Moss takes loss on Bahamas

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The judgment is tied to personal guarantees Moss made on the developmenf of ChubCay Club, a resorg and marina. BA Chub Cay LLC, an affiliate of Blackacre Capitakl Management, received the summary judgmentg against three investorsin U.S. District Court for the Southernh District ofNew York. The awar d covers the $16 million principal and $8.2 milliob in interest. The judgment was against Moss, Walter McCrory and the late Kaye Pearsonm for a loan made to the luxuryu Chub Cay Club developmentt inthe Bahamas. Moss said in a news release that he, and not his constructionj company or any otherbusinesa interest, is responsible for the loss.
He said the resort should be a success once the economyturnss around. “The economy in the Bahamas is drivenbby tourism,” Moss said in a phone interview. “Fewer people are spending discretionary money doing those thingesright now. It’s not just the Bahamas, and not just Chub Moss said the economy delaye d a possible sale of ChubCay Club, anticipated in 2008, and dramatically slowed real estate sales on the Chub Cay Club is operatingv as a resort with customs, an air strip, a full marina and restaurant under a receivetr appointed by the Bahamian government.
McCrory and Pearson were amonv 41 local community investors who purchaseethe 1,000-acre island in 2004 and developer a marina with more than 100 slips, according to a news The development’s pool and first 16 luxury oceanfronft homes have been completed.