BELIZE REAL ESTATE SCAMS

Friday, June 09, 2006

BELIZEA IS A SCAM! INVESTORS & PEOPLE OF BELIZE BEWARE!

What is BELIZEA? Why is it a SCAM?



www.belizea.com is a scam - buyer beware!




THE REAL TRUTH ABOUT GERHART WALCH, WSF AND BELIZEA CORPORATION:

PUBLIC NOTICE. I find it interesting that anyone may anonymously register a domain name (i.e. BELIZEA .COM) and continue to lie to investors, but if someone wishes to create a BLOG and/or respond, they are required to identify themselves. It is unfortunate that the cowardly vermin who are behind WSF/BELIZEA do not have the courage or integrity to stop this SCAM even after the courts have concluded that it is not a legitimate business. And, it is unlikely that Gerhart Walch “CEO” will do so since he obviously is not prepared to accept the responsibility and the consequences of his actions, should he do so. The fact is he is an unmitigated liar. Not a single statement made in the WSF.COM (no long an active URL -see below) or the BELIZEA.COM website is true. There is no doubt that he and the major shareholders are unscrupulous cowards with greedy motivations.





Simply Pathetic.





COMPADORE LIMITED. The Hong Kong Company known as Compadore Limited (now Mayan Plantation Limited) was formed in 1973 to provide a secure corporate tax shelter for the owners of the 32,000 plus acres of Belize property. There are several owners. WSF Company as an entity owns approximately 23.6%. Gerhart Walch owns approximately 27.5%. And, five known individuals own various portions. All with various criminal and/or civil litigation against them.





Even though many “shareholders” have purchased “prime ocean front property” the land ownership has never changed to date. Sub-division has not occurred and their money is long gone. THIS IS ILLEGAL AND HAS NOT STOPPED!






WSF CORPORATION. WSF was organized in Delaware in 1987 and was listed on NASDAQ in 1989 as a publicly traded company and was able to SCAM about 1,500 shareholders before the SEC and FBI began to investigate. Since WSF Corporation did not own the property, the property was safe from any unfriendly takeover. WSF (now Belizea Corporation with offices in Hawaii and Texas) has agreements with Compadore Limited regarding the hardwood forest interests and for development of the land.





The hardwood lumber from this property was taken long ago by the locals and 80% of the land is underwater - swamp. The land is generally undesirable, mosquito infested and difficult at best to access. In addition, there are several Mayan ruins on the property that the company plans to demolish and/or exploit for profit.



GERHART WALCH has been the CEO of both corporations for about 20 years. Initially, WSF was designed to promote and sell titles to the Belize property. After the SEC exposed the SCAM, the name was changed to BELIZEA Corporation. Only the name was changed. The shareholders still own their respective portion of the company as before.



WSF WAS KICKED OFF THE NASDAQ TRADING BOARD. The SEC did a complete and detailed evaluation of the corporation and found the following:





· The SEC and Administrative Judge states that they do not share WSF's rather narrow focus on the ability of its current shareholders to liquidate their stock by selling to others.





· The SEC and Administrative Judge conclude that WSF's violations are not isolated.








· The SEC and Administrative Judge states that WSF has made repeated representations to the public, through Internet postings (WSF.COM and BELIZEA.COM and others)





· The SEC and Administrative Judge state that “there is no persuasive evidence that WSF can or will remedy its violations in the near future. Based on my determination that WSF's violations have not been isolated, and are likely to continue in the future,”





· The SEC and Administrative Judge states that they do not believe that suspension of registration for a fixed term will adequately protect the investing public.





Source: SEC.gov – reference url:





http://www.sec.gov/litigation/aljdec/id204jtkfo.htm


http://www.sec.gov/litigation/suspensions/34-45222.htm


http://www.sec.gov/news/digest/05-28.txt


http://www.sec.gov/news/digest/dig102104.txt


http://www.sec.gov/news/digest/05-08.txt


http://www.sec.gov/news/digest/11-07.txt


http://www.sec.gov/litigation/suspensions.shtml




















AS FOR GERHART WALCH’S LIFESTYLE, he is broke. The assertion is that he has maintained a lifestyle at the expense of the company. The reason Gerhart is broke is because his name is worthless in Hawaii, California and Texas – where he attempts to continue his SCAM. He was recently kicked-out of his office space in Hawaii for not paying rent. He lives in a rented luxury condo in Hawaii and leases luxury cars to create the perception of wealth in an attempt to raise additional money from land sales.





THE PROPERTY SALES The Company claims that the “shoreline” residential lots have all been done legally and on a sales agreement basis, pending subdivision and transfer of title. However, the titles have never been transferred because sub-division has not been accomplished over the last 30 years. This is no accident and can not be attributed to anything other than a simple real estate SCAM. The funds received from these sales have supported Gerhart Walch’s lifestyle and supported the operation of the Company.


All of this is a matter of public record.





COURT ACTION. Comments regarding investors taking Gerhart Walch to court are true and ongoing in Hawaii, California, Texas and Belize. Public Record.





At this time the author of this BLOG can not share his/her identity because of ongoing litigation and WSF/BELIZEA reputation for attempting to generate revenue from law suits against individuals who dare to expose the SCAM.





THIS BLOG IS DESIGNED TO EXPOSE THIS SCAM FOR WHAT IT IS IN ORDER TO PREVENT ADDITIONAL INVESTORS FROM BEING HURT IN THE FUTURE.





I WAS FORTUANTE TO BE ABLE SELL OFF ALL WSF SHARES PRIOR TO THE 1999-2000 SEC INVESTIGATIONS.





HIDING TITLES CLAIM. Gerhart Walch is hiding land titles and the current WSF.COM and BELIZEA.COM websites are inflammatory and contain many outright lies. He owns the majority of the land and stock. It is also true that he has placed these assets in a family trust located and documented in Hong Kong, China in order to protect the land from being taken by the shareholders in the current legal proceedings. He has distributed his ownership among his immediate family in another attempt to complicate the land’s ownership. He claims that this is prudent and to protect his family and heirs. To assert that it is done for legitimate business reasons is preposterous, and an outright lie.






TARGETS PROFESSIONALS. Gerhart Walch claims that all investment/sales in projects or property have been negotiated and documented with the assistance of qualified SEC and /or Real Estate attorneys. To avoid any potential issues, the Company’s legal counsel prepared any such agreements and only applications from qualified “Accredited Investors” are considered. However, titles never changed hands and funds from land sales keep the lie alive.



LAWSUITS. It is true that Gerhart Walch has instituted many lawsuits against himself and the various companies he has been involved with. The ownership of the property in Belize belongs to the mortgage companies in Belize. In fact, Mr. Walch and his legal team have worked hard at litigation over the years to protect the interest of the shareholders by suing any person who exposes the SCAM for what it is. They eventually loose and are forced to pay but not before “gag orders” are signed to prevent future disclosures of WSF/BELIZEA business practices.





GERHART WALCH PROTECTS SHAREHOLDERS AT ALL COSTS. He single handedly protects the shareholders (with help from the company’s attorney and shareholder David Rosen) for over 20 years now and he has “been on the threshold of some great developments and of producing tremendous returns for those of us who have had confidence and faith in Gerhart Walch’s capability” for over 30 years – yet the company remains both cash and land poor.





CONCLUSION. Gerhart Walch has devoted over 20 years to the protection of the shareholders of WSF/Belizea. He will continue to use this SCAM in an unsuccessful attempt to make the original shareholders money –





The most pathetic statement Gerhart has made to investors is that WSF fell apart because of the 9/11 attacks – however, public record shows that the company did not file several times in the early 90s, 1999, and the year 2000, proving that Sept 11, 2001 had nothing to do with WSF’s failures. Pathetic.






Buyers beware, investors beware, and people of Belize beware!









Thursday, January 3, 2002





SEC suspends trading in
isle-based developer WSF





By Russ Lynch
rlynch@starbulletin.com


The Securities & Exchange Corp. has suspended trading in shares of Honolulu-based WSF Corp. for 10 days, through Jan. 16, and is studying whether to revoke its registration.


The company, which until 1998 was Wall Street Financial, develops resort and residential real estate in Belize.


The SEC said it took the action because WSF, which trades on the over-the-counter bulletin board, has yet to file an annual report for 2000.


Gerhart W. Walch, WSF board chairman, said today that the company's reporting problems arose from its efforts to switch from an auditor in Belize, where the company's assets are, to its corporate home, Honolulu.



Complications arose in making the transfer and the company did not get around to filing the 2000 report, he said.






FROM THE SEC WEBSITE:



Initial Decision Release No. 204 re: WSF Corporation
INITIAL DECISION RELEASE NO. 204 ADMINISTRATIVE PROCEEDING FILE NO. 3-10668 UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION Washington, D.C. The Securities and Exchange
Size: 28172 Modified: 05/08/2002 /litigation/aljdec/id204jtk.htm

Finality Order: WSF Corporation; Rel. No. 34-45984
Admin. Proc. File No. 3-10668 In the Matter of WSF CORPORATION : : : : NOTICE THAT INITIAL DECISION HAS BECOME FINAL The time for filing a petition for review of the initial decision in this
Size: 4556 Modified: 05/19/2003 /litigation/aljdec/id204jtkfo.htm

WSF Corporation: Trading Suspension Rel. No. 34-45222 / January ...
In the Matter of WSF Corporation, Administrative Proceeding File No. 3-10668 SEC SUSPENDS TRADING IN COMMON STOCK OF WSF CORPORATION AND INSTITUTES PROCEEDING TO DETERMINE IF REGISTRATION OF WSF
Size: 6900 Modified: 01/03/2002 /litigation/suspensions/34-45222.htm



James T. Kelly
Administrative Law Judge


WSF is in default because it has failed to answer the OIP within the time allowed. Accordingly, I find that the following allegations in the OIP are true:


As of the date of the OIP, WSF had not filed its annual report on Form 10-KSB for the year ended December 31, 2000. WSF also had not filed its quarterly reports on Form 10-QSB for the periods ending March 31, 2001, June 30, 2001, and September 30, 2001.


As of the date of the OIP, WSF management had informed the staff of the Commission's Division of Enforcement (Division) that WSF still had not retained a public auditor for its financial statements for the year ended December 31, 2000. Moreover, based on financial statements from earlier periods, it did not appear that WSF had sufficient financial resources to retain a new outside auditor. Nor did WSF have sufficient documents from which to prepare financial statements, according to statements WSF management made to the Commission's Division of Corporation Finance. Nevertheless, WSF continued to communicate with the investing public through postings on the Internet.



As a result of the foregoing, WSF failed to comply with Section 13(a) of the Exchange Act and Exchange Act Rules 13a-1 and 13a-13.



­­­­­­­­­­­­­­­­The Protection of Investors


In its brief, WSF describes itself as a company that is asset rich, but cash poor. It argues that revoking the registration of an issuer's securities is the "death penalty" for any public company. WSF maintains that imposing such a sanction here would be punitive to its current shareholders, because it is now "poised" to return to compliance with the periodic reporting requirements of the Exchange Act. Respondent also contends that the Commission has never previously revoked the registration of an issuer's securities for a "mere" failure to file periodic reports if the issuer was an "operational" company with "real" assets. Finally, it argues that the Commission should have brought a cease-and-desist proceeding, not a registration revocation proceeding.


First, I do not share WSF's rather narrow focus on the ability of its current shareholders to liquidate their stock by selling to others. The Commission must consider the interest of the investing public at large, including those members of the public who might be on the buy side if WSF's current shareholders are selling. Second, WSF's argument that a cease-and-desist proceeding under Section 21C of the Exchange Act would have been more appropriate than a Section 12(j) proceeding is interesting, but irrelevant. The claim finds some support in the academic literature. See 4 Louis Loss & Joel Seligman, Securities Regulation 1892 (3d ed., rev. vol. 2000) (opining that involuntary revocation of a security's registration is draconian, harmful to innocent security holders, and unnecessary because other regulatory tools are available to the Commission to ensure the filing of adequate reports). However, the fact that the Commission might have chosen a different path does not mean that an ALJ is free to second-guess the path that the Commission actually selected. Third, the Commission has not been hospitable to claims that it has not brought proceedings against other similarly-situated wrongdoers. See Richard J. Puccio, 52 S.E.C. 1041, 1046 (1996). To establish a claim of selective prosecution, a respondent must demonstrate not only that he was unfairly singled out, but also that his prosecution was motivated by improper considerations such as race, religion, or the desire to prevent the exercise of a constitutionally-protected right. Id. No such showing was made here. Respondent asserts that its argument involves more than simply a selective prosecution claim (Tr. 41, 139-45, 148-55). I fail to appreciate the distinction that Respondent attempts to draw. Fourth, testimony presented at the sanctions hearing provides a colorable basis for questioning WSF's self-portrait as an operational company with real assets. Prospective investors and current shareholders can make that decision for themselves, provided, of course, that they have access to current, audited financial statements.


WSF contends that its violations of the periodic reporting requirements are not egregious, or at least, not as significant as violations of the antifraud provisions of the Exchange Act might be. I do not accept the premise that the violations in question are trivial. The purpose of the periodic filings is to supply the investing public with current, accurate financial information about an issuer so that the investing public may make informed decisions. As stated in SEC v. Beisinger Indus. Corp., 552 F.2d 15, 18 (1st Cir. 1977) (quoting legislative history):


The reporting requirements of the [Exchange Act] is the primary tool which Congress has fashioned for the protection of investors from negligent, careless, and deliberate misrepresentations in the sale of stock and securities. Congress has extended the reporting requirements even to companies which are "relatively unknown and insubstantial."


I therefore conclude that the violations involve an important provision of the Exchange Act.


I also conclude that WSF's violations are not isolated. I reject Respondent's claim that the Division cannot go beyond the four corners of the OIP to show that a stiffer sanction is warranted because the violations alleged in the OIP were not isolated. In addition to failing to file its annual report for calendar year 2000, WSF has also failed to file annual reports for calendar years 1991, 1992, and 2001 (Tr. 10, 12, 14; Division Exhibit 12) (hereafter, "DX ___"). In addition to failing to file the three quarterly reports identified in the OIP, WSF has also failed to file its quarterly report for the period ending June 30, 1993. Most of Respondent's other annual and quarterly reports in the last ten years were filed well after their due dates (DX 1).


The most recent annual report WSF filed was for calendar year 1999. In November and December 2000, the Commission's Division of Corporation Finance wrote two detailed comment letters to WSF, expressing several concerns about the 1999 annual report (DX 2, DX 4). As of this date, WSF has yet to address many of the questions posed by the Commission's staff in the first comment letter, and it still has not even answered the second comment letter (Tr. 29-32, 135-36, 163; DX 3). Clearly, WSF's failure to comply with Exchange Act Section 13(a) in a timely manner is a chronic problem.


WSF has made repeated representations to the public, through Internet postings, that it intends to bring itself into compliance with Exchange Act Section 13(a) (DX 5-DX 8). I accept that WSF's management had a good faith belief in these representations when it made them. However, time has proven them to be inaccurate. WSF made similar representations to me. WSF and International Development Corporation Center (IDCC) negotiated a letter of intent in February 2002, at about the time I issued my order to show cause (RX A). Under the terms of that letter, WSF and IDCC were negotiating for IDCC to provide WSF with the necessary funds to pay for an audit and satisfy several other financial obligations. However, WSF terminated its negotiations with IDCC shortly before the sanctions hearing (Tr. 61, 64-66, 70-71). I infer that WSF's quarterly report for the period ending March 31, 2002, is unlikely to be filed on time. I conclude that WSF's ongoing failure to comply with Section 13(a) is quite likely to continue in the future.


Respondent expresses frustration that the Division has failed to address its argument that suspension, rather than revocation, is the more appropriate sanction (WSF Reply Br. at 1, 10). It is not at all clear that the Commission is foreclosed from imposing the maximum permissible sanction unless it first demonstrates that a lesser sanctions will not suffice to protect investors. Compare Rizek v. SEC, 215 F.3d 157, 161 (1st Cir. 2000) (holding that the Commission is not required to "[explain] to the satisfaction of a court why no lesser remedy will do" before imposing a permanent bar) with Steadman, 603 F.2d at 1139-40 (holding that "the greater the sanction the Commission decides to impose, the greater is its burden of justification"). A temporary trading suspension under Section 12(k) has already proven to be an ineffective sanction. If I were to suspend the registration of WSF's common stock for a fixed period (whether twelve months or less), and if WSF were to fail to bring itself into compliance during that fixed period, the suspension order would expire automatically. It could not be extended beyond twelve months, and it could not be converted into a revocation. To revoke the registration of WSF's common stock at that juncture, the Commission would have to initiate a fresh administrative proceeding. There is no persuasive evidence that WSF can or will remedy its violations in the near future. Based on my determination that WSF's violations have not been isolated, and are likely to continue in the future, I do not believe that suspension of registration for a fixed term will adequately protect the investing public.


As a result of WSF's failure to make the required filings, there is no current, reliable, audited information regarding WSF's operations or financial condition. The investing public has no way of knowing if the missing periodic reports really mask significant financial problems and/or potential inaccuracies in WSF's 1999 financial statements. Viewing the Steadman factors in their entirety, it is necessary and appropriate for the protection of investors to revoke the registration of WSF's common stock.


James T. Kelly
Administrative Law Judge







The Securities and Exchange Commission today announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the "Exchange Act"), of trading in the common stock of WSF Corporation ("WSF") at 9:30 a.m. EST on January 3, 2002, and terminating at 11:59 p.m. EST on January 16, 2002. WSF is a Delaware corporation headquartered in Honolulu, Hawaii. The Commission ordered this trading suspension because questions have been raised about the adequacy and accuracy of publicly disseminated information in that WSF has not filed its annual report on Form 10-KSB for the year ended December 31, 2000, and has not filed its quarterly reports on Form 10-QSB for the periods ending March 31, 2001, June 30, 2001, and September 30, 2001. Moreover, as of early December 2001, WSF management informed the Commission staff that WSF still had not retained a public auditor for its financial statements for the fiscal year ended December 31, 2000. The Commission determined that the public interest and the protection of investors require a suspension of trading in WSF's common stock.


The Commission cautions brokers, dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company. Further, brokers and dealers should be alert to the fact that, pursuant to Rule 15c2-11 under the Exchange Act, at the termination of the trading suspension, no quotation may be entered unless and until they have strictly complied with all of the provisions of the rule. If any broker or dealer has any questions as to whether or not he has complied with the rule, he should not enter any quotation but immediately contact the staff of the Securities and Exchange Commission in Washington, D.C. If any broker or dealer is uncertain as to what is required by Rule 15c2-11, he should refrain from entering quotations relating to WSF common stock until such time as he has familiarized himself with the rule and is certain that all of its provisions have been met. If any broker or dealer enters any quotation, which is in violation of the rule, the Commission will consider the need for prompt enforcement action.



Any broker, dealer, or other person that has any information which may relate to this matter should telephone James T. Coffman of the Washington, D.C. office of the Securities and Exchange Commission at (202) 942-4574 or Carleasa Coates, of that office, at (202) 942-4514.


.



Business Editors


HONOLULU--(BUSINESS WIRE)--April 24, 2000


WSF Corporation (WSF) (OTC BB:WSFIE), sole trustee and asset manager of 31,000 acres of ocean-front property in Belize, announced today the appointment of Robert Keller, 61, as Senior Vice President of Operations.





Here is an example of a PR article written by WSF CEO Gerhart Walch:


WSF assumed an active role in the business and economic development of Belize by establishing the WSF Trust Corporation of Belize Limited in 1996. Through the Trust, WSF will be developing 5,000 acres of this property, to be known as Belizea, just a few minutes north of the Belize international airport. When completed, Belizea Estate will include an 800-acre Science and Technology Center, an equestrian community with 200 five-acre residential properties, and a resort with world-class hotel, conference, gaming facilities and golf course. Belize is quickly emerging as an ecotourism destination in the Caribbean, and is the only English-speaking country in that part of the world.


COPYRIGHT 2000 Business Wire
COPYRIGHT 2000 Gale Group







Here is an example of the kind of material that the company continues to promote on its website – long after the courts have made their final decision that WSF/BELIZEA is not acting the interest of its shareholders and/or potential investors.


Note the date is more than 2 years after the judge asked the company to stop the SCAM.


April 20, 2001


Aloha Friends and Stockholders,


I am very enthusiastic about writing to you this month. There are many great things happening at WSF. In this edition of the CEO's corner, I will update you on the most important issues that have occurred during the last month. Most notably, gaining Charles Fortner as a member of our management team, the status of our financials and the promotion of our company on the Emerging Company Report.


Major share holders include:
Charles Fortner, Gerhart Walch, Gordon Rapozo, and Robert Keller


Charles Fortner has joined the firm as Vice President primarily to focus on the development of the Science and Technology Park and University Campus on the WSF owned property in Belize. Charles has experience in the communications industry and is an astute businessman. He was most recently the president of a wireless communications company in Hawaii and a majority shareholder and founder of a company specializing in computer network systems. He hails from a small farm town in Ohio and graduated from the Ohio State University with a degree in finance, is a graduate from the Dale Carnegie program and continues to serve as an assistant in Leadership training for managers. He was selected by the U.S. Small Business Administration as National Young Entrepreneur of the Year in 1998. His knowledge in the field of information technology will be an invaluable aid in attracting companies to locate in WSF's commercial park in Belize. He will be working with the assistance of the staff at the University of Texas to prepare the marketing and sales program for that effort. Charles will be an excellent addition to the WSF staff.


Emerging Company Report. I had the opportunity to participate in an interview on the Emerging Company Report, a nationally syndicated television program which profiles emerging-growth companies early this Month. We discussed the opportunities WSF is creating in its development of the property in Belize. This program will be aired numerous times during the next couple of months. And, as a result of that first showing, we received over three hundred requests for information to which we are now responding with a CEO's letter and brochure telling about WSF projects. I feel that this was one of the most effective public relations activities we have initiated this year and we will be looking for much opportunity to follow up with interested respondents.


Financial Reporting Status. To insure timely filings and to meet the anticipated requirements of the investment community, WSF’s audit committee decided to transfer the audit process to the United States for the year ending December 31, 2000 and future audits. In addition, I believe that this will assist us when raising capital and upgrading our stock listing. We are confident that our 10-KSB filing for the year ending December 31, 2000, and the 10-QSB filing for the 1st Quarter of 2001, will be made during the second Quarter of 2001 and we are determined to maintain timely filings thereafter. We and our consultants will make every effort to maintain our current NASD BB: WSFC Listing, with the objective to upgrade our listing to NASDAQ or AMEX as we achieve our operating goals.


Belize Science and Technology Park. During the month of April we will welcome Victoria Williams, Ph.D., Economic Development Director, IC2 Institute Project Caribe, of the University of Texas at Austin to assist with the continued strategic planning in developing and marketing the Belize Science and Technology Park. During the month of May we anticipate opening our office at IC2 Institute’s Austin Technology Incubator facility, engage in discussions with the government of Belize and Science and Technology Company’s who would benefit from operating in Belize.



Best wishes to all,

Gerhart W. Walch
Chairman & President



GERHART WALCH IS IN SERIOUIS DENIAL OF THE CHARGES AGAINST HIM AND IS FACING SUBSTANTIAL FINICIAL PENALTIES AND/OR PRISON TIME.


THIS STATEMENT FROM James T. Kelly, Administrative Law Judge speaks volumes about WSF/BELIZEA business practices:


“WSF has made repeated representations to the public, through Internet postings that it intends to bring itself into compliance with Exchange Act Section 13(a) (DX 5-DX 8). I accept that WSF's management had a good faith belief in these representations when it made them. However, time has proven them to be inaccurate.”









Buyers beware, investors beware, and people of Belize beware!


Buyers beware, investors beware, and people of Belize beware! Buyers beware, investors beware, and people of Belize beware!


Buyers beware, investors beware, and people of Belize beware!


Buyers beware, investors beware, and people of Belize beware!







ORIGINAL BLOG POSTING ABOUT THE WSF / BELIZEA SCAM:





What is BELIZEA? Why is it a SCAM?


What is BELIZEA? Why is it a SCAM?
BELIZEA is a real estate scam run by Gerhart Walch out of Hawaii. Basically, he is selling "prime ocean front lots" as convertible securities without transferring land ownership titles in Belize. The company started as Compadore based in Hong Kong, then switched to WSF, to protect the 1,500 shareholders from future fraud, the SEC permanently kicked WSF off the public stock markets for failing to provide audits. Desperate and facing the reality of his SCAM failing apart, Gerhart Walch "CEO" set-up a Texas based corporation named "BEST PARK BELIZE INC" The same patterns of fraud quickly became evident and many of those working of the project decided to not risk damaging their good names and opted off the project.

Gerhart is a professional con artist and continues to use the names of people and organizations that he has "worked" with in the past to keep funding his lifestyle. He is broke (ask him for a credit check and watch his reaction) and he depends on land sales in the 20k-40k range to pay his monthly finances expenses for his home, cars, etc. As long as he can find one more "sucker" to buy land in Belize he can pay the bills to keep the front alive.

He targets NFL/NBA players and doctors - because they are historically bad businessmen and typically are easy to take advantage of because they don't know much about international real estate laws. The average deal is only 20k and when the investor takes Gehart Walch to court he will defend himself, blame the accountants etc, then eventually the courts will rule in favor of the investors but Gehart will make them sign a "gag" agreement that prevents the investor from talking about Compadore, WSF , BELIZEA and/or BEST PARK's scam with other people without facing penalties.

The truth is that the majority of the land titled in Belize is hidden within a family trust set-up in Hong Kong, Gerhart has spread the ownership across his family to include grandmothers, children etc. Many of whom believe that he is a legitimate business man. He thrives on people not being able to talk about the truth because they don't understand the BELIZEA SCAM and/or by the time they figure it out the legal cost are not worth trying to get the 20k-40k back and so they are embarrassed and do nothing. He thrives on any and all that will fund his fantasy.

The fact is that Gerhart Walch is no stranger to law suits, he expects them and goes into deals knowing what he can "get away with". Several major service firms, law firms and "consultants" are pursuing legal action. However, he continues his SCAM and as long as there are innocent investors - who like the idea of living in Belize - the SCAM will continue.

Buyers beware!

Related links:


http://www.avilatours.ca/suninvestmanagment.htm

http://www.sec.gov/litigation/aljdec/id204jtkfo.htm

http://www.sec.gov/litigation/aljdec/id204jtk.htm

http://www.belizea.com/best/opportunities.htm



________________________________________________________








Appendix:


Here is an article about Robert Keller – another WSF/BELIZEA PARTNER who is hoping the SCAM pays off because he has put a lot of his own time and money into the project:


IN THE INTERMEDIATE COURT OF APPEALS


OF THE STATE OF HAWAI`I


---o0o---


LINDA CHU TAKAYAMA, as Insurance Commissioner of the State of Hawai`i, Plaintiff-Appellee, v. FINANCIAL SECURITY INSURANCE COMPANY, LIMITED, a Hawai`i corporation, Defendant-Appellee, and ROBERT J. KELLER, Appellant


NO. 16663


APPEAL FROM THE FIRST CIRCUIT COURT


(CIV. NO. 84-0807)


JUNE 30, 1995


BURNS, C.J., ACOBA, J., AND CIRCUIT JUDGE SIMMS IN PLACE OF WATANABE, J., DISQUALIFIED


Syllabus by the Court The circuit court found that the defendant insurance corporation was insolvent, appointed the plaintiff Insurance Commissioner as its receiver, and entered a Stay Order enjoining the insolvent corporation and all persons involved with it from activities concerning its property and business, except as instructed by the receiver. While the injunction was in effect, the State of Hawai`i Director of the Department of Commerce and Consumer Affairs, without the consent of the Insurance Commissioner or the circuit court, involuntarily dissolved the defendant insurance corporation for its failure to file an annual report for a period of two years or remit fees as required by law. Appellant, a director of the defendant insurance corporation when it was involuntarily dissolved, contended that the dissolution terminated the Insurance Commissioner's right to be the receiver and authorized appellant to be the trustee in dissolution, and asked the circuit court to substitute appellant in the case in place of the Insurance Commissioner or to permit appellant to intervene. The circuit court denied appellant's motion, and he appealed. We lack appellate jurisdiction to decide the appeal of the denial of the motion for substitution. We affirm the denial of the motion to intervene. The dissolution of the defendant insurance corporation was void ab initio. While the circuit court's Stay Order was in effect, no one could legally do anything with respect to the defendant insurance corporation, its business, and its assets and liabilities, without the consent of the Insurance Commissioner and/or the circuit court.


OPINION OF THE COURT BY BURNS, C.J. Robert J. Keller (Keller) appeals the circuit court's November 17, 1992 order (November 17, 1992 Order) denying his July 31, 1992 motion (July 31, 1992 Motion) to substitute him in place of the plaintiff as "trustee" for defendant Financial Security Insurance Company, Ltd. (FSIC) or, in the alternative, to grant him leave to intervene "individually and as trustee" pursuant to Hawai`i Rules of Civil Procedure (HRCP) Rule 24(a) and/or (b). We dismiss the appeal of the denial of the motion for substitution for lack of appellate jurisdiction. We affirm the denial of the motion to intervene. When he died, Keller was an officer and director of FSIC, United Independent Insurance Agencies, Inc. (UIIA), and United Insurance Management, Inc. (UIM). The surviving directors are Irving Griff and Vincent Bonofiglio. On September 21, 1984, pursuant to HRS  431-670 (1985), the circuit court found that FSIC was insolvent and appointed the Insurance Commissioner of the State of Hawai`i (Insurance Commissioner) as temporary receiver of FSIC, its assets and liabilities, and its business. On September 25, 1984, the circuit court entered a Stay Order in relevant part as follows: IT IS FURTHER ORDERED THAT all persons, firms, and corporations are hereby enjoined from doing any act or thing whatsoever to interfere with the possession or management by said Receiver of the property, assets, or business of the defendant, or interfere in any way with the Receiver in the discharge of his duties herein, or to interfere in any matter during the pendency of this proceeding with the jurisdiction of this Court over FSIC and its property and business[.]


On October 2, 1984, the circuit court, pursuant to the stipulation of the parties: (1) decided that FSIC was insolvent within the meaning of HRS  431-653(1); (2) appointed the Insurance Commissioner as the Receiver of FSIC; and (3) until the further order of the court, enjoined FSIC "and its officers, directors, stockholders, members, subscribers, agents, servants, employees (except for those employees who may hereafter be hired or rehired by the Receiver), attorneys, and those persons acting in active concert or participation with them," from activities concerning FSIC's property and business, except as instructed by the Receiver. In 1990, for their failure to file an annual report for a period of two years or remit fees as required by law, the State of Hawai`i Director of the Department of Commerce and Consumer Affairs (DCCA), in accordance with HRS  415-95 but without the consent of the Insurance Commissioner or the circuit court, involuntarily dissolved the following corporations on the following dates: FSIC on February 28, 1990 UIIA on February 28, 1990 UIM on November 30, 1990 Each certificate of involuntary dissolution states that "the last directors of the corporation shall be and act as trustees for the creditors and shareholders of the corporation." On April 30, 1991, the DCCA's Director entered an Order stating, in relevant part, as follows: C. The provisions of the Hawaii Business Corporation Act relating to the involuntary dissolution of ordinary business corporations are inconsistent with the provisions of the Hawaii Insurance Code pertaining to the liquidation and rehabilitation of insurance companies, and, pursuant to [HRS]  431:4-103, the applicable provisions of the Insurance Code, [HRS]  431:15-307 and 431:15-309 (which provide that the Insurance Commissioner, as court-appointed Receiver, shall be the exclusive liquidator and that the Court shall supervise the dissolution of the corporation) shall control.


NOW, THEREFORE, IT IS HEREBY ORDERED that:


1. The order of February 28, 1990, purporting to dissolve [FSIC] is hereby vacated and set aside, and [FSIC] is hereby reinstated as a valid Hawaii [Hawai`i] corporation, nunc pro tunc, subject to the provisions of paragraph 2.


2. This order shall not be deemed in any manner to alter or interfere with the appointment of the Receiver in . . . Civil No. 84-0807, . . . , the exclusive jurisdiction of the Receiver over the assets and affairs of the corporation (subject to court supervision), and the exclusive jurisdiction of the Circuit Court to supervise the Receiver and the liquidator of FSIC.


3. All penalties arising out of FSIC's failure to file annual reports, and the requirement that such annual reports be filed for so long as the Insurance Commissioner is the Receiver of FSIC, are hereby waived.


In his July 31, 1992 Motion, Keller moved, pursuant to HRCP Rules 17(a), 24, and 25(c) and HRS  415-95(b), as an individual and as a trustee and agent of the dissolved corporations, to be substituted for the Insurance Commissioner as trustee for FSIC or, in the alternative, to be permitted to intervene to represent "the separate interests of said corporations and their creditors and shareholders[.]" In his affidavit in support of his July 31, 1992 Motion, Keller stated, in relevant part, as follows: 6. The Director of the [DCCA] has purported to void his own certificates of involuntary dissolution. However, the Director . . . is in a patent conflict of interest since he seeks not only to regulate corporations but also is the department head over the insurance commissioner and receiver. No provision of Hawaii [Hawai`i] law authorizes the voiding of a certificate of involuntary dissolution after 90 days. If the Insurance Commissioner, acting as receiver, failed to file required annual reports, resulting in involuntary dissolution, the director should not be permitted to take action not authorized by Hawaii [Hawai`i] Law simply to benefit his authority.


The circuit court's November 17, 1992 Order denied Keller's July 31, 1992 Motion. That part of the November 17, 1992 Order that denied Keller's motion for substitution is not final and appealable. 7C C. Wright, A. Miller & M. Kane, Federal Practice and Procedure: Civil  1962 (1986). Therefore, we dismiss that part of Keller's appeal. That part of the November 17, 1992 Order that denied Keller's motion for intervention is final and appealable. Kim v. H.V. Corp., 5 Haw. App. 298, 301, 688 P.2d 1158, 1160 (1984). We subscribe to the rule that denials of motions to intervene are final and appealable orders. 7C C. Wright, A. Miller & M. Kane, Federal Practice and Procedure: Civil  1923 (Supp. 1994). This opinion decides Keller's appeal of the denial of his motion for permissive intervention and/or intervention as of right. In Hillis Motors, Inc. v. Hawaii Auto. Dealers' Ass'n, 997 F.2d 581 (9th Cir. 1993), the DCCA dissolved a corporation while the corporation was under the jurisdiction of the Bankruptcy Court pursuant to Chapter 11 of the Bankruptcy Code and the 11 U.S.C.  362(a) automatic stay was in effect. Hillis voided the dissolution. In the court's words, the automatic stay "is designed to effect an immediate freeze of the status quo by precluding and nullifying post-petition actions, judicial or nonjudicial, in nonbankruptcy fora against the debtor or affecting the property of the estate." Id. 997 F.2d at 585. In the instant case, the September 25, 1984 Stay Order had the same purpose and effect as did bankruptcy law's automatic stay in Hillis Motors. Therefore, we agree with the Insurance Commissioner that, while the Insurance Commissioner was the court-appointed Receiver of FSIC and the Stay Order was in effect, no one, not even the DCCA Director, could legally do anything with respect to FSIC, its business, and its assets and liabilities, without the consent of the Insurance Commissioner and/or the circuit court. The involuntary dissolution of FSIC was void ab initio because it violated the Stay Order and impermissibly interfered with the circuit court's valid assertion of jurisdiction.


Accordingly, we affirm that part of the circuit court's November 17, 1992 Order that denied the part of Keller's July 31, 1992 motion that sought intervention. For lack of appellate jurisdiction, we dismiss Keller's appeal of that part of the circuit court's November 17, 1992 Order that denied the part of Keller's July 31, 1992 motion that sought substitution.


Robert J. Keller, appellant pro se, on the briefs.



FROM WSF.COM WEBSITE:


Corporate Background




1986-1989



Founded in the State of Hawaii in 1986; Acquired a 5,010-acre interest in a Belize property, re-incorporated in the State of Delaware in March of 1987 as a Financial Services Franchise Operation and Finance Company Roll-Up; Venture Capital provided by Nikko Venture Capital and Security Pacific Capital, listed on NASDAQ in October of 1989;




1994



Financial Services and other operations divested;




1995-Present



Established WSF Trust Corporation of Belize; Reached agreement to be the sole trustee and asset manager of the 31,423.45-acre Mayan Salt Creek Estate in Belize City District, Belize, Central America; Initiated Studies and purchased the timber resources on the property; Litigated numerous legal claims relating to the property; Converted the interest in the 5,010-acre property into a 23.6% interest of Compradore Limited, the land owner, perfected title and received Transfer Certificate of Title to 31,423.45-acre Belize property; Judgments in favor of the Company in the Superior Court and the Appeals Court in Belize. On February 26, 2001, WSF and its affiliate, Compradore Limited (Plaintiff) approved a Stipulated Settlement Agreement and Order, resolving the last litigation regarding our property in Belize.




1996-Present



Developed Land Use Plan; Obtained Belize Government support and fiscal incentives; Engaged professional management team; Began acquisition process of operating companies that are synergistic for the development plan with two companies acquired; obtained option to acquire the majority interest in Compradore Limited, the land owner; and




2000



Ratified agreements or proposals with Hyatt International, the IC2 Institute of the University of Texas at Austin, and others to execute the land use plan for its projects on the Belize property.






Business Vision


Forming an integrated Real Estate Development and Management Company through the acquisition of synergistic, successful operating companies


Real Estate Development and Real Estate Management;
Architecture, Land Planning, Design and Interior Design Firms;
Electrical / Mechanical Engineering Firms;
Wood Processing / Manufacturing Plant;
General, Civil (Road, Infrastructure) and Steel Construction Firms;
Residential / Commercial Real Property Management and Marketing/Sales Firms;
Media (Advertising, Public Relations, Promotions); and
Financial Services (Trust Services, Real Estate Financing and participation in The Capital Network of the IC2 Institute)



Building on the IC2 Institute of the University of Texas at Austin relationship, develop Belize into a "Technopolis", similar to Austin, and subsequently utilize this concept and know-how in other emerging regions


Science & Technology Park
University Campus (Institute of Technology)
Leading Edge Infra-Structure, Residential, Resort and Recreational Amenities



Global Partners / Educators / Incubator








IC2 (Innovation, Creativity, Capital) Institute of the University of Texas at Austin:

Establish and manage the Institute of Technology, a University of Texas at Austin - Belize Campus;
Encourage participation in the Belize Science & Technology Park


Science & Technology Companies that are carefully selected from the United States, Canada, Europe, Asia and Latin America:

Establish Operations at the Belize Science & Technology Park
Contribute Capital
Active participation with the Incubator and the University Campus Operations


Belize Science & Technology Park

Land contribution
Facilities Construction & Management
Technology Personnel Recruiting







The Belize Opportunity
The Belize Science & Technology Park
Notes to Five (5) Year Development Projections


The main objective is development of the Belize Science and Technology Center and the Institute of Technology Campus thereby creating the basis for the "Belize Technopolis" and will also include a recreational and a residential environment that enhances creativity and harmony.


· Establish a technological University, in Joint Venture with the IC2 Institute of the University of Texas at Austin;


o First year: 40 students;


o Ultimate goal: 500 students, with modest profit.


Provide technology commercialization training and business incubation facility;



o First year: 10 startups; graduate 5 companies in 3 year


o Annual growth: 30 percent or more;


o Ultimate goal: 20 companies graduate per year;


Build a Science & Technology Park for attracting science and high-tech companies from the U.S. and abroad.



o First year: Commitment from 30 companies, including 5 from the high-tech 200;


o Annual growth: 30 percent or more;


o Ultimate goal: 100 tenant companies including 20 from the high-tech 200.


Projected Development Costs: $708 million


Projected Revenues: $1,003 million


Projected EBITDA: $295 million


The Belize Opportunity
Equestrian Estates
2000-acre Captain Mark Phillips Equestrian Community
(click on image to see larger view)







Two Hundred (200) 5-acre equestrian estates with large plantation / ranch style homes with stables and paddock;
Generous open space corridors that are linked by road and horse trail to modern, world-class equestrian facilities;
Equestrian lodge with ten (10) guest suites, club facilities, restaurant, logo shop and meeting rooms; and
Veterinarian clinic, staff housing, stables and maintenance facilities.










Development Role


As suggested by Arthur Andersen, LLP., WSF has the choice of undertaking four basic roles in the development and management of its property in Belize, namely:


a) Land Banker;
b) Land Planner / Broker;
c) Land Master Developer; and
d) Project Developer / Builder.


WSF made the decision to be the Plantation Manager and Master Land Developer, not only to assure an ecologically sound and sustainable implementation of its Land Use Plan, but also to create a sound return and an appreciation in value of the entire property for WSF’s shareholders. WSF’s operating companies will provide services to the Belize Projects within their area of expertise and therefore will receive revenues and income from the Belize Projects.


Master Land Developer: WSF has prepared a detailed land use plan for the property based upon a pre-development analysis prepared by Arthur Andersen, LLP., of the land and its market potential. The Company plans to initiate the development of the major infrastructure and roadways in order to open the property to a number of simultaneous projects. WSF will then lease parcels of land, with entitlements and controls for the appropriate land uses, thus building value of each subsequent phase from the quality of the existing developments. Residential home sites, as well as the Equestrian Estate sites will be sold in fee with homes.


Project Developer / Builder: In addition to land development , WSF plans to build the end use on a number of key projects. This will require specific experience and additional construction financing.


Offering Pro Forma
(In Million US $)




Description



Pre-Offering



Offering



Fees/Costs



Post Offering




Current Assets



1



25



(3)



17




Fixed Assets



136











136




Short Term Liabilities



3











1




Long Term Liabilities (1)



9











0




Shareholders Equity



58











88




Number of Shares



45 Million



20 Million







65 Million



Notes:


(1) Discounted payoff resulting in a $5 million long term liability waiver;


(2) Price per share to be established with new Valuation WSF’s stock @ minimum $1.25/Share; and


(3) Desired Funding Dates: $2 million by 1st quarter of 2001, in a private placement of stock and notes, and $23 million during the 2nd Quarter of 2001 in an offering to be determined.


Use of Proceeds
(In Million US $)


Description Amount




Cost of Offering, including Professional Services



$ 3.0




Land Survey 5,000-acres, Studies, Initial Site Preparations



$ 1.3




Initial Road Construction (Water, Electricity, Sewer, Cable, etc..)



$ 3.0




WSF/IC2 Belize Facility (First Building - 10,000 sqft)



$ 2.0




Investments in Operating Companies



$ 4.0




Reduction of Short-Term Liabilities



$ 2.0




Reduced Pay-Off of Long-Term Liabilities



$ 4.0




Working Capital / Other Corporate Purposes



$ 5.7




Total



$25.0








.








Note:



All commercial projects will be sold on a leasehold basis with lease terms ranging from 10 to 50 year land-leases. Construction Financing will be obtained in the form equity from Capital Partners or in form of real estate secured loans against the land lease on a project to project basis.



Additional Project and Design/Build Team Members


Design and Architecture: The internationally renowned resort architectural firm of Wimberly Allison Tong & Go, with offices in Hawaii, California, London and Singapore has been retained as the project architect. George S. Berean, AIA, a principal of WAT&G serves on the board of directors of WSF.


Land Use, Site Planning and Engineering: The nationally recognized Planning firm of Helber Hastert & Fee of Honolulu assisted with the preparation of the land use plan and site plans and the civil engineering firm of Belt Collins will provide engineering services.


Market Study and Analysis: The international consulting firm of Arthur Anderson and the consulting firm of Price Waterhouse Consulting in Miami have been engaged to provide all necessary feasibility studies.


Shoreline Management: Dr. Pat Sullivan of Oceanit laboratories will develop a study of coastal and inland waterways, propose and assist with the implementation of a coastal management plan.


Forest Management: Jim Spitz, ACF has been engaged to provide consulting services in the area of certified forest management and wood processing.


Technopolis Development: IC2 Institute Members Dr. David Gibson, Dr.. Victoria Williams, Dr.. Fred Williams and Dr. Masahiro Tsuchiya, Senior Advisor of WSF will assist with the implementation of the Technopolis project.


Equestrian Center Development: Captain Mark Phillips, Olympic Equestrian Champion has been retained to plan and manage the Capt. Mark Phillips Equestrian Center.


Summary


Strong, qualified Management Team in place to execute the Business Plan;


Focused on creating Real Estate Development & Management Operations;


· Building a synergistic network of Operating Companies


Focused on developing the "Belize Technopolis Opportunity";


· IC2 (Innovation, Creativity, Capital) Institute of the University of Texas at Austin


· Strategic Partners (Science & Technology Companies in the US, Canada, Latin America, Europe & Asia)


Focused on targeting similar Opportunities in other Emerging Regions; and


Focused on fully developing the WSF - Trust Corporation of Belize.









Belize Science & Technology Center





"The vision is to create a one-of-a-kind facility for academic excellence and advanced technological research within one of the most unique ecological and archaeological environments of the world. The Belize Science & Technology Center and the University Campus will marry the old-world with the new. State-of-the-art research and development facilities will be shared among top experts with common objectives. Advanced on-line education and training will elevate the overall base of technological knowledge not only in Belize, but also throughout the world."


The Belize Science & Technology Center is designed as an advanced light industrial research and development complex carefully master planned to embrace the unique environmental wonders of Belize. Large swaths of existing jungle are preserved as "Nature Corridors" throughout the complex. Lakes are planned as wetland features to provide habitat for native water birds and other fauna. The corridors also serve to separate industrial lots into "Industry Clusters" to promote synergies between similar disciplines in the field of high technology design. The Park is self-intelligent with fiber optic cable connections to supercomputers and satellite linkages. The Master Plan will allow maximum site plan flexibility and expansion to accommodate both small and large tenants.


University Campus
At its core, the Science & Technology Center will feature the University Campus. The Institute is envisioned as a web-based electronic campus composed of sophisticated research and training facilities oriented to advanced information technology and related services. The University will provide a unique framework for teaching and delivering technological advancements and innovations. By combining a range of the very best research and teaching facilities with the most forward-thinking minds in the industry, the University will become a hub for cross training, networking and collaboration. The sharing of facilities at a single location will generate exciting synergies for research and development between related disciplines.


Multi-Tenant Incubator Facilities
Multi-tenant and designed-to-suit incubator facilities are planned to attract start-up industries and businesses to the Technology Park. Whole new sub-industries could be born and matured within the varied facilities of the Park.


Research Office Park and Heliport
Commercial administrative offices are envisioned for corporations to headquarter their operations near the BIT and its supercomputers. Situated behind lush tropical landscape and water features near the entrance to the Institute, the corporate architecture will serve to showcase the purpose of the park as a venue for advanced technological innovation.


Residential Community
Self-contained residential neighborhoods are located at the edge of the Technology Park near preservation open space and will include access to hiking trails and equestrian visitors alike. Longer term family housing enclaves will offer quiet respite away from the core facilities of the Technology Park, while remaining in close proximity to public community support uses such as recreation fields and convenience shopping.


Sports Club
A Sports Club is planned on the shores of a created lake near the Institute and will include the latest health and fitness equipment and services. A Medical Clinic is situated adjacent to the Sports Club to provide emergency and standard medical care to the larger community.







ROCKY POINT TEMPLE GARDENS


Mayan Resorts, a subsidiary of WSF Corporation, has obtained archeological research studies and reports showing that its Salt Creek Estate property in Belize has located within its boundaries thirteen ancient Mayan temple sites. The largest of these is known as the Rocky Point Temple Group, situated near the Caribbean, is nearly as large as the Rose Bowl Coliseum in Pasadena, California. It is completely overgrown with forest and undergrowth. While many temples have been excavated in Belize, it is the intention of Mayan Resorts, in cooperation with the Belize Archeological Ministry Authority, to protect this ancient landmark by leaving it covered. It will be turned into beautiful botanical gardens, similar to Butchart Gardens in Victoria, B.C., Canada. In cooperation with the government of Belize and the national archeological and historical preservation societies, the planning for The Rocky Point Temple Gardens will feature the indigenous flora of Belize including many species of flowering orchids and other flowering and medicinal plants. There will also be trees, shrubs and flowering plants in gardens, in alcoves, with winding paths, waterfalls, ponds, rivelets and benched areas for relaxing and enjoying the natural beauty of such elegant floral displays. The photos of Butchart Gardens shown here are an example of the intended displays to be created.





The Park will be constructed with an adequate parking lot and dramatic entry to inculcate one's senses with the beauty of these natural wonders. Inside, there will be a Visitor's Information and Gift Center featuring local handicrafts and a Restaurant for guest convenience. The Rocky Point Temple Gardens will become one of the most lush and vibrant tourist destinations of its kind in Belize and will display the Belizean National efforts in ecological management of the flora of the country as well as showcasing Belizean culture.


The aerial photograph shows the existing temple conditions with the trees and shrubbery growing over the mound. The other photographs are a representation of the intended features to be created at the Rocky Point Temple Gardens in Belize.



University Campus





At its core, the Science & Technology Center will feature the University Campus. The University is envisioned as a web-based electronic campus composed of sophisticated research and training facilities oriented to advanced information technology and related services. The University will provide a unique framework for teaching and delivering technological advancements and innovations. By combining a range of the very best research and teaching facilities with the most forward-thinking minds in the industry, the University will become a hub for cross training, networking and collaboration. The sharing of facilities at a single location will generate exciting synergies for research and development between related disciplines.


The brain of the University is the World Communications and Data Center, which houses cutting-edge supercomputers for the processing and analysis of data. Both the University and commercial business interests within the Technology Park will benefit from the supercomputers for industry-specific research and development. An integral component to the Data Center is the World Communication Center - a multi-media command center-style cluster of meeting facilities designed for real-time video teleconferencing, distance learning, and telecommuting. Adjacent to the Communication Center, the Conference Center will be designed as a think tank-style conference facility to accommodate a variety of meeting sizes. A centrally located business center will also be available within the complex.


The Exhibition Hall will form a quadrangle at the eastern corner of the campus and will be connected via walkways and plazas to the adjacent Research Office Park and other parts of the campus. The Exhibition Hall will provide a venue to showcase new technologies and innovations for educational purposes.


The multi-purpose Campus Center is centrally located within the campus. This garden-atrium facility will serve as the town center for the entire Technology park and will comprise shops, restaurants, banks, a post office, a cafeteria, administrative services, a library, and a host of other services to meet the varied needs of the business and residential community. An interactive multi-media lobby lounge will provide gathering areas in an atmosphere that captures the essence of Belize's jungle interiors with tropical native interior landscapes.


Facilities for applied instruction, auditoriums and training halls form the remaining two quadrants of the campus and are inter-linked by landscaped walkways.







Monday, November 15, 2004


From the Desk of


Charles W. Fortner


VP, WSF Corporation


Greetings Fellow Stockholders,


Many of you have asked about updating the CEO corner and we wanted to get you what information we could.


Mr. Walch, WSF CEO, has asked that I write to you so that you may have a different perspective. Mr. Walch sends his regards.


2000 Audit: As explained in past letters we have a local Honolulu CPA firm going through all the documents and preparing the financial statements for the period ending December 31,2000 as well as the 2001 quarterly statements. They will present the financial statements to the new auditing firm for their stamp of approval. It is our goal to have an unqualified audit, which requires sufficient working capital. We feel this is the most expeditious means to proceed, given the past. The completion of the review and audit comes down to acquiring the necessary funds. I feel the company has taken a positive step in moving all accounting to Honolulu and future filings can be handled smoothly and on time with the proper funding in place.


Hurricane Iris: Hurricane Iris has affected much of southern Belize. From the reports I have received, several thousand homes and businesses have been destroyed. WSF staff sends their thoughts and prayers to those families effected.


Regarding WSF property, from my understanding was not effected by more than winds and hard rain along with the rest of northern Belize.


Funding: Funding for WSF appears to be getting closer. We have continued to stay in contact with existing funding sources, while also making contact with groups of investment bankers that see the potential of WSF.


Timber: Many of you have been asking why we don’t tap our timber resources. Well, I have personally taken the task to do just that starting late June. Much progress has been made to assess what WSF has, organize an environmentally sound plan, and leverage these precious assets for initial funding. I believe WSF has an important responsibility to keep this asset healthy and sustainable for a long time to come.


WSF is working closely with a consulting group that can manage the forest and plan harvesting on a sustainable basis, and sell the timber. They are a very reputable firm based in the United States, and have operations in many States. Managing nearly 1 million acres, they serve small and large non-industrial landowners, industrial landowners, investors, financial institutions, and other clients. The consultants have visited the property and inspected the timber and feel WSF has a sizable asset that they look forward to managing. They have also re-affirmed the values and volumes of previous complete timber reports.


“It is our determination that the excerpts from the Comexindo Perkasa Trading Canada Inc. Report that discusses the values and volumes of timber of the Salt Creek Estate is accurate”





My 2 cents: I have now been with the company for six months. In my opinion, over that time, great advances have been made in setting the company in the right direction. Having run successful companies in the past, I believe WSF holds some very valuable assets and is on track to use them to make the shareholders a handsome return and proud to be part of WSF.


Thank you to those who contribute positively to WSF. If you should have further questions please don’t hesitate to contact me personally and I will answer what I can; cfortner@wsf.com


Yours truly,


Charles W. Fortner


Vice President


WSF Corporation

















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Home >> Quotes & Data >> Quote >> WSFC


WSFC -- WSF Corp.
Com (1 Cent)
Primary Venue: Pink Sheets




Best Bid: 0.037 (5000 shares)



Best Ask: 0.045 (5000 shares) *




Date/Time of Last Inside Change: 08:48



* Quoted on the Pink Sheets








Last Sale: 0.0400



Change: pc




Percent Change: N/A



Tick: Down




Daily High: 0



Daily Low: 0




Opening Price: 0



Volume: 0




Annual High: 0.1850



Annual Low: 0.0250




Dividend: 0.000



Earnings/Share: 0.00




Previous Close: 0.0400



P/E ratio: N/A




Yield: 0.00












Beta Coefficient: 0.46




Last Trade Date/Time: 11/05/2001







All information is delayed at least 15 minutes.
Best Bid and Ask reflect prices between 8:00am and 4:00pm EST, after these hours the best Bid and Ask at 4pm is shown.








Corporate Office:



WSF Corporation
745 Fort Street
Amfac Center
Hawaii Tower Suite 700
Honolulu, Hawaii 96813, USA




Telephone:



808-526-3999 - Voice
808-537-5612 - Fax




Date of Incorporation:



March 17, 1987 - Listed on NASDAQ in 1989




State of Incorporation:



Delaware, United States




Federal ID:



99-0240826




Dun & Bradstreet:



15-113-9722




Stock Symbol



OTC BB "WSFC"




Shares Authorized:



100 million of common stock




Shares Issued:



46,396,661 as of 12-31-2000




Shares Restricted:



21,955,345 as of 12-31-2000




Shareholders:



approx. 1,500




Auditors:



Mark C. Hulse, CPA (Belize)
Richard Eisner & Company (New York)
Member firms of Summit International Associates, Inc.




Stock Transfer Agent:



Jersey Trust & Transfer




Bankers:



American Savings Bank
First Hawaiian Bank/Bank of the West
Union Bank of Switzerland




Architects/Planners:



Wimberly Allison Tong & Goo
Helber, Hastert & Fee










December 28, 2001








To our Shareholders and Business Friends:


As we are looking forward to a new, hopefully very successful New Year 2002, it is also a time to reflect back on WSF’s goals, the efforts and capital that were expended to attain them, the setbacks, as well as the small and large steps towards their achievement. It is also a time to re-evaluate the Vision and Mission of WSF.





Since 1994, much of our resources, time and efforts had been focused to remove any and all encumbrances to the title and to gain undisputed, fee simple ownership to the Mayan – Salt Creek Estate in the Belize City District, Belize for our affiliated company, Compradore Limited. This main focus is being shifted to the implementation of the Land Use Plan reviewed and recommended by Arthur Andersen, LLP





1. Based on the economic needs of the Country of Belize and the strategic location of the Mayan – Salt Creek Estate, the following opportunities have been identified:


a. Plantation revitalization, beginning with the engagement of a qualified Strategic Partner for the implementation of an economically sound “Certified Forest Management Plan” for our timber resources;


b. Development, focusing not only on resort and recreational (golf course) projects, but also on research & educational facilities, commercial and industrial facilities, with strong emphasis on affordable and entry-level single and multi-family residential homes, as well as cultural and community projects. This requires the engagement of qualified Strategic Partners for development of projects that are ecologically and economically feasible and welcome by the government and the community.


2. WSF will continue to focus on raising sufficient working and investment capital Initially we believe this can be achieved by utilizing our timber resources. The working capital is necessary to attain an unqualified audit, to bring our SEC filings current and to meet WSF’s financial obligations to our affiliates, officers, directors and other lenders. Subsequently investment capital will be required to participate in, or to provide the necessary infrastructure and construction financing for development projects.


3. Our main focus remains to enhance shareholders value. To achieve that objective the engagement of an investment banking firm will be required, not only to assist WSF with its funding needs, but also to identify corporate finance opportunities and to assist with the re-listing of WSF’s stock on NASDAQ or AMEX.


WSF’s management team embraces the Company’s vision. It understands that the success of the Company will depend identifying leaders and on building qualified teams that are motivated to achieve and exceed WSF’s major goals.


This past month WSF Corporation through its wholly owed subsidiary, Mayan Plantation Limited, has signed an agreement with F&W Forestry Services, Inc., a leading US forest management firm, to manage the timber on the Belize property. F&W will soon start to inventory the timber and setup a certified plan for sustainable forestry. Revenues from the timber resources should resume soon after. F&W has started by securing the property by marking the boundaries, posting signs, and barricades at all entry points.


We wish to thank you, our Shareholders and Business Friends for any positive ideas and we wish a relaxing Holiday Season, the best of health, personal success and a wonderful New Year 2002.


Best wishes,


Gerhart W. Walch


Chairman & Chief Executive Officer



WSF Corporation









Additinoal example of PR:





New CFO for WSF Corporation


Company Press Release
April 21, 2000
HONOLULU, HI -- WSF Corporation (WSF) (OTC BB:WSFI), owners of more than 31,000 acres of ocean-front property in Belize, announced today the appointment of Jon A. Wilhelm as Senior Vice President and Chief Financial Officer.

Wilhelm has several decades of overseeing financial operations for international companies in both the United States and Europe and is intimately familiar with financial management, regulatory requirements and corporate management. Currently, he is the CFO/Controller for two hotel projects and time-share developments in Colorado, valued in excess of $100 million.

A shareholder in WSF, Wilhelm has an MBA in Finance from the University of Southern California and is a licensed Certified Public Accountant. Gail Kitaji, Ph.D., remains Treasurer of the Corporation.

WSF assumed an active role in the business and economic development of Belize by establishing the WSF Trust Corporation of Belize Limited in 1996, sole trustee and asset manager of the property. Through the Trust Company, WSF will be developing 5,000-acres of its property, to be known as Belizea, just a few minutes north of the Belize International Airport. When completed, Belizea Estate will include an 800-acre Science and Technology Center, an equestrian community with 200 five-acre residential properties, and a resort with a championship golf course, a world-class hotel, conference and gaming facilities. Belize is a quickly-emerging country at the Carribean Coast of the Yucatan Peninsula, currently one of the fastest growing ecotourism destinations in the world.


--------------------------------------------------------------------------------
Contact:

WSF Corporation
Jim Boersema, 808/544-3004
jboersema@starrtech.com







HONOLULU--(BUSINESS WIRE)--Aug. 28, 2000


WSF Corporation (WSF) (OTC BB:WSFI), significant owner, sole trustee and asset manager for 31,000 acres of ocean-front property in Belize announced today that they are once again a fully reporting company consistent with market rules. For the past several months, WSF Corp. had been absent from the marketplace for having failed to file required financial reports.


"We've already filed our audited 10-KSB reports for 1998 and 1999," said Chairman Gerhart Walch, "and we are in the process of filing our quarterly reports this week. Once that happens, we will be fully compliant and ready to be re-listed on the OTC Bulletin Board."


Walch also announced today that the W.S. Trading Group of California has executed a stock option agreement in the past week, allowing them to acquire additional shares of the company valued in excess of three-quarters of a million dollars.


"They obtained the stock at an average price of 38 cents," said Walch, "which is less than one-tenth of its current book value. Their involvement, the fact that we have now completed our search for a development team in Belize, and that several market makers are now making a market in our stock all bode well for the future of this company."



WSF primarily performs as a conventional trust and special asset management firm. However, in the future WSF will also act as a public venture capital firm, investing in synergistic science, technology and development companies.






WALL STREET FINANCIAL BUYS CARCON
Wall Street Financial Corporation, traded on the over-the- counter market in the U.S., in October 1995 acquired all of the shares of CarCon, Ltd., an architectural, engineering, and development company in Belize, according to WSF Chairman Gerhart W. Walch. WSF is an owner of the Mayan Salt Creek Estate, 31,435 acres located near the Belize International Airport, with approximately 20 miles of shoreline and connected lagoons. The estate has operated for about a century as an agricultural and timber farm. CarCon has changed its name to Mayan Resort Development Co., Ltd. and appointed Tony Gedeon as its managing director. The company recently completed constructing the personal residence of the Minister of Agriculture of Belize, among other projects. The company says it is currently reviewing various development proposals for resort development.










HONOLULU--(BUSINESS WIRE)--March 20, 2001


WSF Corporation (WSF) (OTCBB:WSFC) announced today the appointment of Charles Fortner to oversee the buildout of an 800-acre technology park in the Central American country of Belize. Fortner, who will be Chairman and CEO of WSF's Science and Technology Park, will be responsible for overseeing the construction of the research and educational park, as well as the recruitment of qualified individuals and corporations to participate in the high-tech center.


Gerhart Walch, Chairman of WSF, said "Charles Fortner is an ideal candidate to develop what will be Belize's first technology complex. He has experience in the communications and technology arena, and was such a successful business manager that the U.S. Small Business Administration named him National Young Entrepreneur of the Year in 1998. We're delighted to have him on board."


Fortner was most recently president of a wireless communications company in Hawaii. In connection with his appointment, Fortner purchased seven percent of WSF's issued and outstanding shares and was also named a Vice President of WSF Corporation. "I'm looking forward to the challenge of building a complex that could potentially alter the economy and provide expansive educational resources for this region of the world," said Fortner. "We have the master plan in place for the property. The immediate task is to attract technology companies and capital investors who want to participate in this exciting venture."


WSF, significant owner, sole trustee and asset manager for 31,000 acres of ocean-front property in Belize, announced last year an agreement with the IC2 Institute at the University of Texas to jointly create the high-tech park. WSF will provide land and management expertise, while the IC2 Institute will contribute strategic planning expertise and encourage leading science and technology firms to locate operations into Belize.


The Institute is envisioned as a center for high-tech learning, composed of biotech, electronic and communications laboratories, multimedia creative classrooms, and training facilities for a variety of advanced scientific applications.


The Science and Technology Park will be a major portion of WSF's Belizea Estate, located on property about 20 miles north of the capital city and national airport. When completed, Belizea Estate will also include an equestrian community with 200 5-acre residential estates and a resort with world-class hotel, conference and gaming facilities and a championship golf course.


Belize is the only English-language nation of Central America and offers a variety of economic benefits for investors. These include: The repatriation of profits and dividends for companies investing in Belize; exemption under Belize law for income earned abroad; commercial free zones and export processing zones that exempt products from import/export duties; a central location that is close to both the United States and South America, a stable government with a currency rate fixed at US1$ = Belize$2 and duty-free access to the European Community and Canada.



This release contains forward-looking statements which address a variety of subjects including, for example, the expected growth and expansion of WSF Corporation's business and operations and the expected benefits to be derived. All statements other than statements of historical fact, including without limitation, those with respect to WSF's goals, plans and strategies set forth herein are forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: WSF's success is dependent upon its ability to integrate its operating elements in accordance with its existing plan; WSF's success, including its ability to decrease cash burn rate, improve its cash position and revenue run rate and reach profitability, depends on its ability to execute its business strategy and the continued and increased demand for and market acceptance of WSF's products and services; WSF may experience difficulty in integrating technologies, operations and personnel into its operations; and increased competition, technology changes and market changes may change the arena in which WSF operates. For a detailed discussion of cautionary statements that may affect WSF Corp's future results of operations and financial results, please refer to WSF's filings with the Securities and Exchange Commission.






HONOLULU--(BUSINESS WIRE)--Dec. 7, 1999--


Interactive Marketing Partners (IMP), a privately held e-commerce strategy and web development firm in Los Angeles, has acquired a significant stake in WSF Corporation, a major owner, the sole trustee and asset manager of one of the largest private estates in Belize, Central America.


IMP acquired its interest through a prepaid development arrangement, whereby IMP agreed to provide all necessary tools and service as WSF's strategic partner in building a major concept website, for government, business and private organizations in Belize. The website would be listed under WSF's registered domain names www.i-Belize.com and www.choicemall.com/i-belize. Together, the two companies will launch iBelize.com, a major e-commerce and e-tourism portal representing the country of Belize.


According to Gerhart Walch, Chairman of WSF, "This is a natural step in the evolution of WSF. With the establishment of the WSF Trust Corporation of Belize and iBelize.com, WSF has taken an active role in the economic development of the emerging country of Belize. iBelize.com will serve as a virtual gateway to the natural beauty of Belize, as well as the vast commercial resources that are quickly developing within the country. We are looking forward to taking the lead in bringing the World Wide Web to Central America."


Jonathan Strum, founder of Interactive Marketing Partners adds, "The Internet has always been about leveling the playing field of opportunity. By introducing both business-to-consumer and business-to-business e-commerce to Belize, with the awesome exposure and high level of security provided by Choice Mall, we are creating a fast-track to economic growth for one of the most beautiful countries in the world. We are truly excited about this unique opportunity."


WSF is a publicly traded Delaware corporation listed on the OTC bulletin board under "WSFI." The company has been headquartered for nearly 15 years in Hawaii, but is now in process of relocating certain operational functions to San Francisco.


WSF manages more than 31,000 acres of ocean-front property in Belize. The company plans to revitalize the 300-year old working plantation's hardwood timber range, tropical fruit farms and cattle ranch into a modern model agricultural operation. WSF plans to implement an ecologically sound Master Development Plan for the creation of a quality residential, commercial and sustainable resort destination on the property.



Interactive Marketing Partners is a Los Angeles based e-commerce strategy and web development firm. Since 1993, IMP has specialized in creating and deploying winning Internet marketing and sales strategies for their clients in the retail, entertainment and direct marketing industries. IMP's many e-commerce sites include significant aspects of Guthy-Renker Internet's Choice Mall, all of Guthy-Renker Internet's BuyitOnTheWeb.com, DiningOnTheWeb.com and others.



HONOLULU--(BUSINESS WIRE)--Jan. 11, 2001


Wall Street Financial Corporation, a Delaware Corporation (Nasdaq OTCBB:WSFI) announced today that it has officially changed the Company's name and stock ticker symbol in order to more effectively align its name and image to be consistent with the Company's operations and developments in Belize.


Effective today, the Company will be known as WSF Corporation. NASDAQ has assigned a new stock symbol: Nasdaq OTCBB:WSFC. Gerhart W. Walch, chairman of WSF said, "We are entering the new Millennium with much energy and enthusiasm and this seemed a good time to make our symbol match the actual name."


"Meetings have been held with a major shareholder, Jim Schuler, (chairman of Schuler Homes, Inc., one of the Nations largest home builders) as well as a small number of other shareholders and friends who are accredited investors," said Walch. "Mr. Schuler, whose firm has operations in Hawaii and in other western states, renegotiated and ratified several weeks ago a 1,000-acre development option agreement and restated his strong interest in participating as a single family home builder/developer in the development of our Estate in Belize. This transaction has an immediate positive effect upon the financial condition of our Company. We hope other shareholders and investors will be similarly enthused," Walch added.


Walch also announced that Marsh Fisher, a WSF co-founder and former vice chairman, is rejoining the company. Fisher was one of the two founders of Century 21 Real Estate Corp., and will be responsible for the creation of a marketing campaign featuring WSF's planned residential home development program. The project, estimated at 1,500 - 4,000 homes built over the next five years, will be sold through Century 21 and other major real estate networks. "I'm very excited to be back with WSF," said Fisher. "I feel very positive about the development of our property in Belize and look forward to the next few years."


Finally, Walch announced that the company has started the process of raising pre-development funding for the Belize project. "Once we have accrued the requisite $2 million out of $25 million, a significant portion will be used to secure entitlements and permits, and to obtain development/investment incentives from the Government of Belize for our Phase I development projects," he said. The additional working capital will permit us to build upon an initial Arthur Andersen LLP study and authorize the preparation of a Feasibility Statement for each of our three (3) development projects, as well as an Environmental Impact Study and Statement for the Phase I work. Surveys will be initiated and our Director, George Berean, AIA, a principal in the architectural firm of Wimberly, Allison, Tong Y& Goo, will begin detailed site and construction planning."



"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The matters discussed in this press release contain forward-looking statements regarding the Company's business that involve high risks and uncertainties. The Company's actual results may differ materially from those discussed herein. Factors that could contribute to such differences include, but are not limited to, those items noted and included in the Company's SEC filings (See "Risk Factors").



"Technopoly is the resource that creates wealth around the world."
Dr. George Kozmetsky, Chairman
IC2 Institute of the University of Texas at Austin
during a meeting with WSF's Chairman Gerhart W Walch







Belize Science & Technology Park



University Campus



Commercial Lot Lease Reservation








.






University Campus





At its core, the Science & Technology Center will feature the University Campus. The University is envisioned as a web-based electronic campus composed of sophisticated research and training facilities oriented to advanced information technology and related services. The University will provide a unique framework for teaching and delivering technological advancements and innovations. By combining a range of the very best research and teaching facilities with the most forward-thinking minds in the industry, the University will become a hub for cross training, networking and collaboration. The sharing of facilities at a single location will generate exciting synergies for research and development between related disciplines.


The brain of the University is the World Communications and Data Center, which houses cutting-edge supercomputers for the processing and analysis of data. Both the University and commercial business interests within the Technology Park will benefit from the supercomputers for industry-specific research and development. An integral component to the Data Center is the World Communication Center - a multi-media command center-style cluster of meeting facilities designed for real-time video teleconferencing, distance learning, and telecommuting. Adjacent to the Communication Center, the Conference Center will be designed as a think tank-style conference facility to accommodate a variety of meeting sizes. A centrally located business center will also be available within the complex.


The Exhibition Hall will form a quadrangle at the eastern corner of the campus and will be connected via walkways and plazas to the adjacent Research Office Park and other parts of the campus. The Exhibition Hall will provide a venue to showcase new technologies and innovations for educational purposes.


The multi-purpose Campus Center is centrally located within the campus. This garden-atrium facility will serve as the town center for the entire Technology park and will comprise shops, restaurants, banks, a post office, a cafeteria, administrative services, a library, and a host of other services to meet the varied needs of the business and residential community. An interactive multi-media lobby lounge will provide gathering areas in an atmosphere that captures the essence of Belize's jungle interiors with tropical native interior landscapes.


Facilities for applied instruction, auditoriums and training halls form the remaining two quadrants of the campus and are inter-linked by landscaped walkways.









"The vision is to create a one-of-a-kind facility for academic excellence and advanced technological research within one of the most unique ecological and archaeological environments of the world. The Belize Science & Technology Center and the University Campus will marry the old-world with the new. State-of-the-art research and development facilities will be shared among top experts with common objectives. Advanced on-line education and training will elevate the overall base of technological knowledge not only in Belize, but also throughout the world."


The Belize Science & Technology Center is designed as an advanced light industrial research and development complex carefully master planned to embrace the unique environmental wonders of Belize. Large swaths of existing jungle are preserved as "Nature Corridors" throughout the complex. Lakes are planned as wetland features to provide habitat for native water birds and other fauna. The corridors also serve to separate industrial lots into "Industry Clusters" to promote synergies between similar disciplines in the field of high technology design. The Park is self-intelligent with fiber optic cable connections to supercomputers and satellite linkages. The Master Plan will allow maximum site plan flexibility and expansion to accommodate both small and large tenants.


University Campus
At its core, the Science & Technology Center will feature the University Campus. The Institute is envisioned as a web-based electronic campus composed of sophisticated research and training facilities oriented to advanced information technology and related services. The University will provide a unique framework for teaching and delivering technological advancements and innovations. By combining a range of the very best research and teaching facilities with the most forward-thinking minds in the industry, the University will become a hub for cross training, networking and collaboration. The sharing of facilities at a single location will generate exciting synergies for research and development between related disciplines.


Multi-Tenant Incubator Facilities
Multi-tenant and designed-to-suit incubator facilities are planned to attract start-up industries and businesses to the Technology Park. Whole new sub-industries could be born and matured within the varied facilities of the Park.


Research Office Park and Heliport
Commercial administrative offices are envisioned for corporations to headquarter their operations near the BIT and its supercomputers. Situated behind lush tropical landscape and water features near the entrance to the Institute, the corporate architecture will serve to showcase the purpose of the park as a venue for advanced technological innovation.


Residential Community
Self-contained residential neighborhoods are located at the edge of the Technology Park near preservation open space and will include access to hiking trails and equestrian visitors alike. Longer term family housing enclaves will offer quiet respite away from the core facilities of the Technology Park, while remaining in close proximity to public community support uses such as recreation fields and convenience shopping.


Sports Club
A Sports Club is planned on the shores of a created lake near the Institute and will include the latest health and fitness equipment and services. A Medical Clinic is situated adjacent to the Sports Club to provide emergency and standard medical care to the larger community.


Embassy Row


John Scholz, AIA design building potential for embassy facility



Embassies of numerous nations are expected to locate on Belizea Estates. Plans are presently in progress to attract these nations and several have preliminarily indicated a level of interest to relocate into such a safe, spacious location.






July 1, 2001





Dear Stockholders and Friends:


We are at the beginning of the 3rd Quarter of 2001 and many of our strategies, such as to raise the necessary working capital and project financing, to strengthen our management team and to have timely financial reporting are beginning to materialize.


It is like seeing a silver lining on the horizon.


At this time, while we are still working on the completion of these tasks, I would like to provide you with answers to the ten (10) most frequently asked questions:


1. When will the 10-KSB for the year ending December 31, 2000 be filed?


The filing is directly related to the completion of the audit of our financial statements. WSF’s executives felt that it is necessary to have the audits done by a major accounting firm in the US, rather than in Belize, not only to be in tune with the ever changing reporting requirements, but also to allow a convenient due diligence source for interested investment bankers. We believe that the filings will be done during the 3rd Quarter of 2001.


2. Why is WSF’s stock no longer on the NASD BB?


When a public company misses its SEC filing deadline, the consequence is that it is no longer eligible for NASD BB listing, until such time as it again meets again this eligibility requirement thus the letter “E” is added WSFCE. Currently WSF’s stock is listed on the OTC Pink Sheets – Symbol WSFC and it is our goal to meet our filing requirements as soon as possible.


3. Why are you having such difficulties raising funds and do you feel that WSF will receive construction financing?


Because of the current situation of our company WSF does meet the requirements for regular institutional investors or banks and therefore has to turn to other investment firms or individual investors that are prepared to take greater risks. Of course the downturn of the market condition, combined with an erosion of investors confidence had a significant impact on our funding abilities. In addition, only until the recent $75 million investment by the Deutsche Bank in a resort, no major resort funding has been done in Belize. This investment broke the ice. WSF is now in negotiations with various parties and feels more confident every day that it will be able to obtain the required funding.


4. When will construction of the Hyatt Resort begin in Belize?


To begin construction, WSF needs to complete a feasibility study, which is not only required for our funding, but also to create the necessary environmental impact statement. The study is now in progress of being prepared by the same team members that prepared the initial Reconnaissance study, which recommended the current Land Use Plan. The completion date will be some time during the 3rd Quarter of 2001.


5. Why are you not selling timber?


We are in the process of finding timber experts that will assist us with the implementation of a Certified Forest Management Plan. This will allow us to profit on a consistent basis, while protecting the fragile ecology and the balanced growth of our timber range.


6. Why don’t you sell land to raise funds?


That is a good possibility. We did not have that option until recently when the law changed in Belize to allow the sale of large parcels to foreign entities such as hotel and resort developers. We are actively soliciting on our website the sale of land leases to developers for shoreline resort development.


7. Why don’t you go to the bank and get a loan?


The only way a US bank (if at all) would provide us with a real estate loan is by placing a first mortgage on our property. We are not prepared to allow that, as we do not want to risk the title of our entire property for such a small amount needed.


8. Why is the share price so low – with that much assets?


A growing value in share price requires investor’s confidence. WSF will have earned such confidence when it begins achieving its goals and objectives and meets projected earnings. At such time, of course, analysts will take a closer look at WSF’s resources and recognize the opportunities the land use strategies will bring not only to the Company, but also to Belize.


9. What is the current value of property in Belize?


I suggest to search for Belize Real Estate on the Internet and to form your own educated opinion. If the real estate prices for oceanfront properties that I looked at are correct, then WSF's Salt Creek Estate has a significant value, far in excess of WSF’s stock value. Keep in mind the size of the property and its strategic proximity to the new International Airport and to Belize City.


10. How do you know that the Resort and the Science & Technology Park will work?


In the Arthur Andersen Reconnaissance Study done in 1997 to evaluate the proposed Multi-Phased Resort Development, they suggested New Community Development and it further recommended with the close proximity to the International Airport and the Mexican Border, the property would be in an excellent position to attract industrial uses.


In subsequent strategic meetings with the team members who prepared this study the common opinion was that the development of the Science & Technology Park, in cooperation with a major University would not only be beneficial for Belize, but contribute significantly to the success and even be the driving force for the planned Resort Development.


We realized that our shareholders have many questions and we want to answer those we can as timely as possible. Therefore, our Vice President, Charles Fortner, has volunteered to answer as many as he can on the Raging Bull Bulletin Board for WSFC. Because of his time constraints he will only have limited time to spend on this endeavor.


If you have any other question, please send an email to g.walch@wsf.com and we will get back to you as soon as possible.


Sincerely,


Gerhart W. Walch
Chairman & CEO







HONOLULU--(BUSINESS WIRE)--Oct. 31, 2000


Wall Street Financial Corporation, a Delaware Corporation (NASD OTCBB:WSFI) announced today that it has completed its acquisition of AirCare Environmental Services, Inc., a privately held company.


In this action, WSF is consistent with its mission, "The management of Special Assets" including it's approximately 32,000 acre property in the Belize City District, Belize, Central America. The Company is adhering to its principles of revenue generation, either through the management and development of its major assets, or through the acquisition of successful companies with growing revenues and capabilities to enhance the development of these assets.


AirCare Environmental Services, Inc. is a company that primarily engages in Indoor Air Quality (IAQ) management in tropical environments, providing a full range of consulting, engineering and remediation services since 1989. Exclusive focus on indoor environments has enabled the company to emerge as one of the most respected IAQ firms in the Pacific Rim area. It has offices in Hawaii and also operates in California. AirCare is also engaging in the area of IAQ Compliance and Reporting. As governmental regulations become increasingly more arduous and demanding, AirCare is responding with staff to provide necessary diagnostics, decontamination, ongoing testing and reporting to satisfy compliance needs.


Revenues in 1999 were approximately US $685,000. Jason Princenthal, President & CEO of AirCare said, "We expect revenues of US $800,000 for the year ending December 31, 2000."


Mr. Princenthal is a graduate from Penn State University with a BS in Chemistry in 1977. AirCare and its team have numerous certifications, qualifying them as experts in the area of IAQ, biological contaminant identification, removal and control in tropical climates. Mr. Princenthal has published articles and has spoken to numerous industry and corporate groups on the identification and removal of toxigenic microorganisms from contaminated mechanical systems and building surfaces. He has specialized in hospital and hotel air quality improvement.


Mr. Princenthal said, "While AirCare is well established in Hawaii, for the past several years we have been doing work in California. We recognize the California market is vastly larger than the Hawaiian market and presents a virtually non-competitive area for our work. AirCare is considering the acquisition of a similar business that is well established in the Silicon Valley area. With the expected Federal and Sate legislative changes requiring OSHA to enforce IAQ evaluation and reporting by all major buildings, we feel that California is a ripe market for growth. We expect to see revenues to increase beyond US $3 million with earnings of 25% in year 2001."



Mr. Walch, Chairman of WSF said, "We are enthusiastic about this addition to our capabilities as it will enhance implementation of the development plan of our assets in Belize and other areas. We are especially concerned about protecting the fragile environment of our property and therefore demand sustainable and ecologically sound development from our strategic partners. AirCare Environmental Services will assure adherence to these principles."






December 28, 2001








To our Shareholders and Business Friends:


As we are looking forward to a new, hopefully very successful New Year 2002, it is also a time to reflect back on WSF’s goals, the efforts and capital that were expended to attain them, the setbacks, as well as the small and large steps towards their achievement. It is also a time to re-evaluate the Vision and Mission of WSF.





Since 1994, much of our resources, time and efforts had been focused to remove any and all encumbrances to the title and to gain undisputed, fee simple ownership to the Mayan – Salt Creek Estate in the Belize City District, Belize for our affiliated company, Compradore Limited. This main focus is being shifted to the implementation of the Land Use Plan reviewed and recommended by Arthur Andersen, LLP





1. Based on the economic needs of the Country of Belize and the strategic location of the Mayan – Salt Creek Estate, the following opportunities have been identified:


a. Plantation revitalization, beginning with the engagement of a qualified Strategic Partner for the implementation of an economically sound “Certified Forest Management Plan” for our timber resources;


b. Development, focusing not only on resort and recreational (golf course) projects, but also on research & educational facilities, commercial and industrial facilities, with strong emphasis on affordable and entry-level single and multi-family residential homes, as well as cultural and community projects. This requires the engagement of qualified Strategic Partners for development of projects that are ecologically and economically feasible and welcome by the government and the community.


2. WSF will continue to focus on raising sufficient working and investment capital Initially we believe this can be achieved by utilizing our timber resources. The working capital is necessary to attain an unqualified audit, to bring our SEC filings current and to meet WSF’s financial obligations to our affiliates, officers, directors and other lenders. Subsequently investment capital will be required to participate in, or to provide the necessary infrastructure and construction financing for development projects.


3. Our main focus remains to enhance shareholders value. To achieve that objective the engagement of an investment banking firm will be required, not only to assist WSF with its funding needs, but also to identify corporate finance opportunities and to assist with the re-listing of WSF’s stock on NASDAQ or AMEX.


WSF’s management team embraces the Company’s vision. It understands that the success of the Company will depend identifying leaders and on building qualified teams that are motivated to achieve and exceed WSF’s major goals.


This past month Belizea Corporation (previously known as WSF Corporation) through its wholly owed subsidiary, Mayan Plantation Limited, has signed an agreement with F&W Forestry Services, Inc., a leading US forest management firm, to manage the timber on the Belize property. F&W will soon start to inventory the timber and setup a certified plan for sustainable forestry. Revenues from the timber resources should resume soon after. F&W has started by securing the property by marking the boundaries, posting signs, and barricades at all entry points.


We wish to thank you, our Shareholders and Business Friends for any positive ideas and we wish a relaxing Holiday Season, the best of health, personal success and a wonderful New Year 2002.


Best wishes,


Gerhart W. Walch


Chairman & Chief Executive Officer



Belizea Corporation (previously known as WSF Corporation)



April 10, 2002








Dear Shareholders and Friends:





We would like to update you on the status of the Administrative Proceeding with the Securities and Exchange Commission in the matter of WSF Corporation.





The Division of Enforcements at the SEC is seeking to revoke the registration of WSF's stock citing our failure to meet public reporting requirements, and we are opposing such revocation. During a Hearing held on March 12 and 13, both sides presented their cases. Closing briefs in connection with the Hearing are currently due on April 15 with replies due on April 26, after which time the Administrative Law Judge will render his initial decision.





While these efforts have placed a significant burden on our small management team and the limited financial resources, we are working diligently on meeting all public reporting requirements as soon as possible.





We will endeavor to keep you updated in this matter and on any material issues that may arise. Thank you for your patience and understanding.








Sincerely yours,





Gerhart W. Walch


Chairman & Chief Executive Officer



WSF Corporation






MONDAY, AUGUST 28, 2000 8:13 PM
- BusinessWire


HONOLULU, Aug 28, 2000 (BUSINESS WIRE) -- Belizea Corporation (previously known as WSF Corporation) (WSF) (OTCBB:WSFI), significant owner, sole trustee and asset manager for 31,000 acres of ocean-front property in Belize announced today that they are once again a fully reporting company consistent with market rules. For the past several months, WSF Corp. had been absent from the marketplace for having failed to file required financial reports.


"We've already filed our audited 10-KSB reports for 1998 and 1999," said Chairman Gerhart Walch, "and we are in the process of filing our quarterly reports this week. Once that happens, we will be fully compliant and ready to be re-listed on the OTC Bulletin Board."


Walch also announced today that the W.S. Trading Group of California has executed a stock option agreement in the past week, allowing them to acquire additional shares of the company valued in excess of three-quarters of a million dollars.


"They obtained the stock at an average price of 38 cents," said Walch, "which is less than one-tenth of its current book value. Their involvement, the fact that we have now completed our search for a development team in Belize, and that several market makers are now making a market in our stock all bode well for the future of this company."


WSF primarily performs as a conventional trust and special asset management firm. However, in the future WSF will also act as a public venture capital firm, investing in synergistic science, technology and development companies.


Together with Wimberly Allison Tong & Goo, an international design firm, WSF has completed its master development plan for its Belizean property and will soon proceed with implementation. When completed, the development will include an 800-acre Science and Technology Center, an equestrian community with 200 five-acre residential properties and a resort with world-class hotel, conference and entertainment facilities. In recent years, Belize has emerged as an ecotourism destination in the Caribbean, and is the only English-speaking country in that part of the world.

CONTACT: Belizea Corporation (previously known as WSF Corporation)

Jim Boersema, 808/528-3159



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MONDAY, NOVEMBER 06, 2000 8:40 PM
- BusinessWire


HONOLULU, Nov 6, 2000 (BUSINESS:WSFI) announced today that it has completed its acquisition of Preferred Contractors, Inc., a privately held company.


Preferred Contractors, Inc. (formerly Condor Construction) is a Utah corporation whose president and CEO is Clinton K. Condor. The Company is a general contractor in the Salt Lake City, Utah region. Its recent business has been the construction of affordable and medium priced residences, multiple family housing and renovation projects.


Condor said: "The 2002 Winter Olympic Games have increased the demand for quality construction in Utah, particularly in the Midway and Park City area. Preferred Contractors expects to add annual revenues in excess of $3 Million, with net income of twenty-five percent (25%), for the year ending December 31, 2001, to the revenues and income of the quickly growing group of WSF Operating Companies."


Condor further said, "Preferred Contractors, or PCI, has been building quality custom homes since 1995 and is licensed to do large commercial or residential construction projects in the states of Utah, Colorado and Idaho. With WSF's assistance, we will be able to increase our bonding and construction financing capabilities enabling us to grow significantly."


Gerhart Walch, President of WSF said, "Personally, I have been intrigued by the quality of homes recently completed by PCI. Condor and his team add strong construction skills and talent to our group of development related companies. Jon Wilhelm, Chief Financial Officer of WSF is very experienced in construction financial management and will be able to assist Condor to achieve the growth plans for Preferred Contractors, Inc., as a WSF Operating company."


WSF's primary business is acquisition, management, development and marketing of Special Assets in the United States and emerging Countries. WSF's focus is on utilizing its Special Assets to create jobs and wealth sharing through development of technology based growth in emerging regions.


"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. The matters discussed in this press release contain forward looking statements regarding the company's business that involve high risks and uncertainties. The company's actual results may differ materially from those discussed herein. Factors that could contribute to such differences include, but are not limited to, those items noted and included in the Company's SEC filings (See "Risk Factors")

CONTACT: WSF PR Dept.

Jim Boersema, 808/528-3159

jboersema@starrtech.com

gwwwsf@aol.com



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KEYWORD: HAWAII UTAH COLORADO IDAHO

INDUSTRY KEYWORD: ADVERTISING/MARKETING


Wednesday, May 29, 2002





SEC revokes registration
of Honolulu developer





From staff and wire reports


WASHINGTON >> Honolulu-based WSF Corp., which develops resort and residential real estate in Belize, has had its registration permanently revoked by the Securities and Exchange Commission.


An SEC administrative law judge ruled the company, which until 1998 was Wall Street Financial, violated securities laws by failing to file a 2000 annual report or quarterly reports for the first three quarters of 2001. The judge also faulted the firm for having failed to find a public auditor for its 2000 financial statements.


The ruling follows a suspension of the company's stock for 10 business days in January over similar concerns when the SEC said it was studying whether to revoke the company's registration.


Gerhart Walch, chairman, president and chief executive of WSF, yesterday declined immediate comment and said the company would issue a press release today.


WSF's last financial report was filed for the third quarter of 2000 and showed earnings of $2.8 million. The company has been delisted from the over-the-counter bulletin board, where it last traded under the ticker WSFC on May 21 when it closed at one thousandth of a penny.






Bloomberg News contributed to this story.



Posted on: Wednesday, May 29, 2002


Business briefs


Advertiser Staff


WSF license for stock revoked


The Securities and Exchange Commission said yesterday that it has revoked the registration of the stock of Honolulu-based WSF Corp.


The SEC said an administrative law judge found that the company violated securities laws by failing to file a 2000 annual report or quarterly reports for the first three quarters of 2001. The judge also faulted the company for failing to find a public auditor for its 2000 financial statements. The suspension is permanent.


In January, citing the same concerns, the SEC suspended trading in the company, which serves as an asset manager and part owner of property in Belize.


Company chairman Gerhart Walch declined immediate comment.





__________________________________________________________________-








Emerging Company Report; Resort Development in Belize.
PR Newswire, March 23, 2001





HOLLYWOOD, Calif., March 23 /PRNewswire/ --


Emerging Company Report is the nationally syndicated television program profiling emerging-growth companies (http://www.emergingcompany.com), featuring informative interviews with the CEOs, insights into their operations and outlooks for their futures.


Featured companies on this week's edition include:



CEO Gerhart Walch described Wall Street Financial Corporation (OTC Bulletin Board: WSFC) as a land holder and developer in the country of Belize. The Hawaii based company owns in excess of 31,000 acres in Belize, which is in Central America, south of Cancun, Mexico. "Belize is a beautiful, unspoiled, lush and tropical country," said Walch. "Now that a new international airport has been completed, tourism will become a major industry. Americans can fly nonstop to Belize." The company revealed plans for hotel, resort and golf course development, relying upon their experiences in Hawaii.



Belize Polo Club is designed to enter the ranks of world class polo facilities. It is situated on 1200 acres devoted to polo and equestrian activities, and will become the only polo facility in Belize.


Located along the Caribbean Sea, its tropical location is suited to year-round play. The primary season will be November through March, starting directly after the World Cup in Argentina.


The Club is being formed as part of a much larger development of resort hotels, homes, and recreation facilities at Belizea, a 31,423.45 acre estate located along the Caribbean Sea in Belize. It is just minutes outside of Belize City and is near Belize International Airport.


Stretching to the sea, this facility will include a first class polo clubhouse, sufficient stables and facilities for up to 1,000 horses, an outstanding Sunday playing field complex and viewing stand, and up to 50 practice fields.


Belize Polo Club is a member of the US Polo Association.


THE PROPERTY


BELIZE POLO & COUNTRY CLUB purchased a 1,200-acres parcel land, located at the 31,423.45-acre BELIZEA Estate, only minutes north of the Belize International Airport, along the highway towards Cancun, Mexico, for the purpose of developing a world-class Equestrian Center. This property is located adjacent to the 2,000-acre Capt. Mark Phillips Equestrian Estate set aside for the development of a master planned equestrian community.


The 1,200-acre property and the facilities thereon will be owned, operated and maintained by the Belize Polo & Country Club, LLC., and is therefore owned by its Members.



The costs for the design, planning and construction of the Belize Polo & Country Club facilities and grounds are estimated to be initially approximately $25 Million US Dollars, which funds shall be derived from Regular Memberships with each home or condominium sold at the Belizea Estate.



Wall Street Financial settles debt with Schuler


Sandi Magaoay


PBN Staff Reporter





Home builder James Schuler -- trying to mitigate losses tied to a delinquent $2 million loan that was made to bankrupt Ernest J. Jackson -- struck a deal to acquire shares in a $135 million development company and the right to develop 1,000 acres in the tiny country of Belize.





The shares and the Belize development option are part of an agreement Schuler reached with Wall Street Financial Corp. to refinance the $2 million Jackson had borrowed from James K. Schuler & Associates while he was president and chairman of the board of Wall Street Financial.





Schuler & Associates is the private investment company of James Schuler, president of Schuler Homes Inc., a publicly traded company.





Whether Schuler will develop the Belize property remains to be seen. "I have no idea if I will develop it," Schuler said. "But I know I will not do it in the near future."





Jackson in 1994 had borrowed the money to expand his business, Schuler said. "It was a personal loan I made and has nothing to do with Schuler Homes," Schuler said.





Meanwhile, Schuler Homes is in the midst of looking outside of Hawaii for development opportunities. Schuler, however, insisted any transactions made by Schuler & Associates are separate from the strategies of Schuler Homes.





Jim Boersema, spokesman for Wall Street Financial, said several of Jackson's companies -- including Jackson Builders Corp., MicroShoe Inc. and Pacific Wave Technology Inc. -- and Wall Street Financial merged in 1994, but the merger only lasted five months. The merger was called off after Wall Street Financial found out Jackson had provided false financial information when the agreement was drawn, Boersema said.





Jackson was a local contractor whose main company, Jackson Cos., and a number of subsidiaries and sister companies were either taken over, dissolved or went bankrupt. Jackson is reportedly living somewhere in the Pacific Northwest.





Boersema said Jackson used the $2 million loan from Schuler for transactions unrelated to the expansion of Wall Street Financial and the company is pursuing legal retribution.


Under the refinancing agreement, Wall Street Financial entered into a new $2 million secured convertible note agreement due and payable Dec. 31, 1997. Schuler & Associates will actually receive about $1.1 million in cash payments.





The remaining loan will be made up through stock and development rights in Belize. Schuler & Associates will receive 600,000 shares of Wall Street Financial common stock at a price of $1 per share. Also, for $320,000, Schuler & Associates acquired the option to purchase 1,000 acres of residential subdivisions in Belize.





The Belize property is an asset long held by Wall Street Financial and was purchased by company president Gerhart W. Walch's family, Boersema said.





The Belize parcel lies on the Caribbean Sea, has several lagoons and is near the country's international airport and capital.





Wall Street Financial is a public company and parent of Wall Street Financial Trust Corp. of Belize Ltd., which manages the 31,423-acre Mayan Salt Creek Estate, a former plantation in the Central American country. The subsidiary is attempting to revitalize the area by developing resort, forestry, agriculture and aquaculture industries.





Both parties said they were pleased with the restructuring agreement.





Said Boersema: "We said, `Okay, we both got hurt. Let's see what we can do to resolve it the best we can.' Wall Street, not having the cash, made this deal so Schuler can at least get some money back."






Outsiders agree the restructured loan benefits both sides. It gives the lender a direct stake and potential to influence activities at Wall Street Financial and for the borrower, it relieves them of burdensome interest payments, said Gregg Robertson, a securities analyst and president of Cadinha & Co.



TUESDAY, NOVEMBER 28, 2000 9:31 PM
- BusinessWire


HONOLULU, Nov 28, 2000 (BUSINESS:WSFI) announced today it had revenues of $4,017,763 for the three month period ending September 30, 2000, as compared to $331,987 for the comparable quarter in 1999. The Company expects its revenues to increase as the implementation of its acquisition and development plans are successfully executed. Net income per share from operations was .0616, versus .0004 from the same period one year ago.


Earnings per share increased from .0005 to .0634 during the same 9 months in 1999 to 2000. Revenues for the first 9 months of 2000 were $4,662,801 as WSF acquired and retired a large portion of outstanding shares and also made several recent acquisitions on a pooling of interest basis.


Total assets at September 30, 2000, were $138,883,442 as compared to $138,343,126 at December 31, 1999. On September 30, 2000, current assets of the Company were $617,013 compared to $770,071 at December 31, 1999. Significant efforts are being made to increase the current assets of the Company.


WSF is in the process of forming an integrated Real Estate Development and Management Company through synergistic acquisitions, said Chairman Gerhart Walch. WSF plans to utilize its real estate and other resources to create jobs and wealth sharing through development of technology-based growth in emerging regions, as more fully described on www.wsf.com.


"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995. The matters discussed in this press release contain forward looking statements regarding the company's business that involve high risks and uncertainties. The company's actual results may differ materially from those discussed herein. Factors that could contribute to such differences include, but are not limited to, those items noted and included in the Company's SEC filings (See "Risk Factors").

CONTACT: WSF PR Dept.

Jim Boersema, 808/528-3159

jboersema@starrtech.com

j.wilhelmcpa@wsf.com (Chief Financial Officer)

r.tilton@aol.com (Investor Relations)



URL: http://www.businesswire.com

Today's News On The Net - Business Wire's full file on the Internet

with Hyperlinks to your home page.


Copyright (C) 2000 Business Wire. All rights reserved.

KEYWORD: HAWAII

INDUSTRY KEYWORD: BANKING

REAL

ESTATE

EARNINGS





Honolulu firm aspires to build the next Cancun


Andrew Gomes


PBN Staff Reporter





Honolulu-based penny stock company Wall Street Financial Corp., which has tried to cash in on various projects in recent years, hopes a "solidifying of assets" in Belize, Central America, will begin to pay off in 1998.





The company's goal is to help the Central American country develop into a tourist destination as Cancun, Mexico, did a decade or so ago.


Land-rich cash-poor struggle





For its part, Wall Street Financial intends to transform an idle wood plantation on 31,423 acres along the Caribbean Sea into Mayan Resort Belize -- an "eco-estate" resort with a 250-room hotel, resort condos, 3,000 residential homes, the country's first 18-hole golf course, a retirement center and health clinic, one or more casinos, office buildings, shopping and entertainment facilities, a shipping and fishing port, and a yacht basin.





No small ambition for a company that had $6,668 in cash on hand at the end of fiscal year 1996 -- a year where revenues were $639,731 an per-share stock price bumped between 12.5 cents and 56.3 cents.





In the company's most recent audited annual report, which is for 1996, a Belize chartered accountant stated a $1.9 million deficit of working capital (current assets minus current liabilities) "raises doubt about [the company's] ability to continue as a going concern."





As of Sept. 30, 1997, the company reported $217,938 in cash on hand and operating revenue of $89,448. Working capital at the end of the third quarter equaled a deficit of almost $2.2 million.





But WSF is pounding away at continuance and appears to be making strides.





Robert Dresser, the publisher and editor-in-chief of the Glendale, Calif.-based Stockbrokers Society Research Report who has known WSF Chairman and Chief Executive Officer Gerhart Walch for about 10 years, called him a "resourceful financier."





As of April 13, the 52-week range for WSF stock was between 25 cents and $1.44 on over-the-counter NASD bulletin board trading. The asking price on that day was 55 cents.





"You've seen our stock price languish ... . 1998 is the launch year of three major projects that we have been beating our heads against for years," said Paul Peterson, corporate finance vice president for WSF.





The three projects are a hardwood processing operation, private club and a resort condo complex.


A no-brainer





WSF's first project, harvesting and processing hardwoods, is a "no-brainer business," said Peterson. The company owns 31,423 acres of land, which includes 14,576 acres of mahogany and other high-value woods. (Total forest resources were valued at $134 million by the company in 1996.)





In November, the company announced a purchase order agreement with an unnamed "major U.S. lumber and furniture company" for 1.2 million board feet representing $2.1 million in anticipated revenue this year.







AKA: Mayan Plantation and Resort


MAYAN PLANTATION


BELIZEA RESORT


MAYAN RESORT


BEST PARK


BELIZE POLO CLUB


BELIZEA ESTATES….etc












Buyers beware, investors beware, and people of Belize beware!


Buyers beware, investors beware, and people of Belize beware! Buyers beware, investors beware, and people of Belize beware!


Buyers beware, investors beware, and people of Belize beware!


Buyers beware, investors beware, and people of Belize beware!



BELIZEA IS A SCAM.









What is BELIZEA? Why is it a SCAM?
BELIZEA is a real estate scam run by Gerhart Walch out of Hawaii. Basically, he is selling "prime ocean front lots" as convertible securities without transferring land ownership titles in Belize. The company started as Compudore based in Hong Kong, then switched to WSF, to protect the 1,500 shareholders from future fraud, the SEC permanently kicked WSF off the public stock markets for failing to provide audits. Desperate and facing the reality of his SCAM failing apart, Gerhart Walch "CEO" set-up a Texas based corporation named "BEST PARK BELIZE INC" The same patterns of fraud quickly became evident and many of those working of the project decided to not risk damaging their good names and opted off the project.

Gerhart is a professional con artist and continues to use the names of people and organizations that he has "worked" with in the past to keep funding his lifestyle. He is broke (ask him for a credit check and watch his reaction) and he depends on land sales in the 20k-40k range to pay his monthly finances expenses for his home, cars, etc. As long as he can find one more "sucker" to buy land in Belize he can pay the bills to keep the front alive.

He targets NFL/NBA players and doctors - because they are historically bad businessmen and typically are easy to take advantage of because they don't know much about international real estate laws. The average deal is only 20k and when the investor takes Gehart Walch to court he will defend himself, blame the accountants etc, then eventually the courts will rule in favor of the investors but Gehart will make them sign a "gag" agreement that prevents the investor from talking about Compudore, WSF , BELIZEA and/or BEST PARK's scam with other people without facing penalties.

The truth is that the majority of the land titled in Belize is hidden within a family trust set-up in Hong Kong, Gerhart has spread the ownership across his family to include grandmothers, children etc. Many of whom believe that he is a legitimate business man. He thrives on people not being able to talk about the truth because they don't understand the BELIZEA SCAM and/or by the time they figure it out the legal cost are not worth trying to get the 20k-40k back and so they are embarrassed and do nothing. He thrives on any and all that will fund his fantasy.

The fact is that Gerhart Walch is no stranger to law suits, he expects them and goes into deals knowing what he can "get away with". Several major service firms, law firms and "consultants" are pursuing legal action. However, he continues his SCAM and as long as there are innocent investors - who like the idea of living in Belize - the SCAM will continue.

Buyer beware!

Realted links:

starbulletin.com/2002/05/29/business/story2.html

http://www.avilatours.ca/suninvestmanagment.htm

http://www.sec.gov/litigation/aljdec/id204jtkfo.htm

http://www.sec.gov/litigation/aljdec/id204jtk.htm

http://www.belizea.com/best/opportunities.htm



keywords: BELIZEA, WSF, Mayan Plantation, Mayan Resorts, BEST PARK, BELIZEA ESTATES, Salt Creek Estate, Gerhart Walch, Walch, Hawaii court cases, SEC filings, Sun Investments etc.