Coalition Of Independents (COI) Leader, Lincoln Bain recently addressed claims that he is bankrupt. The claim stems from court documents showing that a creditor has initiated a debtors summons against Bain.
The matter relates to a 2010 agreement between Bain and Zinnia Rolle. She turned over $40,000 in trust to Bain to be held for three years and then returned with ten percent interest calculated yearly. The total to be returned was to be $53,240. The agreement further stated that the money could be invested in a business ran by Bain. Court records indicate that Bain disputed the agreement saying his signature was forged. However, the court ruled in Rolle’s favor.
During a live social media event on April 24th Bain explained, “that’s a business deal gone bad and that deal went bad because I was fighting for the people of Pinewood.”
He went further stating, “this whole thing now that I am suffering through all these years later is because, I was attacked because I chose to stand up. I want you to understand that. And so am I a bad person for being attacked? I never owe nobody. This the first time I had any debt.”
According to court documents the amount owed is $64,000 with an addition $26,000 awarded in costs after an appeal to the Privy Council was unsuccessful. The debtors summons required Bain to pay the balance, reach a settlement or apply to have the summons set aside. Failure to comply could result in further bankruptcy proceedings.”
The COI Leader said, “if the other side wants to put me to bankruptcy even though we had an agreement and payments had already been made then that’s on them. But at the end of the day that is a personal matter between two young Bahamians, at the time.”
Bain maintains that the transaction was a business deal gone bad.
