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U. S. charity's exposure to collapse of Ritz-Carlton, Grand Cayman may exceed $400 m

September 10, 2012 by David Marchant

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  • The Marvin M. Schwan Charitable Foundation is co-guarantor for a $233 m loan that is in default
  • The charity also invested and/or loaned more than $200 m for The Ritz-Carlton, Grand Cayman development
  • Lender RC Cayman is currently only suing one guarantor, developer Michael Ryan, and not the charity

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A religious charity in the United States - The Marvin M. Schwan Charitable Foundation - appears to have potential liabilities of more than $400 million due to the financial collapse of The Ritz-Carlton, Grand Cayman development, OffshoreAlert can reveal.

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