Our organization signed a contract with Mr. Ledwin Oviedo of LOIG, LLC, based in New York to provide a $75 million SBLC for the bridge financing of an apartment building in a major North Eastern US City. Our organzation had secured the necessary monetization of the SBLC with a Top 50 bank as required under the Term sheet for all parties. Mr. Oviedo behaved unprofessionally and in an un-business like manner in all of his actions as we moved to closing procedures. His conduct, we believe was, the result of his inability to prove up his SBLC as being a real instrument. We are now certain that he is trying to peddle false instruments in the marketplace. He offered unreasonable excuses for his delays and his conduct, arrogance and ambivalence toward the parties involved were deplorable. All closing parties confirmed to close and to the dismay of all parties concerned, Mr. Oviedo neglected to even respond to the professional approaches by counsel, funding parties and intermediaries.
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