A televised fishing-tournament series now owned by Keys developer Cay Clubs Resort and Marinas canceled plans for this week's scheduled competition in the Turks and Caicos.OK I am not really laughing, more like the mad scientist guffaw. Cay Clubs cannot even come up with a paltry $2m for their new toy, er.. fishing contest? It is by no means a done deal yet, as the tournament is still proceeding, but I predict Cay Clubs in receivership within 6 months. Sell you shares now kiddies!
“They kind of dropped a bombshell on us,” said Islamorada offshore captain Paul Ross, part of Team Galanti, last year's series champion.
Known as the BXRL, the league was founded by Norm Isaacs, a noted captain and fishing-show host.
Cay Clubs acquired the BXRL last year and announced plans to increase the total purse to $2 million in 2007.
Cay Clubs formed in 2004. In the Keys, it quickly acquired 14 hotels and marinas in roughly two years, with more than 2,800 units and 900 boat slips. Along with other properties, it's listed $108 million worth of real estate holdings in federal regulatory filings.
But the company also owed $87 million as of Dec. 31, and is scheduled to make $74 million in principal payments this year alone.
Two weeks ago, some 80 employees were suddenly laid off. And last week, more were let go as the company started merging some charterboat operations to save money.
Truman Waterfront/Wisteria Island Combo
I have a suggestion to throw into the pool and it would fix two problems in one fail swoop. The Truman Waterfront is being fought over by just about every relevant and not so relevant group in town. Everything from a outdoor swimming pool, to a ferry station to an assisted living facility. At the same time, various concerned parties are fighting about how to carve up Christmas Tree Island. Ocean Properties who own next door fugly development, Sunset Key, want to turn it into another, well Sunset key. The city could care less they just want to squeeze as much tax revenue out of it as possible, and they don't much care how it is done.
Well, as a person who is dead against a bunch of old people being 'assisted' on one of the few open spaces left in town, NOT owned by some greedy pig, the Truman navy property, I highly recommend building the old folks home on Christmas Tree. Lets face it, they ain't going to want to go anywhere anyway. The tax breaks, both state and federal, will fatten up city pocke.. erm coffers and the people will be left with their bit of paradise unspoilt by the smell of lavender and pee.
Yes it may sound a tad shallow and possibly even a little cold hearted, I make no apologies for it. The land was donated by the Navy to the City of Key West. That means all of us, not just a small collection of special interest groups. I want to be able to ride my bike down there like I used to be able to, have a glass of wine at a reasonable price, watching the sunset, or just layout and relax without being bombarded by tour train/trolley amplified guides blathering on, or be constantly spied on by federal rent a cops.
Hahah yeah I know never happen, but I can dream.
The Race to be City Manager
I admit I have not paid much attention to this particular political race, because they are all as bad each other I thought.
Aha, I was wrong. Some are worse. Much worse.
Take a loot at this blog from Deerfield Beach circa 2004. Fascinating.
Larry Deetjen
This is his Topix Profile.. please note under favorite things "Developing Beachfront Property".
4 comments:
Cay Clubs is not a corporate entity. No shares to buy or sell. It is privately owned. Glad you researched them, though. :)
Cay Clubs has merged and will be publicly traded in the very near future.
However, this group continues to purchase properties and sell pieces to investors with the promise that these 'amazing resorts' will be completed. As of right now, I personally know that their projects in Orlando and Las Vegas are stalled.
The management of Cay Clubs has overextended and have not followed through on promises to current investors. The management as a whole is a lot of talk an ZERO action. They put limited assets to complete a project, even though they have made some stellar aquisitions. Maybe if they do have shareholders, they will actually answer.
However, they do not answer to investors very well at all. Their practices are questionable at best and anyone should be able to see the indicators that the management is way in over their heads.
see www.cayclubsblog.blogspot.com
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