Finsac's ruined lives

[Lazie]

Well it was a tried solution and it worked well for the government but not the businessmen who were involved.

We had the quickest turn around in stopping the downturn but unlike other countries who were in the same bout the private sector was dead and hasn't been rebuilt 10 years later.

Worked well for government? Really? How much did FINSAC cost us again?

[Me]

Tell me how you expect to be treated if you cannot fulfill and or meet your obligations?

i) Should there be demand for payment?

ii) ...and what if a personal guarantee for the loan by the 'gentle 78 year old man' was a condition for approval and disbursement?

Boss...is it not before you 'dive in' that you should know your obligations?

...and if you decide the risk was worth taking...and you lose...should you be man enough to live by what you with open eyes jumped into? ...why come when you lose, crying - poor me?!

It was no damn "poor me"! You had the 'balls' to take the plunge. You should be, based on 'cold assessment', either respected for having 'the balls' to take plunge...

....or if the assessment showed the effort had not a chance in hell of succeeding and may have been fool-hardy rightly told that was "not such a good move".

In any case - Get up off yuh backside...wipe yuh behind and get going again. After all is said and done...not one penny of what we 'make' shall go with us into the after-life.

So it should be okay for man to come in an confiscate you property, DESTROY it and still talk bout how much millions you owe when the destroyed assets valued more than the amount you owe?

I definitely see something wrong with that.

[Mosiah]

who flipped the script? omar?!?

[Hortical]

"As a result, the light and power company decided to buy only 532 of the close to 1,800 transformers

Did he have a written contract for the purchase of 1,800 transformers?

Small business manufacturing is an endangered species in Jamaica.

[Assasin]

As I said it was flipped more than once. Omar did his share

[Assasin]

who is us?

the people of Jamaica is not the government.

[MdmeX]

Read the letter again and you will see that this is "not on the up and up". In fact, it suggests that the gentleman may have bitten off more than he could chew...and thus by and of himself...put himself in the position in which he found himself!

Even so Karl, is that any grounds to walk into someone's business and DESTROY his raw materials and finished product?

[Muadib]

30,000 ?

Any of dem Black Businessmen ?

Sold like cattle to the man from Texas..

[MdmeX]

Tell me how you expect to be treated if you cannot fulfill and or meet your obligations?

i) Should there be demand for payment?

ii) ...and what if a personal guarantee for the loan by the 'gentle 78 year old man' was a condition for approval and disbursement?

Boss...is it not before you 'dive in' that you should know your obligations?

...and if you decide the risk was worth taking...and you lose...should you be man enough to live by what you with open eyes jumped into? ...why come when you lose, crying - poor me?!

It was no damn "poor me"! You had the 'balls' to take the plunge. You should be, based on 'cold assessment', either respected for having 'the balls' to take plunge...

....or if the assessment showed the effort had not a chance in hell of succeeding and may have been fool-hardy rightly told that was "not such a good move".

In any case - Get up off yuh backside...wipe yuh behind and get going again. After all is said and done...not one penny of what we 'make' shall go with us into the after-life.

For starters, if me can't fulfil my financial obligation, then seize my goods and put it towards my loan, but don't friggin walk in to my business and destroy my products and raw material! That is BULL****************!! That is tantamount to one can't meet them mortgage payment, and your lender come and burn down your house!!

Come on man, there are ways of doing things, Justice must not only be done, but appear to be done!

[Muadib]

If is a blackman serve him right fi trying to go into business.. him should recognize him place and leave dem tings to Chiney, Indian and Whiteman...

[Mosiah]

How did Omar flip the script?

[Karl]

So it should be okay for man to come in an confiscate you property, DESTROY it and still talk bout how much millions you owe when the destroyed assets valued more than the amount you owe?

I definitely see something wrong with that.

I am not buying that destruction of property nonsense? The letter is a 'lying piece' of crap!

Let us assume the 'receiver' was at fault where damages to property was concerned...do you (and does the letter writer) want me to believe that the "astute" businessman would not have taken steps to 'recover' for damages? Do not believe it for a minute...as that would assume that 'astute' gentle man is a fool!

---------------

...as to still owing - Have you ever heard about "deficiency judgements"? If you...any business person wants to get away from that...and commonsense tells us all that if we owe "X" the lending institution shall attempt to collect "X" and all associated charges and fees that have to be expended to make that collection. If assets have to be liquidated to assist in fulfillment of obligations...then so be it. If after the liquidation there is a deficiency then the lending institution has the right subject to the "loan contract" you entered in to take all appropriate steps to fully satisfy the debt.

[Muadib]

I cannot imagine 'Run Wid It' Omar flipping a script....

Him is more responsible and would never swap prudency for political expediency.

LOL !

[Muadib]

Karl.. yuh out of your depth here.. when wi discussing 9-5 I will call you.

[Assasin]

with his economic policies. devaluation, money crunch, and inflation. The man simple was not operating in the evironment he was before.

I can say this any business me a do a Ja I will not borrow one cent from a local bank. You do business and you know when completing a contract you get the resource with intention to settle when it done. Not all the time everything turn out right but sometimes some re-adjustment, refinacing and wiggle room is needed.

It is a government job to provide the environment for growth and production and if you don't call 60% devaluation, inflation and money crunch flipping the script then I can't help you.