BLDC gives up on $500,000 debt claim
The company was listed as one of BLDCs biggest debtors in a 2010 review of company operations.
According to sources familiar with the transactions between the two companies, BLDC eventually wrote off $500,000 it felt was owed by Fort Knox.
However, Fort Knox CEO Troy Symonds explained that the two companies disputed what was owed and came to a settlement.
I dont recall any write-offs. We came to an agreement, he said.
There was a dispute with rent. It was resolved.
Mr Symonds would not confirm the amount in question, but said the dispute centred around when his company vacated a property it had leased from BLDC.
They saw it as an arrears amount. We saw it as a disputed amount, he said.
BLDCs financial statement for 2008 reports a bad debt expense of $558,028.
Its retained earnings for the year ended March 31, 2009, were $14,957,429 as compared to $13,735,367 a year previously.
Greens seek to oust Fairmont from Princess
Dark days are over for single mom
Burying power lines would cost $375 million
Motorcyclist dies after crash
Woman, 53, accused of handling crime money
Fearless four honoured for historic titles
Make-up thatís eerie-sistible
Drug boatís destination was Bermuda
Out of power for 17 days
Drive to survive
Judgment reserved in Richardson case
San Diego video bid to host Americaís Cup
Young menís good deeds help others
Rudderless Bermuda plumb new depths
Take Our Poll