Dear First Capital S&L Clients,
I have been dragging my feet in getting this update out to you. However, I do have reason for it, in that I don't want to go through the next few months with more unnecessary challenges to overcome.
As Thomas Jefferson is famously quoted, "Delay, is preferable to error". In my case here, I would prefer to be delayed and late in my corresponding to you, than to be wrong in my decision-making process, of which will certainly affect your lives.
I mentioned to all of you in the last update that I wanted to do a survey. This email is for that purpose.
As for the survey, my questions are as listed below. It will take us a while to get through all of your responses, so please be patient as we absorb more than 532 responses! Thank-you.
Please reply to this email address: replies@firstcapitalsl.com, with ONLY the NUMBER of the comment and please INCLUDE YOUR FULL NAME. For example, if you agree with what is said on line #1, then in the SUBJECT LINE of your return email to us, just put "#1" John Doe. If you agree with #2, then just put "#2 John Doe." If #3, then put "#3 John Doe" in the SUBJECT LINE OF YOUR REPLY EMAIL TO US. Simple.
An automated system will read the subject lines only and then file the responses, so no one will be reading the emails. With that said, please do not bother to include comments because they will not be read. We are doing this to speed up the process for everyone's benefit.
Here is the survey: #1 - I would like to have my principal returned to me, along with any and all gain that is due to me.
#2 - I would like to continue with First Capital S&L after January 5th, 2009. However, I know that the rates will be lowered, across the board to ALL clients, to a 2% MONTHLY return.
#3 - I have been Compounding with First Capital S&L and would like to continue Compounding. I understand that the Compounding rate will be set at 2% monthly come January 5th, 2009 and that my old compounding rates will no longer apply. I understand that my Compounding rate will be set at the 2% monthly rate.
Again, please choose ONLY one of the above statements as a #1, #2, or #3 and simply reply to replies@firstcapitalsl.com with the #1, #2, or #3 AND YOUR FULL NAME IN THE SUBJECT LINE.
Thank you again for your patience,
Jeff Lowrance Chairman First Capital S&L
Dear, Jeff Lowrance. You are a liar.
15 years ago
45 comments:
Alex, I'll take #1 for $120,000.
THATS FUNNY!!!!!!!
So I have many questions from this vague posting.....
Is it majority rules, or what we vote for in the survey is what we get?
Choice #3...does that mean that the rate changes 1/1/09, and life goes on? Including withdrawls at my pleasure?
Choice #2...will he make up for all the money due for the last 7 months then begin paying out at 2%?
After reading this...I had so many questions I couldn't even begin to vote....
if everyone votes for #1 he'll likely need to regroup and figure out how to pay everyone. Obviously he is hoping some will stick with him at the 2% intrest rate. I'll bet if a third of his investors are willing to stick with him he will be able to pay out. Many of us may or may not agree with Jeff's politics and or methods but ultimately I belive he wants to pay everyone back. He wants to make this right and if we give him a chance he will. This was always a potential high risk investment and in a world where some of the largest investment funds in the country that were considered to be safe are turning out to be fraudulent. Jeff has made some mistakes but ultimately I don't think he has lied and I believe that he wants to and will be able to pay us back.
ditto, Jeff is a good man with honorable intentions. it's surprising he didn't take a more stair stepped approach to reducing the dividends more gradually, but I believe he is making every effort to get everyone caught up.
He has a successful business model that can survive for many years if he just works it.
Wish him well and Merry Christmas to everyone.
I would tend to agree... there are many questions, but I feel Jeff is trying to do the right thing and has the intention of making it right. If he is walking, there is no reason for him to make the effort. We all need to continue to check emotion at the door, realize that this is an investment with risk (otherwise, why would the return be so high) and that we are still in a better position that many in the market are right now. If we all keep our heads we will come out fine.
Jeff has 17 days to do the right thing. IMO, we'll be getting another email by or on Jan 5th, explaining SOME reason why we all are NOT getting our money back in the manner we expected... if at all.
Read the WEBSITE nothing states RISK, it state that we are good at what we do and you can expect a monthly return that is guaranteed, period nothing more nothing less.
With that said i beleive that we will get our priciple back the interest may be a longer payback, if at all
With a simple 1 2 or 2 answer, why will that take a long time to get through all of the answers. The statistics will be something like:
#1 400
#2 50
#3 70
What is so hard to analyse from that? Also, #2 and #3 don't really seem to be different. I might be interested in a #4 with the option of returning the original principal but leave the accrued interest to continue compounding.
I chose #2 just because I think Jeff is doing his best to pay us back. I was hoping to see an option where we can get all the accrued interest pay back to us leaving the principal with FCSL.
I would assume that if he wants not only a number(#1, #2, #3) but also your name they will be looking at how much MONEY would be due on Jan. 5 based on the answers. If all is well we will get our money. If there are too many clients wanting their money we will probably hear of a new plan. It is all a numbers game and has to work for him. I would assume, at this point, he can't pay everyone back.
#2 is to have your money wire transfered. #3 is for compounding interest.
how many of you are getting your money out?
I'll be ya NONE of us get our money out... not anytime soon, and not without a big fight on our hands. Pick your option. - it's not going to matter anyway. It's just another manipulative technique Jeff is using to make you "THINK" there's some hope to bed had for Jan 5th.
Merry Xmas! no big presents this year. Especially after losing over 100k with FCSL - thanks Jeff!
1 WEEK TIL JUDGEMENT DAY
He says to be patient while they count the votes. My patience has run out. That survey should have been sent in October after the last email. How long past January 5th do you think we'll be asked to keep waiting?
My bet is probably months
Let's put it this way. Since he forces us to take 2% come Jan. 5th, he will then be able to manage partial liquidation payments much quicker for those that want to take the money out.
In 1 month? No, perhaps your current balance could be returned to your 10% a month over a 10 month period. At this point, that would be a good deal.
Unfortunately, a 2% return is not very attractive.
It's true that 2%/month is not attractive for a high risk, low-control, overseas investment where the eccentric fund manager is out of touch and unavailable. The 'overseas' aspect simply doesn't quite overcome the lack of communication.
New investors may find the fund totally acceptable. More power to them. 24%/year is an amazing return under normal circumstances; but again, it's only amazing when the fund manager is accessible and consistent in his/her transactions (i.e. doesn't use someone else's money for his own purposes).
4 days and counting... I'm not very optimistic. Let's see how many people are considering going after him on Tue the 6th when no wires have been made. At the most, we'll get another email with Jeff's pleas for patience as he devises a plan.
For me, it's Jan 5th or bust. I'm ready to take whatever steps necessary to prosecute.
I thought the original idea for this blog was to organize in the event of an unsatisfactory response on Jan 5th, and to get to know each other so we could take measured, appropriate action on Jan 6th.
As participants of this blog, we need to send Jeff a message, BEFORE Jan 5th, detailing what we plan to do should Jan 5th go by without something good. and then we need to execute that plan.
Would the owner please answer some questions:
has Jeff been invited to see THIS blog?
if not, why is everyone still anonymous? including me?
Do we have any plan at all?
Who is going to lead this operation?
Will we ever have a conference call like we spoke about?
will the angry anonymous person please let us all know how he plans to prosecute? do you have a plan, and if so, how can we all help?
I hear that Jeff is claiming to be 'on track,' whatever that means. He might be just handing out hope as a sick Christmas present, or he might actually have a workable plan that we will hear about on the 5th. I am on the hopeful side at this point, but will join the angry man on the 6th if Jeff lets us down.
How many people are on this blog? When do we take off the masks?
David Says,
It is easy not to be anonymous. Put down your name. I'm not sure if Jeff visits this site, but who would know.
Some might be disappointed with Jeff, but he does have time. I HOPE, not know, everything will go well.
Time will tell. Remember, just state your name and you will them be someone, not anonymous.
You apparently missed the boat on the private blog. Masks have been taken off there. The plan has been discussed, but nothing concrete yet. The first item of business is to select legal representation. As a group we will not organize to contact those associated with USA Tomorrow, even though some may do that on their own. We have not had a conference call. Many have not felt a lot of urgency to take action until we see what happens Jan 5th. I suspect this week the blog may just be a very busy place. This blog goes public as soon as I wake up tomorrow.
Just over 100 blog members
Hello Blog Administrator: I seek an invitation to www.firstcapitalslprivate.blogspot.com
There appears to be activity by a private group that is not being made available on the private Google blog.
I'm not the anonymous type:
239-731-8095 or LAMNKM@cs.com
THANKS signed Martin 1-4-09
Depending on what happens tomorrow a conference call can be coordinated for free via www.freeconferencecall.com
I do not think this blog should go public first thing tomorrow... we should wait at least until the 6th, to see what happens. it will probably not be clear, knowing Jeff, and will require some communication among each other to see what we as a group want to do.
I will pray hard tonight.
I agree. We have waited this long so we should at least give Jeff till the end of the day before taking action. I would vote for the consequences to start the morning of the 6th.
But I do not believe they will be necessary as I feel we will receive positive news tomorrow.
I agree with waiting until Jan. 6th. We should give Jeff time to give a response.
Attention blog administrator, would you please send me an invitation to the private blog.
mickrio@aol.com
thank you,
~Michael
David Asks,
I am unable to view the private blog site.
DHStout1@aol.com
Can I get an invitation?
Thank you in advance
I understand that Jeff is returning to panama from texas today, and will supposedly get access to funds and have something over the next day or so.
he also prohibited any account manager of the new interest rate from speaking to any premier clients. This is a bit of a red flag.
I guess we will wait and see what is going on by tomorrow.
I'd also like an invite to the blog. ryanturner@windermere.com thanks.
Whoever posted that Jeff is traveling to Panama and won't send out an update today please provide information as to how you know this. I understand if you do not want to identify yourself but at least corroborate your information somehow. Otherwise, I assume some people will start taking action tonight due to a lack of an update on the date promised.
I would like to be invited to the other blog as well
genmom62@yahoo.com
We need to know what is going to happen next. Please don't leave us in the dark!!
Hi,
This is Seth, and I have spoken with a fellow FSCL premier client who is in touch with the "smart guy." Jeff was en-route today and will call the smart guy tonight. The story they are getting from Jeff so far is that the money is released today, can be accessed, and will take a day or so to get sorted out.
These guys seem to be the only ones that Jeff is talking to, they have a very large stake in what happens with fcsl as we all do, and they have asked everyone to please hold on until we all hear from Jeff. In conversations that they have had with him over the last few days he claims that he is "on track."
Let's wait until we hear from him, as long as its not days and days. If things do not go well, these guys will be the best people to help us move forward with forcing some kind of resolution....I am sure they will be leading the way.
sethfuji43@hotmail.com
seth
Seth, can we get more info from the "smart guy", as he seems to be the only one in direct contact with Jeff? It sounds like he has a vested interest in our continued 'patience', so I would hope that he would be willing to give us a reliable 'update'. Could you please forward this request, and maybe that he post what he knows on this blog? Thanks, -John
seth here again.
I am not in touch directly with the smart guy, but speak with someone who is, and I will post all info that I hear from them. My friend is care-taking for someone in poor health and prefers not to receive a barrage of phone calls. Over the next day I will be in constant contact with him and post everything I hear.
His belief is that we all have a vested interest in a day or two of patience right now.
the last call he said Jeff and SG would be speaking tonight. I will post as soon as I hear anything.
David Says,
THANK YOU Seth for your update.
Looking forward to more info.
the fact that Jeff cannot see fit to leave some kind of remark here on the drop dead date is indicative of his totally messed up grandiosity. Boy, do I hate this guy right now.
I hope you are right. If not we should take legal action as a group of investors--the costs would be manageable that way. I am willing to hold on for a few days, but Jeff should at least acknowledge the deadline has past and give us some reason to believe he is acting in good faith and has used the last six months to build his fund back up enough to pay investors.
If not we should organize a conference call on freeconferencecall.com and talk about joining efforts and putting on some legal pressure.
But for now, a couple of more days.
I, also would like an invitation to this blog spot and be included in the free conference call. Seems to have been a goodly number of us left out of the "loop."
Thank you.
jcoelho10@att.net
blog administrator, would you please send me an invitation to the private blog.
juancarlosruiz0683@hotmail.com
thank you,
JUAN CARLOS
blog administrator, would you please send me an invitation to the private blog:
ortiz.fa@hotmail.com
Francisco
I would also like an invite to the private blog.
Aza Cline
azaone@verizon.net
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