Insinger de Beaufort / Equity Trust Co. N.V.
This Netherlands company is the corporate manager for our Dutch international corporations, appx. 120. They hold all the corporate records of these entities and they will not release them nor will they perform any services until they are paid. In addition I understand from Tim DeSpain that they are holding Treasury funds pending payment of fees, and that he is pursuing this issue too. Equity Trust acts as the sole Director for these companies which means that only Equity Trust can sign corporate documents on behalf of these companies. They prepare and register all necessary filings (numerous) with the Companies Register and advise us and keep us in line on Dutch corporate law. They will not advise us on Dutch bankruptcy proceeding requirements until we make good on the outstanding amount.
Outstanding fees total EUR 173,595.16 which equals appx. US$154,309 plus we would need a float going forward so that they could draw from it.
Invoices are up to 12 months old and many of them are the responsibility of Enron Europe group.
None of the companies involved has filed for bankruptcy.
Kate B. Cole
Director, Corporate Services
Tel: (713) 853-1624
Fax: (713) 646-8007