Cash Plus Investors Demand Company’s Liquidation

Radio Jamaica is carrying a report that Cash Plus Investors are thinking of filing court action to have to company liquidated. Now this is an interesting move that might be a little too late but nothing beats a try.

It is understood, based on the article, that lawyers representing this set of investors are not impressed with the moves being made by Carlos Hill’s lawyer . They believe that if Carlos Hill’s Lawyer, Paul Beswick, is successful in removing the receiver when he goes to Court on Thursday,  their hopes of recovering any money would be reduced to nil.

Cash Plus was placed in receivership on March 31, 2008. Since then, the receiver has determined (confirmed)  that liabilities outstrip assets to the point were investors are looking at 16 cents per dollar return on their investments. It is clear that for these investors, the relationship built on trust has broken down.  We seem that this group is different from the “friends of Cash Plus” which wants the receiver removed so that Carlos Hill can pay them.

You can read the full story at the link provided below. 

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6 Responses

  1. Very interestiong developments here.

    The “friends” for Cashplus group is just that, his friends.
    Now if they were ever successful in getting the received out, they would work with the Conman to get their money back and to hell with the rest of all the other investors.

    “U neva c smoke wid out fire”

  2. we don’t need a receiver, we need mr. Hill we stand a better chance of getting back our money if we get mr Hill?, who is going to pay the receiver will he be payed from the investor’s money?

  3. ha! ha! Receivers are very expensive will he be paid from the money the investors are to receive. is that why we are offered 16 cents to the dollars.

  4. Correction to last comment this is really not an offer 16 cents to the dollars was a suggestion and not an offer i stand corrected, still need to know how the receiver will be paid. will he be first in line for payment and them the left over goes to the investors, we are no fools give us the full story the truth the whole truth and nothing but the truth.

  5. L. Williams

    Yes, the receiver gets paid first. I am not taking up for the unsavoury breed, but if you were a receiver, would you do a day of work for a broke enterprise if your payment wasn’t guaranteed? If you made it a practice you would pretty soon be out of business.

  6. How can any Judge in good conscience allow the Trustee in Bankruptcy to be appointed liquidator (for Mr. Seaga and his Premier league) to dispose of the assets of Cash Plus Limited to settle his Petition that Carlos Hill promised $150 million to Seaga?

    Then what, 40,000 Jamaicans who got ripped off don’t count? how can we all sit back and allow this to happen. Remember, Seaga has received $150 million from Digicel so where has he lost?

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