are zombies walking around pretending nothing happened. Let us please also not forget that proposals that are ‘a la attack’ remind me of some cheap 2 bit legal attack that increases their fees and leaves the investors nothing. I was at the investors meeting and I must say how refreshing to see people stand up for their company. I will give them a chance. They deserve it. Thats my sixpence.
    I agree with Janice – legal nonsense will achieve very little except service the lawyers Bentley…
    Henrietta

  34. Good investors meeting Mr Ames
    I was deeply impressed at the way in which you stood up and dealt with some of the pressures considering this difficult time of credit freezing up and difficult banking.I am also on side with the potential approach of saving the business and the hard work that must be going on behind the scenes. I felt you were sincere as were the people with you (cant recall their names) and no doubt 24 hrs in one day cant be enough each day. Happy to hear what you are going to come up with, I have deposits on 3 Cabanas and am patient. Thanks be to the Virgin Mary we arent in Miami where nonsense lawyers attack everyone for drinking hot coffee.
    I trust you and blessings of God be on you.
    Reverand Gabriel Msc, Mphil Cantab

  35. Newcastle Fred

    VIVVAAAAAAAAAAAAAAAAAAAAAAA HARLEQUIN!!!!!!
    soon we will all be drinking and dancing to Barry Manilow
    !!!!!!!!!!!!!!!!!

  36. long legs

    I for one have long legs – can short legs stop posting quotes.
    love
    long legs from ipswich

  37. Anon - reasons unknown

    Hi Henrietta

    Are you going to take Ames’ advice and invest more money in Harlequin?

    Sounds like you have the faith in him to do so, and that may well help out other investors. And the Ames family, of course.

    I think they’ve run out of money for legal fees, and as you know, they need plenty of legal assistance now, if only to fight the Serious Fraud Office, Financial Conduct Authority and investors seeking contractual refunds.

    In fact, it’s ironic you’re so against lawyers and legal fees since Ames has spent millions and millions (of investors’ money) on precisely that over the years, yet you seem to be backing him.

    A – r.u.

  38. Farmer from Norfolk

    WHO IS FATHCHETT
    DOES HE REPAIR THATCHED ROOFS?

  39. Anon - reasons unknown

    Wow, farmer, you’re good. You must be an advocate?

  40. Thinking outside the cardboard box

    Dear All
    Give people a break…
    everyone deserves a second chance
    If we are vindictive then we will be in Dantes Inferno…
    We must repent and find God or failing this stop attacking each other…
    It causes stress and stomach pains…
    Best to take up yoga.
    There is more to life than legal fees,
    Thanks
    Monastic existence helper

  41. Investor

    Give it up .
    Give them a break
    jesus hold mary mother
    this remind me of a pack of wolves feeding on scraps….
    serious – wait for their ideas and then decide
    half of this blog is judge and jury before anything had been put out.
    Investor

  42. Freddie

    where is Dominicon Republic?
    Freddie Akooto Lago.

  43. Anonymous

    Wow, the ignorance of some shows clearly how they were lured into this scam in the first place. Give a second chance to a proven liar, who took 400m, gave most to agents, ifa’s and himself, built about 3 per cent of what was sold, had no planning permission when selling nor owned and when selling etc? If you back this guy, sadly you have only yourself to blame for the money you lose.

  44. Gregory Peck

    God will help us
    In these times i pray.
    The light will guide us to salvation and we will find hope.

  45. The Tooth Fairy

    You prey to God, I’m going to prey to Santa Claus. Let’s see who has more luck

  46. It really is game over

    @ Janice…you are so trusting and I am so honest…do you think I could borrow £100k..I need to pay a few bills before I go on a trip to a hotel operated by hmp, you may have heard of it its called Bellmarsh and its in London so handy for any shopping

    The name on the cheque, if you could just make it out to Dave, decent bloke Ames…actually maybe you could do cash, I find it is so much easier to dispose of

    best wishes Dave “straight up” Ames

  47. Bill Nicholson

    BFP…..WHERE ARE YOU????

  48. Anonymous

    So when are the due diligence packs going to come out and why is Ames stalling for time in his UK case

  49. Anonymous

    CLC have Ames on the ropes. He will have to provide information to CLC or face imprisonment for contempt. And GF is also worried, the info provided to him by Ames to date for his due diligence resembles a sieve.

  50. Anonymous

    The RL site appears to exude with massive confidence that the trust will work, hate to burst their bubble but they are a little behind on this. GF has thrown them a massive curve ball. The cautions will take precedence over any trust as will the outstanding judgements. And not all the land Ames claims he owns does he own. Just look at the Blu Hotel in St. Lucia.

    Fatchett why don’t you just get the land registry documents in the Caribbean? That will show you there can be no trust.

  51. Leaky leaky

    No consent order yet. Ames and co. on holidays. Looks like they are trying to buy time. Fatchett is waiting and hoping Ames will pull a rabbit out of the hat.
    In fact Fatchett could be that Rabbit. They are a sad bunch over on the RL site, already counting their chickens. But there were never any eggs.

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