Issue 219 iCommunity New Caymanopoly game launches Page 3
iBusiness Cayman National Supports the 50-50 Conference Page 17
iSports Tributes after skier dies Page 22
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CAYMAN Governor launches new Cayman website Page 6
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WEDNESDAY | 14 MAR 2012
OWNERS LOSE CONTROL Ritz-Carlton property in receivership
Youth shine in Parliament Page 8 Early childhood celebration evening
tad.stoner@ieyenews.com
Continued on page 5
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Photo by Christopher Tobutt
Tad Stoner The owners of the Ritz-Carlton Grand Cayman lost control of the hotel and condominiums on Monday when the four companies that control the property went into receivership under KPMG international accountants. The move came 24 days after a 28 February Grand Court writ filed by RC Cayman Holdings, a Delawarebased company which acquired a debt of approximately $250 million in May last year from a Credit Suisse subsidiary. KPMG on Monday named the four controlling companies as Cesar Hotelco (Cayman) Ltd; CondoCo Grand Cayman Resort Ltd; Cesar Properties Ltd; and CondoCo Properties Ltd. The RC Cayman suit, which sought both to recover the debt and to prevent other defendants from interfering with those efforts, named
Government wants $50m in new money
Page 8 Arroyo husband’s arrest ordered in bribery case Page 15
Sea swim meet at Governor’s beach Page 24
Green-fingered kids (L-R)Emma Kimball, Jaylan Lopez, Mario Moya, and Angelie Bodden How does the garden at George Town Primary School grow? Very well thanks to these green-fingered youngsters. The children learn all about planting, tending and growing vegetables as part of their school work.
The garden is packed with blueberries, corn, mint chives and egg plants to name but a few. And better still – once they see the fruits of their labour they get to eat them for dinner! Full story on page 4
TODAY’S WEATHER CHANCE OF SHOWERS HIGH LOW 83°F 74°F