Without a Grave

TWENTY-FOUR

EL MIRADOR LAND CORPORATION, DEVELOPER OF THE TAMARIND TREE RESORT AND MARINA, AN EXCLUSIVE BAHAMIAN ISLAND RETREAT FOR THE SUPER-RICH, SAID IT FILED FOR BANKRUPTCY AFTER FAILING TO SECURE NEW FINANCING, DEMONSTRATING THAT EVEN THE RICH CANNOT ESCAPE THE COUNTRY’S CURRENT ECONOMIC TROUBLES. SPOKESPERSON GABRIELE MUELLER SAID THE CORPORATION FILED FOR CHAPTER 11 PROTECTION WEDNESDAY IN FEDERAL BANKRUPTCY COURT IN TEXAS. THE MOVE CAME JUST TWO MONTHS AFTER THE RESORT SUFFERED EXTENSIVE DAMAGE IN HURRICANE HELEN WHICH SWEPT THROUGH THE ABACO ISLAND CHAIN IN SEPTEMBER.IN A STATEMENT TO THE ASSOCIATED PRESS, THE CEO OF EL MIRADOR LAND CORPORATION, RUDOLPH MUELLER, DEVELOPER OF THE TAMARIND TREE RESORT, SAID HE HAD BEEN UNABLE TO SECURE FINANCING ARRANGEMENTS WITH ITS CREDITORS AND BONDHOLDERS. THE COURT FILING SAYS THAT TIGHT CREDIT MARKETS HAD MADE IT DIFFICULT TO RAISE MONEY TO PAY OFF DEBTS AND MAKE NEEDED REPAIRS TO THE RESORT. HE PLANS TO REORGANIZE ITS FINANCES AND EMERGE FROM BANKRUPTCY ‘AS SOON AS POSSIBLE,’ THE STATEMENT SAID.OPENED IN EARLY 2008, THE RESORT HAD BEEN PLANNING AN EXPANSION WHEN THE CREDIT CRISIS HIT WALL STREET. THOSE PLANS, AS WELL AS PLANS TO DEVELOP OTHER LUXURY RESORTS IN SOUTH AMERICA AND THE CARIBBEAN ARE NOW ON HOLD PENDING RESOLUTION OF EL MIRADOR’S FINANCIAL WOES.The Dallas Morning News, Oct. 16, 2008, P. A1