At least for now, Scrub Island Resort will continue to be operated by a third-party receiver rather than the developers a bank claims drove the business into default.
FirstBank Puerto Rico, along with the owners of Scrub Island Development Group and Scrub Island Construction Limited, agreed to allow the receiver, Meade Malone, to continue overseeing the resort’s operations until Dec. 17.
Virgin Islands Commercial Court Justice Edward Bannister is scheduled to decide then whether to continue the receivership as the bank wants or allow Mainsail Development Group, whose affiliates SIDG and SICL control the resort’s assets, to resume control. Despite the legal wrangling, the resort remains open for business, and employees are reportedly being paid as usual.
See the Dec. 5, 2013 edition for full coverage.
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