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A BATTLE spanning over two decades over the property which once housed the popular mas band Legends has not yet been resolved.
Numerous attempts have been made to sell the property after former business partners Ian McKenzie and Michael “Big Mike” Antoine, co-bandleaders of the five-time Band of the Year, parted ways in 2004.
However, not only are the two on opposite sides of the court but “there is an underlying mistrust” between the men, McKenzie’s attorney Anthony Cherry admitted at a virtual hearing before Justice Frank Seepersad on October 15.
Cherry said although there has been “in large measure” an agreement between the two, “We are here for a Solomonic order so it can be disposed of once and for all and this tabanca come to an end.”
The only issue the men cannot agree on concerns a suitable upset price for the sale of the prime property by private treaty.
McKenzie believes the upset price should be set at $2.25 million, based on a recent valuation, while Antoine has suggested $1.3 million, which represents an offer he has received from a potential buyer.
Antoine’s attorney Simon de la Bastide, SC, said for the last five years his client has been trying to sell the property, but there had been no offers at the previous upset price of $2.5 million.
In July 2018, the property at 88 Roberts Street, Woodbrook, was expected to be sold by private sale, and both men agreed to the $2.5 million price tag, with the stipulation that if the property was not sold in 120 days, it would be put up for public auction without an upset price.
This failed and the parties returned to court.
Cherry said McKenzie was prepared to take the risk of increasing the upset price, based on a recent valuation. He is to file this report by October 21.
The two bandleaders are also expected to submit their recommendations on an upset price by October 28, after which Seepersad will determine what it should be.
Both have agreed to abide by the terms of the court’s order on the upset price and the other aspects of the order they have agreed to on how the sale of the property is to be concluded.
In his 2016 lawsuit, McKenzie wanted the former Legends bandroom sold, and to be given half the proceeds.
He said he and Antoine were partners and acquired the lease, the unexpired residue of which was valued at $2.5 million. He also claimed entitlement to whatever earnings the property would have made in rent.
However, in a ruling, Seepersad said he was not entitled to it, as he failed to establish this properly in his lawsuit. McKenzie also lost his claim for an account of the rent and profits his former business partner received from April 2004.
He said in April 2004, after he and his wife returned from their honeymoon, they met locks on the property and a security guard refused him entry.
Antoine said after the split in 2004, they received a notice to quit on March 29, 2004, from the landlord.
Antoine said he did not take possession of the property and continued to pay rent to the leasehold property’s owner, Freddie Khan, until 2012, when the lease was transferred to their names.
Two previous valuations, done in 2011 and 2017, had been submitted to the court. In the former, the property was given with a rental value of $18,000 and a $2.2 million price tag, based on comparable properties in the area.
The second valuation put the property’s worth at $2.5 million, with a rental value of $6,000-$7,000.
