Money to satisfy a $55,000 debt owed by Holy Cross MP Sidney Stubbs that led to him being declared bankrupt, “is on the way,” according to a supporter of the embattled former chairman of a Government corporation.
“The money is on the way,” Earlin Williams, a one-time consultant to the Bahamas Agricultural and Industrial Corporation (BAIC) once chaired by Mr Stubbs, told the Guardian in a telephone interview on Monday.
After the Supreme Court last week declared Mr Stubbs bankrupt in light of an unfulfilled $55,000 promissory note, on Sunday Opposition Free National Movement leader Senator Tommy Turnquest at a press conference called for Mr Stubbs’ resignation.
However, according to Mr Williams, the Holy Cross MP has no intentions of giving up his seat.
$123,000 owed
According to Mr Williams, a total of $123,000 (inclusive of court costs, attorney fees, and interest on the principal amount) is owed to Gina Gonzales, the daughter of deceased businessman Cecil Gonzales, as a result of a 1997 fund-raising initiative.
Mr. Williams said that Stubbs’ attorney, Charles Mackay of the Mackay and Moxey firm is in possession of a certified bankers draft, and has consulted Ms. Gonzales’ attorney regarding the transfer of the funds and the lifting of the Court bankruptcy order on Mr. Stubbs.
Late Monday, according to Guardian sources the writ in the matter was marked “settled”, indicating that the debt had been paid.
Cabinet meeting
Mr. Stubbs also reportedly met with Cabinet members on Monday afternoon to advise the status of the matter.
“He has no intention of resigning,” Mr Williams told the Guardian. “His lawyers are now in the process of going before the courts to have the bankruptcy order discharged and we expect that to happen momentarily. Counsel for the other side are satisfied that the monies are in hand. The funds are on their way to them.”
Campaign funds
Mr Williams said that the indebtedness arose in 1995 when former Prime Minister, the late Sir Lynden Oscar Pindling was assembling a team of “new” Progressive Liberal Party candidates.
He said that Mr Stubbs headed a “Consultative Group”, and had himself been been given the “nod” to contest the Fort Fincastle seat for the PLP.
He said the group made a recommendation to Sir Lynden that the best way to publicise the PLP’s “new thrust” was through the electronic media, and it was agreed that $110,000 needed to be raised to produce a video documentary to advance the idea.
Mr Williams said that the Consultative Group signed a promissory note with Mr. Gonzales’ daughter outlining how the funds would be reimbursed, including from sales of the videos.
However, the venture produced little income and the PLP lost the 1997 General Elections to the Free National Movement (FNM).
According to Mr Williams, “Mr. Stubbs broke ranks with the PLP (in 1997) and ran as an independent in Centreville. Having left the PLP, and having signed the promissory note, I think Mr. Stubbs took it upon himself to say that this was the PLP’s bill, and they didn’t give him the nomination…”
He said the split came about following a boundaries revision in the Fort Fincastle constituency, that made it a part of Centreville, that the party’s former deputy leader, now Prime Minister Perry Christie contested.
“So Mr. Stubbs comes along in 2002, rejoins the PLP, gets the nomination and wins his seat,” Mr Williams continued, with Ms. Gonzales “still pursuing him in the court for payment on the $55,000 promissory note.”
In November, 2003, Mr Williams said, Mr. Stubbs paid Ms. Gonzales $10,000 on the bill, even after he had resigned his post at BAIC, and making plans to resume his former profession as a financial investment consultant.
But, Mr Williams said, “The political daggers were drawn and hence, Ms. Gonzales and her attorneys were successful in beating him to the wire by obtaining this bankruptcy order. But the whole genesis of this stems from Mr. Stubbs, in a political capacity, attempting to create a message for the new PLP.”
Vanessa Rolle, The Nassau Guardian
