{"id":244157,"date":"2003-10-14T10:30:22","date_gmt":"2003-10-14T14:30:22","guid":{"rendered":"https:\/\/www.bahamasb2b.com\/news\/2003\/10\/cibc-client-takes-hit-on-us-firms-bankruptcy"},"modified":"2003-10-14T10:30:22","modified_gmt":"2003-10-14T14:30:22","slug":"cibc-client-takes-hit-on-us-firms-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.bahamasb2b.com\/news\/2003\/10\/cibc-client-takes-hit-on-us-firms-bankruptcy","title":{"rendered":"CIBC Client Takes Hit On US Firm&#8217;s Bankruptcy"},"content":{"rendered":"<p>The company was forced to file for Chapter 11 bankruptcy protection in August this year amid allegations of &#8216;financial irregularities&#8217; .<br \/>\n<P><br \/>\nAn article in the September 30 edition of <I>KYC News<\/I> the former <I>Offshore Alert<\/I> newsletter, reported that CIBC Trust Company (Bahamas) had been named in a class action lawsuit as a major shareholder in DVI Inc., which filed for Chapter 11 bankruptcy protection on August 25, 2003.<br \/>\n<P><br \/>\nThe KYC News article said CIBC Trust Company (Bahamas) was named as the beneficial owner of 17.72 per cent of DVI&#8217;s stock. At the time of the bankruptcy protection filing, DVI cited assets of $1.866 billion, and the article also named CIBC Trust Company (Bahamas) as the company&#8217;s second largest unsecured creditor with a claim of $12.75 million.<br \/>\n<P><br \/>\nHowever, financial industry sources told The Tribune that CIBC Trust Company (Bahamas) would not own stock in a comapny or make loans such as the one advanced to DVI, adding that they were likely to have been held on behalf of a client of the institution.<br \/>\n<P><br \/>\n<P><B>Source: Yolanda Deleveaux, The Tribune<\/B><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A CIBC Trust Company (Bahamas) client\/clients has possibly lost almost $69 million through investments in a US based medical financing and leasing company&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10223285771444175_51037792744":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[12],"tags":[],"class_list":["post-244157","post","type-post","status-publish","format-standard","hentry","category-headlines"],"_links":{"self":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/244157","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/comments?post=244157"}],"version-history":[{"count":0,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/244157\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/media?parent=244157"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/categories?post=244157"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/tags?post=244157"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}