Tuesday, June 02, 2009 9:23:18 AM
VTPK scam company that is probably bankrupt and likely to be the target of a criminal investigation
Report
On
Vertigo Theme Parks Inc
And
Related Entities.
MAY- 2009.
Preamble. I was asked to look over a project that was being undertaken in Buga Colombia to build what was being promoted as the largest theme park in that country.
The party who invited me to make an in-view of the project said that Vertigo’s directors had made a share deal to raise working and development capital with a party in Australia, but that this had not been completed because of problems in transferring shares.
Over the next nine months or so, various scenarios were presented to me by an individual who was acting as an agent to raise finance for Vertigo. It was not until sometime around February of this year that I was told that Vertigo was engaged in raising funds out of a Venezuelan Central Bank bond that had come into its possession.
At one point the Florida entity Vertigo was allowed to drop of the register and was reinstated afterwards.
The main individuals who are the controlling minds of the various entities involved in this collection of corporate entities are: Estuardo Benavides, (also known as Stuart Benavides), Kevin D Johnson, and Robert B Cook who is an attorney licensed in Florida and Georgia to practice law. All these individuals reside in Florida.
The companies are:
Vertigo Theme Parks Inc incorporated in Nevada.
Vertigo Theme Parks Inc incorporated in Florida.
CLUB ECUESTRE ESTANCIA DE LA PAZ - CEDELPA S.A (Buga)
Gutemen Investment Corporation (Florida)
EMERALD INVESTMENT TRADERS, LLC (Florida)
E-MONEE.COM.INC. (Florida)
SNAP2 CORPORATION (Florida)
At this present time the best information that has been found and can be presented as findings of fact present incontrovertible evidence that the Vertigo Theme Park development is effectively bankrupt.
The companies that are woven in and out of the fabric of the project are either entirely without funds, or have the bare minimum. Others significantly are in default and are in the process of being kicked off the register for failure to file and pay annual charges.
The important questions which go to the reasons why this project is in the condition it is are outside the scope of this report. It may be any number of reasons, anything from bad luck, incompetence on the part of the promoters or deliberate fraud, or any combination.
To begin with it is usual to ask if any of the promoters of such a project as a theme park have any actual experience of running such an undertaking. In this case none of the main protagonists involved have any such experience. In the main Benavides and Johnson have plenty of corporate entities previously registered, but not one of them could be said to have been substantial. Cook is a lawyer who also acts as a corporate agent in Florida and again I have not found any company he has been involved in that was substantial. None of the players in Vertigo has a background of setting up or running a multi-million dollar project that has been identified to date.
It was reported in El Pais the main newspaper for the Buga region on October 19th 2008 that the main company CLUB ECUESTRE ESTANCIA DE LA PAZ - CEDELPA S.A was in serious financial difficulties. The Company had been fined for environmental damage and breaches of local laws to the tune of $2 million dollars which had not been paid.
In the three years that have passed since the project was announced doubts have grown steadily. At that time it was stated that the park would be ready in January 2008 and its second phase in operation by August of that year. All these dates are missed, hence the resentments of the people, investors and local government departments.
The article went into some depth regarding the funds that had been taken in from individuals who had purchased advanced tickets under a “season” scheme and what had happened to that money.
What is seen in these three years have been working infringement claims payments, fines for violating environmental standards of the CVC and a complaint with the Attorney for the alleged offenses of fraud and threats of
“displacement ", that are recorded in a motion dated August 29, 2008,
There are significant problems and not only with the actual physical location. A look on YouTube for example shows the real condition of the site in Buga. That and comments from locals about people at the site not having been paid for upwards of six months taken with the full context of the information in the newspaper article makes an inevitable foregone conclusion that this project is in a state of collapse.
What is significant is how this project was set up and the companies used to do it.
The company CLUB ECUESTRE ESTANCIA DE LA PAZ - CEDELPA S.A (Buga) is on record and has an address in Cali at Carrera 9# 9-49 Edificia Residencia Aristi Building, 4th Floor, Cali. According to one publicity document this company is 80% owned by EMERALD INVESTMENT TRADERS INC which is an Estuardo Benavides company. One of the main sponsors of Vertigo is stated to be E-Money, this another Benavides company which is also like Emerald Investment Traders Inc without funds or activity in it.
According to Benavides in the interview he gave to El Pais it was the Florida Company Vertigo Theme Parks Inc that went to Nevada and merged with a corporation so that it could have its shares trading on the OTCBB.
The official records of the Florida Company show all the officers’ names and it is possible to check the records to see what companies an individual is involved with. A check on both Estuardo and Stuart Benavides will prove that he has never been an officer of Vertigo Theme Parks Inc in Florida. A check at the Department of State in Nevada will also confirm that he has never been an officer of Vertigo Theme Parks Inc in that state. Kevin Johnson however, holds all the posts in both the Florida and Nevada entities.
Benavides has no legal status within the Vertigo companies as an officer / director of them.
It was claimed in one press release that Vertigo Theme Parks Inc, Nevada had been incorporated with an investment of $175 million USD, that is completely untrue.
In the El Pais article Benavides stated that a Colombian Bank (supposedly involved) was useless and did not believe in the project and they had to leave the bank to seek other funding. In the same sentence he then stated that he had managed to secure 500 small investors out of the Nevada shares, and a major achievement was in the purchase of $300 million USD from a “Mexican conglomerate”. He insisted that this could become $700 million.
The Mexican conglomerate is worthy of closer examination. The definition of the word conglomerate is a corporation consisting of several different companies operating in different businesses, often in more than one country.
According to the Corporate Resolution of Club Ecuestre Estancia De La Paz S.A. dated 7th January 2009, the directors are stated as Estuardo Benavides and Robert B Cook. The Mexican Company is identified as Reciclados Plasticos de Minatitian S A de C V. in the resolution it is rehearsed that the Mexican company had defaulted on the agreed purchase of the $308 million dollars of shares. However, it was stated that in spite of its best efforts it was unable to complete the purchase, however, it did give to Club Ecuestre a bond to the value of $750 million dollars so that it could in turn transfer that to an entity of its choice. It was not elaborated why a company would in the first place transfer such a financial instrument to satisfy a stated liability of $380 million dollars when the instrument has a face value of $750 millions. Nor was it explained in the Resolution why having obtained the bond out of the Mexican company it would then give it away to another entity. Did the Mexicans get their 70 million shares? Did they get $750 million worth of shares in Vertigo Theme Parks Inc Nevada?
Are we to take it as read that Club Ecuestre is a majority shareholder in the Vertigo Theme Park entities in Florida and Nevada? Who owns Gutmen Investments Inc? The answer is in the Resolution it is plainly stated that Gutmen is a subsidiary of Club Ecuestre. In other words it is controlled by the same individuals. Benavides signed a document as President of Gutmen, he is now on the public record as an officer of the company although not at the time of the signing of the Resolution.
There is nothing in the Resolution that can identify positively the Mexican company apart from the name which is misspelt. Have checked at the Mexican Government Companies Registry for Reciclados Plásticos de Minatitlán as well as the spelling as given on the Resolution but have not been able to secure information about it. I have found a company of this name at Constitution B, Local No2, Col. La Bomba, Minatitlan, Veracruz that is a Sociedad Anonima. I will leave it to other investigations to establish if this is in fact the same company as cited in the Resolution of the 7th January 2009.
The Resolution states the origin of the Global Bond out of the Central Bank of Venezuela and as with the Mexican company there is nothing stated that can positively identify the specifics of it. Subsequently a PDF was produced with the detailed information within it.
Turning to the Corporate Resolution of Gutmen Investment Corporation dated the 6th of February 2009. It is stated that a majority of the board of directors were present. Taken from the public record at Sunbiz, the directors of record are:
COOK, ROBERT B, title PD.
COOK, STEPHEN D title SD
COOK, LESLIE A title D
COOK, JONATHAN R title D
On the 5th of February 2009 the Division of Corporations was sent a letter from Somerset Creamery Inc to advise that it was changing its name to GUTMEN INVESTMENT INC. The letter is signed by Stuart Benavides, 3109 Vista del Mar, Margate Florida 33063. There is a further document attached and that is signed by Stuart Benavides who styles himself as President of Gutmen Investment Corp.
It was stated that the purpose of the meeting was to authorise Robert B Cook as agent for the Corporation, which is somewhat strange as a Director of the Corporation needs no such authorisation because he is de-facto an agent of the Corporation.
I am citing the exact copy of the Resolution:
“The Global Bond has been issued by the Banco Central de Venezuela for humanitarian projects according to Decree number 5557 of November 13, 2001.” Then. “The Corporation will use the proceeds of the financing transaction to complete the construction and the development of the theme park to be operated by Vertigo Theme Parks, Inc., a public company charted in the United States of America, adjacent to the city of Buga, Colombia, which is the home of an important religious shrine, visited by millions of worshippers each year. The theme park will employ many thousands of Colombians that would otherwise not be able to obtain a living wage, as well as create many business opportunities for Colombian entrepreneurs to start up a business, and expand the business throughout Colombia.”
A small observation is that the people who are presently owed wages by this project might be happy just to be paid what they are owed now.
And. “Estuardo Benavides hereby certifies that he is duly elected and qualified as Director / Secretary and the Custodian of the Books of Record and the Seal of Gutmen Investment Corp., a corporation duly formed pursuant to the Laws of Florida, and the foregoing is a true Record of Resolution duly adopted at a special meeting of the board of”. The bottom half of the Gutmen Resolution is in fact belonging to Club Ecuestre and is signed by Benavides as President / Chairman. .
What is clear about this project is that smoke and mirrors are being used to present the impression that hundreds of millions of dollars are washing around just waiting to be used in Buga.
The reality is that nothing is happening in Buga except a growing chorus of people protesting about the non-payment of bills and wages and the local government either cancelling permits or worse still inflicting large dollar fines, currently standing at $2 million dollars.
The main hub company ‘Cedelpa S. A. is described as a conglomerate of eleven companies in the newspaper story, but this is not confirmed. What is confirmed is that Benavides and Cook have stated that they are directors but that is not verified by examination of public records in Buga as yet.
One of the most significant questions as yet unanswered is why would anyone attempt such a project in such a location without a clear assurance of the necessary funds being in place?
Benavides has stated that he had spent twelve months attempting to assist the Mexican company find the money to buy the shares they had he says contracted to buy. The reality of a contract to buy shares is that they could have avoided the contract easily without handing over any Bank Bond for hundreds of millions more than the “agreed” price for the shares in Vertigo. It simply makes no business sense as described.
The question of how it came to be that a Mexican company the recycles plastic came to have a $750 million dollar Venezuelan Central Bank Bond for “humanitarian purposes” has yet to be answered.
The Bond as described in the PDF is real enough in that is has been checked out and found to be listed on the Dusseldorf Exchange. What is anomalous is that the information shows the bond in the name of Gutmem Investment Corp not Gutmen as stated in the Resolution. As yet it has to be confirmed who this particular bond is owned by, or what the facts are entirely.
What happened was that Cook and another party said that they went to Dubai to secure a line of credit out of the Commerce Bank. It was said that the final document from the Transfer Agent (Deutsch Bank in Luxembourg) was problematical and they failed to achieve the funds.
Another party was somehow involved called Andreas Gros who operated out of a newly incorporated company in the UK called Pedrini Capital Limited based in a mailbox at Coddan’s 5 Percy Street, London, office number 5.
Andrea Gros has a history of grand sounding schemes involving super yachts and the purchase of former Naval Dockyards in Santa Barbara, where he also claimed to have an address. He was being chased by yacht designers who had been dealing with him previously. The website for Pedrini Capital is a confection of claims that are ludicrous and the website has no mention of him or telephone numbers. Moreover, the office address on the letter head and the actual name of the company did not check out in Switzerland. The address has been used previously by boiler room operators based in Canada. He was said to be going to provide cash out of the bond for Gutmen, he didn’t of course and slipped away and has not been mentioned since.
I approached a contact in the Deutsch Bank in London to see it would be possible to have the bond’s bona fides established. In addition to which I contacted a bond trader associate who requested that Gutmen’s directors send a letter of authority to the Deutsch Bank so that the Transfer Agent in Luxembourg (also the Deutsch Bank) could provide the confirmations to allow the bond traders to establish the value, and viability of the bond for trading.
After repeated requests for the document to be sent over from Gutmen I was told that it would not be sent because Gutmen had made a deal with the HSBC Bank in Hong Kong. The details of that are yet to be revealed.
Vertigo Theme Parks Inc as listed on the OTCBB has its shares trading at around 3 us cents there have been small sales of shares throughout the past eight months. Kevin Johnson has made several news releases using Business Wire over the period. The brokers who deal in OTCBB shares are hardened highly experienced individuals who are not impressed with publicity that is either obviously fake or can be checked out in five minutes and revealed as third rate manipulation based upon nothing of substance.
In this project because of the fact that the same individuals are creating and controlling the various companies it means that claims of funding out of a company such as Gutmen have no credibility at all. In less than five minutes the brokers can check and see that Gutmen was name changed out of Somerset Creamery Inc, and what did that company have to do with finance?
Then there is the careful omission both in the publicity given to the OTCBB regarding the Bond’s origin and how that came to be in play.
What are the objectives of the individuals involved in this project? If it is to secure the hundreds of millions of dollars to sort out this present mess, the methods they have employed to achieve that have been singularly odd, if not bordering on the bizarre.
Would it not seem obvious that having acquired a bank bond worth $750 million dollars the people who should have been told of that are in Buga and the Colombian Bank? Is it not also an obvious thing to do that the journalist who conducted the interview with Benavides in October 2008 from El Pais should have been somewhere near top of the list to be phoned and spoken to? However, the publicity release to Business Wire revealing Gutmen was dated 2nd of April 2009, would it not have been something of a major scoop for El Pais to have had the full story before that date.
This is really at the heart of the difficulties with this entire story, the people who are involved do not behave in the expected and usual business way. A project of this size and cost, with the elements both financial and political that must be handled in a proper way or a disaster is more than likely as an outcome, which is exactly what is being shown in Buga with this project’s failure to get off the ground.
Each of the stages that have been revealed and then examined demonstrates a serious divergence from the expected and usual business practice that diminishes the overall credibility of the entire project leading to the growing suspicion that at the very core is a driving dynamic of fraud.
The publicity that has been released on the 1st of May 2009 is substantially misleading if not outright fraudulent; it does not make it clear that Gutmen Investment Corporation is a subsidiary of Vertigo Theme Parks Inc which it must do under the regulations and investment laws. Moreover, as the same behind the scenes individuals are involved in every company in the circle that fact is conspicuously absent from any publicity out of Vertigo.
The Bond has never been absolutely established as being in either the ownership or control of Vertigo or Gutmen Investment Corp.
There has been no demand made upon the promoter and controllers of the named corporations involved in this circle, to produce corroborative evidence to prove the assertions that have been made regarding the Bond, nor has there been any production of bank statements or accounts to show what has been done with money that has been placed into the hands of the promoters.
In my considered view, the anomalies in the stories that have been promulgated by the promoters in this circle are so jarring and so conflicted as to generate the very strong suspicion that the single motivation force is deception.
A review of the facts that can be established would lead to the conclusion that the Securities and Exchange Commission would take a very keen interest in this matter, and would the other regulatory authorities having an interest in such matters as would investigatory branches such as the Federal Bureau of Investigation because of the cross-state nature of the corporations involved in this.
If substantial funds have been provided to the promoters on the basis of the publicity material reviewed and other statements, the safe harbour provisions accepted under which such statements are made, would not be enough to prevent the very real possibility of the promoters being at significant risk of investigation, arrest and prosecution for securities fraud at the very least.
Moreover, under the provisions of RICO (RICO, or the Rackateer Influenced and Corrupt Organizations Act, is a federal law which makes it a crime to conspire, create, or participate in any criminal enterprise or purpose. If any person seeks to support, participate in, assist, organize, etc., in a criminal act, criminal process, or criminal enterprise, then that person has violated RICO. Because the penalties associate with RICO can be enforced against the lowest member of any criminal enterprise, and the lower members of criminal enterprises are normally the first caught by the authorities, it provides the authorities with a way to criminalize a person's actions from the bottom of the organization to the top, even if the "top" members are not physically caught committing a crime. Simply their association with the criminal act can be enough to put them out of business) a class action on the part of a number of aggrieved investors out of Europe, USA, and South America could result in significant penalties being inflicted upon the promoters if adjudge guilty of criminal conduct.
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Diario El Pais SA Cra 2 No. 24-46 Tel (572) 8987000 Cali Colombia
Report
A 'miracle' that produces vertigo
October 19, 2008
Vertigo Park three years ago was an ambitious project to build a park rides in Buga. Today promises to be the largest holding company in the hospitality industry in the region. Doubts surround the site.
Investigative Unit
There is concern among the guild Valley hotel after he Cedelpa SA, announced last month its new tourism project sharing, which built beside the park rides Vertigo, 250 hectares located in the leaks of Buga.
Cedelpa is the center of gravity of a holding company that supports the operation in Colombia of Vertigo Theme Park, Inc., a company registered in Florida, United States. The business conglomerate is composed of eleven companies and one American, whose founder is a global leader and Estuardo Benavides (See organizational chart).
According to the lawyer and builder in Colombia, Raul Orozco, the total investment for this mega project will range between $ 600 and $ 700 million, which at the current exchange rate would be $ 1.4 billion, a sum equivalent to seven times the investment in the country hotel industry between 2003 and 2006, according to figures from the Ministry of Tourism. Negligible amount of money equal to the budget officer of Cali in 2008.
This amount and 770 villas for ten people each (full capacity of 7,700 people, over 10,000 visitors who fit into the park), with which the mega project in their area of tourism share, converted from overnight to Vertigo one of the largest hotels in the country. Cotelvalle in spite of this, the entity that join the industry in the region said they did not know the scope of the project and not part of the developments that have their endorsement.
In addition to the resort, this ambitious work includes a mechanical amusement park, roller coaster, which will house the world's largest (Vertigo Force with 4.7 km long and an average speed of 190 kilometers per hour), several attractions of science fiction that will be advised by George Lucas and Steven Spielberg, and in its final stage will Acuaparque, explained to this newspaper lawyer Orozco, one of the spokesmen of Vertigo.
To understand the scale of the business is enough to compare the ability of Estelar Hotels, the group's largest, with 1550 rooms in thirteen offices or projects that advance the current tour operator Hilton, Marriot and Aviatur in Bogotá, with three buildings for a total of 860 rooms, coupled with investments that do not reach $ 250,000 million, about $ 125 million.
Rosario doubt
The first thing that catches the attention of this initiative is that the reality has been chosen from a small rural town of Valle del Cauca.
In the three years that have passed since the project was announced doubts have grown steadily. At that time it was stated that the park would be ready in January 2008 and its second phase in operation by August of that year. All these dates are missed, hence the resentments of the people, investors and local and departmental governments.
Other obstacles that undermine the credibility of the project the main question is the origin of the resources to finance this' pharaonic 'work and how they are handling some money Vertigo shot through the pre-ticket to enter the park and management that it intends to give $ 20,000 to be paid by each of the investors interested in acquiring the quota for one week a year for 30 years, the development of tourism share.
At this point, the giant roller coaster that would be one of the great 'hooks' the park and other attractions that are only promised in the promotional brochures. What is seen in these three years have been working infringement claims payments, fines for violating environmental standards of the CVC and a complaint with the Attorney for the alleged offenses of fraud and threats of displacement ", recorded in a motion dated August 29, 2008, which bears the signature of Michelangelo Libreros Aponte, director of Branch Office in Buga.
Among the residents of nearby villages to work for the same rejection is increasing. And is that Quebradaseca, El Rosario de Fátima, Santa Barbara, bankruptcy, San Antonio, Guacara, Miravalle Monterrey and, what is at stake is the water supply and transit easement.
Lucely Valencia Muñoz, president of the Junta de Acción Comunal de El Rosario, and 104 people presented to the office of Mayor of Buga, on July 2, a complaint under the policing of the use and enjoyment of a right of transit. Reported that the closing of nearly three miles of the river that takes these people, project workers made Vertigo. "Preventing the walkway along the bed and horses mentioned by more than 50 years has served as a step to the inhabitants of the region to transport their products and enter pancoger inputs for their agricultural and livestock duties," says the complaint.
According to the curator city of Buga, Jorge Bermudez Valencia on July 25, 2007, through Resolution UC-006, was granted a license to Cedelpa SA, to develop the first part of the project, which would be in a area of 5045 square meters, with 2.5 million square feet that comprise Vertigo Park.
They thought the main building, two villas and 831 parking model.
According to the official, last May, led the project promoters to apply for the license to build a bullring in the park, "but never again."
Also, the Curator said that the Urban CVC has already issued two resolutions which will require the suspension of a license that he had asked the builders to make some explanations on the land.
For this reason, the environmental authority in the region with the project fined two million pesos which have not yet been repaid.
However, curator Bermúdez Valencia noted that the project is viable and is framed within the Land Management Plan, POT, Buga
For his part, Vice President of the Council of Buga, Uberney Tapasco Ramirez said that the issue of Vertigo Park has been treated several times in that corporation. "What I am proposing is that a trust is created where everyone contributed some resources to leverage the construction of this park, which would be the blessing for Buga," said the mayor to make the caveat that no personal or financial interest in the project.
Freddy Libreros, current mayor of Buga, summarizes the concerns and objections to the project thus: "It is regrettable that the pregnancy has taken them longer than advertised, which is not the progress of the works, and worse, that same business local people and was hired as an employee, today in protest of wage violations and other payments. "
He added that he draws attention that "although the paper shows sound financial scenarios, is not development, so I gave no endorsement as Mayor." He clarified that if the project is serious, you would like it to be a reality for Buga.
Other investors interviewed say they are concerned about the limited financial information is known.
Country researched through the official website of registers in Florida by two foreign companies that are part of the holding: Vertigo Theme Parks, Inc. and E-Monee.com, Inc. Both were inactive last week. E-Monee.com, Inc., continues, while Vertigo Theme Parks, Inc., was reinstated on Thursday October 16.
"We kiss the buttocks"
The countries located in the United States a global leader of this ambitious project, Estuardo Benavides, spoke to him about the doubts that threaten the project. He says that his funds' dream ', as it is called, with the contributions of ordinary people who accepted their offers.
Explains that the pre-ballot was only a market test and stated that collected about $ 15,000, that money was invested in the project, but said that those customers are, the right opportunity to enter the park when 100 is ready. "This experiment helped us understand that such a large work for other audiences, not just local," he concludes.
On the rural scene as Buga chosen has said that everything needed. "International Airport an hour, including flow of tourists to visit the 'Miracle' and good access roads."
Accepts that the original dates were not met, but he blames the national financial sector and the heavy rains of 2008. "The Colombian bank has been useless, did not believe in us and so we had to leave to seek other funding."
He explains that his company moved from Florida to the state of Nevada, for a merger and then include them in the stock exchange in United States. "So we get 500 small investors who purchased our shares, but as a major achievement that Mexican conglomerate bought a $ 300 million," says Benavides.
Counsel also referred to as his adviser Bob Allen header, however the website does not appear Allen Vertigo Theme Parks, in his list of customers.
When asked about the date of opening of the park and the total cost does not hesitate to assert that "to be ready in December 2008 some 50 towns and attractions, will be our test on a small scale, because we will have between 10,000 and 20,000 employees, depending on the number of people, then we must begin to educate them in the service. "
Benavides said that the project is U.S. $ 80 million starting in this small scale. "But now we know we have $ 300 million, depending on many factors that could raise up to $ 700 million."
Between the estimates of those who spoke in the interview with this newspaper, said that for every dollar invested in the park would bring a profit of U.S. $ 132, of which half would be the holding company for leading Cedelpa SA.
The employer accepts that there are fines of CVC and the demands by some late payments, but ensures that their business model requires that each member of the holding company to become self-sufficient, the problem came from one of its subsidiaries.
"We have dealt poorly with ingratitude and ignorance. Elsewhere in the world, with an investment like this, we kiss the buttocks, "he finally Benavides.
'The Lord of the Miracles'
Who is actually Estuardo Benavides, the man who wants to turn into a world tourist destination Buga?
Because of the magnitude of the project Vertigo Park, Estuardo Benavides, is already a legend to the inhabitants of Buga and its environs. Guatemalan descent, this visionary, as described by his wife Sandra Agreda, arrived in Medellin in mid-2004 stores doing business with some success and national banks that offered the products of E-Monee.com, Inc., a their companies dedicated to finance through the prepaid and is now part of the holding.
Benavides took the trip to learn about land located on the outskirts of Buga who bought his wife, who had received as a family inheritance. So there he took a taxi hired in Medellin and is now a partner in the holding, Gonzalo Salazar. Benavides maintains that seeing the beauty of the 250 hectares saw the mega project.
"I liked that all the people who spoke with asked me to build something out of the common," said Benavides El País.
Some people in the region, who requested the reservation of their identity, say otherwise. They say they came from the hand of a very popular priest, unbeatable in a very religious city. Some say that Benavides said he is indebted to Buga and the Lord of Miracles, it was saved from dying in an accident. Nobody remembers exactly where or how this occurred. The fact is that since the city came to the employer began the search for partners for their work.
"I'm going to make Buga in the world," would have told those gathered with him to hear the project. Among them were Edem José Angel Cabrera, president of the Council for the period. Also a former president of the Junta de Acción Comunal, close to the land of Benavides, who said that "talking about billions and that was to give work to more than 10,000 people."
Given the doubts that have been generated by the passage of time and little development of the works, Benavides said with the backing of the High Council for Competitiveness and Productivity of the Presidency of the Republic. "In 2007, the then director, Fabio Valencia Cossio, sent us a letter that acknowledges the importance of the project."
But the letter does not only relate to this subject, also denies the possibility that state money can buy tickets for admission to the park, at the stage of pre also called the list of foreign executives of Vertigo Theme Park, Inc. . who visited the country to see if it is possible to provide security.
"Our business model is based on two fundamental concepts, risk tolerance and road tests. This means that there will always be a margin of uncertainty, which is adjusted to the extent we do tests in hot, "said Benavides.
"Every change generates resistance, we have earned some enmity in the area affected by the project, but that only requires us to do more to reach the goal," said Benavides.
Figures
· $ 700 million dollars could be the final investment in Vertigo Park
· Expected to generate 20,000 direct jobs this project in the region
· 770 holiday homes will have the tourist area or resort timeshare
· Measured 250 acres where the lot is built Vertigo Park
· 1.4 million visitors a year is the balance point of the project
· $ 3.000 million worth of construction of the entrance to the town park
· Worth $ 2 million fine imposed by the CVC, which has not cancelled
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Phone:
Report
On
Vertigo Theme Parks Inc
And
Related Entities.
MAY- 2009.
Preamble. I was asked to look over a project that was being undertaken in Buga Colombia to build what was being promoted as the largest theme park in that country.
The party who invited me to make an in-view of the project said that Vertigo’s directors had made a share deal to raise working and development capital with a party in Australia, but that this had not been completed because of problems in transferring shares.
Over the next nine months or so, various scenarios were presented to me by an individual who was acting as an agent to raise finance for Vertigo. It was not until sometime around February of this year that I was told that Vertigo was engaged in raising funds out of a Venezuelan Central Bank bond that had come into its possession.
At one point the Florida entity Vertigo was allowed to drop of the register and was reinstated afterwards.
The main individuals who are the controlling minds of the various entities involved in this collection of corporate entities are: Estuardo Benavides, (also known as Stuart Benavides), Kevin D Johnson, and Robert B Cook who is an attorney licensed in Florida and Georgia to practice law. All these individuals reside in Florida.
The companies are:
Vertigo Theme Parks Inc incorporated in Nevada.
Vertigo Theme Parks Inc incorporated in Florida.
CLUB ECUESTRE ESTANCIA DE LA PAZ - CEDELPA S.A (Buga)
Gutemen Investment Corporation (Florida)
EMERALD INVESTMENT TRADERS, LLC (Florida)
E-MONEE.COM.INC. (Florida)
SNAP2 CORPORATION (Florida)
At this present time the best information that has been found and can be presented as findings of fact present incontrovertible evidence that the Vertigo Theme Park development is effectively bankrupt.
The companies that are woven in and out of the fabric of the project are either entirely without funds, or have the bare minimum. Others significantly are in default and are in the process of being kicked off the register for failure to file and pay annual charges.
The important questions which go to the reasons why this project is in the condition it is are outside the scope of this report. It may be any number of reasons, anything from bad luck, incompetence on the part of the promoters or deliberate fraud, or any combination.
To begin with it is usual to ask if any of the promoters of such a project as a theme park have any actual experience of running such an undertaking. In this case none of the main protagonists involved have any such experience. In the main Benavides and Johnson have plenty of corporate entities previously registered, but not one of them could be said to have been substantial. Cook is a lawyer who also acts as a corporate agent in Florida and again I have not found any company he has been involved in that was substantial. None of the players in Vertigo has a background of setting up or running a multi-million dollar project that has been identified to date.
It was reported in El Pais the main newspaper for the Buga region on October 19th 2008 that the main company CLUB ECUESTRE ESTANCIA DE LA PAZ - CEDELPA S.A was in serious financial difficulties. The Company had been fined for environmental damage and breaches of local laws to the tune of $2 million dollars which had not been paid.
In the three years that have passed since the project was announced doubts have grown steadily. At that time it was stated that the park would be ready in January 2008 and its second phase in operation by August of that year. All these dates are missed, hence the resentments of the people, investors and local government departments.
The article went into some depth regarding the funds that had been taken in from individuals who had purchased advanced tickets under a “season” scheme and what had happened to that money.
What is seen in these three years have been working infringement claims payments, fines for violating environmental standards of the CVC and a complaint with the Attorney for the alleged offenses of fraud and threats of
“displacement ", that are recorded in a motion dated August 29, 2008,
There are significant problems and not only with the actual physical location. A look on YouTube for example shows the real condition of the site in Buga. That and comments from locals about people at the site not having been paid for upwards of six months taken with the full context of the information in the newspaper article makes an inevitable foregone conclusion that this project is in a state of collapse.
What is significant is how this project was set up and the companies used to do it.
The company CLUB ECUESTRE ESTANCIA DE LA PAZ - CEDELPA S.A (Buga) is on record and has an address in Cali at Carrera 9# 9-49 Edificia Residencia Aristi Building, 4th Floor, Cali. According to one publicity document this company is 80% owned by EMERALD INVESTMENT TRADERS INC which is an Estuardo Benavides company. One of the main sponsors of Vertigo is stated to be E-Money, this another Benavides company which is also like Emerald Investment Traders Inc without funds or activity in it.
According to Benavides in the interview he gave to El Pais it was the Florida Company Vertigo Theme Parks Inc that went to Nevada and merged with a corporation so that it could have its shares trading on the OTCBB.
The official records of the Florida Company show all the officers’ names and it is possible to check the records to see what companies an individual is involved with. A check on both Estuardo and Stuart Benavides will prove that he has never been an officer of Vertigo Theme Parks Inc in Florida. A check at the Department of State in Nevada will also confirm that he has never been an officer of Vertigo Theme Parks Inc in that state. Kevin Johnson however, holds all the posts in both the Florida and Nevada entities.
Benavides has no legal status within the Vertigo companies as an officer / director of them.
It was claimed in one press release that Vertigo Theme Parks Inc, Nevada had been incorporated with an investment of $175 million USD, that is completely untrue.
In the El Pais article Benavides stated that a Colombian Bank (supposedly involved) was useless and did not believe in the project and they had to leave the bank to seek other funding. In the same sentence he then stated that he had managed to secure 500 small investors out of the Nevada shares, and a major achievement was in the purchase of $300 million USD from a “Mexican conglomerate”. He insisted that this could become $700 million.
The Mexican conglomerate is worthy of closer examination. The definition of the word conglomerate is a corporation consisting of several different companies operating in different businesses, often in more than one country.
According to the Corporate Resolution of Club Ecuestre Estancia De La Paz S.A. dated 7th January 2009, the directors are stated as Estuardo Benavides and Robert B Cook. The Mexican Company is identified as Reciclados Plasticos de Minatitian S A de C V. in the resolution it is rehearsed that the Mexican company had defaulted on the agreed purchase of the $308 million dollars of shares. However, it was stated that in spite of its best efforts it was unable to complete the purchase, however, it did give to Club Ecuestre a bond to the value of $750 million dollars so that it could in turn transfer that to an entity of its choice. It was not elaborated why a company would in the first place transfer such a financial instrument to satisfy a stated liability of $380 million dollars when the instrument has a face value of $750 millions. Nor was it explained in the Resolution why having obtained the bond out of the Mexican company it would then give it away to another entity. Did the Mexicans get their 70 million shares? Did they get $750 million worth of shares in Vertigo Theme Parks Inc Nevada?
Are we to take it as read that Club Ecuestre is a majority shareholder in the Vertigo Theme Park entities in Florida and Nevada? Who owns Gutmen Investments Inc? The answer is in the Resolution it is plainly stated that Gutmen is a subsidiary of Club Ecuestre. In other words it is controlled by the same individuals. Benavides signed a document as President of Gutmen, he is now on the public record as an officer of the company although not at the time of the signing of the Resolution.
There is nothing in the Resolution that can identify positively the Mexican company apart from the name which is misspelt. Have checked at the Mexican Government Companies Registry for Reciclados Plásticos de Minatitlán as well as the spelling as given on the Resolution but have not been able to secure information about it. I have found a company of this name at Constitution B, Local No2, Col. La Bomba, Minatitlan, Veracruz that is a Sociedad Anonima. I will leave it to other investigations to establish if this is in fact the same company as cited in the Resolution of the 7th January 2009.
The Resolution states the origin of the Global Bond out of the Central Bank of Venezuela and as with the Mexican company there is nothing stated that can positively identify the specifics of it. Subsequently a PDF was produced with the detailed information within it.
Turning to the Corporate Resolution of Gutmen Investment Corporation dated the 6th of February 2009. It is stated that a majority of the board of directors were present. Taken from the public record at Sunbiz, the directors of record are:
COOK, ROBERT B, title PD.
COOK, STEPHEN D title SD
COOK, LESLIE A title D
COOK, JONATHAN R title D
On the 5th of February 2009 the Division of Corporations was sent a letter from Somerset Creamery Inc to advise that it was changing its name to GUTMEN INVESTMENT INC. The letter is signed by Stuart Benavides, 3109 Vista del Mar, Margate Florida 33063. There is a further document attached and that is signed by Stuart Benavides who styles himself as President of Gutmen Investment Corp.
It was stated that the purpose of the meeting was to authorise Robert B Cook as agent for the Corporation, which is somewhat strange as a Director of the Corporation needs no such authorisation because he is de-facto an agent of the Corporation.
I am citing the exact copy of the Resolution:
“The Global Bond has been issued by the Banco Central de Venezuela for humanitarian projects according to Decree number 5557 of November 13, 2001.” Then. “The Corporation will use the proceeds of the financing transaction to complete the construction and the development of the theme park to be operated by Vertigo Theme Parks, Inc., a public company charted in the United States of America, adjacent to the city of Buga, Colombia, which is the home of an important religious shrine, visited by millions of worshippers each year. The theme park will employ many thousands of Colombians that would otherwise not be able to obtain a living wage, as well as create many business opportunities for Colombian entrepreneurs to start up a business, and expand the business throughout Colombia.”
A small observation is that the people who are presently owed wages by this project might be happy just to be paid what they are owed now.
And. “Estuardo Benavides hereby certifies that he is duly elected and qualified as Director / Secretary and the Custodian of the Books of Record and the Seal of Gutmen Investment Corp., a corporation duly formed pursuant to the Laws of Florida, and the foregoing is a true Record of Resolution duly adopted at a special meeting of the board of”. The bottom half of the Gutmen Resolution is in fact belonging to Club Ecuestre and is signed by Benavides as President / Chairman. .
What is clear about this project is that smoke and mirrors are being used to present the impression that hundreds of millions of dollars are washing around just waiting to be used in Buga.
The reality is that nothing is happening in Buga except a growing chorus of people protesting about the non-payment of bills and wages and the local government either cancelling permits or worse still inflicting large dollar fines, currently standing at $2 million dollars.
The main hub company ‘Cedelpa S. A. is described as a conglomerate of eleven companies in the newspaper story, but this is not confirmed. What is confirmed is that Benavides and Cook have stated that they are directors but that is not verified by examination of public records in Buga as yet.
One of the most significant questions as yet unanswered is why would anyone attempt such a project in such a location without a clear assurance of the necessary funds being in place?
Benavides has stated that he had spent twelve months attempting to assist the Mexican company find the money to buy the shares they had he says contracted to buy. The reality of a contract to buy shares is that they could have avoided the contract easily without handing over any Bank Bond for hundreds of millions more than the “agreed” price for the shares in Vertigo. It simply makes no business sense as described.
The question of how it came to be that a Mexican company the recycles plastic came to have a $750 million dollar Venezuelan Central Bank Bond for “humanitarian purposes” has yet to be answered.
The Bond as described in the PDF is real enough in that is has been checked out and found to be listed on the Dusseldorf Exchange. What is anomalous is that the information shows the bond in the name of Gutmem Investment Corp not Gutmen as stated in the Resolution. As yet it has to be confirmed who this particular bond is owned by, or what the facts are entirely.
What happened was that Cook and another party said that they went to Dubai to secure a line of credit out of the Commerce Bank. It was said that the final document from the Transfer Agent (Deutsch Bank in Luxembourg) was problematical and they failed to achieve the funds.
Another party was somehow involved called Andreas Gros who operated out of a newly incorporated company in the UK called Pedrini Capital Limited based in a mailbox at Coddan’s 5 Percy Street, London, office number 5.
Andrea Gros has a history of grand sounding schemes involving super yachts and the purchase of former Naval Dockyards in Santa Barbara, where he also claimed to have an address. He was being chased by yacht designers who had been dealing with him previously. The website for Pedrini Capital is a confection of claims that are ludicrous and the website has no mention of him or telephone numbers. Moreover, the office address on the letter head and the actual name of the company did not check out in Switzerland. The address has been used previously by boiler room operators based in Canada. He was said to be going to provide cash out of the bond for Gutmen, he didn’t of course and slipped away and has not been mentioned since.
I approached a contact in the Deutsch Bank in London to see it would be possible to have the bond’s bona fides established. In addition to which I contacted a bond trader associate who requested that Gutmen’s directors send a letter of authority to the Deutsch Bank so that the Transfer Agent in Luxembourg (also the Deutsch Bank) could provide the confirmations to allow the bond traders to establish the value, and viability of the bond for trading.
After repeated requests for the document to be sent over from Gutmen I was told that it would not be sent because Gutmen had made a deal with the HSBC Bank in Hong Kong. The details of that are yet to be revealed.
Vertigo Theme Parks Inc as listed on the OTCBB has its shares trading at around 3 us cents there have been small sales of shares throughout the past eight months. Kevin Johnson has made several news releases using Business Wire over the period. The brokers who deal in OTCBB shares are hardened highly experienced individuals who are not impressed with publicity that is either obviously fake or can be checked out in five minutes and revealed as third rate manipulation based upon nothing of substance.
In this project because of the fact that the same individuals are creating and controlling the various companies it means that claims of funding out of a company such as Gutmen have no credibility at all. In less than five minutes the brokers can check and see that Gutmen was name changed out of Somerset Creamery Inc, and what did that company have to do with finance?
Then there is the careful omission both in the publicity given to the OTCBB regarding the Bond’s origin and how that came to be in play.
What are the objectives of the individuals involved in this project? If it is to secure the hundreds of millions of dollars to sort out this present mess, the methods they have employed to achieve that have been singularly odd, if not bordering on the bizarre.
Would it not seem obvious that having acquired a bank bond worth $750 million dollars the people who should have been told of that are in Buga and the Colombian Bank? Is it not also an obvious thing to do that the journalist who conducted the interview with Benavides in October 2008 from El Pais should have been somewhere near top of the list to be phoned and spoken to? However, the publicity release to Business Wire revealing Gutmen was dated 2nd of April 2009, would it not have been something of a major scoop for El Pais to have had the full story before that date.
This is really at the heart of the difficulties with this entire story, the people who are involved do not behave in the expected and usual business way. A project of this size and cost, with the elements both financial and political that must be handled in a proper way or a disaster is more than likely as an outcome, which is exactly what is being shown in Buga with this project’s failure to get off the ground.
Each of the stages that have been revealed and then examined demonstrates a serious divergence from the expected and usual business practice that diminishes the overall credibility of the entire project leading to the growing suspicion that at the very core is a driving dynamic of fraud.
The publicity that has been released on the 1st of May 2009 is substantially misleading if not outright fraudulent; it does not make it clear that Gutmen Investment Corporation is a subsidiary of Vertigo Theme Parks Inc which it must do under the regulations and investment laws. Moreover, as the same behind the scenes individuals are involved in every company in the circle that fact is conspicuously absent from any publicity out of Vertigo.
The Bond has never been absolutely established as being in either the ownership or control of Vertigo or Gutmen Investment Corp.
There has been no demand made upon the promoter and controllers of the named corporations involved in this circle, to produce corroborative evidence to prove the assertions that have been made regarding the Bond, nor has there been any production of bank statements or accounts to show what has been done with money that has been placed into the hands of the promoters.
In my considered view, the anomalies in the stories that have been promulgated by the promoters in this circle are so jarring and so conflicted as to generate the very strong suspicion that the single motivation force is deception.
A review of the facts that can be established would lead to the conclusion that the Securities and Exchange Commission would take a very keen interest in this matter, and would the other regulatory authorities having an interest in such matters as would investigatory branches such as the Federal Bureau of Investigation because of the cross-state nature of the corporations involved in this.
If substantial funds have been provided to the promoters on the basis of the publicity material reviewed and other statements, the safe harbour provisions accepted under which such statements are made, would not be enough to prevent the very real possibility of the promoters being at significant risk of investigation, arrest and prosecution for securities fraud at the very least.
Moreover, under the provisions of RICO (RICO, or the Rackateer Influenced and Corrupt Organizations Act, is a federal law which makes it a crime to conspire, create, or participate in any criminal enterprise or purpose. If any person seeks to support, participate in, assist, organize, etc., in a criminal act, criminal process, or criminal enterprise, then that person has violated RICO. Because the penalties associate with RICO can be enforced against the lowest member of any criminal enterprise, and the lower members of criminal enterprises are normally the first caught by the authorities, it provides the authorities with a way to criminalize a person's actions from the bottom of the organization to the top, even if the "top" members are not physically caught committing a crime. Simply their association with the criminal act can be enough to put them out of business) a class action on the part of a number of aggrieved investors out of Europe, USA, and South America could result in significant penalties being inflicted upon the promoters if adjudge guilty of criminal conduct.
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Report
A 'miracle' that produces vertigo
October 19, 2008
Vertigo Park three years ago was an ambitious project to build a park rides in Buga. Today promises to be the largest holding company in the hospitality industry in the region. Doubts surround the site.
Investigative Unit
There is concern among the guild Valley hotel after he Cedelpa SA, announced last month its new tourism project sharing, which built beside the park rides Vertigo, 250 hectares located in the leaks of Buga.
Cedelpa is the center of gravity of a holding company that supports the operation in Colombia of Vertigo Theme Park, Inc., a company registered in Florida, United States. The business conglomerate is composed of eleven companies and one American, whose founder is a global leader and Estuardo Benavides (See organizational chart).
According to the lawyer and builder in Colombia, Raul Orozco, the total investment for this mega project will range between $ 600 and $ 700 million, which at the current exchange rate would be $ 1.4 billion, a sum equivalent to seven times the investment in the country hotel industry between 2003 and 2006, according to figures from the Ministry of Tourism. Negligible amount of money equal to the budget officer of Cali in 2008.
This amount and 770 villas for ten people each (full capacity of 7,700 people, over 10,000 visitors who fit into the park), with which the mega project in their area of tourism share, converted from overnight to Vertigo one of the largest hotels in the country. Cotelvalle in spite of this, the entity that join the industry in the region said they did not know the scope of the project and not part of the developments that have their endorsement.
In addition to the resort, this ambitious work includes a mechanical amusement park, roller coaster, which will house the world's largest (Vertigo Force with 4.7 km long and an average speed of 190 kilometers per hour), several attractions of science fiction that will be advised by George Lucas and Steven Spielberg, and in its final stage will Acuaparque, explained to this newspaper lawyer Orozco, one of the spokesmen of Vertigo.
To understand the scale of the business is enough to compare the ability of Estelar Hotels, the group's largest, with 1550 rooms in thirteen offices or projects that advance the current tour operator Hilton, Marriot and Aviatur in Bogotá, with three buildings for a total of 860 rooms, coupled with investments that do not reach $ 250,000 million, about $ 125 million.
Rosario doubt
The first thing that catches the attention of this initiative is that the reality has been chosen from a small rural town of Valle del Cauca.
In the three years that have passed since the project was announced doubts have grown steadily. At that time it was stated that the park would be ready in January 2008 and its second phase in operation by August of that year. All these dates are missed, hence the resentments of the people, investors and local and departmental governments.
Other obstacles that undermine the credibility of the project the main question is the origin of the resources to finance this' pharaonic 'work and how they are handling some money Vertigo shot through the pre-ticket to enter the park and management that it intends to give $ 20,000 to be paid by each of the investors interested in acquiring the quota for one week a year for 30 years, the development of tourism share.
At this point, the giant roller coaster that would be one of the great 'hooks' the park and other attractions that are only promised in the promotional brochures. What is seen in these three years have been working infringement claims payments, fines for violating environmental standards of the CVC and a complaint with the Attorney for the alleged offenses of fraud and threats of displacement ", recorded in a motion dated August 29, 2008, which bears the signature of Michelangelo Libreros Aponte, director of Branch Office in Buga.
Among the residents of nearby villages to work for the same rejection is increasing. And is that Quebradaseca, El Rosario de Fátima, Santa Barbara, bankruptcy, San Antonio, Guacara, Miravalle Monterrey and, what is at stake is the water supply and transit easement.
Lucely Valencia Muñoz, president of the Junta de Acción Comunal de El Rosario, and 104 people presented to the office of Mayor of Buga, on July 2, a complaint under the policing of the use and enjoyment of a right of transit. Reported that the closing of nearly three miles of the river that takes these people, project workers made Vertigo. "Preventing the walkway along the bed and horses mentioned by more than 50 years has served as a step to the inhabitants of the region to transport their products and enter pancoger inputs for their agricultural and livestock duties," says the complaint.
According to the curator city of Buga, Jorge Bermudez Valencia on July 25, 2007, through Resolution UC-006, was granted a license to Cedelpa SA, to develop the first part of the project, which would be in a area of 5045 square meters, with 2.5 million square feet that comprise Vertigo Park.
They thought the main building, two villas and 831 parking model.
According to the official, last May, led the project promoters to apply for the license to build a bullring in the park, "but never again."
Also, the Curator said that the Urban CVC has already issued two resolutions which will require the suspension of a license that he had asked the builders to make some explanations on the land.
For this reason, the environmental authority in the region with the project fined two million pesos which have not yet been repaid.
However, curator Bermúdez Valencia noted that the project is viable and is framed within the Land Management Plan, POT, Buga
For his part, Vice President of the Council of Buga, Uberney Tapasco Ramirez said that the issue of Vertigo Park has been treated several times in that corporation. "What I am proposing is that a trust is created where everyone contributed some resources to leverage the construction of this park, which would be the blessing for Buga," said the mayor to make the caveat that no personal or financial interest in the project.
Freddy Libreros, current mayor of Buga, summarizes the concerns and objections to the project thus: "It is regrettable that the pregnancy has taken them longer than advertised, which is not the progress of the works, and worse, that same business local people and was hired as an employee, today in protest of wage violations and other payments. "
He added that he draws attention that "although the paper shows sound financial scenarios, is not development, so I gave no endorsement as Mayor." He clarified that if the project is serious, you would like it to be a reality for Buga.
Other investors interviewed say they are concerned about the limited financial information is known.
Country researched through the official website of registers in Florida by two foreign companies that are part of the holding: Vertigo Theme Parks, Inc. and E-Monee.com, Inc. Both were inactive last week. E-Monee.com, Inc., continues, while Vertigo Theme Parks, Inc., was reinstated on Thursday October 16.
"We kiss the buttocks"
The countries located in the United States a global leader of this ambitious project, Estuardo Benavides, spoke to him about the doubts that threaten the project. He says that his funds' dream ', as it is called, with the contributions of ordinary people who accepted their offers.
Explains that the pre-ballot was only a market test and stated that collected about $ 15,000, that money was invested in the project, but said that those customers are, the right opportunity to enter the park when 100 is ready. "This experiment helped us understand that such a large work for other audiences, not just local," he concludes.
On the rural scene as Buga chosen has said that everything needed. "International Airport an hour, including flow of tourists to visit the 'Miracle' and good access roads."
Accepts that the original dates were not met, but he blames the national financial sector and the heavy rains of 2008. "The Colombian bank has been useless, did not believe in us and so we had to leave to seek other funding."
He explains that his company moved from Florida to the state of Nevada, for a merger and then include them in the stock exchange in United States. "So we get 500 small investors who purchased our shares, but as a major achievement that Mexican conglomerate bought a $ 300 million," says Benavides.
Counsel also referred to as his adviser Bob Allen header, however the website does not appear Allen Vertigo Theme Parks, in his list of customers.
When asked about the date of opening of the park and the total cost does not hesitate to assert that "to be ready in December 2008 some 50 towns and attractions, will be our test on a small scale, because we will have between 10,000 and 20,000 employees, depending on the number of people, then we must begin to educate them in the service. "
Benavides said that the project is U.S. $ 80 million starting in this small scale. "But now we know we have $ 300 million, depending on many factors that could raise up to $ 700 million."
Between the estimates of those who spoke in the interview with this newspaper, said that for every dollar invested in the park would bring a profit of U.S. $ 132, of which half would be the holding company for leading Cedelpa SA.
The employer accepts that there are fines of CVC and the demands by some late payments, but ensures that their business model requires that each member of the holding company to become self-sufficient, the problem came from one of its subsidiaries.
"We have dealt poorly with ingratitude and ignorance. Elsewhere in the world, with an investment like this, we kiss the buttocks, "he finally Benavides.
'The Lord of the Miracles'
Who is actually Estuardo Benavides, the man who wants to turn into a world tourist destination Buga?
Because of the magnitude of the project Vertigo Park, Estuardo Benavides, is already a legend to the inhabitants of Buga and its environs. Guatemalan descent, this visionary, as described by his wife Sandra Agreda, arrived in Medellin in mid-2004 stores doing business with some success and national banks that offered the products of E-Monee.com, Inc., a their companies dedicated to finance through the prepaid and is now part of the holding.
Benavides took the trip to learn about land located on the outskirts of Buga who bought his wife, who had received as a family inheritance. So there he took a taxi hired in Medellin and is now a partner in the holding, Gonzalo Salazar. Benavides maintains that seeing the beauty of the 250 hectares saw the mega project.
"I liked that all the people who spoke with asked me to build something out of the common," said Benavides El País.
Some people in the region, who requested the reservation of their identity, say otherwise. They say they came from the hand of a very popular priest, unbeatable in a very religious city. Some say that Benavides said he is indebted to Buga and the Lord of Miracles, it was saved from dying in an accident. Nobody remembers exactly where or how this occurred. The fact is that since the city came to the employer began the search for partners for their work.
"I'm going to make Buga in the world," would have told those gathered with him to hear the project. Among them were Edem José Angel Cabrera, president of the Council for the period. Also a former president of the Junta de Acción Comunal, close to the land of Benavides, who said that "talking about billions and that was to give work to more than 10,000 people."
Given the doubts that have been generated by the passage of time and little development of the works, Benavides said with the backing of the High Council for Competitiveness and Productivity of the Presidency of the Republic. "In 2007, the then director, Fabio Valencia Cossio, sent us a letter that acknowledges the importance of the project."
But the letter does not only relate to this subject, also denies the possibility that state money can buy tickets for admission to the park, at the stage of pre also called the list of foreign executives of Vertigo Theme Park, Inc. . who visited the country to see if it is possible to provide security.
"Our business model is based on two fundamental concepts, risk tolerance and road tests. This means that there will always be a margin of uncertainty, which is adjusted to the extent we do tests in hot, "said Benavides.
"Every change generates resistance, we have earned some enmity in the area affected by the project, but that only requires us to do more to reach the goal," said Benavides.
Figures
· $ 700 million dollars could be the final investment in Vertigo Park
· Expected to generate 20,000 direct jobs this project in the region
· 770 holiday homes will have the tourist area or resort timeshare
· Measured 250 acres where the lot is built Vertigo Park
· 1.4 million visitors a year is the balance point of the project
· $ 3.000 million worth of construction of the entrance to the town park
· Worth $ 2 million fine imposed by the CVC, which has not cancelled
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