Commercial Paper Problem Attias

I will make this short. For years, I have bought commercial papers from my broker. One company Attias Ingenieros y Arquitectos says that they were not paid for a construction project and are unable to pay the interest payments on their papers. I have not received any interest payments since November.

I talked to the broker and she said that there was a meeting with management officials from the company with several commercial paper investors. The company offered to pay 50% of the face value of the commercial papers 2 years from now. The commercial paper holders rejected this offer.

There is supposed to be one final meeting March 11th. According to my broker, she said this would be the final meeting and if there is no agreement, then it would be up to each commercial paper holder to hire a lawyer and try to get back their money.

I find it very difficult to believe that a construction company is unable to collect payment for their last project and this put them under financially. I think interest rates went down and this company doesn't want to pay the higher rates on its existing commercial papers.

What do you think the outcome of this meeting would likely be? What should I do to try to recover some of my invested money?

Commercial Paper Problem Attias Update

This was my original posting from the business section:

I will make this short. For years, I have bought commercial papers from my broker. One company Attias Ingenieros y Arquitectos says that they were not paid for a construction project and are unable to pay the interest payments on their papers. I have not received any interest payments since November.

I talked to the broker and she said that there was a meeting with management officials from the company with several commercial paper investors. The company offered to pay 50% of the face value of the commercial papers 2 years from now. The commercial paper holders rejected this offer.

There is supposed to be one final meeting March 11th. According to my broker, she said this would be the final meeting and if there is no agreement, then it would be up to each commercial paper holder to hire a lawyer and try to get back their money.

I find it very difficult to believe that a construction company is unable to collect payment for their last project and this put them under financially. I think interest rates went down and this company doesn't want to pay the higher rates on its existing commercial papers.

What do you think the outcome of this meeting would likely be? What should I do to try to recover some of my invested money?

This was the result of the meeting

This is my attempt at translating. The original Spanish version is pasted below that:

The proposal that has been agreed is to pay 100% of the investment that you had with Attias within a year and a half.

They will pay the pending interest from the months of October, November, and December I still don?t know when. Later they will pay the principle in a manner of percentages after the company is producing and receiving money. This I would like to say that for the moment you will not receive your money. The business will sign an agreement with the committee and the clients to watch that all of this is done responsibly and that each client receives all of their investment.

Here is the original e mail in Spanish.

La propuesta que se realizo consiste en pagar el 100% de la inversion que usted realizo en attias dentro de 1 a?o y medio.
Seran pagados los intereses pendientes de los meses de oct. nov. y diciembre todavia no se en que fecha, y luego seran pagados los capitales de manera porcentual segun la empresa vaya produciendo y recibiendo dinero, esto quiere decir que no se perdera su dinero pero tambien quiere decir que por el momento usted no recibira su dinero, la empresa suscribira un acuerdo con el comite y los clientes para vigilar que todo esto se culpla y que cada cliente reciba el total de su inversion.


To be honest, I do not expect to see any of this money ever paid. I think it is time to see a lawyer on this one.

Ideas? Suggestions?

Update on Attias commercial papers. My broker Transacciones Globales or sometimes called Calastar has a habit of not replying to my e mails. The story posted above shows that I have not been getting paid on my commercial paper investments with Attias since October 2008. My broker graced me with the privilege of an e mail from her and I THINK that she is saying that they now have 3 years to pay and not one year. Here is the e mail below pasted in Spanish:

Cuando suceden cosas como estas en una empresa donde usted invierte su dinero, hay que tener un poco de paciencia
y mas cuando se esta tratando de que nadie salga perjudicado de esta situacion, en el mes de abril del pasado a?o se realizo un acuerdo con attias para que fueran dando respuestas a cada una de la inversiones que ustedes tienen con ellos y el plazo para que ellos cumplan es de 3 a?os, le envie un mensaje dandole respuesta de una series de preguntas que usted me hacia y le indique donde podia pedir mas informaciones de este caso, nosotros hemos venido haciendo unas series de reuniones con cada uno de los clientes, ya mas adelante le estaran llamando para que se acerque a nosotros y poder conversar con mas detalles sobre la situacion, lamento no tener la solucion a su problema de inmediato.