In 2014 the US Army Corps of Engineers had given Summers End an extensive list of issues which needed to be addressed in order for the Corps to continue processing the permit application.  With apparently limited financial resources this was a challenging proposition.  And in 2016 when the Virgin Islands Board of Land Use Appeals ordered that the two 2014 permits be consolidated, followed by the sale of the two central marina parcels, the scale of work became even more challenging.

Based on public filings in the SEG-Phillips lawsuit we know that sometime in early 2017, SEG borrowed a significant sum of money from an entity known as “Island Investco” based in Baton Rouge, La.  Given the timing, it seems that this money was likely used, in part, to prepare the extensive resubmission of project documents made by Summers End in August 2017, immediately prior to Hurricane Irma.  A Uniform Comercial Code (UCC) filing in March 2017 states that “The Collateral shall consist of all assets now or hereafter owned by the Debtor.”  The Debtor is The Summers End Group LLC.  The Secured Party is “Island Investco LLC.” 

In an October 2021 public filing, SEG claims to have borrowed $1.7 million from “Island Investco LLC” with an interest payment due of $3.8 million (an absurdly high interest rate).

Finally, we know from a filing with the Louisiana Department of State, that “Island Investco LLC” is an entity formed in March 2017, and controlled by Timothy Litel.