Battling for justice in Tokyo…

The original John Bosnitch post, concerning the legal matter between Mark Devlin and Terrie Lloyd. One of my earlier posts on the Tokyo entrepreneur focused on how an internet presence can bring a share of detractors. Here, though, it sounds like Mr. Lloyd made an installment sale agreement where he didn’t follow through. If true, this is breach. From my perspective, it’s yet one other instance where the foreigner community in Tokyo is left to fend for itself, without full application of the law—equal protection of the laws.

Bosnitch-Боснић Blog

I am back in Tokyo after three years’ absence to help my friends Mark and Mary Devlin in a battle with a high-profile “entrepreneur” who has reneged on paying more than 1.5 million dollars he owes to the Devlins for their magazine Metropolis, which they founded in the early 1990s, built up into the No. 1 English-language in Japan, and finally put up for sale in 2007.

The man who owes them the money, Terrie Lloyd, is well known in Tokyo business circles for his claim to be the “founder of over (sic) 17 start-up companies in Japan” and for publishing The Journal, the official magazine of the American Chamber of Commerce in Japan (ACCJ). Terrie presents himself as the consummate business guru, still running seminars on “How to Start a Company in Japan” despite presiding over the failed print offering, “Japan Inc.” and recently accepting…

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3 thoughts on “Battling for justice in Tokyo…

    1. My own sense is that Mr. Lloyd was overleveraged. This means he had assets on his balance sheet, but he had a significant amount of debt against those assets, which had interest payments attached. When the bad economy hit around 2007-2008, he suddenly found that the genius of leverage turns into folly—especially if you can’t raise new capital or loans.

      Selling the house had nothing to do with “rebuilding Japan”, and more to do with the probability that he has had to deleverage over the last 4 years.

      This is just my guess, and I have no dog in the Lloyd-Devlin dispute. But I will say, that if it was a situation of deleveraging, it may be that Lloyd is effectively insolvent. If so, he should not be going around Tokyo with seminars about how to be “successful” starting up companies. He should be figuring out how to square up with creditors.

      1. This theory makes the purchase of Metropolis sensible. Metropolis was a cash cow. Having Metropolis allowed Lloyd to continue the leverage. As is clear from the Devlins now, Lloyd essentially “borrowed” the cash flow of Metropolis, and paid the Devlins a fraction of that back.

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