Registered: 03/26/01
Posts: 728
Loc: Easton, PA ,USA
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This guy Carlos Hill has a laundry list of charges against him from over here. He seems to be in a lot of trouble according to the observer they want him to stop this cash plus thing.
I think calling out Boxhill on this would be hypocracy.
I don't think anyone can (or has) blamed Boxhill or the JFF for this unfortunate situation. This was a PLCA sponsorship secured deal. And as you rightly say it looked good, sounded good and for the time it lasted, paid good.
Right now, I guess the urgency is securing another sponsor asap. But again, how is the sponsorship deal set up? I can't remember a time when it was clear or made sense to anyone on this forum. I keep asking for a non-JFF affiliated NPL run league. I see now we have a half-half set up. Being sanctioned by the JFF is totatlly different than owned by them and operated by someone else. I see none of the models they are using is working.
_________________________
South Floridians for Asafa
Cash Plus could be cashless - FSC published: Thursday | January 3, 2008
Athaliah Reynolds, Staff Reporter
The ongoing tussle between the Financial Services Commission (FSC) and investment club, Cash Plus Limited, has heigthened with the regulatory body claiming the company, at present, could be insolvent.
The investment company has, however, dismissed the claim.
FSC Deputy Director George Roper yesterday said that, if the unaudited reports issued by the company last September are reflective of its financial standings, the company could very well be operating at a loss.
"The accounts that they published at the end of September 2007 reflect accumulated losses of $8.9 billion," Mr. Roper said. "The accounts apparently are indicative accounts and what they did was reflect the lenders liability as preference shares."
The FSC deputy director said Cash Plus preference shares figures at that time were shown as $16 billion.
Liability
"So, if that's really showing for what it is currently, I believe the company would be showing a liability in excess of its assets," reasoned Mr. Roper.
"Those accounts are not giving the impression that (Cash Plus) is a strong financial institution. That is the key issue people need to zero in on. What is the financial health of Cash Plus?"
According to Mr. Roper, Cash Plus' financial standing is going to play a key role in the company's ability to regularise its operations.
However, Vice-President of Cash Plus, Chris Golbourne, immediately denied the FSC's claims, arguing that since the release of company statements on September 30, the company saw exponential growth between September 30 and November 30.
"So there is no way one can look at those September 30 accounts to say that Cash Plus is not in a position to pay back its lenders," said Mr. Golbourne.
Despite the FSC's recent cease-and-desist order against Cash Plus, scores of distraught investors up to yesterday continued to converge on the company's premises, anxiously awaiting reimbursement.
athaliah.reynolds@gleanerjm.com.
_________________________ "Victory" in wars are never about who is right or wrong but more about who is left standing.
'Premier League good for January' published: Sunday | January 6, 2008
Anthony Foster, Freelance Writer
THE CHAIRMAN of the Premier League Clubs Association (PLCA), Edward Seaga, has allayed immediate concerns about the sponsorship of the Cash Plus Premier League (CPPL) - at least for this month.
When contacted yesterday, Seaga, the former Jamaica Prime Minister, said immediate concerns and problems surrounding the league would be solved within days, but he could not speak for the coming rounds.
"There has been a settlement of the problem," said Seaga, while pointing out that $6 million for the round was coming in a few days. He also said yesterday: "One-third of the prize money, which is $3.5 million, is expected in our hands early next week."
"Certainly, we are good for January. No one can predict the future but as far as the present is concerned, we are up to date," he said. Concerns were raised about the viability of the CPPL when the Financial Service Commission (FSC) recently issued cease-and-desist order against Cash Plus, the company which had pledged $150 million to the Premier League for the next three seasons.
Now, with the second end-of-round-final on the cards for later this month, the PLCA is playing a wait-and-see game.
"They have performed up to date," Seaga said of the sponsors. "We now await the discussions with them and the Government to see how things will go," he said.
