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Monday, August 8, 2022
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GERS Demands Remainder of Seaborne Money

The Government Employees Retirement System issued a final demand Tuesday seeking repayment of money claims it is owed by Seaborne Airlines.

After Seaborne announced in December its plan to relocate its corporate headquarters from St. Croix to Puerto Rico, GERS Administrator Austin Nibbs demanded the payoff of about $4.3 million in loans from the retirement system to the airline.

On Dec. 19 it received a payment from the airline of $4.1 million. Seaborne is disputing $186,988 for legal and financial consulting charges.

Nibbs issued a final demand letter Tuesday for payment of the disputed amount by the close of business Friday.

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In other related action, the board of directors of Coastal International Airways Inc., the parent company of Seaborne Virgin Islands, voted Monday to remove Nibbs as a member of the board. Jaime A. Lopez-Diaz, treasurer and chief financial officer of Seaborne, was named as the replacement.

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The Government Employees Retirement System issued a final demand Tuesday seeking repayment of money claims it is owed by Seaborne Airlines.

After Seaborne announced in December its plan to relocate its corporate headquarters from St. Croix to Puerto Rico, GERS Administrator Austin Nibbs demanded the payoff of about $4.3 million in loans from the retirement system to the airline.

On Dec. 19 it received a payment from the airline of $4.1 million. Seaborne is disputing $186,988 for legal and financial consulting charges.

Nibbs issued a final demand letter Tuesday for payment of the disputed amount by the close of business Friday.

In other related action, the board of directors of Coastal International Airways Inc., the parent company of Seaborne Virgin Islands, voted Monday to remove Nibbs as a member of the board. Jaime A. Lopez-Diaz, treasurer and chief financial officer of Seaborne, was named as the replacement.