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Sep 28, 2006

Citrus investors have already paid deposit on purchase

On yesterday’s newscast reporting on recent developments in the citrus industry, we reported that an injunction had been issued by the Supreme Court to postpone its ruling on an application that would allow Citrus Products of Belize Limited to restructure its financial statements in order to pay dividends to shareholders. The company informed us today that what the court issued was not an injunction, but simply a decision by Justice Michelle Arana to postpone the hearing until October fourth. C.P.B.L. also informed us that, contrary to what we had reported, money has in fact been received from the Caribbean investment group. To our knowledge this is the first time that the Citrus Company has made such information public. Although the down payment is relatively small–six hundred twenty-five thousand Belize dollars out of a contract price of twenty-five million–it would seem to indicate that C.P.B.L. is legally bound to go through with the deal as written. If that is the case then we are compelled to ask what the Citrus Growers Association hopes to gain by having appointed a sub-committee to examine the terms of the agreement and report back to the membership sometime next month.

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