How Terrie Lloyd hid his assets

Terrie Lloyd (テリー・ロイド) defaulted on his final payment of ¥160 million for the Metropolis sale in 2010. He said that he would pay us when he managed to sell one of his companies, but never did. In 2011 we found out that he was selling his 50-acre beachfront property in New Zealand. He claimed he was selling the property to “help Japan”. When we found out, we asked him to pay us from the sale. He sold the property for US$2 million, and didn’t pay us anything, saying that he did not make anything from the sale.

In late 2012 Metropolis magazine was doing poorly. It had run up over ¥100 million in debt, including ¥60 million in unpaid printers bills, as well as owing money to Japan social welfare system. King Printers in Osaka took Terrie Lloyd to court and received several judgements against him. To avoid having to pay King Printers, Terrie Lloyd then illegally transferred Metropolis to a new company, called Japan Partnership KK, which he arranged for his business partner David Wells to buy. Terrie Lloyd has claimed that this was because David Wells was owed money by another one of his companies, but no other creditor was given the opportunity to take over the Metropolis assets.

When asked about this transfer the previous owners of Japan Partnership KK, Richard and Lucy Marshall, initially said that Lloyd had bought their company. By 2016 they had changed their story: Terrie Lloyd had brokered a deal for them to sell Japan Partnership KK to David Wells. This simply confirms that the deal was not ‘arms length’.

Terrie Lloyd installed Frank Kasala, as a puppet CEO, and continued to run the company by himself and through his lackey Neil Butler. Even though the Metropolis business was supposedly sold to David Wells in October 2012, Terrie Lloyd was meeting with investors in December 2012, trying to get them to put money into Japan Partnership KK, and claiming that the new company was now free of the Metropolis debt and worth ¥100 million. We also have multiple emails that show he was advising Kasala, and was directing the company.

In late 2013, the CEO of King Printers threatened to take Terrie Lloyd to the police for writing contracts with printers while insolvent. Terrie Lloyd  was forced to pay King Printers the ¥19 million. Terrie Lloyd paid the settlement from the secret sale of BIOS, a company with over 100 employees. He didn’t give us anything.

Related:

Terrie Lloyd Metropolis Default

How Terrie Lloyd Hid His Assets

Metropolis Investor Presentation December 2012