Baha Mar’s original developer Sarkis Izmirlian.
By SANCHESKA BROWN
Tribune Staff Reporter
sbrown@tribunemedia.net
BAHA Mar CEO Sarkis Izmirlian said yesterday he is unsure of the future of the $3.5 billion Cable Beach resort after more than 2,000 employees were made redundant.
The redundancies take effect today.
“Today I am writing to you with a heavy heart,” Mr Izmirlian wrote to the “Baha Mar nation”.
“Despite all of our efforts and hard work, the day we hoped would never arrive is here and the liquidation process has forced very significant workforce reductions at Baha Mar.
“The unfortunate truth is that with Baha Mar still not completed, no concrete resolution in place, no confirmed funding source and without the benefit of binding the parties into a proven reorganisation process, there is simply no way for Baha Mar to sustain the thousands of jobs that are being cut.”
He said perhaps this would be a moment to ponder the validity of decisions made to oppose Baha Mar’s Chapter 11 bankruptcy filing in a United States court and to push forward with the appointment of provisional liquidators, “setting Baha Mar on its current path.”
“Whilst there is still ongoing conversations with all parties aimed at finding a solution to be able to finish and open Baha Mar, it is very difficult to predict where these will lead us,” Mr Izmirlian said.
“As such, I am unable to tell you what the future holds for us. One thing I do know for certain though is that I am grateful for your commitment, hard work and unwavering dedication even in the face of adversity.”
Mr Izmirlian said he is “disappointed” that he was not able to provide the employees with the career opportunities they deserve.
“I am profoundly proud of the countless hours of community service Baha Mar nation has provided, the impact we made on local communities, and most of all what Baha Mar became synonymous with: caring deeply, having a generous spirit, thriving as part of this incredible and hugely talented team. The skills, experience and learning you have gained whilst being apart of the Baha Mar nation can stay with you for life. I sincerely hope that you will be able to use them to full advantage in your future endeavours.”
Last week, Prime Minister Perry Christie reminded Baha Mar stakeholders that if negotiations over the stalled project were not completed by November 2, the government would move forward with the “chilling prospect” of initiating formal liquidation proceedings.
During a press conference at his Cable Beach office, Mr Christie said he hoped “all sides try their utmost to avoid having that eventuality come about”.
In September, Supreme Court Justice Ian Winder approved the government’s petition for the appointment of provisional liquidators, but limited their scope to preventing the depletion of the $3.5 billion resort’s assets.
The liquidators received approval from Justice Winder yesterday to move forward with the layoffs.
The judge adjourned the continuation of the proceedings to November 2 to allow the parties time to make the necessary plans to reach a solution and/or applications to himself or the Court of Appeal concerning his rulings.
New talks between the stakeholders began a few weeks ago, but no resolution was reached.
Comments
Honestman 9 years, 1 month ago
Sarkis knows the dream is over and I suspect he has known it for several months now. This government only wants a solution that keeps the Chinese happy. I think we all know why!!
PLP apologist Wendel Jones in his radio talk show today pathetically trying to suggest the government is not at fault for this debacle. He has no credibility as a broadcaster as he is unable to be objective.
digimagination 9 years, 1 month ago
Wendel Jones? Oh please, the man is a complete joke!
TalRussell 9 years, 1 month ago
Comrades this action against the 2000 workers by the Provincial Liquidators can be a positive move for any possible future for Baha Mar - but it can never be rescued as the unworkable dream of Izmirlian. It is time for all parties to close the book on that failed Izmirlian chapter.
I hope you see the wisdom of why it is so?
This is a real Izmirlian "teachable" moment in Cable Beach's history. Now, we have deal with that damn extravagance of a 'dock'..
Honestman 9 years, 1 month ago
This is indeed a "teachable moment" for Izmarilian. The lesson is: NEVER EVER get involved with The Bahamas again because their politicians are corrupt. They want your money but once you've made your substantial investment the government will drop you like a ton of bricks if it suits them. Their PM will question your sanity and the Immigration Minister will threaten to revoke your right to reside. Yes, I am sure this has been a teachable moment for Mr. Izmarilian!
Publius 9 years, 1 month ago
@Honestman Absolutely 100% right!
GrassRoot 9 years, 1 month ago
all these stupid braingasms. very simple: the liquidators will continue to administer a titanic. no later than there are not enough funds to pay the liquidators' fees, the white elephant will be released into the wild. if this shop is not opened there will be NEVER, NEVER money to cover the cash flows need to preserve the even status quo.
TruePeople 9 years, 1 month ago
Lets move all the newly homeless previously shanty town dwelling disenfrancised persons into this shell of a hotel as a government yard. Boom, shanty issue dem solved - Bahamar occupied - not a complete waste
MonkeeDoo 9 years, 1 month ago
Pinocchio and most of the club are officially unelectable now ! But that is little solace for the rest of us who are economically doomed by this too. Ask not for whom the bell tolls !
GrassRoot 9 years, 1 month ago
Pinocchio that's the P in PGC, now we need good ones for the G and the C as well. Go folks be creative
Well_mudda_take_sic 9 years, 1 month ago
Ceasar's Palace in Las Vegas is in Chapter 11 bankruptcy, yet has managed to avoid laying off most of its employees and is now undergoing a $75 million upgrade of its property. Meanwhile our PM has forced Baha Mar to be liquidated in the Bahamas to enrich his lawyer friends and other political friends and business cronies in the private sector at the expense of poor Bahamians in desperate need of jobs. The Baha Mar Citizens and the rest of the Bahamian people got royally bamboozled by Perry Christie, Allyson Maynard-Gibson, Damian Gomez and Baltron Bethel because of the back-room deals that have been cut by the Christie led-PLP government with its new corrupt Chinese friends to swindle the Izmirlian family out of $900+ million for the benefit of themselves and certain key senior executives of the China Construction Company of America (CCA) and the China Export-Import Bank! The four Bahamians I have named here are evil beyond comprehension when it comes to them looking out for their own selfish greedy corrupt needs at the expense of the people they were elected to serve!!
http://news.yahoo.com/caesars-palace-tu…
Wideawake 9 years, 1 month ago
This is a re-post:
Can't wait to hear what Mr. Izmirilian REALLY thinks!! After Nov 2nd, when all of the deals are done, and the entire Baha Mar dream collapses, when the political jackals are licking their chops, when the Chinese gangsters are doing their happy dance, when Baha Mar's "used to be" employees are wondering WTF they can possibly do now, when Izzie finally accepts, what he has known in his heart for 9 months, that the FIX IS IN and his 800 million dream development has been wrested from his grasp. Then, finally, when he has nothing more to lose, he lets us know EXACTLY what he thinks of PGC, AMG, CCA, and the CHINA EXIM BANK and the rest of the marauding hoard who latched onto his BIG DREAM like feasting scavengers.
I cannot believe he will sit small and shrug his shoulders and walk away. We might well find out where ALL the bodies are buried, all of the dirty deals that were done, the identity of all of the bagmen, swindlers and corrupt and greedy politicians that have dogged Mr. Izmirilian's 15 year Baha Mar adventure!
Let the chips fall where they may, let the transgressors be named and shamed and let every Bahamian voter use this fiasco AS A TEACHABLE MOMENT, FOR US TO USE WHEN WE CAST OUR VOTES AT THE NEXT GENERAL ELECTION!!!!
Honestman 9 years, 1 month ago
You are so right Wideawake. Izzie will most certainly NOT go quietly. There will be a lot of bodies to bury when the full extent of the fiasco is revealed.
wearedone 9 years, 1 month ago
Might be burying some bodies literally.
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