9 Tottotville owners get settlement

Nine Tottotville homeowners received the final payments of their settlement agreement with Telesource CNMI, Inc. and Telebond Insurance Corp. yesterday.

While the specific terms and condition of the agreement are confidential, Telesource president and CEO Nidal Z. Zayed said the parties signed a confidential settlement agreement last holiday season.

The law offices of O’Conner Berman Dotts & Banes, which represented Telesource and Telebond Insurance, and Torres Brothers, which represented the nine homeowners, were in attendance during the signing of the settlement agreement.

“Telesource has been diligently working behind the scenes to bring closure to the suffering of all the homeowners. We approached all the homeowners with equitable ideas for settlement and to date only Mr. Vic Torres has accepted our overtures. We applaud him for his willingness to reach a fair and amicable settlement with Telesource. Undisclosed independent minded and prominent local individuals were also involved in the discussions, thus providing leadership and guidance. The settlement does not include any of the other defendants and by its terms prevents disclosure of the details,” said Zayed in a statement issued to the media yesterday.

He also applauded the nine homeowners for their decision to settle, knowing too well that “lengthy and costly litigation will only delay the inevitable.”

“No one wins and the high legal costs will only deteriorate the amounts of money available for settlement. We are hopeful that the remaining homeowners are encouraged by this development and come to the negotiating table with an open mind. The quickest and fairest resolution is no doubt in the best interest of all homeowners,” added the Telesource executive.

Zayed also appealed to the rest of the Tottotville homeowners to follow the nine homeowners’ example.

“This is a big day for the homeowners! I would like to recognize and congratulate all who worked hard in getting this agreement to its final stage. The approach was unequivocally fair and equitable. I think it is time for the remaining homeowners to step forward and settle their grievances. While Telesource cannot speak for the other defendants in the case, we do pray that all parties come to their senses and sit together in an atmosphere of good faith, fairness, and equity to conclude this case in its entirety.”

He also called on lawmakers who may have been critical of Telesource in the past to speak up, as he is interested in what they have to say about the settlement agreement.

“In the past, our elected official have taken [an] interest in this case and I now encourage them to step forward and not only congratulate the parties, but to encourage everyone else in the case to engage in a possible settlement process, as opposed to a costly litigation. This way we can fairly and amicably reimburse the homeowners for their damages.

“All other homeowners should take solace in the fact that Telesource and Telebond are in fact ready to reach into their pocket books and pay their fair share in order to make the homeowners whole. We are prepared to settle with all the homeowners and bring this chapter to a close: undoubtedly a guaranteed win-win situation for all, as the parties have suffered long enough,” he said.

A civil lawsuit was filed by 45 homeowners living in Tottotville in 2006 against SSFM International Inc., NMHC, Telesource CNMI Inc, Telebond Insurance Corporation, and John Doe.

In the 2006 lawsuit filing, the homeowners alleged that despite Telesource’s, SSFM’s, and NMHC’s knowledge of the defects plaguing the project, the homeowners were not notified during construction, prior to sale, or at any time until the homeowners themselves discovered the defects.

The lawyers said SSFM claimed to have discovered many problems during the construction phase, but also claimed it couldn’t do anything about it, saying it was NMHC’s responsibility.

The nine homeowners who settled with Telesource and Telebond are represented by the Torres Brothers law office and the remaining are represented by the Law Offices of Edward Arriola.