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INTRODUCTION
This Blog is dedicated to making public some of the business activities and methods of Liam Collins, David Bone Jr and their associates. In the spring of 2010, the present authors invested in Collins & Bone (C&B), who were offering an enticing 8-10% interest on the basis of buying houses for cash, renovating them and letting them out to students. We were assured that our money was secured against houses that they owned, including their own homes and the properties held by their associated company, Castle & Gatehouse (C&G). We have emails and brochures that confirm these details, as do others who invested on this same basis at around the same time. The idea worked for us for over a year, then in November 2011 they told us they were insolvent. They refused our every request for clear accounts, which led us to suspect wrongdoing. We began an investigation and then started this Blog. We found our suspicions confirmed: other investors had lost sometimes quite large amounts to C&B and its predecessor CBS, and all requests for repayment were adamantly refused. These people use and have used so many names that we found it necessary to compress them into CoBo (for Collins & Bone) and Coboco (for the whole bunch of them – there are quite a few!) Note that there is an index in the margin at the right hand side.

Tuesday, 6 March 2012

MORE ABOUT THOSE HOUSE ASSETS

Investors have been assured, on numerous occasions, that their loans are secured against all the properties owned by CoBo, including the Partners' homes. Here we append two quotations from the many that confirm this:

'The PN puts all of our houses including our homes up as security in the way that should we ever default on the note, the investor would be able to call in their full investment. If we were unable to pay this the investor could issue bankruptcy proceedings which would force us to sell the assets and payback the initial investment. It would be a long and drawn out process but our assets do act as a backbone to the guarantee together with the revenue which they generate coupled with the revenue from all other arms of our business which pour profits into the partnership. The debt ratios are covered in both equity and trading profits.' LC to JG 17.05.2010

'Your capital is safe and both David and I have our own homes as collateral to protect your assets as well as 27 other assets and the trading inside our sister company (Castle & Gatehouse) also acts as security with future contracts worth in excess of £3m at present. '   Newsletter of 18.03.2011

It is therefore somewhat surprising to find that the Land Registry entry for 2 Abbeycroft Close has David Bone Jr as a leaseholder while Rachael Stanley has a deed of trust on the property. Note that 2 Abbeycroft Close appears as a C&B property on their latest spreadsheet. Could it be that CoBo have sold the property to Rachael Stanley (who is Mrs Rachael Bone)? Investors will be keen to know the full story.
Posted by IFS at 11:13

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