Admatec Corporation Inc.
Admatec Corporation
Inc. - Enforcement Actions - Isle of Man Financial Supervision Commission
Keith King: ‘Not Fit and Proper’
Isle of Man Financial Supervision Commission vs. Keith Leslie King - Notice of Direction - Isle of Man Financial Supervision Commission - December 5, 1995
Bermuda Fire & Marine grossly under-estimated run-off costs
The management of Bermuda Fire & Marine Insurance may have underestimated the costs of running off the failed insurer's international business by as much as $23 million, according to liquidator Ernst & Young. When breaking up the company in 1991 in order to protect its profitable domestic business from the debts of its international arm, only $1.7 million was left behind to pay Bermuda Fire's run off costs.
Catherine Turner gives evidence about Keith King
Statement regarding businessman Keith Leslie King that was made by Catherine Turner to the Isle of Man Financial Supervision Commission on October 26, 1995.
First Bermuda Securities sues Gordon Capital over BFCL
Investment firm First Bermuda Securities Ltd. is suing a former business partner for $791,668 in alleged unpaid commissions stemming from the Bermuda Financial Centre Ltd. project.FBS filed a lawsuit yesterday at Bermuda Supreme Court against Gordon Capital Corporation, of Toronto.
BF&M policyholders’ ‘not at risk’
Long-term policyholders with BF&M Ltd. are not at financial risk because of a multi-million dollar lawsuit brought against the firm by the liquidators of its former parent, BF&M's lawyers have claimed. Although BF&M Life Insurance Company Ltd. is named as a co-defendant in the lawsuit, long-term policyholders are protected under Bermuda law, said lawyer Timothy Marshall, of Marshall & Company.
Policyholders stick with BF&M despite lawsuit
BF&M's policyholders appear to have decided to stick it out with their company in the wake of a multi-million dollar lawsuit against the firm.BF&M's main local rivals, Colonial Insurance and Argus Insurance, said they have seen little or no new business as a result of BF&M's legal problems.Last week, the liquidators of Bermuda Fire & Marine brought a lawsuit in an attempt to gain control of BF&M's assets to pay overseas creditors, who are estimated to be owed.in excess of $100 million.
BF&M lawsuit will focus on 1991 sale of assets
The focus of the court action filed yesterday against BF&M Ltd. and other co-defendants will be the complex sale of Bermuda Fire & Marine's profitable domestic business in 1991. Bermuda Supreme court must decide whether the sale was done fairly and in the best interests of the firm's policyholders and shareholders, as Bermuda Fire's directors claim, or whether it was a way of avoiding expected claims by U.S. policyholders, as creditors claim.
Prominent Bermudian businessmen and firms accused of asset-stripping in lawsuit by Bermuda Fire & Marine liquidators
A lawsuit has been filed against some of Bermuda's best-known companies and individuals by the liquidators of Bermuda Fire & Marine Insurance Company Ltd. Although no amount has been stated in the legal action filed at Bermuda Supreme Court on Thursday (Oct. 5), the liquidators said earlier this year that Bermuda Fire's debts could exceed $100 million.
Prospectuses issued for Palladium Insurance
Prospectuses have been sent out in an attempt to raise $30 million through the private placement of preference shares for an innovative new Bermudian catastrophe reinsurer - Palladium Insurance - which intends to securitise insurance products for trading purposes.Palladium Insurance, which has been formed in Bermuda, is being sponsored by Powerscourt Group Ltd., of Bermuda, and The Chicago Corporation, of the United States.
GulfStream promotes Longtail Global Fund
GulfStream Securities has been appointed distributor of a new mutual fund aimed at the Bermuda market which professes to bring locals an investment strategy that is not commonly used in offshore funds.
Palladium Insurance – plans to securitize risk
Efforts are being made to raise $100 million for a joint Bermudian/American catastrophe insurer/reinsurer called Palladium Insurance Ltd that intends to securitise insurance products for trading purposes.Palladium Insurance, which has been formed in Bermuda, is being sponsored by Powerscourt Group Ltd., of Bermuda, and The Chicago Corporation, of the United States.
Brett Goodin takes over from David Saul at Fidelity
New premier David Saul has transferred his day-to-day responsibilities with the Fidelity mutual fund group to New Zealand lawyer Brett Goodin, the firm's chief legal officer.
First Bermuda Securities to buy Bermuda Savings & Loan
Secret talks have been taking place for investment firm First Bermuda Securities to buy a significant stake in Bermuda Savings & Loan Ltd. and take over its management, we can reveal.If the deal goes ahead, it would give FBS access to approximately $26 million that is on deposit with Bermuda Savings & Loan and could lead to new mortgage-related products becoming available.
BFCL’s fate hangs in the balance
Investors in Bermuda Financial Centre Ltd., which has been attempting to finance a planned $138 million hotel/office/residences project, should know within two months whether the company will succeed or fail, we have been told. The next announcement from BFCL to its investors is likely to be whether the project has succeeded in raising at least $58.7 million for the office part of the complex or failed, according to sources involved with the project.
Bermuda Stock Exchange to set up investors’ compensation pool
A pool of money to help compensate investors who will lose out in the event of a trading member of the Bermuda Stock Exchange collapsing is likely to be in place by the end of the year, we have been told. To get the pool started, each trading member of the Exchange will be asked to contribute a one-off lump sum.
Bermuda court orders Telecheck owners to repay loans
Brothers Richard and Thomas Burns and Chris Donnachie, the principals of the failed Telecheck financial services group, have been ordered by Supreme Court to repay immediately to the company loans and interest totalling $2.23 million.At a hearing on Wednesday brought by Telecheck's liquidator, accounting firm Kempe & Whittle, the court decided that the three directors of Telecheck Holdings Ltd. did not follow the proper procedures when granting themselves the loans.
New BSX boss receives immigration clearance
Briton William A. Woods has been cleared by immigration to become the first chief executive officer of the rapidly-developing Bermuda Stock Exchange. The Exchange has also announced that Greg Wojciechowski, until now the Exchange's sole employee, has been promoted from project manager to chief operating officer.
LOM may form Cayman subsidiary
Investment firm Lines Overseas Management may be about to expand into the Cayman Islands.
JF Guaranteed Currency Trust Fund promoted in Bermuda
Anyone who believes the Japanese yen is overvalued against the U.S. dollar should take a look at a new mutual fund brought out by Jardine Fleming, one of the world's leading fund management companies, with a particularly strong presence in the Far East.
Jardine Matheson lists subsidiaries on Bermuda Stock Exchange
Jardine Matheson has given a massive boost to the Bermuda Stock Exchange by disclosing that it plans to list all five of its locally-registered holding companies on the BSE.
Joe Taussig leaves First Bermuda Securities
Joe Taussig, the founding managing director of investment First Bermuda Securities, has left the company to form his own international business.
Bermuda attorney Graham Collis criticised by US counterpart
Lawyer Graham Collis has been criticised by an American attorney for "a lack of co-operation" in the investigation of two U.S. businessmen accused of defrauding investors of millions of dollars.U.S. investigators into the failed New Jersey-based Sigma commodities group believe that "tens of millions" of dollars of funds were transferred out of the company to bank accounts in London and Bermuda shortly before it collapsed.Attorney William Horton, acting for the U.S. court-appointed receiver of the Sigma Group, which includes Bermuda-registered BTB Group Ltd, said he was "disgusted" at the lack of help given to the receiver by Mr. Collis, of Conyers Dill & Pearman, who represents BTB Group on the island.
Trout Trading criticized by Bermuda court
Trout Trading Fund, a massive mutual fund group catering to high net worth individuals, has been criticized by Chief Justice Austin Ward for preventing a member of the public from exercising his legal right to view its register of shareholders.
But Mr. Ward cannot take action against the Bermuda-based company because, after a legal action was brought against the firm in an effort to force it to open up its share register, a Private Members' Bill was passed a month later in the House of Assembly, exempting Trout Trading from the provisions of The Companies Act 1981 that allows the public access to its register.
Telecheck liquidator sues Bermuda law firm Hallett, Whitney & Patton
Law firm Hallett Whitney & Patton, who were the legal advisers to the failed Telecheck savings and credit card group, is being sued for $595,000 by Telecheck's liquidator, Ernst & Young.John Cooper, a partner in HW&P, would not discuss the action, other than to say: "I know of the claim and the theory behind it and all I can say is that it's going to be disputed. We're in the process of obtaining legal representation."
Strategic Asset Management lays off five staff due to hedge fund liquidation
Strategic Asset Management Ltd. is laying off four staff in Bermuda and one in London following the firm's decision to liquidate its hedge fund.SAM hopes to avoid further job cuts among its total staff of 21 but cannot make firm decisions until the firm's principals decide what to do next.The company's traders may start trading managed accounts which are tailor-made to suit each client's specific needs, rather than another mutual fund, said Andrew Davisson, one of SAM's three partners.
Strategic Asset Management liquidates SAM Global Fund
Strategic Asset Management Ltd. is liquidating its high-risk derivatives fund after suffering heavy losses over March and April.Following a 7.1 per cent loss in March, nervous investors in the SAM Global Fund redeemed $40 million worth of shares in April.The forced liquidation of market positions to pay these shareholders hindered the fund's performance and contributed to a further loss of 8.5 per cent in April, said Andrew Davisson, one of the fund's three partners.
BFCL tries to pre-lease 70 per cent of office space
The Bermuda Financial Centre Ltd development in Hamilton will go ahead as planned if the company can pre-lease 70 per cent of the project's office space, BFCL's president Mike Winfield us yesterday. Raising enough debt and equity to build the $82.5 million office space/luxury residences phase of the project no longer appears to be a problem, providing the lease commitments for the office space can be put into place.
Authority Limited
Authority Limited - Enforcement Actions - Isle of Man Financial Supervision Commission
Bermuda-based Sagacity Futures Fund closes after 14 months
The Sagacity Futures Fund is being liquidated 14 months after launch following heavy losses incurred by the fall of the US dollar to record lows against the Japanese Yen during March.Sagacity, which was managed by former Bank of Bermuda chief economist Allan Marshall and sold by Lines Overseas Management, was a high risk fund that took leveraged positions in financial futures and related options traded on the world's major futures exchanges.
$9.5 billion STW fund manager moves from California to Bermuda
A fund manager which says it has approximately $9.5 billion under management has moved to Bermuda from California.STW Fixed Income Management Ltd has about 80 institutions and high net worth individuals as clients.
Goodman & Co. launches new Bermuda fund
Leading Canadian investment firm Goodman & Company, whose parent, Dundee Bancorp, owns a 40 per cent stake in Bermuda-based Mid-Ocean Trust Company Ltd, has launched a new mutual fund in Bermuda.The fund - Mid-Ocean Global Asset Allocation Fund - has an authorised capital of US$100 million and will be managed by Goodman & Company (Bermuda) Ltd, an exempted company which recently began operations on the island. The fund will start with approximately $5 million under management.
David Notman appointed head of Interinvest (Bermuda)
Former Bank of Butterfield officer David Notman has become president of international investment advisors Interinvest (Bermuda) Ltd, which has moved to new offices opposite ACE Insurance on Front Street, Hamilton.In his new role, Mr Notman will run Interinvest's Bermuda operations and will liaise with its offices overseas.
Possible insider trading in BF&M shares
BF&M Ltd announced a ten per cent stock dividend to shareholders yesterday - only days after some of the largest volumes of trading in its shares for several months. A decision to reward long-suffering shareholders of BF&M Ltd, who have seen their capital investment drop from $10.50 per share in June, 1993, to $6.75 currently, was taken by BF&M's board of directors on December 20.
BFCL experiences financing delays
The financial restructuring of the $138 million Bermuda Financial Centre Ltd project has been delayed while efforts are made to raise debt financing abroad, we can reveal. While the Bank of Bermuda has succeeded in raising $24 million in equity commitments locally for the $58.7 million office block part of the project, it has been unable to secure the necessary loans for the scheme from within the island.
Humphrey Percy joins Strategic Asset Management
Briton Humphrey Percy has been appointed as an executive director of Bermuda-based investment advisor Strategic Asset Management Ltd.His appointment, which became effective on December 1, follows the departure at the end of the summer of Mohamed Zayan, who was one of the founding principals of SAM when it was formed last year
BSX to start accepting member applications
Stock brokers in Bermuda and overseas will be able to join the Bermuda Stock Exchange as of next week, we can reveal. Literature explaining how to join is due to be sent out over the holiday period to investment firms locally and in North America, where there has been a lot of interest from brokers.
Bermuda investors seek to sell Turks & Caicos property
FOR SALE - 1,375 acres of undeveloped land in uninhabited East Caicos, 50-100 yards from the ocean, asking price: in excess of $563,750.The seller is Solar Enterprises, the only local company listed on the Bermuda Stock Exchange whose shares have never traded.
Dubious Canadian firm forms Bermuda subsidiary
A Canadian company described as "a disaster waiting to happen" has incorporated a subsidiary in Bermuda to promote the firm's interests overseas.International Hi-Tech Industries Inc, which is listed on the notorious Vancouver Stock Exchange, has a net worth of CDN$4 million.But the company's market capitalization — the value placed on it by investors in the marketplace — stands at a staggering CDN$335 million even though Hi-Tech reportedly has no sales revenue and no contracts for any sales.
BFCL – confidential report outlines projections
The Bermuda Financial Centre Ltd, including the hotel and apartment section, would make an estimated profit of $14.5 million by 1997 rising to $20.4 million ten years later, according to projections in a report prepared by accounting firm Coopers & Lybrand (Bahrain). And return on equity was forecast to be minus 7.96 per cent for both 1995 and 1996 but improving to 20.99 percent, 33.7 per cent, 16.66 per cent and 29.58 per cent in 1997-99 and 2007, respectively.Â
BFCL management contract could change hands
The multi-million dollar contract to manage the Bermuda Financial Centre Ltd project may soon be up for grabs. Winworth Ltd, which is owned by Mike Winfield, Heather Robinson and Fraser Butterworth, is on the verge of giving up the contract, we have been told.
Trout Trading fund company sued in attempt to view its share register
Local businessman George Rushe has taken a $650 million mutual fund group to court in an attempt to see its list of shareholders.Mr Rushe has asked Supreme Court to order Trout Trading Fund Ltd and its management company, Trout Trading Fund Management Company Ltd, to show him their share registers.
Bermuda Fire directors stay silent despite allegations of fraud at Bermuda Fire & Marine Insurance
Despite the strong criticisms of the collapse of Bermuda Fire & Marine Insurance, the company's vice-chairman, lawyer and former UBP MP William Cox, yesterday maintained his year-long public silence on the affair."I have no comment," said Mr Cox, who is the senior partner in law firm Cox & Wilkinson.Bermuda Fire's chairman, former government Senate leader Charles Collis, the senior partner in law firm Conyers, Dill & Pearman, was not available for comment.Other directors who voted to approve the controversial split-up of the company in 1991 have steadfastly refused to comment publicly on their actions since Bermuda Fire went into provisional liquidation in November, 1993.
Bermuda attacked by US politicians over Bermuda Fire ‘fraud’
A powerful political body in the US has launched a blistering attack on Bermuda over its handling of the collapse of Bermuda Fire & Marine Insurance.Over $40 million in assets that were dividended out to the insurer's shareholders in 1991 has been described as "a prime example of outrageous irresponsibility by an offshore insurance company".The matter was "exacerbated by a cavalier disregard for the consequences on people living elsewhere", said a report released this week entitled ‘Wishful Thinking: A World view of Insurance Solvency Regulation.'
Bank of Butterfield caught up in US stock scandal
The Bank of Butterfield has been caught up in a stock scandal that has hit some of Wall Street's best-known brokerage houses.One of the bank's clients - American Michael Morse - has been accused of ripping off brokers through a scam involving the technique of ‘short selling'.Butterfield was named as a defendant in a court action brought at Bermuda Supreme Court this week by giant US investment firm, Merrill Lynch.
Wolfgang Flottl to keep Bermuda trading operation
Financial trader Wolfgang Flottl intends to keep a trading operation in Bermuda even after he returns to New York to live, one of his US lawyers, Ted Altman, said this week.
Wolfgang Flottl to move from Bermuda to New York
Financial trader Wolfgang Flottl is pulling out of Bermuda over the next 18 months and moving his trading operations to New York, we can reveal.His withdrawal will have a significant impact on the local economy and will put pressure on landlords to reduce high-end residential rents.
Amhurst International Limited
Amhurst International Limited - Enforcement Actions - Isle of Man Financial Supervision Commission
Glaxo closes Bermuda investment office following losses
British pharmaceuticals giant Glaxo, which has taken heavy losses in the bond markets in recent months, is closing down its Bermuda investment arm with the loss of ten jobs.The decision follows a sweeping reorganization of Glaxo's board of directors announced a week ago.
Bank of Bermuda becomes BFCL’s new financial advisor
The Bank of Bermuda has accepted an invitation to act as a financial advisor to the development of the Bermuda Financial Centre on the site of the former Bermudiana Hotel in Hamilton.