Mike Turner's other correspondence
These letters are transcripts taken from the Jetstream Marketing Limited computer, which Turner overlooked in his plundering.
Letters to suppliers affirming "solicitor" holding funds - More to follow.
Turner ensured deceiving suppliers, associates, the bank and all other parties dealing with Jetstream that its "solicitor" had matters in hand and under control.
15th September 1995.
From: Mike Turner
Refinancing of Jetstream Marketing will be completed today according to our lawyers.
The transfer of funds to our Bank will allow the transfer of funds to Germany, Micromax and Genesi in accordance with the transfer authorisation documents already placed at the Bank.
Depending on the time when funds are lodged, the transfers will be either started today, or at the latest on Monday.
6th November 1995.
From: Mike Turner
Re: Status of Micromax/Simac Product Sales in UK.
As you are aware we have suffered two major financial setbacks this year which has cost us in excess of £80,000.
In May we took steps to refinance the business, approaching a number of possible investors. By August we had identified one investor willing to provide short and medium term funding of a size to enable us to trade out of the situation. This funding has been promised almost daily but is still in our lawyers client account awaiting financial clearance by the investor.
As we have been expecting funds to be available we have continued taking orders against stock which we expect to be in a position to purchase. However, the delays in actually receiving the funding and being able to purchase product is causing a major problem including the possible cancellation of some orders.
Attached for your information, is a list of the current outstanding orders. We need, somehow, to supply these products before the end of November and to agree supply of our product for December.
There appears to be two alternatives which can be considered:-
- allow Jetstream to take the product on the understanding that payment will be made as revenue is received from the customers. The typical timescale will be 30 to 60 days.
- Micromax fulfil the orders direct from Italy paying a sales commission to Jetstream, treating us as a sales agent.
We are fully aware of our indebtedness to Micromax and can stress that we are doing everything we can to expedite the funding which will make a significant difference to us.
We are so convinced about the potential market for Micromax/Simac product in the UK that the Directors of Jetstream have not drawn any income since January in order to keep the business operational. You may imagine that this has caused a lot of stress due to the uncertainty. Now that the funding has been delayed so long we are desperate to find a solution to our immediate customers requirements and to at least remove some of the stress.
In addition to the requirement to meet customers orders for product we also have a problem with spare parts which we have also not been able to purchase. The main problems are with the Stirella 301N, which were sold prior to Jetstream becoming involved, the Gelataio GE830 and the Cafelier CF1910.
Delays in servicing faulty product is again causing us problems.
I had hoped that we would have resolved our financial situation in order not to need preparing this letter to you requesting you immediate assistance to help us get over this problem and meet customer demands for Micromax/Simac products. It will be, we consider, disastrous to lose the market now that we have done so much work to develop it.
We are able to provide evidence of orders outstanding and to obtain a letter from our lawyer confirming that he is in possession of funds, which will be made available to us as soon as he receives clearance from the investor.
Please help us.
31st October 1995.
Mr. Brian Shattock
Bristol BS2 0PH.
Re: Delivery Situation.
Further to our telephone conversation of yesterday, I must apologise for the lack of any response to your call to Mr. Bantock.
There have been a combination of factors which have caused us to experience difficulties with scheduling deliveries:-
- Micromax has been restructured causing problems with manufacturing programmes and delaying responses to requests for information about delivery schedules.
- We have been the subject of a major commercial fraud resulting in a loss of approximately £98,000. This has meant that we have had to refinance the business, a process which has taken longer than expected.
- Our business has expanded at a rate faster than planned causing major problems with the sourcing of product as we have to pay our suppliers prior to shipment.
We are now beginning to recover from our problems although this recovery will be slow until our solicitors finalise the transfer of the funds now in their possession. Once this stage is complete we will be in a position to commence normal deliveries against orders received.
I apologise for the situation which has arisen but can assure you that we are making every effort to expedite deliveries of product from Italy in order to meet your orders.
Based on present knowledge I anticipate that we will meet all outstanding orders within the next 21 days.
I hope that this explains the reasons behind the delays but if you need any additional information please contact me.