News from the Turks & Caicos
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Unpaid debt leads to $1 million lawsuit in Turks and Caicos
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| Published on Tuesday, August 4, 2009 | Email To Friend Print Version
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By Tess Hennigan
Caribbean Net News Staff Reporter
Email: tess@caribbeannetnews.com
PROVIDENCIALES, Turks and Caicos Islands -- On July 24, Condé Nast Publications, a leading publishing company that is home to numerous magazines and websites, filed a lawsuit in a New York District Court seeking to recover more than one million dollars in unpaid advertising, attorney’s fees, and interest from the Turks and Caicos Tourist Board.
According to the court papers, the TCI Tourist Board failed to pay for advertising that appeared in 2007 and 2008 issues of W magazine, Elegant Bride, and Vanity Fair, as well as ads in the 2007 Fashion Rocks.
The total value of the advertising placed up to June 2008 was $1,296,535.36. After the Tourist Board requested a payment plan, which was agreed to by Condé Nast, an initial payment of $256,258.08 was made by the Board around June 11, 2008, leaving a remaining balance of $1,040,277.28.
In October 2008, when no further payments had been received pursuant to the repayment agreement, attorneys for Condé Nast sent a “demand letter” to the Tourist Board requesting all unpaid moneys be paid.
The ads reportedly featured LisaRaye McCoy-Misick, the former TCI first lady, who also testified before the Commission of Inquiry this year in relation to the affairs of her ex-husband, Michael Misick, former premier of the TCI. McCoy-Misick has said that she was paid $300,000 a month to appear in, and art-direct the ads.
Neither Condé Nast nor the Tourist Board have commented publicly on the lawsuit; however, the opposition People’s Democratic Movement (PDM) released a press statement on Tuesday, saying, “We deeply regret the current situation vis-à-vis Condé Nast and our Tourist Board, and remain mindful of a perfect working relationship prior to 2003.”
The PDM also made note that Condé Nast is not the only lawsuit pending against the Tourist Board, claiming that, among others, Rolls Royce and Bride Magazine are also owed monies by the Tourist Board. | | | | Reads : 1106 | | | |
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