Saturday, May 23, 2009
Blue City's new sales office... a sneek preview. And the Appeal court rules both for... and against... AAJH.
Photo: Blue City's new sales office.
As promised in a recent comment response to BCC1 apologist, the anonymous 'John', who took great exception to a recent post that implied things were not totally OK with Blue City's cash flow (and seems to have difficulty accurately recalling his company's original promises with regard to the number of golf courses and public buildings promised in Phase 1).
Here's a peek at the new BCC1 Blue City sales office, just completed at great expense. It is amazing what you can do with borrowed money, eh John?
John's approach IMHO actually shows a common problem with wastafarians here: when people start asking uncomfortable questions, their response is to attack them as evil, disrespectful, etc; to state that there are no problems (and certainly nothing that might be blamed on the highly experienced board of BCC1 or Cyclone LLC); and wait for everything to blow over. It is indeed almost a GW Bush/Cheney approach to criticism - attack the messenger.
Perhaps we'll all just have to wait for the next ratings report from the bond holders.
Oh, and the appeal court - in what to me seems a bizarre finding - finally ruled on the 11th of May on the dispute between AAJH and Cyclone over the ownership of Blue City. I'm told their ruling was that yes, AAJ Holdings does own 70% (as had been found by the original court verdict, appealed by Cyclone), but that they were somehow also instructed to transfer their 70% to Cyclone in return for just the original US$38 Million. Hmmm. So they own it, but have to sell it. Maybe a lawyer can explain. Did the court find the original sale illegal, and thus effectively annulled the share transfer?
I predict more to come on that issue in the regional press very soon.
PS: Don't know why Internet Explorer is having wierd errors lately, especially on that Blue City post... Firefox seems OK.