Cassio

 

I was aware when starting this thread of all the detail sent out to each of the registered creditors by the OR including the extracts below. As this document contains confidential, personally sensitive information, I did not think it was appropriate to state anything other than what was the OR's current estimate of the 'net debt,' so that forum viewers would realise that this is quite a serious case with quite large amounts of money being lost by a number of individuals.

 

However I would suggest that if you or any of the other creditors who want to discuss or choose to disclose your status/ circumstances/losses in detail, then Matt's forum at http://www.rapidpropertyscams.co.uk is probably the best place for such discussions, as only registered creditors are members there. 

 

And as I said in an earlier reply to Matt, the figure for at least one creditor is obviously incorrect, based on that individual's disclosure in confidence to me some weeks ago.

 

Rob and others,  

You may or may not be correct in your assumption that there will be 'nothing left in the pot', but the OR's investigative powers are quite far reaching and from what I know and have been told, there are some serious questons to be asked by the OR as to what has happened to the investors monies in particular.

 

And on a lighter note, ref the 'boys and their toys' posts from Vanessa and Suzanne i.e. flash cars .....one of my property business contacts, has around 550 properties in the UK with no mortgage debt! And he drives around most days in a beat up 12 year old Land Rover.

 

However he also has quite a few 'old bangers' at home, one of them being a Bentley which is almost 90 years old! 

 

Richard Bowser

Editor

Property Investor News

http://www.property-investor-news.com

 

Cassio Caceres said:

Hi Richard,

I received today a full xxxxxxx, which, to date compiled a total claims by creditors £ 3,47,534.02 .  

 

Officially PM from himself the total is ................................................Liability...... £ 3,053,882

"interest in jointly owned property (1)".................................................Assets........£          646

................................................................................​...............Net Liability ........£ 3,053,236

The above jointly owned property is estimated to be worth £280,000 and is subject to one charge of £278,707

 

Totally agree with Paul - many millionaires prefer to live "under the radar" for a variety of reasons. I have a friend who I believe to be worth around £50,000,000.

I met him 3 times in December and every time, he wore the same jumper - it had a small stain which I recognized....

He drives a 4 year old 4x4 and lives in a modest house in the lake district,

His little bit of luxury is when he travels to the US - he chooses business class.....

hahahahahaha - love it..!!
Susanne said:

""Bentley which is almost 90 years old! "

 

AH...   now cars as INVESTMENTS  -   that i DO understand Richard !!

 

just for fun i put my car details into a car valuation website last week.. I drive an Lreg Peugeot  205 .... it came back with £47 !!!!  

Actually I like cars, and am a fan of Top Gear-nice to dream.... However, give me a Volvo V70 estate anytime, and I'm a happy bunny. have had 3 of them so far, and the current P-reg one has 152,000 miles on the clock-still lots of life yet in the old girl. It's my family car for taking the kids about, and with a trailer on the tow bar plus roof racks, is the "van" for carrying all manner of furniture, building materials etc., you name it. Not the most economical, but they work for me. The next time I can afford to change it (if I don't drive it into the ground first), I'm aiming for an ex-police version.
Susanne said:

Glad i brightend up someone's day Philip !       -   my car has done 187,000 miles on the original diesel engine, it does 85mph on a motorway and does 58impg -  why should i change it ?    i have never paid more than £950 for a car in my life..

 

sorry   off-track....

To all,

 

Vanessa asks what defines a 'millionaire'. Liquidity is one issue.

 

Take a look at Facebook. Are any of the owners of Facebook, including the founder, a millionaire given the shares cannot be easily traded?

 

John Corey

Follow me on Twitter-> http://www.twitter.com/john_corey

http://www.ChelseaPrivateEquity.com/blog
Vanessa said:

Do you feel that someone can still describe themselves as a property millionaire when they only control properties and do not own title?  A property millionaire in my book is someone with at least one million pounds of equity.

Some blokes drive transit vans.

 

Some women like fast cars. They also like other sings of flash (WAGS or other labels come to mind). There are more blokes who focus on cars just like there are more women who compete with shoes and diamonds.

 

To me it is less about gender and more about individuals needing bling or flash to make a statement.

 

John Corey

Follow me on Twitter-> http://www.twitter.com/john_corey

http://www.ChelseaPrivateEquity.com/blog
Susanne said:

What is it with blokes and cars V ?   women dont seem to get as turned on by cars as men..   mine is 2 pairs of wheels to get  me somewhere.... 

 

BPM ?

I read a book by Felix Denis which had a lot of gems of wisdom in it.  He reckons that you aren't really a 'millionaire' until you have around £30M, for reasons Rob outlined.  Everyone else is merely 'wealthy', to different degrees.  Not sure how useful the concept 'millionaire' is.

 

 

Hi Arlo,
Long time no speak.

I did some reading about "millionaires" some years back and a recommended text is "The Millionaire Next Door" co-authored by two highly qualified blokes who have interviewed "middle rich America" for the last 30 years. A bit out of date, but there are 3.5 million American millionaires, and the definition is net wealth excepting the property in which you live.

I believe banks (and companies) put people in boxes according to their perception of the target customer's net wealth. Some years ago, a HNWI (high net worth individual) was defined as a person who had a net equity of more than £500K (call it a million dollars) in addition to the home they lived in. uHNWI (ultra) was defined as somebody with more than $30M - I think. And sub-HNWI was defined as somebody with more than £50K and less than £500K investable assets.

I took that a bit further and defined people in four categories:

Level 0 = net debt
Level 1 = £0 to £50K
Level 2 = £50K to £500K
Level 3 = > £500K

It is my understanding that there are around 200,000 people in the UK who are worth more than £1M, out of a population of around 65 million people. That's one person for every 325, or about 0.3% of the population. A million is not what it used to be. When I was 18, I remember telling my parents that I would be a millionaire before I was 40. Now I realize I never will be because the inflation-corrected 1972 statement means I would need more than £30M in investable assets to honour my statement in 2012 money. Unless I win the lottery........................................ hmm........................ nice

Has anyone heard of Arlo lately?

I've emailed him a couple of times with no response.

Related discussion: Phil Martin back in the news in options warning

Sorry to go off topic slightly but as Gerry has mentioned it.....

I am on holiday this week and have bought away the book 'The Millionaire Next Door' Gerry recommended it I think and I am engrossed in it. There's even a formula for 'wealthy' which I will start a post about next week when I get back.

Phil Stewardson.
Stewardson Developments Ltd.
http://www.stewardson.co.uk