Former Prime Minister Hubert Ingraham.
By TANEKA THOMPSON
Tribune News Editor
tmthompson@tribunemedia.net
THE Christie administration was “dead wrong” to force Baha Mar into provisional liquidation and should have allowed developer Sarkis Izmirlian’s Chapter 11 bankruptcy process to play out in a US court, former Prime Minister Hubert Ingraham said yesterday.
Mr Ingraham also predicted that the resort will not open before the next general election, charging that anyone saying differently is only “flamming” or deceiving the public.
His comments came during a broad interview with The Tribune at his law office in Caves Village, where he spoke on a range of issues including the state of the Free National Movement since his retirement and Prime Minister Perry Christie.
His remarks came a week after Mr Christie said the government was “closer than we’ve ever been before” to getting the beleaguered resort open.
“The government was dead wrong to put Baha Mar in liquidation,” Mr Ingraham stressed. “It made a big mistake when it said that it was against the sovereign interest of the Bahamas for Baha Mar to go into Chapter 11 in the United States. We’ve had that experience before, (the former) Resorts International - Paradise Island - was in Chapter 11 in America when Mr Pindling was prime minister and when Christie was a minister.
“When (Sol) Kerzner bought Paradise Island, he bought it out of Chapter 11. So we have experience with how Chapter 11 could work, and how it could work successfully, because you can attract a good buyer to come along as Kerzner did, etc. So the government should have allowed Mr Izmirlian and his company to pursue their matter before the court in Delaware and if they decided to put it in Chapter 11 over there, it would have been fine. Whatever decisions were made later as to who should get the property or not get it would have been approved by the Bahamas government.”
Mr Ingraham added: “The government should not have tilted in favour of the Chinese contractor and those. As a result of that, the Bahamas lost hundreds of millions of dollars in revenue that it would have received. It has its credit rating threatened, thousands of more people unemployed, and it’s having to squeeze out of the population more and more taxes by this VAT.”
He said he told Prime Minister Perry Christie this and wrote him two letters outlining his opinions on the matter.
The government asked the Supreme Court to place Baha Mar into liquidation shortly after the resort’s developer filed for bankruptcy protection in a Delaware court last year.
The Supreme Court later appointed receivers at the request of the Export-Import (EXIM) Bank of China.
A formal sales process for the resort was launched earlier this year, but despite repeated assurances from the prime minister that construction at the property would resume soon, Baha Mar remains dormant.
Asked when he thought $3.5 billion property will finally open its doors to guests, Mr Ingraham predicted it would not happen before next spring.
“The question of Baha Mar opening before the next election doesn’t arise. That’s not going to happen, that can’t happen. It will take longer than that, if they started work today, they won’t be finished in time. So no, it’s not going to open before the next election. And if anybody tells you they are opening part of it, etc, they are only ‘flamming’ you like they did before.”
The next election must be held by May 7, 2017.
Meanwhile, Mr Ingraham said the most immediate concern is for the resort to be completed and for Bahamian contractors to be paid the money owed to them.
“And that’s not likely to happen while Baha Mar is in liquidation. But this was avoidable, it didn’t have to happen and I blame the government for that outcome because it could have been dealt with another way.”
Baha Mar was initially set to open in December 2014.
Comments
Well_mudda_take_sic 8 years, 3 months ago
The Bahamian people have been played as fools for far too long by Ingraham and Christie alike. Both have driven our country to the brink as a result of their corruption, greed and incompetence, all the while feathering their own nests and the nests of their family members and elitist cronies.
DreamerX 8 years, 3 months ago
You are quite unbearable.
SP 8 years, 3 months ago
Ingraham Administration Was ‘Dead Wrong’ On BTC, Bell Island, Road Works & More!
Hubert is the last person we need to hear from casting aspersions against ANYONE, deserving or not!
After four decades of unchecked massive corruption, absolute political stupidity, abject failure across the board and decimation of our country and people, It is practically impossible to distinguish which FNM and PLP Prime Ministers caused the most destruction of our beloved country and people.
Crawl back to your highfalutin crypt Hubert Ingraham, and make room cause were sending lying, double talking Perry Christie to join you in 2017!
kellyrum 8 years, 3 months ago
On behalf of the expats who were brought in to run the project and better your country let me just say this...enough is enough! We trained the Bahamian people, we opened doors within the business community with creative ideas that were never heard of before, we hired your destitute from the inner city, trained them and gave them an opportunity to better themselves. We worked harder and longer than anyone had ever done before. We packed up our families and moved to your country with great sacrifice and hardship on the promise that we would be able to make a difference in your country for your people. We stimulated your economy with our buying power. Unlike the Bahamians we worked without getting paid to fulfill your dream. No one talks about the money we are owed. When we were told to leave we had to take from our children's college funds and life savings to leave the island and relocate back to the US. The Prime Minister will say anything to keep alive the hope that Baha Mar will open before he leaves office for obvious reasons. The opposition party will Monday Morning Quarterback at any chance in order to solidify their chance for reelection. Enough is enough! We hear about the Bahamian vendors that need to be paid. We hear about the 2000 Bahamians that need to get back to work. We hear about the other 3000 workers that were suppose to be hired. Enough is enough. There are two reasons why Baha Mar failed. It is not the banks fault. It is not the construction company's fault. It is not the goverment's fault. Put the blame where it belongs. Reason #1 - A silver spooned, spoiled brat, nieve developer, who wanted everything his way and would not listen. Reason #2 - A under qualified, over his head, president who lacked the personal conviction to stand up to the developer/owner. He was more concerned with his self-serving interest than what was best for the project, the people, the expats and the country. Enough is enough! There was a time when despicable behavior like this would find these two individuals tarred and feathered, riding backwards on their horse and forced out of town. Enough is enough! Stop blaming everyone who is not at fault and focus your energy where the blame should be.
Well_mudda_take_sic 8 years, 3 months ago
It was Ingraham who as PM had the Bahamas abandon Taiwan for mainland China many years ago against the wishes of the U.S. Yes, it was Ingraham who planted the mainland China seed in our country and look what it has grown into today with devastating consequences for our economy. Even the long established Chinese owned port and transshipment facilities in Grand Bahama have never produced the desired wealth effect for the Bahamas. Mainland China gave us a sports stadium to get their foot in the door (as they have done in many African nations) and have been stripping our economy of key strategic assets ever since. Our corrupt politicians and their cronies are the only ones being throne a bone by the mainland Chinese for permitting our country to be raped pillaged and plundered!
Reality_Check 8 years, 3 months ago
It was a sad day indeed when the Bahamas under Ingraham decided to abandon its diplomatic recognition and support of Taiwan and instead side with mainland China.
Mico242 8 years, 3 months ago
I worked so hard training and preparing for what I thought was a opportunity of a lifetime. When I got the news of Sarkis chapter11 claim and what it meant I was overwhelmed with joy thinking my hard work, determination and patience had paid off. Then all of a sudden all of my hopes, dreams and aspirations were stumped to bloody hell by a group of illiterate, egotistical, incompetent, edu-idiots I have ever encountered. Even now as I write this I'm brought to tears to see how foolish man could be. I could go on and on about the damage caused by the government to my colleagues and I at Baha Mar but it's futile at this point so I'll conclude with this. Wake up citizens of a country that is destined for greatness and stop these egomaniacs from destroying the dreams of our sons and daughters. They need you, we need you, I need you, for Gods sake PLEASE WAKE UP!
Sign in to comment
OpenID