Good morning Ladies and Gentlemen.
The Betpanam situation is approaching its final rundown. Much has happened behind the scenes in these past weeks, with focus to come to a final and fully satisfactory solution to the outstanding issue.
At this time all channels, political, private and juridical, are wide open to reach the goal. An attempt to find a viable “patch” has unfortunately failed, hence leaving all parties involved with basically two available options.
Given the timing assessed by the Panamian Juridical counterparty to proceed with dispersion of the bond, which would currently represent a pro-quota assessment of dues given that escrowed figures exceed by approximately 15% the amount of the bond, a direct and immediate solution is being sought.
This however doesn’t mean that further time dilution may be contemplated. It is of vital importance that current Panam’s ownership understands that leverage tools in my possession supersede any other reason brought to the table to further delay payment of dues.
Information I have been able to gather induces me to believe that ownership’s non acceptance of a faster solution may result in not only jeopardizing its investment within the unfortunate book, but also and most important would end up causing a much greater loss in relation to other investments the same group has made within the gaming industry, not to speak about the political and juridical damage such confrontation would be causing to Panama as a viable gaming jurisdiction.
In view of the above mentioned reasons I will be soon, once again, heading to Panama to meet Panam’s owners in the last attempt to come to a truly viable solution of out standings that in my opinion shall be full payment of all balances less than 6 dimes and 50% payment of all other balances, at the same time dropping remaining disputes currently concerning 4 large balances.
Given this first step I believe some time could be given to the ownership (maximum 60 days) to proceed with final payments of all and any remaining out standings.
Should I fail to come to such viable agreement I will be forced to proceed with the Juridical Counterparty and instantly initiate procedures leading to the dispersion of bonded funds.
I will be in Panama latest this coming Monday and expect to be able to assess a final statement within the following Wednesday, May 5th 2004.
Sincerely,
Roberto
TheOffshoreWire
The Betpanam situation is approaching its final rundown. Much has happened behind the scenes in these past weeks, with focus to come to a final and fully satisfactory solution to the outstanding issue.
At this time all channels, political, private and juridical, are wide open to reach the goal. An attempt to find a viable “patch” has unfortunately failed, hence leaving all parties involved with basically two available options.
Given the timing assessed by the Panamian Juridical counterparty to proceed with dispersion of the bond, which would currently represent a pro-quota assessment of dues given that escrowed figures exceed by approximately 15% the amount of the bond, a direct and immediate solution is being sought.
This however doesn’t mean that further time dilution may be contemplated. It is of vital importance that current Panam’s ownership understands that leverage tools in my possession supersede any other reason brought to the table to further delay payment of dues.
Information I have been able to gather induces me to believe that ownership’s non acceptance of a faster solution may result in not only jeopardizing its investment within the unfortunate book, but also and most important would end up causing a much greater loss in relation to other investments the same group has made within the gaming industry, not to speak about the political and juridical damage such confrontation would be causing to Panama as a viable gaming jurisdiction.
In view of the above mentioned reasons I will be soon, once again, heading to Panama to meet Panam’s owners in the last attempt to come to a truly viable solution of out standings that in my opinion shall be full payment of all balances less than 6 dimes and 50% payment of all other balances, at the same time dropping remaining disputes currently concerning 4 large balances.
Given this first step I believe some time could be given to the ownership (maximum 60 days) to proceed with final payments of all and any remaining out standings.
Should I fail to come to such viable agreement I will be forced to proceed with the Juridical Counterparty and instantly initiate procedures leading to the dispersion of bonded funds.
I will be in Panama latest this coming Monday and expect to be able to assess a final statement within the following Wednesday, May 5th 2004.
Sincerely,
Roberto
TheOffshoreWire
