Sunday, February 7, 2010

Appeal of Improper Sale of Sun Village October 7, 2009

After the closure of Sun Village, the property was scheduled for public sale and auction. We are told that there were several buyers present on October 7, 2009 in the Puerto Plata courtroom. Strangely there was only one bid for $4.3M. While the decision making process was out of the Elliott Group's control on this fateful day, they did did have legal counsel in the courtroom to observe and witness the sale process. Former manager Joaquin Duenas tried to keep the Elliott Group counsel from within the courtroom for obvious reasons. A fraudulent sale had been planned. Joaquin Duenas was observed speaking in advance of the sale with the new purchasers (and has been seen with them in the days and months to follow). Duenas and others are currently under investigation.

Our hotel, appraised months before at $58M was sold for a mere $4.3M.
As a result of the devastating effects of this sale, the Elliott Group has filed a full appeal on the fraudulent sale of the property and is sure to be successful. A group of investors are forming a management committee that support the appeal made by the Elliott Group. The committee will make all go forward management decisions.
A formal Advisory Committee will follow will be elected by shareholders and will collectively make all go forward decisions.

Your participation is welcomed. Please contact:

No comments:

Post a Comment