FULL REPORT OF 3 OCT 2013 CREDITOR’S MEETING HELD AT CHINESE ASSEMBLY HALL, K.L. FROM 9.45 TO 11.45AM As we predicted, the creditors rejected FH proposal on distribution of FE stock which FH tried to bulldoze through. The voting results were 161 (92.5%)against & 13 (7.5%) for. Thank you to those 179 creditors who showed up to vent their anger at FH & who showed their support to the COI’s efforts to negotiate an equitable solution in the interest of all creditors. Some of the arguments & comments voiced out by creditors were as follows : 1. Ambiguity in FH valuation of the stock. They still do not understand our stock configuration e.g. there are 6 pieces of soap in 1 box of beauty bar & they valued 1 piece of soap at RM625!! 2. FH Stock figures differs from previous listing. FH unable to explain. We know why. They were too arrogant to ask for the COI advice. 3. FH unable to explain why FE creditors to be paid in stock while other non FE unsecured creditors will be paid in cash. 4. FH still refused to recognize that the stock falls under the ambit of the SALE of GOODS ACT & should be paid through the POF (yellow form). 5. Under FH proposal, creditors who have received stock earlier will still get additional stock. 6. The creditors voiced that they do not wish their POD to be paid in stock. 7. Errors in FH POD listing were pointed out. 8. FH wishes to distribute the stock from POD value but they are unable to confirm the correct formula for POD. After the creditors had their say, Ivy & Bernard came forward to give a full report & summary of the macro picture but FH cut them short & tried to prevent them from speaking. However, Bernard managed to address the creditors during the period between the casting of votes & the results announcement. Bernard spoke with Robert Chan beside him. Bernard informed the creditors of the role Robert has been playing in QLI to help creditors dispose of their stocks for cash & urged them to give QLI their support. Although FH refused to allow Bernard to table further motions , Bernard managed to obtain the creditors overwhelming support through a show of hands for the following unofficial motions (which FH refused to recognize) : a) Overwhelming majority consensus to remove FH as FE liquidator b) To distribute the stock by POF (yellow form), Ivy & Bernard’s proposal of Nov 2012 refers c) The need to determine the correct formula for POD d) To use FE funds to obtain evidence to convict the culprits instead of distributing & get less than 1 cent to the dollar e) To appoint an investigative auditor, criminal lawyer & private investigator to get evidence, build a legal case & uncover PT’s assets & money trail. f) Subsequently, with solid evidence (under threat to charge him in Court for CBT), we hope to draw PT out to negotiate a settlement & hopefully creditors may get back 50% of their investment. We noted that some creditors are not aware that the COI are serving the creditors voluntarily & do not receive a cent. We hope the creditors appreciate our effort, time & expenditure put in. Your full support is crucial to our efforts. Do post your feedback & comments in our COI facebook & click “like” where appropriate. CONCLUSION Another Example of FH arrogance & waste of FE funds by holding a Creditor’s Meeting just to debate one 1 single proposal. Bernard had earlier requested to also table the above motions (a) to (f) since the creditors were already gathered but FH refused. However, at least we have on record that the creditors present fully supported these motions. Even if FH refuses to recognize the creditors consensus. Our next step is to remove FH & replace them with our selected friendly liquidator. FH has displayed that they are not fit to manage FE matters. We shall update you further on the progress of this Court Action. The next hearing date is on 10 Oct 2013. Reported by Bernard Simon Foo Committee of Inspection FE Brands (In Liquidation) 4 October 2013
Posted on: Fri, 04 Oct 2013 10:46:57 +0000
Trending Topics
Recently Viewed Topics
© 2015