Our Major aim and objective is to recover as much of our money as quickly as possible and at the least possible cost, regardless of what those costs may be.  Perhaps by far the biggest cost that confronts us is that associated with the Liquidator as appointed by the Turks & Caicos Court.  Already, after a mere six months at his desk, the Liquidator and his Agents have raked in more than J$70,000,000.00. And how much funds has he recovered up to his last report? Significantly under US$20Million.

It is estimated that there are approximately 10,000 Olint Members, and more importantly, that total indebtedness as at the end of May 2008 was almost US$2 Billion.  Put another way, the Turks & Caicos Islands Liquidator recovered 1 cent in the dollar, and for that was paid almost US$750,000.00.

What is more incriminating is the fact that the Liquidator has guaranteed us that this will be a long drawn out affair and that pay-out is no where in sight. However during this time, the TCI Court has already demonstrated its commitment to pay Mr. Connolly from your money, even  over the objection of the existing Creditors’ Committee.  You can do the math!

But most damning of all is Mr. Connolly’s admission that he lacks the major qualification for the job.  He has conceded that the major reason for his job being so difficult is his inability to win the confidence and co-operation of Mr. David Smith... The one man who knows everything about Olint.

But is it surprising that Mr. Connolly will never get the co-operation of Mr. Smith?  Mr. Connolly has extra-judicially convicted Mr. Smith of operating a Ponzi from ‘day 1’.  The arrest and conviction of Mr. Madoff made his accusation even more popular.  Mr. Connolly's early conviction of Mr. Smith as a Ponzi scheme operator was based mainly on his discovery of approximately  US$13 Million as against a gross claim of approximately US$2 Billion. At that time he deliberately or otherwise failed to account for the approximately US$250,000,000.00 that was reported as having been sent to Jamaica and turned back by the Bank of Jamaica as a ‘suspicious transaction’.  He deliberately or otherwise failed to factor in funds that were still on the Trading Platforms that were being used by Mr. David Smith.  Had he done any of the above, then his characterization of Mr. Smith as a Ponzi Scheme operator may not have held water at that time.

The fact is that we do not have any evidence to date that has been used in a court of law to convict Mr. Smith of operating a Ponzi. If that evidence becomes available, then we are certain that the Turks and Caicos Court, the United States FBI, Interpol and the rest of the world will be delighted to convict him. Until then, those of us who support the rule of law are required to consider a man innocent until he is proven guilty. Is it any wonder that Mr. Connolly will never get Mr. David Smith’s co-operation?
So where does that leave us?  Mr. Connolly will have to take 10 times longer than is necessary to ‘find’ our money, and even then, in the absence of a major criminal conviction of Mr. Smith, may still have difficulty accessing our funds. Now that is good news for Mr. Connolly because he gets paid some very big bucks from whatever small amount of our money that he has already ‘found’. However, what is one man’s meat, is definitely another man’s poison.  For not only will more of our money be thrown down the drain, but we will have to take a much longer time to get what’s left.

What is the Solution?
The Solution is to thank Mr. Connolly for the job he has done for the Turks and Caicos Islands, and for which he has been handsomely paid. However, for the bigger picture and for the recovery of the bulk of our money we need to appoint a Liquidator who will be far less expensive than Mr. Connolly, who will have our confidence and that of Mr. David Smith, and who will be able to circumvent the protracted pay-out period predicted by Mr. Connolly and have us paid in the shortest time possible.