The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

Ansbacher (Bahamas) is seeking to recover more than $2 million owed by a delinquent borrower by foreclosing on, and selling, his multi-million dollar yacht.

US court documents reveal that the bank, part of the A. F. Holdings (formerly Colina Financial Group) conglomerate, is seeking to recover this sum from a Venezuelan client via the mortgage it holds over his yacht.

The case has been filed in the south Florida district court because the vessel, the M/Y Cerostress, which is registered in the Cayman Islands, is said to be located at the Miami-based Oceanika Yachts Marina.

Ansbacher (Bahamas) is alleging that the $4.2 million loan it granted to the yacht’s owner, a Bahamian-registered company called Vista Azul, is secured by a mortgage lien secured on the vessel. Vista Azul’s sole shareholder is Fernando Fraiz Trapote, a Venezuelan citizen who is a Miami-resident and guarantor for the mortgage.

“On or about May 30, 2007, the borrowers entered into a Loan Facility Agreement, Guarantee and Indemnity, Promissory Note and Deed of Covenants in the principal amount of $4.2 million, plus interest and finance charges, whereby the borrowers became obligated to pay Ansbacher quarterly instalments,” the Bahamian bank alleged in its lawsuit, filed on June 2, 2014.

“The borrowers jointly and severally breached the loan documents by failing to make the required payments and are therefore in default. They have been in default since July 2013, and have not made the required payments since that date.”

Ansbacher added: “Ansbacher formally demanded payment, accelerated the obligation, and declared the entire amount indebtedness under the loan documents to be immediately due and owing.

“As a result of the default, plaintiff is owed more than $2 million, as near as can be determined as of June 2, 2014, exclusive of attorneys’ fees and costs.”

Ansbacher (Bahamas) is seeking judgment against Vista Azul and its owner for the total sum due to it under the loan, adding that the mortgage was a first charge over the M/Y Cerostress.

“Vista Azul’s default under the terms of the mortgage entitles Ansbacher to enforce its maritime lien against the vessel,” the Bahamian bank alleged.

It wants the south Florida court to foreclose on the vessel, and that it “be condemned and sold to satisfy the lien, in whole or in part, with interest, costs, late fees, expenses and attorneys’ fees”.