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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
  • $ 1,059,000
  • Vacant Land
  • Grand Bahama, Bahamas
  • Lot Area : 8120 sqft

HG Christie Real Estate   All properties of this realtor


Real Estate
Ginn Sur Mer
  • $ 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
  • $ 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
  • $ 1,349,000
  • 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 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 »


News Article

October 24, 2012
Ginn lawyers spar over 'confidential' documents

Lawyers in a $24 billion punitive class action involving the former Ginn Sur Mer development are battling over the release of "confidential" documents.
According to court documents obtained by Guardian Business, the plaintiffs claim that nearly 109,000 pages of documents are being wrongful designated as confidential or highly confidential.
Ginn Sur Mer, the $4.9 billion mega-mix resort, is one of our luxury resort communities implicated in this case.
Plaintiffs allege that Ginn Sur Mer was the victim of a "loan to own" scheme at the hands of Credit Suisse and Cushman & Wakefield. The goliath case, involving thousands of people, has reached new roadblocks through the classification of evidence.
"The defendant Credit Suisse has produced more than 49,000 pages of documents with in excess of 95 percent thereof having been designated confidential or highly confidential. The defendant Cushman & Wakefield has provided more than 58,000 pages of documents, again with in excess of 95 percent designated confidential or highly confidential," the document stated. "Plaintiffs have consulted with defendants requesting that they stipulate to this motion and no agreement has been obtained."
A key piece of evidence deemed confidential is the deposition of Michael Miller, a former Cushman & Wakefield employee. While the former appraiser originally made a statement in support of the plaintiffs, Cushman & Wakefield have submitted a deposition that contradicts these statements, saying the appraisals were not misleading or illegal.
Whether false appraisals occurred is fundamental to the case.
The lawsuit alleges that Credit Suisse encouraged loans based on inflated appraisals performing by Cushman & Wakefield, which essentially overburdened the resorts and caused them to fail.
Meanwhile, other court documents obtained by Guardian Business show Cushman & Wakefield has requested documents of their own.
In an order submitted to the United States District Court of Idaho, the appraiser is trying to compel the release of documents. It argues that the documents are necessary to respond to the plaintiffs' motion for class certification.
"Despite C&W's ongoing and diligent efforts to conduct class certification discovery in order to respond to said motion, C&W has encountered a number road blocks with respect to obtaining relevant documentations from plaintiffs. As a result, and despite its meet and confer efforts, C&W has been forced to file the instant motion to compel in order to obtain class certification documents, which are necessary to permit C&W to adequately and fully respond to the motion to certify," it stated.
The firm is also seeking a reimbursement of attorneys' fees and costs for having to push forward on this motion.
This sparring over documents likely means more delays in the high-profile case.
L.J. Gibson, a former investor and property owner in Ginn Sur Mer, is serving as the main plaintiff in The Bahamas, representing perhaps dozens of other stakeholders.
The other resorts seeking damages include Tamarack Resort, Yellowstone Club and Lake Las Vegas.
Ginn Sur Mer was intended to comprise nearly 900 homes, two championship golf courses, 4,400 condominium hotel units, two marinas, a casino, a medical facility and a private airport expansion.

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