Alair Shepherd Writes to Clyde Turney regarding Leveraged Buyout

Madge Knox’s lawyer, Alair Shepherd, has written a letter to Clyde Turney concerning the documents that were recently discovered in the Registry file of Classic Investments Ltd.

Classic borrows $10.5 million on 28,570 shares, same number as held by Madge Knox

When Classic was trying to buy Kingsland, they wanted to pay $5 million for the entire company. They offered Madge Knox less than one million dollars for her shares! Shortly thereafter, Classic was borrowing $10.5 million from FirstCaribbean International Bank against shares that they had previously bought for a fraction of that sum!

Here is a quote from Alair’s letter:


How did the Courts Value the shares in the absence of financial statements?

It looks as if the courts just took the plaintiff’s word over the defendant’s! Here is another quote from Alair’s letter:


Turney’s Reply

“… I regret that I can make no comment.”

FirstCaribbean International Bank - Board of Directors

  • Michael Mansoor Executive Chairman
  • Charles Pink Executive Director
  • Ronald Lalonde Non-Executive Director
  • Richard Venn Non-Executive Director
  • David Williamson Non-Executive Director
  • Tom Woods Non-Executive Director
  • Alfred J. Del. Orr Non-Executive Director
  • Sir Fred Gollop Non-Executive Director
  • Sir Allan Fields Non-Executive Director
  • David Ritch Non-Executive Director
  • G. Diane Stewart Non-Executive Director
  • Ella N. Hoyos Company Secretary

(Interesting quote from their website: “FirstCaribbean has maintained an “A-” rating by Standard & Poor’s from inception, the highest rating of any commercial bank in the Caribbean Community.”)

Classic Investments Ltd. - Chairman of Board of Directors 

  • Richard Cox Chairman of both Kingsland and Classic

This matter is closely related to these posts:

  1. Kingsland Directors Do It Again! AGM called in Violation of Company’s Act
  2. Suspicions Confirmed: No Audited Financials filed for Classic
  3. Kingsland Directors Persist - Meeting Held in Violation of Companies Act