Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: elmatador who wrote (17002)	3/19/2002 7:35:05 AM
From: TobagoJack	Read Replies (1) of 74559

Hi Elmat, In Beijing, as usual. I had already been approached by some potential clients about 18-24 months ago to 'work this out'. The potential client, an insurance company, along with making an loan to the outfit, had also foolishly paid USD 1.5 million up front for the building of an corporate executive home - the US styled home can cost no more then USD 300-400k to build, does not give claim to the land underneath. We looked at it and concluded there is nothing we can do because the majority of the money has been either 'missinged' (stolen) or used to build what was their, but with no proper title to the land underneath. So, no real asset to recover, thus no need to waste retainer, man-day fees and success fee commitment on Jay & Company. Chugs, Jay

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