VM Investments sues companies over unpaid Visual Vibe acquisition loans
Published:Thursday | February 8, 2024 | 10:42 AM
VM Investments has gone to court to recover loans associated with the acquisition of billboard advertising company, Visual Vibe.
At issue is a set of three loans for which the company has issued demand letters for three loans totalling $425.5 million plus outstanding interest of $88.84 million.
VM Investments filed claims on January 23, 2023, suing several companies.
In claim # SU2024 CD00022, VM Investments is charging that Tyrone Wilson-affiliated Kintyre Holdings has failed to satisfy its obligations on two outstanding loans of $53.29 million and $100 million.
Interest outstanding is $11.78 million and $26.51 million respectively.
Another Tyrone Wilson-affiliated company, eMedia Interactive, is said to owe $117 million, with outstanding interest of $25.55 million.
Claim # SU2024 CD00023 is seeking immediate settlement of the amounts plus legal fees.
VM Investments is also seeking to recover $155 million plus another $25 million in total interest.
There are three defendants in this claim: AHL (SPV) Ltd, Kevin Frith and Kintyre Holdings Ltd, under claim # SU2024 CD00024.
None of the persons named in the claims filed were prepared to comment.
Wilson's companies are being represented by attorney Georgia Henlin KC of Henlin Gibson Henlin while Frith is represented by Denise Kitson of Grant Stewart Phillips and Co.
Full story in Friday's Financial Gleaner neville.graham@gleanerjm.com
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