Week of 18 September 2019

Hello!

This is my first post after the most devastating hurricane in history, Category 5 Dorian, invaded this beautiful paradise of seven hundred islands in the first days of September. The beautiful island of Abaco is devastated… Grand Bahamas is also badly damaged, especially “thanks” to the oil tanks…..speculation of thousands of deaths…

Our sorrow, solidarity is with survivors of the islands… To our great joy our lawyer’s relatives, all from Abaco, are safe..but another friend lost his cousin, 62 year-old wiped from his home by the ocean… we are sharing the painful moments … We did what we could, a little charity work.. to pack some supplies to be delivered to the affected areas..

In the face of the enormity of pain from such a catastrophe our personal drama looks really like a little drop.. however, the issues raised by our case impact all of the people in the Bahamas – how we are treated by the law and what protection is offered from predatory financial organizations. It was a significant last week for us.

It was doubly remarkable for us – on September 18th was the sixth anniversary since UBS our “reputable” adversary, ordeal started. It was the day of the Federal Reserve announcement, when we had a position on the wrong side, and I called UBS at 1.58 pm to close it. However, their delayed execution made our loss five times greater than it otherwise would have been if executed correctly. Consequently, we asked UBS to change the way our trades are serviced, insisting on finally having access to the promised electronic platform and a refund for all of the irregularly executed trades. In response, UBS turned around and locked all of our money, while still counting interests, and so the story began.

We now know why they acted in such a bizarre fashion. One of the reasons was that not one of UBS‘ trading team members were licensed with SEC Bahamas (the official finance institution) to operate as a broker-dealer. A blatant disregard of this country’s laws.

Now, this past week, we received a call from the chambers of the Justice in the Supreme Court advising us that our trial date, after having waited “only” 4 years, is now pushed back. Instead, Monday, 23rd September 2019 will be used to conduct a new case management conference. UBS failed to comply with the terms of the first case management conference, held on 6th July 2018, the terms of which we fully compiled.

The only grounds for the new case management conference is that UBS has no witnesses. However, in the Common law a change of trial dates occurs extremely rarely, extremely – the court must have strong and undeniable evidence that the change of dates should be made in order to better apply justice and save costs and time. Our case does not qualify under any of the reasons why a change of date could be warranted. It is enigmatic how this principle could be applied in our case.

Now we can only guess at the reason why the justice would order a new date – logically, it would be to make a summary judgement against them, as UBS is in default of its obligations before the court. That is the only outcome that makes sense to any independent fair observer in this situation.

We will know more tomorrow., 23rd September, the date when our one week trial was scheduled to start.

Thank you for reading and supporting!

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