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Forum Index: DISCUSSION: Dock Talk:
Tracy Edwards/Oryx Quest 05 saga 		Team McLube

 
 


happy chappie
*

Mar 30, 2006, 1:02 AM

Post #1 of 12 (4900 views)
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Tracy Edwards/Oryx Quest 05 saga Log-In to Post/Reply
To the editor of scuttlebutt


I worked for Quest before, during and after the Oryx Quest 05. Your article of the 22nd March has just been passed to me.

I find it totally irresponsible to write such a piece of unsubstantiated innuendo taking information from I presume ‘John – I’ll sqweam and sqweam and sqweam and sue you for not giving me $2million to buy a boat – Harwood Bee’. The same man that tried to play Tracy and Steve Fossett off against each other to gain access to the $2million dollars made available by Tracy for Cheyenne to get to the start line.

The ownership of the boat by Maiden II international is not and never will be anything to do with the liquidation of Quest or its creditors and was therefore not part of the discussion at the meeting.

The boat was in fact sold at the end of 2005 as we announced. However, the details of whom it was sold by and to whom it was sold were private and not released. Tracy made all the relevant paperwork pertaining to the sale available to the Official Receiver last year.

The meeting on the 17th March was to find out if the creditors wanted to appoint a liquidator to retrieve and sell the assets of Quest.

This must have been a bit of a double edge sword for those present. Why? Because they are all (except one) holding company assets to ransom illegally even though Kroll has repeatedly asked for them.

Mike Noel-Smith – The marina
Gregory Browne – The Apple Mac computer equipment
Muliplast – The bow paid for by Quest for Cam Lewis
EMEA (represented by! Surprise surprise Mike Noel-Smith) All the IT equipment in Qatar
Active 24 – Their website was useless but at least they are not holding any assets

At the next meeting tomorrow, the 31st March, the question they will have to answer is, will they pay a liquidator to retrieve the assets rather than let the Official Receiver do it. Well this is a conundrum isn’t it!


As an employee I watch as the vultures continue to circle as they have done for the past three years and I like to imagine the conversation at the next meeting.

“Well boys shall we pay for a liquidator to retrieve the assets?”
“Gosh yes. Let’s get those assets.”
“But we are illegally holding the assets!”
“Oh.”
“Shall we just swap them between us so that none of the other creditors get a look in?”
“Absolutely.”
“And just for good measure let’s pretend that Tracy didn’t lend the company $7million and then there will be more for us!”
“But what happens when the Official Receiver goes through the paperwork confirming her loan?”
“Never mind we’ll be long gone before then with the money from the sale of the assets!”
“But what about all the other creditors and the employees who are owed money from the sale of assets?”
“Who cares?! We make the rules us as we go! It’s always worked before”
“Let’s feed some rubbish to Scuttlebutt to cover our backsides as well just for good measure!”
“Harah”

As Tracy ploughs through her bankruptcy watching everything she has worked so hard for the past twenty years disappear because she risked everything including her home to keep us all going, borrowing money to pay everyone, borrowing money to pay the teams to enter, believing that Qatar would honour agreements and pay us. As she watches these ‘men’ rip our company apart and squabble over the spoils, as they anonymously mutter nasty little innuendos to people like you, she maintains a dignified silence. The only sound we hear is the snuffling and squealing of little piggies as they make sure there is nothing left in the trough for them.

I guess she is waiting for the day when, after having done everything by the book with her trustee and the Official Receiver (which is more than can be said for the other directors), she can finally tell the true story of the Oryx Quest 05 and it will blow your socks off.

You have been so wrong about her. So wrong about our fantastic event, achieved against all the odds. So very very far from the truth it is almost farcical.

Tracy Edwards MBE gave twenty years of her life to the sport she loves, raising many millions of pounds for her projects, providing you all with lots of good stuff to write about British Sailing and you can’t even give this truly amazing and courageous woman the benefit of the doubt until she can speak. I’m just glad I’m not a sailor.





The Publisher
*****


Mar 30, 2006, 5:36 AM

Post #2 of 12 (4887 views)
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Re: [happy chappie] In reply to article posted on 22nd March [In reply to] Log-In to Post/Reply
Your information is very interesting, but there are a couple things you must understand:

* Scuttlebutt did not write the article - we only excerpted it.
* Tracy has never responded to Scuttlebutt's inquirys.

We have always been available to carry both sides to this issue. We just can't seem to get our hands on "the other side." Maybe you have important information, but since you did not put your real name to it, it might be discarded. If you really want to support Tracy, you are going to have to come out of the shadows.

(For those following this thread, click here to see the March 22 issue of Scuttlebutt)

- Craig Leweck, Scuttlebutt




J. Harwood-Bee
**

Mar 30, 2006, 2:48 PM

Post #3 of 12 (4850 views)
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Re: [happy chappie] In reply to article posted on 22nd March [In reply to] Log-In to Post/Reply
I would not normally bother to comment on the childish rantings of some obviously deluded person. However, in the interests of fact rather than 'spin' and fiction I would make the following comments.

I might have been surprised if the 'writer' had actually worked as an employee for Quest as they seem unable to distinguish between well-documented fact and myth. What makes me think they were involved is the terminology used. It is so familiar that the person must have worked very, very closely alongside Tracy for some time to have picked up so many of her traits and nuances.

With reference to your piece of 22nd March, I confirm that the information contained did not come from me. Creditors had only received 48 hours notice in which to lodge claim and attend the hearing; it was hardly surprising that only three creditors managed to be represented. That two former directors attended is a credit to them as they made themselves available for questioning. Unfortunately Miss Edwards chose not to appear. With the peculiar way in which matters pertaining to Quest have been handled so far, it was essential that an adjournment be requested to give others an opportunity to review the case.

Regardless of who is appointed Receiver in the matter, what is needed to establish the truth is a good forensic accountant. Even a cursory glance at the paperwork reveals a labyrinth of companies and numerous other trails. I am sure that Miss Edwards would herself welcome a thorough examination of the case in order to prove her doubters wrong and to establish just where the millions went. Given the level of debt left behind, the money was most certainly not spent on the ORYX.

As for seizure of goods, the list of 'supposed' assets was supplied by Miss Edwards herself and Kroll have been unable to confirm the validity of that inventory. Until an effective liquidator is appointed it will be impossible to establish what exists and who was promised or guaranteed what.

The boat? We were told in May 2004 that she had definitely been sold, then again in late 2004 that she had just been sold. Why would somebody pay $ millions for a boat, accept $1million to prepare her and then not want the honour and prestige of owning the winning vessel. According to the accounts, the prize money is owed to a MAIDEN company in Tortola in the BVI. Another part of the labyrinth. Oh, and the official receiver claimed not to have any paperwork relating to the sale.

And finally… Cheyenne. A study of the court papers in this matter will show clearly that Quest, in the form of its Chief executive Tracy Edwards, breached contractual agreements and confidentiality that she herself had instigated. The rest of the nonsense contained in the letter is not worthy of comment.

In conclusion my sympathy's are with Tony Bullimore, Brian Thompson, and the crews who made such gallant efforts to make the event a success, even when it was dieing on its feet, only to be handed empty envelopes. Now I think I shall go and stamp my feet and have a tantrum.

Yours squeamishly,


John Harwood-Bee


blowboater
***

Mar 31, 2006, 6:37 AM

Post #4 of 12 (4770 views)
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Re: [J. Harwood-Bee] In reply to article posted on 22nd March [In reply to] Log-In to Post/Reply
Can you give a very brief explanation of the boat ownership saga?

I know it is complicated, but the accounts are too long to read and understand exactly what happened. It sounds like there should be a simple sentence or two that can describe the situation (as you see it) but I can't figure it out from all that has been written.


DukeOfPork
**

Apr 4, 2006, 7:22 AM

Post #5 of 12 (4640 views)
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Re: [happy chappie] Tracy Edwards/Oryx Quest 05 saga [In reply to] Log-In to Post/Reply
Yes tracy you worked for quest before during and after the Oryx Quest. From the looks of things you are the only one who did. Please dont insult the intelligence of the forum. This load of clap trap was posted just before your PR team let loose with your press release.
How lucky...... sorry I dont swallow this sugary white wash.


J. Harwood-Bee
**

Apr 7, 2006, 7:21 AM

Post #6 of 12 (4526 views)
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Re: [blowboater] In reply to article posted on 22nd March [In reply to] Log-In to Post/Reply
Due to the numerous conflicting claims made about the boat and how often she was sold it is not possible to give an accurate and factual response to your question and I will only deal in facts. What is known is that Tracy Edwards owned the boat prior to the ORYX Cup. According to the administrators ( Kroll) and if you read the diatribe from Happy Chappy, the vessel is now owned by yet another MAIDEN (a Tracy Edwards company) in the British Virgin Islands. There are claims that interests in Qatar have a lien on the vessel and on the shares of the company as security against loans.


djca
***

Apr 12, 2006, 7:23 AM

Post #7 of 12 (4475 views)
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Re: [J. Harwood-Bee] In reply to article posted on 22nd March [In reply to] Log-In to Post/Reply
So the point is that the creditors (people and companies who provided goods and services for the event and did not get paid) are putting a lein on the (Tracy's) boat so they can sell it and get compensation?





J. Harwood-Bee
**

Apr 13, 2006, 6:01 AM

Post #8 of 12 (4455 views)
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Re: [djca] In reply to article posted on 22nd March [In reply to] Log-In to Post/Reply
djca. Once again there is an absence of proveable facts. A study of statements from various parties indicates that Tracy Edwards used the boat and the MAIDEN BVI company shares as security for loans made to her. How she was able to do this when she claimed she had sold the boat is not clear. Whoever holds the security will be the beneficiary of any sale. The vessel is not listed as an assett of Quest and therefore the sale would be of no benefit to the many creditors.


The Publisher
*****


May 4, 2006, 5:53 AM

Post #9 of 12 (4314 views)
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Re: [happy chappie] Tracy Edwards/Oryx Quest 05 saga [In reply to] Log-In to Post/Reply
Scuttlebutt received this letter today from Tracy Edwards:

There is a rumour circling that HSBC have been paid money by Qatar. This is
incorrect. See quote below;

"Whilst behind the scenes negotiations with Qatar are ongoing I cannot go into
too much detail as I do not want to jeopardise further payments of monies
owed.

I can say that the $11.5million borrowed by me from a bank in Qatar (NOT HSBC)
and used entirely to get the four entries to the start line and to participate
in the event, has been paid by QNOC. This is great news for the bank! However,
my trustee has told me that QNOC could now register as a creditor of my estate
for that amount and legally seize Maiden II. I have personally written to HH
The Heir Apparent and asked that QNOC do not do this. My trustee has confirmed
to me that they have also contacted QNOC to request the same.

I have also asked that they release me, from the $3million loan from QNOC,
used by me to pay Quest suppliers. The agreement of these two things would
mean that Quest can be released from it’s debt to me of $7million. The debts
of Quest would be reduced substantially and if assets can then be retrieved
from the very few creditors who are holding them illegally, they can be sold
with an increase to each creditor.
If Maiden II is not seized by Qatar then my trustees are hopeful that she can
be sold and used to pay my remaining personal creditors (approx £800,000).
However, the prize money will have to be paid first so that the crew can
release their maritime lien over the vessel.
I have been working closely with Tony Bullimore and Brian Thompson since July
last year to enable the prize money to be paid and I have been told by HE
Sheikh Jassim bin Thamer Al Thani, Vice President of QNOC, that the prize
money will in fact be paid. We have heard that before but I am hopeful that
now this is the case.

Quest has been prevented from pursuing monies owed because the company in
Qatar with whom the original agreement was signed in October 2003 has been
dissolved. However, I have requested that QNOC make the payment instead to
Quest to enable the company to pay creditors.

I cannot comment in too much depth on the details of my personal injury claim.
I can say that it is not against HH The Heir Apparent, QNOC or the government
of Qatar. It is against the Sheikh who held me against my will in Qatar,
illegally, for 28 days during July /August last year. The direct result of
this breathtaking travesty of justice and human rights from a ‘civilised
country’ was my inability to fight my bankruptcy and the consequences that
followed, including losing my home. I have won my first case.
I am in direct contact with five other companies who are in an identicl
situation to me. We are exchanging information that we hope will help
everyone with the many legal cases that are currently being brought against
Qatar for non-payment.

I am hopeful, as I have said all along, that Qatar will make all payments
owed and that this payment to the bank is just the first. Discussions are
ongoing."

- Tracy




splash200
***

May 4, 2006, 7:31 AM

Post #10 of 12 (4296 views)
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Re: [The Publisher] Tracy Edwards/Oryx Quest 05 saga [In reply to] Log-In to Post/Reply
OMFG! What a saga!!!!


BoardingParty
*

May 11, 2006, 7:12 AM

Post #11 of 12 (4030 views)
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Are you mad ???? Or just so full of it. Mrs Edwards. Or could we have a female Maxwell on our hands





deepwaterdeep
**

May 11, 2006, 10:28 AM

Post #12 of 12 (4022 views)
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Maxwell a good choice but even he had some remorse, whereas this woman cannot even say sorry to all those she has hurt. Talk to the sailors who took part in the race and it is very clear that she is driven by massive ego and the ability to believe everything she says and hears. It is amusing reading her articles of innocence in the tabloids and magazines. I don't know what type of motivational speaker she was before this saga, but one feels sorry now for the audiences she spoke to in the knowledge that it was probably 99% fantasy. Maxwell possibly but a female version of J Archer is closer - maybe she will be caught too.


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