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We expect Michael to come out of Russia this weekend
and should then be able to get an up date on these
funds.
We believe that the prospects are still favourable and
have every confidence in our part of the operation even
though we are working with only half truths.
At some point during 1992, James was repaid $42,000 out of
the funds that he had transferred to Quotum. James asked Brian
Wilcox to take steps to obtain a refund of the $250,000 insurance
deposit paid by Quotum. He also attempted to obtain information
regarding the deposit himself, but the insurance company refused
to provide any information.
By letter dated August 14, 1992, Thomas Ziegler, James’
lawyer, wrote to Sarah L. Argyle, a British barrister, setting
forth some of the background information regarding James’ claim
for return of his funds. Although Ms. Argyle wrote back,
outlining her fee arrangements and enclosing a list of questions,
the record does not indicate whether any legal action was taken
to recover additional amounts from Brian Wilcox, Wilcox
Engineering, or Houlder Insurance Services (Aviation) Limited.
On September 4, 1992, Donnelly filed a chapter 7 bankruptcy
petition which listed an unsecured claim by James in the amount
of $650,000. On December 10, 1993, the bankruptcy proceeding was
closed.
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Last modified: May 25, 2011