A winding up petition against troubled unregulated investment firm MJS Capital (now Colarb Capital) is due to be heard on Wednesday 20th February.
A petition was originally filed by an MJS creditor on 23 October 2018 and due to be heard on 23 January 2019, but this was delayed and eventually rescheduled to next week.
It's been nearly a year since MJS Capital (known as Colarb Capital since October; to avoid confusion, for the rest of this article we will continue using their original and less silly name) started to fail to pay investors' interest and capital on time, something it has blamed on "banking issues".
Investors are now being told that to receive their funds back, they must switch from MJS' bond series 3 or 5 to Colarb bonds series 4. Investors have been promised that if they do, quarterly interest payments will resume and they will receive their (already overdue) capital back after a year.
Since early 2018, investors in MJS Capital (now Colarb Capital) have experienced issues with having interest paid on time and receiving their capital back on time.
Numerous comments have been left on this blog from frustrated and often frightened investors trying to find out what action they can take.
MJS Capital issued unregulated loan notes which were, by their nature, extremely high risk and only suitable for sophisticated and high net worth investors. Despite this, they were promoted by MJS Capital representatives as "very low risk" and "a safe haven".
An investor action group has been set up on Facebook at https://www.facebook.com/groups/mjscapital/ to help investors come together, share information, and find a way forward. The group is "closed", which means that anything posted in the group will only be visible to those who have been allowed to join.
Tempus Magazine was a luxury lifestyle magazine first published in 2012. If you liked yachts, luxury holidays and pictures of watches (lots of pictures of watches), Tempus was the magazine for you.
In March 2017 Tempus was effectively acquired by the unregulated minibond issuer MJS Capital. MJS MD Shaun Prince became its Chief Executive Officer, and the owner was named in Tempus' contents pages as Tempus Media Limited (taking over from Curve Content Limited). Tempus Media Limited was wholly owned by Martin Westney, an MJS Capital director.
This arrangement was referred to by Tempus as "sponsorship" but having the same CEO as your "sponsor", having another director of your "sponsor" owning the company which is named as the publisher, and substantial influence on editorial output goes well beyond sponsorship.
Oddly, Tempus Media's September 2017 accounts claimed it was a dormant company, even though by then Tempus Magazine clearly stated that it was owned by Tempus Media Limited.
Tempus' website (tempusmagazine.co.uk) is now down, and the magazine has not published its usual issue for November. Martin Westney has also applied to have Tempus Media Limited struck off the register. Oddly, his application to Companies House claims that Tempus Media Limited had not traded in the past three months, even though he signed this application on 4 September, only a day after Tempus Media's last issue was published.
With Tempus Magazine apparently no more, let's take a moment to reminisce about its history under its new owners. Continue reading...
Troubled unregulated bond issuer MJS Capital was the subject of an article in the Evening Standard on Wednesday.
The article focuses on the worries of a handful of investors who loaned money to MJS Capital via its bonds, have not received interest on time, and have attempted to redeem their bonds. Some have succeeded in redeeming their bonds after a long delay, others are still waiting to receive their money.
Such complaints will be familiar to anyone who has read the comments section of our original review or related articles.
A shell company connected to troubled unregulated bond issuer MJS Capital has gone into administration.
MJSC Marketing Limited (it will not be lost on our readers that MJSC has the same initials as MJS Capital) was incorporated in October 2017 by Nigel Anthony Peck.
Nigel Peck was listed in MJS Capital's original Information Memorandum as a member of the Advisory Board. His exact role was not specified.
On 25 October MJSC Marketing Limited was put into administration. Paul Cooper and Asher Miller of David Rubin & Partners have been appointed as administrators.
A couple of weeks ago we noted the name change of MJS Capital to Colarb Capital. At the time of writing the mjs.capital site had been withdrawn and no website was available for Colarb Capital.
The mjs.capital website has now been restored, with a pop-up explaining the reason for the name change and a redirect to the new website, colarb.capital.
MJS Capital Plc is a UK company setup in March 2015 the decision to call our company MJS Capital was not our original choice instead we chose Fidelity One Capital however regulators at the time felt this was to similar to that of another well know finance firm and we would have to choose another. [Sic. Honestly. -Brev]