IT millionaire seeks winding up of 7MB resort
(CNS): IT millionaire Jerry Beck, who successfully sued the developers of the Margaritaville Resort (now Palmar) on the West Bay Road, is seeking the winding up of MV Cayman Ltd, which owns the resort. Known as HHG Cayman Ltd when it redeveloped the Old Treasure Island Resort, MV Cayman Ltd is owned by Hugh Hart, a wealthy Jamaican-born lawyer, politician and businessman, and now owes Beck more than US$2 million.
According to a winding-up petition filed in the Financial Services Court yesterday, MV Cayman failed to pay that debt by 10 December, as ordered by the courts following a civil case last year. As a result, Beck is asking for the company to be wound up and for Chris Johnson Associates to be appointed liquidators.
HHG was one of a number of developers that the previous government granted significant duty concessions to after it purchased and then began the redevelopment of the well-known Seven Mile Beach resort.
The resort closed in 2020 due to the lockdown, but it was apparent that it was in trouble long before the pandemic struck when it failed to pay a $200,000 CUC bill and local contractors began complaining that bills were not being paid. It is understood that several former employees are also still owed pension contributions from the company.
Beck, however, is by far the largest creditor, having exercised his right in accordance with the investment agreement he had with HHG (and then MV Cayman) that the developers buy back several condo units he held. But when the hotel business venture began to fail, MV Cayman did not meet the terms of the deal.
When he sued to get his money back and won, the company should have paid back the $2 million last month. Instead, the company filed for a stay on the payment of the debt, stating that it was suffering from “continued impecuniosity”, and as a result could not pay the debt now or in the foreseeable future.
The court documents revealed that there was less than CI$9,400 in the company’s Cayman Islands bank account. The court refused the company’s application, and on Monday Beck’s winding-up petition was filed. A hearing is scheduled for March.
If Russel Homer and Karen Scott from Chris Johnson Associates are appointed as liquidators, they will be tasked with investigating the affairs of MV Cayman and looking for any money the company or its owners may still have here or elsewhere.
The resort was reopened as the Palmar Beach Resort Grand Cayman in October 2020 but closed in October last year. It appears that it has not reopened as calls to the listed number go unanswered. Ultimately, the resort will almost certainly have to be sold in order to meet its debts and obligations. Whether local taxpayers will see the return of the CI$1.7 million in concessions remains to be seen.
See the details of the petition and other related cases on the Judicial Administration website’s public access register here.
- Fascinated
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- Bored
- Afraid
For those asking about the claims made regarding returns…
In response to an inquiry I made re a unit listed on CIREBA, I was sent an email by a well-known real estate agent in mid-2017 with some very lofty claims in the body of the email and in the nearly 20 attachments. The detailed prospectus (which the agent claimed he had an accountant prepare) indicated an estimated 5-year average net yield of 14.36% for 2017 through 2021 inclusive (based on an average 75.2% occupancy).
Of course, the document ends with a lengthy disclaimer indicating the agency and agent are not responsible for the information contained therein, nor for any losses incurred by relying on the information, etc.
This of course contrasts with the claim in the body of the email that “Rental income generated from these Suites, as well as capital appreciation, is anticipated to be robust, as the resort further develops and improves over the next few years.”
Luckily I was wise enough to not invest but how well do you think that worked out for those who did?
I think it’s time to test these disclaimers in court. They’re not as robust as agents would like to think. If these unqualified former cocktail waiters and failures from previous jobs want to pretend they’re professionals, they can’t present X, Y and Z as written facts but then effectively add “just kidding” in small print at the end. The law needs to hold them accountable.
Indeed. I’m sure the accountant would claim that he just tabulated the information the real estate agent gave him, and the real estate agent would claim he just used the information provided by the developer, who would then claim they were only predictions based on market analysis (which surprise surprise the real estate agents compile and always over-estimate, etc.).
Real estate agents like to pretend you can’t buy a property on your own (or through a lawyer) but at least a lawyer has a duty of care and is cheaper… as is doing it yourself.
Reminds me of the case where an agent forgot to subtract the chattels from the purchase price, causing the buyer to pay a hefty duty bill. Of course the agent washed their hands of the matter despite receiving a hefty commission for their “expert” services.
Future earnings are always speculative, and always have disclaimers. The value of real estate has risen significantly since 2017, but the disclaimers account for the unforeseen, and i think a closed island is one of those outliers. just like a major hurricane (2004), a financial crisis (2008) or any other event that can cause havoc to this island. The very nature of the disclaimer presupposes that ‘X,Y and Z” are NOT written facts, rather they are estimates, and generally are provided to the realtor by the developer. All investments carry risk, and the bottom line is always Caveat Emptor.
Wasn’t Chris Johnson the Receiver of Treasurer Isle in the 80s? 40 odd years later he is back!
Yes I remember that. He then sold it to a group from Nashville but they too failed and the next owners as well.
He has done a lot of work on local jobs and recovered monies for creditors of Prospect Properties ( Jim Bodden) and Hurlstone Construction.
If Johnson gets his teeth into this The bad boys need look out. He takes no prisoners.
Was his contract different from everyone else that bought property there? Would this judgment be relevant to all other purchases of these units? Just asking.
Based on the below, presumably yes. Clearly a sweetheart deal but one that suited both parties at the time. Obviously the average investor will feel the hit more than Beck given this is peanuts to him (relative to his net worth) but on paper he is of course the largest creditor given he probably spent 10 times more than the average investor.
“Beck, however, is by far the largest creditor, having exercised his right in accordance with the investment agreement he had with HHG (and then MV Cayman) that the developers buy back several condo units he held. But when the hotel business venture began to fail, MV Cayman did not meet the terms of the deal.”
Murphy’s strike out yet again Big wheels and big deals ppm scare dem crew .
So just wait. From reading these comments am I right in thinking these units were sold off as investments to unsophisticated investors promising a guaranteed return? Where the hell is CIMA?
Same place they always are…
The MD at CIMA has been in charge for over 20 years. That doesn’t happen at a real regulator. There is a reason they like having her in place.
She is useless!
Wayne Panton (Yes, the current Premier [2021]) is another phantom employee who went into CIMA, as Executive Board Chairman, on short notice by the PPM “to clean-up the mess at CIMA”. He exited CIMA, without a public announcement, to run for the Public Office.
What does the Premier have to say about all this?
#leggewasright
CIMA doesn’t regulate real estate deals unless it’s a real estate fund.
It should have been regulated as a Partnership i.e. a Limited Liability Partnership [Corporate Administration 101] & Regulator Approved, as such. Many high-profile people/elite families are well aware that Hugh Hart never embarked on a sole ownership of MV Resort (Cayman). It is well documanted that just about every hotel/resort/condo venture is incorporated as a Partnership- especially if it’s a large scale development. Do a review of the hotel/resort/condo establishments on island and see how many of them are owned by a sole individual. Hugh Hart may have the “bigger slice of the pie” but he is NOT the only owner or, should I say, Person(s) of Interest 😉 – and we are not talking shares relative to units owned only, but land and core business operations vested.
Duty Concessions given to multi millionaires by the PPM Admin
Ask former Minister of Finance Roy McTaggart, who is supposed to be a good accountant, how his former Ministry of Finance actually tracked the concessions given by his PPM Govt.
Can we see the reports on tracking the concessions to the various big developers?
During the filing of the wind up, can CU govt submit a petition of claw back their waiver of fees??!?! Stipulations of good business ethics, good governance and fair treatment of staff should be added as clauses in the government agreements to claw back their duty waivers should companies not comply. Time to cash in and ONLY build on the other side of the darn WB road opposite the beach or whatever is left of it.
So there was a better time to buy real estate in Cayman?
Never!
Oh, i dont think this is as clear as made out. For a start, the ‘operating company’ doesn’t own the place and what it may own is not the entire property at all.
You have to question the wisdom of anyone who bought a unit at this margaritaville resort based on the promised returns by the usual CIREBA suspects…they’re currently out there offering amazing returns on multiple other developments on Island
isn’t it amazing – the same old names in real estate and financing, all getting away with it again, all being let to continue
as for Jerry Beck, i bet he’s not buying into the Hyatt!! 😉
There has never been a better time to buy Cayman real estate!
Dangers to that thought.
1. Global tax rates
2. Annual Hurricanes
3. Violent Crime
4. Economy dead
5. Political corruption
6. All time high prices
Tell me you don’t get the joke without saying you don’t get the joke…
I think most rational people thought it might earn 5% and give them a few weeks of use for a smaller upfront investment.
Mr. Howard possibly using funds from MV on other projects is likely a bigger problem than the usual Realtor hyperbole.
I took a look at the project in the beginning but decided to put the $ in the market instead.
Wheel out the usual suspects.
I’m quite surprised the owners haven’t gone after the CIREBA cartel agents that sold them these duds and promised pie-in-the sky return. They should be held accountable. Not just for this in my opinion but it’s a start.
any comment from the realtors who were invloved in marketing and selling these units?
My Realtor said it was a can’t lose investment. Looks like I lost. They got their commission though.
Realtors sell real estate.
You make financial decisions about your investments, not your hairdresser, grocer or taxi driver.
Caveat emptor has been around for a very loooooong time, and with good reason.
Realtors are supposed to broker real estate transactions. They are not supposed to be touting timeshare investments and promising a guaranteed return as claimed by a number of posters here. I mean “guaranteed high returns”; alarm bells are ringing!
I was one of the “suckers” who bought into the MV scheme. We were promised 10% returns(at least) on our money and 6 weeks of use of our units. We all are owed tens of THOUSANDS of dollars that were never paid to us. On top of no income coming in for the last 2+ years, this has been a hard lesson and a tough pill to swallow. We also don’t have access to “OUR” units which supposedly we own.
Now to hear they are making money from leasing out the bars/pools and not using that money to pay off all of their debt, is just complete BS.
Only 10%? If it seems too good to be true, it usually is!
Sounds like the post hurricane Ivan recovery days by-word. No access to property/apartment, no income from it (albeit due to damage from the storm), No use of the apartment , yet an expectation of one when you bought it. We personally had to kick in over $30k extra to insurance and rebuild efforts in ours, sounds like tens of thousands of dollars. Had no use of it for 2-1/2 years. I’ll take Ivan recovery though over Caymans future Covid recovery. Cayman did a great job of recovery after a Category 4/5 hurricane direct impact.
“Cayman did a great job of recovery after a Category 4/5 hurricane direct impact.”
Because of all the insurance money that poured in. That isn’t going to happen with COVID.
Another concession giveaway by the PPM Government…The chickens are coming home to roost..Let’s see how they spin this one..at least FIN is complete even if it is as ugly as hell and the original owners are selling them off faster than they bought them..That will soon be another closed down white elephant..
FIN is not a hotel, but rather a condominium residence owned by individual owners. How will a condominium residence be “closed down”? It is like saying your individually owned house will be “closed down”.
And any owner that bought as an investment pre or mid construction have sold or are selling to willing buyers at quite a bit more than they purchased. That is called a successful development in my books.
It is not a hotel but many people are not happy with the bad blood it has brought into the community particularly with all the negative things regarding at least one of the developers and the way that they destroyed the ironshore in that area. I know at least two owners that have indicated they don’t feel comfortable living there.
Part of the “ bad blood” could be their placards on the sidewalk advertising owners will have a “Private beach”.
1. It is not a beach.
2. Even if it was, there is no such thing as a “private beach” in Cayman.
False advertising, anyone care,?
And yet in a slap in the face (more like a punch in the nose to the Cayman people) they have been allowed to make walking along the iron shore impossible.
And the sidewalks required by law impassible in a wheelchair.
Sorry, but any developer can create a private beach simply by pouring sand in a space on their property above the high water mark. Since FIN is on iron shore, it’s easy to do – and has been done by many others. Every condo development and hotel on 7 Mile Beach (where there is still beach) can say they have a private beach. Just go try to sit in one of the chairs – or even next to one of the chairs – at one of the hotels and sew what happens.
Not all the rooms were sold as Condos, only about half. The other half were retained in the hotel’s inventory and not sold.
Handout land capital of the world.
They sell everything real estate in the Cayman Islands, then later pout about it when it disrupts their lives.
I take it you are referring
to the developers/developments that may disrupt lives.
Quiet living meets bustling lifestyles.
Talking of FIN, did anyone else notice the battering it got (might even still be getting) from the most recent norwester?
I would not live there if you paid me. And that was just an average winter storm!
Yeah, brought a smile to my face.
I really detest Fin but that’s a really silly comment. Why will it be closed down?
Was Fin built on the soft ironshore to grab a few extra feet? Cracks in the ground next to the wall would indicate it is moving. That would get Fin closed down.
Another example of the legacy of MP Joey Hew former Minister of Planning, Commerce and Infrastructure under the PPM from 2017-2021 and the numerous concession grants he negotiated to benefit a select few developers during a development and economic boom. These deals will haunt Cayman for many decades.
Where is the Auditor General investigations and reports into all the concessions negotiated and granted over the last 12 years? That would likely lead to criminal charges for abuse of public office under the PPM and UDP governments.
Cayman deserves better accountability, leadership and transparency.
No point in any Auditor General’s report. Go back to the days of Dan Dugay and forward to today ….all great reports and nothing, NOTHING, ever changes.
No one is held responsible or accountable and no one ever goes to gaol. Some hot air at a PAC meeting, that’s it and then it’s back to:
“let the Bobo times roll, again, (ad infinitum)”.
Those reports are dust collectors, only.
Do you remotely have any idea the duties that are being generated by the sale, and re-sale of high-end developments? And how much money it will continuously raise for government coffers?
Less than zero is the answer = 30 year duty waivers, construction material waivers, stamp duty waivers, dissenting neighbour/DoE objections dismissed, CIG not supervising or keeping track, and even worse, free gazetted roads at our expense. Add in some inferred level of political quid pro quo grease that made all of this fiscal imprudence attractive, and risk-free and we also bear the cost of political corruption blacklisting.
This is the same argument you numbskulls used for past 15 years on how new developments made so much stsmp duty revenue while not understanding that new construction had a preconstruction waiver/concession which meant zero revenue. When will you all get a clue? Honestly.
Hmnnnn…
You miss the point of all of this – the developments will take place without concessions – CIG collects up front and then continuously, as you call it.
Always a bad idea to give away money that you don’t need to.
Joey Who strikes again
Nearly 6 years that DART haven’t fully-honoured the 3rd Amended NRA Agreement. As penalty, CIG should revoke some of the land transfers made and return them back to the crown if there isn’t going to be good faith follow-through. PACT needs to review the state of all gifted duty concessions and waivers that Roy admitted he had no tracked status. Millions and millions in what would otherwise be government receivables and the Accountant Minister wasn’t bothering to keep track.
…and MV failed to pay:
• CUC bill, ~CI$200,000
• Water Authority (Unspecified Amount), and
• Local Contractors (Unspecified Amount)
the sad thing is… the rest of us have to cover that CUC bill. They ALWAYS get their money, no matter who it comes from.
Well, they each have some very costly legal representation:
•J. Beck represented by McGrath & Tonner (MT)
•MV Cayman Ltd. represented by KSG (Kennedy, Samson & Grandage)
•CUC represented by HSM
•Water Authority represented by Olivaire Watler
You could literally see the swollen rebar bursting out the concrete. I wouldn’t step foot in it let alone invest in it!
Uh, Rebar doesn’t swell. However, the complex needs to be demolished. Stick to logic.
Uh yeah it does. It’s called rust you might have heard of it. Google concrete spalling.
Thank you for the clarification; now that you used the correct terminology!
Uh, google
WTH? You must be an office rat. Should get out more.
Rebar most certainly does swell when it rusts.
Way back in the day, some dingalings (probably not being monitored in what they were doing) that didn’t know any better used brackish water (maybe even sea water) to mix the concrete. This is a well known fact that I have seen a lot of evidence of in buildings from 70’s/80’s.
@ 19/01/2022 @ 9:29 oh they knew what they were doing alright, just didn’t care. And it was pure salt water used not brackish water. And TI has been nothing but a dump since they ran out of money the go round of building. Anybody who ever bought into any version of that eyesore has lost money.
Unwashed beach sand. They used in in plenty build that are now crumbling.
Obviously Surfside Florida condo collapse didn’t teach Cayman anything.
The buildings must be demolished and the land turned into much needed public space that will never get developed.
Cayman can do that. Billions got lost never to be found. So it can afford demolition and cleanup.
One more point-demolition of buildings is not regulated in Cayman and disposal of the debris is still free. If I am mistaken, please correct me.
It would nice to see the Government recover these properties, as public spaces. Since much the coastal prime land has been gobbled by developers for large-scale condo developments or gated luxury communities.
The last bunch of criminal clowns sold the land across from Hurleys so their lodge buddies could make a profit. CIG owned the land and could have turned it into a park but loyalty to lodge members above all else is their motto.
Indicative of conflict of interest & insider trading.
#leggewasright
“MV Cayman Ltd is owned by Hugh Hart, a wealthy Jamaican-born lawyer, politician and businessman, and now owes Beck more than US$2 million.”
Where is Hugh Hart’s alleged ‘Business Partners’ in this MV Resort Venture?
Hiding… In plain sight, I suspect in West Bay!
Ask the Mac Beater!
😂😂😂You kill everything with this…😂 but, there’s more involved.
Hart needs to equally divide up that $2Mil debt among his partners who profited handsomely in it’s earlier years, XXXXX, before turning their backs on what should have been a promising business venture.
Beck will get his money.
The vested pensioners will get their money.
The CIG/Taxpayers will get their money.
The Contractors will get their money.
The local utilities companies (e.g CUC & WA) will get their monies
Shit, even ‘Uncle Sam’ might get his money.
CINICO
Oh, wow…so, this too is also a connect. Even the Government Statutory Bodies are partied to this mess. Unbelievable.
CIMA is an obvious one; but, the Governmemt’s National Health Insurance Arm (i.e. CINICO), too?
Well, I’ll be damned😕
Made millions in IT. Lost millions in TI.
But Cayman has lost so much more with this parcel the last 30 years. A pity. Huh… beautiful cove!
Beautiful cove is engineered/man made.
Trust me, Jerry Beck isn’t going to miss $2 million if he doesn’t recover this.
He lives in Cayman’s most expensive home in South Sound, and is still relatively young.
https://www.home-reviews.com/luxury-mansion-in-the-cayman-islands
I’m pretty sure that Jerry Beck is a smart enough business man that he WOULD miss the 2 million dollars. Anyone that wouldn’t miss 2 million dollars most likely will never have the opportunity to have 2 million dollars it to even miss. He is owed the money. End of story. His house has nothing to do with this.
This post is underrated.
Too bad he has nothing to do with IT. Someone might want to check their facts.
The most recent saga started with Howard Sitzer and HHG re-developing Treasure Island into Margaritaville. That went bust and some investors ended up being responsible for way more than then expected.
I think Jerry Beck ended up owning Locale in the same way as that was another HHG deal that failed.
This all makes you wonder how things are going to work out at the Hyatt, which is apparently 70% sold and “Opening Mid-2022” according to signage on the property.
I saw two guys working there yesterday so maybe it is done by July…
Failure, upon failure, upon failure. Look towards West Bay for protection.
That’s not the full story and not exactly Sitzer’s fault except being a little naive about his business partner and primary cohort in this debacle. There’s a lot more to this story.
Didnt Jerry make all his money from bonds arbitrage or interest swaps? IT millionaire – pretty sure he was 100% finance.
Yes, he made his initial $$$ in finance. As you can see based on his Linkedin page, he doesnt take things too seriously. (But if a developer rips him off, he has a right to seek recovery).
https://ky.linkedin.com/in/jerry-beck-25a28032
I believe he wrote the software that city trades are done through, not sure which instruments but it was the software.
Jerry Back’s house in South Sound has been listed for sale for over 10 years. Within the last year or two, actually raised the price to $50 million. Good for him (never sell at that price). Know Jerry casually through sports, a very good and funny guy.
https://www.cireba.com/property-detail/residential-house/castillocaribe/1018
The house that taste forgot.
Mind you, that applies to many houses in Cayman, and all in Expatistan.
Having been inside (as many have) I think it is pretty nice and unique. If you have 50,000 square feet to play with, you are going to do some things that wont please everyone.
Just not really saleable. Anyone that would spend that kind of money wouldnt want a house like that right beside a main road.
Everything is on a main road here
What on Earth does this article have to do with his house?
The silver lining is that place was roach infested disaster area falling apart everywhere, at least it’s renovated now.
I visited a friend staying there a few months back and as soon as you entered the room you could smell the dampness. Still a major issue over there.
It should have been condemned for mould and torn down after Ivan. So should the old Hyatt, who owns that again? Echoes of PPMs and UDPs past.
Lipstick on a pig. Needs to be demolished immediately.
Needs to be demolished. A failed project from the get go in the early 1980’s. A beautiful location/footprint, just needs to be torn down and a new complex erected.
It needed “renovating” with a wrecking ball.
Awesome news!
Nobody should be dancing with glee. It is not good to have that monstrosity sitting empty. At least the 2 bars are bringing revenue to whomever has leased that space. Makes it look active. That lobby was iconic at the time. Nowhere else on the island like it.
Imagine the amount of refuse in our dump when they tear it down to rebuild.
Shame it has been allowed to fall in such out of style/date disrepair.
IMHO
The next Hyatt?
True. Although to be fair it probably should have been torn down 15+ years ago. The only consolation is at least now the dump is better able to handle that level of inflow – given the improvements over the last 2 or so years. Hopefully they will recycle as much as possible (scrap metal, use as fill, etc.).
You’re thinking after Ivan. And yes, that is when it should have been done.
The other building that I love, that not many would agree with, is the old Government House. That was iconic architecture right there! (If you’re into that and I am)
That should have had upkeep throughout the years to keep it useful. Now look at what we have… Fugly monolith.
However, it is a perfect example of the mentality of folk. Tear it down and build new rather than keep up with what you have. Look at all the buildings in Europe. Should those be torn down?
(PS. I drive a ’91 vehicle because I have looked after it)
Yes, I did indeed mean after Ivan. However, nearly 2 decades on that terminology tends to elicit less of an understanding than it used to – for better or worse.
Growing up in the early ’90s TI, Holiday Inn (the original), and the Hyatt were the it places. Sad they have been in squalor, long since demolished, and a rotting husk, respectively, for almost 2 decades.
The Glass House is not iconic, it’s a hot, poorly constructed, poorly thought out building full of poisonous chemicals. It should be razed & a park put in it’s place. And TI / Margaritaville, whatever iteration we’re on, is also a dump, always has been & should be ripped down too.
TI wasn’t always a dump.
That is sort of like saying an older person was always “ugly” because you never saw them in their Glory Days.
@ C’Mon Now! 20/01/2022 at 9:19 am – TI has always been a dump. It was built badly and cheaply and sat 1/2 built for a good number of years. It was and is still a dump. Just because we all had a good time partying there back in the day doesn’t make it any less of a dump.
We have allowed many of our iconic homes to fall to nothing. What were they worth? They once employed Caymanians, at least in the hospitality industry, but no longer; that was two decades ago that Caymanians were dominant in the hospitalities.
We had better figure out a way to help the Caymanians, and by that I mean all peoples whom the government considers to be Caymanian. We had better find a way to employ Caymanians in clerk positions, and hospitality, and everywhere else. This should be our task in the future. We NEED expats; they fill the void which we cannot. They are not the enemy — they should be considered our friends.
You would do well to FIND CAYMANIANS that have a desire to work “as clerk positions, and hospitality, and everywhere else.” You will be digging hole in the sand, with no return. Caymanians will not take those positions.
And you then propose that “Expats” are needed to “fill the void!” Pretty cheeky; I’d like to use another term, but it will be censored…..
So, Caymanians will not take those jobs. You want expats. But want to reserve the best jobs for Caymanians.
#Caymankind at it’s best presentation.
Bluntly, our Caymanians are competing head-to-head against hungrier and more focused Filipinos and other 3rd world despot-escaping migrant workers, willing to overlook the starting salary, benefits packages, and sardine eight or ten at a time into bunk beds in a 2 bdrm Walker’s road apt, transferring most of their scant cash earnings to family back home. The Caymanian business owners that hire those workers enjoy paying a little bit more in permit fee to exercise dominion and leverage over their transience/permanence here.
I’ll dance when the wrecking ball comes!
How are pension monies still owed to workers? What special levels of incompetence in our systems of law enforcement allow those circumstances to continue?
It has been reported to the Dept of Labor and Pensions and they have done nothing about it. It’s absolutely disgusting. Government should be ashamed of themselves.
That’s serious…when your own government and law enforcement fail to investigate & prosecute criminals for their bad deeds. There’s alot of harm done to individuals, families, and economies because of these crimes. Alot of lost opportunities that people may never full redeem themselves or optism of financial security. Other than a Homeownership and Healthcare Insurance, Pensions are one of the single greatest investments that people look forward to upon retirement. Only to witness very early losses and a botched private pensions system, mostly due to theft. This sh!t makes you sad and angry, all at the same time. Some Senior Level Government employees need to be fired, and some prosecuted along with the private sector culprits.
You may have to prosecute the police. They literally refuse to even investigate the theft of pension monies by unscrupulous employers. The problem is decades old. Thousands are affected and some are in dire poverty with no prospect of resolution. Some of them think we are corrupt. We do not act to enforce any law against connected and influential persons. #worldclass.
#worldclass.
The , now we’ll connected, owners of an Eastern avenue restaurant keep being dragged to court for non payment of pensions, and still nothing happens.
…and, still driving around the Islands and loading shopping carts in grocery stores, and still can’t return employees stolen pension contributions. Seriously?
How is this even allowed to happen?
Freeze & liquidate their assets!
Like the connected owner of a restaurant on the waterfront, pretty close to the fish market
👍 Him too!
It’s such a shame.
I believe MV Employees were, or should have been, enrolled with BritCay/Colonial Pension Plan?
Imagine having your pension contributions stolen…♤Armageddon👑♤
…and will CIG/Taxpayers ever get back its CI$1.7 million in concessions?
Nope.
It’s Cayman. Yes, a very special level of incompetence abounds here. It all begins with our elections. Elect fools, expect foolish results. This is our own da.n fault.
Jerry Beck and Hugh Hart could have hired me to tell them not to invest in the TI boondoggle. Would have saved them plenty of time, money, and headache. Where can I send my resume to be a dissenting voice to your yes men.
Impecuniosity ..? Is that a real word even , or is it Jamaican for “I don’t got the money”.
Can’t believe Hugh Hart can’t come up with a paltry $2Mil.
There’s more to this than a simple loan not being repaid.
or even pension monies being stolen with no effective action by law enforcement.
$2Mil Debt? 🤔
“There’s more to this than a simple loan not being repaid.” 👍
I know right, that seems fishy, VP-CPH would at least be worth that amount alone. And that’s just one asset! I suspect this is nothing more than big businessmen, high-stakes chess…
A Hawker 400XP should be at least $2.5m on the used market…
The whole thing is about not using any of your own money. It’s the one and only rule of real estate development. The other rule is-when you are in a hole, stop shoveling.
Hugh is enjoying his view of the back 9 at Cinnamon Hill. Never feel sorry for a man that owns a twin jet engine private plane.
Is that private jet appraised for at least $2Mil? Beck’s asset tracing and forensic accountants might not have to look any further for his monetary settlement.
Any yachts?
So who runs the various bars that are open in there?
Probably just leased and run independently
This is correct.
With the same shareholders lol
They obviously still find purpose in a defunct complex.
Who were the auditors & legal gurus/law firm committed to handling MV’s strata?