Press Release

Date:  4/9/2001

Kobert Takes on Evergreen Case

The past several weeks have found Roy Kobert, of the Orlando office, representing a group of foreign clients embroiled in a major case involving $200 million in missing assets.

This complex case focuses on Evergreen Security Ltd., a British Virgin Islands corporation that ran an investment fund from Orlando. The fund's promise of high yields from U.S. government backed securities drew investors from all over the world. Many investors have received returns of 10 percent or better for years.

A few months ago, Evergreen suddenly stopped making payments, and in January filed for Chapter 11 bankruptcy protection from investors. This move has prompted a major international investigation as investors and authorities try to find out what happened to nearly $200 million. Currently, there are less than $10 million in liquid assets and no explanation as to what has happened to the missing money.

As the case has evolved, Evergreen has been revealed as a multi-layer schematic of relationships between offshore companies from Orlando to the British Virgin Islands to the Bahamas to Costa Rica. This extensive web of corporate relationships obscures the real ownership of the company.

Kobert has played a key role in the case, successfully petitioning federal judge Arthur Briskman to freeze the company's assets and records after it was alleged that key documents were being lost or shredded.

The current fund manager invoked his Fifth Amendment right against self-incrimination, a move that prompted Kobert to petition to the court to force the fund manager to respond to questioning in the case. Kobert was successful in his assertion that the manager forfeited his right against self-incrimination when he swore to the truth of the bankruptcy filing and the accompanying schedule of Evergreen assets and liabilities.

Additionally, Kobert asked the judge to appoint an independent trustee to oversee the fund, and this also was granted.

Congratulations to Roy Kobert on a job well done!