Episode 17

”From San Cataldo to New York; The unauthorized biography” (episode 17)

Cala said on Tuesday night that he has provided proof of funds worth “more than £20 million” to Andronikou and promised to pay off in full the £14 million owed to principal creditor and former owner Balram Chainrai.

Andronikou has confirmed he is hopeful of completing a deal soon, but would not specify with whom. If it is Cala, his involvement is likely to spark questions among Portsmouth’s embattled supporters.

Cala’s publicly visible business record is not overwhelmingly successful, with the undersea casino project the most eye-catching of a number of ventures. On his website http://www.undersearesort.com, Cala claimed that his “undersea residences” would transform leisure travel. “The change will be so dramatic that it will be compared to the Wright Brothers and the birth of aviation,” he writes.

The idea was to bring visitors face-to-face with the marine environment in $500 million (£325 million) luxurious glass-bottomed boats equipped with spas and casinos. Investors appear to have been less certain about the project’s potential than Cala. The Cala Corporation’s most recent filings to the Securities and Exchange Commission, filed in August last year, show an accumulated deficit of $14.3 million (£9.3 million) and raised “substantial doubts” about the company’s ability to operate as a going concern.”

The Cala Corporation’s most recent filings to the Securities and Exchange Commission, filed in August last year, show an accumulated deficit of $14.3 million (£9.3 million) and raised “substantial doubts” about the company’s ability to operate.

 

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