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....