http://www.forbes.com/global/2005/1017/030A.html
Of the $1 billion or so in stock given to Derivium, investors got back $900 million in loans. According to Kern, Derivium retained $20 million and sent the rest to the foreign lenders. A good chunk of Cathcart's share, lawyers suing him believe, was lost by his investment in a steel-fabrication proj-ect in South Carolina that ended up in a contentious bankruptcy.
And where's the rest? Cathcart has testified that Bancroft was owned by Alexander Jeeves and his father, Bryan Jeeves, chairman of the Jeeves Group, a Liechtenstein-based offshore financial services company. For years Bryan was Britain's honorary consul to Liechtenstein. Bryan Jeeves insists his group was only a trustee holding shares for Bancroft's true owners. "We've met Cathcart. I know who he is, and his deposition is completely incorrect," Jeeves said. "The case is really concerned with Mr. Cathcart. That's where all the problems will be uncovered." He suggested the directors of Bancroft should be asked who the real owner is.
Right. So who and where are they? Earlier this year Bancroft's directors in the Isle of Man quit, and the firm was moved to Cyprus. Its newest directors live in Beirut."
