Welcome to the start of another week with Inside Timeshare, last week we published the story of Silverpoint and the news that the court-appointed administrator has completed his review of the liquidations. For Silverpoint and the past management team this was not good news, it now clearly leaves the door open for possible criminal charges to be brought. Unfortunately, we have heard from many readers on the proliferation of cold calls regarding not just Silverpoint but also Azure in Malta.
The nature of these calls is to entice owners into parting with huge sums of cash in order to make a claim against Silverpoint or Azure. As usual, the caller states that they will get the owner out of their contract with a termination and then make a claim, the only problem here is who are they going to sue?
Both these companies along with many others of The Limora Group are in the process of being liquidated, the major law firms involved in current cases are no longer taking on any new cases because of this. It is also a fact that very few cases have ever been through the Maltese Courts against Azure, the main reason for this has been the problem of jurisdiction. This is a problem we have seen with other companies, such as the jurisdictional arguments of Diamond Resorts and Club la Costa.
As we have seen in the past, any news will be used and twisted by the unscrupulous in order to get you to part with your cash, all on the promise of receiving back your full purchase price, from a company that is liquidating. So unless you already have a case in court with a genuine law firm your case will never get to court with any of these callers.
Moving on now to our old friends at Anfi, last week was not a very good one for them, losing at every turn. Not only have they lost in the Court of First Instance, they are also losing every appeal they lodge with the High Court.
In total the courts ordered Anfi to repay clients over 150,000€ in just a few days, this is without all the other payments Anfi will be liable for, such as legal interest and the repayment of clients’ legal costs. Then there are also Anfi’s own legal costs, paying their lawyers, and also the costs of lodging the appeals with the courts.
This does make you wonder what they are playing at, they lose every case in the First Instance, appeal to the High Court, and then lose those appeals, it really does not make any sense whatsoever. Could it be that the management at Anfi are just plain stupid or are they being duped by their own lawyers with dubious appeals?
That is one question we are unable to answer, what we do know is that all of this is a blatant attempt to delay paying clients what is rightfully theirs. In the end, it will not bode well for Anfi and the management team, especially with the Provincial Prosecutors Office making criminal investigations into the movement of funds between accounts, exactly the same as Silverpoint did. As they say, watch this space.
That is all for today, if you have any questions or comments on this or any other article, please use our contact page and Inside Timeshare will get back to you.
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.
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).
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.