Dear Editor,
Facts are stubborn things. The developer, Aquarius Co. Ltd., is still wondering who the 13 plaintiffs are who have instigated the bankruptcy case, unless you count family relatives other than husband and wife and further include those buyers who defaulted over one year ago and are no longer part of the equation.
When all else failed, buyers of the (six) condos in question decided to try bankruptcy; however, they had a few major obstacles to get over, like facts!
Obstacle #1 – Aquarius Co Ltd. development is not in debt and has no open invoices.
Obstacle #2 – A recent appraisal, by an extremely conservative appraisal firm, has the Aquarius project valued at US$20,000,000 plus an additional 2,000,000 poured into the development since the appraisal, which was made (three) months ago.
Obstacle #3 – 67 contented Aquarius condo buyers out of 73 are delighted with the Aquarius project and are going forward with enthusiasm and support. (Should 67 solvent buyers be cast aside for six condo disgruntled sales, half of which are in payment default themselves?)
Obstacle #4 – The plaintiff's claim that the Aquarius development has been at a standstill is the ultimate myth. It is correct that the project slowed down due to the defaulting buyers, but was never at a standstill. The progress alone over the course of the last year tells the story. Exterior and interior finishes go forward at full speed. 28,000 square feet of tile works to the interiors, with new construction coming out of the ground daily.
Obstacle #5 – Websters Dictionary (which should be known to most North Americans) describes the meaning of the word "Bankruptcy" as "Any insolvent debtor unable to pay creditors and judged insolvent by a court of law".
The Aquarius development is an extremely important staple for St. Maarten's economy especially since other less fortunate projects have sadly failed due to the down turn, mainly in the U.S. economy, where the purchases of second homes in the Caribbean are put on hold.
If the current litigators are having a difficult time coming up with due payments, this can be, considering the times, understandable, but to employ our court system with the ill-placed bankruptcy charge is to discredit their own claim while attempting to use the St. Maarten court system as a vehicle in a manner, which unfortunately, mirrors their ill-guided method of relief.
The developer encourages all Aquarius buyers to maintain a dialogue with the developer where occasional differences, by few, can be worked out prior to the employment of extreme ill-suited methods.
The Erato family have been living in St. Maarten for 46 years and have been responsible for some of the island's most important and substantial developments including the development of two of St. Maarten's most important schools for advanced learning, The Dr. Montessori School for children and the Caribbean International Academy (C.I.A.) for young adults. They have also built and donated St. Maarten's first tourist building in Philipsburg.
Aquarius Co. Ltd.
The Erato Family
