<TABLE style="WIDTH: 613px" cellSpacing=0 cellPadding=0><TBODY><TR><TD style="WIDTH: 613px; HEIGHT: 20px" colSpan=6></TD></TR><TR><TD style="WIDTH: 61px"></TD><TD style="VERTICAL-ALIGN: top; WIDTH: 342px; align: left">[FONT=Tahoma,Arial]Dear TIM REYNOLDS[/FONT]
[FONT=Tahoma,Arial][FONT=Tahoma,Arial]Further to our appointment as liquidators of the above company we write to update you in respect of the progress we have made in respect of this matter.
[FONT=Tahoma,Arial]As you are aware we were appointed Receiver - Managers of the Betonsports (Antigua) Limited on 20 September 2007 and subsequently liquidators on 8 February 2008.[/FONT]
[FONT=Tahoma,Arial]Our duties are primarily to collect in the various assets of the company, and distribute those funds to the creditors of the company. [/FONT]
[FONT=Tahoma,Arial]Asset realisations consist of a number of substantial debtors based in various jurisdictions around the world. In our efforts to realise these debtors we may now have to commence legal proceedings in those jurisdictions. Commencing legal proceedings in foreign jurisdictions is an expensive and time consuming exercise.[/FONT]
[FONT=Tahoma,Arial]Despite circulating emails to 63,000 potential creditors of the company we have only received 7,967 claims. This is partly due to inaccurate email addresses held on the company's database. Over 28,000 emails were not delivered. We therefore have made an application to the High Court in Antigua and Barbuda to request sanction to contact those players who have not claimed by mail & public advertisement.[/FONT]
[FONT=Tahoma,Arial]Therefore we still are not in a position to comment on the quantum and timing of any dividend distribution to creditors in this matter. [/FONT]
[FONT=Tahoma,Arial]However, based on our current knowledge of the affairs of the company, the level of the company's liabilities and potential asset realisations we do not anticipate that any distribution to creditors will be any more than a few cents in the dollar.[/FONT]
[FONT=Tahoma,Arial]If you have not already registered your claim with us and providing you agree the figure listed on the https://betonsports.vantisplc.com/ website, you should complete the request for information via the weblink at the foot of this notice.[/FONT]
[FONT=Tahoma,Arial]In the event you are not able to accept the accuracy of the company's records in respect of your claim you will be required to submit your own reconciliation, together with copies of all transaction documentation to include proof of funding and full betting history.[/FONT]
[FONT=Tahoma,Arial]We are still receiving a large number of emails on a daily basis asking for updates. We regret that we will not be able to reply to individual enquiries regarding general updates and will be only reporting to creditors on a periodical basis. [/FONT]
[FONT=Tahoma,Arial]As and when we have anything significant to report to you we will write further, if not we do not anticipate reporting to you further until December 2008.[/FONT]
[/FONT][/FONT]
[FONT=Tahoma,Arial]To register your claim if you have not already done so please complete the details via the weblink below, using your creditor reference , to confirm your claim against the company.
https://betonsports.vantisplc.com/
[FONT=Tahoma,Arial]If you do not wish to claim in this matter and do not want to receive any further emails from us please go to https://betonsports.vantisplc.com/cancel.aspx?creditor=89187
Yours sincerely
[FONT=Tahoma,Arial]PETER WASTELL & NIGEL HAMILTON-SMITH
Joint Liquidators
For and on behalf of Betonsports (Antigua) Limited -In Liquidation[/FONT]
[/FONT][/FONT]
</TD></TR></TBODY></TABLE>
[FONT=Tahoma,Arial][FONT=Tahoma,Arial]Further to our appointment as liquidators of the above company we write to update you in respect of the progress we have made in respect of this matter.
[FONT=Tahoma,Arial]As you are aware we were appointed Receiver - Managers of the Betonsports (Antigua) Limited on 20 September 2007 and subsequently liquidators on 8 February 2008.[/FONT]
[FONT=Tahoma,Arial]Our duties are primarily to collect in the various assets of the company, and distribute those funds to the creditors of the company. [/FONT]
[FONT=Tahoma,Arial]Asset realisations consist of a number of substantial debtors based in various jurisdictions around the world. In our efforts to realise these debtors we may now have to commence legal proceedings in those jurisdictions. Commencing legal proceedings in foreign jurisdictions is an expensive and time consuming exercise.[/FONT]
[FONT=Tahoma,Arial]Despite circulating emails to 63,000 potential creditors of the company we have only received 7,967 claims. This is partly due to inaccurate email addresses held on the company's database. Over 28,000 emails were not delivered. We therefore have made an application to the High Court in Antigua and Barbuda to request sanction to contact those players who have not claimed by mail & public advertisement.[/FONT]
[FONT=Tahoma,Arial]Therefore we still are not in a position to comment on the quantum and timing of any dividend distribution to creditors in this matter. [/FONT]
[FONT=Tahoma,Arial]However, based on our current knowledge of the affairs of the company, the level of the company's liabilities and potential asset realisations we do not anticipate that any distribution to creditors will be any more than a few cents in the dollar.[/FONT]
[FONT=Tahoma,Arial]If you have not already registered your claim with us and providing you agree the figure listed on the https://betonsports.vantisplc.com/ website, you should complete the request for information via the weblink at the foot of this notice.[/FONT]
[FONT=Tahoma,Arial]In the event you are not able to accept the accuracy of the company's records in respect of your claim you will be required to submit your own reconciliation, together with copies of all transaction documentation to include proof of funding and full betting history.[/FONT]
[FONT=Tahoma,Arial]We are still receiving a large number of emails on a daily basis asking for updates. We regret that we will not be able to reply to individual enquiries regarding general updates and will be only reporting to creditors on a periodical basis. [/FONT]
[FONT=Tahoma,Arial]As and when we have anything significant to report to you we will write further, if not we do not anticipate reporting to you further until December 2008.[/FONT]
[/FONT][/FONT]
[FONT=Tahoma,Arial]To register your claim if you have not already done so please complete the details via the weblink below, using your creditor reference , to confirm your claim against the company.
https://betonsports.vantisplc.com/
[FONT=Tahoma,Arial]If you do not wish to claim in this matter and do not want to receive any further emails from us please go to https://betonsports.vantisplc.com/cancel.aspx?creditor=89187
Yours sincerely
[FONT=Tahoma,Arial]PETER WASTELL & NIGEL HAMILTON-SMITH
Joint Liquidators
For and on behalf of Betonsports (Antigua) Limited -In Liquidation[/FONT]
[/FONT][/FONT]
</TD></TR></TBODY></TABLE>
