Feinsteins Take Atlantic Bank to Court Over Stake Bank Cruise Project

Michael and Melita Feinstein have sued Atlantic Bank Limited (ABL), Honduran firm OPSA, and receiver Marlowe Neal over what they call an unlawful takeover of their two-hundred- and fifty-million-dollar Stake Bank cruise port project. The Feinsteins say ABL wrongly declared a loan default in March 2024, then installed a receiver to seize control of Stake Bank Enterprises Ltd. They argue the bank had no legal right to do so because the project wasn’t in default. ABL failed to apply available funds to cover payments. The mortgage debenture used to justify receivership was improperly stamped and unenforceable. The claim alleges a conspiracy involving ABL, OPSA, and key executives to push the Feinsteins out and grab control of the project. They accuse the defendants of breaking Belize’s banking laws, breaching fiduciary duties, and reneging on promises to fund the development. They want the receiver removed and control of Stake Bank restored. Damages for losses caused by the takeover, as well as interest and costs. At the heart of the dispute: a financing deal gone sour, broken promises of seventy-five million dollars in funding, and a battle over one of Belize’s most ambitious tourism projects.