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Bank takes over Guerrero’s $2-M worth of properties
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Posted on Nov 16 2000
The Hong Kong & Shanghai Banking Corp. Ltd. has taken over the $2 million worth of properties of businessman Antonio S. Guerrero.
According to a foreclosure notice submitted before the Superior Court, the 14 real property mortgages and three leasehold mortgages located in Saipan were sold to Hong Kong Bank at a recent auction conducted by Vicente Seman, director of Police Division of the Department of Public Safety.
Mr. Guerrero and his wife Rita formerly owned Island Fiesta Foods Company.
Mr. Guerrero, former chair of the defunct Marianas Visitors Bureau, is facing a $53 million civil suit before the Superior Court.
Two Japanese firms — Chuo Mitsui Trust & Banking Co., Ltd., and the Resolution and Collection Corp. are demanding immediate repayment of the amount he borrowed plus eight percent interest from Dec. 7, 1990 as well as reasonable attorneys fees.
The money he borrowed was supposed to finance the establishment of a $450 million resort project on the island-municipality of Tinian.
The Tinian Marine Resort project was supposed to include a 1,000-room resort on a 110-hectare beach front property on Tinian, with first class amenities including an 18-hole championship golf course, 50,000 square feet Las Vegas-style casino, water theme park, convention center, condominium units and shopping plan.
According to court documents, the loan agreement was executed and signed by Tamotsu Tominaga, president of Highness Marianas Ltd., representing Japanese firm Highness Kosan Company, Inc., and Mr. Guerrero as president of Taga Beach Resort, Ltd. and Tinian Marine Resort, Ltd.
