LoGB resolves legal dispute

| 15/12/2008

(CNS): A law suit involving Leader of Government Business Kurt Tibbetts and MLA Alfonso Wright filed by Denny Diedrick regarding an outstanding loan has, according to solicitors for both parties, been resolved. A writ was filed in the Grand Court on 18 September by the former owner of local office supply store, Hampstead Ltd, naming Tibbetts and others in a claim for repayment of a $700,000 loan plus interest.

Broadhurst Barristers, attorneys for Diedrick, said last week that an amicable resolution had been found regarding the dispute, which had arisen as a result of a transaction concerning the sale of Hampstead Ltd a number of years ago. No details were given as to how the matter had been resolved but Samuel Jackson, the attorney representing Tibbetts and Wright, said, “We are pleased to have been able to settle in an amiable and straightforward fashion.”

According to the court documents filed in September 2002, Diedrick had made an oral agreement to sell the business of Hampstead Ltd to the three defendants for a price of $1,750,000. As part of this agreement, the defendants signed a promissory note for the sum of $700,000. Diedrick stated in the writ that the defendants had failed to pay the promissory note in accordance with its terms and they were liable to pay the full amount of the note together with interest.

While under the defendants’ management and control, Hampstead went out of business and, according to the statement of claim filed by Diedrick, they “caused the Company to default in its borrowing covenants to the Bank.”

 

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  1. Anonymous says:

     

     It all reflects the competence of an individual when one has to take the other to these extremes, to make one more accountable and responsible.

      It is a very poor reflection of personality, integrity and all, and one will assume that like the previous writer wrote, "Well Min. Tibbetts and MLA Wright, that is one monkey off your backs for now."

      However, that is not the only one, and will perhaps not be the last one that will be made, and if they are not responsible enought to take care of their ownselves, then how can they be responsible for a Country?

     

    • Anonymous says:

      Too much is being made of this which does not necessarily have anything to do with the competence or integrity of the individual. Are you seriously suggesting that the leader of the UDP has never had any legal troubles?  I am reminded of glass houses and stones.

  2. Jedi Dread says:

    It’s this type of Leadership (or rather, lack there of) that pushes CAL Flights to Washington DC, with half or less capacity instead of FULL Capacity to Honduras.

    It’s this type of Leadership (or rather, lack there of) that doesn’t push the banks to offer competitive SMALL BUSINESS LOANS to CAYMANIANS, in order to build up the local economy. And please, don’t even bother with CIDB.

    It’s this type of Leadership (or rather, lack there of) that allows the utility companies to drive up the cost of living, by using out-dated technologies to supply these Necessities to the masses.

    It’s this type of Leadership (or rather, lack there of) that doesn’t hold anyone accountable for the lack of reporting of spending The Peoples money.

    If you don’t have a handle on your personal affairs, then how in the name of The Almighty can you manange others, let alone a COUNTRY’S.

    Cayman, for crying out load, WAKE UP. Call for resignations.. get the lame ducks out of office before they allow their CONSISTENT SHORTCOMINGS to rob you blind.

    The performance of this Government reminds me of a Hedge Fund Scam,

    – Jedi Dread –

  3. lynch says:

    Once again we see transparency at work Big Wheels and big Deals which croonie will benefit from paying off this debt aaaaah boy these politicians need a rest every single one of  them needs to go

  4. Annymous says:

    Well Min. Tibbetts and MLA Wright, that is one monkey off your backs for now.  Good job that you came to a mutual understanding and settled this matter.

    Maybe you should retain these two lawyers to settle your disputes with the opposition and get this country a New Constitution.

    Merry Christmas to all the elected officials and I hope you have a good one from your suffering out here in the marshes with mosquitos etc…. constituents.

  5. Anonymous says:

    Not making good on a promissory note! Defaulting on a small business loan! Where is the competence to run this country.