Receivers

Can the Receiver at Flag Luxury Resort find a new buyer?  The answer is yes, he can find a new buyer.  But, there is not a damn thing he can do with the buyer, except tell him to go and talk to Robert FX Sillerman, the owner of Flag Luxury Resort. 

I do not know if you heard JB Turbidy being interviewed by Iwande on Upbeat Radio on the morning news about ten days ago.  What Turbidy said concerned me.  He repeatedly assured Iwande that the Salamander Group of investors was looking forward to the appointment of the Receiver at Flag Luxury Resort by Credit Suisse because that would enable the project to be sold to a new investor such as the Salamander Group.  He seemed convinced that the Receiver had the power to sell Flag to his group. That is so wrong, that I wondered if he had any advice before he spoke.   

Turbidy is not the only one mistaken.  The various newspapers carrying articles on the topic continue to repeat that Credit Suisse has “assumed ownership” of Flag.  Nothing could be further from the truth.

Anguilla has had since 1974 a pure system of registered land titles.  It is called the Torrens system after its Australian inventor Robert Torrens.  This system exists in several parts of Canada, the Commonwealth, and the United States, as well as in Anguilla.  It is a system whereby all deeds, and all common law concepts of land titles and interests in land, are abolished and replaced by a Register kept by government.  This Register is the only evidence of title to land in Anguilla. 

One of the reforms of the Registered Land Act of Anguilla was the abolition of mortgages, and the traditional rights of a mortgagee.  A lender secures a loan by registering “a charge” over real property.  When a secured loan goes into default, the creditor has only two remedies under our Act. They are, briefly, either (1) to appoint a Receiver of the charged property; or (2) to exercise the power of sale by public auction.  If a loan is in default, the secured creditor must give a 3-months notice either (1) to appoint a Receiver, or (2) that the property will be sold.  He cannot do both in the same notice.  Let us look at these two remedies.

First, what does it mean to appoint a Receiver of land in Anguilla?  The rights and powers of the Receiver are set out in the Act.  These rights and powers may not be expanded by contract beyond those given in the Act.  A lender cannot make a borrower sign a debenture increasing the rights and powers of the lender beyond those given by the Act.  To permit otherwise would be to corrupt and distort the remedies given in the Act.  Every lender would inevitably oblige every borrower to vary the limited rights of the lender to give the lender the widest possible rights.  The law does not permit that. 

If a loan goes into default, the Chargee may give the defaulting borrower a notice to the effect that unless the loan is brought current within 90 days the Chargee intends to appoint a Receiver.  The law enables the Receiver only to go into possession of the property and to manage it.  The Receiver runs it for the benefit, essentially, of the creditor until the loan has been paid off.  On the satisfaction of the debt, the Receiver is obliged to hand the property back to the owner.  His rights and powers are limited to managing the property in order to ensure the income goes to satisfying the debt.  Under no circumstances can he sell it to another investor, regardless of what the loan documents say.  He can sell nothing except in the ordinary course of business, eg, the sale of food in a restaurant.

A secured creditor has one alternative remedy under the Act.  That is the right of sale by public auction.  He no longer has the traditional remedies of a mortgagee under the common law.  The holder of a mortgage under the old law used to have the “right of forclosure”.  Forclosure gave the mortgagee title to the property, subject only to the right of the borrower to pay off the loan and get title back.  The holder of a mortgage used to have the right to go into possession of the property and to sell it to satisfy the debt.  He could sell by any means, once he tried his best to get the full market value.  That power of sale included the right to sell by private treaty.  That remedy has been abolished. 

The rights and powers of the lender who holds a mortgage charge are set out in the Act.  These rights and powers may not be varied except to the limited extent permitted by the Act.  The right of sale is, essentially, to appoint an auctioneer to sell the property by public auction.  No private sale is permitted.  The remedy of sale is given only to the holder of a charge exercising the right of sale as a chargee.  That right does not extend to a Receiver, who has no power of sale.  A sale by Chargee has the advantage that it wipes from the title all remaining charges and liens.  The purchaser from a Chargee obtains a free and clear title to the property.

In the event that a Chargee gives a notice to appoint a Receiver, the Chargee must appoint the Receiver with the limited powers of a Receiver, ie, to manage for the benefit of the lender.  A Chargee may not appoint a Receiver and simultaneously exercise the right of sale by public auction.  If the lender/chargee wishes to change his mind and sell, he must give the defaulting borrower a second notice to that effect, with another 3-month grace period.  The creditor has to give 3 months in either case.  So that, if there is no revenue to make the appointment of the Receiver worthwhile, and the creditor decides to exercise the right of sale, he must give another 3-months grace period to that effect.  

Given that Flag Luxury has no significant income that I am aware of, I cannot imagine why Credit Suisse would have wanted to appoint a Receiver.  There would be no income for the Receiver to deal with in satisfying the debt owed to the lender.

In the unlikely event that the Receiver did find a buyer, and persuaded the defaulting debtor to sell to this buyer, such a sale would be a disaster.  It would essentially be a sale by owner.  Such a sale would leave the property bound by all the existing obligations registered against title.  A sale by the chargee/lender is much more advantageous.  Sale by the Chargee would wipe the existing obligations from the title.  A purchaser would obtain a clean title from the Chargee.  That advantage is lost if the Chargee permits or pressures the borrower to sell to a new purchaser.  The new purchaser would take title encumbered with all the other debts and charges.  No properly advised potential investor in these circumstances would buy from the Receiver or owner.  He would insist on buying only from an auctioneer, or from the government after compulsory acquisition.

          Is there something in all this that is a matter of public record and that I am missing?

         Just remember that Don Mitchell is a dead-out, retired, ex-lawyer, and nobody can safely rely on anything he says about the law.

Mergers

We still have not been told why the Eastern Caribbean Central Bank is suggesting that the National Bank of Anguilla needs to merge with the Caribbean Commercial Bank.  In frustration at the lack of published information I have been doing a little digging.  Someone suggested I have a look at C Hoare & Co.  Hoare’s, like the National Bank, is a small bank.  Neither deals in derivatives.  Both provide private banking, financial planning and investment services that include loans, mortgages, savings accounts and investment advisory services. 

Hoare’s 2008/2009 accounts have been published.  So have NBA's accounts.  Hoare’s has just ₤1 billion in assets.  NBA has just EC$1 billion in assets.  The international recession started in December 2007, and hit both banks simultaneously.  Hoare’s profits show a decrease from 2007 to 2008.  Profits went down from ₤17 million the previous year to ₤15 million.  NBA’s went down from EC$19 million to EC$17 million.  The ratio of fall in profits is astonishingly similar.

Hoare’s was founded in 1672, some 20 years before the Bank of England (founded 1694).  Hoare’s is the oldest private bank in the UK.  It is considered a very successful bank.  Yet, it is tiny by comparison with other British banks.  It has survived one financial crisis after another, while the banking behemoths around the world were failing. 

It does not matter how small a local bank is.  All that matters is how carefully it is managed.  If it is not carefully managed it does not matter how big it is, it will still fail.

So long as any small local bank is taking two-thirds of the profits each year and putting them into reserves, it will do well.

This assumes that it is not making too many dodgy loans.

Related posts:

Amalgamation

Golf

The big question in the tourism industry of Anguilla today is how long can Cap Juluca afford to carry the golf course?  Even Adam Aron’s backers will run out of money and patience one day.  You work out the math.  The figures were widely circulated a year ago when Flag Luxury Resorts was threatening to shut down the course.  It was said to cost US$6,000 per day just to water the grass.  That is US$180,000 per month.  There are other costs besides the water.  Another figure widely circulated was that Flag lost US$3.9 million on the course in the last year of operations.  That is US$300,000 per month.  And the story in circulation is that Cap Juluca has promised to keep the course open for up to six months.  Keeping that promise would cost them between US$1 and US$2 million in operating costs.  At US$225 per round, between 44 and 88, say 66, golfers per day will have to be found just to break even.  Given the uncertainties, it is not likely that many golfers are going to visit Anguilla for the purpose of playing golf.  Certainly, few will bear the burden of bringing their clubs with them.  Business will have to depend on the occasional drop-in.  The course will be lucky to attract even 10% of the numbers required to break even. 

It will have become obvious to Cap Juluca before the end of January that good money is only being poured after bad.

I don’t think Cap Juluca is in the charity business.

The well is never bottomless. 

We are reminded that the lunch is never free. 

And, Santa Claus does not exist.

I would not be so pessimistic if I thought this was anything other than a very expensive campaign contribution.

Related posts:

Expect more

Temenos

Anyone for Golf?  FYI, I have just been told that an announcement was made this morning at Cap Juluca.  They are backing out of the agreement to manage the golf course. Thought you might all want to know.

Okay, are we surprised?  Who were they trying to kid?  I suspect Cap wanted to ride in on their white horse and look good.  Now the MoA has been approved there is nothing to stop them backing out.  

If the story is true, real slimeballs!

What sort of protections did our Ministers put in place before they signed away all our revenue for the next 25 years?  

I would like to see Pam Webster come out with something on this one.

Flag Revival

Robert FX Sillerman’s back!  He may have told everybody that he has no talent in real estate.  But, he sure has talent for dealing with the government of Anguilla.  His team has recently put together a 30-page marketing presentation to persuade investors to take over the Flag Luxury Resort project in Anguilla.  The presentation reveals that in July of this year he concluded a terrific deal with government.  It brings him back in charge of Flag, and has breathed life into this failed project.  He is using this presentation to invite new investors in the Flag project.  The presentation tells us a number of things.  For one thing, from the cover we learn that the new project will be called Temenos Resort, Anguilla. 

1. Note the particularly disturbing news that we are now being described as “Anguilla, a British Protectorate”.  The last British Protectorate I know about was Palestine, and look what happened to that unhappy territory.

 

2. Page 3 reveals that it is really the same old project completely unchanged.

3. Page 4 indicates that the new investors will acquire $180 million of ‘first and second lien’ debt for $100 million.  No doubt that is clear to our US cousins.  Since “first and second lien debt” has no meaning in Anguillian law, I have no idea what they wanted to say.  I suspect they meant to say that Credit Suisse, and perhaps Sillerman himself, are selling out their charges cheap. 

 

Most extraordinarily from the same page 4 we learn that the “owners” have recently concluded negotiations with government for “a 25 year bed tax concession” which we learn is worth $98 million over the same 25 years!!  We knew about the tax concession, but now we learn the amount of the give away.

4. From page 8 it appears to be the same project.  It is just being refinanced.  With us giving them $98 million of public revenue to sweeten the deal!  No question of one acre of land being refunded.  I am glad we do not take responsibility for the golf course, as government was proposing at one time.  But still . . . accommodation tax is supposed to be a major part of our revenue.  Government has given up collecting it for 25 years.  How are they going to pay their public servants and other obligations?

 

5. Page 15 reveals that delivery of the first Temenos villa will occur in the last quarter of 2009.  Delivery of the last will be in the second quarter of 2010.  The hotel will be completed and opened in the last quarter of 2010.  So, it looks like full steam ahead.  Just in time for the upcoming general elections.  

There is one worry.  Since the US economy is not expected to turn around until the last quarter of 2011, I am not sure who is going to come forward to make this happen.

 

6. Page 16 is quite revealing.  It states that Mr Sillerman enjoys “a great deal of local support for the project”.  I have no idea what local support he could be referring to.  I rather thought that both Government and Opposition had publicly and repeatedly washed their hands of him.  

Anybody remember the Chief Minister’s actual words the last time on the subject of Mr Sillerman? 

 

Did you catch the bit at page 16 that Mr Sillerman has been granted permanent residence status in Anguilla?  The brochure claims this “is quite unusual for a non-native of the island”.  That is surprising.  I always thought that it was a precondition for being granted permanent residence status that you had to be a non-native.  I was also under the mistaken impression that every foreigner who bought a flat or apartment was more or less automatically granted permanent residence status.  Permanent residence status was invented by Ronald Webster back in 1980 as a convenience for every foreign home-owner not to be asked harassing questions by the youngsters of the Immigration Department when arriving in Anguilla to spend the winter.  Each person who buys one of the villas will be entitled to apply for permanent residence status.  Although, since government abused the status to additionally give citizenship rights, I hear they may be stopping it.  Is Sillerman mamaguying me, or what?

7. Page 22 contains some vital figures.  It calls itself “Key Financial Data”.  From it, we learn that some $200 million has to be raised to bring this project to completion.  We also learn that it will take the trivial figure of $40 million to buy out the existing lenders.  Credit Suisse has obviously agreed to lie down and play dead in exchange for $40 million.  Any takers?

 

It looks like the government of Anguilla was not joking when they announced a few months ago in the House of Assembly that they were thinking of ways to bail out this project.  Have you any idea what US$98 million represents?  That is more than a quarter of a billion EC dollars.  Some bail out!

No doubt, this development will be presented as a major triumph for the party in power when the upcoming elections are announced.  But, why have they been silent about the figures up to now?

Who said Mr Sillerman knew nothing about the real estate business?

Banking

I heard a lie on the Chief Minister’s press conference today.  He said that the only way our two local banks can compete on the regional scene is if they amalgamate.  The local banks he was talking about are the National Bank of Anguilla and the Caribbean Commercial Bank.  The suggestion from the Hon Chief Minister (and, by the way, active Chairman of the Board of Directors of the Caribbean Commercial Bank) was that there is a need for the NBA and the CCB to come together.  We should get rid of the NBA and CCB as separate entities.  Somehow, this coming together of these two sprats will make them big mackerels and more capable of resisting the present financial crisis. 

In my opinion, there is nothing that is further from the truth.  Would our two small fry together be bigger than the American giants that failed and went bankrupt this year?  Absolutely not!  Size is no guarantee.  Competition and carefulness wins out every day.  The integrity and caution of the Boards in dealing with all the wonderful-sounding applications coming forward from the loans committees was what counted.  I want to know, what is the Chief Minister/Chairman of the Board hiding from us ignorant little people?

What we know for certain is that the CCB and the NBA working separately over the past 25 years have done wonders for the Anguillian people.  Competition has been good for the Anguillian consumer.  We have done well having these two banks competing with each other.  The consumers have been the ones to benefit.  That is you and me.  The two banks themselves have stayed lean and mean.  That was good for their shareholders.

Have you travelled by air recently?  Since Stanford’s airline went under and was bought by LIAT?  Service by the remaining monopoly provider sucks.  Prices have risen astronomically, and service has dropped precipitately.  There is no doubt that the absence of competition in the local airline service has been hard on the consumer, that is, you and me.  It will always be the same whatever the service industry.

God help us all in Anguilla if NBA and CCB should amalgamate.  The consumer, ie, you and me, will be the victim.  We will be at the mercy of avaricious, dangerous monopoly.  The shareholders of the strong will buy out the losses of the weak.  Naught times one always equals naught.

I kid you not!

Is the truth that one of the two local banks made too many bad loans?  Is one of them about to go under?  Well, so be it.  What is left after the bankruptcy will have to be bought out by someone.  Fire the Chairman and the Board of Directors of the bankrupt company.  But, no amalgamation between a failed bank and a successful one should be allowed while pretending it is a joining of equals, please.  Just my opinion.

Openings

Viceroy’s Soft Opening in August? I suppose we were all left wondering what happened to the much bruited ‘soft opening’ that was supposed to take place in August. That month came and went. No soft or any other kind of opening. I checked their reservations, and they claim to have rooms available from 19 September, but none before that.

Is that a sign of hope, or is it not? What happened to all the guests that booked for August? Have they been relocated, or have they been told to come back later?

Now Kirk Cassels writing for Travel Agent Central reports that the opening is postponed to December.

Someone has come up with an idea for solving the country’s financial crisis. Why not let government organize a “Guess the date Viceroy is opening” lottery. The winner gets half of the takings, and government keeps the other half? Seems like a winner to me.

Related Posts:

Soft Opening

Viceroy Delayed

Flag Revival

The villa owners are taking over? Word is that some of the villa owners at Flag are not waiting on the outcome of their law suits. Nor are they are waiting on the outcome of the negotiations between government and the lenders. Far less are they waiting for the outcome of the recent negotiations between Guish and George and the local government. The word is that they realise that if they do not immediately go into possession of their $12 million villas and stake out their claim, they will be in the equivalent of the Oklahoma land rush. So, they have hired Tony and company to finish off their villas. Then, they are going into possession and declaring they are in their residences. Their stance is, ‘Let us now see who can claim better possessory title after that!’ They expect to be in possession of seven of the villas completed and occupied by December of this year.

Meanwhile, Guish and George have returned to Anguilla. Are they really back from exile in St Kitts? They claim they are taking over Temenos. I do not know what happened to their big plans in St Kitts. Are they trying to keep a foot in both islands? Or, are they finished with St Kitts? Do you know?

I am told that they want to take over the golf course, the restaurant and ‘some of the villas’. Or, is it that they just want to help ‘finish’ some of the villas? The message is confused. They are said to be backed by one JB of Antil. Who he is, is not entirely clear. Is this just another stop-gap con-job? Or, is it something of substance? Only time will tell.

And, what is in it for the owners of Cap Juluca? Why should Aaron have agreed to take on the $200 thousand per month bill of keeping the golf course watered? There is no advantage for him and his investors that I can see.

Can you?

Marketing

I would have thought that the artist’s renditions on the early promotional material would have been preferable to the barren scenes depicted by these photographs. I have just been looking at the latest promotional material produced by Viceroy. The above is the conclusion I came to as a result. The architect’s elevations and drawings in circulation some years ago were quite attractive. By comparison, the real thing as depicted by these latest photographs is about as close a resemblance to Alcatraz prison as you can get. Have a look for yourself and tell me whether you are attracted.

View of the Point from the water

Entrance

Walkway

Seafront apartments

Hotel

Shearwater and Royal Tern Villas

View of the Specialty Restaurant from the water

Shearwater villas

Residences

What seems to be their spanking new website can be seen at Viceroy Anguilla.

Their ownership opportunities page gives you lots of pictures of sea fans and exotic marine life.

But, I can’t find out what I get for my million dollars if I purchase a residence there. Will I be acquiring the Anguilla equivalent of freehold, called under our law ‘title absolute’? Or, am I perhaps acquiring a 99 year ‘lease’? Or, perhaps, it will be a ‘strata lot’ registered under the Condominium Act? That would be as good as real property. Anything else would be, in my opinion, mere vapour, gas, a mirage of real property.

Purchasers, I am told by one who has been in communication with me, are not encouraged to retain their own local lawyer to advise them on what exactly it is they are acquiring. Purchasers are under the impression that they can use the professional services provided by the seller! Can it be that even today there are buyers who are so naïve? I am certain they would not be so innocent in their own home country if they were acquiring a multi-million dollar home. They would have the best lawyer around advising them on their investment.

Some real estate speculators and developers in various parts of the world are selling ownership of imaginary real estate under the name of ‘club residences’ and the like. In Anguilla at least, such a purchase does not result in the ownership of real estate. What is acquired is nothing more than a contractual interest. The problem with contracts, as compared to an interest in real estate, is that a contract can fail or come to an end for one reason or another. When that happens, the purchaser has nothing more than a hope of suing for breach of contract. A contractual interest is most certainly not the same thing as an interest in land. Most people investing their hard-earned savings in a multi-million dollar piece of real estate are under the natural impression that they are acquiring an interest in the real estate.

It can’t be that Viceroy would be selling ‘timeshare’ as real estate in Anguilla. Timeshare, like condominium, can be a valid interest in land. But, it takes a statute to make it possible. There is no timeshare law in Anguilla. In Anguilla it is impossible to acquire as real estate a timeshare interest in a villa or apartment. It is possible to create a contract that claims to offer a ‘timeshare’ interest, but such a contract has the defect that all such contracts have: it is not an interest in realty in Anguilla. Anyway, Viceroy’s representative has assured me that Viceroy is not selling timeshares.

A pretend interest in land can also take the form of an equity interest in a company that holds the title to the real property. In such a scenario, a company owns the title to the real estate, and the individual purchasers actually acquire no more than shares in the company. But, again, this is not an interest in real estate. It is only an interest in personal property, shares in a company. If, for any reason, the company should go under, the shareholders are left with worthless equity. Well-advised investors will only purchase real estate in a country where the law recognizes and protects interests in real property.

On Sunday I sent an email inquiry to Viceroy's Phillip Day, inquiring what real estate interest does the purchaser of an apartment, or residence as they call it, acquire. He replied:

In response to your e-mail, Viceroy Anguilla does not sell "apartments." Viceroy Anguilla is selling one, two and three bedroom condominium residences along with four and five bedroom free-standing villas. As I mentioned before, Viceroy Anguilla does not sell "time-shares" or any other partial type of ownership commonly referred to as "fractional."

. . . At closing, each purchaser receives a title insurance policy from Stewart Title guaranteeing fee simple ownership of the residence free of any liens, encumbrances or other title exceptions, excepting, the following: (i) applicable laws, regulations and ordinances; (ii) the condominium documents that establish and govern Viceroy's condominium homeowners association; (iii) easements, rights-of-way, covenants, restrictions and other encumbrances that affect the condominiums; (iv) all easements, rights-of-way and notes shown on the recorded development plan; (v) easements, claims of easements, not shown by public record (vi) discrepancies or conflicts in boundaries, easements, encroachments, rights-of-way, encroachments or area content that a satisfactory current land title survey would disclose; (vi) possible additional tax assessment by reason of new construction of improvements, not yet due and payable; and (viii) the statutory rights and easements granted to the Seller as Declaring under the condominium documents by the Government of Anguilla, British West Indies.

Every Viceroy Anguilla purchaser is provided with copies of all condominium documents for their examination and approval many months prior to closing. All Viceroy Anguilla purchasers are advised verbally and in writing to consult their own attorney about the purchase.

The Stuart Title referred to is a US title insurance company that usually guarantees title to deeded property held by fee simple ownership. It is useful to have title insurance in the case of deeded property. There is no deeded realty in Anguilla. A person purchasing real estate in Anguilla will expect to get 'absolute title', which is a land title already guaranteed by law.

All real property in Anguilla is registered title under the Registered Land Act. A guarantee by a private company of my absolute title to my property is about as meaningfull as my guaranteeing to you that the sun will rise in the east tomorrow. The laws of the planets and the stars already guarantee that the sun will rise in the east tomorrow. Registered title means that the Act imposes an obligation on the government of Anguilla to guarantee title. Title once registered is guaranteed by law. No private company can give a better or stronger title guarantee that the Act and the Constitution of Anguilla.

Given that there is no fee simple title to land in Anguilla [it was abolished by law in 1974], I have difficulty understanding how Stuart Title will guarantee that that is just what a purchaser will receive. This must be a mistaken understanding by Mr Day about the law of Anguilla. I have previously pointed this out to him, but he does not seem to understand the point.

Do make sure to get your own lawyer to advise you on any purchase of a 'residence'. I am certainly no expert, never having seen any of the contractual or title documents.

Flag Luxury

I think I have shown conclusively that I am not knowledgeable enough about the real estate business. So says Robert FX Sillerman of himself. Judging from an article in this weekend's Guardian Newspaper, it appears that he is walking away from the real estate business in both the USA and in Anguilla.

Graceland's Heartbreak Hotel swimming pool

According to the author of the Guardian article, journalist James Doran in New York, Sillerman is quoted as saying,

"I think I have shown conclusively that I am not knowledgeable enough about the real estate business," he said. "I think I should leave it to other people to pursue."

His decision comes amid a flurry of lawsuits surrounding the construction of a luxury golf resort on the Caribbean island of Anguilla. The project has failed and is in default on loans and guarantees. "That project has stopped," he said, "I'm not in the real estate business."

The Swiss banking group Credit Suisse last week filed a lawsuit seeking repayment of more than $21m (£12.8m) in guarantees; another company, Anguilla Equity Partners, is seeking more than $25m in relation to the same project.

Sillerman said he has spent so much of his fortune on the Anguilla project that he should not have to pay Credit Suisse. "I was originally asked to invest somewhere around $15m," he said. "But since then I have put in about $200m of my own money just to keep it going."

Court papers filed in Manhattan last week show that he has indeed spent a further $180m on the hotel complex. One schedule of costs shows he has been spending more than $200,000 a month just to water the $12m championship golf course designed by Greg Norman.

Note that he appears to be walking away from the Anguilla project. There is no suggestion that he hopes to rescue it in due course, as some of us have been half hoping. Nor is there is any hint that he expects that anyone else is going to buy it from him.

It will be up to Credit Suisse to try to recover its lost loan investment in whatever way it can. Other investors and creditors and plaintiffs in the law suits will have to see what they can seize and sell.

Simon Cowell

As for Mr Sillerman himself, who said he would not walk away from US$200 million? His media and entertainment empire is not suffering from the recession. A 20 May article in USA Today suggests that American Idol is doing fine. On 13 July in a complex corporate restructuring Simon Cowell and Sillerman announced that their partnership will continue into the future after Cowell’s present contract with American Idol comes to an end in 2010. There is no shortage of money in Mr Sillerman’s coffers. Just don’t ask him to spend any more of it on Anguilla.

Mr and Mrs Robert FX Sillerman

When Credit Suisse and the other creditors come calling, it certainly will not be with any intention of protecting the interests of Anguillians. That had been one of Sillermans motives all along. And, look where it got him!

The abandoned Flag Luxury Resort in Anguilla