“We are urging every investor to register in the HMSSE administration.”
Gareth Fatchett, Regulatory Legal Solicitors (Forms attached at bottom)
With over 10,000 discussion comments on Barbados Free Press, Harlequin “investors” (and we use the word somewhat tongue-in-cheek) have lots to say and discuss.
Here’s the latest we have from Gareth Fatchett of Regulatory Legal Solicitors – a memo sent out on May 17, 2013.
Perhaps our readers can add what’s happened since…
From: Regulatory Legal Solicitors [mailto:email@example.com]
Sent: 17 May 2013 17:09
To: Gareth Fatchett
Subject: 17th May 2013 – HIG UPDATE
At outset, HIG are more than prepared to continue to engage with Harlequin and will seek to understand and support a rescue plan where this is feasible notwithstanding the protective steps we are suggesting below. ie. our objective is to pursue different strategies which aim to achieve the best outcome for investors regardless of the course adopted. Simply sitting back while matters worsen is not a strategy HIG are prepared to adopt.
HIG members are all investors in Harlequin and would like nothing more than it to work. However, we have to be realistic. It is not going to work in the current format. It needs a major overhaul to give us any chance of surviving. Currently, the whole process is dictated by a handful of people at the Harlequin core. Frankly, that does not work for investors who need to understand the actual position.
The seriousness of the situation has increased with a High Court Judge making an order against Mr & Mrs Ames personally. Of course, Mr & Mrs Ames are able to challenge the order and seek to have it revoked. What is concerning for HIG is that the order was granted in the first place.
We are trying to keep an open mind, but the slippage of timetables, non payment of creditors and the issuing and granting of the injunction does little to reassure us. Continue reading