April 11, 2012
Craig Gomez
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$30m Gov’t guarantee delays CLICO wind-up
The transfer of CLICO (Bahamas) 14,000-strong insurance policy portfolio to a new underwriter is being held up by the protracted delay in obtaining the long-promised $30 million Government guarantee, Tribune Business can reveal.
Liquidator 'stonewalled' on CLICO affiliate owner
The registered agent for the two corporate shareholders of CLICO (Bahamas) main subsidiary refused to disclose their beneficial owners to the insolvent insurer’s liquidator unless he received permission to do so from their ultimate principal in Trinidad, Tribune Business can reveal.
CLICO'S ownership of GB firm questioned
CLICO (Bahamas) liquidator has to-date been unable to prove that the insolvent insurer is the ultimate beneficial owner of a Grand Bahama-based building supplies company, threatening his ability to sell this asset for the benefit of creditors.
Liquidator eyes suit against CLICO chief
CLICO (Bahamas) liquidator is examining whether to sue its Trinidadian principals over the company’s collapse, his US attorney yesterday confirming to Tribune Business that the insolvent insurer had gained the protection it wanted from an affiliate’s “harassment”.
CLICO liquidator faces 'stonewalling' claim
CLICO (Bahamas) liquidator was yesterday accused of “stonewalling” efforts by the insolvent insurer’s Trinidadian affiliate to obtain information relating to its $52 million claim on the winding-up process, forcing it to file a ‘motion for sanctions’ against him.
Colina drops interest in CLICO (Bahamas)
COLINA Insurance Company has dropped its interest in acquiring CLICO (Bahamas) policy portfolio, Tribune Business can reveal, due to concerns over whether supporting back office data could be successfully obtained from the insolvent insurer's Trinidadian affiliate.
'More than $40m' recovery target on key CLICO asset
CLICO (Bahamas) liquidation team is hoping to recover "considerably more" than $40 million from the liquidation of the Florida-based real estate project that accounts for 63 per cent of its assets, Tribune Business was told yesterday, with "huge interest" having been expressed in its remaining 283 acres.
US court approves $13.27m CLICO deal
The US courts have approved another restructuring of the property that accounts for 63 per cent of insolvent insurer, CLICO (Bahamas), main asset to facilitate a deal that cou
CLICO's US recovery 'aims to exceed' $50m
CLICO (Bahamas) liquidation team is "hoping to exceed" original projections of a total $50 million recovery from the insolvent insurer's main asset, due to a combination of a "strengthening" Florida real estate market and revised selling strategy.
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