Supreme Court approves sale of Mystic Mountain

 

The Supreme Court has approved the sale of Ocho Rios based attraction Mystic Mountain.

 

The oral judgment handed down by Justice David Batts on Friday, grants the Receiver Manager (and former Trustee) of Mystic Mountain Wilfred Baghaloo, approval to sell the firm.

 

The court ruled that the sale includes all assets and leases held by Mystic Mountain.

 

Dr. Christopher Malcolm represents the Bankruptcy Trustee in the matter. 

 

"In short, what the judgment determined is that an application for sale has been made, can proceed, and it having been so determined, it is now for the trustee to consider the best interest of the estate as well as the 200-plus creditors involved and how it is that the matter is to be taken forward," he said.   

 

Sky-High Holdings is listed as the main secured creditor, which is owed more than J$1 billion.

 

Radio Jamaica News was informed that this accounts for between 70 to 80 per cent of the sum owed to creditors by Mystic Mountain.

 

More than a hundred unsecured creditors are also involved.

 

"I believe in some ways the court is agreeing that due process was followed and as such I should proceed in concluding the sale agreement. I'd like to thank the creditors and the workers and they are preferred buyer for their patience because they've been waiting for almost a year for us to have a definitive way forward. And now that we have a definitive way forward, hopefully the creditors should be in a much more happy position by the end of this calendar year," Winfred Baghaloo told Business Reporter Javaughn Keyes following the court ruling. 

 

Mr. Baghaloo did not disclose the name of the secured buyer of the attraction, nor the value of the sale.

 

The written judgment is expected in a matter of days.

 

The Court also ordered the Trustee, Debbie-Ann Gordon to incur a number of costs.

 

When asked about this, Ms. Gordon said it is an unusual order, as by law, costs are for the estate.

 

She said if this were general practice, trustees would be intimidated when it comes to challenging irregularities in bankruptcy proceedings.