December 18, 2013
The attorney for an Abaco couple who saw the development they were involved with subject to a takeover by a team led by Grant Thornton Bahamas, confirmed yesterday that the couple plans to seek to have this takeover overturned in the courts, with applications to be made to this effect in short order.
Roy Sweeting, partner with law firm Glinton Sweeting and O'Brien, and representative for James and Melonie Albury, told Guardian Business that "a lot of incorrect statements" have been made in relation to his clients.
In particular, he said that Melonie Albury's company, Albury's Property Management, "has nothing at all to do with" the overall management of the 203-acre Orchid Bay property, but simply "does some maintenance on private homes and rents golf carts" within the development.
Sweeting stated that Melonie Albury's husband, James 'Jimmy' Albury, is the receiver for the Guana Cay Abaco Development Company.
On December 12, Grant Thornton Managing Partner Paul Gomez took control of the Orchid Bay Resort and Marina.
Court documents obtained by this newspaper show the Supreme Court has appointed Gomez the receiver for the William B. Johnson Investment Company and William B. Johnson entities, which own the outstanding and issued shares in Guana Cay Abaco Development Company.
Gomez is now attempting to account for all of the assets in the company with a view to sell them to raise funds necessary to pay off a debt owed to his client, Synovus.
US bank, Synovus, is the primary creditor of the companies for which Gomez has now been appointed receiver, whose principal is American businessman William B. Johnson.
The property contains a number of houses which are offered as rental properties, and residents have expressed concern that the takeover will interfere with their ability to rent out their properties over Christmas.
A secondary legal action is also underway which alleges that James Albury, acting as property manager for Orchid Bay, caused some of its assets to be sold at significantly below their true market value.
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