Credit Suisse/Ginn Sur Mer Foreclosure Lawsuit Withdrawn in Bahamas
The Bahamian Supreme Court decided that title challange must be dealt with at the Appeals Court level first; Cooper v. Ginn-LA West End
Palm Coast, FL – September 7, 2011 – GoToby.com has learned that a foreclosure lawsuit that would transfer much of the land associated with the massive Ginn sur Mer project in West End, Grand Bahama to a Credit Suisse entity has been withdrawn. The foreclosure was to be the final chapter in Ginn-LA’s default of a $675 million loan arranged by Credit Suisse. The default affected three other cross-collateralized Ginn projects in the U.S. resulting in one forced sale and two bankruptcies.A separate lawsuit, Cooper v. Ginn-LA West End, Ltd. has been winding its way through the Bahamian courts. The crux of that lawsuit alleges that Ginn (as buyer) and Charlie Sammons (the Jack Tar Resort as seller) conspired to illegally quiet title on land rightfully owned by Cooper’s relatives in order to complete their transaction. Recent rulings have added credence to Cooper’s claim.
On May 17, 2011 the Bahamian Court of Appeal ruled that Cooper’s original court case held on November 18, 2008 and struck out by the Supreme Court had not been vetted and sent it back to the lower court for a new trial with another judge. The foreclosure filing was an attempt by lawyers from Ginn LA West End to circumvent the court and deny Cooper his constitutional rights to have his case heard. A new date for the trial has not been set and waiting a date from the Supreme Court. Cooper ultimately filed a summons as an Intervener to request the foreclosure be delayed. On September 1, 2011 lawyers representing Ginn LA and G-LA filed NOTICE OF DISCONTINUANCE in The Bahamas Supreme Court.
These proceedings are being closely watched by attorneys for the parties to other lawsuits brought against Ginn, Lubert Adler, and Credit Suisse.
Foreclosure
This is the same law suit ( Cooper ) that was brought up over 7 years ago. It was dismissed then.
Other suits
Toby,
Any word on the other big suits a little closer to home? What ever happened with the big suit brought by the attorney’s from the North. I think it was Lawrie vs. Banks, devevelopers, appraisers, etc.
Hope you are well.
Response to Mark’s Comments
Mark, if you want to know the truth may I advise that you speak to me about the facts. I would be delighted to share with you what has transpired over the last six years regarding our case. If you are going to share your thoughts on this forum please get your story straight. Thanks.
The Truth Be Known
I am sure that we can rely of Mr Cooper to provide HIS version of events regarding this situation but the truth hopefully, will be come out in court. The way this article was written, it sounds as if Mr Sammons himself was involved. Mr Sammons was dead long before Ginn bought this land so it is his estate that was involved, not Mr Sammons personally. Mr Sammons’ Jack Tar Resort provided hundreds of jobs to Bahamians while it was in operation. It was the Bahamas hotel workers union that literally priced themselves out of existence that caused the resort to close. If the Cooper/Ashe family wins this case, it will set a precedent that should discourage people from investing in the Bahamas. That could be a good or bad thing, depending on your point of view.
Cooper v Ginn LA West End, Ltd.
Mr.Briere it is obvious you do not have a copy of the documents filed in both the Bahama Supreme Court and Court of Appeal that clearly outlines the allegations with supporting documents of wrongdoing. Mr. Sammons knew corrupt politicians and lawyers were misguiding in the 1960’s who had elaborate land schemes to hide their illegal activity. We have the evidence of wrongdoing to support our case. You can hide in the dark for so long before the truth comes to light. I would like to recommend to anyone interested in our case to get your facts in order before making blind comments.
Reply to Mark
This lawsuit was kept alive by tenacious plaintiffs with limited resources. It may end up being a great David and Goliath story. Time will tell.