Marlin Owners?

[Handyman]

Re: Marlin Owners?

[Never-In-Doubt]

Re: Marlin Owners?

^^^^ thanks mate

[Handyman]

Re: Marlin Owners?

Now the C4 Video on Marlin tells how it was formed in the front room of a house in Wimbledon. This is not entirely true . The best way of telling this twisted history is to start from the near present day and work back as the companies early history is difficult to confirm accurately.

So lets start with the present owners and work back.

Duke Street Financial services.

Now this firm states

About us / In an industry which is sometimes seen as being rather faceless, Duke Street is distinctly different. We have a style all of our own. You can see it in our passion for accelerating the growth of the companies we back; the relationships we have with our management teams; in our unique mix of Investment and Operating Partners and in the results we have achieved. Above all else we’re known for being open and straightforward. It’s this approach that has underpinned our success since our establishment in the late 1980s.

Our approach / We always welcome the chance to talk to Chief Executives and Chairmen who may be interested in working with us, whether now or in the future.

Our network of contacts with managers is the lifeblood of our business and we work hard to develop and sustain relationships with potential partners.

But we have a very clear idea of the sort of investment opportunities that interest us.

Duke Street has a diverse portfolio across the business services, healthcare, consumer and financial services markets, including Asian food chain Wagamama, debt purchasing company Marlin and wealth management business UKWM. Any business it acquires is restructured and managed in the same way as a FTSE 250 company, no matter what the sector.

In the past they have owned Gala Bingo, Focus, Glasses Guides, Burtons and many other high street names. Currently they own Paypoint, LMI Funerals, The Original Factory Shop, and many others including insurance companies, Private healthcare and MARLIN.

At the moment Duke street are involved in the take over of Legal group Paribas.

LINK Parabis sells out to Duke Street under liberalisation - Business News - Business - The Independent

LINK LEGAL FUTURES Private equity enters the law as Wagamama owner buys Parabis Group LEGAL FUTURES

And this looks like it may not be going too smoothly.

LINK SRA delays force Parabis to defer Duke Street investment | News | The Lawyer


Previous takeovers have not been without controversy

Towry blames 349 FOS complaints on Edward Jones acquisition

LINK Towry blames 349 FOS complaints on Edward Jones acquisition - New Model Adviser


OK you may ask where is handy going with all of this and how is it relevant to Marlin?

Duke street don’t buy these companies outright. “They specialise in Leveraged Take Over’s”.

As stated in a Duke Street Management memorandum to Treasury select committee in June 2007.

LINK http://www.publications.parliament.u...67/567we41.htm

Its last fund completed its successful fundraising earlier this month. 52% of this fund was raised from overseas investors, representing a significant inflow of foreign capital to the UK economy

Duke Street Capital generates income through and pays its costs out of the profit share it earns on the fund (typically 1.75% pa of committed funds for the first five years of the fund and then the same percentage of the cost of any acquisitions still left in the fund);
— the Duke Street Capital group management companies all pay corporation tax at the full rate of 30% on their receipt of fees from managing the Duke Street Capital funds;
— UK based Duke Street Capital employees pay NICs and full income tax on all salaries and bonuses;
— all except one of Duke Street Capital's partners operating in the UK are UK domiciled for tax purposes. As such they all pay capital gains tax on any increase in the value of their personal investment in the fund and any carried interest that may become payable whether related to UK or non UK capital gains.

Ok so on to Marlin which was taken over by Duke Street in March 2010.

Maximising the value of debt purchase and recovery processes
In March 2010, we acquired a 58% shareholding in the Marlin Financial Group, the leading purchaser and manager of consumer debt and a specialist in litigation-based recovery.

Marlin focuses on the purchase of high balance, non-performing consumer debt, primarily credit cards and personal loans. Its main clients are UK banks and other large credit institutions. Since inception in 2002, Marlin has negotiated and purchased over 65 portfolios with a value of approximately £1 billion.

Operating in the high-balance segment of the market, Marlin is already a leading debt purchaser among those with a specialist litigation focus. The Group’s unique approach is based on a proprietary database and set of algorithms that enable the evaluation, identification and prioritisation of debtor accounts suitable for the litigation process according to their individual circumstances. It also uses a streamlined process that enables judgement and enforcement orders to be obtained rapidly.

Origination and execution
Duke Street initiated contact with the Marlin founder and CEO in October 2008. Discussions continued throughout 2009, during which time the company strengthened its management team and significantly expanded its operations during challenging economic conditions.

Right this takes me back to the C4 statement that the company was started in a front room in Wimbledon. The Web page of Black Tip Capital states

Martin is founder and Chairman of Black Tip Capital. He also co-founded its main investments, Marlin Capital Europe (MCE) and Marlin Financial Services in 2002 and 2004 respectively.

Martin has worked in the United States, Asia and Europe in senior management positions in the financial services, telecommunications and insurance industries. He has previously headed start-up operations in China, Taiwan and the UK. Now based in London, he has published numerous articles on the British and European non-performing debt markets and is a regular speaker/moderator at credit conferences across the region.

Martin is an active member of several charity organisations in developing countries, including The Kham Aid Foundation (Kham Aid Foundation) and regularly participates in fundraising marathon races and mountain biking expeditions (http://www.rideforgreen.org).

He has studied at Harvard Business School and George Mason University and holds a Bachelors of Science degree in Marketing and an MBA from George Mason University in Virginia. He speaks Mandarin Chinese.

Now take what information you get from Black Tips web site with a pinch of salt because the latest breaking new story was posted in April 2010 so it looks like the site is not maintained.

LINK BlackTip Capital



One Article I found states,

Specialising in pricing bad consumer debt, Marlin Financial Group purchases it and then recovers as much of the debt as possible from the defaulted borrowers. In 2006, founder and group chief executive Martin Dunphy led a buyout from the Sussex firm’s American owner and, in 2010, Duke Street bought a 58% stake for an undisclosed sum. The company has benefited from people wanting to improve their credit rating and pay off their debts during the recession. Marlin’s profits have risen 93% a year, from £2.8m in 2008 to £10.5m in 2010, and the business has some of the highest margins of the league table.

LINK Company profile

Now as this is a lot of information to take in and from here on in the tale gets even more twisted I am going to post now and will try and get the rest of the story finished tomorrow.

There is a point to this as others have looked to the validity of some of their operating practices.

Duke Street as owners or at least with a controlling interest have a duty of care to insure that its subsiduaries obey the law. Otherwise It’s a bit like Bob Diamond saying I didn’t know the Libor rate was being manipulated. As for paying UK Tax how does this stand.

From Duke Streets own site.

LINK Duke Street current invesment portfolio http://

Company Overview
Marlin Integrated Capital Holding, Corp., through its subsidiaries, purchases account receivables for medical industry and utilities. It also develops accounts receivable management software and hardware for credit and collections industries in the United States, Mexico, Canada, and Europe. The company is headquartered in Key West, Florida additional offices in Virginia and Latvia.
727 Washington Street
Key West, FL 33040
United States
Phone:
518-745-8260
Fax:
518-745-8610
http://www.marlinholdings.com
Key Executives For Marlin Integrated Capital Holding, Corp.
Mr. Martin Germanis
Chief Executive Officer
Mr. Warren W. Dedrick
Founder and Chairman
Mr. Martin A. Dunphy
General Manager of Europe
Compensation as of Fiscal Year 2012.

Of Further Interest is the Story of Chris R Hogg who sits on the board of both Marlin and Phoenix Debt Recoveries.

Regards for now, Handy

[pompeyfaith]

Re: Marlin Owners?

For Reference:

Company Check - Free company financial check on MFS PORTFOLIO LIMITED. Free company accounts. Companies House information

[Handyman]

Re: Marlin Owners?

For Reference:

Company Check - Free company financial check on MFS PORTFOLIO LIMITED. Free company accounts. Companies House information

That's not what they tell potential investors.

I expected to see 6 x noughts on the end of that, or are we spoiling all their spam

[pompeyfaith]

Re: Marlin Owners?

No doubt all there money is in off shore accounts

[Handyman]

Re: Marlin Owners?

Hi Pomps, I'm not going after the bosses though the money trail is interesting. I have spent so much time on this my notes are starting to get muddled and I am losing some important links. Having said that I have just fount the UK branch of NCO trading under RMA in Preston Lancs. That's not the Phoenix link I originally found but there is still a trail back to Marlin INC (US).

I'm starting to think that the entire worth of the world is £5.00 and we have lent it out that many times at 8% interest we will never get our money back

Regards, Handy

[Handyman]

Re: Marlin Owners?

Oh found another old one

Marlin Intergrated Capital Holding Corp. Launches New Company Marlin Financial Services do Brasil by Acquiring Omnium do Brasil Call Center from Omnium Worldwide.

LINKMarlin Intergrated Capital Holding Corp. Launches New Company Marlin Financial Services do Brasil by Acquiring Omnium do Brasil Call Center from Omnium Worldwide.

Mind you this is from December 2004.

[Handyman]

Re: Marlin Owners?

Good Evening all, Handy has had second thoughts about how he is going to do this.

Rather than keep going with all the links and then put up my argument. I thought if I give you the argument to peruse then if anyone thinks the idea has legs then I will provide the links as to the evidence that will make the case.

My attention was first drawn to mention of Marlin sarl and Phoenix sarl. Both seemingly unrelated companies and although there are some tenuous links nothing solid.

My first thought was what the hell does a Luxembourg registered company doing tied in with UK debt collection if not for the avoidance of Tax.

Now there were plenty of articles across the forums about these companies. Cargill / Carvell was mentioned but at first I could find no link. There is not that it is relevant at this time and if I continue with this work I will come to it at some point in the future.

Marlin sarl dissolved in December 2010 and Phoenix Sarl at the same time.

Then I found this thread where the OP had beaten a claim by Marlin sarl because the County Court Judge couldn’t see how a claim by a defunct foreign company with no compliant agent in the UK could pursue a claim through the British Courts.

LINK The Consumer Forums

I was advised by the county court Judge at a successful set a side hearing to take a very close look at whether the assignment was valid and whether the fact the Phoenix were in Luxembourg was relevant. I never really got to the bottom of this. In the end they discontinued so it never go to trial again.
See My thread: http://www.consumeractiongroup.co.uk...nt-admits.html

LINK Charging Order

Phoenix Recoveries (UK) Limited Sarl. It is registered in Luxembourg, where Sarl is the equivalent of 'limited'.

So what is a debt collection company in Luxembourg doing, using a name clearly designed to give the impression it is British? And should it not be properly registered at Companies House?

Phoenix has stated: that its only place of business is in Luxembourg, so it need not register in the UK. However, it did give a British address to the Office of Fair Trading, which issued its debt collector's licence.

Thus, the debt has to be administered by another UK firm.

And again this thread also shows the links to Cargill / Carvel

LINK Phoenix Recoviers (UK) Ltd - Dissolved 21 December 2010

Re: Phoenix Recoviers (UK) Ltd - Dissolved 21 December 2010
Company Name: PHOENIX RECOVERIES (UK) LIMITED




Previous Name(s): NO PREVIOUS NAME HAS BEEN RECORDED DURING THE LAST 20 YEARS

Registered Number: 06756754

Registered Office:

26 WILMOT STREET
LONDON
E2 0BS

Incorporation Date: 24/11/2008

Country Of Origin: United Kingdom
Company Type: Private Limited Company

Accounting Reference Date: 30/11
Last Accounts Made Up To:
Next Accounts Due:

Last Annual Return: 24/11/2009
Next Annual Return Due:

Company Status: Dissolved
Type of Accounts: NO ACCOUNTS FILED Accounts

Nature Of Business: 7487 - Other business activities


Filing History


21/12/2010 FINAL GAZETTE: DISSOLVED VIA VOLUNTARY STRIKE-OFF
07/09/2010 FIRST GAZETTE NOTICE FOR VOLUNTARY STRIKE-OFF
26/08/2010 APPLICATION FOR STRIKING-OFF
21/12/2009 24/11/09 FULL LIST
21/12/09 STATEMENT OF CAPITAL;GBP 100
20/12/2009 DIRECTOR'S CHANGE OF PARTICULARS / MR SEAN ALIMOV / 12/11/2009
24/11/2008 INCORPORATION DOCUMENTS
CERTIFICATE OF INCORPORATION
STATEMENT OF DIRECTORS & REGISTERED OFFICE
DECLARATION OF COMPLIANCE
MEMORANDUM OF ASSOCIATION
ARTICLES OF ASSOCIATION

But even though the Luxembourg companies were effectively dead from December 2010 there are many examples across the forums where claims on behalf of these 2 companies were being pursued through the courts.

Now there are a few cases on the web where paperwork with Phoenix Sarl or Marlin Sarl being chased through the courts in the early part of 2011. My question is are these judgements safe in view of the anomalies and the case that was thrown out ?

Following on I wonder how many people are still paying where the original assignment was to one of these companies.

Another name for which I can find no information, but appeared on some of the Marlin claims is Potomac recoveries.

This seems to have no UK record save that of being the assignee.

Now if the Luxembourg registered companies were the original buyer of the debt, when they wound up they should have sold on the debt and any debtor should have had a notice of who the new assignee of the debt was?

Maybe if my idea has merit would it be worth anyone who has had dealings with Marlin / Phoenix to see if the Sarl companies are mentioned.

That’s all for now, if anyone thinks I’m barking mad please tell me I won’t be offended.

If anyone thinks I should get the rest of my trawling posted please also let me know.

Regards to all, Handy

[Handyman]

Re: Marlin Owners?

Just found a Marlin IV company (looks like it is a just in case company).