I would imagine Bentleys would also be interested in procuring the ‘north of $20 million Ms Huston forecasted would be the 'final purchase price' for the management rights of the PIF to add to the OCTAVIAR kitty for redistributed to creditors. IMO the whole amount allegedly embezzled from the PIF by MFS/OCV should be returned to the original PIF unit holders BEFORE any other distributions are made.
http://www.etravelblackboard.com/showarticle.asp?id=77485 'It has been only two months since Mr Scott has started establishing himself upon the Octaviar (formerly known as MFS) board, replacing former chief executive Craig White only five days after his resignation.
The new chief, Craig Chapman, is known to be one of Mr Scott’s close associates, according to Business Day.
The elusive businessman has also outlined plans to sell the investment management arm of the corporation to Wellington Capital, an investment firm with evident links to Mr Scott.
The takeover of Mr Scott was further aided by the new ‘independent’ chairman Paul Manka, and new board-member Jenny Hutson, who also happens to be the managing director of Wellington Capital.
Mr Manka noted that “The board has recognised that it is not in the best interests of creditors, shareholders and other company stakeholders for Octaviar IM to remain a wholly owned subsidiary.”
Ms Hutson has forecasted a final purchase price to be ‘north of $20 million,’ which is a depressing prospect following the value of Octaviar at $1.33 billion when rival City Pacific proposed a merger in January.
The transaction with Wellington is completely legitimate, according to Ms Hutson, and will merely allow Wellington to earn management fees from the funds.
OCV Price at posting:
0.0¢ Sentiment: None Disclosure: Held