Dear BetonSports Customer
Further to our report in December 2008 we write to provide a further UPDATE with regard to Liquidation matters.
Creditors will recall that we were appointed Liquidators of Betonsports (Antigua) Limited ("the Company") by an Order of the High Court in Antigua and Barbuda on 8 February 2008.
In the interim period we have been attempting to recover the assets of the Company and agree the claims of creditors, which comprise gaming players and trade creditors.
Assets
In our last report we advised that a team from Vantis visited Antigua to scrutinise the Company's books and records to extract further information to support the debt collection exercise. Certain records have still not been located, which remains a matter of concern for us in our conduct in this matter, as it prevents us from pursuing debts due to the Company. We are also making enquiries in Costa Rica with regard to company records allegedly located there.
Where sufficient financial records are available we continue at this time to pursue Company funds located in various jurisdictions including the USA, South Africa and Germany. These funds partly represent international payments in transit frozen by payment processors at the time of the declaration by the U.S government that internet gaming was unlawful. Since our last report we have been able to reconstruct sufficient company records to instruct lawyers to commence recovery of a debt in excess of $2million.
Creditors
Despite attempting to contact over 89,000 potential creditors by either email, mail or public advertisement, we have only received claims from 9,121 player creditors totaling $8,078,073.
In addition we have received claims from trade creditors totaling $16,534,761 of which $5,808,012 have been agreed and the balance of which is still being scrutinised against the companies records.
Based on these figures and the asset realisations to date by ourselves and the Gaming Regulator in Antigua, the dividend availability if a distribution were made at this time would be circa 5 cents on the dollar, or 5%.
We therefore consider it imprudent and economically unviable to circulate a dividend at this time, pending possible further assets being recovered as referred to above.
General
We continue diligently to pursue the assets of the company with a view to maximising the return to the gaming clients and other creditors. We continue to investigate the pre liquidation activities of the Company, and the board of directors, and we have a continuing dialogue with the Department of Justice in the USA with regard to all Liquidation matters.
As stated previously it is not in our interest for matters to become protracted. The High Court in Antigua has decreed that the Liquidators be remunerated on a recovery/performance basis. We continue to seek the best outcome for all parties.
A further update will be circulated in due course.
To register your claim if you have not already done so please complete the details via the weblink below, using your creditor reference to confirm your claim against the company.
https://betonsports.vantisplc.com/
If you do not wish to claim in this matter and do not want to receive any further emails from us please go to https://betonsports.vantisplc.com/cancel.aspx?creditor=(edit)
Yours sincerely
Joint Liquidators
For and on behalf of BetonSports (Antigua) Limited -In Liquidation
.........
Further to our report in December 2008 we write to provide a further UPDATE with regard to Liquidation matters.
Creditors will recall that we were appointed Liquidators of Betonsports (Antigua) Limited ("the Company") by an Order of the High Court in Antigua and Barbuda on 8 February 2008.
In the interim period we have been attempting to recover the assets of the Company and agree the claims of creditors, which comprise gaming players and trade creditors.
Assets
In our last report we advised that a team from Vantis visited Antigua to scrutinise the Company's books and records to extract further information to support the debt collection exercise. Certain records have still not been located, which remains a matter of concern for us in our conduct in this matter, as it prevents us from pursuing debts due to the Company. We are also making enquiries in Costa Rica with regard to company records allegedly located there.
Where sufficient financial records are available we continue at this time to pursue Company funds located in various jurisdictions including the USA, South Africa and Germany. These funds partly represent international payments in transit frozen by payment processors at the time of the declaration by the U.S government that internet gaming was unlawful. Since our last report we have been able to reconstruct sufficient company records to instruct lawyers to commence recovery of a debt in excess of $2million.
Creditors
Despite attempting to contact over 89,000 potential creditors by either email, mail or public advertisement, we have only received claims from 9,121 player creditors totaling $8,078,073.
In addition we have received claims from trade creditors totaling $16,534,761 of which $5,808,012 have been agreed and the balance of which is still being scrutinised against the companies records.
Based on these figures and the asset realisations to date by ourselves and the Gaming Regulator in Antigua, the dividend availability if a distribution were made at this time would be circa 5 cents on the dollar, or 5%.
We therefore consider it imprudent and economically unviable to circulate a dividend at this time, pending possible further assets being recovered as referred to above.
General
We continue diligently to pursue the assets of the company with a view to maximising the return to the gaming clients and other creditors. We continue to investigate the pre liquidation activities of the Company, and the board of directors, and we have a continuing dialogue with the Department of Justice in the USA with regard to all Liquidation matters.
As stated previously it is not in our interest for matters to become protracted. The High Court in Antigua has decreed that the Liquidators be remunerated on a recovery/performance basis. We continue to seek the best outcome for all parties.
A further update will be circulated in due course.
To register your claim if you have not already done so please complete the details via the weblink below, using your creditor reference to confirm your claim against the company.
https://betonsports.vantisplc.com/
If you do not wish to claim in this matter and do not want to receive any further emails from us please go to https://betonsports.vantisplc.com/cancel.aspx?creditor=(edit)
Yours sincerely
Joint Liquidators
For and on behalf of BetonSports (Antigua) Limited -In Liquidation
.........
