First update on the investigation of the PDR Exchange...
October 25, 2008
Good morning Pan Americans. On October 14, 2008, I published a news-blog on the www.panamersa.net beginning with the phrase: “I will never forget this day as a sad day in our quest for the commercial integration of Our America”
Today I will begin a series of updates concerning the findings by a team from Grupo PANAMERSA and other professionals assisting to decipher what I will refer to as the “PDREXGATE an act of infamy”… An analysis of the operations and actions by the management of PDREX.com S.A. formerly PDR Exchange (Panama) Inc. (“PDREX”) a runaway beneficiary of Fundacion Pan America (“FUNDAPAN”) the depository entity that protects the assets of all registered Pan American Beneficiaries. Whereby, the PDREX management decides to separate from the rules and regulations as stipulated by the Law and on their own decides to work outside the Law, violating the Law and their fiduciary responsibility to their associates and FUNDAPAN Beneficiaries.
Let us begin today’s update with a definition that apparently has not been understood by all. “A PDR is a depository receipt issued by FUNDAPAN that evidences beneficial ownership of assets conveyed to FUNDAPAN…etc.…a receipt of a conveyance into “FUNDAPAN”. The issuing of the PDR requires a procedure with a well-established protocol with check and balances. When the procedure is not followed precisely, the result is a bogus PDR.
A PDR is not a baseless pronunciation by the “PDREX” or any other entity, such as The Deposit Credit Corporation (“DCC”) for America II. It is a receipt issued by “FUNDAPAN”. This procedure has to comply with all the necessary steps…first: all conveyances must be accepted by and received by “FUNDAPAN” beyond a shadow of doubt, this mean that the final PDR document has to be countersigned by the Protector, once the conveyance is logged in “FUNDAPAN” safekeeping Vault at HSBC and/or other banking institutions in Pan-America.
Apparently, “PDREX” in an effort to create rapid growth and outstanding results in the case of the pnmsPDR’s, a situation emerged where a large number of the pnms shares intended to go to “FUNDAPAN” were never forwarded to “FUNDAPAN”, therefore, the due process for the issuance of the pnms PDR was circumvented and those pnms shares missing are alleged under “DCC” protection, a clear violation of Law 25, 12th June 1995.
What does this mean?
This means that according to the basic definition of the PDR… “A PDR is a depository receipt issued by FUNDAPAN that evidences beneficial ownership of assets conveyed to FUNDAPAN”…A conveyance into “FUNDAPAN” is absolutely necessary to comply. Therefore, by not following procedures the management of the “PDREX” never sent the pnms shares to “FUNDAPAN” from the “DCC” in America II; this inadequacy have created the essence of what we investigate today. As far as we know from verbal information given to the investigative team the pnms shares short are in the (“DCC”) or somewhere out of FUNDAPAN control in America II.
Micheal Scott Terrell, the CEO of “PDREX”, now suspended until further notice, has provided the PDREX software to a team of specialists contracted by AMERISOL, S.A., in Costa Rica on behalf of Grupo PANAMERSA to verify, under strict security measures, the full contents of the information in the data base of the software and we are sure that we will have precise information on who is who and if the software provided is real. (The never ending saga of the PDREX software began with DESIMPLEX…! This makes me wonder about that incident…why did it happen?)
To date FUNDAPAN does not have the TOTAL pnms shares as reported by ”PDREX” and is also awaiting for all the other documents requested such as DCC’s and PNMS bank accounts and all other pertinent information required to find and to know the truth.
Operational inadequacies, bad management, the lack of proper checks and balances and unattainable promises, we hope are the basic problems we face, however, there can be other agendas and issues in this embarrassing situation of the “PDREX” or the “PDREXGATE” as referred to it by me.
The PANAMERSA movement promoting commercial integration in the Western Hemisphere talks about behavior, integrity, rights and responsibilities and many more, please read below:
“Pan Americans, collectively, will do good and avoid bad; furthering all other individual rights and responsibilities, displaying a progressive movement in concert with nature’s mandate”…
Well, Pan-Americans, in the case of the “PDREX”; I have to conclude that the management of the “PDREX” has proven to be the antithesis of our PANAMERSA thesis.
As Founder and President of Grupo PANAMERSA (all sense of belonging companies, private, public, crown stock companies and Fundacion Pan America “FUNDAPAN”) a militant promoter of our PANAMERSA philosophy, I have to accept responsibility for these inadequacies and failures. Furthermore, WE will hold morally and legally responsible all management board members past or present of Grupo PANAMERSA for any of these wrong and equivocate actions and will prosecute to the full extent of our judicial system, anywhere in Pan America.
I believe in Grupo PANAMERSA; I will give my life for its success… nothing or no one will be permitted to bring shame and destruction to this great cause for all without frontiers.
We will continue to upgrade the success of this investigation. On the next blog we'll talk about our beginnings in America II at the third quarter of 2006 and explain how the relationship began with Micheal Scott Terrell and the merger of Pay Pro Inc., into the Pan-American integration movement, and its evolution to become PANAMERSA Corporation “pnms:PK”.
Once we end this ordeal in a positive way pnms:PK pps will show its great potential.
All pnmsPDR holders are asked to continue to send their claims to protector@fundacion-panamerica.com - all claims will be reviewed in a timely basis.
Thank you for listening my friends, together we will succeed!!!
Best regards Pan Americans,
Pedro Borges Fiol
Founder-Protector
FUNDAPAN
- PAN NEWS Network -
Good morning Pan Americans. On October 14, 2008, I published a news-blog on the www.panamersa.net beginning with the phrase: “I will never forget this day as a sad day in our quest for the commercial integration of Our America”
Today I will begin a series of updates concerning the findings by a team from Grupo PANAMERSA and other professionals assisting to decipher what I will refer to as the “PDREXGATE an act of infamy”… An analysis of the operations and actions by the management of PDREX.com S.A. formerly PDR Exchange (Panama) Inc. (“PDREX”) a runaway beneficiary of Fundacion Pan America (“FUNDAPAN”) the depository entity that protects the assets of all registered Pan American Beneficiaries. Whereby, the PDREX management decides to separate from the rules and regulations as stipulated by the Law and on their own decides to work outside the Law, violating the Law and their fiduciary responsibility to their associates and FUNDAPAN Beneficiaries.
Let us begin today’s update with a definition that apparently has not been understood by all. “A PDR is a depository receipt issued by FUNDAPAN that evidences beneficial ownership of assets conveyed to FUNDAPAN…etc.…a receipt of a conveyance into “FUNDAPAN”. The issuing of the PDR requires a procedure with a well-established protocol with check and balances. When the procedure is not followed precisely, the result is a bogus PDR.
A PDR is not a baseless pronunciation by the “PDREX” or any other entity, such as The Deposit Credit Corporation (“DCC”) for America II. It is a receipt issued by “FUNDAPAN”. This procedure has to comply with all the necessary steps…first: all conveyances must be accepted by and received by “FUNDAPAN” beyond a shadow of doubt, this mean that the final PDR document has to be countersigned by the Protector, once the conveyance is logged in “FUNDAPAN” safekeeping Vault at HSBC and/or other banking institutions in Pan-America.
Apparently, “PDREX” in an effort to create rapid growth and outstanding results in the case of the pnmsPDR’s, a situation emerged where a large number of the pnms shares intended to go to “FUNDAPAN” were never forwarded to “FUNDAPAN”, therefore, the due process for the issuance of the pnms PDR was circumvented and those pnms shares missing are alleged under “DCC” protection, a clear violation of Law 25, 12th June 1995.
What does this mean?
This means that according to the basic definition of the PDR… “A PDR is a depository receipt issued by FUNDAPAN that evidences beneficial ownership of assets conveyed to FUNDAPAN”…A conveyance into “FUNDAPAN” is absolutely necessary to comply. Therefore, by not following procedures the management of the “PDREX” never sent the pnms shares to “FUNDAPAN” from the “DCC” in America II; this inadequacy have created the essence of what we investigate today. As far as we know from verbal information given to the investigative team the pnms shares short are in the (“DCC”) or somewhere out of FUNDAPAN control in America II.
Micheal Scott Terrell, the CEO of “PDREX”, now suspended until further notice, has provided the PDREX software to a team of specialists contracted by AMERISOL, S.A., in Costa Rica on behalf of Grupo PANAMERSA to verify, under strict security measures, the full contents of the information in the data base of the software and we are sure that we will have precise information on who is who and if the software provided is real. (The never ending saga of the PDREX software began with DESIMPLEX…! This makes me wonder about that incident…why did it happen?)
To date FUNDAPAN does not have the TOTAL pnms shares as reported by ”PDREX” and is also awaiting for all the other documents requested such as DCC’s and PNMS bank accounts and all other pertinent information required to find and to know the truth.
Operational inadequacies, bad management, the lack of proper checks and balances and unattainable promises, we hope are the basic problems we face, however, there can be other agendas and issues in this embarrassing situation of the “PDREX” or the “PDREXGATE” as referred to it by me.
The PANAMERSA movement promoting commercial integration in the Western Hemisphere talks about behavior, integrity, rights and responsibilities and many more, please read below:
“Pan Americans, collectively, will do good and avoid bad; furthering all other individual rights and responsibilities, displaying a progressive movement in concert with nature’s mandate”…
Well, Pan-Americans, in the case of the “PDREX”; I have to conclude that the management of the “PDREX” has proven to be the antithesis of our PANAMERSA thesis.
As Founder and President of Grupo PANAMERSA (all sense of belonging companies, private, public, crown stock companies and Fundacion Pan America “FUNDAPAN”) a militant promoter of our PANAMERSA philosophy, I have to accept responsibility for these inadequacies and failures. Furthermore, WE will hold morally and legally responsible all management board members past or present of Grupo PANAMERSA for any of these wrong and equivocate actions and will prosecute to the full extent of our judicial system, anywhere in Pan America.
I believe in Grupo PANAMERSA; I will give my life for its success… nothing or no one will be permitted to bring shame and destruction to this great cause for all without frontiers.
We will continue to upgrade the success of this investigation. On the next blog we'll talk about our beginnings in America II at the third quarter of 2006 and explain how the relationship began with Micheal Scott Terrell and the merger of Pay Pro Inc., into the Pan-American integration movement, and its evolution to become PANAMERSA Corporation “pnms:PK”.
Once we end this ordeal in a positive way pnms:PK pps will show its great potential.
All pnmsPDR holders are asked to continue to send their claims to protector@fundacion-panamerica.com - all claims will be reviewed in a timely basis.
Thank you for listening my friends, together we will succeed!!!
Best regards Pan Americans,
Pedro Borges Fiol
Founder-Protector
FUNDAPAN
- PAN NEWS Network -
posted by Panamersa at
5:00 PM
