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Oct 31, 2008

Novelo brothers’ assets questioned in “examination of means”

Story PictureIn Court today, an examination of means was held on the Novelo Brothers: David, Antonio, and Hipolito. Remember them? They are the trio behind National Transport Services, who previously owned Novelo’s Bus Line. That bus company ran into trouble over a multi-million dollar loan with the D.F.C. And now an examination of means is being conducted to determine whether the Novelo’s have the assets to satisfy the Court in a default judgment last week in which the company was ordered to pay eighteen million dollars to D.F.C. In court today, Antonio Novelo was the first to answer questions from D.F.C. attorney Michel Chebat.

Michel Chebat, Attorney for D.F.C.
“This was an action against the Novelo brothers in relation to the D.F.C. debt and what we’re doing today is an examination of means. Having obtained a judgment against them, we are trying to determine what assets they have so that we can move against their assets in satisfaction of the judgment. That is what we’re doing today.”

Jose Sanchez
“And that is different from going against the company. Why go against the brother themselves? That’s a little bit more.”

Michel Chebat
“Yeah, what happened is when the loans were actually given to the company the brothers signed personal guarantees and the company is actually in receivership. So in addition to that action, we’re also going against them so we can get sufficient assets to cover the debt; it’s a huge debt and so that we’re not satisfied that the company has enough assets to satisfy it. So we’re also moving against them personally.”

Jose Sanchez
“Would that also include their new bus company?”

Michel Chebat
“Well, it may include the shares of the company because, as you know, the company is a separate legal entity form the owners so we’re gonna be looking to see what shares they actually own in the company and doing a valuation to see what the value of those shares are and at some point moving to an application in the court for the sale of those shares.”

Jose Sanchez
“You feel it’s a strong case you have?”

Michel Chebat
“We have a strong case; we have a judgment. What we have is the challenge in recovering the judgment debt. It’s a challenge but we are going to pursue all avenues.”

Antonio claimed that he is broke and that the various banks have seized all his assets. He denied he has shares in National Transport Limited and claimed that he is now only an employee of the company, earning three thousand dollars per month. According to Antonio, he does not even have a vehicle and he uses the company one to get around. This afternoon, the other brother David, was being questioned by the Registrar of the Supreme Court, Aldo Salazar. The Novelo brothers are represented by Attorneys Elson Kaseke and Hubert Elrington.

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