Evergreen Creditors Committee
Forms and Instructions - Recent Status - Chapter 11 Trustee Reports - Creditor's Comm. Updates - Contact Information

Recent Status December 1, 2009 Frequently Asked Questions
June 15, 2009 Press Release
December 1, 2008 Frequently Asked Questions
June 1, 2008 Frequently Asked Questions
April 21, 2008 Press Release
February 12, 2008 Status of Third Distribution
December 18, 2007 Status of Third Distribution
December 1, 2007 Frequently Asked Questions
October 5, 2007 Status of Litigation
June 1, 2007 Frequently Asked Questions
April 2, 2007 Press Release
April 2, 2007 Press Release
December 1, 2006 Frequently Asked Questions
June 1, 2006 Frequently Asked Questions
March 23, 2006 Press Release
December 1, 2005 Frequently Asked Questions
October 3, 2005 Press Release
August 25, President's Report Correction
July 27, 2005 Press Release
March 17, 2005 Press Release
January 24, 2005 Notice to Claim Holders
November 10, 2004 Frequently Asked Questions
October 04, 2004 Press Release
January 24, 2003 Press Release
September 30, 2002 Notice to Creditors' Committee
August 9, 2002 Press Release
July 26, 2002 Press Release
July 9, 2002 Press Release
May 10, 2002 Press Release
October 30, 2001 Press Release
August 21, 2001 Press Release
August 6, 2001 Press Release
June 11, 2001 Committee Meeting
May 7, 2001 Press Release
May 4, 2001 Committee Meeting

November 10, 2004

EVERGREEN SECURITY, LTD.
ANSWERS TO FREQUENTLY ASKED QUESTIONS


These questions are many of those addressed to Bill Cuthill by investors in Evergreen. Mr. Cuthill has asked the Steering Committee to post them to the Evergreen Creditors' Committee web site.

Bankruptcy and post-bankruptcy:

When did Evergreen emerge from bankruptcy?

June 2004.

Will Evergreen's emergence from bankruptcy have an effect on how much is sent to me?

Yes. It was necessary to emerge from bankruptcy to make some of the defendants agree to pay Evergreen millions of dollars to settle their litigation.


Compensation to Bill Cuthill, Steering Committee and Professionals:

How much is Bill Cuthill paid?

He receives a percentage of 3% of the funds recovered and disbursed.

How much is the Steering Committee paid?

Members of the Committee are paid $500 for each meeting they attend, not to exceed $10,000 each year. During the bankruptcy, January 2001 to June 2004, the Committee members served without compensation. Their expenses were reimbursed.

How are the Professionals (lawyers, expert witnesses, forensic accountants, investigators, etc.) paid?

Professionals are paid by the hours they work at their billing rate plus their out-of-pocket expenses. The Committee and Bill Cuthill must approve their fees and expenses.


Contact information for Bill Cuthill and Steering Committee:

How can I contact Bill Cuthill?

His contact information is:

R. W. (Bill) Cuthill, Jr., President
Evergreen Security, Ltd.
341 N. Maitland Ave., Ste. 210
Maitland, FL 32751 USA
Tel 407-644-3781 Ext. 235
Fax 407-644-3943
rcuthill@msn.com

How do I contact the Steering Committee?

Contact them through their attorney, whose contact information is:

Hans Christian Beyer, Esq.
Buchanan Ingersoll, P.C.
100 S.E. Second St., 34th Floor
Miami, Fl 33131-2158 USA
Tel 305-347-4082
Fax 305-347-4089
beyerhc@bipc.com


Criminal prosecution:

What happened to the owners of Evergreen?

The initial owner, Greg White, Nassau, Bahamas, was not criminally prosecuted, but Bill Cuthill has a pending civil lawsuit against him in the Bahamas. William Zylka, owner after 1999, was convicted in New York of stealing $27.7 million and has been serving a 6-16 year sentence since 2001. Mr. Zylka's attorney, William Conroy, was also convicted in New York of stealing $27.7 million and was sentenced to 4-14 years.

What happened to the six managers of Evergreen?

Thomas Spencer, Robert Boyd and Martin Boelens pled guilty to federal crimes. Mr. Spencer died. Mr. Boyd and Mr. Boelens are awaiting sentencing. The other managers, Thomas Coyle, William Blankenship, and Jeffrey Stanley, have not been indicted.

What happened to the investment advisors at APAM?

Its principals, Anthony Huggins and Jon Knight, have been tried in two trials in New York for stealing $6.5 million. The first trial ended in a hung jury. Mr. Knight was found guilty in the second trial and awaits sentencing. Mr. Huggin's second trial ended in a hung jury and he will be retried in November 2004.

What happened to the over 125 financial advisors (brokers) who sold the certificates?

Anthony Micciche pled guilty to a federal crime and was sentenced to fifteen months. No other brokers have been indicted, although the NASD and some states have taken regulatory actions against certain brokers.

How can I have an impact on the criminal prosecution of the owners, directors, managers, brokers and advisors?

Contact the federal prosecutor:

Rachelle Desvaux-Bedke
US Attorney's Office
400 N. Tampa Street, Suite 400
Tampa, Fl 33602 USA
Tel 813-274-6134
Fax 813-274-6125
Fax 813-274-6220
rachelle.bedke@usdoj.gov

Contact the Attorney General of the state where you were sold the certificate.


Distributions:

When was the first distribution made and how much was it?

The first distribution checks were mailed on October 1, 2004 for approximately 7% of each approved claim.

Is the first distribution taxable?

The first distribution was a return of principal. You should consult with your income tax advisor about the tax treatment under your country's tax laws.

Will I receive a form 1099 (US tax form) for my first distribution?

No.

Will there be future distributions?

Yes. Future distributions will be made during the remainder of the case as funds are recovered.

How much will be recovered and distributed to approved claim holders?

Future distributions will be determined by the results of pending litigation, which is very difficult to estimate. Bill Cuthill has estimated future distributions will be at least 8% of approved claims. This will make all distributions at least 15% of approved claims.

How many claims were approved and what is their total amount?

Claims for over 1900 certificates were approved for over $185 million.

How can I find out if a check was sent to me?

Contact Bill Cuthill.

What do I do if my check was sent to my trustee or my IRA custodian?

Contact your trustee or custodian.

What do I do if my trust or IRA was closed and my check was sent to my trustee or custodian?

Contact your trustee or custodian to obtain the check. File paperwork with the US Bankruptcy Court, 135 W. Central Blvd., Orlando, FL 362801, USA from the trustee or custodian showing that they assigned the certificate to you. Send a copy to Bill Cuthill.

What do I do if I moved and did not receive a check, but have an approved claim?

Send a change of address to the US Bankruptcy Court, 135 W. Central Blvd., Orlando, FL 362801, USA with a copy to Bill Cuthill.

If my check went to the wrong address and gets lost in the mail, how will I get paid?

Notify the US Bankruptcy Court of your address change and send a copy to Bill Cuthill with a note you did not get your check. The checks that were sent out will not be negotiable after December 31, 2004 and Bill Cuthill will send out a replacement check to your new address.

What do I do if the check was sent to a claim holder who was deceased and I am the beneficiary?

Send a copy of the death certificate and paperwork showing your are the beneficiary to the US Bankruptcy Court, 135 W. Central Blvd., Orlando, FL 362801, USA with a copy to Bill Cuthill.

What do I do if I had an investment in Evergreen, but did not file a Proof of Claim with the Court and my investment was disputed?

File a Proof of Claim with the Court and include an explanation why you are filing late. Send a copy to Bill Cuthill.


Information about Evergreen:

What is the best way to keep up to date with the case?

Read the press releases, reports and other information posted on the Steering Committee's web site at www.evergreencreditorscommittee.com.

If I call Bill Cuthill will he bring me up to date?

Yes, but remember there are thousands of investors who want information. Please review the web site and let Bill Cuthill concentrate on recovering your money.

I don't have a computer. How do I get the information posted to the web site?

Ask a friend or relative, who has access to the Internet, to help you. Also, most public libraries have computers you can use and they will help you.


Management of Evergreen:

Who is in charge of Evergreen?

Evergreen's stock is held in trust for all creditors by a Steering Committee consisting of five creditors. Bill Cuthill is the president and only director of Evergreen and carries out the recovery and distribution of funds.



Recovery of assets and how was it used:

Why is the recovery taking so long?

When Evergreen filed bankruptcy in 2001 it had less then $1 million in the bank and owed $213 million to investors. Bill Cuthill has filed over 150 lawsuits in six countries to try to recover your funds. These suits have taken years to complete and many are still pending.

How much has been recovered?

Approximately $21.5 million has been recovered through September 30, 2004.

What happened to the $21.5 million?

Through September 30, 2004 the funds were used as follows:
Pay Bill Cuthill as Trustee $ 211,375
Pay Bill Cuthill as president $ 52,015
Steering Committee expenses $ 802,342
Litigation costs (lawyers, expert witnesses, forensic accountants, etc.) $ 4,219,383
Other costs of recovery $ 162,462
Distribution to investors $ 12,988,092
Cash retained in the bank $ 3,028,794
Total $21,464,463

Why was cash held in the bank and not distributed?

A reserve was kept in the bank to pay future costs of recovery and other administrative expenses.

When will the recovery efforts be completed?

This can't be estimated for sure, but Bill Cuthill has estimated the recovery and final distribution will be completed by December 31, 2005.




Official Committee of Unsecured Creditors for Evergreen Security, Ltd.