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| Borrower | Skylight Maritime Limited | |
| Loan | A $3,300,000 - three-year loan with interest at 15% for the first year, and 18% for thereafter. | |
| Collateral | A first maritime mortgage lien on the motor yacht "RAMA" together with a first mortgage on the ro-ro vessel MAYA EXPRESS (formerly Agia Galini). | |
| Guarantors | George Sigalas, the borrower's owner. | |
| Purpose | The Borrower chartered the ship Enchanted Capri (which we own) with the intention of putting her in first class condition and entering into an agreement with the cruise operators Sea Escape to run a cruise to nowhere out of Miami. The additional vessel was intended to run freight from the East coast to the Caribbean | |
| Exit strategy | The borrower planned to repay us from the profits of these ventures | |
| Outcome | The borrower had totally miscalculated his cash requirements
and defaulted on the charter of the Enchanted Capri before completing the upgrade
works. We took possession of the ship.
The Rama was arrested in Greece at our instigation but broke arrest and fled. She was eventually traced to Turkey and arrested there. We will sell her shortly. The borrower abandoned the Maya Express in Haiti, where she was seized and sold by a local magistrate who (we believe) had no jurisdiction. Our attempts to obtain possession were ultimately unavailing. The guarantor and owner of the borrower has died, and turnes out to be less wealthy than he represented. We hope to get most of our money back from this imbroglio, but the only certainty we have is that lawyers in three continents are enjoying the fun. |
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