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UK AND US OWNERS OF BONDS ISSUED BY GERMAN GOVERNMENT AND
BANKS DECLARE THE START OF "FINANCIAL WAR" OVER UNPAID BONDS
Dateline: May 10, 2005 ... London, England
Contact Name: Dr. Gerhard Podovsovnik
Contact Phone: +43-664-110-3403
E-mail: Rechtsanwalt@podovsovnik.com
Web Address: http://www.ggrg.us
LONDON, ENGLAND - May 10, 2005 - At a press conference held on May 9,
2005, Dr. Gerhard Podovsovnik of the International Association of
Defaulted Bondholders (IADB) Counsel, announced that a United States,
United Kingdom and French bondholder delegation will demand the
commencement of formal UK Arbitration proceedings and outline the
other ongoing and new actions being conducted against the German
government and German government entities related to unpaid bonds.
The bondholders accuse Germany and its institutions of defrauding
innocent bondholders, defrauding allies during and after the london
debt agreement of 1952/3 and refusing to pay monies that are due and
owing for over sixty-five years. UK and US bondholders demand
immediate repayment of £1,112,633.75 billion (present value of bonds
and accumulated interest) for the defaulted bonds.
At the Press Conference, the delegation will also deliver a list of
demands to the German Ambassador to England for immediate compliance
with and participation in Arbitration Proceedings and compliance with
terms of 1952/3 London Debt Agreement Treaty.
"I believe this is the most important issue of this century. Germany
has NEVER honored its obligations to pay on the bonds, as per the
terms of the bonds and the post World War II treaties, they owe us the
money," said Ronnie Fulwood, a Florida bondholder who is leading the
International effort.
"I demand that by June 6, 2005, on the anniversary of
D-Day, the Germans agree to start Arbitration. If they do not, they
show the world again their contempt and utter disregard of their
financial obligations. If they do that, we will immediately take
actions to protect our interests and which seriously affect Germany's
ability to conduct business worldwide," said Fulwood.
"This case could be more important than the Holocaust restitution
cases. Germany sold these bonds in the US, took hundreds of millions
of dollars from investors in the UK, US, France and elsewhere around
the world more than 70 years ago (worth billions today), refused to
pay and have been trying to avoid having to honor their obligations
since the end of World War II," said Ed Fagan, bondholder and lawyer
involved with the cases.
"Today I am proud to stand for and with British bondholders who are
owed these monies by the Germans government and others. I cannot
believe the Germans and financial institutions who made billions off
of these bonds have refused to pay. That all ends now. Either pay or
we will pursue you in every court and arbritation tribunal until you
do pay," proclaimed Dr. Gerhard Podovsovnik, European Lead counsel to
IADB.
For further information, see May 8, 2005 "Observer" article or visit
the website http://www.ggrg.us
For information or interview requests, contact:
Dr. Gerhard Podovsovnik
Ph: +43-664-110-3403
E-mail: Rechtsanwalt@podovsovnik.com
or
Margarete Endl
Ph:+43-664-434-5995
E-mail: margaretendl@yahoo.com
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