casinojoe74

Comments

OldFort2012 7 years, 8 months ago

I feel for you, I really do. But I would suggest you get some proper legal advice before you waste good money after bad. You might be under the impression that insolvency and bankruptcy laws were violated. They were not. Let me explain: You are owed money by Sarkis's company, which has no cash or any other assets and an outstanding liability towards Exim Bank, which the mortgage on the property did not cover in its entirety. The Chinese took the property which was collateral for their loan and sold it on. The difference between the loan amount (with all interest, piling up daily) and the sale price is still owed to them. The Chinese (to appease the Government of the Bahamas, no doubt) then put some money in another entity and BOUGHT the claims of some (Bahamians) but not others (foreign entities & individuals). This is perfectly legal. Hardly moral, but legal. There is no law in this world which stops an unrelated entity from offering to buy some claims and not others. They simply did not offer to buy your claim. Nor do they have a reason to. Imagine now that Sarkis put some equity into his company. The overwhelming majority of that money would go to Exim Bank, as they are still owed billions. You would get crumbs even under this very unlikely scenario. What you would need to prove in a Court of Law is COLLUSION between Exim Bank and The Government of the Bahamas to defraud. You would need to prove that the whole construct was agreed upon simply and solely to defraud the foreign workers of outstanding claims. This is near impossible for a number of reasons. The Bahamas could simply refuse to appear before a foreign court. The Chinese would argue, rightly, that they have lost billions. Case dismissed. Take proper advice and only sue if your lawyer will do it on a % of recovered assets, with no retainer.

Sign in to comment