Insolvent Bahamas insurer sues former directors over ‘dubious’ Florida property deals

Highlights

• Agreement to acquire 6,000 acres in Florida rendered BAICO 'immediately insolvent'
• BAICO allegedly agreed to pay $295 m for land that owner was willing to sell for $200 m
• BAICO allegedly agreed to pay a "fee" of $75 m to intermediary Charles Pratt
• Directors 'knew deal was financially terminal to BAICO' before they entered into it, claims insurer's judicial manager
• Directors allegedly ignored several "red flags" and "clear evidence of deception" when pursuing the deal