Many Nova Scotia firms affected
In April 13 bankruptcy filing from sunny Spain, Nova Star founder and CEO Mark Amundsen declared that his firm was $15 million short in paying off 218 creditors of the failed ferry scheme, which also cost Nova Scotia taxpayers more than $40 million.
Despite Amundsen's loud declarations prior to the final sinking of the Yarmouth-to-Portland ferry gambit that all creditors would be paid, Nova Star now admits that it has only enough cash on hand to satisfy 1% of the massive debt incurred in the two-year failed venture.
A creditors meeting is scheduled in Yarmouth for May 4, where interested parties can make their pitch for what will iikely be mere pennies on the dollar.
Among those who might might attend are several Nova Scotia businesses left high and dry by Amundsen and company. They include:
- MacKenzie Security-Yarmouth ($2,133)
- City Drug - Yarmouth ($1,000)
- Grant Thornton ($51,000)
- Jost Vineyards ($2,255)
- Lane's Privateer Inn - Liverpool ($1,300)
- LG Trask - Yarmouth ($10,000)
- Lord Nelson Hotel - Halifax ($1,000)
- Nova Scotia Health Authoprity ($5,400)
- Pipers Guild - Shelburne ($3,600)
- Tri-Star Industries - Yarmouth ($450)
- Town of Yarmouth ($38,000)
- Tall Ships Art - Waverly ($1,600)
The McNeil government has recently signed a controversail agreement with Bay Ferries Ltd., for the same ferry route, which is pegged to cost Nova Scotia taxpayers $32 milion to $100 million over ten years.