Bobby Ginn: loan default & Grand Bahama Update Aug. 2008

On August 6th, 2008, V.I.P. Services organized a media tour of the Ginn sur Mer project in West End, Grand Bahama.




Be sure to watch this engaging video coverage by The Bahamas Weekly News Team as Mr. Bobby Ginn, CEO Ginn Resorts, reveals that, "There is a lot of uncertainty and a lot of rumours, and what we are going to try to do today is divide the rumours from the fact..."

Mr. Ginn goes on to say, "Up until now, it's been clean up and dig up. We've moved dirt... and moved debris for two and a half years now... That's now coming to an end... and we're going to shut up the naysayers when we put the buildings up here and move forward with that as the next phase..."

Addressing the rumours involving the company's financing, Mr. Ginn speaks specifically about the issue of a $675 million loan by Credit-Suisse that is in default.

With respect to the CS loan default, Ginn goes on to say, "It's a non-recourse loan. It's about private investors who made a private investment in it. It's not a bank loan, it's not FDIC insured," he said. "If something goes wrong, and we're continuing to assume that it's not... all the money to develop all of the facilities is in place. It's there now, it's in an escrow account, you can't get any safer than that."

Category:

News & Politics

Tags:

• bobby
• ginn
• west
• end
• grand
• bahamas
• mackeymedia
• suisse
• loan
• default

[Marinesson2136]

SO WHAT YOU ARE SAYING BOBBY ALL YOU INVESTERS GOT SCRWED NICE JOB ARE YOU STIL IN POLM COAST ARE DID YOU LEAVE THE STATES .