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Billionaire Reaches Settlement for Cayman Islands Reef Damage
By Joseph Tepper, November 3, 2016 @ 04:43 PM (EST)
Source: The Daily Mail

After his yacht caused nearly 14,000 square feet of damage to a reef off Grand Cayman, billionaire Paul Allen has reportedly reached an undisclosed settlement with the Cayman Islands government.

In January, Allen’s yacht, the MV Tatoosh, destroyed upwards of 80 percent of critical coral reef in Grand Cayman. Along the way, Allen has denied being responsible for the damage. 

However, the settlement reached appears to offer some level of admitted guilt. No exact amount has been disclosed, with the Cayman Environment Minister saying it, “'reflects a value commensurate with the loss of our public resource.”

It is important to note that Allen has played a key role in trying to salvage as much of the reef as possible in the last 10 months. Paul Allen’s company, Vulcan, brought in Polaris Applied Sciences to reattach more than 1,600 benthic creatures earlier this year in an effort to repair the reef. 

You can read more about the settlement in the article published by The Daily Mail



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