Court appoints appraiser to determine fair value of Mullet Bay
PHILIPSBURG -- The Common Court of Justice will appoint Greg Becker of the Canadian real estate management company Colliers as appraiser for providing an advice about the fair value of Mullet Bay.
Collier was established in 1976 and is headquartered in Toronto. The company has around 19,000 employees in 400 offices in 66 countries. Colliers’ annual revenue is $4.5 billion and it has $98 billion worth of assets under management. Greg Becker is an associate managing director for West Palm Beach and the Caribbean.
The court decided to appoint the appraiser because the parties disputing court rulings about insurance company ENNIA could not find common ground.
Hushang Ansary, Abdallah Andraous, Ralph Palm, Parman International, Nina Ansary and Gijsbert van Doorn initiated a lawsuit against ENNIA in which they contest previous court rulings but the court dismissed all their requests for a revision.
The court ruled on September 12, 2023, that it needs expert advice about the true value of Mullet Bay to determine whether dividend payments and payments to supervisory directors between 2009 and 2015 were lawful. The true value of Mullet Bay will determine the financial position of ENNIA at the time when those payments were made.
The law states that such payments are prohibited if a company’s capital is negative or could become negative because of these payments.
There is also a dispute about the value of Ennia’s 40 percent stake in Stewart and Stevenson. According to Ansary that value is $79 million, while experts come up with a completely different number: $247 million.
The court ruling, dated June 18, points out that omitting an objective valuation of Ennia’s stake in Stewart and Stevenson is unlawful and obliges those responsible for it to pay damages. To determine those damages, the court assumed a value of $233 million.
Parman International told the court that, due to the willingness of St. Maarten, there are no limitations for the development of Mullet Bay. If this is correct it will have an effect on the property’s value (and by extension on the lawfulness of dividend payments) and therefore the court will ask the appraiser to investigate this issue.
The court will appoint Becker during a court hearing scheduled to take place on September 24. It will set a deadline for his report at a later date.
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