By RASHAD ROLLE
Tribune Staff Reporter
rrolle@tribunemedia.net
ATTORNEY Wayne Munroe yesterday said Baha Mar’s decision to file for Chapter 11 bankruptcy in a Delaware Court was “probably just a bunch of jockeying” on the developer’s part to gain an advantage during negotiations over the resort’s future.
His statement to The Tribune came before a Supreme Court hearing on the matter was adjourned to July 20, so all sides could head back to the negotiating table amid an attempt to work through their differences. Baha Mar’s legal team requested the adjournment.
Mr Munroe, QC, also questioned whether the Supreme Court would ever have ratified an order by a US bankruptcy judge that approved Baha Mar’s request to access debtor-in-possession financing for the project, saying the Bahamas does not have reciprocal arrangements with the US that would allow that country’s judicial judgments to be registered or enforced here.
He suggested that Baha Mar could have filed a petition to restructure its affairs in the Supreme Court under the International Business Companies Act.
“The government’s argument is probably that a Supreme Court cannot enforce the US Court’s judgment because we don’t have reciprocal enforcement of judgment with the US,” he said. “We recognise their judgments for limited purposes. We have reciprocal arrangements with the UK and commonwealth countries, but Baha Mar’s best bet is if people were threatening to wind them up, go to the Supreme Court and seek a petition to prevent this from happening.”
Asked if Baha Mar should have filed its petition to the Supreme Court, he said: “I don’t think they should have gone to any court at all. This is all probably just a bunch of jockeying (on their part). Fundamentally, cases shouldn’t go to court unless they have to. People shouldn’t run to court either to seek protection or wind somebody up.”
In the Supreme Court yesterday Roy Sweeting, lawyer for Baha Mar and companies, said the adjournment was necessary to allow Baha Mar to enter into negotiations with lender China Export-Import Bank and the Bahamas government. China Construction America, the resort’s general contractor, will also be party to negotiations.
Baha Mar’s opening has been delayed three times.
Comments
DEDDIE 9 years, 5 months ago
Bahamar probably got a history lesson on what happen with Gulf Union Bank and Clico. I am a Bahamian and I don't even want our courts dealing with criminal matters. Send the criminal cases to Texas and I could assure you we will have our first hanging for the new millineum
TheMadHatter 9 years, 5 months ago
Mr. Munroe, I am certain with his experience, is well aware than any foreign investor coming here sure as heck needs some kind of "advantage".
Economist 9 years, 5 months ago
The US courts are much more efficient and delays are the order of the day in The Bahamas.
He is just playing to a xenophobic audience.
newcitizen 9 years, 5 months ago
The xenophobia here is holding this country so far back. The rest of the world is leaving us in the dust because we are so scared of anything not 'Bahamian'
John 9 years, 5 months ago
Our courts are filled with some of the same people Izmirilin felt he needed to protect his investment against based on his public outbursts on the matter
newcitizen 9 years, 5 months ago
Based on what we've seen so far, it is more than obvious that Baha Mar would be on the losing end of any court decisions and that the government and courts would have folded to the Chinese interests in short order.
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