August 1, 2011 update on the liquidation of BTU Holdings Company: Grand Court of the Cayman Islands hearing on "directions to dispense"

From the Cause List for the Grand Court of the Cayman Islands for the week commencing 1st August 2011:


First item in the week's agenda:

MONDAY 1ST AUGUST 2011
________________________________________________________
FINANCIAL SERVICES DIVISION
CHAMBERS 9:30 A.M. HON. JUSTICE FOSTER
FSD35/11(AJEF) BTU Holdings
S/directions to dispense Cams

We are trying to find out the exact purpose of this hearing.  BTU Holdings Company is in liquidation under supervision of the court and the purpose of the liquidation is to "monetize" somehow the value of the assets (disposal, sale, etc.)  What kinds of directions is the Grand Court of the Cayman Islands going to provide to "dispense" of the following:

The known assets of BTU Holding Company include:

• Shares in BTU Ventures, Inc.
• Shares in BTU Power Management 

Note: the only known assets of BTU Power Management include THE single voting share in BTU Power Company

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 Observations

The first obvious observation is that we won't see any mention of this either in the "Founders' Statement" or "News" section of Wael's multiple "official" websites related to BTU Power.  This is definitely a significant part of Wael's track record so it's surprising that it's not deemed newsworthy by Wael.

1. http://www.btupower.com/
2. http://btupowermanagement.ky/
3. http://litigation.btupower.com/

The second observation is actually more of an open ended question.  We wonder what kind of scheme Simon Firth (at Maples and Calder) has come up with for Wael Almazeedi and Mitsue Oishi so they can transfer any assets of value to the companies THEY control to keep them out of reach of their 44% partner, Abdulmohsen Hayat?  Only the single voting share in BTU Power Company has any kind of value (from the management fee).  We are pretty sure Wael and Mitsue are not giving that up.

Conclusion
This is only a guess, but if BTU Holdings Company is under liquidation and it is a principal party (as plaintiff as well as defendant) in the lawsuit by Hayat against Almazeedi and Oishi wouldn't the court place a "hold" on the lawsuit until the liquidation was complete?  

ABDULMOHSEN HAYAT, on his behalf and on behalf of all other shareholders of BTU HOLDINGS COMPANY and individuallyvs.WAEL AL-MAZEEDI, MITSUE OISHI, and BTU HOLDINGS COMPANY

Wael Almazeedi (and Mitsue Oishi) didn't necessarily place BTU Holdings Company into liquidation for financial reasons.  Wael has admitted in multiple court filings that BTU Holdings Company has been "broke" since 2005.  Could Wael just be stalling for time?