BTU HOLDINGS COMPANY, the "parent" company of BTU Ventures Inc., BTU Power Management, BTU Power Company, etc. is IN OFFICIAL LIQUIDATION (see post immediately below for a corporate structure diagram of the BTU Group)

link: Cayman Islands Gazette - Extraordinary Gazette Issue 26 - Commercial Liquidation Notices - Tuesday, 29 March 2011 [see page 3]

BTU HOLDINGS COMPANY 

(In Official Liquidation) 

(“The Company”) 

The Companies Law 

Notice of Creditors’ Meeting (O.8, R.2) 

Grand Court Cause No. 35 of 2011 

Registration No. 125586 

NOTICE IS HEREBY GIVEN THAT the first meeting of the creditors of the above Company will be held by telephone conference from the offices of KPMG, 2nd Floor, Century Yard, Cricket Square, Grand Cayman, Cayman Islands at 10:00am Cayman time on 13th April 2011, on international access number 1(281) 319-9872 or US access number 1(866) 212-4398, participant passcode: 5302584637#.

In order to be eligible to attend this meeting each creditor is required to have submitted a Proof of Debt and have sent written notice of his/her intention to attend to the Joint Official Liquidators, contact Lea Kuflik on lkuflik@kpmg.ky by close of business on 11th April 2011. Should any creditor wish to submit a claim against the Company, please email Lea Kuflik on the above email address to receive a Proof of Debt Form in accordance with the Companies Winding Up Rules 2010.

Dated this 28th day of March 2011.

S WHICKER 

Joint Official Liquidator 

The address of the Official Liquidators is: PO Box 493, Grand Cayman KY1-1106 Cayman Islands
Contact for enquiries:
Ms Lea Kuflik
Telephone: 345-815-2601
Facsimile: 345-949-7164
Email: lkuflik@kpmg.ky

Address for service:
P.O. Box 493, Grand Cayman KY1-1106 Cayman Islands
Telephone: 345-949-4800
Facsimile: 345-949-7164

link: Gazette Office - Cayman Islands Government

link: BTU HOLDINGS COMPANY - Certificate of Incorporation
link: BTU HOLDINGS COMPANY - Register of Members
link: BTU HOLDINGS COMPANY - Register of Directors and Officers

from the Hayat litigation Appeals Court decision

FN1. According to Hayat's affidavit '[t]he BTU group companies are a fully integrated whole with each serving BTU Holdings.' Subsidiaries include BTU Power Company (BTU Power), a Cayman Islands corporation controlled by BTU Power Management (Power Management), a Cayman Islands corporation with its principal offices in the United Arab Emirates. Al-Mazeedi is the sole director of Power Management. BTU Ventures provides services to BTU Power on a contract basis on behalf of BTU Holdings and is incorporated under the laws of Delaware with its principal place of business in Massachusetts.

Hayat (44% owner) is "frozen out" of his investment by Wael Al-Mazeedi and Mitsue Oishi

The following paragraphs provide further detail regarding the corporate and ownership structure of the BTU group of companies. Links to the Hayat Amended Complaint as well as the lawsuit referenced below (Murphy) are included in the section of this blog titled LAWSUITS.

35. After freezing out Hayat, Al-Mazeedi and Oishi began to form their own parallel set of companies that had no subsidiary relationship to Holdings, to carry out the business of the BTU Group. BTU Industries Holdings (USA) Inc. ("Industries USA") is a Delaware corporation, which is a subsidiary of BTU Industries Holdings Limited, a Cayman corporation. On information and belief, Al-Mazeedi and Oishi are the shareholders in the parent entity. Moreover, Al-Mazeedi and Oishi are the sole shareholders of BTU Industries, Ltd., the corporation that received the $8 million consulting fee described above. Hayat does not hold shares in any of these entities.

Evolvence and the Hayat Litigation - consequential contradictions in Wael Al-Mazeedi's statements and actions - re: Mr. Khaled Al Muhairy

An interesting dichotomy is seemingly at work regarding the impetus for Wael Al-Mazeedi's actions vis-à-vis the litigation with Abdulmohsen Hayat. At the very least, some interesting questions are raised by statements and disclosures made in the various documents discussed below.

BTU and WilmerHale fight to keep Hayat's litigation out of US Courts: Appeals Court decision regarding Original Hayat Complaint

MEMORANDUM AND ORDER PURSUANT TO RULE 1:28

Abdulmohsen Hayat, a resident of Kuwait, filed a complaint in Superior Court against his former business coventurers, Wael Al-Mazeedi and Mitsue Oishi, residents of Massachusetts, and BTU Holdings Company (BTU Holdings).  Hayat appeals from a judgement dismissing his complaint on forum non conveniens grounds.  We reverse.

Link: Appeals Court Memorandum and Order Pursuant to Rule 1:28

Appeals Court - Panel Cases

Link: Case Docket for ABDULMOHSEN HAYAT vs. WAEL AL-MAZEEDI & others (2008-P-1368)

Supreme Judicial Court for the Commonwealth

Link: Case Docket for ABDULMOHSEN HAYAT vs. WAEL AL-MAZEEDI & others FAR-18270