Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
The PDRexchange is not a bank. I would think they would have to set up a way to have the wire done by their bank, HSBC...and based on what I read, HSBC may not be the easiest to work with. Give them time...
that's wonderful!!!!
The long amount of time it's taking for people to get their money may be something that PNMS can't control. HSBC/Panama has had it's share of problems, and if they are the ones handling the financial things for PNMS, this could explain why PNMS' hands may be tied:
04/04/07 , 1586 words, 4007 views
HSBC PANAMA TROUBLES INCREASE
ARE JOSEPH SALTERIO'S DAYS AS A BANKER OVER?
A long list of troubles for HSBC Panama's General Manager Joseph Salterio grew even longer when newspaper "La Estrella de Panama" recently published an article, "Tras la pista de la Romana, S.A.," about how the assets of a family rice milling company were allegedly transferred into another company, defrauding the family co-owners. The complainant is Javier Tejeira, a legislator, and a co-defendant named in the criminal fraud complaint is Joseph Salterio, the general manager of HSBC - Panama and also one of the principals in the company that allegedly received the stolen assets.
Things aren't looking too good for HSBC Panama's General Manager. Sources say that local bank Banistmo turns out not to be worth what HSBC paid for it, which has upset the London headquarters' management. To add insult to injury, hundreds of clients have reportedly closed their accounts with Banistmo since the takeover. Most of them previously worked for the US Panama Canal administration, and their pensions were deposited directly in their Banistmo accounts. However, after HSBC took over, it was announced that Banistmo would no longer accept these direct deposits and instead charge a fee for depositing cheques. Clients were not amused and closed their accounts, even when Banistmo/HSBC hastily reversed the measure.
Expatriates complain about high and unexplained fees
Similarly, expatriates with accounts at HSBC Panama are complaining as well about unexplained high fees and appalling service. One reader closed her HSBC/Banistmo account and explained on an expat bulletin board: "(...) my savings account dropped below $2,500 several months ago and they charged me $10, although they advertise a minimum balance for savings account of $50. I made four trips to the bank and each time I was promised I would be credited the $10 immediately. Didn't happen. I went to the Banistmo again this week. I was told that the "manager" would have to approve the $10 credit. I said, "Get the manager in here." The supposed jefa said "He isn't here." At that point I held up a fairly large check written on a US bank that I had intended to deposit that day and tore it up in front of her. I went back yesterday and told them I wanted to close my accounts with them - savings and checking accounts. The minute I sat down, the person at the desk told the $10 had been credited. I said that I didn't care; that it had taken me four trips and a lot of time to screw around for the $10 they charged me in error."
Another expatriate wonders: "I found out that everytime I make a deposit to my HSBC savings account, they charge me a service fee. We were never told about this fee when we opened the account so we were not thrilled to see such charges. We thought we got it made in regards to banking here in Panama. We were allright with the 20 days requirement so we thought we would just deposit our US bank check a month ahead of need time. But in one month, they charged us $8.35 for such fees. It's not that much, but hey, in one year that would be more than $100. I really hope that there is a bank here in Panama City that could give
a better service."
And the third example out of many reads: "I have been a customer of HSBC in England and Panama. In England they were no worse than any other bank just OK in my book but no great shakes. In Panama they are a disaster. They took two months to open my account by which time I had transferred my money to another bank. They "approved" my mortgage two years ago, I am still waiting. I paid $850 worth of electricity bills on the internet which vanished into cyberspace and over a year later I am still waiting to get my money back. They never send my credit card bill on time and charge $25 if I pay late."
How HSBC's Salterio is sinking asset protection in Panama
The above comments by readers would be normal criticism by consumers in other countries, but in Panama similar writings have prompted HSBC to put the complete financial service industry in jeopardy.
As we reported earlier, HSBC Panama and HSBC USA sued former client Peter Gordon, an Australian/Canadian retiree living in Panama, because of fierce criticism of the bank which he posted on a Yahoo online group. But they didn't just sue, they also sequestered all assets in a Private Interest Foundation. These foundations are promoted by Panama's financial institutions as vehicles to protect assets against (frivolous) lawsuits and other mishap, and obviously the effortless piercing of such a foundation by HSBC has caused an uproar among other users of such structures.
Charly GarciaHow was this allowed to happen? Reading the case file, one stumbles across some familiar names in the US expatriate community in Panama. There is, for example, Kevin Bradley, an insurance broker and leading figure in the local Alcoholics Anonymous chapter, who calls himself "what a guy." There is also one Charly Garcia, a society dentist and Vice-President of The Panama Council of the Navy League of the United States. And there is of course Joseph Salterio, the banker, acquainted with both and also well known in Panama.
All figures with some stature, one would think. But, reading the file, it is hard to escape the impression that the case results from a plan hatched by a bunch of High School dropouts during a night of heavy drinking.
How did HSBC and Joe Salterio learn about the critical messages posted by former client Peter Gordon in the first place? Documents filed by HSBC as evidence show that dentist Charly Garcia forwarded them to Salterio's personal email address, together with the message: "For your information and use. [emphasis added] Posted today in Americans in Panama."
Sapo number one thus having done his work, it was time for sapo number two to enter the scene: a letter was written, edited and then signed by Kevin Bradley, referring to exactly those messages that Charly Garcia had already forwarded to Joe Salterio. In the letter, Bradley demanded immediate closure of his account. HSBC's General Manager Salterio replied, again referring to Gordon's messages which Charly Garcia had already forwarded to him, and personally took care of closing Bradley's account with just over $400 in it - unheard of in banking circles.
The five million dollar lawsuit for libel was filed, and a request was made to sequester the assets of the foundation. In that request, HSBC's lawyer Hector Infante conveniently misquoted an article from the law that regulates these foundations. He left out half a sentence (... "de los fines y objectivos de la fundacion..." for the connoisseur), and it now loosely appeared as if such a sequester would indeed be allowable. The judge, in his turn, never checked and approved the sequester.
Shortly thereafter, twelve agents showed up at Peter Gordon's residence and took away all furniture and other belongings. HSBC's lawyer told Gordon not to worry: the case could be settled right there if he would just sign on a one million dollar settlement. Gordon refused. Then a settlement of $500,000 was offered - still not bad for sending some emails and a couple of days work - but Gordon refused again.
The foundation's lawyer, Omar Selano of Aleman & Herrera, appealed against the sequester order and won. Then HSBC appealed that decision and won, with a decision by magistrate Eva Cal that insiders suggest may be the result of wheeling and dealing between HSBC and the court and which lawyers unrelated to the case described to us as "weird."
Obviously the foundation's lawyers then appealed that decision again, and now the case is awaiting a decision by the Supreme Court.
Or, more exactly: The future of the Panama Private Interest Foundations - there are almost 24,000 of them under the current law - lies now in the hands of Supreme Court Magistrate Carlos Cigarruista. If he allows the sequester to stand, that will most likely provoke an international financial scandal.
It's hard to imagine that, with all these cases being picked up by the local and international press, Salterio would be able to represent and lead HSBC bank in Panama and have the bank for example participate in lucrative deals to finance the expansion of the Panama Canal. The London HSBC headquarters already inquired if Peter Gordon and the foundation would agree on each party paying his own legal fees and withdrawal of the case. That offer was also refused.
"In Panama, they're not used to a foreigner who fights back," lawyer Omar Selano told The Noriegaville News. "Generally, if something like this happens to Panamanians, they'll start to negotiate. But my client won't. As soon as the assets are released there will be a lawsuit against HSBC and probably others, and this may cost them a lot of money," Selano said.
Permalink 21 comments
Where is FatDog??????this board is missing something when FD isn't here....
Does Sokolove have a number?????
I don't think Burke is the only one who received shares. The company that is handling the Reality Racing Merchandise ( which STILL has not been delivered, although they have TAKEN the money) has shares as well.....
maybe because RR is NOT one of Spike's shows, but rather an infomercial?
OMG!!! read #6 Going Concern.....
My PDRs have shown up in my account...and I put a few up for sale...and it's still pending....nothing all day...
Why would you people want unsuspecting investors to get into this HOT MESS? If the company were visibly doing something to advertise and get the word out, ok maybe....but right now...this is not a good investment. I for one would not want people in this cesspool......
fair enough....and congratulations on working that in! Meanwhile the company, who I'm told have reps who read this board, is leading the faithful sheep towards the pack of wolves...and giving less than a darn about it!
I agree...however those who DID do DD are still losing.....
I know personally a few sellers of large amounts of shares. People that I talked into buying who are now not pleased with me.LOLOL....
Has anyone sold any PDRs today? Bought any today? Everyone is bickering back and forth and no one is talking about actual PDRexchange activity.
like me...unlike others...I've lost money and am making it known that I am not happy about it!!!
Excellent post!!!!
I don't blame you for selling. I'm disappointed with what's going on...
LOLOLOL!! lord...is that what's happening to the shareprice? sinking like the titanic????
I agree with you...great post!
You know I luv ya Hogs!!!
That's just it...the show HAS improved. After each improvement, the pps drops!!!
Well, could you ask Jay, since he is a racing fan, to help out RRGI????
How long until they are driving full-size cars? How long until the living at the track episodes? How long til we see someone other Bobby Allison???
"We have to accept facts. The first two shows were POS, show three was a grade above and made it too the level of crap, show four went to the stink level and show five was oderless. It has gotten better as some have stated and I for one hope it continues that trend. "
LOLOLOL.....now THAT'S entertainment!
Scotchontherocksfla......you don't know what my agenda is, fiRSt...second, you spew whatever you want to to whomever you want to spew it. You try to get away from the REAL problem here by engaging in what is TRIVIAL. the FACT is that the shareprice is in the toilet.
Oh Lord....not a class-action lawsuit!!!!!!!
Who cares who the friends, family, and employees are??? What should be of more pressing concern is the 88% drop in share price or whatever it was. It continues to amaze me that some people are more concerned with what a stranger behind a computer posts as opposed to what the STOCK is doing!!!!
So it's the "bashers" who are hurting the stock. God forbid it's the lack of substantial information put out by the COMPANY! What is releasing the fact that the company is GIVING money away(sponsoring this festival), as opposed to MAKING money going to do for the stock???? The share price is at .035! LOL..unbelievable.....
For a new investor peeking in, it's actually VERY helpful. As much as some don't like to hear the truth, this stock IS currently in a free-fall. People don't like the MESSENGER, when in fact it should be the MESSAGE that upsets you. People are saying Saturday's show was the best ever....let's see how it's reflected in the pps.
hey shark, good to see ya!
when will we see the contestants living at the track? I think at that point it will be really good because we can then see the more human element to the reality show.
When will the contestants begin living at the track and the pros start mentoring? I think at THAT point we will see movement...
If RR is the biggest sponsor that this festival has, and according to the article that is the case, this is no big advertisement move! LOL
I am under the impression that Del has taken a more active role in what goes on with RR. He is actually calling some of the shots....
So Del Weston, who is on the panel of the AOF festival, and who also happens to be the low-budget director of Reality Racing, sponsors the AOF festival, when he should be paying more attention to making Reality Racing a success. He's out sponsoring others rather than getting sponsors for the show???
I can't believe that no one would post either way. It's going to come out sooner or later whether everything was as it was stated, or whether there were discrepancies. I would think, though, that once someone got their hands on cold,hard cash...they would be screaming to the heavens about it. On the flip side, if someone who sold PDRs doesn't get their money, they will be screaming to the heavens about that too!! Not everyone who is taking a chance on this is "in like flynn" with either faction.....and I'm sure they WILL be talking....LOL
Why on earth would someone want to keep good news quiet? Whether someone does or does not get their money is very important, especially for people who aren't involved in this pumpers vs bashers fray. It makes a big difference if someone actually GETS their money, or actually does NOT get their money. This company has nothing to hide, so what would the harm be in sharing the good news?
Were the PDRs ever added to your account?
This will put everything to rest: What is the current pps?
And it's logical to sit there and watch your money dwindle away and continue to think it's going to turn around? This thing was worth more BEFORE it aired. The pps continues to drop after EVERY show. Do you ever wonder why the company has not put out any numbers on viewership? or additional sponsors?
IF is more like it....this thingis going sub penny with those yahoos running it!