Court sides with investors in Antigua resort fight - WAOW - Newsline 9, Wausau News, Weather, Sports

Court sides with investors in Antigua resort fight

KINGSTON, Jamaica (AP) -- A Caribbean appeals court has sided with U.S. investors in a long-standing battle with the island nation of Antigua over a hurricane-battered luxury resort.

The government of ex-Prime Minister Lester Bird had seized control of the Half Moon Bay resort in Antigua in 2002 when renovations weren't completed seven years after it was badly damaged by Hurricane Luis.

The resort's investors then won a decision by the U.K. Privy Council in 2007, ordering fair compensation for the property.

In a Monday ruling, the Eastern Caribbean Court of Appeal said compensation should be set at $45.5 million, nearly double a previous valuation.

With interest, the court ruled the government owes investors $65.7 million, and the debt will increase by $390,000 each month payment is delayed.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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