The joint liquidators of the Stanford Development Company have given the owners of the Observer Media Group notice to move out of the building that they currently occupy.
Since 2012, the newspaper, radio stations, and printery have operated out of the building once owned by fraudster Allen Stanford.
However, CEO of the OMG Darren Derrick announced moments ago that he received a notice on Friday informing him that the company must move out within three months.
The notice to quit from the liquidators, read by Derrick on-air indicated that the building was sold.
OMG is to leave the building by October 31st but Derrick said “that’s a near impossibility” and intends to ask for an extension.
He said the news is not good for the company after it spent over 2 million dollars renovating the property.
Derrick said he made efforts to purchase the building but said the representative of the liquidators refused to communicate.
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Why, Why would you be spending such huge sums of money $2,000,000 to renovate a building that does not call you owner. Added to that you stated you were having a difficulty communicating with the liquidators! Very strange and you spent how much again? Permission must be sought and granted from the owner of any property before any type of structural work can be done.
I thought you had more Grey matter than that.
Questionable Im QUITE SURE that would have been sum totalled over the 6yrs to retrofit for the purpose of operating. Equipment, special walls and different specifications I’m sure had to be me to be FUNCTIONAL. Talk about grey matter USE YOURS
Does it hurt when someone questions your honesty.
Well I for one certainly doubt it. That building was cut out for that type of operation. You went in there with little or no modification, And the printery was in the same state. So while you are throwing figures for our consumption try to back them up rather then to feel insulted about your GREY MATTERS. Obviously we are using ours to question whatever it is you would like us to believe.
Spin doctors.
Antigua Newsroom no badda spin this wan too.
wow! What about the shares OMG was selling to the public to try and save the company? This news must be seriously unsettling for the employees as well. wow!
I think the shares were for the company name “Observer Media Group of Companies” not for the building.
Why the company is not going out of business. They are just relocating. Perhaps Mr. Ryan will give them a sweetheart deal once again. They are his favorite station anyway.
Old people always say “tap watch you neighbuur fig tree and watch fu you”
While they “reported” stories to undermine the gov’t, their business was getting away from them. I don’t blame the reporters, I blame Byron Derrick and Cecelia. Winston must be rolling over in his grave. All the way to the Privy Council and now greedy family members have run OMG into the ground. RIP Winston Derrick.
Observer is fake news any way.
OMG there is a saying when your neighbour house on fire wet down your own. Poor Winston bone mussa ah bite for how Darren run his life work and legecey into thw ground.
When the local receiver’s representative does not return your calls your lawyer writes a letter directly to the receivers and copies the local representative. When a lease ends where expensive leasehold improvements have been made it is important to 1. renew the lease if at all possible. 2. if not 1. then make an offer to buy the building directly to the receivers. The receivers have to take any reasonable offer, that is their job. The local representative is clearly not to be involved when the political environment gives him an automatic conflict of interest.
The leasehold improvements should be addressed in the original lease so they may in fact be removed and reused elsewhere if practical in accordance with the terms of the lease. Hopefully the original condition and all changes made have been documented.
All of that said I smell a very large rat in all of this. I would go directly to the receivers and challenge the validity of the apparent sale without offering it to OMG, especially in light of the lack of a response from Mr Boustany. You never know, Boustany may never have advised them of OMG’s interest in purchasing the property and that is a real NoNo. Very big No No. Good luck. Time to wake up your lawyer and get him on the case.
You know it is sad when we do not practice what we preach. Transparency alone would have it that OMG place for public scrutiny their lease agreement to show whether or not the receivers acted according to the letter of the agreement. I am pretty sure the receivers would not want to be dragged to the court for failing to adhere to the agreement. They have tried to avoid on every case to have to defend the estate in a court of law. That is why they said they settle with Mekeda and gave her an entire hangar as part of an out of court settlement, next I can bet you any receiver going into a lease of a property will make sure that the lessee understand that this is a temporary lease as their mandate is to liquidate the estate not to operate it. And if OMG had negotiated a acceptable selling price I am sure they would have entertain this offer, because it would only be in their interest to liquidate as much properties as possible,
Next the receiver have no obligation to tell the OMG who the buyer is. if this buyer doesn’t wish to be in the public domain.
But here we have it. Trying to make the receiver look like the big bad wolf in the public eyes. When WICB bought the Sticky Wicket, Athletic Club and Parking Lot they also informed the tenants that they will have to vacate the property. At this moment the swim club is struggling to find an alternative pool to practice, But they don’t have a paper to print stories to call the receiver all sort of ills.
It is not like it’s the end of the game. You sure will find another building to get into. And perhaps the new owner can grant you an extension but surely not the receiver. They are following the contract I am pretty sure, THREE MONTHS. OUT
And on another note this should actually be a welcome development for the OMG. The Stamford property was just a too large overhead for the operation. We have seen how they struggled to keep the doors open. They ever cut down the daily printing of the newspaper. So it works for good if you ask me. Maybe you can go back into your old factory shell. Or any other that is laying there bare waiting for an occupant.
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