Settlements, settlements, settlements.... public court records (as of 28Feb2012) for BTU Ventures, Inc. BTU Industries Holdings USA, Inc. Wael Al Mazeedi show that Wael is still trying to reach settlements in his US litigation.

Almazeedi has already reached a settlement agreement with Brian Murphy.

Public records (check the Betancourt and McBrearty court dockets as of February 28, 2012) indicate that Almazeedi is trying to reach settlements with the other people he's sued in the US.

Why, if Almazeedi is, as he always claims 100% correct and truthful, would he want to settle with the "nefarious" set of characters that were, as he claims, conspiring against him, plotting against him, trying to do all kinds of nasty things with his assets.  Why would he want to come to terms with these liars and scoundrels (per Almazeedi's hystrionics).

Maybe none of the sh*t he told the court was true.   If anything actually goes to trial and Wael is under cross-examination and testimony from certain witnesses is heard;  it would certainly shred all of Wael's truths.  WilmerHale would certainly look bad.  Leonard Learner would certainly look bad.  FoleyHoag would probably look bad.

• Abdulmohsen Hayat would be very interested in the court proceedings.
• Qatar Investment Authority would be very interested in the court proceedings.
• Qatar National Bank would be very interested in the court proceedings.
• Dubai Islamic Bank would be very interested int the court proceedings.
• Evolvence would be very interested in the court proceedings.
• Millenium Capital would be very interested in the court proceedings.
• Etc. etc. etc. etc. etc. etc.

Aha, maybe that's the impetus for this rush to settlements.

Pssst.... We are pretty sure there is one person that will not settle no matter what...
Pssst.... Wael, it now only takes us 1 minute to get indexed by Google.

From the Betancourt docket: Why discussions of settlement at this time? Having probably spent millions prosecuting this lawsuit what would a settlement achieve for BTU Ventures, Inc. BTU Industries Holdings USA, Inc. and Wael Al Mazeedi?

Background
As always, there is always something murky behind any "BTU" associated actions.  Interesting what could be the impetus for this development.

Full docket text:
ELECTRONIC NOTICE OF RESCHEDULING at the request of counsel because of a possibility of settlement:
Hearing set for 2/28/2012 11:00 AM in Courtroom 22 before Judge Joseph L. Tauro. (Lovett, Zita)

Observation
Wael's had 9 attorney's in total (see below) represent him throughout the 3+ yrs. of litigation in the Betancourt case (there are 100+ documents in the docket).  As we discussed in this previous post attorneys at Boston's "top" firms can go anywhere from $700-$900 an hr.  It's not hard to see how you get to the big $$$s pretty quickly.  [Note: Let's see, an average of 4 attorneys working an average of 5 hrs a week X 4 weeks/mo X 12 mos/yr X 3 yrs earning $800/hr = $2.3 million.]

WilmerHaleHarry T. DanielsJoshua D. Jacobson
Richard A. Johnston
Gregory M. Reiser

FoleyHoagBrian P. Bialas
Robert A. Fisher
James W. Bucking
John A. Shope

Other
Leonard G. Learner

Conjecture
Given that the Betancourt trial in US Federal Court would be an open opportunity for everybody involved in:

• The liquidation of BTU Holdings Company
• The liquidation of BTU Power Company
• The Hayat litigation

Would it not make sense for Wael to try to settle with Betancourt at this point so that no information comes out at trial that could be used by anybody involved in the three actions above?  The trustees in the liquidations are no doubt trying to recover as much of the "BTU" assets as they possible can.  Hayat's also got significant monetary claims against Wael.  Any information that could be obtained in the Betancourt trial and used to "reach" for those assets (under the control of Wael and being used for the benefit of Wael) would obviously not be good for Wael.

Undoubtedly Wael's paid for his attorneys from dividends that should have gone to the Middle East investors.  He's probably not paid a single dollar out of his own pocket.  Betancourt on the other hand has probably paid for all his legal representation out of his own resources.  Maybe he's assuming/betting that Betancourt can't go (or doesn't want to go) through the expense of the trial?

BTU Power Company: what happened to all the millions generated in dividends so far? We're gonna find out soon! Joint Liquidators have started the search.

The BTU Power Company liquidation would be a simple matter if all the Official Liquidators had to do was: 1) sell the power plants, 2) turn over proceeds to investors.  Yeah, right!  First you gotta find where all the money IS (WAS).

And the race is on! (to find the money before more of it disappears) 
There is only one known data point right now:  Wael burned through at least $12-$15 million with his QGEN plaything. That is the number reported by QIA in its original petition to Wind-Up BTU Power Company.  That number could only have been provided by Wael Al Mazeedi.  What are the chances that number is on the low end?  How many other things did Wael burn money on that QIA and the other investors don't know about?

[Note: QGEN was registered to conduct business in Massachusetts January 29, 2010.  QIA states that Almazeedi communicated the number to them sometime in July or August 2011.  Damn!  Almazeedi probably burned $15 million in just 1.5 years.  Good show!]  

Observation
The following is typical of the wanton manner in which Wael burned through the Middle East investors' dividends chasing rainbows or moonbeams:

Speaker:  Wael Almazeedi, QGEN
Location:  Cape Town, South Africa.  October 3-7, 2011
The Opportunity for Space Technology to Energize the Economic Development of Africa

What on earth did this conference have to do with "managing" two plain vanilla, power and desalination plants.

The Joint Liquidators will undoubtedly find countless instances of spending on "small, stupid things" like the conference and "large, stupid things" like ???  Qatar Investment Authority, Qatar National Bank, Dubai Islamic Bank, etc. requested the following team to be Joint Liquidators.  The court agreed.  Sounds like these guys are the right team to wade through all the "smoke and mirrors" that were employed by Wael and minions for years to play "keep away" with the investors' money.  They are going to have to bring some pretty big shovels to dig through all the crap that was the BTU empire.  Some of you out there may be hearing from these guys in the near term.

Oft-heard shout from "The Chairman's Office":
Get Me Graphics! Where are Brad and Judy, I need them now!

The Team 

 Mike Penner is a Partner and is responsible for the firm’s Financial Advisory Services. Mike specialises in developing, managing and performing cross-border fraud investigation and asset recovery solutions. He has also developed an expertise in managing large multi-jurisdictional investigative and asset recovery cases. Mike is a member of Deloitte Touche Tohmatsu’s Global Asset Recovery Solutions Team ("GARS"), a specialist team from within the worldwide forensic services capability of Deloitte that focuses on asset recovery assignments using an extensive web of proven contacts in jurisdictions around the world.

Direct: +1(345) 814 3317
Email: mpenner@deloitte.com

Stuart Sybersma is a Partner, having responsibility for the firm’s Financial Advisory Services. This department encompasses the two main service lines of Insolvency and Reorganization and Fraud & Forensic Investigation. Stuart specialises in financial institution and mutual fund insolvency, fraud and financial investigation, litigation support, and anti-money laundering. Stuart has extensive experience with cross border asset tracing and recovery matters and is a member of the Deloitte Touche Tohmatsu international Global Financial Services Industry anti-money laundering team.

Direct: +1(345) 814 3337
Email: ssybersma@deloitte.com

Order issued by Grand Court (January 26, 2012) and published in Cayman Islands Gazette on February 13, 2012: BTU Power Company has been placed in liquidation.

The seemingly endless money spigot has run out for Wael

(see page 244)

BTU POWER COMPANY

60% owner of Carthage Power Company 
10% owner of Taweelah Asia Power Company

(In Liquidation)

The Companies Law

Notice of Appointment of Official Liquidator 

     TAKE NOTICE that by order of the Grand Court made on 26 January 2012 BTU Power Company, registration number 122018 whose registered office is situated at PO Box 309, Ugland House, South Church Street, Grand Cayman KY1-1104, Cayman Islands, was ordered to be wound up in accordance with the Companies Law.

     AND FURTHER TAKE NOTICE that Michael Penner and Stuart Sybersma of Deloitte & Touche at PO Box 1787, Grand Cayman KY1- 1109, Cayman Islands have been appointed as Official Liquidators of the Company.

Dated: 30 January 2012.

MICHAEL PENNER

Voluntary Liquidator

Sequence
Hearing was held on Thursday January 26, 2012 regarding petition by Qatar Investment Authority to Wind-Up BTU Power Company.

• Qatar Investment Authority was represented by Walkers
• Dubai Islamic Bank was represented by Harneys
• BTU Power Company was represented by Maples & Calder

Judge issued the liquidation Order the very same day. Guess the QIA petition was irrefutable!

Hearing on 26 Jan 2012

Order issued on 26 Jan 2012

Image extracted from Cayman Islands Gazette dated February 13, 2012.

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" .

Aref Kooheji + WAMo:  "In Sync"

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.

Updated Value of Paid-Up BTU Power Company Preference Shares in Middle East investors' hands: Just a measly $47 million.

• WAMo BStimate (Feb 2009) = US $203.5m 
• Fieldstone estimate (Aug 2008) = US $159.5m 
• Value paid-up shares should have = US $124.8m 
• Value calculated from QIA petition = US $72m 
• Value calculated from DIB petition = US $47m

Just a thought:  If Wael found a buyer (actually an accomplice like Standard Chartered for BTU Power Company II) he could "sell" the BTU Power Company assets and forcibly redeem the Middle East investors (just like in BTU Power Company II).  Hey, if the strategy worked once, why not try again?  He'd pay the Middle East investors US $47m and keep the rest as a "trustee". 

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....

<=== NEW Downloadable Documents

We are documenting WAMo's shell companies.  we've found 40-50...  Only ONE (BTU Power Company) currently generates dividends.  Simple concept, raise private equity in a fund (BTU Power Company and BTU Power Company II) and deploy through a special purpose vehicle.  All you need is a few tax-efficient companies (probably offshore) to pull this off..... Wael, however, likes to have "tons" of shell companies at the ready for who knows what purposes (move cash around?)...

As KPMG (the liquidator of BTU Holdings Company) told the Grand Court of the Cayman Islands (February 24, 2011):

"The Company is the holding company of a group of companies generally named "BTU" (the BTU Group). The Petitioners understand that the purpose of the BTU Group was to raise capital from investors and to invest that capital in the global energy industry. Although the Petitioners have been provided with a structure chart for the BTU Group dated 22 February 2006 which shows a substantial number of entities owned directly or indirectly by the Company as the group holding company, it is currently unclear to the Petitioners to what extent that chart was, or remains, accurate as regards the structure of the BTU Group."

Pretty f***ing laughable that WAMo could only provide a structure chart that was half a decade old to KPMG.  Either the Private Equity Titan has been piss-poor at keeping track of his sprawling, world-dominant empire or he wants to keep the liquidator guessing where all the "cash is stashed"... Just a thought.

Whoa! Where are the Preference Shares for the TAPCO investment? QIA, QNB, DIB haven't received them 3.5 yrs after they paid for them! Petition to liquidate BTU Power Company should probably mention this... Oh well, it's only US $53m worth of value...What's a few pennies amongst friends?

Executive Summary

Middle East investors in BTU Power Company may be SOL.

What's this all about?
The QIA petition to Wind-Up BTU Power Company reveals that WAMo never issued Preference Shares to the Middle East investors for their investment in TAPCO.  WTF?  [Note: Petitioners don't explicitly state this in their petition.  Curious.]

Probably just an oversight by WAMo, Mitsue and the controllers for QGEN, BTU Industries, and BTU Ventures (hint:  it's actually the same guy for all 3) regarding the TAPCO investment and the shares they are OBLIGATED to issue.

Where are those BTU Power Company preference shares w/re: the TAPCO investment going in such a hurry?  QGEN Ltd.  OK, all's well... Any inquiries regarding said preference shares can probably be directed to Simon Firth (Maples & Calder - Cayman Islands) or Tibor Toth, QGEN Ltd. Chief Investment Officer.

The Numbers...

Value of Middle East investors shares in BTU Power Company:

• WAMo BStimate = US $203.5m
• Value that Paid-Up Shares should have = US $124.8m 
• Value of Paid-Up Shares in Middle East investors' hands = US $72m 
• Difference between WAMo BS and reality = $131.5m (again, what's a few cents amongst FRIENDS?)

Preliminary Observation

We have to admit that Wael is a pretty clever fellow if he got the investors money to pay for the Taweelah Asia Power Company ("TAPCO") investment and never issued them shares reflecting the full paid-up value (close to $53 million in aggregate).  [Note: The investment was actually made through AGPH, Asia Gulf Power Holding Company.]

Summarizing the shareholder totals from the QIA Petition: 

Petitioners Qatar Investment Authority and the Supreme Council for Economic Affairs and Investment, "for themselves, and on behalf of" Qatar Foundation Fund (the "Petitioners") hold a total of 248.2 fully-paid Preference Shares.  Supporting Preference Shareholders: Broog Trading Company holds 124.1 Preference Shares, Qatar National Bank holds 49.7 Preference Shares.  Dubai Islamic Bank (through the "BTU Power Islamic Portfolio" - actually it's just Wael through the BTU Power Management Company - the "Mudarib") hold an equivalent to 248 Preference Shares.  In total, Petitioners and Supporting Preference Shareholders hold 93% of the equity in BTU Power Company.

Let's see...

Supreme Council for Economic Affairs and Investment + Qatar Foundation = 248.2
Broog Trading Company = 124.1

We'll lump all these Qatar sovereign entities as Qatar Investment Authority (QIA) = 372.3

Qatar National Bank (QNB) = 49.7
Dubai  Islamic Bank (DIB) = 248 (probably 248.2)

Then, QIA + QNB + DIB = 372.3 + 49.7 + 248.2 = 620.5

Total Preference Shares issued by BTU Power Company = 670.2/0.93 =  720.7

Each Preference Share is priced at $100,000 per the BTU Power Company offering memorandum (dated January 20, 2003)

Finally, 720.7 x 100,000 = $72,064,516 ~ US $72m

As we've documented elsewhere in this blog:

• 1st BTU Power Company drawdown = 10% of the Committed Capital (10% of $290M) = $29M [Note: this was undoubtedly used for working capital since no investments had been made as of June 6, 2003 (first closing of fund).]
•  2nd BTU Power Company drawdown = US $43m

Simple addition = $29 M of unproductive capital (burned up on working capital BS) + US $43m for CPC= US $72m

So...

The paid up value of $72M for Preference Share holders = Unproductive Capital + CPC + Zero TAPCO 

Petitioners believe that their 248.2 Preference Shares reflect a value of US $70m ("the last date for which the Company provided valuation information" ... meaning, this is Wael's BStimate).  What does this mean? 

Well, Petitioners hold 248.2/720.7 of the equity in BTU Power Company = 0.3444 = 34.45% This would result in a valuation for all of BTU Power Company of $70m/0.3444 = $203.5m

Wael is telling the investors that their investment in BTU Power Company is worth $203.5m


We see another bit of information in the QIA Petition that states that DIB's funded capital in BTU Power Company = $43,007,241 ~ $43m as of December 2008.  DIB's equity holding is 248.2/720.7 = 34.45%.  Another quick calculation shows that this would amount to a total amount (for funded capital or invested capital in BTU Power Company) of $43m/34.45% = US $124.8m  [Note: we had estimated in a previous post that the TAPCO investment totaled $55m.  Latest information means TAPCO investment was 124.8 - 72 = US 52.8m]

What does this all mean?

Looks like The Mudarib is on the hook with DIB for US $18m!
Dubai Islamic Bank believes that the BTU Islamic Portfolio reflects a paid-up value of US $48m.  Their original maximum commitment to BTU Power Company was US $290m x 34.45% = US $100m.  Prior to the repayment of the EBL for AGPH their investment in BTU Power Company was US $72m x 34.45% = US $25m.  Therefore, as Mr. Betancourt states in his affidavit, US $75m of DIB's Sharia-compliant money, previously COMMITTED to BTU Power Company, was diverted into BTU Power Company II (hello! Aref Kooheji, how are you doing? You dropped off the "financial world" radar a few months after WAMo sold Meiya Power Company to WAMo and then Standard and paid WAMo a US $8m bonus for burning up US $86m to "manage" US $100m of investors' money. AREF, you'll be featured in many future postings!).  DIB's maximum capital commitment was $100m.  Prior to the EBL repayment they had already funded that commitment.  DIB subsequently paid an additional $43m - $25m = $18m into BTU Power Company (this is what the whole mess of the EBL repayment, according to Mr. Betancourt's affidavit, was about - Aref Kooheji and WAMo were co-architects).  Apparently, according to Mr. Betancourt's affidavit, BTU Power Management Company (the "Mudarib") OWES DIB US $18m.  Aref Kooheji and Wael Al Mazeedi... like brothers!  It's not just a statement, many people were aware of the intensity of this relationship and statements made by WAMo and Aref to that effect.

Where in the World are the Preference Shares for BTU Power Company investors?

A couple of observations and some conjecture:

• It's been 3.5 yrs since the EBL repayment for TAPCO took place.  Why hasn't Wael Almazeedi issued the shares that rightfully belong to the Middle East investors?
• Are these shares being held "in trust" by an independent party (for example, QGEN Ltd.)?  Yeah, Right!!!  Independent.... Yeah, sure!
• If these shares reside somewhere else the Middle East investors are screw*d.  Maybe this is the reason WAMo, as documented elsewhere, is more than happy to see BTU Power Company liquidated.
• KUDOS again dear Simon Firth, Maples & Calder!  You sure know how to keep the money moving around (in the direction of WAMo)!
• Middle East investors:  Have you checked your accountants reports?
• In any event.... It'll sure be interesting what WAMo has to say!  Maybe he'll update us at his next appearance as the foremost expert in XYZ at the MIT Energy Conference.

 The numbers speak for themselves!

BTU Power Company winding-up Petition. Hearing in Grand Court of Cayman Islands on 26 January 2012

Let's see what the judge has to say regarding WAMo's run of fun & games with the Middle East investors' money.

• Walkers representing Qatar Investment Authority et al.
• Harneys representing Dubai Islamic Bank.
• Maples & Calder representing WAMo.

Sure do wish we had a way of getting a real live internet feed from the court...

Wonder if WAMo will be present or it'll just be ever-faithful Simon Firth

Another legal action against Wael Al Mazeedi and his "companies" filed January 5, 2012 - Writ of Summons: Dubai Islamic Bank PSJ v. BTU Power Management Company, BTU Power Company, and Q Gen Industries Limited at the Grand Court of the Cayman Islands.

Background
Another legal action against Wael Al Mazeedi and his companies was just filed in Grand Court of the Cayman Islands on January 5, 2012. This is actually a short filing.

Plaintiff

• Dubai Islamic Bank PSJ 

Defendants

• BTU Power Management Company 
• BTU Power Company 
• Q Gen Industries Limited 

DIB is seeking legal recourse to obtain control of their shares in BTU Power Company.  BTU Power Company was always intended to be structured to be Sharia-compliant in order for DIB to maintain their investment in the company.  Wael Al Mazeedi, personally, held the shares of DIB "In Trust" on behalf of DIB.  He did this in his role as Mudarib in BTU Power Management.

Simple request from the BTU Power Company investors:  Just give us our money back and our assets and GO AWAY.

Q Gen Industries Limited is named as a defendant because Wael has apparently transferred the control of BTU Power Company and the investors shares and dividends (through the voting shares in BTU Power Management Company) to HIS personal company - "QGEN".


What is QGEN?
We've actually asked this question before... Seemingly a LONG time ago... Seems like we are back to square one...

Documentation found by this blog demonstrated the existence of a Wael Al Mazeedi-controlled, Cayman Islands-based company named QGEN Ltd.  See image below.  Tibor Toth, the Chief Investment Officer for QGEN Ltd. works out of a Waltham, Massachusetts office.  We've also found evidence of another US-based entity that is carrying-on operations in Massachusetts, QGEN (USA) INC.  Various Waltham-based people have identified themselves as employees of QGEN (USA) INC.

Q: What QGEN is this QGEN?  A: Who cares, it's just more of the same old Wael Al Mazeedi shell game carried on with the infinitely valuable assistance of Simon Firth at Maples & Calder

The Qatar Investment Authority Petition to Wind-Up BTU Power Company identified Q Gen Industries Limited as the entity that ostensibly holds the voting (i.e. controlling) shares.

Observation
Simon Firth at Maples & Calder has been busy together with Mitsue Oishi and Wael Al Mazeedi coming up with new schemes.  That's all...

Wael asked for IT. Wael will get IT. He'll finally get the chance to have the entire world hear the truth under cross-examination, straight from his mouth, in a Jury Trial in US Federal Court. Order from US Federal Court, dated January 10, 2012. Trial date for Betancourt litigation will be set for early March 2012.

The latest entry in the Betancourt US Federal Court docket is self-explanatory.

Full docket text:
Judge Joseph L. Tauro: ELECTRONIC ORDER entered granting [105] Motion for Extension of Time to File Response/Reply re [105] Assented to MOTION for Extension of Time to 1/27/2012 to File Response/Reply as to [102] Opposition to Motion, [103] Statement of Material Facts L.R. 56.1, [100] MOTION for Summary Judgment, [101] Statement of Material Facts L.R. 56.1, Responses due by 1/27/2012 Replies due by 2/6/2012. NO FURTHER EXTENSIONS WILL BE GRANTED. a HEARING ON THE MOTION WILL BE SCHEDULED FOR MID-FEBRUARY, A TRIAL DATE WILL BE SET FOR EARLY MARCH, 2012.(Lovett, Zita)

Logistics, logistics, logistics...

Wael will be shuffling back and forth between Massachusetts Superior Court (in Woburn) and US Federal Court (in Boston) since the McBrearty trial is set for the first week of March in 2012 as well.

"Business as usual" will have to wait a bit so Wael Al Mazeedi can appear in US Federal Court and Massachusetts State Court for cross-examination...

This means that Wael will not be able to make his regular visits to all the operational power plants owned by QGEN all over the world.  As the world's leading owner, developer, and operator of solar hybrid power and desalination plants Wael must surely keep a busy schedule managing his expansive business empire.

People with a keen interest in WAMo BAMo should start clearing their calendar in case they want to hear all the truth and see all the facts FIRST-HAND.  Also, people who have first hand knowledge of Wael's business operations should also clear their calendar as they'll likely be hauled in to testify (e.g. MOishi, FKhan, AUcciferri, CStephens, LLe, ICain, HTiedemann, KTToth, etc.) ...