IMPORTANT NOTICE
I have edited this Blog in light of the comments made below ! Please let me know if I write anything that can be construed as illegal or unethical or even hurtful. This site is for information sharing only and not to defame or cause distress TO ANYONE and that includes current or past employees of Albany or Mirasol, please help in this.
UPDATE: People are now being told by Sarah Morrey that the Mirasol money will be paid, this is the opposite of what Martin Glick is saying.
With regard to the Letter from Sarah Morrey today on behalf of the Directors of Mirasol.
I think from this letter that things are slightly better than some people have been saying i.e the fund has not been plundered.
Mirasol was not as disconnected from Albany as I was lead to believe and I was shocked to hear that :-
1) it is at the Directors discretion whether money can be distributed to members! So what is the motivation to distribute now other than goodwill !
2) This company is registered in Turks and Caiscos Islands ! Why are the telephone numbers in Switzerland???? I thought that this was basically an off-shore Bank Account at RBS.
There is an indication in the letter with regard to Legal Action being stopped, I saw this action going against RBS not Albany. I think this is very sad position to take at this stage.
I should have investigated this more at the beginning , sadly I didn't.
Here is a link to the letter in the forum :-
http://allbanyandmirasol.forum-motion.com/albany-group-and-mirasol-communications-f4/letter-from-mirasol-dated-03-02-2010-t12.htm#12
Does anybody know who the Directors of Mirasol are?
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To be honest I am shocked that you're shocked.
ReplyDeleteEverything you say you have been misled about is clearly stated in your Mirasol Q&A document. I am not going to reproduce that here as the same document also states that the information is both confidential and copyright and cannot be reproduced without permission.
Your membership application form clearly stated the Swiss office address.
Your membership certificate also states the company's incorporation country.
As for shared directorship, I always assumed that to be the case, at least at finance level.
Now, if you never got the said Q&A document, then you have my sympathy, you have every right to be shocked.
But there is plenty of information on the web about how hyrid overshore companies work and from this I was always a little reticent over not have any control over distributions, too late now.
If you're serious about legal action I suggest you be careful about what you write on your blog. Saying things like "There is a clear threat in the letter" could lead to problems in any future litigation. Just be careful please.
I have taken advice over the possible permutations of what could happen to the Mirsaol account if Albany was to enter administration and the length of time involved. This is purely to give me some idea of will I get my money and in what timescale, as it effects my plan for the short-term in choosing my next contract. Frustratingly I have nothing concrete to say at this time and there is little point in speculating.
Finally, no I don't work for Albany or Mirasol, but I have funds in six figures frozen and am acutely concerned about the outcome.
I have searched for a Q&A and I can't find one ! Either way I didn't read it ! I shall not refer to a threat any longer ( sorry I am not a Lawyer, this is how I read it as a layman. I shall remove it.
ReplyDeleteI don't understand how Mirasol can be sized by RBS. Mirasol has no direct links with Albany. But maybe RBS has decided to size Mirasol after fearing not being able to get money from Albany (and maybe without having the right to do so).
ReplyDeleteHow did Albany loose so much money? If it was lending to companies it should get some of the money back.
I agree there is no point taking legal action against Mirasol but we should sue Albany who organised the scheme.
As Albany UK is or has gone into Administration there will be nobody to sue. The problem I think is due to cashflow and Albany's facility being pulled without notice. To me RBS is at fault, at least ethically, you can be sure that they will have cast Iron contracts with which to take all the money coming in and left over. I believe Albany acted in good faith. If a Legal action can highlight this Government owned Bank's destruction of Albany, a successful going concern employing many people for a few million pounds then we should act.
ReplyDelete