Durrant Pate/Contributor

There is set to be further delays in the bankruptcy proceedings of attractions company, Mystic Mountains Limited, which is being sold having gone bankrupt.

This, after news that the company’s trustee in the bankruptcy matter, attorney-at-law Debbie-Ann Gordon has resigned, making her the third appointed trustee to have left, thereby further delaying the bankruptcy proceedings. It is being reported that Gordon tendered her resignation late Thursday (October 12) afternoon.

Interestingly, Gordon’s resignation comes weeks after the courts blocked an attempt to remove her from the post, which she took up in August last year. Since then, the attorney has faced stiff challenges in executing her duties, effectively dragging out the bankruptcy proceedings. 

A trustee in bankruptcy presides over the administration of the entity or person that has become bankrupt. This includes analysing the state of affairs, reviewing claims against the estate and payout sums from the liquidation of assets.

Sale being held up

Mystic Mountain is being sold to NorthJam Island Tours, while initial reports suggest the sale should have been completed last month. Gordon reported, however, that the sale of the company to NorthJam has not made much headway.

Northjam was approved by the Supreme Court in August as the purchaser of Mystic Mountain with a purchase price of US$13.4 million. Northjam Island Tours was incorporated in June 2022, and two months later Mystic Mountain receiver, Wilfred Baghaloo, advised that he had received a creditable offer for the adventure park.

The owner of Northjam Island Tours is listed only as Northjam Holdings Limited but the latter company is registered offshore. It is held jointly but the beneficial owners are unknown. Companies Office of Jamaica records name the directors of Northjam Island Tours as Jason Lopez, Raymon Brahim, Laurence Smith-Taylor and Steven Cummings, all of addresses in Jamaica.

Mystic Mountains’ fall from grace

The adventure company was placed in receivership by secured creditor, Sky High Holdings, a company controlled by Adam Stewart and Ian Haynes. Sky-High Holdings is said to be the agent for the secured creditor JCSD Trustee Services Limited, which is owed J$1.1 billion and is seeking to have the company sold to recoup its investment.

The court has recognised at least 20 other unsecured creditors, including Mystic Mountain’s co-founder Michael Drakulich, among the 150-200 persons and businesses that have come forward. Sygnus Credit is the second-largest creditor, and the biggest unsecured creditor, with debt of US$1 million ($155 million).

Mystic Mountain was opened in 2008 operating in the resort town of Ocho Rios, St Ann. In September 2018, the company entered into a bond agreement for the value of $1.1 billion to undertake expansion work. 

However, the attractions company soon fell into financial troubles, which was worsened in 2020 when it was forced to close because of the COVID-19 pandemic.