The bus she no run!

Watching the news yesterday, if i recall correctly, David novelos said that the company that went in receivership was Novelos. Not National Transport. Ok. lets work with that.

National Trasport is the umbrella org. for all the other subsidary bus names. Northern, Southerm, WEstern, Ladyvile, Hattieville, Novelos, Etc. etc. Since it was Novelos that went under receivership why then are all the subsidary bus names mention above plus other included and not only the Novelos Bus Serice?

Another point he made is that All is assest are still collateral with the creditors, so why is he running a risk of losing those,( by running competition against his assests) if the receivership cannot make money to pay off the loans, the creditors can say, ah fuck, i'm coming for these assets. The Creditor are very leanent as far as i can see.

"A dog never bites the hand that feeds it (GOB being the DOG)."

The money was well spent..and no politician(s) got a cut.

Cheeta is my woman.

"Drink Up, Smoke Up, Juk Up...nothing else really matters"

they happy...happyy...happpyyy!!!

life is a bitch...then you become one..he..he!!

the GOB had a brillant idea to monopoliezed the business industry, (the major companies) z-line, batty's, Escalentes, Urbina, Venus and Novelos.

how it came about, is unknown but losts of money was involved $48 Million. you know the break down.

it appears that a deal (which nobody knows about yet) was to give novelos brothers the monoploy, for what in return? still unknown.

it went like this, Novelos bought out Batty brothers, Venus got Escalente and Urbina, then Z-line of which Novelos aquire (i think thats how it went) but the bottom line is that Novelos ended up will all the major runs. and crete sub companies (Nothern Transport, Western Tranport, Southern Transport, and Novelos, they later got Ladyville transport, one from Guinea Grass Trasport and Hattieville Transport) they allow want Tillets Bus Service, remember the riot at Toll Bridge, well it was a result of the Transport Department not wanting to renew the Tillets buses road service permits because they say they were not road worty and given other excuses. However if they had gotten their way, these same buses would have been aquired by Novelos and put back on the road. On a side note, Tillets buses were well kept.

During the process of the acquistion the major companies and their runs, Novelos was given a 15 exclusive contract sign by then minister of Transport, "Passport Max" This contract should be in possesion by the Receiver not Novelos brothers since that contact was for the runs there were doing before the receivership.

However, it seems that Novelos brother held on to that contract. This contract if you noticed came to light again in the news last night. Novelos himself saying that he has the 15yrs exclusiveness.

If you remember, before the elections of 2003 or there about, the UDP had a press conf and one of the item was this said contract. if you recall, David Novelo crashed the Press conf, and when ask if the signature on the contract was of his brother, he refused to confirm or deny, but stated something to the fact that its is not a legally binding document. that was then.

And now, he is bring back this said contract, to do his runs with national transport runs.

OH, btw, the legal fee was $10M paid to the Glenn Godfrey's Law Firm. very high legel fees i must add.

well, thats what i got to say about that.

"A dog never bites the hand that feeds it (GOB being the DOG)."

I said I had a little sympahty for the rechivers not the novellas. And they lost that because of their actions.

actualy I don't like either of em. Everytime I try to ride a bus it's either late or full and don't get me started on the curves on the hummingbird it's better en a roller coaster!

When life gives you lemons, make lemonade, pee in it, and serve it to the people that piss you off. And supa-fly koncas has some fries if you want some! (No ideal what he might have done with them though :)

As I understand it the loans where made the the company not to individuals. So their assets can't be attached and are available for them to do with as they please.

When life gives you lemons, make lemonade, pee in it, and serve it to the people that piss you off. And supa-fly koncas has some fries if you want some! (No ideal what he might have done with them though :)

be sympathetic to them. Just by insinuating that they did something with GOB and the 30 mil makes them shady. We bzeans cant so stupid. We must know that, but we still need transportation.

It WAS the decision to stop the brothers from competing against the receivership...

CORN: THE GREAT

if this was the case then why would Government have closed them down in the first place - why not just give them all the runs and make things work for the Novelos so they wouldn't talk about the $30m. The Novelos keep making innuendos about the government but even when government closed them down forcefully they didn't say anything. Could be just a bluff to have the people be sympathetic to them and not thinking of them as just incompetent hardpay artists.

To renew all the Receivership licenses and not issue ANY to the novelo brothers and commence steps to remove them from the road.. LEGALLY.. which could take a couple of weeks. So they have decided to force the NOVELO brothers off the road. Maybe Glen could verify this.

CORN: THE GREAT

get this right.

Mek big loan with DFC - close shop
Tek cut and invest eena nex business

Isn't this a copy from Glenn Godfrey (Intelco). Only his investments are outside the country.

If e work once y noh do it again..

and as Cedric mentioned on the kremandala show last nite...it is alleged that the novelo brothers supposedly only have to utter what happened to the 30 million and all WILL come tumblin down...so to keep them quiet they are allowed to run the renegade bus runs...
what say you Glenn?

Life shouldn't be a journey 2 da grave with D intention of arriving safely in an attractive & well preserved body, but rather to skid in sideways,wornout and screaming - woohoo what a ride!

receivership is to keep the business running and somewhat profitable until you can sell it. With that said, why would GOB or which so ever dept. grant these guys a lic. when the competition makes it that much harder to sell.

I am not sure what is really going on, I just find it hard to believe that GOB would stick its neck out at this time for these guys.

if they borrowed all the money in the name of an entity? So they are free to go and do a new start up.

Glenn, probably has the ans. to this, but I believe during the process of issuance of permits, lic. etc... the board should also look at the character of the chief shareholders/partners whatever... Ok so filing bkcy doesn't make you a criminal since it is a civil matter, but I believe they committed fraud, when they tried to have 2 loans secure the same property. I have a feeling there was an affidavit or something they had to sign saying, "hey we own this property free and clear of any liens".

Of course as Glenn would say "we are just speculating".

Yeah I am a direct person, love to go straight for the punch!!

how can you now find money to operate another company! What will happen to all those monies that are owing to the various institutions? Are they being allowed back into the transport industry because of threats the brothers made about going public about where the money went? Who suffers in all this? Once again the ordinary Belizeans!!!

but your question is more direct. I was pussy footing and trying to build something there.

You tell me what you think?

be running another bus company after ruining the first bus company?

the gov. cut its own throat and offer these jokers permits/lic. etc... I know we live in a somewhat free country, I guess they were never personally responsible for the loans, all in the company's name.

Novelo’s Bus Line went into receivership for some $48.0 million.

DFC - $30.0 million(which the Government is paying back to external creditors) and Atlantic Bank -$18.0 million.

"Drink Up, Smoke Up, Juk Up...nothing else really matters"

But either way their actions last night where just wrong.

When life gives you lemons, make lemonade, pee in it, and serve it to the people that piss you off. And supa-fly koncas has some fries if you want some! (No ideal what he might have done with them though :)

I have been following it on and off, but one question, how can novelo be back in business when they ran their original bus line into the ground, and borrowed all kinds of loans from private and public institutions? Aren't they just competing against the public, since I believe the reciever represents the public's money since at the end of the day the gov. of belize secures the loans they defaulted on? I could be wrong on all this, can someone explain it to me. Which creditor does the receiver represent? Atlantic Bank or Government Secured Loans(DFC, SSB or which so ever source).