Prominent Belizean developers Michael and Melita Feinstein have initiated legal proceedings against Atlantic Bank Limited (ABL), Honduran construction firm OPSA, and court-appointed receiver Marlowe Neal, alleging an unlawful corporate takeover of their $250 million Stake Bank cruise port development. The lawsuit, filed in Belize’s Supreme Court, centers on ABL’s controversial declaration of loan default in March 2024, which enabled the installation of a receiver to assume control of Stake Bank Enterprises Ltd.
The plaintiffs contend the bank acted without legal justification, asserting their project remained financially solvent and current on obligations. Court documents reveal the Feinsteins allege ABL systematically failed to apply available project funds toward loan payments before declaring default. Furthermore, the mortgage debenture instrument used to justify the receivership is described as improperly stamped and legally unenforceable under Belizean law.
The comprehensive claim outlines what developers characterize as a coordinated conspiracy between banking and construction entities to deliberately oust them from one of Belize’s most significant tourism infrastructure projects. The defendants stand accused of multiple violations including breach of fiduciary duty, violation of Belize’s banking regulations, and reneging on $75 million in committed financing agreements.
The Feinsteins seek judicial intervention to immediately remove the receiver, restore their operational control of the cruise port development, and award substantial damages for financial losses incurred since the takeover. The case represents a critical test for Belize’s financial governance and foreign investment protection frameworks, with potential implications for major infrastructure projects throughout the Caribbean region.