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British Virgin Islands Resort Owner Files Restructuring Plan

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Scrub Island Development Group Ltd., the owner of a British Virgin Islands luxury resort, filed a proposed restructuring plan that resolves a dispute with lender FirstBank Puerto Rico, which forced it to seek court protection.

The company filed a reorganization plan today in U.S. Bankruptcy Court in Tampa, Florida, where it is based, that will allow it to exit bankruptcy through capital infusions from new and current investors and an agreement with FirstBank reducing its claims of about $120 million.

The plan provides for the settlement and payment of the allowed claims of FirstBank Puerto Rico, and the payment in full of all of the other allowed claims, the company said in court papers.

Scrub Island Development Group owns the island and resort of the same name nestled into the side of the smaller of two halves of a 230-acre private island connected by a narrow strip of land. Its the first resort development built in the British Virgin Islands in more than 15 years, according to its website.

The company sought bankruptcy protection to fight a receivership initiated by FirstBank. Scrub Island Development Group listed debt and assets of more than $100 million each in Chapter 11 documents filed Nov. 19.

Under the restructuring plan the receivership will be dismissed and all the property in the receivers possession would be turned over to reorganized company.

New investors would inject about $9.1 million into reorganized Scrub Island Development Group for a majority equity interest in the company, according to the plan. Current investors in Scrub Island Development Group would contribute about $6 million for a minority equity interest in the reorganized company. The investments will be used to make payments under the plan and fund capital expenditures of the resort.

FirstBank Puerto Rico (FBP) has agreed to receive a $37.5 million secured claim against the reorganized company. The bank would receive an initial payment of $7.5 million from the funds contributed by new investors to reduce that claim. The bank would be paid over five years on a $30 million note and receive 50 percent of the proceeds of any real estate sales. A reserve of about $1.3 million would be set up to fund interest payments.

The bank agreed to waive the right to receive any recovery on an unsecured deficiency claim of $84.9 million, and vote that claim in favor of the plan. Unsecured creditors would be paid in full over five years.

The case is In re Scrub Island Development Group Ltd., 13-15285, U.S. Bankruptcy Court, Middle District of Florida (Tampa).

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British Virgin Islands Resort Owner Files Restructuring Plan

Falkland Islands will be ours, says Argentina's new minister

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"We are convinced that the British people, whom we deeply respect, understand the injustice that arises from the rupture of a country's territorial integrity and that the rulers of the countries involved should resume dialogue."

Mr Filmus, 58, a former academic who became minister for education during the presidency of Mrs Kirchner's husband, Nestor, has embraced the new role wholeheartedly.

Like his feisty boss, he is an ardent user of Twitter to convey his message. She refuses to give interviews, and instead rallies her troops directly with battle cries issued to her 2.6 million followers. He, meanwhile, uses the tool to reiterate rhetoric on the Isles, commiserate the deaths of Argentine Falklands war veterans, and issue strident ripostes to British minister's words.

When Hugo Swire, minister of state for the foreign office, said during a visit to the Falklands last month that he felt opposition politicians would have a "more realistic and mature vision than the current government", Mr Filmus hit back that it was an Argentine policy that would never change.

He also gleefully tweeted another article in response, in which an Argentine senator, Anbal Fernndez, Mrs Kirchner's former chief of cabinet, said that Mr Swire's "tongue was larger than his head."

The verbal crossfire peaked two years ago, with the 30th anniversary of the conflict, but has remained the defining feature of British-Argentine relations.

Is this relentless rhetoric not destroying what could otherwise be a good relationship?

"What is most affecting good relations between our countries is the UK's unwillingness to engage in dialogue, its failure to observe UN resolutions and the unilateral actions and militarisation it is carrying out in the South Atlantic," he retorted.

And he accused Britain of making "aggressive moves" in the South Atlantic.

"The UN asks both the United Kingdom and Argentina to refrain from carrying out any unilateral actions in the Malvinas case," he said. "The actions performed by the United Kingdom in the area, without Argentina's consent, especially military actions and actions that involve plundering natural resources in the disputed area, are aggressive moves."

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Falkland Islands will be ours, says Argentina's new minister

Balearic Islands Lose Environmental Case in Spanish Court

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Spains Balearic Islands plan to regain control over offshore projects from tourism to oil drilling when the activities are adjacent to protected habitats.

The regional government is revising 14 management plans that were partially annulled last month by the Supreme Court for failing to demonstrate why control over the Mediterranean waters shouldnt be under the jurisdiction of the national government.

At stake are environmentally sensitive areas of water for which the European Commission has approved extra protections to foster biodiversity of plants and wildlife. Spains high court, after an appeal by the national government, invalidated parts of those plans that covered offshore areas of the zones, which are called Sites of Community Importance under European Union law.

The revisions should restore authority to the Balearic Islands government, according to a spokesman for its environment ministry who asked not to be named, in line with the departments policy.

The Supreme Court invalidated the safeguards for waters off Mallorca, Menorca and smaller islands in the area in a Feb. 20 ruling published subsequently on the judiciarys website.

The Balearics, particularly Mallorca and Ibiza, are popular with tourists to Spain. While the court ruling didnt specifically address oil exploration, the islands waters have drawn interest from prospectors seeking licenses for seismic studies. Exploration is opposed by the regional government and has been supported by Spains national government.

Companies that have explored the Spanish Mediterranean or have permits to do so include Repsol SA (REP), Cairn Energy Plc and Spectrum Geo Ltd. Most of their searches are focused instead on the waters off the mainland peninsula.

To contact the reporter on this story: Todd White in Madrid at twhite2@bloomberg.net

To contact the editors responsible for this story: Timothy Coulter at tcoulter@bloomberg.net Alex Devine, Amanda Jordan

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Balearic Islands Lose Environmental Case in Spanish Court

Islands, evolution: Free lecture at the Cincinnati Museum Center

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(FOX19) -

Herman Mays, the curator of zoology at the Cincinnati Museum Center, is giving a free lecture about the role islands have played in the study of evolution at 7 p.m. Thursday at the museum.

Islands are laboratories of evolution. From the Galapagos Islands to New Guinea, the islands of the Pacific Ocean have provided the foundation for modern understanding of evolution. But considerably less attention has been paid to the islands of the Eastern Pacific, namely Taiwan and the many islands that make up and surround Japan.

Mays will be on Wednesday's FOX19 Morning News.

Mays has been a key participant in a long-term study of the birds of this region for more than a decade. He will discuss how he and his colleagues have used cutting-edge tools in genetics to help decipher of the history of the region's birds and what they can tell us about the science of evolution.

The lecture will be followed by a question-and-answer session.

The program is free to the public and will be preceded by a screening of the OMNIMAX film "Journey to the South Pacific" at 6 p.m.. Tickets for the film are $8.50 for adults and $6.50 for children.

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Islands, evolution: Free lecture at the Cincinnati Museum Center

10 Albums to Stream: Future Islands, Liars, the Hold Steady, and More

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Future Islands at Floristree in Baltimore, February 8 Photo by Josh Sisk

Future Islands, Liars, the Hold Steady, and Tokyo Police Club all have new albums on the way and guess what? They're all streaming online right now. Find links to those LPs and more (including a star-studded tribute to '80s-era Bob Dylan) below.

1) Future Islands, Singles. "Singles is extremely catchy, well-constructed classic pop: winsome and simple melodies, yearning lyrics, bass lines that will never die. It is also dark and desperate and serious in a way that feels fairly rare these days. There is no ironic withdrawal, no equivocation to avoid abuse, just pure commitment." (via NPR)

2) Liars, Mess. "The new album embraces the type of electro-pop that underpins the catalog of the band's parent label, Mute [but] when Angus Andrew screws his voice down on opener 'Mask Maker' to croak 'Take my pants off / use my socks / smell my socks / eat my face off,' he sounds less like Dave Gahan or Andy Bell and more like Gibby Haynes of Butthole Surfers. While known for their psychotic take on psychedelic rock, the Butthole Surfers also delivered stylistic U-turns of their own in the '80s and '90s, delivering skewered takes on Europop and electronic music. So Liars are at once paying homage to their forebearers and moving forward. There's been an underlying sonic mischieviousness in Liars' music over the last decade, and on Mess, the band finally foregrounds it." (via NPR)

3) The Hold Steady, Teeth Dreams. "Lead single 'I Hope This Whole Thing Didn't Frighten You' definitely files in the 'big rock' category, with its studio-polished guitar licks and radio-ready heft. Frontman Craig Finn's still speak-singing about characters who hang out 'down by the river,' 'wear bulletproof vests,' and 'always got something to prove,' but his parables sound better suited for a stadium stage, not the dive bar jukebox." SPIN (via iTunes)

4) Kevin Gates, By Any Means. "After picking up the mic back in 2007, Baton Rouge rapper Kevin Gates finally broke through last year with the one-two punch of The Luca Brasi Story and Stranger Than Fiction mixtapes. [Now], he returns with his latest project, By Any Means. The 16-track effort features appearances from 2 Chainz ('Bet I'm On It'), Rico Love, Doe B ('Amnesia'), and Plies, alongside production from Jim Jonsin, The Runners, Yung Carter ('Get Up On My Level'), and The Honorable C-Note." Consequence of Sound (via DatPiff)

5) Various Artists, Bob Dylan in the 80s: Volume One. "Bob Dylan's '80s output will get its due on an upcoming compilation, the fittingly named Bob Dylan in the 80s: Volume One. Out March 25 via ATO, the 17-track set celebrates the most 'uneven' era of Dylan's career with a slew of star-studded covers: Deer Tick, Craig Finn, Blitzen Trapper, Lucius, and Elvis Perkins are all on the album, as is the oddball duo of Gene Ween and Slash." SPIN (via CBC)

6) Tony Molina, Dissed and Dismissed. "Tony Molina's debut solo album came out around this time last year, but it's already getting the reissue treatment. On March 25, Slumberland Records will release Dissed and Dismissed in cassette, digital, and vinyl formats to supplement its sold-out initial pressing. The filler-averse LP burns through 12 tracks of power-pop brilliance in 12 thrilling minutes. (It's telling that Dissed and Dismissed features a Guided By Voices cover.)" SPIN (via Pitchfork)

7) The Range, Panasonic EP. Producer James Hinton, a.k.a. the Range, on when and where it's most appropriate to listen to his music: "It's really, really important to me that people can like it anywhere. Obviously, I make music alone in my room, so it's important that people are able to embrace it there, but some songs that build more are better played in the club, whereas a lot of the intricacy and work that I put in is better heard on headphones." Pitchfork (via Pitchfork)

8) Tokyo Police Club Forcefield. "Here's what [vocalist/bassist] Monks said about the new album in a statement: 'Since writing started for Forcefield in mid-2011 there have been so many trends and every kind of wave. We saw them all come and disappear or change into something broader. It left us wanting to make something that would last.'" Pitchfork (via the New York Times)

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10 Albums to Stream: Future Islands, Liars, the Hold Steady, and More

Motorcycle Tour to Norway (Cologne – North Cape) – Part 6 (Whale Watching – Vesterlen Islands) – Video

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Motorcycle Tour to Norway (Cologne - North Cape) - Part 6 (Whale Watching - Vesterlen Islands)
http://motorcyclepilgrim.blogspot.de In part 6 of my video reports about my motorcycle journey to Norway I #39;m visiting the Vesterlen Islands for some Whale W...

By: Ulrike Fell

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Motorcycle Tour to Norway (Cologne - North Cape) - Part 6 (Whale Watching - Vesterlen Islands) - Video

Channel Islands Riptide U16AA – CAHA States – Game 3 – Flyers – Valencia – 5-2 Championship – Video

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Channel Islands Riptide U16AA - CAHA States - Game 3 - Flyers - Valencia - 5-2 Championship
The time has finally come. State finals against the Valencia Flyers who poured their hearts into eliminated OC2 (4th place :)) and the Thunder (3rd place). O...

By: Mike Andrews

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Channel Islands Riptide U16AA - CAHA States - Game 3 - Flyers - Valencia - 5-2 Championship - Video


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