TravelTalkOnline Forums Travel and Vacation Forums St. Maarten - St. Martin Indigo Bay Developer Goes Bankrupt

We passed this construction last week and commented how it had progressed. Thought it wouldn't go the way of many projects on island; guess we were wrong.

I can't say I'm surprised, in general, but they had been advertising in the Daily Herald until really recently, including ads saying how the project survived virtually unscathed from Irma, according to them. I hope that no one bought in, as a result of those ads!

That's interesting how island bankruptcy works. The entity doesn't file for bankruptcy, you are filed AGAINST and declared bankrupt.

It can work same way in US, of course. A creditor can file an involuntary petition in bankruptcy against a person or entity. It usually is an indication that things look so bad that the creditor has given up on debtor's ability to do anything other than make things worse. It also can lead to some very nasty and expensive litigation - although not always.

Cool!

TTOL...always teaching me something.

There are two parts of the development . It's not completely belonged to one party.

Wasn't that originally owned by the family that built Pt. Pirroutte and Rainbow?
Can't remember the name now. Marc was who we dealt with at Rainbow......
I remember the patriarch had a very strong personality.
I guess they sold Indigo to another entitiy.

Would that have been Errato or Onorato or something somewhere in between? The name and reputation leaves a very sour taste in a lot of mouths if that's the same person.

No it wasn't the Erato's . Another American and some big locals. The American side went belly up.

Erato started Red Pond over near Guana Bay and walked from that one. I have been told he is in Anguilla and will be arrested if he returns to SXM.

Oh those Erato's!

http://smn-news.com/st-maarten-st-m...rrest-son-of-well-known-businessman.html

Even on Anguilla with Turtle's Nest he runs into problems.

Yes! Marc Erato. Dealt with him when we bought penthouse at Rainbow and his Daddy built in front of us.
Marc did get us our money back.
And yes, the project in Cupecoy is Rainbow and the project in Red Pond was Aquarius. Lot's of people got ripped off there.
Somehow thought he was connected to Indigo somehow. Hmm.

This is always sad for those people who are already committed and can now lose a lot of money. In the article it said that those partially complete houses now need to find another contractor to finish their homes. With all the rebuilding going on because of Irma, I bet building supplies are scarce and expensive.

Speaking from experience, here in Florida right now, times two!!! Shingles cost twice that they did, pre Irma, and getting someone to work on your house??? Only (somewhat) priceless!!!!

Daily herald article.

Wow is this confusing.

https://www.thedailyherald.sx/islands/74742-indigo-bay-estate-and-indigo-green-not-bankrupt

Aren't there price gouging laws? Or ethical corporations (maybe Home Depot) that maintain consistent pricing policies?

Theoretically, if you want to wait about 12 months. Home Depot, as far as I know, and other companies like Lowe's, don't actually have people that do work like this They contract with local contractors to do the work.

Oh, I'm sure labor is crazy. I was referring to the price of goods such as shingles.

Correct and getting any kind of labor it tough as it has become to easy not to work.