New Information as of August 2, 2002
On July 31,2002 by order of The Eastern Caribbean Supreme Court of
the British Virgin Islands, Mrs. Diana Wheatley was appointed as
official liquidator of Standard Reserve Holdings Limited. Anyone with
enquiries or claims can contact her at Fax no. 1 (284)494-2220 or by
Email at: dwheatley.bdobvi@surfbvi.com
24 July 2002
Notice of Liquidation Petition
The following notice provides the pertinent information for the hearing
on Wednesday, 31 July 2002, on the petition for liquidation of Standard
Reserve Holdings, Limited. Any creditor with a claim against SRHL has
the right to attend, or have its legal representative attend, the
hearing. The hearing is to request that the Court wind up SRHL and that
it should appoint a liquidator for the liquidation of SRHL, who will be
responsible for collecting all assets of SRHL that are not subject to a
secured claim, liquidating those assets, determining the validity of
claims submitted by creditors and paying out the proceeds of the assets,
after paying the costs of the liquidation, to creditors who have
submitted valid claims. All creditors interested in submitting claims,
also should tell the court the amount they are willing to contribute
towards the costs of the liquidation. The creditors will need to
contribute a sufficient amount in advance to cover the costs of the
liquidator. However, any amount contributed in advance by creditors
towards the costs of the liquidation will have priority for repayment,
which means these amounts will be paid immediately after the costs of
the liquidation are paid and before payment to any creditor.
The Eastern Caribbean Supreme Court
In the High Court of Justice
British Virgin Islands
Claim No. 142 of 2002
In the matter of the Companies Act
And in the matter of the International Business Companies Act
And in the matter of Standard Reserve Holdings Limited (the "Company")
NOTICE IS HEREBY GIVEN THAT
- On 10th July 2002 Ancien Limited presented a Petition to the High Court seeking an order that the Company be wound up by the Court pursuant the Companies Act.
- The hearing of the Petition will take place at 9:00 am on 31st July 2002 at the High Court, Road Town, Tortola, British Virgin Islands.
- Any person intending to appear at the hearing of the Petition must file with the Registrar of the High Court and serve on the petitioner’s solicitors no later than 4 pm on 30th July 2002 written notice of his intention to appear specifying:
- The name and address of the person giving the notice and any telephone or fax number which may be used for communicating with him or any other person specified in the notice who is authorised to speak or act on his behalf;
- The nature and amount of his claim or interest in the Company;
- Whether his intention is to support or oppose the Petition and the grounds of such support or opposition; and
- Whether he intends to appear at the hearing of the Petition in person or by an Attorney.
- The petitioner’s solicitors are Walker Smiths, Quomar Complex No. 8, Road Town, Tortola, British Virgin Islands - Tel: (284) 494 0525 - Ref: 087-01
Walker Smiths - Solicitors for the Petitioner
12 June 2002
STANDARD RESERVE HOLDINGS LIMITED ("SRHL")
("the Company")
(International Business Company No.: 432110)
Written Resolution of the Board of Directors pursuant to the Articles of
Association of the Company
We, the undersigned, being the Board of Directors of the above named
company DO HEREBY ADOPT THE following resolutions:
INVESTIGATION:
Based on investigation undertaken at the direction of the outside
Directors of Standard Reserve Holdings Ltd., it has become evident that
certain officer(s) and Director(s) of Standard Transactions Ltd. have
commingled customer and company money. This party or parties has/have
drawn from funds intended to serve as reserves against the electronic
currency liabilities of Standard Reserve Issue Ltd. and from balances
earmarked as reserves against Standard Transactions customer debit cards
and spent them for operating expenses and/or possibly personal use. This
party or parties has/have furthermore misrepresented the financial
condition of both Standard Transactions Ltd. and Standard Reserve Issue
Ltd. to the public, to prospective investors, prospective business
partners, to regulators in the BVI and to outside Directors, and to
other officers of the Companies since approximately March 2001.
Effective immediately, the Board of Directors of Standard Reserve
Holdings Ltd. orders and shall undertake the following measures:
-
The resignation of Dr. Elwyn Jenkins as Chairman of the Board and as a
Director of Standard Reserve Holdings Ltd. and each and every of its
subsidiaries and as CEO of Standard Transactions Ltd. is accepted.
-
The resignation of Glenda Jenkins as a Director of Standard Reserve
Holdings Ltd. and each and every of its subsidiaries is accepted.
-
Immediate and intensive efforts to effect the re-capitalization of
Standard Reserve Issue Ltd. and Standard Transactions Ltd. must be
undertaken.
-
Standard Reserve Issue Ltd. must suspend all further acceptance of
customer deposits and must cease issuing Standard Gold (SR-AUG) or
Standard Dollar (SR-USD) pending determination whether Standard Reserve
Issue Ltd. may continue as a going concern.
-
Standard Transactions Ltd. must cease accepting customer payments for
purposes of exchange, including payments intended for funding debit
cards pending determination whether Standard Transactions Ltd. may
continue as a going concern.
-
If efforts to re-capitalize Standard Reserve Issue Ltd. and Standard
Transactions Ltd. are not successful within a reasonable period of time
Standard Reserve Holdings Ltd. and all of its subsidiaries shall be
placed under the control of a Receiver for liquidation.
Continued investigation will be pursued to determine the precise
financial status of Standard Reserve Holdings Ltd. and its subsidiaries.
Based upon the findings of the Board's investigation, the Board
reserves all rights to pursue all legal remedies, including, but not
limited to, recovery of Company assets. Upon conclusion of the Board's
investigation, the Board will report all of its findings to all
shareholders of the Company.
RESOLVED:
That the Board of Directors of Standard Reserve Holdings Limited
consents to this authorization by way of a Board of Directors vote.
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12 June 2002
STANDARD RESERVE HOLDINGS LIMITED ("SRHL")
("the Company")
(International Business Company No.: 432110)
Written Resolution of the Board of Directors pursuant to the Articles of
Association of the Company
We, the undersigned, being the Board of Directors of the above named
company DO HEREBY ADOPT THE following resolutions:
LAWSUIT AGAINST JENKINS:
Based on its continued investigation, effective immediately, the Board
of Directors of Standard Reserve Holdings Ltd. orders and shall
undertake the following measures:
-
The Board shall institute any and all necessary legal proceedings
against Dr. Elwyn Jenkins and Glenda Jenkins, and any companies or other
entities of which Dr. Jenkins and/or Glenda are beneficiaries or
beneficial owners (including, but not limited to, Digital Currency
Investment, Inc. and Paradot Investment, Inc.), to recover assets and
value owed to the Company. Prior to instituting this action the Board
shall determine the costs of these actions and the method of paying for
these costs.
RESOLVED:
That the Board of Directors of Standard Reserve Holdings Limited
consents to this authorization by way of a Board of Directors vote.
************************************************************
Upon conclusion of the Board's investigation, the Board will report its
findings to depositors, creditors and shareholders of the companies.