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Kwang Boon Sim.

Start the Week: Silverpoint Liquidation Update

Welcome to Monday morning and the start of another week with Inside Timeshare, today we have a look at the latest developments in the Liquidation of Silverpoint. Many people seem to believe that this is just a simple procedure, wind down the company, secure the assets for creditors and that is it, unfortunately, when it comes to timeshare and Silverpoint in particular this is not the case as you will see. By the nature of the company setup, this is one very complex case.

One of the main law firms which are deeply involved in the liquidation procedure is Canarian Legal Alliance, they have been at the forefront of the moves by the authorities to investigate the dealings of the myriad group of companies of which Silverpoint is part, The Limora Group.

Two of the CLA lawyers behind the investigations.

In their update to clients, CLA explains they have requested through the Mercantile Court, the “accumulation” of the procedures against Silverpoint, along with one called Oasis Investments SA, the former owners of The Paramount. This would mean that both liquidation procedures are joined, so far no reply to this request has been received from the court.

If this procedure is approved, CLA would then request that the actual Paramount building be reintegrated with Silverpoint which would raise the assets of the companies. The lawyers have also joined other actions requested by the Court Appointed Administrator where they have asked for Excel to return some of the assets. These were initially acquired in an operation which the lawyers at CLA classified as fraud.

Details of CLA’s March update on this can be found at the link below.

It was also reported that the Court Appointed Administrator and Excel asked for a suspension of hearings due to a possible agreement between the parties. This agreement establishes a reintegration of eleven thousand timeshare weeks, increasing the companies value. In exchange, there will be a recognition of debt in Excels favour of seven million euros.

The lawyers representing their clients have naturally opposed this agreement in part. They have accepted the reintegration of the weeks as it is in their clients best interests due to the increased value of the company. However, they do not agree with the recognition of any debts to excel as they do not believe them to be justified.

It will now be down to a Judge to study all the arguments presented and then base his decision on the facts.

The CLA Lawyers have also requested information on the criminal procedure as this appears to have gone a little cold recently. They have also made a request to the court to carry out the gathering of evidence, such as the interrogation of key staff, their legal advisors and also the Court Appointed Administrator, who should after all this time have a very good grasp on the Limora Group/Silverpoint set up.

As we stated in our opening, this is one of the most complicated liquidations which the courts have had to deal with. The whole Limora Group set-up was designed to divert money worldwide, using methods such as “inter-company loans”, one of the reasons behind the current liquidations. All this was expertly achieved by Kwang Boon Sim, the financial guru of the late Robert “Bob” Trotta, the full story can be read at the following link.

The late Robert “Bob” Trotta & Kwang Boon Sim the Financial Guru

https://insidetimeshare.com/?s=Exclusive+Breaking+News%3A+The+Truth+Behind+Silverpoint+Exposed

There is a lot more going on than we are able to publish here, as and when it becomes public knowledge it will appear on these pages. In the meantime we must issue a warning, as you can see from this article, the liquidation process is complex and is going to be long and drawn out, so beware of the “cold callers” who will claim they have a “fast track” procedure to help you. Timing is down to the courts and the completion of any investigations, no law firm, lawyer or any other person can have any influence on the process, not even god.

Would you like to know where you stand with your timeshare contract, is it illegal, how can I end the contract, do I have a valid and viable claim?

If you would like to know more and what options are open to you, please use our contact page and Inside Timeshare will get back to you. 

Start the Week: A Little Known Name but Integral to Silverpoint

Welcome to the start of another week with Inside Timeshare, last week we ended with a report on yet another fraud that has come to light involving what we have dubbed The Litigious Abogados Family. This time they have used the website and name of a genuine law firm and using it for their own nefarious purposes, the genuine law firm is now well aware of the situation and has taken appropriate action. Today, however, we bring you a name that has not appeared often on our pages. It is well known among the clients of Silverpoint as this person has been an integral employee of many companies within The Limora Group for many years.

When it comes to the long drawn out story of Silverpoint and the many “fraudulent” products which they have peddled over the years, the main names to appear are always the CEO Mark Cushway, the owner of Limora Group, the late Robert “Bob” Trotta and the “Chinaman”, Kwang Boon Sim, Trotta’s financial guru. 

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

One name which has been left out is Diana Aitchison, who has had a very long association with the various companies linked with Silverpoint. Her positions have been varied and in most cases, it has been in senior management working closely with Mark Cushway.

Diana Aitchison

During all this time, Silverpoint was engaged in the sales of timeshare, a product which they completely turned on its head, from the initial “investment” packs of weeks to the culmination in deception, the “Company Participations”.

It is these “company participations” which are of most interest, as this is where Diana Aitchison’s involvement is questionable.

While with Silverpoint, which were actively promoting and selling the “Company Participation Scheme”, it was in fact Diana Aitchison who “signed off” the majority of the purchases.

To recap, this “scheme” replaced the “investment” weeks, where a “victim” purchased a series of weeks, usually 6 to 8 weeks with apartments attached. These were sold with the promise of a rental income, which would cover the maintenance fees, and after a two year period, they would be resold at a profit.

We know from all the court cases that this never happened.

The “company Participations” scheme was essentially the same product, but there was a twist. The “apartments” were registered as S.L. (Sociedad Limitada) or limited companies. The weeks were “shares” or as they call them, “participations” in this company, the same “promise” was made as with the “investment” weeks, an income from rental, and eventual “ownership” of the company, (this is the simple version, see link below for further information).

https://insidetimeshare.com/silverpoint-company-participations-is-timeshare/

Now, remember that Diana Aitchison signed off the majority of these deals, with her move from Silverpoint to Excel Resorts as Chief Operating Officer, she was now responsible for the administration of the “scheme”.

Excel is also a major part of The Limora Group, so in effect is the “sister” company to Silverpoint. Excel manages the resorts, Silverpoint sells them. So it was really a move from one branch to another.

When the “companies” are registered, the Administrators are listed as Excel Hotels & Resorts SA, Diana Joan Aitchison and the Only Partner is Silverpoint Vacations SL.

Talk about keeping it in the family.

When checking the company registration for one “company” Palm Beach Tenerife 077 SL, which was registered around 7 years ago, Diana Aitchison is listed as one of the administrators. The sector the “company” is registered in is “Real Estate or Similar”, a very large category.

It also gives a link to other companies with whom she is associated, one of these is Palm Beach Tenerife 117 SL. In this, she is the “Sole Partner” with Excel as the “Sole Administrator”. But it is also the other links that are of interest, which also brings up links with the “inactive” roles with other companies. Some of which are very familiar names indeed.

Company Record for Palm Beach Tenerife 117 SL, notice the sector.
This does bring up alarm bells, so why was she not suspicious?
The registered Address of Palm Beach Tenerife 117 SL
Positions held
Positions held now inactive
Information is publicly available using https://www.infocif.es/

Another link between Diana Aitchison, Mark Cushway and Kwang Boon Sim, is Vacation Finance Ltd, (link to Company House Register below).

https://find-and-update.company-information.service.gov.uk/company/09726642/officers

This company is linked to the Finance Agreements brokered by Silverpoint for the sales of the “investment packs” and the “company participations”. They are also linked in these finance packages with HMC Finance, and all loans went through with Barclays Partner Finance.

Now considering the length of time Diana has worked in this particular industry and given all the links that she has, it does make you wonder how she could not have known that what was going on was a fraud of epic scale, surely she must have had her suspicions?

We ask this question for one simple reason, the legal battles in the courts over the sales made by Silverpoint and formerly Resort Properties, have been going on for around 12 years. It may be longer, but it has been well known that a possible fraud was being committed and this is being borne out now in the courts.

What actually started this quick research into Diana Aitchison was information received by Inside Timeshare of her involvement with a charity, of which she has been a director since 2014.

Our informant was rather disturbed that she was involved, especially as a director given her links to one of the most investigated frauds in timeshare history, it was also the fact that a person with a link to HMC Finance was taking part in an event for the charity and is personally known to Diana.

It obviously made us think, surely with her involvement in companies which are being criminally investigated, an investigation which has taken on an international hue, her position as a director of a charity is untenable?

We leave you the reader to decide, but we know what our answer will be!

The story of Silverpoint is going to be with us for some time, as the results of the investigations become public, we are bound to find some very interesting twists to the plot. It might take a long time, but the truth will become known.

To end today’s article, we have just received information of another name of a genuine law firm that appears to have been used by our friends The Litigious Abogados Family. Further information on this will be published once the facts are established. WATCH THIS SPACE!

Translations

Danish

https://insidetimeshare-com.translate.goog/start-the-week-a-little-known-name-but-integral-to-silverpoint/?_x_tr_sl=en&_x_tr_tl=da&_x_tr_hl=en-GB&_x_tr_pto=nui

Dutch

https://insidetimeshare-com.translate.goog/start-the-week-a-little-known-name-but-integral-to-silverpoint/?_x_tr_sl=en&_x_tr_tl=nl&_x_tr_hl=en-GB&_x_tr_pto=nui

Finnish

https://insidetimeshare-com.translate.goog/start-the-week-a-little-known-name-but-integral-to-silverpoint/?_x_tr_sl=en&_x_tr_tl=fi&_x_tr_hl=en-GB&_x_tr_pto=nui

German

https://insidetimeshare-com.translate.goog/start-the-week-a-little-known-name-but-integral-to-silverpoint/?_x_tr_sl=en&_x_tr_tl=de&_x_tr_hl=en-GB&_x_tr_pto=nui

Norwegian

https://insidetimeshare-com.translate.goog/start-the-week-a-little-known-name-but-integral-to-silverpoint/?_x_tr_sl=en&_x_tr_tl=no&_x_tr_hl=en-GB&_x_tr_pto=nui

Swedish

https://insidetimeshare-com.translate.goog/start-the-week-a-little-known-name-but-integral-to-silverpoint/?_x_tr_sl=en&_x_tr_tl=sv&_x_tr_hl=en-GB&_x_tr_pto=nui

Silverpoint: News from The Mercantile Court

The biggest fraud in timeshare history perpetrated against consumers is also the longest-running series of cases in the courts, the first cases were filed around 12 years ago and have been complicated by numerous efforts by the company to frustrate proceedings with constant appeals and not to forget the movement of funds and assets. We are obviously talking about Silverpoint.

The biggest “spanner in the works” was the move by The Limora Group to “liquidate” the majority of their companies, Silverpoint included, by claiming that they are broke. Unfortunately for them, the courts and authorities have seen through their sham. The full story on this can be read in the Six-Part Series Exclusive Breaking News: The Truth Behind Silverpoint Exposed, on the link below.

https://insidetimeshare.com/?s=Exclusive+Breaking+News%3A+The+Truth+Behind+Silverpoint+Exposed

This article clearly shows the underhand tactics employed by Limora Group and more so by the “Financial Guru” of the late Robert “Bob” Trotta and his family, Kwang Boon Sim. It is all of this which has attracted the authorities into launching a major investigation, one that is centred on criminal activity and possible “money laundering”.

The late Robert “Bob” Trotta & his “Financial Guru” Kwang Boon Sim

There are several lawyers and law firms involved in litigation, but by far the biggest is Canarian Legal Alliance, which has been kind enough to provide much of our information. The CLA Lawyers have been instrumental in bringing all this to the attention of the authorities and have been working with them on behalf of their clients.

When the announcement was made that Silverpoint had filed for liquidation, CLA immediately began to put procedures in place to secure payments for their clients. These were clients who had not yet had their cases heard in the courts and all those with firm sentences, submitting them as “creditors” with the Court Appointed Administrator.

In November last year, the list of creditors was filed by the court-appointed administrator with the Mercantile Court. It included around 570 clients being represented by CLA and the recognition of the contracts nullity and the amount being claimed, where an agreement was not able to be reached, a separate writ was presented to the court. These separate cases will be heard in due course and each client will be informed as their cases move forward.

Although the administrator has filed his list of creditors, the final payment has not yet been determined, this is very much dependent on the assets that can be identified and the amount that can be liquidated. Obviously, the investigation into the concealment of funds and other assets via foreign entities, all part of the Limora Group, will affect this point.

Inside Timeshare has also been informed that a request has already been submitted for the reversal of some transactions from Silverpoint accounts in the past, these were an attempt to strip the company of assets to the detriment of creditors.

The administrator also filed a claim with the court against Excel Hotels and Resorts to reverse a similar transaction involving “unsold inventory”. These were from Hollywood Mirage Club, Beverly Hills Club, Beverly Hills Heights, Palm Beach and The Paramount, known as Club Paradiso. It would seem these were sold for just 60€ per week, a ridiculous amount which is by the way, well below the book value which is reflected in their accounting records.

Club Paradiso

As we reported in our Six-Part Series, this “sale” was a deliberate move to “create” a debt between Silverpoint and Excel to facilitate the transfer of huge amounts to excel, reputedly being in the millions of euros. This “transaction” also gave away the company’s future income. Although the administrator had found no proof of a real commercial relationship between them, it is highly suspicious and the administrator suspects that it was all designed to strip the company of funds and assets before filing for administration. This is highly illegal and is also criminal.

There has also been a request by the administrator for the nullity of the earlier recognition of the debt in favour of Excel and requested Excel pays back the amounts they received on invoices raised by Silverpoint. This also includes the return of the “weeks purchased” and the money received. Included in the request was a cancellation of the embargo on properties and other assets in favour of the Excel debt. CLA is working with the administrator and has joined this procedure to reverse the transactions.

This action intends to return assets to Silverpoint, such as the “timeshare weeks sold” to Excel, now owned by The Ona Group, which as we said were sold very much undervalued by their own accounts. It has been muted by many professionals that this move was a farce and designed to strip Silverpoint bank accounts and assets. The aim of the lawsuit is to prove that Excel does owe money to Silverpoint and obviously with the return of all assets there would be a great rise in available funds to the benefit of creditors.

The precautionary and preventive measures in this lawsuit which was requested would block around 8 million euros in Excel’s accounts, this would also prevent further diversions of funds and assets to other companies.

It has now been announced that this precautionary measure has been scheduled to be heard on 25 October, with the main claim to be heard on 29 November. We have been informed that CLA lawyers working on this complex case will be in attendance and representing the interests of all their creditors.

So, this long-running story is not yet over, there is still a long way to go and a lot of court hearings, let alone the conclusion to the investigation into the movement of funds and assets which is now involving cross border investigations. Inside Timeshare will keep you, our readers informed as and when new information is available.

If you have any questions on this subject or would like more information on the illegality of contracts sold in Spain after January 1999, please use our contact page and Inside Timeshare will get back to you.

Translations

Danish

https://insidetimeshare-com.translate.goog/silverpoint-news-from-the-mercantile-court/?_x_tr_sl=en&_x_tr_tl=da&_x_tr_hl=en-GB&_x_tr_pto=nui

Dutch

https://insidetimeshare-com.translate.goog/silverpoint-news-from-the-mercantile-court/?_x_tr_sl=en&_x_tr_tl=nl&_x_tr_hl=en-GB&_x_tr_pto=nui

Finnish

https://insidetimeshare-com.translate.goog/silverpoint-news-from-the-mercantile-court/?_x_tr_sl=en&_x_tr_tl=fi&_x_tr_hl=en-GB&_x_tr_pto=nui

German

https://insidetimeshare-com.translate.goog/silverpoint-news-from-the-mercantile-court/?_x_tr_sl=en&_x_tr_tl=de&_x_tr_hl=en-GB&_x_tr_pto=nui

Norwegian

https://insidetimeshare-com.translate.goog/silverpoint-news-from-the-mercantile-court/?_x_tr_sl=en&_x_tr_tl=no&_x_tr_hl=en-GB&_x_tr_pto=nui

Swedish

https://insidetimeshare-com.translate.goog/silverpoint-news-from-the-mercantile-court/?_x_tr_sl=en&_x_tr_tl=sv&_x_tr_hl=en-GB&_x_tr_pto=nui