Investors in Penny Brook Hotel development issued with a difficult choice

by NWIC Action Group

We have recently become aware that investors in the NWIC insured Penny Brook Hotel development (previously Starboard Atlantic) have been issued with an ultimatum.

Investors been informed that unless they all agree to cancel their contracts and treat the money they have already paid as a loan instead of a deposit (as initially agreed), the project will go bust and they will lose all of their invested capital.

To make matters worse, the loan they are being asked to agree to will only be secured as a second charge and is not repayable for 3 years! Essentially, the choice they are being offered is; lose all of your money now or agree to tie it up and hope you get some of it back in 3 years time.

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