By LAMECH JOHNSON
Tribune Staff Reporter
ljohnson@tribunemedia.net
BAHA Mar has sought an adjournment of its extension application hearing before Justice Ian Winder concerning a Delaware Bankruptcy court's ruling on the resort's successful filing for debtor in possession financing.
Roy Sweeting, lawyer for Baha Mar and companies, said this morning the adjournment was necessary to allow Baha Mar to enter into negotiations with China Export-Import Bank and the Bahamas government. China Construction America will also be party to negotiations.
Brian Simms, QC, and Damian Gomez, QC, had no objection to an adjournment as they also expressed the urgency for the involved parties to meet in China.
July 20 was the date proposed and accepted for the hearing. The judge also set a status hearing for July 14 but that hearing will be held in chambers, so as not to "not prejudice the negotiations" according to Mr Simms.
A statement from Baha Mar welcomed the agreement to adjourn. “Baha Mar’s singular focus is to do all it realistically can to enable Baha Mar to be completed and opened successfully as soon as practicable," the statement read. "Therefore we welcome the parties’ agreement today to our motion for the adjournment of these proceedings to July 20. We look forward to engaging in substantive discussions with the parties to try and reach a consensual resolution that will allow us to move forward, and acknowledge the government's constructive role in those conversations.”
See tomorrow's Tribune for full details from the hearing.
Comments
Well_mudda_take_sic 9 years, 4 months ago
Meanwhile, Carnival gets permission from the U.S. government for its cruise ships loaded with U.S. tourists to visit Cuba's ports!
asiseeit 9 years, 4 months ago
Cuba is the big winner in all of this. Who the hell would invest in this country after this fiasco? It just keeps getting worse and worse in this country, how much more can we take?
HarryWyckoff 9 years, 4 months ago
Why do they need to meet in China?
Bahamar is a US registered company. CCA is a US registered company. The development itself is in the Bahamas.
Simms clearly just wants a free vacation.
I hope more than anything Christie doesn't continue down this path. The LAST thing this country needs is for the Chinese to own one of the largest developments in the country. Pretty sure Christie is being personally paid a shit ton of money by the Chinese to make sure Izmirilian is squeezed out.
Regardless 9 years, 4 months ago
Read the story you ass. Sweeting requested the adjournment not Simms. If Simms has to attend meetings in China, there is no such word as "free" that figures in that journey anywhere. Nothing like an ass who makes assertions when they can't even comprehend what is being stated!
TalRussell 9 years, 4 months ago
Who is da stranger in Delaware making important decisions that will have serious economic consequences on our island nation and her peoples?
Comrade Tribune reporter Lamechie, this Judge seems be a pussycat and it does makes me thinks might not be bad idea do some background checks on who is this judge and what has been their bankruptcy rulings and decisions of cases before their court? Readers might just find such revelations interesting reading.
Was da Judge just randomly appointed to hear this particular bankruptcy case?
banker 9 years, 4 months ago
Ian Winder, the judge in this case was a lecturer at the Dupuch Law School on civil litigation. No particular bankruptcy experience. He has experience working in the law office of Davis & Co, one Phillip Brave Davis. He is the brother of Ray Winder who is the government's negotiator for WTO trade, an accountant with Deloitte and appointed as responsible for collecting bad Bank of Bahamas debts. Nuff said.
John 9 years, 4 months ago
Government must not allow the Bah Mar debacle to push this country down the road to Greece. (With no financial resolution in sight). It must sure up other projects and other sectors of the economy to ensure the country does not slip into a recession.
Chucky 9 years, 4 months ago
Baha Mar is a business, like any other. Sure it's larger, much larger, so what.
The Government has to give concessions to foreign investors, if not, why would they invest here; costs are too high, empoyees are expensive, unskilled and lazy, it's harder to get people here than to an american destination, New Providence has little to offer- true we have beautiful beaches on other islands- but NP is flat land with imported palms and is generally very ugly compared to most Islands in the region.
The only problems in the Bahamas come as a result of our own people, and government (which is made up of our people). The rich here, they know how bad it is,how bad employees and government is - so they are cautious and only invest in sure things.
Our people are lazy, spend more than they earn, don't pursue education for themselves or their kids and we have a systemic attitude of entitlement.
Baha Mar aint no big thing, it can be a temporary saviour for our crapy economy, but it certainly can't fix the real problems.
I think we are going to have to hit bottom before there is any real improvement. If we could turn the people around there is no stopping us, society would thrive.
However if we can't turn the people around, no amount of Baha Mar or Atlantis type resorts will ever be able to save us.
You might find it hard to accept the truth, but it's still the truth!
Lousy people = lousy society
lucaya 9 years, 4 months ago
So what is your advice, got any?
newcitizen 9 years, 4 months ago
This country needs to get educated. We need to push our leaders to make education the most important thing in this country. Our country is full of unemployed people, not because there are no jobs, but because they do not have the skills or training to do the jobs available. Crime and poverty are a direct result of a failed education system.
This is not an overnight solution, but it is the only one that can save our country.
Chucky 9 years, 4 months ago
Hey Newcitizen, the last thing any government wants is a well educated and critical thinking population. They want and need to keep the public stupid so they and their friends can continue to steal all the people's money
John 9 years, 4 months ago
I don't buy your statement in the least. Government has been undermined to feel they have to give up 1/3 of the value of a project to get the investor here. Florida is already overdeveloped. The Bahamas is the next stop. Cuba may be opening up but it will still be a few years before it gains investor confidence.
banker 9 years, 4 months ago
Disagree with a few years for investor confidence in Cuba. They are lining up because of the tremendous growth potential and ROI (Return on Investment). Industry Canada (Government of Canada) has a consul general for business on the ground in Havana that is already acting for American and other foreign businesses as investment guidance.
TalRussell 9 years, 4 months ago
Comrades under da Heads of Agreement signed and accepted by both PLP and FNM cabinets and Atlantis, wouldn't Atlantis Paradise Island, now be legally within their rights to seek equally share payments of monies and concessions from taxpayers, including lands give away?
It's not like Atlantis does not have its own financial issues they're working hard to deal with. If you were Atlantis, what would you do, maybe demand taxpayers pay your payroll?
lucaya 9 years, 4 months ago
Read every day gloom and doom with the Bahamas, but ain't shit coming forward, it's amazing how so called "expert" talking crap about Cuba glory, when money talks, still waiting for their solution, otherwise shut the hell up!
asiseeit 9 years, 4 months ago
OK, here is one thing Bahamians can do to make OUR country better, STOP LITTERING, not rocket science but it most certainly will help our tourist product. Nassau especially is a DUMP, just check the public beaches after independence, NASTY!
TalRussell 9 years, 4 months ago
Comrades I confess until today I had thought we PM had completely dropped ball over Baha Mar but the more I hear from Izmirlian, the less I would trust him. Not even sure the Chinese are the cause of bankruptcy but100% certain Minnis is unfit for PM.
I thinks way go forward is for the PM to stand his ground against Izmirlian - regardless - do not allow Chinese get their hands on lands - return the lands to ownership taxpayers.
PM this is a golden opportunity for the PLP government come straight with taxpayer, by putting the entire Baha Mar process, past and today, PLP & FNM, on the table for taxpayers see, who did what or gave away what belonging Bahamalanders.
PM the second Izmirlian went before the Delaware courts, he voluntarily forfeited any promises, by any Bahamaland government, to maintain confidentiality.
banker 9 years, 4 months ago
There was no ball for the PM to drop. Christie was not even in the game, to begin with. All non-partisan observers credit Izmirlian's secret move as a brilliant business tactic to move forward on the impasse. The Chinese have not been stellar ethically as business partners, with shoddy construction and slowing down work in a project that they hold equity in. Independent observers have noted that the construction is in fact, in need of remediation because of the poor construction techniques.
It is funny that Christie is a complete failure as a negotiator, as a Prime Minister and as a leader, and yet you somehow infer something about Minnis in all of this? Hilarious. Your partisanship slip is showing, ma'am.
TalRussell 9 years, 4 months ago
Comrade Banker, I could not even begins burn my small candle flame to the match the brightness you view Izmirlian'a motivation with. I guess, even if only guided by my tiny candle light, I think i have a much clearer viewpoint to his true motivation. I think the man has to be removed from Baha Mar - no exceptions to be made keep him connected, not even as a minor shareholder.
John 9 years, 4 months ago
Ok so if government assumes ownership of Bah Mar what all has to be done? It will also have to assume the loan to China Bank, resolve the issues with China Construction Company, pay off all other debtors, re negotiate leases with all tenants leasing the properties, assume operation of Bah Mar section and Amelia and manage and maintain the entire property right? The Bahamas Government will the also be subject to lawsuits stemming from the late completion of the project coming from guests, tenants, suppliers, and anyone and all who are aggrieved by the late completion of the project right? And because it is now public knowledge that there is shoddy and sub standard work on the project this may expose the "operators " to even more litigation. Is the government ready for the task?
Chucky 9 years, 4 months ago
hey John, Our government is long since broke, they also can't manage anything. Give them Baha Mar and you might as well just burn it down.
There is a reason developments like this are only done by foreign companies, that is because our Bahamian people are completely useless at everything aside from lying , cheating and stealing, oh and being lazy.
Sign in to comment
OpenID