$FLIB Formosa Liberty New Debt Collection Strategy
Post# of 3568
Posted On: 09/09/2015 11:16:22 AM
$FLIB Formosa Liberty New Debt Collection Strategy
Sep 09, 2015
OTC Disclosure & News Service
Lewes, DE - Formosa Liberty Corporation or “The Company” restructures exchange traded and other defaulted debt instruments. The Company currently has on assignment a portfolio of over 10,000 defaulted debt instruments of which approximately 5000 are NYSE Euronext traded bonds.
Lewes, DE -- (ReleaseWire) -- 09/09/2015 -- Formosa Liberty has fine-tuned its debt collection strategy. While the previous management focused on collection efforts against quasi private entities, the new strategy will seek public confirmation by the government of the Republic of China (Taiwan) as guarantor of its defaulted debt under Article 63 of the Act Governing Relations Between Peoples Of The Taiwan Area And The Mainland Area which states that the pre 1949 sovereign debt of China shall be dealt with upon national unification.
The Company has instructed its legal team to immediately tender a demand on the Republic of China Control Yuan for an audit of the gold reserves and cash necessary to redeem the bonds once the prerequisites of Article 63 are met. The former Republic of China Justice Minister Chen Chung-Mo has confirmed by affidavit in a previous federal court case that the bond series held Formosa Liberty are covered under Article 63 and may be redeemed in accordance with law.
The Company has further requested legal counsel supply it with a collections plan for defaulted Russian debt instruments consistent with the current rulings in the French and ECHR Strasbourg Courts and to brief management on current developments in the Argentine sovereign debt restructuring cases. The Company also continues to reach out to potential financial backers in Singapore and Hong Kong in order to finance litigation and acquisitions and has undertaken a search for additions to its management team skilled in Asian finance.
Sep 09, 2015
OTC Disclosure & News Service
Lewes, DE - Formosa Liberty Corporation or “The Company” restructures exchange traded and other defaulted debt instruments. The Company currently has on assignment a portfolio of over 10,000 defaulted debt instruments of which approximately 5000 are NYSE Euronext traded bonds.
Lewes, DE -- (ReleaseWire) -- 09/09/2015 -- Formosa Liberty has fine-tuned its debt collection strategy. While the previous management focused on collection efforts against quasi private entities, the new strategy will seek public confirmation by the government of the Republic of China (Taiwan) as guarantor of its defaulted debt under Article 63 of the Act Governing Relations Between Peoples Of The Taiwan Area And The Mainland Area which states that the pre 1949 sovereign debt of China shall be dealt with upon national unification.
The Company has instructed its legal team to immediately tender a demand on the Republic of China Control Yuan for an audit of the gold reserves and cash necessary to redeem the bonds once the prerequisites of Article 63 are met. The former Republic of China Justice Minister Chen Chung-Mo has confirmed by affidavit in a previous federal court case that the bond series held Formosa Liberty are covered under Article 63 and may be redeemed in accordance with law.
The Company has further requested legal counsel supply it with a collections plan for defaulted Russian debt instruments consistent with the current rulings in the French and ECHR Strasbourg Courts and to brief management on current developments in the Argentine sovereign debt restructuring cases. The Company also continues to reach out to potential financial backers in Singapore and Hong Kong in order to finance litigation and acquisitions and has undertaken a search for additions to its management team skilled in Asian finance.
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