Bermuda-based Gerova Holdings Ltd has been served notice for the termination of its lease after failing to pay $49,083.40 in rent and service charges.The company, whose offices are located on the fifth floor of Cumberland House, also owes $2,719.36 in land tax and was served with the notice by maintenance managers Kitson & Company’s lawyers King & Associates on behalf of the building’s owners Park Properties last month.In a letter dated May 2, posted on the front door of the 3,375 square-foot offices in Victoria Street, the lawyers stated they had written to Gerova on April 25 regarding the unpaid rent and were now serving the company with a termination notice in addition to the earlier notice instructing it to vacate the premises.It added that if the monies due were not paid in full Kitson would start eviction proceedings and take legal action against the company.Gerova, whose parent company is Gerova Financial Group, set up the headquarters of its insurance operations in Bermuda last year.Gerova Financial Group, which is an international specialty reinsurer, was incorporated in the Cayman Islands in January 2010 and has operating insurance subsidiaries in Barbados and Ireland, as well as providing high-yield senior secured commercial loans to middle market companies in select industries.The following month, the company announced that the New York Stock Exchange (NYSE) Amex planned to delist its shares on the grounds that it did not have the sufficient number of shareholders at least 400 to meet the exchange’s minimum requirements.Gerova requested a hearing, which was scheduled for April 12, but it was postponed by the Amex after the company provided information to substantiate its position that it was in full compliance with all of the NYSE’s original listing standards. The company started trading on the NYSE in September last year.In June of the same year, Gerova Reinsurance Ltd won approval from the Bermuda Monetary Authority (BMA) to establish a new life reinsurance operation on the Island to be run by Lou Hensley, CEO of Gerova Holdings.Three months later the parent company announced plans to redomicile to Bermuda from Cayman following shareholder approval at an extraordinary general meeting.But Gerova Financial Group’s problems continued with its shares losing almost one third of their value in trading on the NYSE on February 16 after Dennis Pelino who had been chosen to take over CEO and chairman turned the job down, having dropped almost 78 percent over the course of one-and-a-half months.Earlier that week four of the company’s directors resigned, while chairman and president Gary Hirst quit and the acting CEO Joseph Bianco resigned.It received a further blow at the end of the month when its proposed three-way merger with UK investment bank Seymour Pierce and New York-based broker dealer Ticonderoga Securities was called off after its share price plummeted from a high of $92.50 last June to $5.28 and the NYSE suspended trading in Gerova shares, citing the need for more information from the company.A report by American research company Dalrymple Finance has also questioned the level of financial disclosure by Gerova, accusing it of withholding information on asset quality and not disclosing related-party transactions. Documents also showed that US financial regulator, the Securities and Exchange Commission, had expressed doubts about the asset values of Stillwater, a money management firm purchased by Gerova last June, but apparently chose to take no further action.Gerova had not responded by press time, nor had the BMA, while Kitson declined to comment.