- THE HOME FRONT IN AMERICA
- Project Highlights
- Miami: the gathering storm | Financial Times
Confined to hospital for long periods, he had to be tied down at night to stop himself scratching as the infection cursed his youth. Missing vast chunks of schoolwork gave him no chance and few were surprised when he walked out the gates of his Buckinghamshire school the moment he could…and he just kept walking. The adventurous teenager left his family in Stony Stratford with a rucksack and some savings with his parents Eric and Irene expecting him to make around six miles before heading home for his supper.
But it was the start of a remarkable and heroic journey that has seen him take odd jobs in exotic locations around the world on a meandering road to redemption. Between the ages of five and ten, I was tied down spread-eagled to a bed night and day to stop myself scratching at my skin. One day a maintenance worker loaded a bunch of us kids into an open roofed Land Rover and took us on a fast ride through the wood.
I can remember the rush of crisp air, the speed, the sense of freedom and escape. The memory of that ride has never left me. About a month ago, I got to take a bunch of poor Dominican kids for a ride in the countryside in a borrowed open Jeep. I could barely read or write. I watched the other kids scribbling away while I sat and looked at the clock wondering when I could go home.
I failed. Few teachers took the trouble to help and despite catching up his peers swiftly and developing a keen interest in geography. He died recently and I never got a chance to thank him. I wish I had. Rees travelled the world with a fierce independent spirit. He worked as a tailor in Afghanistan, a cook in India, a builder in Switzerland, an eco-tourist guide, a sailing instructor and a charter boat captain in Belize and Guatemala. I wore full Afghani clothes and made my own turban every day.
There were seven tailors in the town and each night a different tailor would host the other tailors for dinner.
Overnight a market developed for really thin guys. We would dress them up with suits of different sizes. Ten pants, ten waistcoats, ten jackets. It was a sight. Settling down was never on the agenda and the money he made simply funded the next leg of a never-ending travelling experience that eventually took him to California where, penniless, he got the chance to play in a poker game and swiftly picked up the subtle nuances of human behaviour that make or break a card player.
What a game. His next saga was sailing a 33 foot yacht around the Caribbean, cruising past whales, dodging storms and keeping afloat with charters and odd job work. Sometimes you feel very close to God. One time I got caught in a bad storm off the Florida Keys. The boat was taking an awful beating. I was strapped to the wheel and the cockpit with a safety harness. Sometimes a whole breaking wave would come over the stern, flood the cockpit, and roar over the boat. It was all under the water.
It was a wonderful life. I did it for fourteen years.
The Eureka moment came about 15 years ago when his dentist was too busy to deal with his toothache because he was glued to a computer checking his stock dealings. The fuse was lit and Rees headed to the local library to plunge into the first academic phase of his life for almost 30 years. He then started a marathon quest to save money and learn the nature of fluctuating stocks and the subtle financial climate changes that drove profit and loss. He crammed during the day and worked at night in restaurants where he would arrive with a copy of the Wall Street Journal under his arm.
He got his confidence by trialling his new found skills on the Marketocracy system which offers investors the chance to play the stock markets on a hypothetical exchange. It gives newcomers the chance to make mistakes without losing fortunes. The company has helped hundreds of people gain the skills to ditch their day jobs and make life-changing money. His transformation has been phenomenal. Rees has seen 84 per cent of all his investments return a profit — a rate that would have City bosses purring with delight.
I bought U. Gold Shares and Invesco Gold. You also need to be very careful.
Everything you need is at the local library or online. But, if you calmly and logically went through the medical reports and histories of the patient cases, you could see that the problem was with the drug being used in combination with others. Shares were trading on emotion, misinformation, poor journalism and faulty Wall Street analysis as well as just plain rumour and scaremongering. Rees is currently outperforming the giants of the British markets who have the benefit of working for massive City corporations.
He has gone way beyond the imagination of his former teachers and schoolfriends but a life on the road means he is far from showy and lives a simple existence in the Caribbean trading in his best investment — happiness. My daughter will be four in February. I absolutely love being a dad. What more could I want? What I do have is a beaten up, tatty old dirt bike. Nobody wants to steal it. Rees monitors the markets from an office in his home and his portfolio has outperformed every mutual fund in the US. He could probably have been one of the wealthiest men in the world if his talent had been noticed earlier.
He now believes that real world financial dealing should be taught in schools. Determination, discipline and hard work are essential ingredients for success.
- Recent Posts.
- Promoted Content.
- A gathering storm – directors’ duties and the use and misuse of data.
- Out of the Ashes: ... sometimes all a poor man has left is his story ...?
- You are here.
- Changing Lanes, Changing Lives: How Leaders Made a Meaningful Career Switch from Corporates to Non-profits!
Luck will not work. I am not going back. The Aveo Articles. In early , we made the fateful decision to invest a large percentage of the Tenstocks. The investment failed and handed us our biggest ever dollar loss. We think the three articles are a good example of how we work despite the fact we were wrong. Here's the links:.
Outperforming Warren Buffett. Here's the text of the article:. Outperforming Buffett. Insights from a self-taught investor with an astonishing track record. Christopher Rees has an incredible track record at making buy and sell calls. When Christopher Rees left home in at the age of 16, his parents thought he would be back in time for dinner. But he ended up wandering the world for several decades, working at jobs in difference places, including as a tailor in Afghanistan, a cook in India, a carpenter in Switzerland and a charter-boat captain in the Caribbean.
The thrifty Mr. Rees is also a self-taught investor who has invested his savings well enough to establish a track record better than his hero, Warren Buffett. The return on his personal portfolio averaged 21 per cent a year over the past 25 years, as recorded on Tenstocks.
- Fear and Greed.
- H .O. P. E. Helping Others by Providing Encouragement;
- Sonho de uma noite de verão (Encontro com os clássicos) (Portuguese Edition).
- Red Sand!
- Millénium, Tome 2 - La fille qui rêvait dun bidon dessence et dune allumette: Millénium 2 (French Edition).
- Do I Make You Proud.
The Globe recently caught up with Mr. Rees to get an update on how things have been going since we interviewed him in Q: Is your investing approach still the same? I am often investing in companies that 97 per cent of investors would not touch with a bargepole. Sometimes my portfolio can look like an undesirable collection of rotting fish heads and dumpster debris. When I am buying, almost nobody agrees with me. I like it like that. Q: What are you investing in these days? Terhune that the setting up of such a trust would be fraudulent as to him, as he considered himself a creditor.
The Examiner indicated in his report filed with the Court that the Debtor was or had to be aware of the "gathering storm clouds.
THE HOME FRONT IN AMERICA
The following are examples set forth in the Examiner's Report:. In Columbia State Bank v. The Debtor had personally guaranteed the note. The original maturity date of the note was June 1, , but the borrowers negotiated an extension on that very day until December 1, No interest payments were subsequently made, and the loan was not paid at maturity. Columbia Bank issued a Notice of Default on February 5, , and following foreclosure, the property was sold on July 10, , in partial satisfaction of the obligation. That obligation remains outstanding. In Frontier Bank v. Black Lake Estates, et al.
The maturity date of the note was extended multiple times, the last time from July 15, , to October 15, Although Frontier Bank did not serve process on the Debtor until at least May 29, , presumably he would have anticipated litigation if the loan was not repaid. The state court granted summary judgment for Frontier Bank against the Debtor on April 22, , and that obligation remains unpaid.
In Anchor Bank v. The maturity date of the note was extended multiple times, the last time from July 1, , to January 1, , although the extension was not signed until the day after the Trust was signed. On September 30, , an interest reserve account was established on the company's books and interest payments were applied against this account until funds were reduced to zero in February ; no subsequent interest payments were made on this loan.
The state court granted summary judgment in favor of Anchor Bank against the Debtor on April 23, The obligation remains unpaid. In a separate action Anchor Mutual Savings Bank v. Terhune et. The maturity date of the note was extended multiple times, the last time from July 1, , to January 1, , although the extension was not signed until September 24, On September 30, , an interest reserve account was established on the company's books and interest payments were applied against this account until funds were reduced to zero in February No subsequent interest payments were made on this loan.
The state court granted summary judgment against the Debtor on April 23, It is well documented that in and nationally, as well as locally, the real estate market began to deteriorate due to the collapse of the subprime mortgage market and the implementation of more restrictive lending standards. On August 19, , Kevin Huber, on behalf of his father, emailed attorney Harold Snow, an estate planning attorney, because "[m]y father has some assets that he would like to protect and shield.
Snow to set up an asset protection trust, called the Donald Huber Family Trust Trust , which was established on September 23, Correspondence after drafting the Trust document acknowledges that one of the Debtor's principal goals for creating the Trust was to "protect a portion of [the Debtor's] assets from [his] creditors. Snow, the Debtor expressed urgency in setting up the Trust. With the assistance of Mr. The corporate assets were transferred in a similar fashion via quit claim deed to an Alaska corporation, then the new entity's interest into DGH, LLC.
The Debtor acknowledges that he received no consideration for the transfers. All other assets are located in Washington State. The Debtor also has grandchildren that the Trust assists in paying for their educational expenses. He also received social security income for each of his two minor children. The Debtor has provided documents showing the disbursements from the Trust assets following the resignation of Kevin Huber as a trustee.
From October 1, , through July 30, , some of the expenses that the Trust paid out include the following:. The Trustee contends that the Debtor made requests for disbursement from Kevin Huber, Kevin then prepared a request for a payment, and AUSA approved the disbursement, without any inquiry.
Miami: the gathering storm | Financial Times
The Debtor asserts, however, that Kevin Huber at times did refuse his requests for disbursements. The Debtor filed for chapter 11 bankruptcy protection on February 10, Trustee would appoint an examiner "to investigate and report the financial status of Debtor, including, but not necessarily limited to pre-petition transfers and the propriety of said transactions and shall have full subpoena powers concerning any and all parties necessary to thoroughly investigate said issues. The appointment of Eric D. The case was converted to chapter 7, title 11 on October 21, The Plaintiff in this action is the duly appointed chapter 7 trustee.
On November 19, , an Order Granting Preliminary Injunction was entered preventing selected disbursements from the Trust. A party seeking summary judgment bears the burden of demonstrating that there is no genuine dispute as to any material fact and that the movant is entitled to judgment as a matter of law. Catrett, U. All inferences drawn from the evidence presented must be drawn in favor of the party opposing summary judgment, and all evidence must be viewed in the light most favorable to that party.
Summary judgment should be granted if, after taking all reasonable inferences in the nonmoving party's favor, the court finds that no reasonable jury could find for the nonmoving party. Anderson v. Liberty Lobby, Inc.
The responding party must present affirmative evidence in order to defeat a properly supported motion for summary judgment. The responding party may not rest upon mere allegations or denials of his pleadings, but must set forth specific facts showing that there is a genuine issue for trial. Liberty Lobby, U. The moving party need only identify that evidence "which it believes demonstrates the absence of a genuine issue of material fact. Sun Communities Operating Ltd. P'ship In re Caneva , F. Once the party meets this initial burden, the burden shifts to the nonmovant "to set forth, by affidavit or as otherwise provided in Rule 56, specific facts showing that there is a genuine issue for trial.
Stefanchik, F. The Ninth Circuit Court of Appeals Ninth Circuit has determined that "[i]n opposing summary judgment, a nonmoving party must go beyond the pleadings and, by her own affidavits, or by the depositions, answers to interrogatories, and admissions on file, designate specific facts showing that there is a genuine issue for trial. Moynihan, F. Tucker v. Interscope Records, Inc. The nonmoving party must present significant probative evidence to support his or her allegations. The Trustee initially contends that the Trust should be invalidated under Washington State law.
Alaska recognizes self-settled asset protection trusts, see AS As such, the parties agree there is a conflict in the laws of the two states, and the Court must look to choice of law rules for guidance. Beneficial Reinsurance Co. In re Lindsay , 59 F. In applying federal choice of law rules, courts in the Ninth Circuit follow the approach of the Restatement Second of Conflict of Laws Restatement. Vortex Fishing Sys. In re Vortex Fishing Sys. Section of the Restatement addresses the validity of an inter vivos trust in movables in relevant part as follows:. Under the Restatement, the Debtor's choice of Alaska law designated in the Trust should be upheld if Alaska has a substantial relation to the Trust.
Comment b provides that "a state has a substantial relation to a trust if at the time the trust is created: 1 the trustee or settlor is domiciled in the state; 2 the assets are located in the state; and 3 the beneficiaries are domiciled in the state. These contacts with the state are not exclusive.
BAP In the instant case, it is undisputed that at the time the Trust was created, the settlor was not domiciled in Alaska, the assets were not located in Alaska, and the beneficiaries were not domiciled in Alaska. The only relation to Alaska was that it was the location in which the Trust was to be administered and the location of one of the trustees, AUSA. Accordingly, while Alaska had only a minimal relation to the Trust, using the test set forth in Comment b, Washington had a substantial relation to the Trust when the Trust was created.
Additionally, Washington State has a strong public policy against self-settled asset protection trusts. Specifically, pursuant to RCW Carroll v. Carroll, 18 Wn. This statute has been in existence for well over a century, as it was first enacted in This policy is consistent with those in other states.
For instance, in Marine Midland Bank v. Portnoy In re Portnoy , B. Equity would not countenance such a practice. Interests in property are determined by state law. Butner v. United States, U. RCW The Trust is admittedly a self-settled trust. In accordance with RCW See Rigby v. Mastro In re Mastro , B. The Debtor has provided no legal authority to the contrary. Accordingly, the Debtor's transfers of assets into the Trust are void, and the Trustee is entitled to summary judgment as a matter of law to the extent the Trustee seeks to have the transfers invalidated.
The Debtor's untimely Supplemental Memorandum does not warrant a different result. What — his not surrendering to the federalist trendies who LOVE the idea of covertly turning the ram-shackles of the EU into a superstate. Ultimately we Britons will get what they want out of their EU Membership, or they will leave. If Labour does not offer a Referendum, they will lose seats to the Conservatives and even the Greens — and they will deserve to do so. Exactly, great comment. They despise the very notion of referenda and democracy because it endangers their Grand European Scheme, which has really been their since the start — A Federalist European Superstate.
It makes me sick. Yeah lets give up more parliamentary power and perogative to the unaccountable EU bureaucrats. Yeah, lets give-in to the entrenched laissez-faire economics of the Common Market, yeah, lets ignore all the lobbying of the EU Commission which Multinational Corporations do. And the EU is no socialistic institution, the Common Market is in effect entrenched laissez-faire economics. Click here to cancel reply.
Tony Burke. That means the EU is far less attractive for them. He needs to broaden his circle of friends to include anti-EU head bangers like Tony Benn. Keep attacking those nasty Union leaders, how dare workers select people to reprisent them! James Byford January 21, Exactly, great comment. Name required.