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#429782 - 02/07/12 07:59 AM Pickwick Suddenly Plunged Into Receivership
Marty Online   happy
Tonight there is news of some major local investors going into receivership in two separate ventures. The first piece of news is about the Pickwick Club Limited. That is the company which owns Belize's oldest and most exclusive private sports club. But recently, with a group of new investors, the Pickwick property had gone from sports to gaming and had come to include a casino and hotel under development.

Billy Musa Sr., who is one of the principal investors, confirmed to us today that the company has very suddenly been sent into receivership by the Atlantic Bank.

He told us they received no prior notice and only found out today after the receiver had been appointed. That receiver is Bob Garcia. Musa told us that the project was stalled when government pulled the license. This, we understand was due to a minimum room requirement which the hotel part of the new building did not meet.

Musa says that, indeed, they were behind on payments, and Atlantic Bank had given them until the end of March to pay off the full indebtedness which is eight million plus dollars.

He said they were getting their finances in order to pay the full indebtedness by that time, but very suddenly, and without notice, the company was sent into receivership today.

Musa told us he is confident that they'll be able to buy it back - but regrets that the bank acted without notice. He says they'll now simply have to pay more to get the project back as the receiver will require a standard fee. In other news of big business going under, PLUS TV reports tonight that the Mena Group's Wood Depot in Belmopan has also been sent into receivership.

These pictures show that the Mena's were locked out of the compound today because the receiver Craig Waterman had moved in and locked them out.

According to PLUS, the Mena's pleaded with authorities to allow them to get into the compound but they were told they have to deal with the court.

According to PLUS, the property will be auctioned on February 20th.

Channel 7

#429795 - 02/07/12 09:01 AM Re: Pickwick Suddenly Plunged Into Receivership [Re: Marty]
Marty Online   happy

Exclusive Pickwick Club fallen into receivership

There is another story that reflects on the investment climate and that is that the exclusive Pickwick Club has fallen into the hands of receivers. This morning former B.D.F. Colonel, Robert Garcia, was appointed to take-over management of the Club on behalf of Atlantic Bank. Pickwick had taken out a loan of eight and half million dollars from the bank whose investment arm, Atla Corp, took twenty-five percent shares. The bank gave Pickwick at the end of December, an undertaking that it had until the end of March to pay off the loan, but unknown to the club, the bank sent the receiver this morning. There is word that Atla had come under pressure from the Central Bank to reduce their shareholding. The multi-million dollar loan was for the new casino facilities that is nearing completion on the barracks. According to Billy Musa Senior, a director, Pickwick had secured a casino license, which it has been paying for four years, on the condition that it completes fifty rooms and further had a commitment with the Gaming Control Board that the nearby Princess Hotel was going to rent the casino. Notwithstanding the Bank moved in today taking the Pickwick executive by surprise well before the deadline to make good on the loan.

Channel 5


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