Wednesday, October 13, 2010
La Fea Más Bella 10/13/2010 preempted. So instead, "What's an Embargo?"
Wednesday's LFMB was preempted by the Chilean miners' rescue. I assume it was preempted everywhere; let me know if I'm mistaken. So I thought today would be a good day to figure out what the embargo is all about. Lety has agreed to embargo Conceptos if she has to, but that hasn't happened yet.
By the way, before I forget. Marta has posted "Spanish Lessons" for Monday's and Tuesday's caps in the comments section on each recap page. Go back and take a look if you missed them.
The Embargo Process.Here is what I think is going on. I’m really fuzzy on some of this, but I’ll give it my best effort. Someone correct me if you know more.
The Guarantee will need to be notarized. I think Lety uses the terms Guarantee and “Prenda” (Surety) interchangeably. I think that the Guarantee has a clause that permits FI to lien (embargo) Conceptos if Conceptos defaults.
Then the Guarantee is registered with the government Recorder’s office. It takes three days for it to become effective. From the point when it's registered, the debtor (Conceptos) has 15 days to pay the debt. After that time, the creditor (FI) has to initiate the lien (embargo). You need an attorney to do that.
The lien would be an encumbrance on Conceptos. FI would not own Conceptos, but it would have financial control over it. Conceptos could not sell any assets under the lien, it could not put up its assets as collateral, and no other creditor could lay claim to Conceptos’ assets because FI would have first rights.
If it’s like US law, a lien is not perpetual. After some months it will expire. Before it expires, the creditor must Perfect the Lien and get a Judgment. This is done by an attorney. It is the Judgement that gives the creditor final and full ownership over the assets of the lien.
So in summary, as I understand it:
1. The Promissory Note (pagaré) is a formal IOU with legal requirements to pay.
2. The Guarantee (also called Prenda / Surety) recognizes the creditor’s rights if the debtor doesn’t pay.
3. The Guarantee is notarized and filed with the Recorder's office. The debtor has 15 days to pay.
4. After that waiting period, they file the lien (embargo). This encumbers the assets.
5. The creditor must Perfect the Lien and get a Judgment before it expires.
6. The Judgment would make FI owner of Conceptos.
Plot Ideas
I have one more topic to throw out for discussion. Those of you who haven't seen Fea before, I'd love to hear your predictions of what will happen. Don't worry if you're wrong. How could you know? I'd just love to hear your ideas.
And veterans, did you have any other ideas for alternative plots? I posed the question over the weekend. Fea broke so many conventions. Where would the plot have gone, had it been a typical novela? Swapped babies? Staircase of doom? Ariel starts smashing cell phones? C'mon! Get creative!
By the way, before I forget. Marta has posted "Spanish Lessons" for Monday's and Tuesday's caps in the comments section on each recap page. Go back and take a look if you missed them.
The Embargo Process.Here is what I think is going on. I’m really fuzzy on some of this, but I’ll give it my best effort. Someone correct me if you know more.
The Guarantee will need to be notarized. I think Lety uses the terms Guarantee and “Prenda” (Surety) interchangeably. I think that the Guarantee has a clause that permits FI to lien (embargo) Conceptos if Conceptos defaults.
Then the Guarantee is registered with the government Recorder’s office. It takes three days for it to become effective. From the point when it's registered, the debtor (Conceptos) has 15 days to pay the debt. After that time, the creditor (FI) has to initiate the lien (embargo). You need an attorney to do that.
The lien would be an encumbrance on Conceptos. FI would not own Conceptos, but it would have financial control over it. Conceptos could not sell any assets under the lien, it could not put up its assets as collateral, and no other creditor could lay claim to Conceptos’ assets because FI would have first rights.
If it’s like US law, a lien is not perpetual. After some months it will expire. Before it expires, the creditor must Perfect the Lien and get a Judgment. This is done by an attorney. It is the Judgement that gives the creditor final and full ownership over the assets of the lien.
So in summary, as I understand it:
1. The Promissory Note (pagaré) is a formal IOU with legal requirements to pay.
2. The Guarantee (also called Prenda / Surety) recognizes the creditor’s rights if the debtor doesn’t pay.
3. The Guarantee is notarized and filed with the Recorder's office. The debtor has 15 days to pay.
4. After that waiting period, they file the lien (embargo). This encumbers the assets.
5. The creditor must Perfect the Lien and get a Judgment before it expires.
6. The Judgment would make FI owner of Conceptos.
Plot Ideas
I have one more topic to throw out for discussion. Those of you who haven't seen Fea before, I'd love to hear your predictions of what will happen. Don't worry if you're wrong. How could you know? I'd just love to hear your ideas.
And veterans, did you have any other ideas for alternative plots? I posed the question over the weekend. Fea broke so many conventions. Where would the plot have gone, had it been a typical novela? Swapped babies? Staircase of doom? Ariel starts smashing cell phones? C'mon! Get creative!
Labels: fea-2010
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Paula, if I may, let me throw one more detail there... Remember when Fernando asked Lety for the first 300,000 pesos he gave her a BLANK IOU with a 'letter of instructions'. This means the BLANK can be filled with ALL and I mean ALL assets of Conceptos, like Fernando said, down to their list of customers, current immobiliary, equipment, supplies, etc... and even the value of current contracts yet to fulfill.
So FI COULD end up with everything that is currently Conceptos if they follow all the steps you listed since the IOU is filled with ALL things Conceptos. That is the importance of the IOU to be BLANK, so even if the debt from Conceptos to FI is as low as 300,000 or 700,000 pesos, FI could end up with EVERYTHING listed in that BLANK IOU. very much like losing your house due to a debt to your home owner's assoc of only a few hundred dollars.... if the process goes through all the steps.
So FI COULD end up with everything that is currently Conceptos if they follow all the steps you listed since the IOU is filled with ALL things Conceptos. That is the importance of the IOU to be BLANK, so even if the debt from Conceptos to FI is as low as 300,000 or 700,000 pesos, FI could end up with EVERYTHING listed in that BLANK IOU. very much like losing your house due to a debt to your home owner's assoc of only a few hundred dollars.... if the process goes through all the steps.
The Guarantee or Prenda is what would stop other creditors from being able to collect on their debt, since FI has the Prenda over Conceptos, FI has the first turn in cashing on the lien... this is why Fernando and Lety said no to the bank manager when the bank manager asked them to put a Prenda as guarantee for the loan of the money to make payroll. There can only be one Prenda out on Conceptos at one time.
The IOU is the document that lists everything that would change hands between the Mendiolas/Villaroels to Lety if the lien goes through to the end.
The IOU is the document that lists everything that would change hands between the Mendiolas/Villaroels to Lety if the lien goes through to the end.
anything that Conceptos owns that is not listed in the IOU to Lety would be wide open to being taken by the banks or other creditors.
I'm way way behind on reading these things, but I noticed a suggestion that Ariel might become a destroyer of cell phones... heh, maybe, but I doubt it - he loves his "stuff" and would treat his phones with far more tenderness than he would treat a person.
Marcia is the most likely phone-abuser of this gang. (Not cell phones specifically, but any phone.) She hangs up the phone with increasing ferocity as the drama goes on; if this were a more typical telenovela she would probably throw her phones and scream a lot and slap people.
Alicia would have to become some sort of slapping machine to deal with the constant (but well-deserved) harassment from the cuartel. They can take turns slapping her, but she'd have to work really hard to keep up.
Marcia is the most likely phone-abuser of this gang. (Not cell phones specifically, but any phone.) She hangs up the phone with increasing ferocity as the drama goes on; if this were a more typical telenovela she would probably throw her phones and scream a lot and slap people.
Alicia would have to become some sort of slapping machine to deal with the constant (but well-deserved) harassment from the cuartel. They can take turns slapping her, but she'd have to work really hard to keep up.
Thanks again for all the work. I am still completely enjoying this in spite of tons of company on three weekends, an international balloon fiesta, two parties, one with Spanish music the other at dawn to watch balloons. So that means I haven't been able to hang out on CarayCaray.
I have one question: what or who is F1 or is it Fl??
I am enthralled with watching el rescate valiente de los mineros chilenos. Now that is exciting television.
I have one question: what or who is F1 or is it Fl??
I am enthralled with watching el rescate valiente de los mineros chilenos. Now that is exciting television.
Thank you, Marta, for helping us understand the embargo. I remember the first time around, the whole topic was totally confusing to me, so this should help.
In my alternate plot, Lety and Alicia are twins separted at birth. They look different because Alicia has had so many "enhancements." Alicia hates Lety so much because in her, Ali recognizes her former self, and the wolf is at the door.
Cheryl, I'm glad to see you're still with us! FI is Filmo Imagine, the shadow company Fernando gave Lety. He capitalized it with 1 million pesos, half of which was from the bribe she confessed to. Its purpose is to shelter Conceptos from creditors. There are more details at Caps 26 & 27.
In my alternate plot, Lety and Alicia are twins separted at birth. They look different because Alicia has had so many "enhancements." Alicia hates Lety so much because in her, Ali recognizes her former self, and the wolf is at the door.
Cheryl, I'm glad to see you're still with us! FI is Filmo Imagine, the shadow company Fernando gave Lety. He capitalized it with 1 million pesos, half of which was from the bribe she confessed to. Its purpose is to shelter Conceptos from creditors. There are more details at Caps 26 & 27.
Thanks Paula. I just forgot the name of the ficticious company was Filmo Imagine, so FI didn't ring a bell.
I guess it has to be okay for our heroe divino to be commiting what I could swear is big time fraud. At least he is saving the company from worse thugs, aka Ariel.
I guess it has to be okay for our heroe divino to be commiting what I could swear is big time fraud. At least he is saving the company from worse thugs, aka Ariel.
Ouch, my head hurts. Thank you for taking a stab at explaining about the embargo and the burgeoning arrangement between Lety and Fernando. It seems like a rather complex state of affairs. This was Fernando's idea, right? If so he's more savvy than he seemed in the first few episodes.
Marta, thanks so much for your conversation translations. They are fantastic! The one between Alicia and Marcia really helped me understand why Marcia is now always ticked off at Alicia. There were some nuances in the conversation that I missed.
Paula, I haven't thought much about how the plot might unfold. But I am thinking back to Fernando's mom making a crack about the absurdity of the idea of Lety being president. So I guess the divine retribution would be for her to somehow end up as the president for realsies. Then Marcia, Omar, Luigi, Ariel and the others would have to give her respect instead of mocking her all the time. In fact Omar will be come her secretary. Oh, and of course she will end up beautiful but that's a given. Since the biz is always overrun by kids who have nowhere to go then Lety will start a daycare or afterschool program so that the workers can be on the up and up about bringing their kids to work. And she will contract with the What Not To Wear people for a complete office makeover. Alicia will have clothes that are not several sizes too small, Paula Maria will select options other than a pink suit, etc.
Marta, thanks so much for your conversation translations. They are fantastic! The one between Alicia and Marcia really helped me understand why Marcia is now always ticked off at Alicia. There were some nuances in the conversation that I missed.
Paula, I haven't thought much about how the plot might unfold. But I am thinking back to Fernando's mom making a crack about the absurdity of the idea of Lety being president. So I guess the divine retribution would be for her to somehow end up as the president for realsies. Then Marcia, Omar, Luigi, Ariel and the others would have to give her respect instead of mocking her all the time. In fact Omar will be come her secretary. Oh, and of course she will end up beautiful but that's a given. Since the biz is always overrun by kids who have nowhere to go then Lety will start a daycare or afterschool program so that the workers can be on the up and up about bringing their kids to work. And she will contract with the What Not To Wear people for a complete office makeover. Alicia will have clothes that are not several sizes too small, Paula Maria will select options other than a pink suit, etc.
Alternate Plot: Lety and Fern discover they are cousins but they get together anyway since this is a novela so it doesn't matter. Apparently Lety is the daughter put up for adoption by Teresita's wayward sister and Erasmo and Julieta were barren and decided to adopt. Lety discovers the truth when she overhears her parents talking privately about her adoption since no one closes the doors in novelas when they discuss something very important.
Paula and Marta, thank you for legal info.
GinCA
Paula and Marta, thank you for legal info.
GinCA
Permalink posted by 
: Thursday, October 14, 2010 at 3:18:00 AM EDT
: Thursday, October 14, 2010 at 3:18:00 AM EDT
You're right Cheryl. Fernando said the shadow company "may not be entirely clean" (to say the least), but it is legal. Lety really dug in her heels because it went against her morals to defraud the bank and defraud his family, and Fernando had to break her morals to get her to agree. An hour later, with her newly-broken morals, she told Fernando a bold-faced lie. The lesson of Frankenstein: beware the monster you create.
And about him converting from financial bobo to financial whiz overnight, maybe the universities rich kids attend teach more about hiding assets than making money!
GinC, your alt plot, Lety was actually born into money - yup, almost mandatory in TN's. As if, only someone born to upper class people could possibly be so good, pure, and perfect.
Sylvia, good work, taking a stab at a prediction. Omar as Lety's scty - maybe he'd actually do something useful!
And about him converting from financial bobo to financial whiz overnight, maybe the universities rich kids attend teach more about hiding assets than making money!
GinC, your alt plot, Lety was actually born into money - yup, almost mandatory in TN's. As if, only someone born to upper class people could possibly be so good, pure, and perfect.
Sylvia, good work, taking a stab at a prediction. Omar as Lety's scty - maybe he'd actually do something useful!
If LFMB was a typical novela -
Letty is the daughter of Fernando's father who spends lots of time wondering why she looks familiar. He keeps a picture of a girl in a briefcase and looks at it often (he sees Letty as beautiful). When Fern shows signs of caring for Letty his mother goes nuts and presses him to marry Alicia encouraging her to fake a pregnancy after getting Fern so drunk he passes out. The Villa brats were raised by the Mendiolas it turns out that they have an unknown half brother - Fern.
Erasmo is not Letty's father but is the kindly priest who found her mother dying in the church and gave her to the nuns to raise. Julieta is the Mother Superior who guides the girl.
An obsessed Ariel pushes Alicia down a flight of stairs and blames Letty. Alicia has the traditional novela "miscarriage".
LFMB is mercifully free of the usual novela plot device of people overhearing secrets but if it ran true then Teresita would confess to Marcia who has her eye on the duped Fern that it can't be because they are brother and sister. Fern overhears and is destroyed because by now he has married Alicia and is trapped.
Papa Mendiola is fed up with the scheming Ariel and the weak Fern and makes Letty president of the Company. Father Erasmo sees him looking at the picture of the dead girl, realizes that he is Letty';s father and tells him he has made his own daughter head of the company. Papa Mendiola is thrilled but is shocked when his "son" confesses he loves the girl.
Papa tells Letty the truth thereby breaking her heart but all is not lost because mother Superior recognizes Teresita as a woman who she once heard confessing to a friend about how her son wasn't her husband's. She frets about telling everyone the truth.
Letty prepares to move to Spain to leave all these people behind. Alicia is triumphant because she has Fern all to herself but she and Marcia go clubbing ad get drunk ending up in a fatal car crash on the way home. Mother Superior tells Papa the truth and he in turns tells Fern to stop Letty from leaving. He gets to the airport in time.
If you know your novelas you can probably find the three or four that this plot line is taken from. LOL
Letty is the daughter of Fernando's father who spends lots of time wondering why she looks familiar. He keeps a picture of a girl in a briefcase and looks at it often (he sees Letty as beautiful). When Fern shows signs of caring for Letty his mother goes nuts and presses him to marry Alicia encouraging her to fake a pregnancy after getting Fern so drunk he passes out. The Villa brats were raised by the Mendiolas it turns out that they have an unknown half brother - Fern.
Erasmo is not Letty's father but is the kindly priest who found her mother dying in the church and gave her to the nuns to raise. Julieta is the Mother Superior who guides the girl.
An obsessed Ariel pushes Alicia down a flight of stairs and blames Letty. Alicia has the traditional novela "miscarriage".
LFMB is mercifully free of the usual novela plot device of people overhearing secrets but if it ran true then Teresita would confess to Marcia who has her eye on the duped Fern that it can't be because they are brother and sister. Fern overhears and is destroyed because by now he has married Alicia and is trapped.
Papa Mendiola is fed up with the scheming Ariel and the weak Fern and makes Letty president of the Company. Father Erasmo sees him looking at the picture of the dead girl, realizes that he is Letty';s father and tells him he has made his own daughter head of the company. Papa Mendiola is thrilled but is shocked when his "son" confesses he loves the girl.
Papa tells Letty the truth thereby breaking her heart but all is not lost because mother Superior recognizes Teresita as a woman who she once heard confessing to a friend about how her son wasn't her husband's. She frets about telling everyone the truth.
Letty prepares to move to Spain to leave all these people behind. Alicia is triumphant because she has Fern all to herself but she and Marcia go clubbing ad get drunk ending up in a fatal car crash on the way home. Mother Superior tells Papa the truth and he in turns tells Fern to stop Letty from leaving. He gets to the airport in time.
If you know your novelas you can probably find the three or four that this plot line is taken from. LOL
Permalink posted by : Thursday, October 14, 2010 at 2:11:00 PM EDT
: Thursday, October 14, 2010 at 2:11:00 PM EDT
Decie Girl, I love it! Perfect! Okay, you twisted my arm. Here is my alternate plot.
Untamed Father; Unnamed Son
Some years ago, Julia, one of Señor Mendiola’s many conquests, became pregnant. But he, her first love, young and irresponsible, shirked his duties. Deep down, Julia knew he didn't love her and she couldn’t tame him into the father their son needed. Instead, her beloved’s older brother took responsibility for the sake of family honor, and married her. He was noble and honorable, honest, dedicated to his obligations, hard-working ... and sterile.
With a voice that could melt iron, he gradually melted her heart, won her love, and put her past to rest. While her husband loved her son as his own, he never totally accepted him, always haunted by thoughts of his wild-living brother whom the boy resembled. Their boy ever strove for, yet never quite achieved, the approval of the man he believed to be his father. That boy became a man always struggling between the upright, honorable life of the man who raised him, versus the wild fire in his blood, put there by Julia’s first love.
The handsome "uncle" (who is actually the father) often hovered close to the family to observe the son he never claimed, but he always avoided his upright older brother, evading his scorn.
Finally Julia’s husband... pardon me, that’s Teresita Julia’s husband, Humberto, went to an early grave, sent there by too much hard work and too much torment from his “son” Fernando’s irresponsible life. Her first love, “Uncle” Federico Mendiola (remember him from the horse-jumping event?), saw her at his brother Humberto’s funeral. By this time, years of hard living had taken their toll. His playboy days behind him, he finally valueed the love of a good woman. He whisked Teresita Julia off to Rio to spend the rest of their days together.
Untamed Father; Unnamed Son
Some years ago, Julia, one of Señor Mendiola’s many conquests, became pregnant. But he, her first love, young and irresponsible, shirked his duties. Deep down, Julia knew he didn't love her and she couldn’t tame him into the father their son needed. Instead, her beloved’s older brother took responsibility for the sake of family honor, and married her. He was noble and honorable, honest, dedicated to his obligations, hard-working ... and sterile.
With a voice that could melt iron, he gradually melted her heart, won her love, and put her past to rest. While her husband loved her son as his own, he never totally accepted him, always haunted by thoughts of his wild-living brother whom the boy resembled. Their boy ever strove for, yet never quite achieved, the approval of the man he believed to be his father. That boy became a man always struggling between the upright, honorable life of the man who raised him, versus the wild fire in his blood, put there by Julia’s first love.
The handsome "uncle" (who is actually the father) often hovered close to the family to observe the son he never claimed, but he always avoided his upright older brother, evading his scorn.
Finally Julia’s husband... pardon me, that’s Teresita Julia’s husband, Humberto, went to an early grave, sent there by too much hard work and too much torment from his “son” Fernando’s irresponsible life. Her first love, “Uncle” Federico Mendiola (remember him from the horse-jumping event?), saw her at his brother Humberto’s funeral. By this time, years of hard living had taken their toll. His playboy days behind him, he finally valueed the love of a good woman. He whisked Teresita Julia off to Rio to spend the rest of their days together.
Well, I have not been here for a long time. I'm watching these early episodes, which I missed first time around. I started this novela in about July 2006. I had hopes of finally understanding the embargo, but I confess, I still don't.
I still don't understand what prompted the need for the embargo. Is it that Fernando did something wrong and needs to cover up?
I still don't understand what prompted the need for the embargo. Is it that Fernando did something wrong and needs to cover up?
Permalink posted by : Thursday, October 14, 2010 at 4:32:00 PM EDT
: Thursday, October 14, 2010 at 4:32:00 PM EDT
Hi Nina, Fernando made several bad business decisions. Now he's deep in debt and can't make the loan payments. He's afraid the lenders will start taking his assets if he defaults on the loans. So he set up the shadow company to lien Conceptos, so it's protected from the banks he has the loans with.
Thanks, Paula! I think I finally get it.
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Permalink posted by : Saturday, October 16, 2010 at 7:19:00 AM EDT
: Saturday, October 16, 2010 at 7:19:00 AM EDT
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