Back in 2000 and 2001, we worked with the law firm of Chancellor & Co., and their experienced partners, Gordon Brown and Walter Scott, out of Montego Bay and Kingston, Jamaica, to locate investors to take over the portfolio of FINSAC (The Financial Sector Adjustment Company). The portfolio consisted of several banks, an insurance company, as well as a large portfolio of non-core assets, such as real estate, commercial and residential property, and various forms of art work. In addition, the portfolio consisted of a large volume of non-performing loans that it acquired from distressed financial institutions. The total value of the portfolio of FINSAC reflected a value in U.S. dollars of nearly $2.9 Billion.
We worked with people and investors out of Jamaica, Atlanta, a number of other southern states, including Texas and Arizona, to help in this enormous task. We also convened a meeting of such investors in Texas, in hopes of reaching this goal. In the end, we lost out in out bid to secure such portfolio, and the entire portfolio of FINSAC went to other investors, but we were able to participate in the process, and, as a result, locate a number of investors and viable financial institutions that we continue to utilize today for other projects, both in the United States, as well as other parts of the world, including the Caribbean.