Home' Trinidad and Tobago Guardian : August 22nd 2014 Contents A25
Friday, August 22, 2014 www.guardian.co.tt Guardian
On August 7, 2014 pursuant to an order of the Honourable Madam Justice Nadia Kangaloo,
Mr. Varune Mungal was appointed Interim Receiver of the Assets of Tabaquite Farmers
Limited ("Farm" or "Company").
The Powers of the Receiver include:
1. Take into his custody and control the property of the company in accordance with the Court
order or instrument under which he is appointed;
2. opening and maintaining a bank account in his name as receiver or receiver-manager of the
company for the moneys of the company coming under his control;
3. keeping detailed accounts of all transactions carried out by him as receiver of receiver-manager;
4. keeping accounts of his administration, which shall be available during usual business
hours for inspection by the directors of the company;
5. preparing financial statements of his administration at such intervals and in such form as
6. preparing a final account of his administration, in the form adopted for interim accounts;
7. filing with the Registrar a copy of any financial statement and any final account within
fifteen days of the preparation of the financial statement or rendering of the final account
as the circumstance required.
At this time, the Receiver is urgently assessing the Company's Financial position, including
the assets and liabilities and its ability to settle the outstanding debt to the secured creditor
("Agricultural Development Bank"), preferential and unsecured creditors in order of priority.
The business will continue to operate and trade on a limited basis. In continuing to trade,
contracts that are critical to its operations with certain suppliers, service providers and cus-
tomers will be maintained under normal terms, as required.
At this stage there are no plans to make any employee redundant and it is the intention to
retain the services of the employees currently based at the Farm.
A sale process for the assets of the Company will be undertaken, in due course. It is my inten-
tion to advertise the assets for sale and invite interested parties to submit an offer for the assets
of the company.
If any interested parties would like to obtain further information, please contact me:
Tabaquite Farmers Limited (In Receivership)
c/o Business Recovery and Advisory Services Limited
86, Seventh Street,
Mobile : 681-9235 or 326-7328
Mr. Mungal is solely acting as Interim Receiver of Tabaquite Farmers Limited (In
Receivership) and not in his own personal capacity and shall incur no personal liability or obli-
gation for any contract entered into by him in performance of his functions.
NEW YORK---A federal judge in
Manhattan yesterday said
Argentina s plans to evade his
orders by failing to make required
payments to US bondholders is
illegal and cannot be carried out,
but he stopped short of finding
the South American nation in
contempt of court.
US District Judge Thomas Griesa
called the republic s actions toward
US bondholders "lawless" at the
New York City hearing.
However, he rejected requests
by lawyers for US hedge funds to
make a contempt finding, saying
he wanted everyone to concentrate
on an eventual settlement.
"That is the path that should
be taken," Griesa said. "In my judg-
ment, it does not add anything to
the scales of settlement to make
a finding of contempt."
At an August 8 hearing, Griesa
had threatened Argentina with
contempt, saying the nation s lead-
ers were making "false and mis-
leading" statements as they
ignored obligations to pay the
Since then, Argentina s public
statements have grown more defi-
ant. President Cristina Fernandez
this week announced plans to
make interest payments to some
bondholders through its own cen-
tral bank rather than US banks
that are subject to Griesa s orders.
"It is illegal, and the court directs
that it cannot be carried out,"
Griesa said of the plan.
The US funds led by New York
billionaire Paul Singer s NML Capital
Ltd bought the bonds on the cheap
after Argentina s 2001 default on more
than US$100 billion but are now
demanding payment in full. Argentina s
leaders have labeled the funds "vul-
tures" because they refused to partic-
ipate in swaps in 2005 and 2010 in
which over 90 per cent of Argentina s
bondholders agreed to accept lesser-
Argentina attorney Jonathan Black-
man has repeatedly told the judge that
the country is left with few options
because any deal it reaches with US
bondholders owed about US$1.5 billion
would obligate it to pay over US$20
billion to other bondholders.
In a letter to the judge Wednesday,
attorney Robert A Cohen on behalf of
the US bondholders said Argentina s
new proposal would offer his clients
the same "stingy terms" that the hedge
funds had declined twice before and
force them to submit to Argentina s
"puppet bank" or "Argentina s patsies"
At Thursday s hearing, Cohen said
a finding of contempt would send a
stern message to top Argentine officials
as well as to any financial institutions
that might want to help Argentina avoid
its obligations to US bondholders.
Attorney Carmine Boccuzzi, repre-
senting Argentina, said a contempt
finding would not aid efforts to nego-
tiate a resolution with help from a
court-appointed special master and
would lead to harsher rhetoric. He also
said it was premature, since Argentina
had not yet changed rules for how
bondholders would be paid.
Griesa said Argentina s refusal to pay
US bondholders was like a man showing
up at a closing with only US$80,000
to buy a US$100,000 property and
insisting "US$80,000 is a lot of money
and my family is ready to move in."
The judge added: "He would be
laughed out of the neighborhood." (AP)
NY judge scolds Argentina, but no contempt order
Carmine Boccuzzi, left, a lawyer representing Argentina, leaves the Federal court
in New York after a hearing, yesterday. Argentina will make its next round of
scheduled debt payments, the economy minister said as he defends a new plan
to pay creditors locally and avoid the jurisdiction of a US court that forced the
country into default last month. AP PHOTO
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