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And finally tonight - we went back into our archive for another look at one of the rare interviews with StakeBank developer Mike Feinstein. In June of 2023, he sat down with Jules Vasquez for a an episode of Uncut.
That's when Jules got to probe him on the details of his banking relationship with Atlantic Bank. At the time he told us relations were good - but things have changed because it's Atlantic Bank that now has him in receivership.
Here is how he characterized the relationship at the time - and the bank's exposure- including the issue fo 13.2 acres of reclaimed land on Stake Bank Caye:
Jules Vasquez:
"So then the highly informed people in the government who tell me that you've run out of money."
Mike Feinstein, Stake Bank
"Well, well..."
Jules Vasquez:
"You have not run out of money Mike?"
Mike Feinstein, Stake Bank
"No, we could not. We cannot move forward on the peer because we are waiting on the precast. So spend the money. On what?"
Jules Vasquez:
"Now, do you have adequate financing to finish the project?"
Mike Feinstein, Stake Bank
"Absolutely."
Jules Vasquez:
"You and your main financier, The Atlantic Bank have reached your limit. In fact, there are people in government who say that they had to call the central bank to allow the Atlantic Bank to lend you more than you already had to create a special carve out."
Mike Feinstein, Stake Bank
"Central bank has as its regulations and big projects and I am not the only one. There are many, many big projects that have been done in Belize and the Central Bank helps all of them, it's the same thing. They helped us with an additional 30 million. But look at the size of this project. You know what I mean? That's nothing that is your job to do that. And that's not a favor I'm doing Belize a favor. How the hell would you think they could do me a favor."
Jules Vasquez:
"Let me be clear, because the government is saying that that is your main source of financing. And that source, the Atlantic Bank has dried up."
Mike Feinstein, Stake Bank
"We have used up that 30 million, but we're spending 250 million. So what you think that is not coming from Atlantic Bank. Atlantic Bank is a huge group. All right. And I think the net net worth right now is around 12 billion. So they don't have a problem."
Jules Vasquez:
"So you you're saying, and this is pivotal that you all have financing from another group."
Mike Feinstein, Stake Bank
"Yes, There is a different group that is affiliated."
Jules Vasquez:
"Okay and so and your relationship with these, with this group remains good."
Mike Feinstein, Stake Bank
"Absolutely."
Jules Vasquez:
"And they have full confidence in the project going forward? Because..."
Mike Feinstein, Stake Bank
"Absolutely."
Jules Vasquez:
"The reports say that some man get cold feet because while the grass is growing the horse is starving. But one of the one of the concerns is that this 13.2 acres, you know, the bank had a certain security on it, But when they found out, they found out that this 13.2 is held by another company."
Mike Feinstein, Stake Bank
"No, everything belongs to the Stake Bank."
Jules Vasquez:
"Everything. So it's not in a, you see..."
Mike Feinstein, Stake Bank
"Everything belongs to Stake Bank"
Jules Vasquez:
"So now."
Mike Feinstein, Stake Bank
"Well, I'm just." Jules Vasquez:
"They say It was carved out and put in another company's name was source for dispute. Denying it?"
Mike Feinstein, Stake Bank
"Yeah, of course."
Interestingly, reports say Feinstein has reportedly retained Godfrey Smith to represent him in his response to the receivership, while receiver Marlowe Neal has reportedly retained Dean Barrow, and the Bank reportedly hired the Courtenay Coye law firm to activate the receivership. Those are the top firms or litigators in Belize - which means that this one could be tied up in court for years.
