A decision by the apellate court.

 

 

For those of you who have not yet received the news of the decision of the Supreme Court from other media sources, you need to know that on Tuesday morning of last week, June 3rd, the Court made public its decision to uphold the findings of the lower court which had tried the case a year ago.  The written decision requires some clarification, and the defense attorneys are studying that decision intensively to understand its ramifications and to explore remaining options and legal remedies that that might be considered.

 Since last Tuesday we have had limited time to discuss matters with the defense attorneys as they have been focused on advising Osvaldo and his family, who have been devastated by this decision. The sentence is unchanged.  The defendant remains convicted of  aggravated fraud and illegal financial intermediation. 

 The court rulings appear to us to have been based upon the inability of the justices to accept that such a financial enterprise could possibly operate within the law and manage to pay the interest rate it did.  No compelling evidence to support the charges was ever presented in court.  Osvaldo was convicted on the basis of suspicion of illegal activities - not proof.

 We have been led to believe that rejection of the appeal by the Supreme Court meant the end of the road for this case and our efforts to recover our investments - except for those investors who had chosen to sue LEV for fraud.  That may not be true.  

 The UCCR has not been idle this past week.  We have learned some things that have suggested alternatives that could lead to a recovery of funds.  We have much more research to do before saying more in this regard.  It will take time to develop any proposal that requires major changes in strategy, and it would be premature to discuss this openly with investors at this time.

 We would encourage you to continue sending us your opinions or suggestions.  They are very helpful.  But we would ask you not to anticipate a personal reply because we have neither the time nor the resources to offer this.  We will attempt to categorize your questions and respond to them collectively when that seems to be appropriate.

 In closing we have an update for you on John Manners.  He is recuperating from surgery in the States and expects to re released from an intermediate care center shortly.  He will require some long-term therapy, which he may or may not have to remain in the States to receive.  In typical Manners fashion he is back on the Internet and participating in UCCR activities and decisions.  He has expressed his gratitude for all the e-mail messages that were sent to him by investors.

 Thank you.

 

 

Grupo UCCR
www.ticostuff.com/uccr
uccr@ticostuff.com