It comes as no great surprise in the scheme of things when criminals such as Myron Gushlak are controlling the actions of Ken Krys and the liquidators that inequities and injustices will arise. One of Mr. Krys’s most shameful acts has been his deliberate disregard for separating the various classes of SEGOES Creditors and distinguishing their claims by the legal contractual Agreements that exist with SEGOES.
The creditors are comprised of the following classes: The SEGOES Bond Fund, The SEGOES Trust Ltd., SEGOES Holdings Ltd. Investors, Fully Disclosed Accounts and some minor general claims. Clients of each of these entities have different rights and Agreements in place with the SEGOES Securities, Cayman. Mr. Krys has commingled the rights of all classes and ignored the different contractual agreements that exist.
To begin with, The SEGOES Bond Fund was a British Virgin Islands entity in which the investors signed a Subscription Agreement and acknowledged in this Agreement that there investment was speculative and that they could lose their entire investment. It is obviously not fair and equitable to treat these creditors as creditors of SEGOES Securities Ltd. Cayman when they were investors in a completely different entity that carried a different risk profile.
The clients of the SEGOES Trust Ltd. a Belize Trust, signed a new account Agreement acknowledging that their funds were not directly with SEGOES Cayman. It is obviously not fair for this class of clients to be creditors of SEGOES Cayman as well.
SEGOES Holdings Ltd. Cayman was the Holding Company for SEGOES Securities Ltd. Cayman. This entity had some equity investors that signed Subscription Agreements and received lengthy Investment Memorandum acknowledging that their investment was speculative in nature and that they could lose their entire investment. Again it is obviously not fair to treat these people as creditors of SEGOES Securities ltd.
The only true creditors and clients of SEGOES are the Fully Disclosed Accounts. These clients have accounts that are held in their own name with SEGOES and the funds are directly with an institution in the United States. These clients would have no claim if Mr. Krys and his criminal cohorts were not attempting to seize their funds.
Mr. Krys’s motives for commingling the investor’s claims are clear. Mr. Krys since being appointed by the courts in May, 2005 as the Official Liquidators of SEGOES Securities Ltd. Cayman has spent in excess of USD $1.5 million. If he were to handle the claims of creditors in a fair and just manner, he would not have enough funds to pay his absurd fees. The amount of money that Mr. Krys has spent is a travesty and clearly shows that he has no concern or care for the creditors that he supposedly represents.
More than likely, the Mr. Krys’s lies will only be sorted out and exposed when the case is heard in the U.K. Court at the Privy Council. The Cayman Courts appear to be more interested in the false headlines of the newspapers generated as a result of Mr. Krys's lies than in the truth and representing justice!
posted by Etym @ 4:07 AM
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