GERS officials address Carambola default in meeting with senators
Published: September 21, 2012
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ST. CROIX - Government Employees Retirement System officials said refurbishment continues on a resort GERS took over when its owners defaulted on a loan of almost $15 million during a Senate Committee on Government Operations meeting on Wednesday.
GERS officials provided additional details about the default of the investment loan that the system made to the owners of Carambola Beach Resort. After the default, GERS took ownership of the property in May.