Stake Bank Enterprises - it's the biggest receivership in Belize's banking history - and tonight it is becoming clear that both sides will not be able to reach a compromise or settlement.
Atlantic Bank today filed a lawsuit against Mike Feinstein and his company Stake Bank Enterprises.
Basically they are suing him for the 23.4 acres he filled in around the original island property of 16.3 acres. Feinstein holds the title for that in his name - and not the company's name - and he's saying it does not form part of the security for the 60 million dollar loan the Atlantic bank gave to Stake Bank Enterprises.
The Bank is saying he fraudulently obtained this title in his name when it should be in the Company's name.
For its part, Stake Bank Enterprises today put out a strong release today making a revealing claim. They speak about the bank appointed receiver and say, quote, "Marlowe Neal has saddled SBEL with additional unauthorized debt by signing a variation note (up-stamp) of some US$151.0 million contrary to the ABL demand letter of 13 March 2024. The owners of SBEL will be filing legal suit against Marlowe Neal and his accomplices for this dubious act.
Marlowe Neal is reminded that as the receiver appointed by the ABL he is to recover $61.5 million dollars and not a penny more " end quote.
The Stake Bank group has promised more revelations in the weeks to come. Insiders tell us this one is going to get dirty!
