Browse Tag

Excel

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

Danish

https://translate.google.com/translate?sl=en&tl=da&u=https://insidetimeshare.com/silverpoint-court-administrator-completes-review/

Dutch

https://translate.google.com/translate?sl=en&tl=nl&u=https://insidetimeshare.com/silverpoint-court-administrator-completes-review/

Finnish

https://translate.google.com/translate?sl=en&tl=fi&u=https://insidetimeshare.com/silverpoint-court-administrator-completes-review/

German

https://translate.google.com/translate?sl=en&tl=de&u=https://insidetimeshare.com/silverpoint-court-administrator-completes-review/

Norwegian

https://translate.google.com/translate?sl=en&tl=no&u=https://insidetimeshare.com/silverpoint-court-administrator-completes-review/

Swedish

https://translate.google.com/translate?sl=en&tl=sv&u=https://insidetimeshare.com/silverpoint-court-administrator-completes-review/

Start the Week & Roundup of Last Weeks Court News

Welcome to the start of another week with Inside Timeshare, Last week we started with another warning of a fake law firm to rear its ugly head, today we also issue yet another warning of a dubious “cold calling claims company”. We have also received many emails on our Nightmare on Timeshare Street story and “Elder Abuse” by sales agents. All the emails have the same recurring theme, elderly consumers being “pressured” into making purchases that are not suitable and full of untruths, we hope to bring you their full stories at a later date. We also begin this week with a round-up of last week’s court news.

We begin with a warning on yet another new company that has begun a cold calling campaign, according to our readers who have sent in what information they have they are calling themselves Timeshare Registry Office.

It certainly sounds like a very official title, but as we all know there is no such thing as a registry of timeshare owners.

According to the caller, who is certainly well prepared with information, some of which is genuine the rest is just fantasy, they claim that any case against Club Paradiso cannot be heard in Spain, it must go through the UK courts. Well, that does not sound right at all considering that cases have been and are being heard in the Spanish courts.

According to the caller, as the “Club Paradiso” company is registered as a British Virgin Islands Limited company the UK courts have jurisdiction. Well, that is not what our legal information has told us, the case against this particular company would need to be held in the BVI!

What we have to say is that the cases are not against Club Paradiso, they are being brought against the sales company Silverpoint and Excel, the management company.

When searching the internet for Timeshare Registry Office, absolutely nothing comes up, no indication of any company, no website or anything, so who are they?

We suspect that they are using the name in order to hide which company they are actually calling for, probably because there may be so many negative reports on the internet, this is nothing unusual. It is also not unusual for these scammers to use any title that sounds official and is likely to give credibility to their calls.

Just remember there is no timeshare register, there is no official Timeshare Registry Office and the fact they give negative information on genuine law firms is also another sign they are a scam. As and when we receive further information it will be published here.

Last week was quite a week for Anfi, with more money to come out of their coffers and returned to clients, there were two payouts and another bank guarantee. All good news for clients, especially at this time of year.

The first was a payout on Wednesday, was to an English client of Canarian Legal Alliance, they have now received into their own bank account 12,988€ awarded by the Court of First Instance Number 2 of San Bartelomé de Tirajana.

The court also declared their contract null and void.

This was yet another case where Anfi launched an appeal after the initial verdict, as we have come to expect this appeal was dismissed and the original sentence confirmed by the High Court.

On Thursday another “Bank Guarantee” was received from Anfi which secures the client’s funds 100% until the High Court confirms the original sentence as Anfi launched another appeal.

The original sentence was issued by the Court of First Instance Number 3 of SBT where the contract was declared null and void and the court ordered Anfi to repay 22,619€ plus a further 7,691€ in accruing legal interest.

As soon as the High Court rejects the appeal and confirms the sentence the Norwegian client will then receive this money into their own bank account.

On Friday, another UK client, this time from Scotland, has now received their money into their own accounts, just in time for Christmas. The contract was initially declared null and void with the repayment of 12,150€ including legal interest by the Court of First Instance of SBT.

As we have mentioned all too often, Anfi is causing these delays in repaying clients what the courts have ordered by their constant appeals against the original sentence. It is very clear from all the cases going in front of the appeal courts that the judges are seeing these as frivolous and time-wasting exercises and confirming the original sentences.

So we do have to ask again, why is Anfi continuing with this course of action which is nothing more than being self-destructive financially?

Well, your guess is as good as mine!

If you have received any calls or had contact with any company and you want to know if they are genuine or that they are telling the truth, then please use our contact page and Inside Timeshare will get back to you. Remember it is your information that will help others in not getting scammed.

Would you like to know if you have a valid and viable case for any timeshare you have purchased, then again please use our contact page and Inside Timeshare will get back to you.

Start the Week: More False Information Being Given

Welcome back to another week with Inside Timeshare, last week we published the “news” being given to previous clients of Mark Rowe, that he had been arrested, tried and convicted in Spain. That 40 Million Euro had been seized by the courts in Malaga from his various enterprises. Well, as we stated in the article it is strange how Inside Timeshare had not received that “news”! But this is not the end of these types of claims from the latest cold callers, over the past week or so Inside Timeshare has been receiving many more wild claims.

We begin with the latest “claim”, according to the caller from yet another new “company” which we have heard about but as yet have found no reference to them, Timeshare Support Group, according to the female caller it is the owner of Beverly Hills Club in Tenerife who has now been arrested, tried and convicted.

As we know the resort, Beverly Hills Club along with Hollywood Mirage and the other resorts were all owned and set up by Robert “Bob” Trotta many years ago. They were all part of his “empire” of companies known as the Limora Group.

The timeshares at the resorts were sold by first Resort Properties and then Silverpoint. The management of the resorts was down to Excel, who ran the resorts and collected the annual maintenance fees. Both companies were part of the Limora Group.

Now according to our caller, the “owner” has now been convicted by a Spanish court as he was a “conman” and the company was a “bogus” one. This does seem strange that all this has suddenly come to light! No other details of the conviction were given, only that owners now had a claim. Somehow I don’t think the Spanish Courts will have any jurisdiction in the “afterlife”!

It would also be possible for our reader to claim through the courts even though they had “relinquished” their timeshare at BHC many years ago and have not paid any maintenance for the same period. But they do have a very strong case.

Fact, there is an investigation going on which may result in criminal charges, but they certainly do not involve the late Robert “Bob” Trotta the original owner. The investigation has been launched due to the peculiarities of the liquidations of certain companies such as Silverpoint

This is following the trail of money which was switched between various accounts as “intercompany” loans. Full details can be found at the following link.

https://insidetimeshare.com/?s=exclusive+breaking+news

Anfi from the Marina

The second strange piece of information has been regarding the Anfi Resort in Gran Canaria. Unfortunately, our readers were not able to get the name of the company correctly so we have not been able to verify if they do exist.

What we can tell you is that the information about Anfi is false, according to our reader’s information, Anfi is now in liquidation!

Anfi itself is not in liquidation, the companies owned by the Cazorla Group who own 50% plus the “Golden Share” of Anfi may be in financial difficulty but as yet they have not filed for liquidation nor have they been liquidated.

Once again, there is an investigation into the Cazorla Group and their dealings with Anfi, this may also lead to criminal charges. The main aspects of this investigation are again the movement of money between accounts in order to avoid paying court awarded costs.

There is also an ongoing investigation into the Tauro Beach Project which as we reported several weeks ago, the concession for the exploitation of the area has been officially withdrawn from Anfi (the Cazorla’s in particular).

It should also be pointed out that the other 50% of Anfi is owned by IFA Lopesan, a very large and pretty well-respected hotel chain. It is also a fact that IFA would love to take full control of Anfi, so with their finances, we have to ask the question, how could Anfi be in liquidation with a 50% partner such as IFA?

The answer to this and also to the question of BHC is very simple, the “cold calling companies” are trying to scare you, the owners, members or even past owners into parting with even more of your hard-earned cash.

There have been no arrests, trials or convictions, Silverpoint is in the process of liquidation as are some of the other companies in the group. Anfi is not in liquidation, the Cazorla’s might be in financial trouble, but that does not appear to affect Anfi considering the IFA connection. Mark Rowe is free, he has not been tried convicted or jailed, well, not yet. The courts in Malaga have not seized 40 Million Euro from his companies, (even if he did have that much).

These are the reasons that you need to do your homework first when being contacted by the many companies appearing with such wonderful stories. Do not get taken in by the huge amounts they say the “courts” are already holding for you. The courts are not holding anything and they certainly do not employ the services of any outside “claims company” to inform you they have.

If you have been contacted by any company with these types of claims, or even with the story that you have a huge sum of money with your name on it, please use our contact page and Inside Timeshare will get back to you.

  • 1
  • 2