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Bob Trotta

Silverpoint: Court Administrator Completes Review

After a rather lengthy process, the court-appointed administrator has now completed his review of the Silverpoint liquidation and the news is not good for the company or for several key personnel. Although the report is welcome it appears that the administrator has not included some key points which the lawyers behind the majority of cases against Silverpoint expected.

As we know a few years ago, the CEO of Silverpoint placed the company into voluntary liquidation, at the time it was already suspected that it was a ploy by the myriad of companies under the umbrella of The Limora Group to consolidate as much finance as possible for the family of the late Bob Trotta.

This now seems to have been officially recognised as the administrator has concluded the liquidation could have been avoided, had it not been for the mismanagement by the company directors and key personnel.

During his investigations, the administrator also uncovered a huge range of financial and management irregularities which he believes directly contributed to the collapse of the company. Because of this, he has classified the liquidation as “culpable”, which actually means it was a negligent bankruptcy.

The administrator also made it very clear that those responsible for the negligent bankruptcy are the former CEO Mark Cushway and the former CFO Diana Aitchinson. This obviously does not look good for either of them, there is obviously the possibility of criminal charges being brought against them, for that we shall have to wait and see.

Former Silverpoint CEO Mark Cushway

On the role of Kwang Boon Sim, who we reported on in our six-part series Exclusive Breaking News: The Truth Behind Silverpoint Exposed, which lifts the lid on the dealings of The Limora Group and Kwang Boon Sim.

Although Kwang Boon Sim was not an employee or director of Silverpoint it was recognised that there is sufficient evidence that he played a significant and very influential role in the company. Remember Kwang was the financial guru for the late Bob Trotta, the Limora Group (of which Silverpoint is a part), and the heirs of Bob Trotta. (see links below to the full series).

The late Bob Trotta and his financial guru Kwang Boon Sim

It was also acknowledged by the administrator the existence of some very “dubious” transactions between Silverpoint and Excel, this point was brought to his attention by the leading law firm investigating Silverpoint on behalf of their clients, Canary Legal Alliance. These lawyers have also formally requested that the liquidation of all the other companies of Limora Group should also be investigated, which they believe will increase the overall asset value of the liquidation process.

Even though this report is welcome and is good news for the clients of CLA, they had hoped the administrator had gone further with his investigation. For instance, the administrator has acknowledged the role played by the legal advisors of Silverpoint in this situation but has not held them accountable.

It was also hoped that the corporate veil would be lifted, this would have shown a very well-orchestrated decapitalisation of Silverpoint through other entities such as Excel, Signalia and Inversiones Oasis among others.

We should also point out that from a previous investigation by Social Security, they clearly identified and highlighted the link between all these companies, so it does seem strange that all this has not formed part of the administrator’s report. But it is not over yet.

The State Attorney will study the report in detail and then will make his comments to place before the presiding judge. Along with the criminal report launched by CLA in 2019 for “allegedly” hiding and removal of funds and assets in order to obstruct payments to clients during enforcement procedures. This is known as “frustration of payments” and is in itself a criminal offence.

Further information on this can be found on the following link.

So the tangled web of deceit surrounding Silverpoint and their associates is finally becoming clear, it is also hoped that it will result in criminal charges, and those who are guilty face the full force of justice. For many of those who have been the victims of Silverpoint, it may be some comfort that justice is finally on its way.

We end today with a warning to our readers, with a lot of the news coming out about Silverpoint, there are some very unscrupulous cold-callers who will use this information in a twisted way to tempt you into signing up for termination and claim. Please be aware that even the major law firms and independent lawyers in this field are no longer taking on new Silverpoint cases, if you receive any calls on this subject please use our contact page and let Inside Timeshare know the details.

Links to six-part Silverpoint series.

https://insidetimeshare.com/exclusive-breaking-news-the-truth-behind-silverpoint-exposed-part-one/

https://insidetimeshare.com/exclusive-breaking-news-the-truth-behind-silverpoint-exposed-part-two/

https://insidetimeshare.com/exclusive-breaking-news-the-truth-behind-silverpoint-exposed-part-three/

https://insidetimeshare.com/exclusive-breaking-news-the-truth-behind-silverpoint-exposed-part-four/

https://insidetimeshare.com/exclusive-breaking-news-the-truth-behind-silverpoint-exposed-part-five/

https://insidetimeshare.com/exclusive-breaking-news-the-truth-behind-silverpoint-exposed-part-six/

Translations

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Latest Court News

Yesterday we published part 2 of our Timeshare Contracts: Held to Ransom articles, we began last week with Belton Woods Lodges and yesterday we looked at Diamonds “exit” policy, our next article will be looking at Club la Costa. Today however we look at another two cases to come out of the courts in Gran Canaria, these cases involve Holiday Club and Airtours.

Earlier in the year a German client of Canarian Legal Alliance won his case at the Court of First Instance Number 4 of San Bartelomé de Tirajana against Holiday Club. In July the Court received the payment from Holiday Club for the amount the court awarded to the client.

The client has now received into his own bank account the 25,407€, so not only has the contract been declared null and void, but the client also has received his original purchase price plus double the deposit paid. As far as this particular client is concerned his journey is over and he is totally timeshare free.

So it is congratulations to the client and especially to the Lawyer Oscar Salvador Santana Gonzalez who prepared and conducted the case and also to Jasmin Erhard the Claims Consultant who helped this client through the case.

The next case is against Airtours and this is a very surprising case, again brought on behalf of a Norwegian client by Canarian Legal alliance.

What makes this case different from all the others is the time it has taken, CLA filed the case on 9 July 2020, within 2 months the case was heard with the sentence just being issued. It transpires that the Judge sitting at the Court of First Instance number 13 of Las Palmas decided that there was no need for a full trial and proceeded to deal with the case at the pre-trial stage.

This does appear to becoming a very common occurrence, with more and more judges deciding that full trials are no longer necessary. This can only be good news for clients with cases pending, let us just hope that more and more judges do the same.

In this case, the client has been awarded over 63,000€ plus legal interest and their contract has been declared null and void.

The lawyer representing the clients was Aroa Farray Martin with Claims Consultant Lotta Nielsen assisting the client.

REMEMBER, DO YOUR HOMEWORK!

If you have received any calls from this company or any other with these types of claims, please use our contact page and Inside Timeshare will get back to you.

End the Week

Welcome to the end of another week and also another month with Inside Timeshare, with September just around the corner the Spanish courts will be back to work after their annual August closedown. This means there will be a lot more cases hitting the news and many more timeshare owners will have their contracts declared null and void with the return of their purchase price. This week has been quiet on this front with no new sentences being delivered, but it has not been a quiet one with more reports of some dodgy cold callers.

We began the week with some very strange news being given to owners regarding their timeshare resorts, the first was a cold call from a “company” called Timeshare Support Group. This name has come up before but as yet we have found no reference in the UK or Spain of any company with this name. In the call, our reader was told that the “owner” of Beverly Hills Club, who we know was the late Bob Trotta, has been arrested, tried and convicted!

We just wonder how this is possible, it must have been a “celestial court” that dealt with it!

There were also many emails from owners with Anfi who told Inside Timeshare of strange calls from another company, which unfortunately was not made too clear in the “conversation”, so we actually do not have a name to work on.

The story behind the calls was that Anfi was in liquidation and they needed to act now to secure their money or lose everything.

As we stated in the article on Monday, Anfi is not in liquidation, the Cazorla Group may be in difficulty but remember they only own 50%, the other 50% is owned by IFA Lopesan. So even if the Cazorla Group unfolds and is liquidated this is not really going to affect Anfi, after all, IFA Lopesan would probably jump at the chance to seize full control.

On Tuesday we reported news from the courts, the first being Silverpoint losing their appeal at the High Court of Santa Cruz de Tenerife. The judges upheld the decision of the Court of First Instance which ruled against Silverpoint in accordance with the Supreme Court rulings. This case is now being filed with the Mercantile Court to ensure the client receives the money awarded by the judge.

On the same day, we also published the news of two High Court (Las Palmas GC) appeals by Anfi being dismissed and the original sentences of the Courts of First Instance being confirmed. Once again the courts are sending a clear signal to Anfi that their ploy in causing delays and disruption for the clients and the courts will not be tolerated. Their contracts are clearly illegal and they should accept the judgements of the original hearings.

Another name from the past reemerged T&M Mediation Group, once again they are offering a “termination” service and then a claim for compensation. According to their website which actually shows no company registration, it looks like they will use (if they bother) Section 75 of the Credit Consumer Act. As we have said in the past, it is not very likely that any claim using Section 75 is going to succeed. We also know that no timeshare company is going to pay “compensation” voluntarily or even admit to mis-selling. (link to the original article)

https://insidetimeshare.com/tm-mediation-group-sl-resurface/

Yesterday we published the story of Simon Wells who claimed he was working for Canarian Legal Alliance and also used the name of one employee on his emails. He has certainly been caught out this time, with the victim managing to get his photograph and also he admitted that he kept all the money. The case is now with the police and he will soon be facing justice.

We just wonder if there are more of his victims out there who fell for his father and paid him!

So, that is all for this week, have a good weekend and also enjoy your bank holiday in the UK.