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Tinian Stevedore asks for discounts on lease payment
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Posted on Mar 16 2006
Citing lack of shipping operations on Tinian, the Tinian Marine Stevedore Inc. has asked the Commonwealth Ports Authority for discounts on its past due and subsequent lease payments since 2004.
TMSI chairman Roman S. Palacios, in two separate letters to CPA last year, said the termination of tuna transhipment operations on Tinian in 1996 had forced the company to close its normal business.
He said that it managed to survive only with small revenues generated from the sublease of its warehouse, “which is barely enough to sustain the maintenance of our leased properties.”
“Since this date, our company had encountered absolutely no other revenue generating activities,” he said.
Yet, he said that it managed to perform its obligations of paying monthly rentals from 1996 to 2003.
“Subsequently, in 2004 and at present, we have come to the point that our cash resources had been nearly depleted,” said Palacios.
“We wish to comply in good faith with our contracted lease obligation…but please help us…we now seek for your understanding to grant us discussions for our part due and subsequent accounts,” said Palacios in a July 7, 2005 letter.
Palacios, a former CPA board chairman, made a follow-up letter to CPA on Nov. 22, 2005.
CPA executive director Lee Cabrera said this week that the company’s request is pending discussion by the current board.
