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Ritz-Carlton, Grand Cayman's balance sheet shows insolvency of $340 m, court told

September 26, 2012 by David Marchant

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  • Despite project's financial problems, Michael Ryan received net cash of $10 m from 2005 to 2012, say Receivers
  • Ryan's firm, Orion Developers, allegedly took out $34 m from 2007 to 2012
  • Judge denies Ryan's application to have Receivers pay his legal bills

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The Ritz-Carlton, Grand Cayman development appears to be insolvent by at least US$340 million, developer Michael Ryan and one of his many firms took out more than US$44 million from 2005 to 2012 in circumstances that are under investigation, and the "best hope" for unsecured creditors is a dividend of 2.5 cents on the dollar, according to information in a court ruling issued yesterday.

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