Collins & Bone: A Request For Insight From Ex-CBS Investors

THE PURPOSE OF THIS BLOG

This blog was established to help get to the bottom of how the Collins & Bone Partnership reached the very sad situation it is now in, with its partner Liam James Collins having a bankruptcy hearing on 25th January (postponed)15th March 2012 (ditto), and finally bankrupted on 9th May 2012 (case # NEWC 1517 of 2011 BKT 3472187, Newcastle County Court, The Law Courts, The Quayside, Newcastle-upon-Tyne, NE1 3LA), and David Bone Jnr declared bankrupt on 31st May (case no 100 of 2012 Wigan County Court). The partnership used the following addresses:

25 Shelton Street, Covent Garden, London, WC2 H9HW, UK

Eastern Villa, Station Rd. North, Forest Hall, Newcastle Upon Tyne, NE12 9AE (owned by Liam Collin's parents, and now up for sale)

There are 3 specific goals of this blog:

• To find out what happened to the 1m+ GBP monies that C&B raised via PNs in late 2009, 2010 & 2011. I am excluding PNs issued to ex-CBS investors, but that said, this blog will be of interest to ex-CBS investors, and there is information that needs to be obtained from this set of investors wrt when PNs were issued to them, and their duration.

• To determine what, if any, criminal charges should be brought against the partners.

• To warn other investors off doing any business with the partners, their equally inept/unscrupulous extended family members, and supportive cohorts.

When you look at the PNs, there are no specific statements on the documents that specify how the monies were to be used - how you believed they were to be used is based on whatever e-mail/phone call foreplay you had beforehand with Liam Collins. That is why it is so important that the following information is collated for this category of C&B investors on an individual basis:

1) What did you believe you were investing in, and what was your basis for believing this?
2) What investment risks were you informed of?
3) What was your understanding of the purpose to which PN monies could be put?
4) What brochures and documents were you furnished with as prt of your due diligence?
5) What due diligence did you do?

This blog is being operated completely separate to Sally & Jasmine's blog (http://collins-bone-investors.blogspot.com), although we share the common goal of getting to the bottom of this mess in a professional manner. If you don't want to post anything on the blog in person, you can send an e-mail to me at lastdoghome@gmail.com - information conveyed in any such e-mails will only be posted on the blog on your behalf after any editting/your specific consent.

Ewart (The Editor)

Saturday, 11 February 2012

A Request For Insight From Ex-CBS Investors

I don't have much visibility of the terms and conditions of the PNs that ex-CBS investors were issued. C&B took on ~2.3m GBP debt in the form of CBS investors who had unsecured deposits with CBS. A liquidator for CBS was appointed 18/12/2009, and David Bone Jnr on 31/01/2012 told be me that these investors were given 6 month PNs and, I quote:

    "The strategy became to then start repaying it back after 6 months
      and then everybody would be fine and wait. I don't think the plan
      was ever to pay everybody back within 6 months, we were just
      trying to buy time to get the fund (Pointon York) going, to get
      the first profit in, to get it off."

It is Alistair McLean, one of the former CBS investors, who is bringing the action against Liam Collins to have him declared bankrupt. So if Alistair, or one or more other CBS investors can come forward and explain the following, this would be appreciated:

When were the 6 month PNs issued?
Were any monies paid back to ex-CBS investors at the end of this 6 months?
What was offered at the end of this 6 month period, as I assume the PNs were substantially not paid off as the fund with Pointon York never happened?

Again, post an entry on the blog, or reply directly to The Editor lastdoghome@gmail.com - any information sent to The Editor is completely confidential, and nothing will be posted on the blog unless you want it to be.

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)