And, while Atlantic Bank says it has a lot to back up its deposits, the bank's release does not address significant allegations made by the Stake Bank group, Including one that its receiver "up-stamped" the mortgage securing Atlantic's 60 million dollar debt.
Of course, this is just one of many sinister allegations of misdeeds coming from both sides.
Another has to do with the claim of fraud - that Mike Feinstein defrauded the bank and investors by making shady moves with Stake Bank's asset. Jules Vasquez looked at one of the allegations:
Who will own Stake Bank? The Atlantic Bank and its related investors? Some foreign cruise line? Or will Michael Feinstein return in glory to ownership? Even the other Michael - Michael Ashcroft - has expressed interest in buying it.
The future remains uncertain. Right now, the bank and the group of investors are reportedly trying to salvage it to make it operational and revenue earning while the receiver, Marlowe Neal - is trying to figure out what he has to work with. Reports say it's not much and this letter from Neal to Mike Feinstein shows him trying to recover all the pieces.
He wrote to Mike Feinstein on April 8th demanding the return of a dozen company-owned vehicles. Neal says, according to his records, the 12 vehicles listed are the property of Stake Bank. They include late model Lexus's and a Toyota Land Cruiser - vehicles valued in the hundreds of thousands of dollars.
One week later, Feinstein's attorney from the Marine Parade Law Chambers wrote back to Neal saying that 8 of the vehicles, quote, "were purchased with our Client's personal funds and were registered in SBEL's name for the sole purpose of allowing our Client to benefit from duty free exemptions held by SBEL. These vehicles are therefore his personal property and not subject to return to SBEL."
That's a pretty bold declaration of questionable use of a development concession. But, undaunted, the attorney adds that SBEL simply holds the ownership of these vehicles in trust for Mike Feinstein and Feinstein is, quote, "under no obligation to deliver these personally owned vehicles to SBEL's compound."
We understand this struggle to recover assets extends also to heavy equipment owned by SBEL - but not in its possession.
There are many more money mysteries to be unfurled on both sides, and we continue to follow them.
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