I have an issue with the validity of the claim of the credit rating for the SBLC.
In searching the State of Georgia Corporations Office for US Capital Funding, I did indeed find the organization. The details are as follows:
Date: 3/19/2011 View Filed Documents
(Annual Registration History etc.)
File Annual Registration Online
or
Print A Paper Annual Registration Form
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Annual Registrations
The Georgia Code only requires the Office of Secretary of State to retain annual registrations for a period of five years from the date in which it was filed. Annual registrations older than five years may no longer be available for certification or viewing on the web.
Name Name Type
U.S. CAPITAL FUNDING II SER TRST I, INC. Current Name
Profit Corporation - Domestic - Information
Control No.: 08078070
Status: Active/Owes Current Year AR
Entity Creation Date: 10/10/2008
Jurisdiction: GA
Principal Office Address: 3235 Satellite Blvd.
Bldg 400 Suite 300
Duluth GA 30096
Last Annual Registration Filed Date: 2/5/2010
Last Annual Registration Filed: 2010
Registered Agent
Agent Name: Jeremiah, David Isaiah
Office Address: 3235 Satellite Blvd.
Bldg 400 Suite 300
Duluth GA 30096
Agent County: Appling
Officers
Title: CEO
Name: Robert Fowler
Address: 3235 Satellite Blvd. Bldg 400 Ste 300
Duluth GA 30096
Title: CFO
Name: Tawana Pickett
Address: 3235 Satellite Blvd. Bldg 400 Ste 300
Duluth GA 30096
Title: Secretary
Name: Herman Pruden
Address: 3235 Satellite Blvd. Bldg 400 Ste 300
Duluth GA 30096
What is very evident is that US Capital Funding was formed in October 2008.
How is it possible to have a Fitch rating on debt securities before the business was formed by four years?
I checked the State banking commission which is responsible for all deposit taking facilities including banks, trust companies, bank holding companies and pre-arrange funerals. There is no apparant registration for US Capital Funding as a trust company. Likewise, there is no registration for US Capital Funding as an issuer or dealer nor is there any registration of the officers with the Georgia securities regulators.
In Canada, no one can use the word Trust in a company name unless it is registered as a trust company. You can have personal trusts created as part of a will or to benefit others but you cannot conduct business with unrelated parties. In the United States, this is not the case. You can use the word Trust in a corporate name.
Many business people get scammed by offshore (and some domestic) operators who legally use the word Trust in their corporate name. People are gullible in assuming the word Trust implies actually just that. Many a person has lost money in advanced fee scams or excessively high investment returns with entities using the words Bank or Trust in their names.
A further check on Fowler shows that he was the former president of Tawana Pickett Inc whose name is that of US Capital Funding's current CFO. That company has been dissolved.
Finally, from the Georgia state files, US Capital Funding is overdue on their annual return by a few months. A top drawer financial house would always ensure that all filings would be delivered well in advance of their due date so that they could protect their pristine reputations.
As a smaller BGMO shareholder, I believe Mr. Herzog is on the right path with energy. I am not a technical person so I will have to take it on face value that the Suntrough equipment is the best value for the almighty buck. However, with the history of false start financings reported by our leader, we need to use a proverbial grain of salt in testing the ability for the funders to deliver.
