I know that you are anxiously awaiting the Court's decision in the Osvaldo Villalobos trial.  We all are.  In the meantime, it may be helpful to address some of the questions investors have been raising. 

You may attend the hearing at 3pm on Wednesday, May 16, to hear the verdict of the judges.   It will be in the same court building and probably in the same room in which the trial took place.

During the trial, you often asked for our opinion on how it was going.  Despite all the evidence, we still cannot say with certitude what the results will be.   We believe that the defense did a great job.  Nevertheless, no one knows what impressed or will impress each of the three judges as they review the record of the trial. A majority vote will determine each of the counts.

Our fondest hope is that all of the charges against Osvaldo will be dismissed.  However, if any of them are sustained by the Court, the defense lawyers are planning an immediate appeal.  In this event, we are told that the appellate court could be expected to hand down a decision within a few months.

Another uncertainty is how a decision in the Osvaldo case will  affect Enrique.  If Osvaldo is absolved of all charges,  the defense team would immediately move for a dismissal of the same charges against Enrique. If the motion were granted, Enrique could then return to Costa Rica.  If the motion were not granted, or in the case of an appeal, he would probably have to wait for the outcome of the proceeding.

It is especially critical that the Court rule against the money-laundering charge.  If it does, then Enrique could again move funds normally within banking systems.  In that event, it is possible that payments could start even without his presence in Costa Rica.   A majority of the investors I have spoken with have indicated that they would leave part of their previous investment with him if he were to re-start a new business in another country.

We appreciate your confidence and will continue to keep you informed of developments in the case.


John Manners,
President of the UCCR Board.