But all that could hardly matter to BTL shareholder Zebedee Pitterson because right about now, he feels like that famous patch of grass, trampled underfoot, as the elephants called Prosser and Ashcroft fight it out. You will remember Pitterson as the last of the Belizean bakers. Well, no more, he says he's retired, but his retirement isn't going quite as planned. Why? Well he had hoped to live off his BTL dividends which in the good old days earned a massive 30% return. Well those days are over, and in terms of its investment profile the green machine has gone form grace to grass. Today Pitterson lamented his losses.
Alfonso Noble Reporting,
In his left hand he holds a share dividend of $14,790 paid to him back in 2001 for 60,000 shares he holds in BTL. In his right hand he holds a $1,363.99 check paid to him on October 7th of this year for the same 60,000 plus 400 more shares in BTL. That's $13,426 less in dividends from a company whose earnings have grown by $30 million. Now Zebedee Pitterson is wondering what went wrong.
Zebedee Pitterson, BTL Shareholder
"The difference is about $11,000."
And that difference has this retiree hopping mad. He says that he began to invest in BTL back when it was originally privatized in 1988 and when he did so it was under an agreement of a guaranteed 15% return on his investment.
Zebedee Pitterson,
"I took the money from the bank, because the bank was paying 7%, and they promised me that I'll get 15% at BTL. So I took the money from the bank, went to BTL, and bought the shares. I thought I would have a little pension money to collect when I got older and thing like now. Government, all of them, when they come out of power will collect their pension. What do I have to get? I have nothing to get. They are not looking out for the poor people, they are looking out for themselves. I have over $130,000 tied up in BTL, over $100,000 tied up right in there."
Alfonso Noble,
So you really want to sell that now?
Zebedee Pitterson,
"Sure I would really to want sell it. I could invest it somewhere else or even leave it at the bank because 7% (at the bank) is better than nothing at all. I would really want to do that because it is very bad. I can't understand why government did something like that. The shares are currently worth nothing indeed. I don't know if Mr. Ashcroft or anybody would want to buy it because I would sell it to Mr. Ashcroft right now. You can't blame Ashcroft for nothing because he is doing business and you can't blame him. They wanted to buy the shares from Ashcroft and he set the price because they wanted to buy. Then Ashcroft bought back the shares at his price because Ashcroft know that Prosser can't go through with it."
So while Pitterson is not about to blame Ashcroft for having been able to maneuver and slyly sell and buy back the shares of BTL always making a profit, he does blame government for not informing people of the effects these maneuvers would have on the small shareholders.
Zebedee Pitterson,
"I think the government is unfair. They should have held a meeting for the shareholders and tell them you better sell the shares because there is no guarantee; you won't get a lot or you won't get nothing off it. Let us sell it and put the money at the bank and invest it in another way. So I believe the government should tell us that because they know what is happening. They chanced us indeed because they should have hold a big meeting with all the shareholders and said they promised you guys 15% but we can't promise that so sell your shares if want to or take what you get, either or either. That way we will be on the alert, we would have been warned. So all the shareholders should stand up together and let them know what is going on because this doesn't make any sense."
And it makes no sense because this year BTL's earnings were $130 million and Pitterson wants to know where all the money, his money went.
Zebedee Pitterson,
"BTL made more money and I would want the Minister who is in charge of BTL, come and tell the public how much money BTL made and where the money went. We want to know all of that and that is why I am on the television because nobody wants to talk, everybody is afraid to talk, but I can't be afraid. That is my blood money. I worked hard in this bakery, sometimes 20 to 24 hours a day to get that money. I didn't get it easier, I got it rough, hard, and anybody can tell you that. And if all the rest of shareholders don't want to know what happened to their money, I want to know. I want to know where my money went and how we only ended up with that because there is something wrong indeed so I naturally want to know that. I am standing up here and, like I told you, I want the Minister who is in charge of BTL to explain to the people what happened. I want to know and I think all the rest of shareholders should stand up the same way too and demand that the Minister tell us what happened to the money from BTL. Look at how Prosser get so much money, Ashcroft get so much money, and look what we got: nothing."
For this shareholder, it's a sobering introduction to the world of corporate capitalism but at the new BTL - it appears to be business as usual.
BTL's earnings were a record $130 million for the last financial year, but after the write off of $27 million for Prosser's and Gaspar Aguilar's money misadventures, the profit was just over $2 million.
