Samson vs Samson

The bankrupt estate of Samson, the company owned by Björgólfur Guðmundsson (sr) and Björgólfur Thor Björgólfsson (jr) is filing a lawsuit against Samson Global Holdings in Luxembourg. SGH is owned by Björgólfur Sr and Jr, the lawsuit is the result of a loan from Samson to SGH estimated 109,5 million euros, something called subordinated revolving credit facility. Another issue with the same loan that the estate is demanding, is the revoke of a certain special deal that makes 90 million euros of the whole loan should have no priority compared to other debts of Samson Global Holdings.

The deal was done November 9th 2007, less than a year before the collapse of the Icelandic economy.

The company SGH was founded in the British Virgin Islands and is owned by the holding companies Rosetta and Rainwood who are owned by Björgólfur Jr and Sr.

According to Morgunblaðið newspaper, there are four other lawsuits against them and companies related to them on the behalf of the Samson bankrupt estate. One such matter is the purchase of 16,7% in Árvakur, the publishing company that publishes Morgunblaðið newspaper for the price of 822,4 million ISK. The Samson bankrupt estate claims that the price was “bewildering” compared to the financial status of Árvakur publishing company at the time. The estate wants to void the deal. The deal was more complex than a straight deal, involving holding companies and daughter companies.

Claims in the Samson bankrupt estate are close to 100 billion ISK but assets are only 2,3 billion. Among the stakeholders are Icelandic pension funds and foreign banks.

This was just what has been said in the media, but the real questions still remain. Speculations are rising and the questions that the media cannot ask or answer, not the Icelandic media at least. Here are a few examples:

Did those men ever have any money? When Björgólfur Thor (jr) was number 249 on the Forbes list of richest men in the world, was it all just a scam?

What about all the assets transferred from Samson to Novator? Was that just a show to sneak out assets? Novator is registered on the Turkish side of Cyprus. A known heaven for the Russian mafia, and a difficult place to get information from.

Does anyone believe the brewery story? Both Björgólfur Thor and Björgólfur Sr are working for the Russian mafia laundering money. Björgólfur Guðmundsson even founded a memorial fund for his daughter who died from an accident, and all the money in the fund was on loan, and the loan has long since been called back by the loan company.

The Russian mafia owns them completely, if all things are looked at, no matter what the truth is. And their former business partner in Samson Magnús Þorsteinsson owner of Avion group is said to be working full time for the Russian mafia (rumours).

Advertisements

About this entry