Joseph Marzouca

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    Leadenhall Bank’s insolvency estimated at $11.3 m

    Bahamas-based Leadenhall Bank & Trust Ltd., which was closed down by regulators seven months ago, may be insolvent by more than $11 million. That was the glum news for creditors in the first report of liquidator Craig A. (Tony) Gomez on December 9, 2005. On paper, the bank had shareholders' equity of $1.6 million as of October 3, 2005, with assets of $29,864,139, including $20.4 million in cash, and liabilities of $28,235,807. “However my review has revealed that the balance sheet includes loans and past due credit card receivables totaling $6.6 and $6.3 million, respectively, and that both balances are either unsecured or inadequately collateralized,” stated Gomez in his report.

    Cayman resident Delroy Howell accuses Miami airport security of ‘false arrest’

    A civil complaint in which a Cayman Islands-based businessman claims he was falsely arrested in the United States is due to go to trial on October 31, 2005. Delroy Howell, President of Cayman-based money transmitter First Financial Caribbean (Holdings) Ltd., is seeking unspecified damages against Argenbright Security Inc., of Georgia, USA.

    Offshore credit-card holders await refunds as litigation drags on in the Bahamas

    A bitter legal dispute is taking place in the Bahamas over the refunding of millions of dollars to people who held offshore credit cards issued by Leadenhall Bank & Trust Ltd. Bahamas-based Leadenhall and First Financial Caribbean Trust Company Ltd., a licensed trust company in the Turks & Caicos Islands, each claims the other holds security deposits that are owed to card-holders.