Contracted Millennium Capital Quest Corporation who are financial consultants who specialize in raising capital for companies. (See their consumer complaints) We contracted them to raise $1,000, 000.00 capital for our start-up air ambulance business in North Carolina. Millennium eventually set us up with one of their
'accredited investors" named H. Stuart Taylor, MA, MBA who is CEO of "Your New Career" located in CA. After much communication and releasing our financial information and sensitive business plans, H. Stuart Taylor issued us a signed "Letter of Commitment" on "Your New Career" letterhead stating that we completed due diligence and that they had agreed to invest $350,000.00 into our company. It furthermore stated the funds would be released by X date.
Approximately one week prior to the deadline for the release of funds Mr. Taylor informed us that the funds were going to be delayed up to 30 more days. He stated he was borrowing $10,000, 000.00 against some Bermuda bank stock that he owned and some Foreign Bank Guarantees. He stated the delay was caused by The Patriot Act but would be completed within the next 30 days. He suggested since we were really pressed for the funds and the fact we needed to start-up operations immediately, that he would issue us a letter and for us to use it along with the original "Letter of Commitment" to obtain 90 day bridge loans. At this point we were very concerned but Greg R. Nolan; president of Millennium Capital Quest assured us that H. Stuart Taylor was very legit, honorable and trustworthy and that if he committed to funding a project, then he funded that project. Therefore we made a huge mistake and took Mr. Nolan's advice and trusted H. Stuart Taylor. We obtained bridge loans and financing. Furthermore, H. Stuart Taylor issued several letters to our aircraft vendor stating that he had agreed to fund our company $350,000.00 and urging him to extend our lease payments as a bridge loan so that we could start operations. The vendor agreed and therefore we started flight operations.
At the end of the 30 days, Mr. Taylor had more excuses but both him and Millennium Capital continued to assure us that the funds were forth coming. He even agreed verbally to consider increasing the investment amount from $350,000.00 to $500,000.00 to offset the debit we had accrued from the delay. Shortly thereafter, our aircraft vendor pulled the aircraft because he was tired of waiting for H. Stuart Taylor to release the funds to us so that we could back pay him the lease. Then all the other bridge loans came due depleting our reserves. Without flying and with very little reserves we had no choice but to layoff our employees.
Mr. Taylor continued in signed letters to assure us he was committed to funding our program and getting it back on tract. Multiple times over the next several months he went to the point of closing on his $10,000, 000.00 loan but always pulled away stating he found another lender that was going to give him a better deal and it would only be a slight delay because the lender was going to fast track the loan. He would also always tell me that I would be the first to know as soon as he received his funds therefore allowing him to release our funds to us.
Finally after 11 months of dealing with H. Stuart Taylor, I learned from a third party that he received his $10,000, 000.00 a few weeks earlier. I immediately contacted him and he stated that he had decided finally to go with Wells Fargo and that they had added a clause that they had to approve all investments made from the $10,000, 000.00. He further stated that they would not approve our company or two others that he had agreed to finance due to the young age of the companies. He insisted in writing that he was still fully committed to funding our project and that he was going to fulfill his legal commitment to me and my partners. He stated that he had another loan in the works from an offshore lender and would have the funds within the next 90 days. I NEVER heard another word from him. He has not returned my phone calls, answered my e-mails, nor fulfilled his legal commitment!
I have since learned from a third party working with H. Stuart Taylor to obtain his funds, that Mr. Taylor had multiply offers on the table to fund his instrument therefore allowing him to fulfill his commitment to not only us but the other companies he spoke of as well. They said however, he would walk away from the table right at closing every single time! Why he did this and chose to go with Wells Fargo and thus screw us and other I have no idea.
H. Stuart Taylor ruined our company, the dreams of not only a group of people trying to start an air ambulance program, but the hopes and dreams of an entire region that would have benefited from such a program! I do not know what his game was, why he decided to do this to us, but do yourself a favor and NEVER trust H. Stuart Taylor or Your New Career!
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