The government-appointed Board of Directors of BTL held a press conference
today – their first since taking over the company at the end of August.
But that’s not the biggest news coming out of BTL tonight! The news is
that BTL says that Lord Ashcroft’s British Caribbean Bank “is seeking
to windup BTL!” If you’re not familiar with company law, you may
not know what “wind up” means. It means to end a company, cease
its operation by court order and sell off its assets. It’s usually done
to a company that is broke and cannot pay its debts – and it’s usually
done by the bank or agency that is owed.
And that’s just what the British Caribbean Bank says has happened. The
Bank maintains that BTL owes them US$25.172 million which comprises the much
discussed loan of $22.5 million and the balance in missed payments. BTL issued
a release this afternoon saying that it considers the loan unlawful and void
– and that’s why it’s not paying and won’t pay.
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