It looks like a long legal battle had to resolve the largest receivership in Belize's banking history. As we've been reporting - that's out at StakeBank Caye where the Atlantic Bank has appointed a receiver to take over the stalled cruise port project and try to get it going. A bank representative says that the first priority is to build the piers - for cruise ship berthing within 6 months. But, there's a problem. What if the bank doesn't have the titles for the island beachfront abutting those piers? Well, that's what it looks like could be the case. Mike Feinstein is saying the bank's mortgage debenture only holds the original island - in the middle of the property as security - not the beach that has been built all around it.
It's a case that may leave you scratching your head. Jules Vasquez explains:
This is the original Stake Bank island we saw in 2007 - first with mangroves, and this is it today. The shape and size have changed substantially as the Port Coral project has developed.
And that change is the subject of a pivotal dispute between the Atlantic Bank- which loaned a portion of the money for the project - and the developer, Mike Feinstein.
Feinstein has title for all that reclaimed land - which is the portion outside the red outline - a shade under 24 acres - in his name. Inside the red area, it's 16.3 acres - that's what the bank holds - including an easement at the west end.
7news has confirmed that he got titles to this land in November of 2021, yet when he signed a mortgage debenture for the bank in early 2022 - those properties were not included on the mortgage.
So he claims to have title to those unencumbered. Reports say his attorney Godfrey Smith has advised the bank that this diminishes the value of the area they hold the title for.
The bank - and the received reportedly - are - reports say - expected to accuse him of fraud.
Tomorrow, Jules will hiighlite some other mystifying arrangements of this project.
