Game Nearly Over For Booom Ibiza.

Notice on Bomba Facebook Page
After the publication of legal notices on social media channels today, the future of the Booom Ibiza project looks dead in the water. With a termination of lease notice being served by the new landlord, a company called Nayarit Inversonies 2012 SL, the current tenant of Booom, Cipriani International, will have to vacate the property by November 30th 2013. The sting in the tail for the incumbent tenant is, the clause in the lease that states, all works and improvements carried out by Booom at the premises, shall remain the benefit of the new owner, with no compensation being paid to Booom. A multi-million euro refurbishment, which included the installation of a state of the art sound system, will become the property of Nayarit, a holding company that was bolstered by the addition of a powerful firm of Madrid lawyers earlier this year. Evidence has also come to light that Booom Ibiza, were aware of this impending notice on July 2nd last, and that the new landlord, Nayarit, was absolving itself on that date of any liability of debts to Booom creditors. It would seem this may be a reason why Nayarit went public, to alert local creditors of Booom.

The publication of the legal notice appeared on the now resurected Bomba Ibiza website and on the Bomba Ibiza  Facebook page which now has a timeline cover that reads "Important legal Notice Regarding All Ticket Holders, Employees, Suppliers, Contractors, and all Creditors to Booom, go to". There, a legal notice informs the Public that the  “New Landlord” has made the firm decision to

(i)            Exercise its option to purchase the Premises currently known as “Booom!”, and

(ii)           NOT to renew the lease to Cipriani and “Booom!”,

(iii)          This decision was formally communicated to Cipriani and Booom in a letter addressed by “New Landlord’s” lawyers last July 2nd 2013.

New Landlord” hereby places on notice all third parties that it will not be liable for any of the debts or obligations that “Booom!” or Cipriani may undertake towards any creditor (such as employees, contractors, service providers, suppliers, or ticket holders) once the present lease expires and “Booom!” and Cipriani are removed from the property .

Its a sensational turn of events, as it sees the previously unknown owner of the Bomba name, enter the public arena in a most dramatic way. In all my years in Ibiza, I have never witnessed anything like this and it clearly demonstrates that certain powerful interests are not happy with Cipriani Internationals presence in the premises know as Booom. The limits, in an already high stakes game of poker, have just been raised to the ceiling by the arrival of a new Spanish player with substantial, financial resources. The notice also sheds light on the reason why Bomba had to change its name to Booom, as Nayarits sister company, Vantage Investments Ltd, had laid claim to that trademark on February 13th, last. It seems a complicated legal battle was going on behind the scenes at Booom from the beginning. Who knew about this, is another question that has to be answered and this story is sure to take a few more twists and turns before it ends. A request made by the blog to Booom for a comment on the above Public notice, was not answered.

Another important piece of the puzzle that has also emerged, is that the premises where Booom is now located, was owned by a local Ibiza property management company based in Santa Eularia, called Nung River SL. Crucially, Nayarit, were able to exercise the option to purchase the premises, due to the execution of a Public Deed that was registered on the property in Madrid, on April 16th last. It is not clear if this went un-noticed by the current tenants of Booom but it now leaves them in a position between a rock and a hard place. Booom will certainly not take this current situation lying down and they are sure to fight back legally. No stranger to legal tussles, a similar eviction notice was served to Cipriani in NewYork six years ago and it was contested with a $20 million lawsuit. However, the cards are certainly stacked against them, by what resembles a clever and tactility astute piece of play, that would be more at home on a chess board. Business is business in Ibiza and a serious lesson of what its like to play with the big boys is being served, Ibicenco style. The ball is now firmly back in Boooms court and the return volley, if any, should make this story one of the most intriguing wrangles ever, in Ibiza history. As always the blog will continue investigating and keep readers updated as it happens.

Update 29/8/13 Booom fights back