The meeting was announced in a small advertisement that was published anonymously in La Prensa. It said it was for all the bondholders of the bankrupt company, which owes an estimated $30 million, and said it would be held from 6 p.m. to 8 p.m. Thursday in a Panama City hotel.
About 70 people came hoping to hear news about the chances of recovering the tens of millions of dollars that are owed to them.
This was the first meeting that was called this year for the creditors.
The person who called the meeting was one of the creditors, who discussed what a financial catastrophe the firm's finances had turned into and the importance of unifying so that they could be repaid.
Several creditors were in favor of the initiative. They talked about making a list and forming committees to work on various initiatives. These included pressuring the Superintendency of Securities, which, in his view, has shown indifference in the case. He also recommended a committee be formed to focus on discussing the case in the media.
But the meeting soon devolved into chaos as some of the creditors, some of whom have invested a considerable amount of their savings into projects promoted by the developer, began to get emotional. There were also disagreements over which entities should be held accountable and strategies for recovering assets.
Some participants said they came out of the meeting with more concerns than they had going into it.