This is a copy of Google’s cache of a blog page containing a lot of interesting information, allegations and rumours regarding Martin Young. I’ve copied it here to prevent it disappearing from cyberspace. Nothing has been changed on this page by me except the formatting in order to make it readable as a blog page and the removal of what purported to be Martin Young’s phone numbers.
Stuff I saw about Meyado Meretec and MITL | Meyado Meretec MITL
Oct 25, 2005 at 09:27 o\clock
I was a little shocked to receive their letter a while saying they were not going to be paying my MITL convertible note as planned. Then I saw this mess.
Anyone else had problems?
I am considering bringing a class action suit against Meretec directors (including Martin Young) as a result of the default of Meretec / Meyado / MITL debt. The debt was due on FEB 15, 2005 and has been defaulted. This debt was sold as “Secure Loan Stock”. To my knowledge I see little if any assets that back up the claim “Secure” Loan Stock.
All interested parties please register here.
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Comments for this entry:
Meretec is suppose to be sold in July or August this year. Is there any “new” information on this sale? Is this proposed sale still on schedule to close this summer sometime? I would guess that if the sale goes through, the “Secure Loan Stock” debts would be paid off.
Thanks for any info anyone may have on this,,
KoloradoKid: 29.06.2005 at 20:42
Latest newsletter (Aug 4) states that it is all coming to a head…….share price will be in the range of an ‘attractive’ – .25 per share, a far cry from the heady predictions of – per share. This all smells of a VERY LARGE RAT………and I think his initials are M.Y.!!
mando: 05.08.2005 at 16:59
That should read ‘an attractive one dollar to one dollar twenty-five’……….
mando: 05.08.2005 at 17:00
That should read ‘heady predictions of eight to ten dollars per share’
mando: 05.08.2005 at 17:11
There was a share split at some stage. I do not have the details of what it was. Perhaps .25 equates to a decent return after a share split.
The new debt repayment is due next week. Are you sure this report is not just B.S in advance to request the debt holders to delay their repayment another 6 months? It wouldn’t surprise me given the actions of a M.Y.
Can you copy the test of the report here?
MikeBGoodall: 08.08.2005 at 10:29
I would also be interested in seeing a copy of that Aug. 4 bulleting. A meyado contact in Europe said that hte managers of the Catalyst fund, which I believe is how most of the money Meyado raised from investors was pumped into Meretec is supposed to put out an update on the situationin the next week. It seems hte Catalyst fund has been “Frozen” for about four years and that they will pay people off through the sale or IPO. I am looking for any information out there about Meyado and the Catalyst Fund and the dealings of Martin Young. They recently claimed that they had signed a contract for their zinc freeing technology with an Australian firm. Has anyone tried to check out that claim?? I would think with Zinc prices at record highs, they wouldn’t have a real hard time selling the company if the technology really existed and worked, but I wonder how much of hte Catalyst fund went to keeping Martin Young flying on his corporate jet and playing polo.
abdroma: 05.09.2005 at 21:20
16 March 2005 Dear Loan Stock Holder, Subject: – MITL 10% Loan Stock The following information is from Finesco and not from Meyado or MITL On behalf of all MITL Loan Stock Holders who invested through Finesco, I would like to let you know that we have had fairly regular communication with Mr. Mark Everitt of MITL Investor Relations and we will continue to do so until the payout on this investment. When the subject of UK Withholding Tax on MITL Loan Stock appeared, we challenged it and have pressed MITL to prove that this was an unforeseen legal UK requirement. Furthermore we demanded to know who in the UK government received this withholding tax and how can a non UK resident reclaim this money. For those investors who had returned to UK this did not present a significant problem as they could contact their local tax office with their withholding tax certificate and receive credit on their annual tax return. All Loan Stock Holders should have received a certificate of the Withholding Tax held back. If you did not receive this then please let me know immediately or write directly to Mark.Everitt@metalstrust.com. If you did receive your withholding tax certificate then you should contact the UK Inland Revenue department to find out how you personally can reclaim the withholding tax sent to UK government on your Loan Stock Investment. The UK Government contact details are as follows: – Inland Revenue Centre for Non-Residents Fitz Roy House PO Box 46 Nottingham NG2 1BD Tel: + 44 115 1904 Fax: + 44 115 974 1918 I believe the above should enable you to move forward with tax related queries. With regards to the recent Loan Stock letter dated 1 Feb 05 but sent to you by MITL 16 Feb 05. Months prior to that communication from MITL, I had requested information on the procedure for clients to receive their Loan Stock investment which matured 15 Feb 05. Having had no response to that particular question, I called Mr. Everitt (+ 44 207 887 6045) 14 Feb 05 but was given no information on either the maturity of the Loan Stock nor the progress of the sale of MITL, instead I was given continuous re-assurance that all was in excellent shape and progressing according to all expected time frames. The
telephone call ended in total dispute except we agreed that Mark Everitt would send me a draft copy of the letter he intended sending out to all MITL Loan Stock holders for my comments and recommendations. I received the draft next morning. I expressed my view of the MITL letter direct to Mark Everitt as I promised him I would on 15 Feb 05 as follows: – —– Original Message —– From: Finesco Capital Management To: MITL – Mark Everitt Sent: Tuesday, February 15, 2005 4:09 PM Subject: MITL Loan Stock Letter Dated 1 Feb 05 but Missed 15 Feb 05 Dear Mark, Finally some very long overdue information to Loan Stock holders. I think the good news is that you did not say MITL have gone bust…. Not yet anyway. You have simply said what everyone else knew or hoped, that the problem is that you have no money to honour your debt owed. Why didn’t you come out with this earlier instead of upsetting all, and I mean all, Loan Stock investors by keeping them on the edge until the very last day possible. I had 4 no-confidence e–mails this morning so far all of which clearly let me know that by association I have lost potential further business with these clients. I have read your newsletter once and cannot see any substance in it to keep investors from being angry at your announcement. For instance, you make 5 proposals to the Loan Stock Holders which all revolve around MITL (Martin Young) working with the investment advisor (Martin Young). No-one will miss the point that Martin Young as Chairman of MITL will be writing to the Investment Advisor Meyado (Martin Young Chairman of Meyado) asking for their support of this recommendation. I suggest you do not continue to treat investors as stupid people and come up with something a little more imaginative than that. You mention in the newsletter that you have a “Board” and that you have “Investment Bankers” but no Loan Stock holder has access to them or who they are and yet they are working with the “Investment Advisers” on behalf of the Loan Stock holders. If you really want to gain back some confidence from the Loan Stock Investors, why not propose to have an independent Loan Stock investor from the Far East known to most people in Far East work with the Board to give re-assurance to the Far East investors. How about proposing that as MITL is successfully producing and selling clean steel scrap and zinc powder you will give this information weekly or monthly direct to Loan Stock investors. Why don’t you propose to contact Loan Stock holders at the end of every month for the next six months with a reassuring communication. Please do not think that Loan Stock investors, having seen this project extended beyond all dates and timeframes so far given will simply accept a new timeframe and be content with 5 proposals that have no benefit to them whatsoever. I have been asked to comment on this newsletter and I will but as I said to you last August and again last night, we should work together on this to come up with a positive spin. I don’t really care that you say 50% of you queries come from the Far East, that is too many concerns in the first place and I will not waste any more of my time supporting you if you continue on your path of keeping me out the loop. Kind Regards, Alex Irwin Managing Director Finesco (Overseas) Limited
Riverview Medical Building No. 179, Jalan Gadong, Kg. Kumbang Pasang BA 1511 BSB Brunei Darussalam Tel: +673 2224048 / 9 Fax: +673 2224047 E-mail: email@example.com Website: www.finesco.biz The following day, MITL issued the 10% Secured Convertible Loan Stock due 15 February 2005 letter to loan stock holders. Unfortunately not all loan stock holders received this letter, again causing a great deal of unnecessary concern to those who had to hear of the letter from friends or colleagues. Finesco re-sent that letter to all loan stock holders and posted that letter on our website www.finesco.biz under “other investments”. Having read the letter from MITL, I completely disagreed with both the content of the letter, the way it was written and that this looked to me more like an arrogant “take it or leave it” type of ultimatum and not a friendly encouraging notice to loan stock holders who expected their cash returned 15 Feb 05 plus interest. Loan Stock holders were not interested in taking the same risk as MITL shareholders were prepared to take. I have had a few more e-mails from Mark Everitt as well as some heated telephone conversations but it always ends the same way. Mark Everitt maintains that I am supporting a very low minority of complaining loan stock holders, I dispute this. He claims he will be more communicative with loan stock holders in the future, I dispute this. He claims that every loan stock holder he speaks to personally no longer has a complaint, again I dispute this. I suggested that if the project was so good and lucrative why not just borrow the amount owed to loan stock holders or those wishing to receive their money, from the bank. This option would make loan stock holders happy and MITL would have the same amount of debt, only held by the bank and not the loan stock holder. There has been no response to this proposal from MITL. One of our (angry) loan stock holders is in London (on vacation) and will meet with Mark Everitt this week. He has agreed to keep me informed as to the outcome of that meeting and I in turn will pass on any update to all loan stock holders. What can we do or what should you do? First and foremost, I believe MITL should honour their debt. I am an MITL shareholder and therefore am confident and reasonably content to believe the project is in the final stages of sale. I am not a loan stock holder and I believe loan stock holders should not be asked to accept the same information as MITL shareholders are given. It may be interesting information but loan stock holders were promised a specific maturity date and a specific return and that is what they should demand, nothing less.
I have passed on the names of all loan stock holders who have expressed their feelings onto Mark Everitt of MITL. He continues to ignore those concerns. Depending on your requirement, I will continue pressing MITL and then the UK authorities on this. I write this note to you, not to worry or scare you but to show you that Finesco is 100% behind you in the speaking up against MITL on this subject. Kind regards, _______________ Alexander Irwin Managing Director ***This document is for the intended recipient only and may contain confidential or privileged information; if you are not the intended recipient please notify Finesco. The unauthorized use, disclosure, copying or alteration of this message is strictly forbidden. Any views expressed in this message are those of the individual author and do not necessarily represent the view of the Finesco Group. This message is for information purposes only. All liability of the Finesco Group and its entities for any damages resulting from reliance upon this document is excluded. ***
MikeBGoodall: 25.10.2005 at 09:08
Meyado15.02.2005 at 12:16
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Comments for this entry:
I used to work for this man. Please could you tell me what the main problems were with this investment?
thomass: 03.03.2005 at 14:55
I work for a debt collection agency in the UK. One of the investors approached me about her investment with MITL which has recently defaulted on its debt. After looking over the financials L I see is that Meyado has been playing with other people’s money. The client showed me her contract and I see it is described as a “Secured Loan” yet I look on their balance sheet and I see lass assets than liabilities. None of their assets are short term. Where is the security? That would place the directors of MITL (including Martin Young) liable for the full amount of the debt. He is in a whole that he can’t get out of.
MikeBGoodall: 05.03.2005 at 16:28
I had been employed by a financial services company called Cameron Butler in Moscow. Martin Young bought the company which had been headed out of Hong Kong. I had left the company just before Martin took over(BIG MISTAKE). I had nearly £9,000.00 sales commission outstanding.
Cameron Butler told me that it is now the responsibility of Martin Young to pay you. I phoned on many occasions and I had been always put through to the Financial Director (Julian Hillman). I couldn’t believe the child like excuses he gave to me, why they couldn’t pay the money ‘just yet’ but it will be paid. I thought this chap hasn’t a clue about the industry and had slipped up serveral times with his answers. So, I decided to keep trying Martin Young. No luck.
Then I decided to go back to Moscow and work for another company. I kept bumping into a Meyado salesman, who I got friendly with. I told him my story and asked him how honest this Martin Young chap is. The salesman suggested ‘very honest’ and he will have a chat with him. A week later, I couldn’t believe it, they offered me a sales job. I thought, this may be the only way to get my money.
In the interview I asked for the money to be paid first, so I can get on with the job. I told them to show commitment from your side, I think the money should be paid first. They told me they would have a chat. Please bear in mind the sales people work on COMMISSION ONLY, thats right, and they don’t give you any leads. So, you ‘cold call’ all day, find a potential client, visit them serveral times to gain credibility, sign them up and you ‘should’ get paid at the end of the month. Bloody hard job really.
As they were ‘thinking’, I had attended a week long training course some where near Prague with them, a cheap cheap cheap venue. Not impressive at all. Martin Young did some of the training, I had never ever in my life met a person like this. Used to be in the Queens Cavalry based in Knightsbridge, I think he was an officer.
I was told to work first and money comes later. I told them this is a commission only job, I need commitment from you before kick off. This never happened, so a week wasted. And this Juilian Hillman made another child like excuse suggesting my money will arrive in 3 months time. Even though they had recieved the commission. This had now made me think, these are a BIG bunch of cowboys.
3 months later no money had been transfered. Juilian Hilman told me that it’s not Meyados responsibilty to pay me, but my old company Cameron. What a bloke this F/D is, with kids shouting in the back ground as he talks, I believe he works from home.
THEN finaly I get through to Mr Martin Young. I asked for my money other wise I will try and do something legal, and this was his reply. “SIMON, YOU DO WHAT YOU WANT, I COULDN’T CARE LESS” please note these were his exact words I remember them clear to this day.
thomass: 07.03.2005 at 13:52
Yes, that sounds very much like the type of individual I am to about deal with. As sleazy as they come. The type of guy I am told who when you shake his hand you check it afterwards to see if your watch is missing. I know someone who worked with him in New York many years ago (I think with Merrill Lynch) who described him as being as close as possible to a real life Michael Caine in “Dirty Rotten Scoundrels”.
I hope things are working out well for you now. Are you still in Moscow?
MikeBGoodall: 07.03.2005 at 14:35
Thanks for your kind thoughts.
Things are alot better now and thank God I’m back in the UK. The only good thing I brought back from Moscow had been, don’t laught, a Russian wife(Been married 6 years).
Your right, Martin did work as a broker in New York and I also believe it was Merrill Lynch he worked for.
Then he worked for a financial planning service company(off-shore). I am guessing now but I think it was called Finexco but I could be wrong. Then he set up Meyado in Germany, Portugal, Tobago and then took over Cameron Butler, and its offices.
When I attended his training course, I have to say, I had never ever met a man who loved himself as much as this guy. Just all to do with his character and delivery. He told us all he was buying a steel company in the USA, I asked him how he got involved with that. You should of seen his face, as if NO one should ask him that question. He snapped at me that because he was in the House Hold Cavalry, he plays alot of Polo in Windsor. He has his own Polo team also called Meydo and that Stephine Powers, remember the actress from Hart to Hart, well she was the one that introduced him to the Steel company. I thought what the bloody hell am I doing here with this stuck up self centred idiot, I am the one introducing business to him with out a salary or even help for leads and you talk to people like pieces of sh*t. And then you don’t pay them after anyway.
He even told me later on that day ,at the hotel, something that made think, this boy hasn’t fully grown up yet, with all these Arthur Daley answers. He said “I am not in business to look for ways of making multimillions or even mulitibillions BUT multitrillions” and then smilled in a child like manner at me. Then he jumped on his private jet and off he went.
I have spoken with other people about him and perhaps the most respected person in the industry told me. “In a nut shell it’s all hand me down money, he’s a millionaire play boy who believes he is actually James Bond.
Who sold the investment to your client and where?
P.S If there is something I can help you with, I will try my best
thomass: 07.03.2005 at 17:00
The person who sold the investment was Mark Paine. Do you know him? Apparently he is working in their Dubai office now but was in Spain Republic before. This guy has to be the worst financial advisor in the history of the profession. Up In the late 1990’s he was advising everyone to be in the riskiest possible assets. Then on Oct 7, 2002 (at the bottom of the bear market) he sends an email to all his clients to sell equities because their portfolio’s are subject to what he termed “Market Risk”. Do you know Mark Paine? It would help me if I knew what qualifications people are meant to have who work with Meyado. I believe the product was sold in Madrid.
MikeBGoodall: 08.03.2005 at 14:22
what do you mean “playboy”? Martin’s reputation for buggary in the polo circles is legendary. I believe he went to an English public school. Say no more.
FredrikPlyhr: 08.03.2005 at 14:38
Fredrik, thanks for cheering me up this afternoon. Now I can guess why he isn’t married, or rather he wasn’t when I had met him.
Mike, yes I have met Mark Pain(Brit), on the training course near Prague. He had been incharge of the course along with a chap called Marc Derbridge(Kiwi & Ex Cameron Butler, which Martin bought). If I can recall correctly, please note I could be wrong, but I believe that he said in his introduction that he had some Legal qualifications relating to law. I’m sorry I can’t remember exactly what. BUT the main problem with this Mike, is that I couldn’t believe anything that came from these peoples mouths any way. I base that on the ‘sales gimicks’ they employed on the training course. Example, day 2 of the sales course Mark receives a telephone call from a ‘Client’ then turns to every one and proudly declares he’s just won a £750.000k investment. Sounds good, could be true, but when you plus up the rest of the stuff, I won’t bore you with all of it, but it doesn’t feel true. So, I suppose he could tell us he used to sell diamonds on the moon and we wouldn’t be any the wiser.
Also, the qualifications Meyado look for in their staff? well Marc Derbridge (Director) used to sell double glazing but in his defence he sounded the most professional. Another used to sell cars and one chap who came over from Spain had been very successful at selling air conditioning units. So the only qualifications you need are ‘GOOD SALES BACK GROUND IN ANYTHING’. But these people could tell you anything about them selves and it could be hard to prove otherwise.
I think the biggest problem you may find Mike is:- Meyado work mainly out of rented offices (Regus offices mainly)and they certainly were not Legal to operate in Moscow when I had been there. The Regus name appears on the front door of the office and not Meyados name. So good protection against local tax authorities. The sales people get paid offshore, so no local tax for them. I certainly know they didn’t pay any local tax in Moscow as the manager often suggested. But this is not uncommon in the industry. The usual rule is the law of the land, so if they have not complied with Madrids Laws you may have a case to report them. As to Mark Pains advise, well, if he had invested the money into the equity markets high or low risk, and the market turned south, the usual advise from an advisor would be to stick with it until the market comes back, otherwise you sell and then you lose. Unless Mark has suggested an alternative investment, that could gain back the loss in a shorter term investment. But the usual rule with short term investments relates to high risk. It would be interesting for me to understand what the alternatives he has suggested and why! In 1999 I had been advising my clients that it may be a good idea to move a high % of their equity investments into more secure bond type funds, to secure profits and see what happens at the begining of Y2K. Not rocket science. Do you know anything about Martin taking a chap called Jonathan Ashe to court, he used to be the CEO of Cameron Butler, the company Martin bought. I’d like to know what the out come had been.
thomass: 08.03.2005 at 17:15
Stop giving my old colleague Martin aka “Laurence Jamieson” of Dirty Rotten Scoundrels a hard time.
MichaelCohen: 10.03.2005 at 08:47
Thanks for the information thomass. I will keep you up to date.
MikeBGoodall: 10.03.2005 at 10:13
Dear Micheal Cohen, please forgive us for giving your old friend a hard time.
thomass: 10.03.2005 at 13:53
Well I wouldn’t go quite so far as “friend”.
I once new a man who after losing a considerable amount of dosh through Martin vowed to f… him over by stealing his dog. Don’t know what came of it …
He’s an alright lad, just a little “out there” at times.
Why has this blog been blocked for “legal reasons”?
MichaelCohen: 10.03.2005 at 14:47
Hey Micheal, I did a Google search and this what came up about the dog!!!!!!!!!!!!!!!
Great Dane – dog (unsure if neutered)
Black with a white patch on his chest. Slightly grey beard on bottom jaw,
also one of his toes is white. He is big for his breed – around three foot
at the shoulder and he weighs about 70 kg. 6 years old. Brown collar with
tag and telephone number. Microchipped.
He is friendly but a little shy and timid. Even though he looks so big and
fierce he is very much the opposite. Reward offered.
Ran away on Friday 8th October – Upper Culham, Berks, near Henley on Thames.
Contact (email) firstname.lastname@example.org or (phone) <redacted> or (mobile)
Added 10th October, 2004 LD2983
thomass: 10.03.2005 at 16:01
By the way, I have know idea why theve bloked I can only guess Mr Young and his buddies are reading what we right and reporting us to the authorities. what ever happened to freedom of speech??? and Martin if your reading this I will rent you an new space ship to bring you home
thomass: 10.03.2005 at 16:07
And another, thing please forgive my spelling mistakes It’s hard to write after a few beers.
thomass: 10.03.2005 at 16:13
A very interesting string. I am also trying to help someone who may be in the process of being burned by Meyado. Does anyone have any informatino about the Catalyst Fund that they used to invest in Meretec, the zinc recycling company in the U.S. They raised several million dollars on the promises of big IPO that was going to bring in scads for anyone who got in early. They blame 9/11 for the IPO never happening and say they are about to put out information updating investors about the status of the fund, which has supposedly been “Frozen” for more than three years. I have seen press reports out of the U.S. that make it sound like the zinc-recycling technology they are foisting actually works and that they have some clients, but after reading this website, I am skeptical. Oh yes, naturally Martin Young is I believe Chairman of Meretec. I suspect he is also chairman of the Catalyst Fund, though the only thing the Meyado people will say is that the fund managers will put out news shortly but they won’t reveal who the managers are, where the fund is based, etc. Anyone have any information about this fund and whether I should be preparing my friend to kiss his investment goodbye??
abdroma: 05.09.2005 at 21:46
I have been following this as well. Meyado sent the usual blah out this week in a Catalyst Fund Report. Nothing new – just cheeriness for the future, and a few statements about illiquidity is private equity investments. Funny, I don’t see any such statements in the prospectus. Also new Fund Managers – Mark Paine and Graham Brown. What could they be possibly managing except their own fees? I say once MITL is sold (if ever) we get together and force the fund to be liquidated. The reason they provided initially was along the lines of unfavourable market conditions duw to September 11th. This can hardly be an excuse for a fund to be closed for four years. This fund and its directors are subject to the same laws as everybody else after all. The real reason the fund is illiquid is the nature of private equity investments. This should have been in the prospectus and the fund should have had a lock up period.
JeffRyan: 13.09.2005 at 12:17
i have been sent a couple of very interesting Meyado memos (around 2001) from Mr. Young’s office where he predicts 0 per share…..and a newspaper article where he claims the same if anyone is interested!!!! Cunning as a sh&^%ouse rat our Mr. Young!!!!
mando: 08.10.2005 at 16:35
That should read 0 per share!!
mando: 08.10.2005 at 16:38
That SHOULD READ ONE HUNDRED DOLLARS PER SHARE.
mando: 08.10.2005 at 16:39
Someone sent me a newsletter of his where they estimate the worth of MITL to be between and .25 per share (say about to per dahre split adjusted). But guess who makes the estimate – Martin and other “insiders”. I wouldn’t go spending that capital gain now. I also see the bond holders now have a choice to extend their bond almost indefinitely. Yet Meyado still call it “secured”. Secured against what? Surely not the goodwill of Martin Young’s to .25 per share declaration. It amazes me how people like this can talk sh*t their whole life and get away with it. Surely by now the tide is turning and people realise what a buffoon this character is.
MikeBGoodall: 10.10.2005 at 09:24