Chris,
I am very interested in the statement you make about Barry Downey being
the CEO of Standard Reserve Issue Limited.
I made a comment about this a few weeks ago and got a angry response from
Barry concerning the inaccuracy of this statement:
(snip)
Your facts are not correct. A trust had been negotiated by me, but
never implemented by Standard Reserve. A public statement with the
facts should be forthcoming soon. I would appreciate your getting the
facts correct, or at least checking the facts with me, if you are going
to use my name in a statement by you.
(snip)
I was basing my opinion on Barry being manager of the Trust on the
information distributed by Elwyn Jenkins and George M. at their conference
in August of 2001. As you can see from the statement above, Barry claims
this "was never implemented by Standard Reserve". So, if the trust was
negotiated, but never implemented, was Barry *really* in charge of being the
"watchdog" of funds? OR was he just a CEO, on payroll (ummm...more
overhead!) without any responsibility since the trust was "never
implemented" by SR?
Who *specifically* (job description please, not a particular name)
should have caught the dipping into the customer deposits at SR? The Board
of Directors? The Comptroller? The accounting firms? How did Elwyn
accomplish this without ANYONE knowing about it? Smells like more than JUST
Elwyn HAD to know what he was doing based on the complicated number of
safeguards they CLAIMED PUBLICLY were in place to prevent such happenings.
Looks like you are left to sort out the mess that is took place before
you got there. So, if Ancien Limited is forcing SRHL into bankruptcy, who
will get first crack at the assets (offices, equipment, houses in the BVI's,
Elwyn's condos in Atlanta, Elwyn's condos in Canada, etc) that are sold
off? Should the account holders be compensated FIRST or should the investors
(Doug and Barry) be compensated first? I am asking for your opinion on the
matter, not a legal decision. And, what happened to the stock SRHL owned in
e-gold, Ltd? Does it have any value? Is that listed as one of the assets
that will be liquidated by the bankruptcy?
Seems strange to me that those who SHOULD HAVE been making sure the
funds were there in the first place would be the first compensated since the
funds WERE NOT.
Of course, if someone from e-Gold, Ltd/G&SR would explain the situation
all this speculation would be mute.
Hear no evil, see no evil....(or is that monkey see, monkey do??)
Eric
----- Original Message -----
From: "Chris Gallant" <[EMAIL PROTECTED]>
To: "e-gold Discussion" <[EMAIL PROTECTED]>
Sent: Monday, July 08, 2002 7:27 PM
Subject: [e-gold-list] Re: E-Gold Management integrety
> Although you are right about e-gold being an investor of Standard
> Transactions and that directors may or may not have known the situation,
> let us not forget that Barry Downey is the CEO of Standard Reserve Issue
> Limited, the company that was set-up to protect the customers accounts.
>
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