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2009 National Agents Alliance and Foresters Atlantis Trip

www.NAALeads.com National Agents Alliance agents got to hang out in the Bahamas at the Atlantis resort with NAA President and CEO, Andy Albright ...

Paradise lost? Ashkenazy deal for Brookfield’s Atlantis resort in the Bahamas falls though

Ashkenazy Acquisition Corporation has walked away from a deal with Brookfield Asset Management to acquire the 3,805-key Atlantis resort in the Bahamas.

The New York-based investor, which was said to be financing the acquisition with funds from Qatar’s sovereign wealth fund, ended talks after discovering surprise deferred maintenance costs during due diligence, according to Nassau’s Tribune 242 newspaper.

But Ashkenazy, once a minority owner of the Plaza Hotel, was unable to renegotiate the sale price, according to sources who spoke to Tribune 242.

“They found more and more issues and they walked,” a source told the paper.

Ashkenazy and Brookfield had signed a letter of intent, which allowed for a 30-day due diligence period. Neither party responded to requests for comment.

Ashkenazy has done a number of deals with backing from Qatar. The most notable was with the country’s former prime minister and royal Hamad Bin Jassim Bin Jaber al-Thani, or HBJ, from whom Ashkenazy borrowed money to purchase the Grosvenor House hotel in London. At the Plaza in New York, HBJ acquired a mortgage when Ashkenazy was a minority owner of the hotel.

Should I invest my money or buy a life insurance policy instead?

Q:  My wife and I are both 40 and have two kids—ages 5 and 7. We are considering buying a joint last-to-die life insurance policy that would cost a fixed $7,105 per year for ten years. That’s a total of $71,050 and the policy would pay $500,000 when the last of us dies. This is a proposition from our advisor after we have made our retirement plan. We have concluded that we have enough savings to retire at 55 with a very comfortable nest egg made up of TFSAs, RRSPs, and defined benefit pension plans, as well as money in non-registered investments.

We do not have any debts except a remaining mortgage of $95,734. We also have life insurance and disability insurance with our employer that would cover our needs if one of us were to die or could not work anymore. The goal of this joint last-to-die policy would be to transfer money tax- free in the future as all other needs are covered either by our savings or our employee benefits.

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