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News Article
Ginn Foreclosure complete
June 21, 2011
Ginn Foreclosure complete

An intense three-year legal battle between the Ginn Development Company and a Credit Suisse-led consortium of lenders has finally come to an end, with Ginn-La West End Ltd. consenting to the foreclosure of 1,476 acres of prime real estate in lieu of paying more than $78 million in arrears.

The agreement concerning the owner and developer of the Old Bahama Bay project, formerly known as Ginn sur Mer, was finalized last week in a draft consent order filed with the Bahamas Supreme Court, a copy of which was obtained by Guardian Business.

In an affidavit sworn on June 16, attorney Terence R.H. Gape of Dupuch and Turnquest, representing defendant Ginn, agreed that the sum of $61,350,814.40 from back payments as well as some $16 million in interest was now due and consented to the foreclosure on behalf of the firm's clients.

"The defendant does henceforth stand absolutely debarred and foreclosed of and from all right title interest and equity of redemption of in and to the said mortgaged property," the Supreme Court ordered.

The action followed an earlier filing by Ted Dameris, a director of Credit Suisse's G-LA Resorts Holdings (Bahamas), that encouraged the foreclosure of the stalled project after 16 missed loan payments.
"On the 5th day of May, 2011 Credit Suisse made demands on the defendant for repayment of the principal balance of US$61,350,814.40 together with interest in the amount of US$16,429,409, as secured by the promissory note, the supplemental debenture and the supplemental first legal mortgage," he said last month.  "Despite this, the defendant has failed to make payment of all sums outstanding."

Ginn's financing partner Lubert Adler will own the core part of the project, which includes the hotel and surrounding property, the North Shore Beach and will continue to operate the marina, sources close to the project confirm.

The latest developments, however, still leaves questions unanswered as to what will happen to the existing property owners and what will be the general plan going forward for the area.

It has yet to be revealed exactly what will be Credit Suisse's next move now that it is in full possession of the real estate.  Whether or not the financial institution will now act as a developer is still uncertain, but a move like that will see the island boast two such developments with financiers acting as developers.  The other is the now stalled Royal Oasis resort.

Still, there may be hope for the West End area.  While not up for sale, inside sources confirm much interest has been expressed by possible buyers for the entire project.

The deal for the Ginn development was signed back in December 2005 for the development of 4,400 condominium/hotel units, 870 single family residential home sites, two championship golf courses and clubhouses, two large marinas, a private airport, casino, swimming pools and water park facilities, tennis complexes, beach clubs and spas over 2,000 acres in West End.

In January 2007, Ginn Resorts announced that it had finalized its purchase of the neighboring Old Bahama Bay Resort.

Ginn was more than $500 million in on the project, but additional capital was needed to continue on and without it, the project could not go on.
 

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News Article
Ginn Poised For Class Action Lawsuit
September 20, 2012
Ginn Poised For Class Action Lawsuit

A botched $4.9 billion resort project in The Bahamas is officially embroiled in a proposed class action lawsuit involving thousands of investors.

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Real Estate
Ginn Sur Mer
  • $ 1,150,000
  • Vacant Land
  • Grand Bahama, Bahamas
  • Lot Area : 8120 sqft

HG Christie Real Estate   All properties of this realtor


Real Estate
Ginn Sur Mer
  • $ 1,349,000
  • Vacant Land
  • Grand Bahama, Bahamas
  • Lot Area : 8120 sqft

HG Christie Real Estate   All properties of this realtor


Real Estate
Ginn Sur Mer
  • $ 3,800,000
  • House
  • Grand Bahama, Bahamas
  • Bedrooms : 4
  • Bathrooms : 4.00
  • Living Area : 6540 sqft
  • Lot Area : 8120 sqft

HG Christie Real Estate   All properties of this realtor


Real Estate
Ginn Sur Mer
  • $ 3,400,000
  • House
  • Grand Bahama, Bahamas
  • Bedrooms : 3
  • Bathrooms : 4.00
  • Living Area : 5770 sqft
  • Lot Area : 8120 sqft

HG Christie Real Estate   All properties of this realtor


Real Estate
Ginn Sur Mer
  • $ 1,059,000
  • Vacant Land
  • Grand Bahama, Bahamas
  • Lot Area : 8120 sqft

HG Christie Real Estate   All properties of this realtor


Real Estate
Ginn Sur Mer Homesite
  • $ 1,150,000
  • Vacant Land
  • Grand Bahama, Bahamas
  • Lot Area : 8120 sqft

HG Christie Real Estate   All properties of this realtor


News Article

January 24, 2012
Ginn Sur Mer lawsuit alleges Iran link to Credit Suiss scheme

Four luxury resorts suing Credit Suisse for $24 billion in damages claim a portion of the capital used in its "predatory lending practices" came from illegal business dealings with the Iranian government.
The accusation, contained within a U.S. court document obtained by Guardian Business, details how Credit Suisse "acquired huge fees, cash and profits from Iran and other prohibited nations" between 2003 and 2008.  The multinational, according to the courts, deliberately stripped identifying information from wire transfers in excess of $1 billion from Iranian banks seeking to purchase technology in U.S. dollars.
Credit Suisse pleaded guilty to the charges in 2009 for violating the International Emergency Economic Powers Act. But some of the money it made from the transactions, the plaintiffs claim, was invested in Ginn Sur Mer to facilitate a foreclosure and subsequent takeover.
"This scheme enabled Credit Suisse to increase its capital and lending capability by illegal means and invest a portion of its illegal proceeds and profits to make loans to others, including the named resorts herein," the U.S. court document reads.
The court document goes on to allege some of the clients in the wire transfer scheme included members of Iran's Atomic Energy Commission, which is purportedly linked with the country's nuclear weapons program.
Ginn Sur Mer, the only plaintiff not located in the U.S., was allegedly the victim of the multinational's "loan to own" scheme that brought about its foreclosure in 2008.
Investors in the $4.9 billion "mega mix" resort in Grand Bahama, comprising hundreds of homes, golf courses, condo units and an impressive list of services and amenities, insist they were induced to borrow "unreasonably excessive amounts" based on inflated valuations.
Credit Suisse, the document said, subsequently charged tens of millions in "exorbitant" loan fees which eventually caused the project to become financially insolvent and fail.
In 2008, Ginn Sur Mer and its subsidiary development defaulted on loans it took on after mortgaging the land to the tune of $275,750,000 in favor of Ginn-LA Conduit Lenders Inc. These rights were transferred to Credit Suisse.
Credit Suisse insists that the charges, including racketeering, fraud, negligent misrepresentation, breach of fiduciary duty and conspiracy, are baseless.
The plaintiffs allege Credit Suisse targeted certain master-planned residential and recreational developments, such as Ginn Mur Mer, with new-found capital in an effort to take advantage of the hot property market "in and about 2004".
"Concurrently with defendant Credit Suisse' scheme to evade U.S. economic sanctions, and with the intent of expanding its presence in the 'hot' U.S. real estate market as a means of generating hundreds of millions of dollars in excessive loan fees for its operators, Credit Suisse devised and planned what is herein referred to as the defendants' 'Loan to Own' scheme," the court document stated.
In December 2009, after pleading guilty to the charges, it was widely reported that Credit Suisse forfeited $536 million to the U.S. and the New York County District Attorney's Office. It was the largest ever entered against an entity for such violations.
The other resorts seeking $24 billion in damages during the ongoing case in the U.S. include Tamarack Resort, Yellowstone Club and Lake Las Vegas.

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News Article

January 24, 2012
Ginn investors allege Iran link to Credit Suisse scheme

Four luxury resorts suing Credit Suisse for $24 billion in damages claim a portion of the capital used in its "predatory lending practices" came from illegal business dealings with the Iranian government.
The accusation, contained within a U.S. court document obtained by Guardian Business, details how Credit Suisse "acquired huge fees, cash and profits from Iran and other prohibited nations" between 2003 and 2008.  The multinational, according to the courts, deliberately stripped identifying information from wire transfers in excess of $1 billion from Iranian banks seeking to purchase technology in U.S. dollars.
Credit Suisse pleaded guilty to the charges in 2009 for violating the International Emergency Economic Powers Act. But some of the money it made from the transactions, the plaintiffs claim, was invested in Ginn Sur Mer to facilitate a foreclosure and subsequent takeover.
"This scheme enabled Credit Suisse to increase its capital and lending capability by illegal means and invest a portion of its illegal proceeds and profits to make loans to others, including the named resorts herein," the U.S. court document reads.
The court document goes on to allege some of the clients in the wire transfer scheme included members of Iran's Atomic Energy Commission, which is purportedly linked with the country's nuclear weapons program.
Ginn Sur Mer, the only plaintiff not located in the U.S., was allegedly the victim of the multinational's "loan to own" scheme that brought about its foreclosure in 2008.
Investors in the $4.9 billion "mega mix" resort in Grand Bahama, comprising hundreds of homes, golf courses, condo units and an impressive list of services and amenities, insist they were induced to borrow "unreasonably excessive amounts" based on inflated valuations.
Credit Suisse, the document said, subsequently charged tens of millions in "exorbitant" loan fees which eventually caused the project to become financially insolvent and fail.
In 2008, Ginn Sur Mer and its subsidiary development defaulted on loans it took on after mortgaging the land to the tune of $275,750,000 in favor of Ginn-LA Conduit Lenders Inc. These rights were transferred to Credit Suisse.
Credit Suisse insists that the charges, including racketeering, fraud, negligent misrepresentation, breach of fiduciary duty and conspiracy, are baseless.
The plaintiffs allege Credit Suisse targeted certain master-planned residential and recreational developments, such as Ginn Mur Mer, with new-found capital in an effort to take advantage of the hot property market "in and about 2004".
"Concurrently with defendant Credit Suisse' scheme to evade U.S. economic sanctions, and with the intent of expanding its presence in the 'hot' U.S. real estate market as a means of generating hundreds of millions of dollars in excessive loan fees for its operators, Credit Suisse devised and planned what is herein referred to as the defendants' 'Loan to Own' scheme," the court document stated.
In December 2009, after pleading guilty to the charges, it was widely reported that Credit Suisse forfeited $536 million to the U.S. and the New York County District Attorney's Office. It was the largest ever entered against an entity for such violations.
The other resorts seeking $24 billion in damages during the ongoing case in the U.S. include Tamarack Resort, Yellowstone Club and Lake Las Vegas.

read more »