THE TRUTH ABOUT THE COI & FE LIQUIDATION MATTERS It is with regret that we (Ivy & Bernard) are forced to reveal the truth about what has happened during the last few months. We have been constantly & regularly isolated, bypassed & marginalized by the 3 QLI COI, who have decided among themselves to conduct matters according to their own plans & wishes, without bothering to meet or discuss with us. We have tried many times but failed to reason with them to set aside their personal Agendas & differences to work together as a team for the FE Creditors. They boast that since they hold the simple majority (3 of 5 COI), they can dictate as they wish. They meet among themselves in secrecy, act & make decisions on their own. This has rendered us ineffective & unable to serve the creditors who voted us in as COI. This situation bears many similarities to a Country’s recent General Elections whereby the winning party with a simple majority has begun to act with arrogance to abuse their mandate & initiate many non-democratic rulings. Opposition politicians have been barred from entering a certain State & a number of vocal citizens have been accused of wrongdoings under the Sedition Act. Information provided to the people is always one-sided & biased. Truth has been distorted to suit their objectives. Quite similar to what is happening in your COI. We are disappointed that there are still many creditors who do not take the trouble to find out the truth but accept wholesale whatever is fed to them by the 3 QLI COI. If you wish to know the truth, kindly read all the postings in the COI facebook (facebook/FusionExcelCOI). Or feel free to seek the truth directly from us. Then you will realize which of your COI have been really doing their work for the Creditors. And how little the 3 QLI COI have contributed during meetings with FH. And who conducts themselves with integrity. And who is misusing their position. IVY & BERNARD’S TRACK RECORD AS COI 1. We were first elected to the COI in July 2012 & re-elected in Dec 2012 for a second term until present. Our first priority then was to contest the bills of the first 2 liquidators WWF & GTC which amounted to a total of RM700K +. Ivy spent much time analysing the figures & we both spent a lot of time meeting relevant parties to get more information & seek advice. We provided all the points to the lawyers. The other 3 COI (then) did not contribute but instead concentrated their efforts to slander their fellow COI with personal attacks & false accusations. 2. Unfortunately, we lost the first case (WWF) & are now appealing the verdict of the second case (GTC). The other 3 COI derided us for wasting our time, although we were willing to try in a sincere effort to save creditors money. 3. Bernard created the COI facebook to provide updates to creditors. This was missing before. We believe in transparency & keeping creditors informed. Unfortunately, the 3 QLI COI prefer to move in secrecy. 4. Ivy has compiled tonnes of research to help us contest the 2 cases but has constantly been harassed by our own COI that her research will cause FE Brands funds to be depleted. 5. Another of our priorities was to get the FE stock distributed to members holding the POF (yellow forms). Bernard made a proposal in Nov 2012 but only Ivy supported it. The 3 QLI COI had no comments or did not bother to read it. This has encouraged Ferrier Hodgson (FH) to push through their own formula based on POD & not POF. Ivy & Bernard’s efforts to protest did not get the backing of the 3 QLI COI. To date FH still do not comprehend FE bonus system & are unable to tell us what is the accepted formula to submit POD. They do not intend to pay members E Wallet, only their Corporate Packs (without discounting bonuses paid). And pay them by stock. 6. In view of this disastrous turn of events, Bernard quickly initiated a move to change for a friendlier liquidator & appoint a renowned liquidation lawyer to appeal the GTC verdict. Thankfully, this time, the 3 QLI COI agreed. However, they then proceeded to meet these parties in secrecy without informing us. They even met the Head of FH without inviting or informing us. And refused to report the outcome to us until we pressed them. 7. Since the 5 COI last met together as a committee on 16 March 2013, the 3 QLI COI have refused to meet with us. Bernard chaired that last meeting. Now they have refused to co-operate with Bernard & have come up with some ridiculous trumped-up verbal accusations ie that Bernard’s tender in May 2012 was dubious (verified proper & duly approved by the first COI), that he took money from GTC (even though he was not a COI then), that he is a spy for a Kulim CPD (Bernard doesn’t even have his H/P & cannot speak Mandarin to him), & the latest accusation that he is taking money for recommending the new lawyer (confirmed untrue by the lawyer). All these accusations are made without any facts or proof. Just because “somebody told them”. This is the mentality of the 3 QLI COI. They do not bother to verify or search for the truth & their accused is deemed guilty based on somebody’s words. 8. The latest gaffe from the 3 QLI COI is how they twist & turn facts. Bernard had earlier declared in July 2012 that he “did not know anybody in FH” (fact) & was willing to give them a chance to perform. Lately, he informed them that he is now friendlier with a FH staff who “has provided him some important information.” Now they accuse him of deceit & “cannot trust him anymore..” This shows the lack of quality & poor rationale of the 3 QLI COI. They have also accused GTC of collaborating with FH to replace them (GTC) through the Court Order!! 9. Ivy has lately been receiving a small allowance from a CPD who has voluntarily granted this gesture in appreciation of her efforts analysing all the FE documents. The 3 QLI COI are also making this an issue to tarnish Ivy.. 10. Upon seeing no positive action being taken by the 3 QLI COI & with time running out, Bernard initiated a meeting of all 5 COI with the new lawyer on 22 May 2013 to determine how to remove FH, contest the GTC appeal & discuss the fees & terms of payment. The 3 QLI COI took offence that this urgent meeting with the new lawyer would proceed even if any of the COI did not attend. At the meeting, the lawyer also challenged the 3 QLI COI to make their graft accusation in writing & he will sue them. As usual, they have twisted his statement to suit their ends. LATEST DEVELOPMENTS 1. Ivy & Bernard have been earlier contributing all the points to appeal the GTC claims. They are the best parties to provide further briefings & points to the new lawyer. However, the 3 QLI COI have decided to appoint their own member to liaise with the lawyer. We doubt how capable & knowledgeable he can be when he was not a part of the case earlier. But as usual, the 3 QLI COI have the majority & can do as they please. 2. The 3 QLI COI have initiated a petition campaign (on the advice of the new proposed liquidator SI) to remove FH & appoint SI through a Court Order. Although we were not consulted, we fully support this campaign & encourage all FE creditors to sign the petition & send to the QLI COI. This will show the Court & FH that the creditors support our initiative. SI have confirmed to cap their fees at RM8,000 per month with no exorbitant disbursements. And they have agreed to distribute the FE stock based on POF. (Under the Sale of Goods Act). Another good news is that FH have just confirmed they will not contest our move to remove them. 3. Ivy has indicated that her down lines will be sending their petitions direct to her. We do not see any harm as she will later compile them for the lawyer. Similar to a Thailand rep bringing their list over recently. Yet the 3 QLI COI have unfairly attacked her for this. They tend to bulldoze their way & do not respect other’s opinions And some Yahoo FE members are condemning her based on their biased reporting, without bothering to hear both sides & seek the truth first. Are these the type of members Ivy has spent so much time helping? 4. As it stands, it appears that since the creditors have voted in the 3 QLI COI in Dec 2012 & have given them their simple majority to do as they please, you reap what you sow. Hence forth, Ivy & Bernard will be forced to let them take over matters as we are powerless to act for the creditors. We only urge creditors not to blindly believe them but seek the truth. And make them practice transparency. Are you sure you wish your fate to be in their hands? We have done our best. The Creditors have voted for them & we respect their decision. 5. Among the manifesto of the 3 QLI COI (same as ours) is to distribute the FE stock & let QLI help them sell it. We have no objection to this. QLI can help members realize some cash when they get their stock. However, the 3 QLI COI do not wish to use FE Brands funds to pursue any criminal legal action against PT. We disagree. The funds of RM2 Million initially left in the account by PT was meant to let the liquidator (WWF) mark time for a year & claim as their fees. It was not meant for distribution. If we distribute, we will probably get 2 cents to the dollar. Is that what the creditors wish for? We prefer to use PT’s money to get evidence & charge him under Section 409 of the Penal Code (CBT) which carries a maximum jail term of 20 years plus fine & whipping. Poetic justice. However, this wish remains a futile wish as the 3 QLI COI do not agree to this line of action. PT will be very pleased with the 3 QLI COI. Ivy & Bernard had earlier initiated a monthly COI committee meeting cum MEET THE CREDITORS session every 3rd Saturday at PGRM mamak from 3pm to 4pm. However, the 3 QLI COI refuse to meet us or come to PGRM. However, we are still willing to meet any interested creditors seeking the truth. Just let us know & we will be there to meet you. Or on any other day requested by you. Ivy Hong Bernard Simon Foo H/P 019 237 1130 Email lkfeng1991@yahoo bernardsimonfoo@gmail
Posted on: Thu, 13 Jun 2013 14:12:38 +0000
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