Published:Friday 6:07 PM
The Supreme Court today granted approval for the sale of the business and assets of bankrupt Mystic Mountain Limited, a major tourist attraction in Ocho Rios, St Ann.
Karibukai Limited is the owner and operator of Mystic Mountain. Northjam Island Tours is the approved purchaser by the court.
Mystic Mountain, which opened in 2008, went bankrupt during the COVID- 19 pandemic.
Today’s approval by Justice David Batts now paves the way for Mystic Mountain’s receiver, Wilfred Baghaloo, to go ahead with the sale to pay its creditors.
Sky-High Holdings is the agent for the secured creditor JCSD Trustee Services Limited which is owed $1.1 billion dollars.
Mystic Mountain in September 2018 entered into a bond agreement for the value of $1.1 billion for the expansion of Mystic Mountain. The financial troubles for Mystic Mountain worsened in 2020 when the attraction was forced to close because of the pandemic.
In the meantime Justice Batts ordered Debbie Ann Gordon, trustee for Mystic Mountain, to personally pay a portion of the costs of the approval proceedings.
In separate proceedings in which Justice Batts also delivered judgment today, Gordon’s decision as trustee to disallow the security pledged by Mystic Mountain for the debt was set aside.
Gordon’s decision had the effect of preventing the secured creditor from realising its security and recovering the debt. The secured creditor appealed against that decision and Justice Batts allowed that appeal. Justice Batts set aside Gordon’s decision and ordered her to personally pay the costs of that appeal.
Baghaloo was represented by King’s Counsel John Vassell, and attorneys-at-law Julianne Mais -Cox, Trudy- Ann Dixon-Frith and Topaz Johnson, instructed by Dunn Cox.
Sky-High Holdings was represented by King’s Counsel Carlene Larmond and attorneys-at-law Dane Patterson and Giselle Campbell instructed by Patterson Mair Hamilton.
Gordon was represented by attorney-at-law Dr Christopher Malcolm.
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