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Current article about Prosser bankruptcy
Global Bank of Commerce, in Antigua, is one of the biggest fish, with Springel seeking $3.9 million. In that instance, Prosser made Vitelco borrow more than $3 million from Global Bank, pledging Vitelco assets as collateral. He then used the funds from the loan not for Vitelco, but to pay off a loan he received from ICC to purchase a multi-million-dollar Palm Beach mansion. Thereafter, Prosser had ICC make all of the payments on the note, in essence using Vitelco money and collateral to buy himself a mansion.
I never liked Prosser, but it is amazing what he pretty much got away with. I bet that house is untouchable in Florida too, and doesn't Prosser have someone living in it?
Edit: why isn't the IRS on his butt too?
Posted : November 22, 2011 5:17 pm
It's fairly obvious to everyone that the Source online newspaper has an agenda against Prosser. Their constant reporting on this man is beyond ridiculous. The Source is a joke of a newspaper and has no credibility.
Posted : November 22, 2011 10:16 pm
Thanks Cruz, for putting it straight.
Has the Source run one story on the fraudulent election system? Nooooooo
Posted : November 23, 2011 3:51 am
What fraudulent election system? Do you think the Daily News cares about anything like this?
Posted : November 23, 2011 1:55 pm
Why isn't the IRS on Prosser.
Because he probably elected to pay taxes in the USVI and the BIR doesn't have the resources or smarts to audit and track Prosser's income given all his elaborate schemes.
Posted : November 23, 2011 3:44 pm
It's fairly obvious to everyone that the Source online newspaper has an agenda against Prosser. Their constant reporting on this man is beyond ridiculous. The Source is a joke of a newspaper and has no credibility.
Are you kidding me? Prosser is a billionaire who committed numerous serious felonies. He caused serious hardship for a great many people and for the island as a whole. Repercussions from his crimes are still being felt throughout St. Croix. Reporting on him is PRECISELY what a good local newspaper should be doing.
What are you, his mother?
Posted : November 24, 2011 5:43 pm
Prosser investigation by USAG has been released, a copy of the move to end any further investigation by USAG can be found at STT District Court.
Prosser has been found to have committed NO BANK FRAUD as originally charged.
Our VI government will be returning Prosser his business & assets.
Our GVI set Prosser up in order to take control away from him so that the GVI could set up thier own company to control the broadband initiative. Watch & listen as this unfolds.
Posted : December 2, 2011 12:57 pm
A link will be posted for viewing the actual letter as soon as it is online.
Posted : December 2, 2011 1:20 pm
Prosser investigation by USAG has been released, a copy of the move to end any further investigation by USAG can be found at STT District Court.
Prosser has been found to have committed NO BANK FRAUD as originally charged.
Our VI government will be returning Prosser his business & assets.
Our GVI set Prosser up in order to take control away from him so that the GVI could set up thier own company to control the broadband initiative. Watch & listen as this unfolds.
There may be no bank fraud, but how can it be legal to borrow $600mil and not pay it back?
Wouldn't you like to understand what the RTFC was thinking when they kept loaning ICC all that money? http://www.rtfc.coop/
The Broadband Stimulus program was not even dreamed of when Prosser declared bankruptcy, personal and ICC.
I thought all the bankruptcy proceedings were in Federal court, the GVI has no say in the matter.
Posted : December 2, 2011 1:23 pm
No intetest? GVI persons were caught auctioning off Prosser possessions through Christie's Auction House. Christie's did not take that one sitting down.
Posted : December 2, 2011 1:45 pm
It's fairly obvious to everyone that the Source online newspaper has an agenda against Prosser. Their constant reporting on this man is beyond ridiculous. The Source is a joke of a newspaper and has no credibility.
Are you kidding me? Prosser is a billionaire who committed numerous serious felonies. He caused serious hardship for a great many people and for the island as a whole. Repercussions from his crimes are still being felt throughout St. Croix. Reporting on him is PRECISELY what a good local newspaper should be doing.
What are you, his mother?
I'm just seeing this reply. What felonies were he convicted for? Please expound upon the "serious hardship" and repercussions that he has caused. Don't just make blanket statements.
What are you, a Source employee?
Posted : December 2, 2011 10:49 pm
If anybody on this forum is going to stick their necks out and defend Prosser then I'd suggest they actually go through the continuing saga as reported over a few years now by the Source - and in lesser detail by the Daily News (remember that during the first brunt of this melee, the News was owned by Prosser) - and then make an informed decision based on fact as to the damage he caused to the people of the Virgin Islands. It's easy to sit back in ignorance and rely on hearsay but no excuse when the facts and the citations are right in front of your nose if you just look for them. Prosser and his team of attorneys have filed appeal after appeal and just about every one has been knocked down but they continue on. The good news is that the money is running out - money which he blatantly stole.
Posted : December 5, 2011 11:48 am
The serious hardship he expounded on our community is that we cannot competitively entice information based businesses to locate here with the substandard infrastructure that Innovative has for providing phone and internet services. In the states you can internet speeds in the 10's up to 100mbps now for under $100 per month, here you will pay 10 times that for 10 times less speed.
My understanding is that Prosser borrowed $600 million dollars from NRTC that was supposed to go to giving us an infrastructure that was competitive with what is in the states and instead used that money to live a lifestyle that few of us will ever be fortuanate enough to live. That money came from the phone bills of every person and business in the US as there is a fee paid to the NRTC on every line. It was designed ensure that rural areas such as ours have adequate communications infrastructure, not fuel up Prosser's 727 jet.
Hopefully the broadband initiative will work out and we can get to a reasonable level of internet service. The change we have seen in the world from manufacturing based engines of economic growth towards information based work is a huge opportunity for the Caribbean. The geographic isolation of the islands is no longer a barrier to producing the high valued "goods" that the world demands. But one prerequisite to being able to take part in these new econimic engines is fast and reliable internet connectivity with which to exchange information with the world. Without this (along with a few other things that would be OT) we will miss this opportunity to better ourselves economically. The damage Prosser did on this front is far greater than the $600 million in loans he squandered when you look at the missed opportunities that we might have had if we had the more robust communications infrastructure those loans were meant to pay for.
Sean
Posted : December 5, 2011 3:50 pm
Welcome back Old Tart! 😀
Posted : December 5, 2011 8:49 pm
Welcome back Old Tart! 😀
Thank you! After simply lurking for a few years and reading some real twaddle, I have a bit of time now and hopefully an Old Tart's viewpoint will prove useful at least to some! 😀
Posted : December 5, 2011 9:18 pm
