Baha Mar’s original developer Sarkis Izmirlian.
By KHRISNA VIRGIL
Tribune Staff Reporter
kvirgil@tribunemedia.net
BAHA MAR’s developer Sarkis Izmirlian is calling for Prime Minister Perry Christie to sit and meet with him if his Government is serious about getting the $3.5 billion resort completed and opened.
In a statement issued exclusively to The Tribune yesterday, Mr Izmirlian said he has not heard from the Government since last October, or from the Prime Minister since the summer of last year, even though he has made proposals that would enable Baha Mar to be opened “and put Bahamians back to work”.
Mr Izmirlian’s remarks come as rumours circulated over the weekend that the Export Import Bank of China (EXIM) had agreed in principal to fund the completion of the resort’s convention centre.
According to a source involved with the intricate details of the matter, China State Construction America (CCA) is expected to soon remobilise its construction crews. The workers are to first focus on Baha Mar’s convention centre and other components of the hotel needed to host an upcoming Inter-American Development Bank (IDB) conference slated for early April.
Once this is completed, the source – who was not authorised to speak on the matter – explained that the crews are to then move to finish the remaining portions of Baha Mar. The resort is said to be already 97 per cent complete.
When contacted for comment yesterday, Attorney General Allyson Maynard-Gibson would not confirm or deny the report, but said such matters were best put to Prime Minister Perry Christie. She said the public would know more today when the matter is set to return to the Supreme Court.
“The understanding is that they (CCA) will be remobilising for the IDB conference to ensure the parts that are needed to run the conference successfully will be ready,” The Tribune’s source said.
“So when the crews arrive here and get that done it is likely they will stay, move on to the other parts of the hotel that need work and complete the three per cent that needs to be finished. They are aiming to have the resort finished this year.
“It should be noted, however, that there are formalities in terms of documentation on the Chinese side. I think that has contributed to some of the hold up.
“But, yes, the prime minister could comment the way he did last week because yes, the EXIM Bank has agreed to fund the completion of Baha Mar. That is the understanding.”
The revelation comes four days after the nation’s leader told the House of Assembly that critics who scoff at his optimism over Baha Mar will join with him in celebrating its success when the doors were opened.
Mr Christie added that while he has not commented significantly on his relationship with the resort’s developer, because it was not relevant, the government was in daily discussions with stakeholders.
In response, Mr Izmirlian released a short statement yesterday saying he and the prime minister had not been in communication for months.
Mr Izmirlian said: “I have not heard from the government since last October, and from the prime minister since last summer, even though I have made proposals that would enable Baha Mar to be opened and put Bahamians back to work. If the government is serious about getting Baha Mar opened, then the prime minister should meet with me.”
When told about the reported plans by the EXIM Bank to fund the remaining construction of the property, a source close to Baha Mar reacted in disbelief.
The Baha Mar source said this was likely more “public relations” spin put out by the Christie administration, adding that the resort’s convention centre was virtually complete. The source also doubted that the property would open soon.
Mr Izmirlian filed for Chapter 11 bankruptcy protection for Baha Mar and 14 of its affiliated companies in a Delaware court on June 29, 2015 blaming the resort’s contractor, China Construction America, for delays that caused it to miss previous opening deadlines.
However, the bankruptcy protection for Baha Mar’s Bahamian-based companies was later thrown out.
In reaction to the bankruptcy filing, the government filed a winding-up petition against Baha Mar in the Supreme Court. The court later approved the appointment of the joint provisional liquidators, KRyS Global and UK-based Alix Partners.
In October, the Supreme Court authorised the termination of 2,026 employees at the stalled development. The joint provisional liquidators said the lay-offs were due to the project’s financial insolvency.
Later that month, the Supreme Court appointed officials from Deloitte and Touche to act as receivers for the property, at the request of the EXIM Bank.
Despite this, Mr Christie has remained publicly optimistic about the situation. Last week he expressed high hopes that the completion of the convention centre would be the gateway for work to resume on the rest of the resort.
He said the court appointed provisional liquidators and the receivers were in support of this.
Baha Mar was scheduled to open in December 2014.
Comments
sheeprunner12 8 years, 9 months ago
When will Izzie appeal to HM Privy Council on this government taking away his $900 million investment?????????? ................... what is stopping him from at least reclaiming his share of the investment???????? ................... or has the Queen abandoned him as well????????
Islandgirl 8 years, 9 months ago
I was wondering the same thing myself. there is no way I would let anyone swipe away 900 million of my dollars and not do everything possible to re-claim it. We have too many con artists in this country who think they are entitled to someone else's good fortune, and always seek to do their utmost to steal what they can from you, even whilst smiling in your face.
TruePeople 8 years, 9 months ago
Izzie has never appeared to be so hard-nosed to me. He seems like he'd only do that if he can't get a cooperative and cordial resolution. Maybe he's too nice a guy to be in the same tank as these sharks
birdiestrachan 8 years, 9 months ago
Mr;: Ismirlian It is my hope that you will see your dream completed. Maybe you can speak to the man who owns the wash houses and ask him to keep his motor mouth close. He runs on and on with what he knows nothing about. apparently the bank of china is not talking to him.
John 8 years, 9 months ago
Bah Mar is in receivership, meaning the secured creditor, China EXIM bank has taken control of the properties and is now in the process of disposing of them to recover the monies owing to that bank. Izmirilan can only recover any part of his investment after the properties have been sold and all the creditors and the receivers have been paid. Thus far the bank is looking to get full value for Bah Mar, which means Izmirilan may get something back. But if they decide to sell below value, with justified reason, then Izmirilan may walk away from Bah Mar with nothing. Also he can recover if the bank comes to an agreement with him and allows him to continue as the investor/operator of Bah Mar. Unfortunately this does not seem to be the wishes or intentions of the government. Not since they are not talking to Izmirilan. at all.
Honestman 8 years, 9 months ago
A few facts. The China EXIM bank now owns the property. In all likelihood China EXIM bank has not written off any of its investment in BahaMar and is therefore carrying the property on its books at full invested value. EXIM bank executives are going to be extremely reluctant to accept a discounted foreign bid for the resort because at that point, the loss becomes realized and some Chinese heads could roll. EXIM might prefer to have the property lie vacant for years and maintain the original book value of its investment rather than confront the horrible truth. Perry Christie and the PLP have no leverage in discussions with EXIM as they are hopelessly compromised. Despite this reality, Christie continues to pontificate trying to give the impression that he has some role to play in resurrecting the project. The time for his involvement is long gone. Sovereignty has been ceded to China.
TruePeople 8 years, 9 months ago
100%
Baha10 8 years, 9 months ago
Fire the Laundry Man, who will simply "hose you, dry you and then press you", and surround yourself with half way sensible Bahamians who truly support your Project and share "your Vision", as opposed to the taste of free Champagne aboard your Private Planes and Yachts to exotic locales, all at your expense, only to leave you "high and dry" when you need their "supposed" wisdom, guidance, support and influence, which was obvious to ALL except you, they have NONE.
Learn from your mistakes and you will be the wiser for it, perhaps even in the process make Daddy proud and get yourself back in his Will!
John 8 years, 9 months ago
If the property continues to sit idle the full value will never be realized. Not only is there depreciation but the property will begin to deteriorate. The longer it sits the more this will happen and the less sellable the propriety will become. Getting full value will become impossible
Mmantle7 8 years, 9 months ago
THE ROYAL OASIS!!!!!
Stapedius 8 years, 9 months ago
If I were him I'd say f%$k it. Too much drama. But I guess that's easy for me to say when I haven't invested the kind of money he has into the project.
Franklyn 8 years, 9 months ago
Mr Izmirlian said: “I have not heard from the government since last October, and from the prime minister since last summer, but Perry was all over town dancing, singing and clowning around how BahaMar would open soon ... nothing but “public relations” spin put out by the Christie administration" said Mr Izmirlian ...suckers really takin Bahamians for fools.
http://tribune242.com/users/photos/2015…
atyrs1 8 years, 9 months ago
The government should not continue ignoring Mr. Izmirlian. He is the one with the most incentive and the only one that may be able to deliver the property at it's best value to the EXIM bank as lienholder and potentially saving at least some of his investment. Otherwise, the property may very well sit vacate in spite of the expectation that China EXIM bank will pour more money into the project after completion of the virtually completed convention center. Let's hope that Mr. Christie can set aside his view of the situation and be open to making a good faith effort on the behalf of the Bahamian people to really assist with the situation.
jammyrose 8 years, 9 months ago
whatever it is just solve it as soon as possible.
SP 8 years, 9 months ago
.......... Apologies to Mr. Sarkis Izmirlian. We greatly appreciate your endeavors! ...........
Baha Mar is the brain child of Mr. Sarkis Izmirlian who put his faith in the Bahamas and Bahamians. He also put his money where his mouth was by investing heavily in the project and always treated our people with the greatest respect!
He has earned, and deserves the privilege to complete Baha Mar more than anyone else! And should be afforded every possible opportunity to complete the development.
We are totally ashamed of P.M. Christie and his government for their maltreatment of Mr. Izmirlian. This is NOT how we treat people!
Majority of "real" Bahamians are kind hearted, honest, peaceful people. Christie and those like him have given our country and people two black eyes on several occasions, but what happened to Sarkis is unthinkable, and absolutely unforgivable.
We abhor and condemn the actions of Christie's entire tenure as Prime Minister in the strongest terms, and will demonstrate our displeasure decidedly in the upcoming general elections.
Chucky 8 years, 9 months ago
It's now become abundantly cleat that the "winding up petition" by this government was 100% a stab at Izmirlian. If not , why would they delay the proceeding any further.
It appears this government is willing to put all the jobs and potential economic benefits aside in order to "get back" as someone (i.e. Izmirlian), and clearly they could care less about the costs to our country.
Godson 8 years, 9 months ago
Donald Trump said, "OUR COUNTRY IS GOING TO HELL". He was referring to the USA but this is also the case in The Bahamas; hence, this is the reason for us all to become more POLITICAL in order to stop this downfall of Our Beloved Country.
All of what we are saying in our posts, in fact, goes to emphasizes THE NEED FOR ALL OF US BAHAMIANS TO GET POLITICAL. All eligible Bahamians need to register as soon as possible. That is the only we can be a part of change for a positive difference.
THIS TIME AROUND, THE NEED IS URGENT AND PRESSING FOR ALL BAHAMIANS TO 'GET POLITICAL' and REGISTER NOW for the next general election.
PLEASE GO AND REGISTER A.S.A.P and do more by encouraging others to do so as well. - Thank you.
Godson Nicodemus Johnson
sheeprunner12 8 years, 9 months ago
Sorry Godson ............. we do not have a trump equivalent in our country ..... stop posting this on every story site ........... Bahamians vote for the tingsy party (free t-shirts, food, rum, money, paid bills, phone cards etc)
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