When Cobo told us that they were insolvent and pressed us to sign a 5-year promissory note with no interest and no guarantee of repayment, we consulted an accountant, a lawyer, our bank and other professionals about what to do. All gave the same advice: don’t consider signing unless they give you a clear account of their assets and liabilities.
But no accounts have been given to investors! (see note below). Cobo refuse to tell us what they actually did with all the money they were given. Here is LC’s latest explanation to Ewart Tempest on 14th March:
“We made mistakes the money has been spent.” [sic]
If Cobo had taken the idea of an IVA seriously, they would have put together a plan months ago and showed us the details. As it is, we can only conclude that their present wish for one is nothing but a last-ditch attempt to avoid or postpone bankruptcy and consequent full accountability.
The partners make tedious and exhausting emotional appeals for support while studiously avoiding the truth about their situation. They have broken innumerable promises, caused misery, anxiety and hardship—yet incredibly still want investors to back them and to loyally support their latest brainwaves. They confuse the issue by claiming that their plans are entirely in their victims’ self-interest.
But no accounts have been given to investors! (see note below). Cobo refuse to tell us what they actually did with all the money they were given. Here is LC’s latest explanation to Ewart Tempest on 14th March:
“We made mistakes the money has been spent.” [sic]
If Cobo had taken the idea of an IVA seriously, they would have put together a plan months ago and showed us the details. As it is, we can only conclude that their present wish for one is nothing but a last-ditch attempt to avoid or postpone bankruptcy and consequent full accountability.
The partners make tedious and exhausting emotional appeals for support while studiously avoiding the truth about their situation. They have broken innumerable promises, caused misery, anxiety and hardship—yet incredibly still want investors to back them and to loyally support their latest brainwaves. They confuse the issue by claiming that their plans are entirely in their victims’ self-interest.
“The houses are for YOU! All we are doing is for You, our Dear Investors. You are the only Ones we’ve ever cared about! "
"Now, vote for our IVA, or go to hell and you won't get your money back anyway!" (Italicised script ours)
Comedy aside, they have created a scandalous financial mess which is going to take many hours of other people’s time to clear up. They have to be stopped from wasting any more honest peoples’ time and money.
Note: here’s one reason why investors haven’t seen any accounts:
“Our accounts are held by our old accountant who will not let go of them until we have paid him in full which we cannot.” - Liam Collins, 22nd February 2011. (He means his ‘former’ or ‘ex’ accountant, not that the man is elderly).
Afterthought: It is not beyond the bounds of possibility that CoBo could suddenly 'discover' huge loans that they owe to family members and friends, who all enthusiastically favour the idea of an IVA. "Yes, of course. How much would you like to be owed?" The question would then be, 'Could large virtual loans be arranged retroactively?'
Comedy aside, they have created a scandalous financial mess which is going to take many hours of other people’s time to clear up. They have to be stopped from wasting any more honest peoples’ time and money.
Note: here’s one reason why investors haven’t seen any accounts:
“Our accounts are held by our old accountant who will not let go of them until we have paid him in full which we cannot.” - Liam Collins, 22nd February 2011. (He means his ‘former’ or ‘ex’ accountant, not that the man is elderly).
Afterthought: It is not beyond the bounds of possibility that CoBo could suddenly 'discover' huge loans that they owe to family members and friends, who all enthusiastically favour the idea of an IVA. "Yes, of course. How much would you like to be owed?" The question would then be, 'Could large virtual loans be arranged retroactively?'
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