Source
Mr. Betancourt's personnel files. Every document sent by "BTU" pursuant to his request under Massachusetts State laws is his personal property. The following are among the "nuggets" sent by "BTU" to Mr. Betancourt (personally handled by none other than Ms. Christina "pleader of the 5th" Stephens):MAB Personnel Records - Emails
Email sent on behalf of Wael Al Mazeedi to Aref Kooheji
From: Martin Betancourt <mbetancourt@btuventures.com> Subject: Fwd: Valuation
Date: August 13, 2008 7:39:00 AM EDT
To: Betancourt Martin <martin.betancourt@mac.com> 1 Attachment, 1.1 MB
Begin forwarded message: Dear Aref,
I just finished speaking with Wael and understand you are working to structure a settlement between DIB and BTU with respect to the QNB LC guarantee as well as their current investment. Martin Betancourt and I (Kevin Donovan) have been working with all parties trying to find the best solution. We met with Ayman Adel Kamal from DIB in Dubai last week and have stayed in contact with him, the latest being today. We have also maintained contact with Mark Abrahams at QNB. Martin and I now understand the objectives of the investors and believe that if given the appropriate time we can successfully reach a solution that meets all the investor needs. I am sure you realize, that if this moves towards litigation, we all lose.
We plan to get a proposal to you early next week that you will be able to present to DIB. The concept being a corporate structure with the appropriate governance and management in place to guarantee the direction the company takes with respect to the goals of the shareholders.I have also attached the "Investment Valuation" completed by Fieldstone on the assets held by BTU Power Company and Islamic Portfolio. Fieldstone estimated the value that could be realized in the open market if the portfolio were to be sold in an arm's — length transaction and valued the assets at USD159.5 million.
Aref, if you have any questions please give Martin or myself a call. The office number is 781-693-5800. I look forward to working with you.
Best Regards,
Kevin
BTU Ventures, Inc
1000 Winter Street, Suite 4400 Waltham, MA 02451
Tel. +1.781-693-5800
Fax: +1 781-693-5811
Fieldstone In....pdf (1.1 MB)
Situational Analysis (from Fieldstone)BTU Power Company (“BPC”) required an investment valuation, for the benefit of its shareholders, of the equity interests in BPC. BPC holds interests in two projects located in Tunisia and United Arab Emirates, respectively.
Fieldstone BTU Valuation - May 2008
Qatar Investment Authority's Analysis
"In any event, there is no evidence that the Proposed Asset Swap is in the best interests of the Company or the Preference Shareholders. Instead, it appears to have been proposed to benefit the Manager to the detriment of the Preference Shareholders' interests in the Company:How much cash???
The Company did not obtain an adequate independent valuation of the underlying assets subject to the Proposed Asset Swap. The Company claims to have "updated" a prior valuation, but has not provided the Preference Shareholders with any information concerning any effort to value the Company's investments or the assets to be acquired as part of the Proposed Asset Swap.
It appears that the Proposed Asset Swap may not satisfy the Company's requisite 11% IRR threshold, and Almazeedi has offered no evidence to demonstrate that the proposed transaction meets the Company's mandated investment criteria. To the extent the Company is proposing to go forward with a transaction where the projected IRR is less than 11%, it must first obtain the approval of Independent Shareholders representing at least three-fourths of all Preference Shares held by the Independent Shareholders, which it has not done.
The Proposed Asset Swap may also be a product of self-dealing or a conflict of interest. Almazeedi has asserted that one of the primary reasons to pursue the Proposed Asset Swap is to capitalise on certain opportunities which Almazeedi has admitted will only be available should the Preference Shareholders agree to the Proposed Share Redemption. Almazeedi faces an intractable conflict of interest to the extent he is pursuing the Proposed Asset Swap in order to force the Preference Shareholders into the Proposed Share Redemption and a transaction with QGEN, a company that he owns or controls. Almazeedi did not obtain an independent valuation of the Proposed Share Redemption and did not seek the approval of the Preference Shareholders with respect to the Proposed Asset Swap. It appears that Almazeedi is not pursuing the transactions in the best interests of the Company and/or its Preference Shareholders, but rather seeking to materially benefit himself with respect to the proposed QGEN transaction."
Yr 1: $124,000,000
Yr 2: $130,200,000
Yr 3: $136,710,000
Yr 4: $143,545,500
Yr 5: $150,722,775
Yr 6: $158,258,913
Yr 7: $166,171,859
Yr 8: $174,480,452
Yr 9: $183,204,475
Yr 10: $192,364,698
Simple, imprecise calcualtions:
In 2008, according to Fieldstone's analysis (actually it's WAMs... he controlled all the data and the process) BTU Power Company had value of ~ $160M to a third party investor. WAM no doubt put his "thumb on the scale" for this analysis. In any event, that was more than 3 yrs. ago. The "value" of BTU Power Company is totally dependent upon the discounted cash flows it produces. Some (many) of those cash-flows have already been generated and spent by Mr. Al Mazeedi... Even without taking compounding into account, a $124M investment generating 8% returns (simple) per year would be spitting out almost $10M of dividends per year. Qatar Investment Authority claims Wael has spent up to $15M on QlownGen. Wael had access to more than $30M and has not accounted for it...Bottom line... Wael said BTU Power Company might be worth $160M in 2008. He has since "stripped" tens of millions of dollars from BPC. This means BPC might be worth $130M to a "third party" investor.
Wait......... a......... minute. By our simple calculation of a 5% return just so they won't kick his arse out as manager, he needs to have generated $183M plus by 2012. Simpleton (simplistic math) tells us that WAM knocked down the value of Fieldstone's valuation by $15-$30 million (by burning it on iPads, Porsche Cayennes, Ritz Carlton, etc...)
WAM has to give the investors back at least $183M in the next month or so... Given what he's spent, he could not conceivably return more than $160-$30M = $130M. Plus his loan (~$10m) ++++ Plus the amount he spent "uprodutctively" on startup expenses ($29M) = $91M.......
This means that WAMo BAMo might have to come-up with $183M, just to cash-out the investors in the next few months. However, the net amount of cash he could come up with might be $91M. GO FATEConsortium!!! GO Hybrid Energy Consortium!!!
He "stiffed" the BTU Power Company II investors out of at least $86 million.. He might just be able to OUTDO himself and stiff the original BTU Power Company investors out of $92 million.
Tibor Toth (Chief Investment Officer for QGEN Ltd.,) do you have anything to say? What about you, Emil Mamedov, "CONFIDENTIAL" Chief Technoeconomic (SUPERSONIC) Analysis Guy for QGEN???
By The Way: Tibor as well as Emil supposedly attended MIT. They should at least be able to do simple things like subtract and add and conclude that Wael Al Mazeedi "maths" don't make any sense whatsoever.
10 comments:
You are right, the value drops as Wael spends the dividends he receives as the value of CPC/TAPCO is the discounted present value of future cash flows. IMPOSSIBLE for Wael to pay investors their return, they'll be lucky to get back all their initial investment.
What has taken the investors so long???
Wael has spent tens of millions and hasn't been stopped. You'd think given the scale of the cash spent (stolen?) in an unauthorized manner that the courts would just issue a decree to boot his ass out. Or that the government in some capacity would shut him down.
Don't understand the delay.
The asset SWAP was always a CON. Wael wanted to "swap" value in TAPCO to Marubeni in exchange for their interest in CPC so "BTU" would lose all interest in TAPCO and control 100% of CPC.
Wael was then going to claim that he had "engineers" on his payroll and that he "operated" a facility. He could them implement his plan to save the world with his ground breaking hybrid designs.
All he need to save the world was the SWAP to occur.
Problem was that TAPCO is FAR more valuable than CPC and spins off way more cash. Wael was swapping out an interest in the most valuable asset, not too smart?
BUT.... He is crafty.
To make up for the value difference Marubeni was going to pay cash to BTU along with their stake in CPC. Wael was going to take the cash and "payoff" the existing BTU Power investors.
So, Wael trades TACPO for CPC and Cash.
The investors would get cash, a take it or leave it offer from Wael of about $50-60M. Investors get out with about half of their investment.
Wael, who owns nothing, would then be the owner of CPC through QGEN.
Deal was purely his way of getting something for nothing. Pure self-enrichment scheme on his part. He NEVER had the investors interest at heart.
Mayan Calendar says the earth ends in 2012.
Wael's future teller, Mary Beth Bruce, if she is worth all that investor money he has been paying her, must have told him by now that his world (BTU/QGEN) ends in 2012 also.
Mayan says world ends in December, bet you that Wael's world ends much sooner in 2012.
Q1?
Marubeni would have to be dumb as a rock to do anything w/Wael now that the cat is out of the bag. What they were doing was patently dishonest and potentially illegal. Wonder if "headquarters" in Japan ever gave the green light for this putrid scheme.
Japan = Mitsue Oishi = shaddy deal. Her lifestyle of the BTU Investors is about to end. Q1 in 2012 sounds about right.
The cameras and records are in place. Great Audio & Video for court.
Simple Math:
BTU = 1 + 1 = 2 Assets
QGEN = 0 + 0 + 0 + 0 + 0 + 0 + 0 + 0 + 0 + 0 = 0
Investors = Dummies who give away their money! Fools!
Murphy got this job. Does this mean trouble in MA soon for QGEN.
http://www.usajobs.gov/GetJob/ViewDetails/305242500
No, QGEN is another business "going out of business". Wait they have no business. No income!
QGEN IS A JOKE! A joke on the UNKNOWN Investors, wait I think they are BTU Group. LOL. So the joke is on them! SUCKERS!
QGEN (WALTHAM MA) IS A BIG JOKE! But the joke is about to appear in the courts soon.
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