While claiming royal status as Cazique, MacGregor attempted to dissociate himself from the Latin American republican movement and his former comrades there, and from late 1822 made discreet overtures towards the Spanish government regarding co-operation in Central America. The Spanish paid him little notice. The Poyaisian bonds' price remained fairly steady until they were crippled by developments elsewhere in the market during November and December 1822. Amid the general instability in South America, the Colombian government suggested that its London agent might have exceeded his authority when he arranged the £2 million loan. When this representative suddenly died, the frantic buying of South American securities was abruptly replaced by equally restless selling. The Cazique's cash flow was all but wiped out when most of those who had bought the Poyaisian scrip did not make the payments due in January. While the price of the Colombian bonds steadied and eventually rose again, the Poyaisian securities never recovered; by late 1823 they were traded for less than 10% of their face value.