I'm off Island tomorrow (Tuesday) morning and will be away until late Friday - so I will not be able to moderate any more comments until then. I'll be logging on first thing Saturday and I hope to find an array of interesting postings waiting for me! Pat
6 comments:
Hi Pat:
Thank you for all your hard work. This is a great place for all Coral Beach owners to voice their opinions, good or bad. It is a great overview of what is going on at Coral Beach and how frustrated we as owners are.
Looking forward to new Leadership in January 2008.
Rose and Steve Toth
I heard through the 'grapevine' that one who has power is trying his best to get Mr. Rufa back on the island with a work permit. Please say it isn't so....
Today I received a letter containing the Freeport News Story dated September 24, 2007. This story seems to have a serious thread to it. The picture of our President, being escorted by 2 immigration officers says it all. This makes me start to wonder about the other allegations that have been made about the president and other members of the board. I wonder why the President did not come out and tell us the truth and explain this deportation to the owners. Can somebody tell us what is going on? Has anyone else seen this article?
Another question, why is Coral Beach involved in the sale of three units? I realize that if there is a lean on properties that Coral Beach will be paid in full when the units are sold. Is Coral Beach now the Real Estate Agent? I am looking for answers to these questions - hopefully from the board.
Dear Anon:
With reference to your question, “why is Coral Beach Management Ltd (CBM) involved in selling three apts.” In this instance CBM is doing what they are authorized to do. My only concern is that the sale is being done too quickly. Earlier this week, after receiving the Board’s notice, I sent the following message to the Board. “Dear Board: Thank you for this notice. I suggest that closing the bidding by Nov. 10th will likely not allow adequate time to obtain full value nor will it provide enough time for consideration by most owners.” We have not received a reply as yet.
I’ll try to explain briefly my understanding; hopefully, it will provide the answers for you.
Lien and Power of Sale
Apt. 3311 is being sold under power of sale. The Board is authorized to do this. While there usually is no hurry to do so since interest on delinquent accounts is charged at the rate of 18% per annum, it must be acted upon within six years (a kind of statute of limitations). Cash flow is another important consideration for immediate action and I assume CBM requires the cash flow now. As a matter of interest, the Bahamian laws of foreclosure are very strong in protecting the landlord. The power of sale must be advertised and offered to the public. There is supposed to be a sealed bid process, honestly conducted to protect all CB owners. Our corporate counsel, Ms. Dennison confirmed to me that she advised on the execution of the lien and power of sale but not the process for conducting the sale.
Units Owned By CBM
Apt. 2211 is a studio formerly part of the Kenilworth Hotel operation. Apt. 2302 is the former Manager’s Apt. Regarding 2211, Board decisions to reduce the hotel operation from 10 to 6 suites were made in 2005 and 2006. Three studios have already been sold.
Similarly, it was decided by the above Boards that it was in the best interest of CB to sell the manager’s suite.
I voted in favour of those decisions when I was a director (2005) and agree with them now too. Among the many reasons is that I believe CBM needs the cash flow.
Ted Mulvihill
To: "I heard if through the Grapevine..." NO, NO, NO, He cannot get RUFA Back on the Island - or in any part of the Bahamas - for that matter. Donato has no power. So Rufa is gone and Gone for good and nobody can bring him back - I dare any one of them to try to bring him back. Let us see if any politician wants to touch this, or even the immigration department.
Dear Anonymous,
Come on, this is Rufa we're talking about...he'll be back. Not that I'm anxious to see his barefeet and hairy chest walking down the hallway with that dreaded cigarette in his hand but sadly, he'll be back.
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