Attorneys for the Trinidadian affiliate of CLICO (Bahamas) are seeking to examine liquidator Craig A. ‘Tony’ Gomez, in what was described as a bid to prevent the $10 million recovered to-date from its main asset being “upstreamed for the benefit of Bahamian policyholders”.
Documents filed on Wednesday in the south Florida district bankruptcy courts, which have been obtained by Tribune Business, disclose that Colonial Life Insurance Company (Trinidad) and its attorneys have issued a subpoena to examine Mr Gomez, the Baker Tilly Gomez accountant and partner, under oath on June 26, 2012.
They are also seeking, by June 12, 2012, a variety of documents involving CLICO (Bahamas) and its wholly-owned subsidiary, Bahamian-domiciled CLICO Enterprises, plus Wellington Preserve, the Florida-based real estate project that accounts for 63 per cent of the former’s total assets.
In particular, documents relating to a $52.573 million promissory note, documents detailing CLICO’s positioning in relation to Wellington Preserve’s bankruptcy, information on offers received for Wellington Preserve’s real estate, and copies of all documents and communications between the insolvent Bahamian insurer and its affiliates over how the initial $10 million recovery from Wellington Preserve.
