How big a lie would WilmerHale and BTU Ventures (Wael Al Mazeedi) have to tell the U.S. Department of Homeland Security before it's considered a really big lie? Actually, wait a second, you are not supposed to lie to the government, Federal, State, etc...

Background

We come back to this issue because WAMs actions in the following discussion are typical of the way he operates his "business".  Nobody is ever provided a true picture of Wael, BTU, QGEN, etc..  Another way of putting this, everybody is essentially lied to...  Nevertheless, in the hundreds (if not thousands) of pages of court pleadings (US Federal Court, Massachusetts State courts, Grand Court of the Cayman Islands, etc.) Wael insists that pretty much everybody around him is lying and plotting and involved in malfeasance and Wael alone is the righteous guardian of the Middle East investors' money.

The flurry of activity regarding WAM's interests in Victorville and the as-of-yet unknown representations he's made to the City Council there as well as the recently filed Motion for Summary Judgement by BTU in the Betancourt litigation all bring back into immediate focus WAM's "track record" of the truth:



Sometime in early 2008....
BTU Power Company II has been sold to affiliates of Standard Chartered Bank sometime in May of 2007.  BTU only has two remaining assets in its portfolio, Carthage Power Company, and the Taweelah Asia Power Company project still under construction and not yet paid for through equity (TAPCO was acquired by means of a bridge loan).  No matter how you slice it, the portfolio claimed by WAM has been reduced by approximately 80%.  By the time the following statements are made by WAM to the US Department of Homeland Security and Massachusetts State court anywhere from 8 to 10 months have transpired since "BTU" was reduced to its current size.

January 20, 2008 

• BTU Ventures, through WilmerHale, files a petition with the US Department of Homeland Security, US Citizenship and Immigration Services for an H1B visa for a prospective employee.
• WilmerHale manages the proccess

 March 11, 2008

• Abdulmohsen Hayat sues Wael Al Mazeedi, Mitsue Oishi, as well as BTU Holdings Company in Massachusetts State court:  Hayat is 44% owner of BTU Holdings Company, the parent company of both
• Hayat is seeking an order compelling WAM to "immediately and completely turnover to Hayat all financial records, including but not limited to all bank records (showing deposits and withdrawals) and all other financial instruments, etc....

March 17, 2008

• Wael Al Mazeedi submits an affidavit in Massachusetts State court in which he basically claims that BTU Ventures (as well as other BTU Group affiliates) are just barely floating on a few thousand dollars and are nearly insolvent.
• WilmerHale is defending BTU

Almost concurrently, Al-Mazeedi represents to the US Department of Homeland Security – US Citizenship and Immigration Services (“USCIS”) as well as Massachusetts Superior Court: 

BTU Ventures is a company that is rich, successful, and rolling in money

• $550 million of funds under management, but also 



BTU Ventures claims that it still owns assets in China, Korea, Taiwan 8 months after these had been sold to Standard Chartered.

• $550 million of gross annual income. 

BTU Ventures claims that it has gross annual income of $550 million

[Note: there is anecdotal evidence to the effect that Al-Mazeedi’s visa was at one time sponsored by BTU Ventures or one of its affiliates.  Guess there is less of a case to be made with USCIS if you admit that the company petitioning for the visa is technically insolvent.]

 

 BTU Ventures is a company that is really struggling, it is barely afloat and needs the few dollars in its bank accounts to pay payroll and basic necessities.  
In other words, there's no money here for Hayat or anybody that may claim rightful ownership of it..  

Al Mazeedi essentially pleads poverty to the court.

 Hayat Action - AFFIDAVIT OF WAEL AL-MAZEEDI (March 17, 2008)

• ¶22    “…..I engaged PricewaterhouseCoopers ("PWC") to do an independent valuation of the shares.   The valuation ….. concluded that BTU Holdings was not a going concern and that shareholders' equity was negative.”
• ¶26    (i)    After Standard agreed to purchase MPC  ….. Standard retained my services in a written agreement ("Consulting Agreement") which I continue to perform today. The negotiated compensation for my services is $8,000,000.”

• ¶27    (a)    ….. the Manager and Ventures needed financial infusion. I decided to use some of the $8 million consultant fee ultimately to pay off the remaining $2 million debt and to infuse monies into Manager and Ventures to keep them afloat.  ….. I have loaned BTU and its subsidiaries part of the monies paid to me under the consulting agreement with Standard.  The use of these monies is critical to the day to day ability of these entities to operate including covering payroll and operating expenses of the Manager and its employees.

IFIC Action - AFFIDAVIT OF WAEL AL-MAZEEDI (August 11, 2008)

• ¶13    The $8 million consulting fee ….. was wired directly ….. into Industries' bank account in Monaco. [ Approximately $6.5 million of it has been disbursed to the Manager, to Ventures and to other companies to pay off $2 million in unpaid attorneys fees and other expenses…..] Approximately S1.5 million remains in Industries' bank account in Monaco.  Ventures has a few thousand dollars remaining in its bank account from the disbursement, and it is not expected that Ventures will receive any of the remaining $1.5 million. Except for my compensation at Ventures and the Manager, none of the $8 million has been distributed to me or my wife Mitsue.

Wael probably could not have pulled everything discussed in this post without great help from 

WilmerHale

Within the span of less than 1.5 months Wael gets help from WilmerHale, no surprise here, to represent to Massachusetts State court as well as the US Department of Homeland Security that BTU Ventures is rich and poor at the same time... It all depends on the objective Wael wants to Achieve.

Always there helping Wael Al Mazeedi... WilmerHale

link: Excerpts from BTU Ventures filing to US Department of Homeland Security

Stands to reason that the officers and directors of BTU Ventures, Inc. are absolutely accountable for their own company:

 Officers

•  President: Wael Al Mazeedi
• Treasurer: Wael Al Mazeedi
• CEO: Wael Al Mazeedi
• Chairman of the Board: Wael Al Mazeedi

Directors

• Wael Al Mazeedi and Mitsue Oishi