Betancourt litigation update.

Full docket text:ELECTRONIC NOTICE of Hearing set for 3/5/2012 02:30 PM in Courtroom 22 before Judge Joseph L. Tauro. Parties to advise the court regarding settlement by 4:00 p.m. Friday, March 2,2012.(Lovett, Zita)

Conjecture on our part:  if Betancourt had significant financial resources he would not even contemplate settlement.  He'd continue on the basis of principles.  However, we are pretty sure he can't tap 10s of millions of Middle East investors money the way somebody else can (everybody knows who this person is)....

Does the power of money triumph over truth?  Hey, does anybody want to pledge money to a defense (litigation) fund?

How interesting is this blog to BTU + Wael Almazeedi + Mitsue Oishi? Nothing in this blog is true anyway, right???

Observation

Public domain documents have identified the companies below as the "manager" of the BTU Power Company assets.  The Secretary of the Commonwealth database shows that all the the above companies, operating in Massachusetts, have a principal office in Waltham, Massachusetts (Winter St).

BTU Industries
BTU Ventures
QGEN

We were pretty sure BTU Ventures' and BTU Industries' servers and all their IT stuff was physically located in Waltham.  We are not IT experts but the IP address for someone using the BTU Industries computer network to get to the internet and find this blog would show "Waltham" as the town/city of origin.  Google Analytics does not, obviously provide IP addresses but they do match IP addresses to location so "bloggers" etc. can see where their "traffic" is coming from.

Question: Wael doesn't care about this blog, right?   

If anybody asked Wael he would probably answer that he never visits this blog.  Wael is far too busy saving us from planetary collapse.  Moreover, why would he want to wade through the ramblings of people who have no "facts" to support their statements.  In fact, he's stated in his website btufacts.org that this blog is just a form of cyber harassment.

In any event, as the chart below shows, NOBODY from BTU Industries has ever visited this blog in the period between November 1, 2011 and March 1, 2012 (we just picked a sample time span).  The 75 separate visits, 659 pageview, and over 7 hours from BTU Industries NEVER happened.

We can also show other graphics that reveal that Wael Al Mazeedi and/or Mitsue Oishi never visited this blog as well.  Google Analytics can help us show that the 600+ separate visits, 3,300+ pageviews, and 35+ hrs of visits from unique, identifiable visitor(s) from Lexington, Massachusetts (using Mac OS computers) NEVER happened. 

Recommendation
Look at the post immediately following to see how much the world loves and wants to know much more about Dear Leader, Wael.

Informational Update: how many countries want to know about WAMo?

If you calculate "interest" on the basis of land-mass or population, the visitors from 78 countries that find their way to this blog represent pretty much the "entire" world.

This, of course, could not be possible if WAMo weren't so damned interesting.  He has, after all, saved us all from planetary collapse and provided incomparable profits to the investors in the BTU Power Company and BTU Power Company II funds.  The investors in those funds would trip over each other to sing Wael's praises.

In addition, Wael has treated his 100+ previous employees in a tremendously generous manner.  No one could ever say a cross word about him.  All the vendors that have ever provided services to his companies would give a 100% satisfaction rating because they are always treated well and paid - always paid on time and always paid their rightful amounts.  Shall we continue?

Visitors from 79 countries love Wael Almazeedi.

1		Algeria
2		Argentina
3		Australia
4		Austria
5		Bahrain
6		Bangladesh
7		Brazil
8		Brunei
9		Burkina Faso
10		Cambodia
11		Canada
12		Cayman Islands
13		Chile
14		China
15		Colombia
16		Croatia
17		Cyprus
18		Czech Republic
19		Denmark
20		Ecuador
21		Egypt
22		France
23		Germany
24		Greece
25		Hong Kong
26		Hungary
27		India
28		Indonesia
29		Iraq
30		Ireland
31		Israel
32		Italy
33		Japan
34		Jordan
35		Kazakhstan
36		Kuwait
37		Lebanon
38		Libya
39		Luxembourg
40		Malaysia
41		Mali
42		Malta
43		Mexico
44		Monaco
45		Montenegro
46		Morocco
47		Netherlands
48		New Zealand
49		Nigeria
50		Oman
51		Pakistan
52		Palestinian Territories
53		Panama
54		Peru
55		Philippines
56		Poland
57		Portugal
58		Qatar
59		Romania
60		Russia
61		Saudi Arabia
62		Senegal
63		Singapore
64		South Africa
65		South Korea
66		Spain
67		Sweden
68		Switzerland
69		Taiwan
70		Thailand
71		Tunisia
72		Turkey
73		United Arab Emirates
74		United Kingdom
75		United States
76		Uruguay
77		Venezuela
78		Vietnam

Settlements, settlements, settlements.... public court records (as of 28Feb2012) for BTU Ventures, Inc. BTU Industries Holdings USA, Inc. Wael Al Mazeedi show that Wael is still trying to reach settlements in his US litigation.

Almazeedi has already reached a settlement agreement with Brian Murphy.

Public records (check the Betancourt and McBrearty court dockets as of February 28, 2012) indicate that Almazeedi is trying to reach settlements with the other people he's sued in the US.

Why, if Almazeedi is, as he always claims 100% correct and truthful, would he want to settle with the "nefarious" set of characters that were, as he claims, conspiring against him, plotting against him, trying to do all kinds of nasty things with his assets.  Why would he want to come to terms with these liars and scoundrels (per Almazeedi's hystrionics).

Maybe none of the sh*t he told the court was true.   If anything actually goes to trial and Wael is under cross-examination and testimony from certain witnesses is heard Wael's truths would be shredded.  Also:
WilmerHale would look bad.  
Leonard Learner would look bad.  
FoleyHoag would look bad.

• Abdulmohsen Hayat would be very interested in the court proceedings.
• Qatar Investment Authority would be very interested in the court proceedings.
• Qatar National Bank would be very interested in the court proceedings.
• Dubai Islamic Bank would be very interested int the court proceedings.
• Evolvence would be very interested in the court proceedings.
• Millenium Capital would be very interested in the court proceedings.
• Etc. etc. etc. etc. etc. etc.

Aha, maybe that's the impetus for this rush to settlements.

Pssst.... We are pretty sure there is one person that will not settle no matter what...
Pssst.... Wael, it now only takes us 1 minute to get indexed by Google.

From the Betancourt docket: Why discussions of settlement at this time? Having probably spent millions prosecuting this lawsuit what would a settlement achieve for BTU Ventures, Inc. BTU Industries Holdings USA, Inc. and Wael Al Mazeedi?

Background
Wael already "reached a settlement with Mr. Murphy" back in 2011.  Apparently he wants to reach a settlement with Mr. Betancourt.  Logic dictates that he must be trying to reach a settlement with Mr. McBrearty as well since the complaints against Betancourt and McBrearty are nearly identical and they reference both individuals in each complaint.  Why oh, why does a $1 billion, world-dominant company offer settlement proposals to these individuals.  Wael's main concern should be Mr. Hayat and the BTU Power Company investors (Qatar Investment Authority, Qatar National Bank, Dubai Islamic Bank, etc.)... Those guys are the ones with the BIG money and the BIG grudges (i.e. losses of millions of dollars due to Wael's "management" prowess).  Maybe Murphy, McBrearty, and Betancourt represent the "open doors" to ALL the facts.  A trial (avoided already in Mr. Murphy's case but scheduled for March 5 in Mr. McBrearty's case and yet to be scheduled in early March per Judge Tauro's order in the Betancourt case) would mean that Wael and ALL THE WITNESSES called to testify would have to do just that... Testify to the truth.  Hmmm....


As always, there is always something murky behind any "BTU" associated actions.  Interesting what could be the impetus for this development.

Full docket text:
ELECTRONIC NOTICE OF RESCHEDULING at the request of counsel because of a possibility of settlement:
Hearing set for 2/28/2012 11:00 AM in Courtroom 22 before Judge Joseph L. Tauro. (Lovett, Zita)

Does WAMo get to walk away from all his obligations? He's destroyed (documented) more shareholder value than the original investment amounts. WAMo, WAMo, only in your dreams do you get to say adieu to everybody and disappear into another life (one where you haven't "swindled" 100s of millions of dollars of investors' money)

In line with one of the previous comments:

• Hayat is probably out $10-$20 million
• Evolvence is probably out $4-$7 million
• Millenium Capital is probably out $4 million
• Freshfiields (lawfirm) is probably out more than $1 million
• BTU Power Company II investors are probably out $86-$100 million
• BTU Power Company investors are probably out about $40 million to over $200 million.

We have many other documented parties that are still owed money by WAMo BAMo!  BTW.  There are people in over 830 cities in the world (spanning 78 countries) that are keeping tabs on you via this blog...

BTU Power Company: what happened to all the millions generated in dividends so far? We're gonna find out soon! Joint Liquidators have started the search.

The BTU Power Company liquidation would be a simple matter if all the Official Liquidators had to do was: 1) sell the power plants, 2) turn over proceeds to investors.  Yeah, right!  First you gotta find where all the money IS (WAS).

And the race is on! (to find the money before more of it disappears) 
There is only one known data point right now:  Wael burned through at least $12-$15 million with his QGEN plaything. That is the number reported by QIA in its original petition to Wind-Up BTU Power Company.  That number could only have been provided by Wael Al Mazeedi.  What are the chances that number is on the low end?  How many other things did Wael burn money on that QIA and the other investors don't know about?

[Note: QGEN was registered to conduct business in Massachusetts January 29, 2010.  QIA states that Almazeedi communicated the number to them sometime in July or August 2011.  Damn!  Almazeedi probably burned $15 million in just 1.5 years.  Good show!]  

Observation
The following is typical of the wanton manner in which Wael burned through the Middle East investors' dividends chasing rainbows or moonbeams:

Speaker:  Wael Almazeedi, QGEN
Location:  Cape Town, South Africa.  October 3-7, 2011
The Opportunity for Space Technology to Energize the Economic Development of Africa

What on earth did this conference have to do with "managing" two plain vanilla, power and desalination plants.

The Joint Liquidators will undoubtedly find countless instances of spending on "small, stupid things" like the conference and "large, stupid things" like ???  Qatar Investment Authority, Qatar National Bank, Dubai Islamic Bank, etc. requested the following team to be Joint Liquidators.  The court agreed.  Sounds like these guys are the right team to wade through all the "smoke and mirrors" that were employed by Wael and minions for years to play "keep away" with the investors' money.  They are going to have to bring some pretty big shovels to dig through all the crap that was the BTU empire.  Some of you out there may be hearing from these guys in the near term.

Oft-heard shout from "The Chairman's Office":
Get Me Graphics! Where are Brad and Judy, I need them now!

The Team 

 Mike Penner is a Partner and is responsible for the firm’s Financial Advisory Services. Mike specialises in developing, managing and performing cross-border fraud investigation and asset recovery solutions. He has also developed an expertise in managing large multi-jurisdictional investigative and asset recovery cases. Mike is a member of Deloitte Touche Tohmatsu’s Global Asset Recovery Solutions Team ("GARS"), a specialist team from within the worldwide forensic services capability of Deloitte that focuses on asset recovery assignments using an extensive web of proven contacts in jurisdictions around the world.

Direct: +1(345) 814 3317
Email: mpenner@deloitte.com

Stuart Sybersma is a Partner, having responsibility for the firm’s Financial Advisory Services. This department encompasses the two main service lines of Insolvency and Reorganization and Fraud & Forensic Investigation. Stuart specialises in financial institution and mutual fund insolvency, fraud and financial investigation, litigation support, and anti-money laundering. Stuart has extensive experience with cross border asset tracing and recovery matters and is a member of the Deloitte Touche Tohmatsu international Global Financial Services Industry anti-money laundering team.

Direct: +1(345) 814 3337
Email: ssybersma@deloitte.com

Hey Everybody, ALL the comments work now. Google, bless their heart, has fixed everything. Read and post anywhere you like!

Joint Liquidators, take note:  "New COMMENTS" (131) + COMMENTS (1,205) =1,336 comments in the "comments" sections.  Total comments, including all individual posts = 2,612.  Enjoy!  


We are always ranked in the top spots of the Google search rankings for all thing "WAMo".


BTW.  Lexington, Massachusetts, you are #1 in the house for visits.

Order issued by Grand Court (January 26, 2012) and published in Cayman Islands Gazette on February 13, 2012: BTU Power Company has been placed in liquidation.

The seemingly endless money spigot has run out for Wael

(see page 244)

BTU POWER COMPANY
60% owner of Carthage Power Company
10% owner of Taweelah Asia Power Company

(In Liquidation)

The Companies Law
Notice of Appointment of Official Liquidator 

     TAKE NOTICE that by order of the Grand Court made on 26 January 2012 BTU Power Company, registration number 122018 whose registered office is situated at PO Box 309, Ugland House, South Church Street, Grand Cayman KY1-1104, Cayman Islands, was ordered to be wound up in accordance with the Companies Law.

     AND FURTHER TAKE NOTICE that Michael Penner and Stuart Sybersma of Deloitte & Touche at PO Box 1787, Grand Cayman KY1- 1109, Cayman Islands have been appointed as Official Liquidators of the Company.

Dated: 30 January 2012.

MICHAEL PENNER

Voluntary Liquidator

Sequence
Hearing was held on Thursday January 26, 2012 regarding petition by Qatar Investment Authority to Wind-Up BTU Power Company.

• Qatar Investment Authority was represented by Walkers
• Dubai Islamic Bank was represented by Harneys
• BTU Power Company was represented by Maples & Calder

Judge issued the liquidation Order the very same day. Guess the QIA petition was irrefutable!

Hearing on 26 Jan 2012

Order issued on 26 Jan 2012

Image extracted from Cayman Islands Gazette dated February 13, 2012.

Update: The Perpetual BTU Revolving Door: Someone once asked Wael about personnel turnover at BTU... He said 15, maybe 20 people had worked there and left... we've found 103 so far.

Recently Confirmed

Alex Ucciferri, Controller, QGEN/BTU is no longer there

Faisal Khan, Chief XYZ Officer, QGEN/BTU is no longer there

[Note: No need to worry, as far as we know the Chief Investment Clown for QGEN Ltd. (TT) is still around and so is the TECHNOeconomic analysis guy (EM).  Both apparently are MIT alumni.]

In Mr. Ucciferri's case that must make him the 6th or 7th accounting head (that we know of) to go through the WAMo "people grinder".  Wonder who's going to be responsible for reconciling the accounts of dozens of offshore affiliates for WAM?  There's still only one source of cash... BTU Power Company dividends.

Previous Post
A small company like "BTU" has only about a dozen employees in its offices on any given year.  You'd imagine that 100%, 200%, or 300% turnover in its history it would be a lot. We can document 100+ "employees"; some current, the vast majority former. We're certainly under-counting. Real number could probably be 50% larger. [Note: Some people have "worked" for Wael as independent contractors].

In any event, the "revolving" doors at BTU and QGEN are always spinning.

From Mr. Hayat's response to Wael's lawsuit against him in the Cayman Islands (referring specifically to Mr. Lincoln Rathnam's reasons for leaving BTU):

"As Mr. Mazeedi's behaviour became more selfish, erratic and of dubious propriety many of those who worked for or with the BTU Group felt it necessary to leave in their own interests."

From Mr. Hayat's original complaint against Wael filed in Massachusetts:

"After the initial investment into BTU Group, Al-Mazeedi began operating BTU Group so as to limit Hayat's and other employee involvement, regularly replacing officers and junior and senior staff, forcing the resignation of others who disagree with him..."

The "103"

February 16, 2012... US Federal Court... BTU motion for Summary Judgment in the Betancourt litigation is scheduled...

Background
this is where almazeedi tries to convince the judge that every "fact" he's told the court is the absolute truth and every "fact" betancourt has told the court is a blatant lie.

almazeedi is requesting the judge to rule in his favor and award damages to him... NO NEED FOR A TRIAL on the MERITS... almazeedi just wants the judge to rule in his favor and schedule a trial to determine how much betancourt should pay almazeedi in damages...

yeah, right!

What kinds of interesting tidbits regarding the PONZ and MITSUBISHI, as well CS, the "Pleader of the 5th" should the US Federal Court judge know about before this meeting...

BTW
There's an interesting discussion proposed by FoleyHoag in their filings in court to the effect that people working for BTU Ventures, Inc. and BTU Industries Holdings USA, Inc. have ABSOLUTELY no oblitgations of any kind towards the Middle East investors.

• BTU Ventures, Inc. as well as BTU Industries Holdings USA, Inc. only exist as "independent contractors" to "watch over the investors' money"... 
• If there were no investors in BTU Power Company there would be no need for either of the two aforementioned companies.

FoleyHoag and Wael Al Mazeedi are trying to make the case that people that work for the companies mentioned above (and QGEN as well) have ONLY ONE OBLIGATION.... TO SERVE WAEL.... TO PROTECT WAEL'S "INTERESTS".... TO DO NOTHING THAT WOULD UPSET WAEL...To carry clean underwear for Wael and have it ready at all times!  BUSOLA as well as all previous and future HR people should have made this clear to everybody that's ever interviewed:  if you work for a company that is "associated" with Wael, YOU BELONG TO WAEL.

Good job, FoleyHoag, you are starting to sound like the lickspittle from the Cayman Islands, Super Simon the Fantastic Firth.

lick·spit·tle

noun

a contemptible, fawning person; a servile flatterer or toady.

Wael Al Mazeedi's Fatwa regarding his role as Mudarib for Dubai Islamic Bank's investments.... Wael's solemn, absolute obligations under the Qur'an.

Further discourse on investment under Sharia law.
A Fatwa exists between Wael Al Mazeedi and the Islamic Portfolio "vehicle" through which Dubai Islamic Bank "invested" in BTU Power Company as well as BTU Power Company II.  With all deference to Islam in our lack of understanding, we assume it was entered into under the precepts of The Noble Qur'an - القرآن الكريم.  Hence, it becomes a solemn oath to Allah.  In part, Dubai Islamic Bank could enter into a business arrangement with Wael Al Mazeedi as a "trustee" (i.e. Mudarib) under Sharia law because both parties enter into an agreement guided by  The Noble Qur'an - القرآن الكريم and judged by Allah.

[Note: One of the contributors to this blog saw the actual Fatwa. Several former corporate lawyers for "BTU" are either familiar (Alycia Goody) or EXTREMELY knowledgeable (Shana Sadiq) about the Fatwa.]

"According to the usul al-fiqh (principles of jurisprudence), the fatwā must meet the following conditions in order to be valid"

• The fatwā is in line with relevant legal proofs, deduced from Qur'anic verses and ahadith; provided the hadith was not later abrogated by Muhammad.
• It is issued by a person (or a board) having due knowledge and sincerity of heart;
• It is free from individual opportunism, and not depending on political servitude;
• It is adequate with the needs of the contemporary world.

Why is this relevant?
We write this because as we've reported in previous posts, Dubai Islamic Bank has filed a Writ of Summons (i.e. a legal action) in the Cayman Islands against BTU Power Management Company (Mudarib) as well as BTU Power Company + QGEN Industries Limited.  Since these entities are ALL controlled and "owned" by Wael Al Mazeedi they've effectively initiated litigation against Wael Al Mazeedi (and Mitsue Oishi as well since she's the invisible half of this whole equation).

In any event, Dubai Islamic Bank never held the BTU Power Company preference shares in their hands because a "higher" law had already been invoked regarding their "beneficial ownership" of said shares.  What they didn't contend with is the fact that Wael Al Mazeedi (and Mitsue Oishi) write THEIR own "laws" with the help of Akira Naoi and Mary Beth Bruce.

The following individual was "employed" at one time by "BTU" to advise WAMo on all things Sharia.

Shaykh Yusuf Talal DeLorenzoShari’ah Law Advisor, Malfa, Inc.

Wonder why WAMo decided to opt for Akira and Mary sometime later?  Curious to say the least.

Obvious Observation
If you decide to make business arrangement that involve solemn vows under Islamic, Christian, Jewish, Buddhist, etc. religious/legal  precepts you should probably make sure you are willing to follow their ethos or at least show respect for it...

Well, this is all probably moot.  WAMo, as we all know, is ABOVE all that...  The planetary savior bows to no-one!

Question
Wael was born in a Muslim country.  He was almost certainly born a Muslim.  If this was the case, is he still a practicing Muslim?  We, in our ignorance understand that you don't have to be a Muslim to enter into a Sharia business arrangement.  However, if you are a Muslim and enter into such arrangement, you have ABSOLUTE rules you have to follow.  

Oooops! Dubai Islamic Bank doesn't actually hold any BTU Power Company preference shares in their hands. Our previous estimate of the value of preference shares "in hands" of the Middle East investors goes down: Total is now US $47M.

Preliminary Observation
Project debt at Carthage Power Company is already totally paid-up. TAPCO is another story. Lots of payments left for the foreign sponsors, (BTU Power Company ) being one of them. As far as we know the sponsors have to maintain some level of creditworthiness. Wonder if BTU Power Company still passes that test?
[Note: The following is surely conjecture: Lenders for TAPCO won't know for a while because WAMo will probably do everything he can to avoid sending audited financial statements for as long as he can.]

Every time we turn our head the "value" of the shares the Middle East investors' hold in their hands" keeps going down!

We previously calculated that that the value of Paid-Up Shares in Middle East investors' hands = US $72m.  We are going to have to knock down that estimate another US $25m. See discussion in this post for all the background numbers. Dubai Islamic Bank doesn't even have the preference shares in its hands yet.... WAMo still controls them in his role as "trustee"... we all know you can surely trust WAMo... after all, he's the self-proclaimed "careful steward of investors' money" .

Updated Value of Paid-Up BTU Power Company Preference Shares in Middle East investors' hands: $47 million.

So, we have two new "value" data points in this BTU Power Company saga. The revised (downward) number of US $47m and the number Wael communicated to Aref Kooheji (August 2008) some nine months after said individual ceased to be associated with DIB in any way, shape, or form.

Aref Kooheji + WAMo:  "In Sync"

• WAMo BStimate (February 2009) = US $203.5m 
• Fieldstone estimate (August 2008) = US $159.5M 
• Value that Paid-Up Shares should have = US $124.8m 
• (Previous)Value of Paid-Up Shares in Middle East investors' hands = US $72m 
• (Updated) Value of Paid-Up Shares in Middle east investors' hands = US $47m 

[Note: WAMo, QGEN Ltd. Chief Investment Officer (Tibor), as well as Technoeconomic Analysis "guy" at Confidential (Emil) should know that DCF analysis of the value of BTU Power Company should go DOWN when you burn through the dividends and don't return them to the investors. Moreover, time-value of money alone would reduce that value in any event (even if you had not burned through the dividends). In other words, the US $159.5M from August 2008 should have gone down when WAMo BStimated it again 7 months later - instead it went UP US $44m!!!  GREAT JOB OF MANAGING ASSETS GUYS.  ALL YOU HAVE TO DO IS KEEP MAKING NUMBERS UP.]

Investing under Sharia principles
We are not, of course, Islamic Law scholars. However, the Sharia "concept" of investments, at least in the case of BTU Power Company (and previously, BTU Power Company II - except for some US $25M of the US $75m that was diverted), is pretty straightforward. As Mudarib, BTU Power Management Company, "invests" the money on behalf of DIB and holds the issued shares in "trust" on behalf of DIB.

BTU Power Company II - WAMo and Aref and Saad:  Not really conjecture:  WAMo, someone mentioned once that you still haven't paid the arrangement fee you owe them for providing the US $25m you needed to avoid default on the Dresdner facility.  Just a guess, but it's probably close to US $3m.

Why is the "value" in-hand being revised downward? Simple. Because Dubai Islamic Bank does not actually have its hands on any shares. They are in the Mudarib's hands (Wael).

DIB is asking the Grand Court of the Cayman Islands to "enforce" the obligations of Wael Al-Mazeedi as the Mudarib of Dubai Islamic Bank's investment in BTU Power Company.  The Parties:

• Plaintiff: Dubai Islamic Bank (sans Aref Kooheji - "Like a brother to WAM")
• Defendant 1: BTU Power Management Company
• Defendant 2: BTU Power Company
• Defendant 3: QGEN Industries Limited

To summarize the already brief legal document, DIB is saying to the court "...tell Wael to give us back our shares, we already paid for them, pretty please, your honor..."

• "... the First Defendant" hold the 430.73 preference shares in the Second Defendant registered in its name ("the Shares") on trust for, or as nominee for, the Plaintiff in respect of the ownership of the Shares; 
• "... an order that the First Defendant do transfer the Shares to the Plaintiff by executing an instrument of transfer of the Shares in favour of the Plaintiff:" 
• "... an order directing the Second Defendant to register the Plaintiff on its share register as a member of the Second Defendant in respect of the Shares in place of the First Defendant;" 
• "... an order directing the Third Defendant to provide its written approval for the transfer of the Shares..." 

Sanity Check:  QIA Petition states that DIB's funded capital in BTU Power Company = $43,007,241 ~ $43m as of December 2008.  DIB petition sates that they "own" 430.073 preference shares.  Let's see.  430.073 x US $100,000 per share is... $43,073,000 ~ US $43m.  We have a BINGO!  Well, anyway, close enough for government work!

"Simon (Firth) Says" - Keep Away! Ha, ha, ha ha....!!! 

"Simon Says"... whatever Wael & Mitsue Say.... Simon always told Wael that he (Simon) was way more "clever" than the Middle East investors so WAM never had to worry about anything... So, Simon, are you that clever?  Have you made Wael "bulletproof" the way he thought YOU did (just like Superman). 

Who the &^%* is the "Manager" of this fund... Ask Simon
[Note: Reference to the "Company" below is reference to BTU Power Company.]

The business of the Company is managed by the Company's board of directors (the "Board of Directors"). The Company currently only has one director, Wael Almazeedi ("Almazeedi").

• The Board of Directors has largely delegated the management of the Company to BTU Power Management Company (the "Manager") pursuant to a management agreement between the Company and the Manager, dated 6 June 2003 (the "Management Agreement"). The Petitioners understand that the Manager was formerly named BTU Holdings Company.
• The Manager manages and directs all of the business activities and decisions of the Company, including with respect to the Company's investments. Almazeedi is understood to be the chief executive officer and sole director of the Manager.
• The Company and the Manager were formed by Almazeedi as part of a larger affiliated group of companies that he owns or controls (the "BTU Group"). The BTU Group includes, but is not limited to:

• BTU Industries Holdings (USA) Inc. ("BTU Industries"), a Delaware company that may own or control the Manager;
• BTU Holdings Company ("BTU Holdings"), an exempted limited company organised under the laws of the Cayman Islands that formerly owned or controlled the Manager (and which is now in voluntary liquidation, subject to the supervision of this Honourable Court); and
• BTU Ventures, Inc., a Delaware entity that is owned or controlled by BTU Holdings and may have formerly been an affiliate of the Manager and party to a management subcontract with the Manager to manage the Company.
• The Petitioners believe that all of the Ordinary Shares are held by either the Manager or an entity wholly controlled by it, Q Gen Industries Limited ("QGEN"). The Ordinary Shares have full voting rights.

What other "shells" are you working on, Simon Firth, Maples & Calder, for WAMo to keep "hiding" the Middle East investors' "dividends".... Maybe, BTU Power Compani, or BTU Power Kompany, or something that just moves a comma here a period there or switches one letter for another... BTW, we notice you attended the same school as Ms. YMazeedi?  You'll have some great alumni parties, no doubt.

Who or What is QGEN?

In or about late 2008 and continuing through 2010 and 2011, Almazeedi, acting in his capacity as the sole director of the Company, proposed a share redemption transaction to the Preference Shareholders that would transfer all of the Company's assets to a newly formed Cayman Islands company, QGEN, and issue new equity interests in QGEN to the Preference Shareholders and/or purchase the Preference Shares of those investors wishing to exit the fund (the "Proposed Share Redemption"). Significantly, QGEN was formed, and is owned or controlled, by Almazeedi, who is also the Chairman and CEO of QGEN. Thus, in offering the Proposed Share Redemption, it appears that Almazeedi had, and continues to have, a conflict of interest because he stands to materially benefit from the proposed transaction personally.

Also, more info on QGEN in this page
This Gentleman below also wants the US $3+ million you owe him (closer to US $4m by now)

Mr. K. Al Muhairy - Evolvence:  He"found" the money for BTU POWER COMPANY.
You owe him, WAMo. Here's the Kenny Leung letter that proves it!

Wael's spiritual advisers (no doubt, regarding Sharia investments)

Akira says: "Wael and Mitsue, I advise you to seek my advise.  Can you send a bank or cashier check before I advise you!  Sorry, business is business. Sabian now! Sabian forever!  I enjoyed my time tremendously while at BTU Ventures (anaoi@btuventures.com) although I suspect my account has been suspended.  BTW, say hello to Mary Beth Bruce, the Witchie Witch! Just make sure you send my check ahead of hers."

Wael's most important business adviser in Massachusetts.  The Witchie Witch!  She is reputed to be fairly knowledgeable about Sharia concepts for Islamic investors.

EVERYBODY knows that her (Mary Beth Bruce) checks were ALWAYS sent out ahead of all the other vendors/creditors...  She was (probably still is) first in line (care to comment Alex U or FK U)?

Everybody else that is owed money by "BTU".... 
Sorry once everybody finally "gets a go" at the carcass Wael Feisal Al-Mazidi left behind you'll soon realize there's nothing but dry bone left behind.  Say goodbye to all the millions, and millions and millions WAMo suckered you out of....

<=== NEW Downloadable Documents

We are documenting WAMo's shell companies.  we've found 40-50...  Only ONE (BTU Power Company) currently generates dividends.  Simple concept, raise private equity in a fund (BTU Power Company and BTU Power Company II) and deploy through a special purpose vehicle.  All you need is a few tax-efficient companies (probably offshore) to pull this off..... Wael, however, likes to have "tons" of shell companies at the ready for who knows what purposes (move cash around?)...

As KPMG (the liquidator of BTU Holdings Company) told the Grand Court of the Cayman Islands (February 24, 2011):

"The Company is the holding company of a group of companies generally named "BTU" (the BTU Group). The Petitioners understand that the purpose of the BTU Group was to raise capital from investors and to invest that capital in the global energy industry. Although the Petitioners have been provided with a structure chart for the BTU Group dated 22 February 2006 which shows a substantial number of entities owned directly or indirectly by the Company as the group holding company, it is currently unclear to the Petitioners to what extent that chart was, or remains, accurate as regards the structure of the BTU Group."

Pretty f***ing laughable that WAMo could only provide a structure chart that was half a decade old to KPMG.  Either the Private Equity Titan has been piss-poor at keeping track of his sprawling, world-dominant empire or he wants to keep the liquidator guessing where all the "cash is stashed"... Just a thought.

BTU Ventures (Middle East). Actually it should have been called BTU Power Management Company's (Cayman Islands) "Representative Office" in Dubai. Anyone feeling nostalgic? Vikram Airi? Rafik Nayed? Meiya was (mis)managed out of this office.

Is this the office for BTU Ventures (Middle East) or the "Representative Office" in Dubai for BTU Power Management Company (Cayman Islands)?

What's the difference?  Who cares?

Most important question:  were Mitsue (Fiona), Akira Naoi and Sasaki consulted in order to get the right Karma?

Notice the videoconferencing capability of this Board Room.  This gave WAMo, while in Dubai, the capability to video conference with his alter ego (i.e. "split personality") in Waltham (either in his office or the "media" room).  The media room in Waltham was actually where everybody ate their Crappy Soggy Chicken Lunch on Fridays.
Wonder how often WAM had these offices swept for bugs like he did in Waltham: he was convinced Hayat was always trying to tap his phones or read his mind.

Almazeedi claims the Meiya Power Company investment was managed from these offices in Dubai.  Imagine, you  are seeing pictures of the "command headquarters" that spent $86 million to manage $100 million in equity.  Wonder if that ACE advisor, Simon Firth, ever visited here?  Maybe, all the half-assed AUDITS for BTU Power Company and all the other Cayman Island shell companies were conducted here.

Whoa! Where are the Preference Shares for the TAPCO investment? QIA, QNB, DIB haven't received them 3.5 yrs after they paid for them! Petition to liquidate BTU Power Company should probably mention this... Oh well, it's only US $53m worth of value...What's a few pennies amongst friends?

Executive Summary

Middle East investors in BTU Power Company may be SOL.

What's this all about?
The QIA petition to Wind-Up BTU Power Company reveals that WAMo never issued Preference Shares to the Middle East investors for their investment in TAPCO.  WTF?  [Note: Petitioners don't explicitly state this in their petition.  Curious.]

Probably just an oversight by WAMo, Mitsue and the controllers for QGEN, BTU Industries, and BTU Ventures (hint:  it's actually the same guy for all 3) regarding the TAPCO investment and the shares they are OBLIGATED to issue.

Where are those BTU Power Company preference shares w/re: the TAPCO investment going in such a hurry?  QGEN Ltd.  OK, all's well... Any inquiries regarding said preference shares can probably be directed to Simon Firth (Maples & Calder - Cayman Islands) or Tibor Toth, QGEN Ltd. Chief Investment Officer.

The Numbers...

Value of Middle East investors shares in BTU Power Company:

• WAMo BStimate = US $203.5m
• Value that Paid-Up Shares should have = US $124.8m 
• Value of Paid-Up Shares in Middle East investors' hands = US $72m 
• Difference between WAMo BS and reality = $131.5m (again, what's a few cents amongst FRIENDS?)

Preliminary Observation

We have to admit that Wael is a pretty clever fellow if he got the investors money to pay for the Taweelah Asia Power Company ("TAPCO") investment and never issued them shares reflecting the full paid-up value (close to $53 million in aggregate).  [Note: The investment was actually made through AGPH, Asia Gulf Power Holding Company.]

Summarizing the shareholder totals from the QIA Petition: 

Petitioners Qatar Investment Authority and the Supreme Council for Economic Affairs and Investment, "for themselves, and on behalf of" Qatar Foundation Fund (the "Petitioners") hold a total of 248.2 fully-paid Preference Shares.  Supporting Preference Shareholders: Broog Trading Company holds 124.1 Preference Shares, Qatar National Bank holds 49.7 Preference Shares.  Dubai Islamic Bank (through the "BTU Power Islamic Portfolio" - actually it's just Wael through the BTU Power Management Company - the "Mudarib") hold an equivalent to 248 Preference Shares.  In total, Petitioners and Supporting Preference Shareholders hold 93% of the equity in BTU Power Company.

Let's see...

Supreme Council for Economic Affairs and Investment + Qatar Foundation = 248.2
Broog Trading Company = 124.1

We'll lump all these Qatar sovereign entities as Qatar Investment Authority (QIA) = 372.3

Qatar National Bank (QNB) = 49.7
Dubai  Islamic Bank (DIB) = 248 (probably 248.2)

Then, QIA + QNB + DIB = 372.3 + 49.7 + 248.2 = 620.5

Total Preference Shares issued by BTU Power Company = 670.2/0.93 =  720.7

Each Preference Share is priced at $100,000 per the BTU Power Company offering memorandum (dated January 20, 2003)

Finally, 720.7 x 100,000 = $72,064,516 ~ US $72m

As we've documented elsewhere in this blog:

• 1st BTU Power Company drawdown = 10% of the Committed Capital (10% of $290M) = $29M [Note: this was undoubtedly used for working capital since no investments had been made as of June 6, 2003 (first closing of fund).]
•  2nd BTU Power Company drawdown = US $43m

Simple addition = $29 M of unproductive capital (burned up on working capital BS) + US $43m for CPC= US $72m

So...

The paid up value of $72M for Preference Share holders = Unproductive Capital + CPC + Zero TAPCO 

Petitioners believe that their 248.2 Preference Shares reflect a value of US $70m ("the last date for which the Company provided valuation information" ... meaning, this is Wael's BStimate).  What does this mean? 

Well, Petitioners hold 248.2/720.7 of the equity in BTU Power Company = 0.3444 = 34.45% This would result in a valuation for all of BTU Power Company of $70m/0.3444 = $203.5m

Wael is telling the investors that their investment in BTU Power Company is worth $203.5m


We see another bit of information in the QIA Petition that states that DIB's funded capital in BTU Power Company = $43,007,241 ~ $43m as of December 2008.  DIB's equity holding is 248.2/720.7 = 34.45%.  Another quick calculation shows that this would amount to a total amount (for funded capital or invested capital in BTU Power Company) of $43m/34.45% = US $124.8m  [Note: we had estimated in a previous post that the TAPCO investment totaled $55m.  Latest information means TAPCO investment was 124.8 - 72 = US 52.8m]

What does this all mean?

Looks like The Mudarib is on the hook with DIB for US $18m!
Dubai Islamic Bank believes that the BTU Islamic Portfolio reflects a paid-up value of US $48m.  Their original maximum commitment to BTU Power Company was US $290m x 34.45% = US $100m.  Prior to the repayment of the EBL for AGPH their investment in BTU Power Company was US $72m x 34.45% = US $25m.  Therefore, as Mr. Betancourt states in his affidavit, US $75m of DIB's Sharia-compliant money, previously COMMITTED to BTU Power Company, was diverted into BTU Power Company II (hello! Aref Kooheji, how are you doing? You dropped off the "financial world" radar a few months after WAMo sold Meiya Power Company to WAMo and then Standard and paid WAMo a US $8m bonus for burning up US $86m to "manage" US $100m of investors' money. AREF, you'll be featured in many future postings!).  DIB's maximum capital commitment was $100m.  Prior to the EBL repayment they had already funded that commitment.  DIB subsequently paid an additional $43m - $25m = $18m into BTU Power Company (this is what the whole mess of the EBL repayment, according to Mr. Betancourt's affidavit, was about - Aref Kooheji and WAMo were co-architects).  Apparently, according to Mr. Betancourt's affidavit, BTU Power Management Company (the "Mudarib") OWES DIB US $18m.  Aref Kooheji and Wael Al Mazeedi... like brothers!  It's not just a statement, many people were aware of the intensity of this relationship and statements made by WAMo and Aref to that effect.

Where in the World are the Preference Shares for BTU Power Company investors?

A couple of observations and some conjecture:

• It's been 3.5 yrs since the EBL repayment for TAPCO took place.  Why hasn't Wael Almazeedi issued the shares that rightfully belong to the Middle East investors?
• Are these shares being held "in trust" by an independent party (for example, QGEN Ltd.)?  Yeah, Right!!!  Independent.... Yeah, sure!
• If these shares reside somewhere else the Middle East investors are screw*d.  Maybe this is the reason WAMo, as documented elsewhere, is more than happy to see BTU Power Company liquidated.
• KUDOS again dear Simon Firth, Maples & Calder!  You sure know how to keep the money moving around (in the direction of WAMo)!
• Middle East investors:  Have you checked your accountants reports?
• In any event.... It'll sure be interesting what WAMo has to say!  Maybe he'll update us at his next appearance as the foremost expert in XYZ at the MIT Energy Conference.

 The numbers speak for themselves!

BTU Power Company (Wael) is not opposing QIA's petition to liquidate the fund. Why? WAMo no doubt has something up his sleeve. Also, according to WAMo the petition by Qatar Investment Authority is the result of a simple "disagreement"

Summary

Wael's lawyers (FoleyHoag now, WilmerHale previously) continue to be active participants in WAM's shell game strategy, moving management contracts (for BTU Power Company as well as BTU Power Company II) around, as well as cash, and assets,etc..

WAM and his lawyers then turn around and tell the various courts that the whole saga surrounding BTU Power Company and QIA's petition to liquidate BTU Power Company is the result of a "disagreement"... [Note: excerpt below is from BTU filing in Betancourt litigation - January 27, 2012]

"A petition was filed, however, because of a disagreement over the desirability of a proposed transaction involving the fund’s portfolio of power plant assets. Under these circumstances, BTU Power Company has not opposed the winding-down of the fund."

[Note:  This last statement is very interesting.  Wael (as the sole Director of BTU Power Company could have submitted a "motion to strike the petition for winding-up" or something to that effect.  Either Wael's throwing up his arms and finally letting the investors reclaim what is rightfully theirs... Or, WAMO, Mitsue, and Simon Firth have come up with another scheme to continue playing keep away with the Middle East investors' money.]

Really!!!  Just a "Disagreement"?

According to QIA, QNB, DIB, WAM was trying to swipe their assets (CPC and TAPCO) put them into his own personal QGEN piggy-bank.  

Seems like QIA, QNB, DIB, are also not too happy about the fact that WAM swindled them out of $12-15 million (at least) playing private equity titan with his QGEN plaything. 
Etc. etc. etc. ad nauseum.   

The "Disagreement"

The following excerpt from the QIA petition to Wind-Up BTU Power Company looks more like a laundry list of corporate malfeasance!

• The Petitioners and the Supporting Preference Shareholders (as defined below) - who together represent approximately 93% of the equity in BTU Power Company ("BTU" or the "Company") - consider it is just and equitable for the Company to be wound up for at least the following reasons:

QGEN: The Unsinkable Juggernaut

Smoke and Mirrors

QGEN is inexorably moving towards world domination of the hybrid solar power & desalination industry.

Wael says:  "QGEN is developing technological leadership via in-house engineering and R&D capability, sponsored research at top universities, joint ventures with leading engineering and manufacturing companies and strategic investments in supply chain companies. To accelerate the commercialization, deployment and scale-up of hybrid technology and plants globally, QGEN has brought leading industry players together to form the Hybrid Energy Consortium"

The 2012 MIT Energy Conference is coming up soon.  We're sure we'll hear about all the successes QGEN and the Hybrid Energy Consortium had recently, especially with regards to the ultra-high profile projects:

• ElMed
• Victorville

Both are projects with investment requirements in the billions of USD.  Only one company in the world can take on those challenges.

Wael says:  "We acquire, develop and operate some of the most ambitious, challenging and critical energy projects in the world."

Reality Check

Wael says:  "We are growing and are keen on identifying professionals who share our core values and want to exploit their full potential in any of these areas:"

Anecdotal evidence suggests that the reality might be closer to the following:

"Rats Leaving the Ship"
BTU Ventures, Inc.?  BTU Industries Holdings (USA) Inc.?  QGEN (USA) Inc.?

I'm sure we'll see an overflow of people at the QGEN booth/table when they set up shop at MIT this coming March.  Busola, prepare to be overwhelmed with resumes from everybody that wants "IN".

Just reviewed FoleyHoag's response on behalf of WAMo in the Betancourt litigation. HoleyFoag bought themselves a dictionary and try to dance around the facts by parceling each and very WORD. Not each and every FACT.

Sorry

• John A. Shope, Esq. (FoleyHoag)
• Robert A. Fisher, Esq. (HoleyFoag)
• Leonard G. Learner, Lapdog. (Poodle Inc.)

You spent 41 days to come up with an answer and that's the best you could do? We'll present your responses and cross-reference the relevant documents that contradict your (Wael's) truth.

Affinity fraud: Fleecing the flock | The Economist

Coincidence that The Economist published the following article today?

Affinity fraud: Fleecing the flock | The Economist:

"The big business of swindling people who trust you"

Borrowed from The Economist publication

BTU Power Company winding-up Petition. Hearing in Grand Court of Cayman Islands on 26 January 2012

Let's see what the judge has to say regarding WAMo's run of fun & games with the Middle East investors' money.

• Walkers representing Qatar Investment Authority et al.
• Harneys representing Dubai Islamic Bank.
• Maples & Calder representing WAMo.

Sure do wish we had a way of getting a real live internet feed from the court...

Wonder if WAMo will be present or it'll just be ever-faithful Simon Firth

Deconstructing Wael Al Mazeedi.

BS
from the FATEConsortium website:

"Wael Almazeedi is a visionary entrepreneur specializing in energy and energy-related industries and technologies."

"FATE developed the intellectual and business rationale behind QGEN [Note: hello Tibor Toth], a global technology-driven power producer on [Note: emphasis added.  Judy Whipple you are slipping!!!!  How could you let WAM say on rather than of?  Earn Your Cayman Islands Paycheck Judy.  Maybe those frayed old turtleneck sweaters are cutting-off circulation of oxygen to the memBRAIN!!!] hybrid power plants that integrate state-of-the-art solar thermal technologies into conventional fossil-fuel power plant designs."

"Through his various initiatives and ventures [Note:  BTU Ventures anyone???], Almazeedi challenges the status quo within the industry by working to reduce barriers to entry and to create global solutions for some of energy's pressing challenges."

1st OBSERVATION
Wael Almazeedi has already saved all of us at least once by his efforts to avert "planetary collapse" even though the 6.8 billion inhabitants of this world never knew that we were in such peril.  Nevertheless, Wael is happy to continue his role as the world's savior through FATE (as long as the Middle East investors continue to bankroll him through their misappropriated dividends).

QUESTION
How do you reconcile all this BS with Wael's sole focus for the past decade - USING OTHER PEOPLE'S MONEY TO PLAY BUSINESS TYCOON AND HAVE A GRAND LIFESTYLE FOR HIMself AND MITSUBISHI.

2nd OBSERVATION
Wael is a self-declared visionary.  The kinds of visions that make Wael a visionary can best be avoided by NOT eating spoiled cottage cheese or rancid mayonnaise while sitting out in the sun for way too long.