David Ames (Harlequin) r, Mark Maloney (Preconco) r

Harlequin Property Goes Bust!

HarlequinBarbadosRecent developments in St. Vincent with Harlequin Property SVG filing insolvency proceedings will lead to heavy loses for investors to be sure. This matter should be a concern for Barbadians because of the stalled properties owned by Harlequin in Barbados. As is the norm Barbadians will NOT be updated on this matter until the local authorities are forced to do so but what can they say? Yet another bogus project that will not realise foreign exchange promised by the local authority.

What has become obvious is that the race by Caribbean islands – including Barbados – to attract foreign investment appears to have local authorities compromising on performing robust due diligence. A simple Google search about Harlequin and or David Ames, Chairman of Harlequin would have alerted regional authorities to tango with caution.

We expect this matter will engage lawyers, accountants and the court system for the next many months, in the meantime the unfinished properties scattered across the region will continue to be an eyesore in our resorts.

Read the following the links for the latest:

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92 Comments on “Harlequin Property Goes Bust!”

  1. Well Well & Consequences October 21, 2016 at 9:16 AM #

    Alvin..why don’t you read and absorb correctly, no one said anything about land rotting, as it stands and degrades in it’s present state of disrepair, the whole 16 acres is an ugly eyesore and a liability.

    How much money do you think it will cost the taxpayers for government to demolish 16 acres of rusted structure, do you think an intelligent buyer will be interested in purchasing that dump in it’s present state.

    ….the government had no choice but to assume the liability after Thompson stuck his cirrupt nise in the private sector business and gave away the pension money, they took on responsibilty by giving away pensioners money. ..

    …..it was none of their damn business to begin with, and they should not have involved the people’s money.

    No amount of lies you tell on here can change that….Alvin.

    The world is filled with idiots.

    Like

  2. Bush Tea October 21, 2016 at 10:12 AM #

    @ Alvin
    Bushie is just at a loss to understand any rational basis upon which you consistently take clearly erroneous positions, …and then defend them in the face of overwhelming evidence that you are completely wrong ….. except for the explanation of ‘idiocy’.

    It all became clear with Clare Cowan and CAHILL…..
    Until then Bushie blamed your recent illness and possible resulting loss of faculties, but shiite man Alvin!!!, …it is clear that you have either refined nonsense to a new art … or have become an unwitting victim of idiocy…

    BTW, if you REALLY think that attending Cawmere insulates someone from being an idiot, then you are AGAIN confirming Bushie’s analysis….

    Like

  3. Vincent Haynes October 21, 2016 at 11:12 AM #

    Bush Tea October 21, 2016 at 10:12 AM #

    Bushie,
    We may have misguided Cawmerians, but after passing through that “University”, no-one emerges as an “idiot”. If you designate me as an idiot, I am therefore unique.I never designate you as an idiot. I may disagree with you but an idiot/// No, you are a former Cawmerian. Up and on.
    ……………………………………………………………………………………………………..

    Chuckle…….I must agree with Alvin…..we all have our own agendas….up and on.

    Like

  4. Well Well & Consequences October 21, 2016 at 11:36 AM #

    ….the government had no choice but to assume the liability after Thompson stuck his corrupt nose in the private sector business and gave away the pension money, they took on responsibilty by giving away pensioners money. ..

    Lookee Alvin.

    Like

  5. Due Diligence October 21, 2016 at 1:41 PM #

    Alvin Cummins October 21, 2016 at 9:03 AM #

    “Claire did the same thing that Pemberton, Ames, etc. did. They pre-sold the project; just like Donald Trump and other investors do all over the world. Right here in Toronto large Condominium and building developments are pressed long before a single hole is dug on the Properties.”

    Pemberton pre-sold (unbuilt) units in the Paradise Beach hotel/condo project to unsuspecting buyers/investors who did insufficient due diligence into who they were paying their money. and now will never see their money again.

    Ames/Harlequin pre-sold (unbuilt) units in the Merricks project to unsuspecting buyers/investors who did insufficient due diligence into who they were paying their money, and now will never see their money again.

    Clare Cowan/Cahill did the same thing, pre-sold the gasification plant to unsuspecting buyers/investors (the Four Ministers) who did insufficient due diligence into who they were paying taxpayers money, and now the taxpayers will never see their money again; but the Four Ministers got to keep the money they received from Clare to sign the contract.

    Like

  6. Alvin Cummins October 21, 2016 at 5:28 PM #

    Well Well,
    If the bank seizes your property due to non payment of mortgage they have seized your collateral. If they then weather sell it (at a profit) or develop it to be worth more than the original investment , they have not lost the money they seized it for. Land appreciates in value, and a seaside property such as exists at the Four Seasons’ site will be worth appreciably more than when it was first taken over in 2008. So no money has been lost.So your statement:…by giving away pensioners money”. has no validity..The land is still there and even though, it maybe an eyesore, it still has improved value. Right now it is worth more than government hasp into it. If a property such as envisioned in the hotel is constructed on it it will be worth more. When the former Hilton was imploded, the area would have been worth only the value of the land. When the New Hilton was built it would then have been worth much more.

    Bushie, I am sure you would have been taught by such stalwarts as Gladstone Holder. You would thus have been taught about the meaning of logic, differences of opinion, and argument. Thus, as a Cawmerian you would have been taught to understand that even though we may disagree from different perspectives, depending on our own view of a situation, objectivity would enable us to disagree, based on our individual perspectives. I would never call you an idiot, even though I may disagree with you; just someone with a different opinion.As you see I do not take umbrage at a fellow Cawmerian calling me an idiot. After all; “birds of a feather….

    Like

  7. Well Well & Consequences October 21, 2016 at 6:15 PM #

    Alvin…the question is when will the pensioners see back their 60 US million dollars, a simple question. Will it be in this lifetime.

    Like

  8. Alvin Cummins October 21, 2016 at 11:16 PM #

    Well Well,
    Like all pensioners;Eventually.

    Like

  9. Well Well & Consequences October 22, 2016 at 10:18 AM #

    http://www.nationnews.com/nationnews/news/88116/bidding-black-bess-development

    This seems to be a trend on the island.

    Alvin…I expected such a retarded answer from you, it’s in keeping with your profile as a useless political yardfowl.

    Like

  10. Alvin Cummins October 22, 2016 at 12:47 PM #

    Well Well ;
    Your response is also as expected. The article you refer me to is not a “trend” on the island, and it is not new or now.
    Note especially; “The project was officially launched in 2007 by then Minister of Tourism Noel Lynch but eventually ran into financial difficulty” The launch date is 2007, meaning discussions etc would have taken place between 2005 and 2006, or even before. When was the Four Seasons Project first conceptualized? Doesn’t that give the impression that many of these projects; designed to sell the country to the highest bidder; fulfilling the BLP mantra that land should be able to be sold for its highest value to the highest bidder? Then when these things fail apart, the DLP is left holding the bag, and being blamed for all the resulting imbroglio.
    That’s why you will never understand me. I will never let you escape your party’s responsibility in these issues.

    Like

  11. Well Well & Consequences October 22, 2016 at 1:47 PM #

    Alvin…you still refuse to get it, all the reasons you outlined are the reasons why corrupt David Thompson and the government ministers had no right pushing their nose in and committing taxpayer’s money to the fraud that was 4 seasons, particularly since all the government ministers were well aware that Mia, opposition leader was the attorney for the 4 sessons crooks.

    Like

  12. Due Diligence October 23, 2016 at 3:58 PM #

    Alvin – You said at October 21, 2016 at 5:28 PM

    “Land appreciates in value, and a seaside property such as exists at the Four Seasons’ site will be worth appreciably more than when it was first taken over in 2008. So no money has been lost. So your statement:…by giving away pensioners money”. has no validity..The land is still there and even though, it maybe an eyesore, it still has improved value. Right now it is worth more than government hasp into it”

    Under normal circumstances a seaside property such as the Paradise Beach property (formerly the site of the Cunard Paradise Resort) on which developers/promoters Pemberton and Paterson et al proposed to build 36 luxury villas/apartments and a 100+ room hotel to be managed by Four Seasons would have appreciated in value since the GOB put money (US$60m) into it.

    BUT, this is not normal circumstances.

    Yes the land is still there; but the “improvements” (the now crumbling partly completed villas) are as you say an eyesore and in fact are a detriment to the value of the 30 acre seaside property. Indeed the US$60m (plus???) that GOB has into it is in fact lost.

    Likewise the money that Simon Cowell, Andrew Lloyd-Webber, Eddie Jordan, Lucien Grainge, and other luminaries “invested” in Pemberton’s Valhalla is lost.

    Without the benefit of access to Land Titles records, it is reasonable conclude the property (land) is subject to liens far exceeding the value of the seaside property..

    See this 2010 article Alvin – You said at October 21, 2016 at 5:28 PM

    “Land appreciates in value, and a seaside property such as exists at the Four Seasons’ site will be worth appreciably more than when it was first taken over in 2008. So no money has been lost. So your statement:…by giving away pensioners money”. has no validity..The land is still there and even though, it maybe an eyesore, it still has improved value. Right now it is worth more than government hasp into it”

    Under normal circumstances a seaside property such as the Paradise Beach property (formerly the site of the Cunard Paradise Resort) on which developers/promoters Pemberton and Paterson et al proposed to build 36 luxury villas/apartments and a 100+ room hotel to be managed by Four Seasons would have appreciated in value since the GOB money (US$60m) into.

    But this is not normal circumstances.

    Yes the land is still there; but the “improvements” (the now crumbling partly completed villas) are as you say an eyesore and in fact are a detriment to the value of the 30 acre seaside property. Indeed the US$60m (plus???) that GOB has into it is in fact lost.

    Likewise the money that Simon Cowell, Andrew Lloyd-Webber, Eddie Jordan, Lucien Grainge, and other luminaries “invested” in Pemberton’s Valhalla is lost.

    Without the benefit of access to Land Titles records, it is reasonable conclude the property (land) is subject to liens far exceeding the value of the seaside property..

    Alvin – You said at October 21, 2016 at 5:28 PM

    “Land appreciates in value, and a seaside property such as exists at the Four Seasons’ site will be worth appreciably more than when it was first taken over in 2008. So no money has been lost. So your statement:…by giving away pensioners money”. has no validity..The land is still there and even though, it maybe an eyesore, it still has improved value. Right now it is worth more than government hasp into it”

    Under normal circumstances a seaside property such as the Paradise Beach property (formerly the site of the Cunard Paradise Resort) on which developers/promoters Pemberton and Paterson et al proposed to build 36 luxury villas/apartments and a 100+ room hotel to be managed by Four Seasons would have appreciated in value since the GOB money (US$60m) into.

    But this is not normal circumstances.

    Yes the land is still there; but the “improvements” (the now crumbling partly completed villas) are as you say an eyesore and in fact are a detriment to the value of the 30 acre seaside property. Indeed the US$60m (plus???) that GOB has into it is in fact lost.

    Likewise the money that Simon Cowell, Andrew Lloyd-Webber, Eddie Jordan, Lucien Grainge, and other luminaries “invested” in Pemberton’s Valhalla is lost.

    Without the benefit of access to Land Titles records, it is reasonable conclude the property (land) is subject to liens far exceeding the value of the seaside property..

    See this 2010 story: http://www.stabroeknews.com/2010/news/regional/11/17/creditors-in-barbados-four-seasons-project-to-get/

    And this 2016 story: http://www.barbadostoday.bb/2016/08/17/sinckler-announces-four-seasons-deal/

    No investor, foreign or local, would touch that property with a ten foot pole.

    The only winner in this whole fiasco, assuming he did not take a mortgage for part of the sale price, is Gordon “Butch” Stewart, who sold the property to Pemberton et al back in 2004/2005 for US$30 million.

    Like

  13. Due Diligence October 23, 2016 at 4:01 PM #

    OOPS – Sorry about the duplication

    Like

  14. Due Diligence October 23, 2016 at 5:03 PM #

    PS

    Back in 2005 when Butch sold the property to Pemberton/Paterson et al and in 2007 when they were selling the villas to the rich and famous, Barbados’ sovereign risk rating was investment grade. In

    Like

  15. Due Diligence October 23, 2016 at 5:05 PM #

    OOPS again

    PS

    Back in 2005 when Butch sold the property to Pemberton/Paterson et al and in 2007 when they were selling the villas to the rich and famous, Barbados’ sovereign risk rating was investment grade. In 2016 – not so much.

    Like

  16. Not KPMG November 4, 2016 at 3:47 PM #

    Details of Harlequin’s debtors and creditors:
    https://home.kpmg.com/content/dam/kpmg/bb/pdf/2016/10/notice-of-intention-oct032016.pdf

    Like

  17. Due Diligence November 4, 2016 at 4:49 PM #

    There is a prominent ad by TerraCaribbean in the Globe and Mail Report on Business today featuring this property:
    http://www.terracaribbean.com/Barbados/Residential-Sale/Land/Bacassa+-+St.+Peter

    “There is no guide price as the property is being sold via a bid process. All interested parties are invited to submit their bid on or before December 12, 2016”

    I guess the success/failure will test the effect of Barbados’ non-investment grade status on foreign investors unease to invest in Barbados as discussed by Roger Cave in the following recent article.

    http://www.barbadostoday.bb/2016/11/04/investors-uneasy-about-barbados-growing-debt/

    Will be interesting to learn if any foreign investors make a bid for the property.

    Or if it goes bust like so many other tourism “projects”

    Like

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