As discussed in the previous post, Nurgazy’s Offer: It is not a Joke, Nurgazy made three offers regarding our shares. We could not accept any of his offers, it was unreasonable. And he was not willing to work according to the agreement. One option was for us to make an offer to buy his shares. We thought it might solve the problem. We were wrong.

Based on the financial information he provided, we offered to buy his 55% shares for $140,000. What followed was a lot of discussions, and a lot of going back and forth. In the end, we made no progress.

On June 19, 2009, I called him to discuss our offer. He said he did not expect us to make him an offer and needed time to think. We met few days later. He asked us to consider remaining a shareholder and providing him with more funds. We could not do that. We already bought shares and were having lots of problem. Giving him more money was not an option.

A week later, I called him. Nurgazy asked us to increase the offer price. I told him that based on the financial information he provided, this was not an option. On the same day, we meet at GoodCoffee. He said US$140,000 was an insult. I said that the price could be higher if it included the property in Kirshelk. He is not interested in selling the Kirshelk property.

He then came up with a new offer. He said that if we buy his shares, he wants to be the manager with a monthly salary of 40,000 soms. Our intention with buying his shares was to have no connections with him. The idea of him managing the business and dealing with cash was not appealing.

He then accused us of trying to deceive him. I don’t know what he meant by deceiving. And he said that he would punish me if we tried to deceive him. I reminded him that our preferred option is to sell our shares and exit Trilight, but buying his shares is a second best alternative.

On June 29, 2009, we meet at Erkindik Boulevard. The first thing he asked was whether I was wearing a wire, to record the conversation! He said it happened to him previously, where someone recorded the conversation. I didn’t ask for details. He again offered to convert our investment into a loan of $61,000, with a 30% interest rate. He said that he would not sign any contracts and he will not offer any collateral for the loan. In other words, he converts our $110,000 investment into an unsecured loan of $61,000, without any paperwork. Discussions with him were not making any progress. In the meantime we were not being paid dividends.

We spoke on the phone again the same evening. He said if we agree to give him our bank account, he will immediately transfer the money. I said if we agreed with him and gave our bank account details, will he transfer tomorrow. He thought about it and said that it might not be tomorrow, that sales had dropped and that we should agree on a payment plan and so on. He kept changing his mind.

On July 1, 2009, I sent an SMS, saying “Hello, what’s the progress? Don’t delay, this is not good. If you seriously want to sell, or don’t want to, then you need to make progress. It is not ethical and wrong to use our money for free.”. Nurgazy responded by SMS “You are accusing me again. I’ve had enough. Change your attitude, your accusations will come true.”

On July 2, 2009, Nurgazy sent an SMS, offering to sell his 55% shares for $200,000. I told him that based on the financial information he provided, $200,000 is too high.

July 22, 2009 Nurgazy responded by SMS, saying if all we can afford is $140,000, he will keep 30%. In other words, he would sell 25% of this shares for $140,000. I told him that this was unrealistic based on the financial information he provided. Nurgazy wrote “Trust me, I am realistic, I know my own business better than anybody:-) the profit there is more than it shows”.

Nurgazy was in a dilemma. When he was trying to buy our shares, showing lower profits could be a way to convince us to accept a lower price. But when we made an offer to buy his shares, we used the lower profits to calculate an offer price for his shares. However, I had a strong suspicion that the numbers were changed to show lower profits. More details and analysis in the next article.

 

Note: A criminal case is currently open. These are two most recent letters I received from the prosecutor.

уведомление

Opening of Criminal Case March 2018

 

Next article: Did Someone Change the Financials?

 

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