Sugarman pulled from BCB deal – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password

Sugarman pulled from BCB deal

One of the three men lined up to be new co-owners of Bermuda Commercial Bank is no longer one of the purchasers.

Logan Sugarman was to have been a 20 per cent beneficial owner of the bank, but will no longer be, according to Permanent Capital Holdings Ltd, the proposed buyer.

“This was a decision taken by Permanent Capital and does not impact the sale of BCB,” a spokesperson for Permanent Capital told The Royal Gazette last night.

The statement followed an earlier report by Florida-based Offshore Alert, a reporting and database website, that included details of US lawsuits and judgments relating to Mr Sugarman. Offshore Alert sent questions to him asking about his financial history, but said it did not receive a response.

However, it reported that a spokesperson for Permanent Capital said: “It has been confirmed that Mr Logan Sugarman will no longer be a purchaser in the BCB acquisition. The group remains excited and committed to grow BCB into a full-service commercial bank focused on adding meaningful value to businesses in Bermuda and the local economy.”

Permanent Capital, a private New York-based “socially orientated investor in financial services companies”, announced on February 5 that it was buying BCB from parent company Somers Ltd, subject to regulatory approvals, including from the Bermuda Monetary Authority.

The following day, Mr Sugarman said he, Lewis Katz and Chris Maybury were the sole owners of Permanent Capital Ltd and the sole owners of BCB post-close [of the transaction].

Financial details of the acquisition have not be released. Somers valued BCB at about $94.9 million in its 2018 annual report.

Acquisition development: one of the proposed new owners of Bermuda Commercial Bank is no longer among the purchasers (File photograph)

You must be registered or signed-in to post comment or to vote.

Published February 22, 2019 at 1:00 pm (Updated February 22, 2019 at 4:27 am)

Sugarman pulled from BCB deal

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon