By Lamech Johnson
SUPREME Court judge Justice Ian Winder has approved the goverment's petition for the appointment of provisional liquidators for the stalled Baha Mar resort development.
Justice Winder took nearly 90 minutes to read his written ruling into the record, which will not likely be available until Monday as some clarifications will have to be made to the document.
Justice Winder, however, said the appointment of provisional liquidators is only for the purpose of preventing the dissipation of the $3.5 billion resort's assets and have no further power than that.
The judge did, however, strike out the Water and Sewerage Corp and National Insurance Board as creditors on the petition. The Gaming Board was given 14 days to submit further evidence proving in standing as a creditor.
The legal parties for the government and Baha Mar return to court at 2pm to make submissions on legal costs for the proceedings and Baha Mar's anticipated application for leave to appeal the ruling.
More details as they come.
Comments
John 9 years, 3 months ago
So what, exactly does this mean?
Sickened 9 years, 3 months ago
It means criminals run this beautiful country.
GenX 9 years, 3 months ago
Yep. And it also means our fate is sealed. God help us.
IAmOne 9 years, 3 months ago
Well there you have it. Our fate is sealed.
BahamaPundit 9 years, 3 months ago
At least a decision has finally been made. That's better than waiting in suspense.
DillyTree 9 years, 3 months ago
Another nail in the coffin of our Bahamaland....
kaytaz 9 years, 3 months ago
Surely all of us expected this judge to rule in the governments favor. Well the ball is in Perry and the PLP court now.wonder what will he do with the workers at Bahamar now.Lord help them because Perry them really don't care what happens to them.ps....I don't see how winding up a company is better than restructuring a company and moving forward
kaytaz 9 years, 3 months ago
We in really in trouble now
Sickened 9 years, 3 months ago
I wonder how much the Haitian smugglers charge for their return trips? Bahamians will be queuing for passage soon.
Hotelier 9 years, 3 months ago
Does this mean National Insurance and Water and Sewerage don't have to be paid?
MonkeeDoo 9 years, 3 months ago
Would not the Bahamas Supreme Court's support of the Delaware Courts Chapter 11 achieved the same thing ? Preventing the dissipation of the Assets ? Perhaps it is to prevent the China ExIm Bank from foreclosing ? But again Chapter 11 would have done that too.
THIS IS A PREGNANT COUNTRY ! If you understand my meaning !
MonkeeDoo 9 years, 3 months ago
Sickened: I wish to God that they could have to queue. You see the shit in Syria with those poor fools being disbursed because of a ruthless dictator.
MonkeeDoo 9 years, 3 months ago
What happened to Comrade TalRussell. I know Comrade Tal was hoping to get that dock from the Liquidators but their hand is dead now for that.
TalRussell 9 years, 3 months ago
Comrades, Cable Beach done got's there own intrusive 'dock' that done turn it ugly enough. What we don't need is more botched plastic surgery.
Baha Mar couldn’t have worked financially, even if it had opened on time. What makes anyone think a badly botched to the public relations eyes of the tourist traveling world, has any possibility of every repaying its existing creditors?
Even the pizza delivery guy will demand cash on delivery, sorry no cheques accepted.
No moving forward under the original Baha Mar fantasy business concept, will ever make financial sense.
I sure hopes - da Honourabe Justice Ian, ain't sign no order against the immediate demolishing dat damn 'doc.'
Would you buy shares in anything, called Baha Mar?
Disclosure: Me views and opinions. don't necessarily reflect the PLP Cabinet's views or opinions.
Jesus, would never have had walked the waters, had dat 'doc,' been there in biblical times cuz Peter could have called-out Jesus, while standing all dry at far end of the Atlantic Ocean side of da 'dock.'
ObserverOfChaos 9 years, 3 months ago
Just sitting here watching the future sail away in the sunset (towards China).....bye bye Bahamaland.....kiss your future goodbye....
TalRussell 9 years, 3 months ago
Comrade, ask where was your voice when the natives were fast becoming minorities in their own land? You knows we done been been surpassed, right?
jus2cents 9 years, 3 months ago
= More delay.
Sickened 9 years, 3 months ago
If Winder rejects an appeal then we will look like thugs as opposed to criminals. If he approves an appeal then this will be delayed for many, many more months. If the hotel does eventually open sometime next year, how long before it becomes profitable? Can it ever be profitable?
The Bahamas can't seem to win in any scenario.
TalRussell 9 years, 3 months ago
Comrade let me tell you what never made sense to the financial community. Never before since the 1800's when bankruptcy law in the United States began, has any company sent thousands of its workers home to wait to see, if their employer's privately owned company, can be financially rescued - all with continued paycheques still being deposited into their bank accounts every payday - and all being paid at the 100% expense of Bahamaland's taxpayers.
That in itself, never made any sense to anybody with even the most basic of financial common sense. None at all.
HarryWyckoff 9 years, 3 months ago
TalRussell,
I presume you have never owned and run your own business. If you had, you eould know better than to,spout the nonsense you spout on this matter, over and over again.
Stay out of issues that are way above your level of understanding, or else you will, rightly, look like nothing more than a party shill with only hope and ignorance on their side.
As a business owner and employer, if I am screwed by both someone I hire to do a job, and my government, I would fight tooth and nail to win.
You, sir or madam, are a clueless buffoon. Sit down and shut up. Or better yet, read up on what's actually happening I. The really real world, not your yellow tinted guesstimate of it.
MonkeeDoo 9 years, 3 months ago
We should change the name of this place here and now from Baha Mar to "CHRISTIE'S FOLLY"
Fools rush in where angels fear to tread !
MonkeeDoo 9 years, 3 months ago
You gotta love this: BICA ( Bahamas Institute of Chartered Accountants ) Members of which will be appointed Provisional Liquidators of Baha Mar are in the Tribune today discussing VOTING IRREGULARITIES at their election in June. Heaven help us !!
http://www.tribune242.com/news/2015/sep…
jus2cents 9 years, 3 months ago
“I am confident that we are on the cusp of a stronger, more prosperous and modern Bahamas” "Will all be dead good soon" "It's Friday I'm going to Olives for a drink!" – Prime Minister Perry Christie
Moody’s said "Baha Mar would only affect the Bahamas’ creditworthiness if it was still not open by the second half of 2016." S&P said it did not believe the parties involved could resolve their differences in time for the resort to open for the high season beginning in December 2015. & lowered its credit rating on the Bahamas one notch from “BBB/A-2” to “BBB-/A-3”, the last rung up from the “non-investment” grades, often referred to as “junk”. http://www.globalconstructionreview.com…
Well_mudda_take_sic 9 years, 3 months ago
Did anyone notice that the Bahamas is listed in this week's Obituaries Section of both The Tribune and The Nassau Guardian? It seems only The Tribune and The Guardian knew that our country would be pronounced dead before the end of this week, upon our Supreme Court making the appropriate death announcement just before the weekend!
Baha10 9 years, 3 months ago
Would someone at least now TURN THE LIGHTS OFF so we can stop the rolling Black-outs!
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