$FLIB Formosa Liberty's Backers Hope for Quick Settlement with China
Sep 17, 2015
OTC Disclosure & News Service
Lewes, DE - (ReleaseWire) -- 09/17/2015 -- The management of Formosa Liberty Corp. (OTC PINK:FLIB) announces the following:
Formosa Liberty is in negotiations with an offshore Caribbean company for the money to back its legal debt collection efforts against the Chinese government. This is in addition to the agreement last week with a Singapore venture capital firm to raise money from Asian sources within 90 days. Formosa Liberty holds a portfolio of Chinese Euronext listed bonds on assignment for collection.
"In addition to our on-going talks with Chinese funders, we are evaluating an offer from Caribbean source of money at this time." said director Clement Chigbo. "We are seeking an initial investment of $3 to $5 million dollars to ensure that all the available resources are in place to engage in serious litigation to force a quick settlement on these bonds. Our deal with Foundation Capital (Singapore) is also moving forward and we should have necessary money to carry out our legal strategy by the end of the 2015 calendar year. While we cannot say at this time what form a bond settlement would take, we are obviously looking for a return in serious multiples of what our backers invest."
Last week Formosa Liberty announced that it had entered into a funding arrangement with Singapore based Foundation Capital Pte. Ltd. Under the agreement with Foundation Capital, the Singapore firm agreed that it would locate and deliver funding for the bond collection and litigation costs and defaulted debt restructuring efforts of Formosa Liberty. Funds are expected to arrive before the end of the calendar year.
Formosa Liberty restructures exchange traded and other defaulted government bonds. The Company currently has on assignment a portfolio of over 10,000 defaulted bonds of which approximately 5000 are NYSE Euronext traded bonds.
In 1987, the People's Republic of China (Beijing) partially settled outstanding claims by some English holders of Chinese bonds for a multimillion dollar pay that left the vast majority of bondholders outside England as well as some English holdouts looking for other collection outlets. Formosa Liberty believes the key to collection is to also pursue the original issuer, the Republic of China, which is still the government of Taiwan.
Sep 17, 2015
OTC Disclosure & News Service
Lewes, DE - (ReleaseWire) -- 09/17/2015 -- The management of Formosa Liberty Corp. (OTC PINK:FLIB) announces the following:
Formosa Liberty is in negotiations with an offshore Caribbean company for the money to back its legal debt collection efforts against the Chinese government. This is in addition to the agreement last week with a Singapore venture capital firm to raise money from Asian sources within 90 days. Formosa Liberty holds a portfolio of Chinese Euronext listed bonds on assignment for collection.
"In addition to our on-going talks with Chinese funders, we are evaluating an offer from Caribbean source of money at this time." said director Clement Chigbo. "We are seeking an initial investment of $3 to $5 million dollars to ensure that all the available resources are in place to engage in serious litigation to force a quick settlement on these bonds. Our deal with Foundation Capital (Singapore) is also moving forward and we should have necessary money to carry out our legal strategy by the end of the 2015 calendar year. While we cannot say at this time what form a bond settlement would take, we are obviously looking for a return in serious multiples of what our backers invest."
Last week Formosa Liberty announced that it had entered into a funding arrangement with Singapore based Foundation Capital Pte. Ltd. Under the agreement with Foundation Capital, the Singapore firm agreed that it would locate and deliver funding for the bond collection and litigation costs and defaulted debt restructuring efforts of Formosa Liberty. Funds are expected to arrive before the end of the calendar year.
Formosa Liberty restructures exchange traded and other defaulted government bonds. The Company currently has on assignment a portfolio of over 10,000 defaulted bonds of which approximately 5000 are NYSE Euronext traded bonds.
In 1987, the People's Republic of China (Beijing) partially settled outstanding claims by some English holders of Chinese bonds for a multimillion dollar pay that left the vast majority of bondholders outside England as well as some English holdouts looking for other collection outlets. Formosa Liberty believes the key to collection is to also pursue the original issuer, the Republic of China, which is still the government of Taiwan.
