May 3, 2014
Public Service Announcement
From time to time, Yucalandia offers information we think may be useful to readers, especially when it comes from from very reliable sources. Long-term readers know a bit of the reputation and years of continuing excellent public service that Lawyer Lic. Spencer McMullen of Chapala Law (Chapalalaw.com) provides to the US and Canadian communities in Mexico. Lic. McMullen has also been a regular contributing author to Yucalanda of fine technical articles on key legal issues that affect foreigners living in Mexico.
In his latest efforts, Lic. McMullen is supporting a legal action by affected investors, in a bankruptcy filing by “Casas GEO” and 15 of their subsidiaries, to support individuals who have either lost money or will be losing money on some Mexican financial investments that have gone sour. I leave the rest of the story to Lic. McMullen:
General Message to the Public from Chapala Law:
“(Our legal firm is) seeking investors in Casas GEO, many invested with Actinver or Multiva (who) lost or will lose their money. We need to register you as investors in the bankruptcy proceedings so you will get paid, and not be scammed by the banks that offered these “good” investments using words like “guarantee” and then denied many investors instructions to sell before the bottom fell out of these investments. Once registered you can then participate in the voting and approval of a plan to try and get a portion of your money back.
On April 15, 2014 judge Enrique Gonzalez Meyenberg from the 6th Civil Federal District Court in Mexico City in case number 216/2014 signed a judgment declaring Casas GEO and 15 of their subsidiaries to be found in the situation of what would be similar to a Chapter 11 bankruptcy. Here in Mexico the standard is if the company doesn´t have sufficient liquid assets to cover a minimum of 80% of debt that is due and payable, OR 100% of their debt that is due and payable and 35% of it for more than 30 days unpaid.
The law governing this type of case is the Federal Ley de Concursos Mercantiles.
There is a 30 day time limit in which to be recognized as a creditor after the publication of the bankruptcy decree. IFECOM (Instituto Federal de Especialistas de Concursos Mercantiles) has named a conciliator in this case, Tomas S. Heather and his role is to prepare the list of creditors to whom Casas GEO and their subsidiaries owe money to and then to negotiate a payment agreement between the creditors and the company who is in reorganization.
Many banks were also investors and people (affected individuals) need to protect their rights and register as creditors so that they have a voice and vote to be repaid and not have their bank who sold them the bad investment get the upper hand. The banks do have a clear conflict of interest in this matter and from what has been reported back to me the banks have been giving misleading and not current information.
Email (Guadalajara – firstname.lastname@example.org / Chapala email@example.com) or call my office ASAP (Guadalajara – 33-1592-3801 US 805-563-3300 / Chapala 376-765-7553 US 805-683-4848) as time is limited, you will also need your original investment contract. The two attorneys who will be coordinating the efforts will be Lic. Alheli Jimenez Vazquez in Chapala and Fidel Roberto Perez in Guadalajara.”
Background Information on Lic. Spencer McMullen:
Lic. Spencer Richard Mc Mullen is an attorney and translator in the Guadalajara area of Mexico with a specialty degree in Civil and Business Procedure from the Universidad Panamericana as well as has 6 postgraduate degrees, is an authorized state court translator and is an attorney certified by the National Corporate Bar Association (ANADE). Mr. McMullen´s practice covers banking, taxation, immigration, civil matters as well as issues involving the large foreign community
Spencer’s Office SC, Abogados
Lic. Spencer Richard McMullen, Titular
Perito Traductor / Official Court Translator / Abogado
Chapala, Jalisco, México 45900
US VOIP (805)683-4848
US Fax (805)880-0454
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Other than recommending Spencer’s past history and strong record of good service and technical excellence in Mexican legal matters, based on following his work and frequent comments by his Chapala community members (for the past 2 years), as always, Yucalandia offers this information for informational and entertainment purposes only. Please seek competent professional matters on all legal, medical, financial, or tax matters.
As always, Yucalandia also has no financial stake, nor financial benefits in the things we report on.
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Feel free to copy while giving proper attribution: YucaLandia/Surviving Yucatan.
© Steven M. Fry
Read-on, Mac Duff…