Investors: You have probably received the latest from Ernest Bustos again asking for money for his IP fund. He suggests that you investors can avoid the proposed sale of the portfolio by simply taking it over.
He fails to recognize that this is precisely what the receiver attempted to do when he sought investor participation in premium payments.
Unfortunately, most of you either could not or would not make those payments. As a result, the receiver does not have the four million dollars it takes to pay premiums for one year and sale is the only option. Before you consider sending Bustos money I suggest you demand to see the books of the IP fund to determine what he has done with the funds some have already sent and see if the fund has the capital necessary to make the premium payments.
Andrew Storar, Examiner