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December 4-10, 2002 |
NEGATIVE NUMBERS AT CHANNEL 9
Seattle's fiscally challenged public-television station has a new investor:
an offshore bank
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Intro: |
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In February, Jim Green, a financial
wheeler-dealer in Vancouver's video industry, completed a deal that put $3
million into the bank account of KCTS-TV. The desperately needed money is
funding a significant share of the shows in the pipeline at Seattle's
public-television station. Never entirely explained to the staff or announced
to the public, the investment has been the subject of confusion and dark
speculation among present and former staffers. "Some people talk about
them like an episode of The Sopranos," a former KCTS consultant says of
the investors.
The money does not come from the mob. As Green confirms, it
comes from an offshore bank based in the Caribbean called Omnicorp Financial
Group (www.omnicorp.org). The company is
on the brink of bankruptcy and has come under the authority of a controller at
the request of regulators.
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Excerpt: |
"Omnicorp is a complete
fraud," opines David Marchant, the Miami-based publisher of a muckraking
newsletter called Offshore Alert. "The definition of fraud is taking money
promising something you can't deliver," he says, and "anyone who's
offering 60 percent interest is either a crook or a total idiot." |
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