Lawsuit Looms: Receiver for Stake Bank Enterprise Accused of Mismanagement

Lawsuit Looms: Receiver for Stake Bank Enterprise Accused of Mismanagement

Marlowe Neal, the receiver appointed by Atlantic Bank Limited for Stake Bank Enterprise has been put on notice for a possible lawsuit, and is being accused of not acting in the best interest of the cruise port development.  A public notice was published earlier today indicating that Neal is working at discrediting the owners of Stake Bank Enterprises Limited (SEBL).  The cruise port developers say that via an advertisement that is currently airing, misinformation is being spread.  The notice notes that for clarification, SBEL is not yet operational and is still under construction; SBEL was only one week behind in its bank payment and was in a position to service its debt obligations through lenders who had agreed to finance the project.  SEBL claims that the bank is withholding these lenders from them.  Perhaps the most crucial concern for Stake Bank is where they are saying that they are only indebted to Atlantic Bank for a little over 61.5 million dollars, as was indicated in the demand letter from the bank at the end of March.  Despite the figures in that letter, SEBL says Neal has added 151 million US dollars to Stake Bank’s debt through the signing of a variation note.  It is on this premise that Stake Bank is looking to file a legal suit against Neal and his accomplices.  Stake Bank, in its notice, reminded Neal that as the receiver, he is to recover the 61.6 million dollars and not a penny more, and in doing so he is to act in good faith. Any further attempts to act with impunity to undermine the interest of SBEL and its shareholders by Marlowe Neal, etc. will be vehemently challenged in our Courts.” End of quote.

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