“Watch this space,” he said. “I’m a fighter. I’ve been involved in this project from the start, since 2002. It’s had many setbacks, but I’ve created something very special, and I plan to finish it.”
Licata declined to reveal what funding arrangements he had to cover his comeback, saying only that for sentimental reasons, he plans to buy back the development’s remaining lots once the administrators are no longer in control.
It won’t be cheap. Manta Group was placed into administration with debts of more than $68 million, up from the project’s original $26 million in financing from a different lender.
What’s more, it wasn’t just the debt burden that prompted Alceon Finance to call in administrators but also a bitter falling out among the group’s six directors and seven shareholders.
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