HISTORY• HLS have been reliant on loans since the beginning of our campaign.
• HLS initially had a £12 million loan with Natwest.
• When RBS took over Natwest in 2001 they did not want to take the campaign with them, and when HLS failed to pay their money back in time they wrote off the debt for £1.
• HLS then borrowed money from US bank Stephens, after a year of campaigning they dropped HLS.
• By 2006 HLS were $100 million dollars in debt after securing an "anonymous" foreign loan. No other financial institution would touch them and still won't.
• SHAC have now traced the anonymous loan back to the Fortress Investment Group, as US based financial company who specialise in high risk loans and acquisitions.
In 2009 HLS are still $70 million in debt and meant to pay it back in 2011, but HLS were also in crisis in March 2009 when they were unable to make one of their loan repayments. Cass even tried putting out a desperate plea in the national press calling on a bank to give them a loan and bank account, but no one responded as HLS remain a pariah.
HLS cannot pay back their 2011 loan to Fortress, and as a result have been forced to sell the company. No one else wants to help HLS which is why Andrew Baker is borrowed yet more money himself to buy the company for over $100 million! Before the sale could take place, HLS were forced to commission an independent analysis of their financial situation. The results were incredible as they were proven to be on the brink of bankruptcy. Click here to read the report.
Fortress are key to HLS survival, and really are their only hope. It's time to drive the final nail!