Baha Mar’s original developer Sarkis Izmirlian.
By SANCHESKA DORSETT
Tribune Staff Reporter
sdorsett@tribunemedia.net
SARKIS Izmirlian, CEO of BMD Holdings Ltd, the original developer of Baha Mar, has made an offer to purchase the stalled $3.5 billion dollar resort “at a price in excess” of the current undisclosed bid.
In a letter dated October 10, addressed to Liu Liange, vice-chairman and president of the Export Import Bank of China (CEXIM), Mr Izmirlian said BMD Holdings is prepared to pay 100 per cent of all “substantiated” Bahamian claims and all money owed to Bahamians and foreign employees.
He also said BMD Holdings will drop “all of our appeals and legal actions in effect within the Bahamian courts” upon acceptance of the offer.
In August, Prime Minister Perry Christie announced that the government and CEXIM entered into an agreement to have Baha Mar completed and sold to a “world-class hotel and casino operator”.
Last month, Mr Christie and a government delegation that travelled to London, England, to meet with investors were informed about the identity of the anticipated buyer for the beleaguered Baha Mar resort. However, he said he could not name the group because of the delicate stage of negotiations.
Under the terms of the agreement, Mr Christie said CEXIM has committed to funding the costs to finish the project and the resort’s general contractor, China Construction America (CCA) Bahamas, will complete outstanding work. He said CCA would also resolve outstanding claims with its suppliers and contractors.
Yesterday, Mr Izmirlian said he found it “surprising” that the undisclosed Chinese buyer was reportedly “found outside the receiver’s sales process,” when BMD Holdings was advised that all offers were required to be tendered through the receiver’s process “and the multitude of bona fide offers we have made were not considered because of that”.
“In fact, if our offers had been considered, it is very likely that Baha Mar would be open today, employing thousands of Bahamians,” Mr Izmirlian said.
“Since the potential acquisition of Baha Mar by an unidentified party via an offer outside the receiver’s process is now what CEXIM is entertaining, we hereby submit the following offer, which we are confident is both far superior economically and in the best interest of the Bahamas … my team can conclude this transaction with CEXIM with the fewest surprises in the shortest period of time. We can complete Baha Mar with the soonest opening of all other options.
“We are in the best position to re-engage the people of the Bahamas as passionate supporters of Baha Mar and its stakeholders. And we can pay the highest price for the benefit of the bank and all its stakeholders.”
In the letter, Mr Izmirlian also asked Mr Liu, to “put our disagreements of the past year behind us” in the best interest of the Bahamian people.
He said: “Together, we can move ahead to a swift and mutually beneficial resolution for Baha Mar, which will result in the resort being open as soon as possible to serve the best interests of the Bahamas, as well as the bank. Now more than ever the country, in its time of need, requires us to come together.”
Last night, Attorney General Allyson Maynard-Gibson responded to Mr Izmirlian’s letter.
“The purported offer by BMD Holdings Ltd is a matter for consideration, in the first instance, by EXIM,” she said in a statement. “The government of the Bahamas will continue to work tirelessly in the best interest of the Bahamian people.”
This is not the first time Mr Izmirlian has offered to purchase Baha Mar. In early April, Mr Izmirlian asked the president of CEXIM to accept his offer to complete and open the stalled resort, promising to re-hire Bahamian employees while ensuring that the bank will not have to take a discount on its debt. In other words it would recover its debt in full.
Mr Izmirlian’s offer would also ensure that unsecured creditors, many who are “suffering in the Bahamas”, would be paid, he wrote.
The letter was a follow-up to the offer he made to the bank on January 11, to which he said he received no response.
Comments
MonkeeDoo 8 years, 1 month ago
Can't wait.
MonkeeDoo 8 years, 1 month ago
They better take this offer and carry they arse back to Bejing. Persona non grata !
BahamaPundit 8 years, 1 month ago
Thank goodness. Use this man. He is good for The Bahamas. Please accept this offer and let the rightful owner resume his position. Tired of all the PLP fronters.
SP 8 years, 1 month ago
.......................................... This Should Be Headline News!! ...........................................
SARKIS Izmirlian as the original developer has the insight and best chance to make Baha Mar successful.
Mr. Izmirilian has proven beyond all doubt to be GOOD FOR THE BAHAMAS and Bahamians have tremendous respect for him.
We certainly do NOT want a Chinese owner!!
banker 8 years, 1 month ago
It will never happen. The Chinese want control over the Bahamas, and control over Prime Minister Crisco Butt and political influence on America's doorstep. They would rather see it languishing, unfinished or operating at a tenth of the crippled capacity rather than give up socio-economic-political control in this part of the world.
Crisco Butt was a stooge who played right into their hands, and now there is no going back. The Chinese have what they want -- they have us by the short and curlies and can apply pressure to the throat.
Honestman 8 years, 1 month ago
Spot on Banker. Sarkis knows he has no chance of getting Baha Mar back and so he can make such an offer safe in the knowledge that it will never be accepted.The PLP / Chinese stich up is complete. End result: China 1 Bahamian people 0
TalRussell 8 years, 1 month ago
Comrade Banker! Is you saying both this PLP Cabinet and the Cabinet of Papa Hubert's, red regime does likes the stuff white people tooks to liking?
banker 8 years, 1 month ago
I don't understand what you are asking.
But I do know this. The Chinese are in the driver's seat and will never relinquish the wheel.
TalRussell 8 years, 1 month ago
Comrade Banker, being we still live under a democracy, isn't it the people of the Bahamaland nation that can still decide if the Chinese stays or what monitored role they will be allowed to play, or must they make their BahamaExit?
No foreigner player(s) should ever be allowed to run afoul of the best interests of the nation and remain in the Bahamaland. I think even the Chinese can be made to respect the position of the people but is is an impossibility such a message will be conveyed under either the PLP or the red movement politicians - cause they thinks too much enjoys the spoils of power.
Some four years ago I questioned why the Chinese would think it was a necessary to establish a full diplomatic relationship with and in The Bahamaland.
Comrade Banker, outside of the USA and now the Chinese, can you tell readers how many other governments have established full diplomatic relationships with and in The Bahamaland? Did this unexpected diplomatic move by the Chinese, raise the eyebrows in Washington, absolutely..
banker 8 years, 1 month ago
Democracy is debatable. The will of the people is supposed to be carried out by the elected members. Instead they rob, cheat, steal and copulate where ever their members are pointing.
BahamaPundit 8 years, 1 month ago
Unfortunately, I agree with Banker. Our natural slave leaders have tasted the empowement of becoming slaves again under a new red master. They will not give up that feeling to be free again. When one is a natural slave, they kick the man who offers them freedom in the teeth. "Freedom is too scary boy. I feel safer with China man in charge a me and making all the decisions"
ThisIsOurs 8 years, 1 month ago
Yep, I don't think the Chinese have one bit of interest in a hotel. This is the road to world dominance
sheeprunner12 8 years, 1 month ago
The Bahamar complex could have been open and making money for our country if it wasn't for the stupid PLP greedy hogs taking sides with the evil Chinese
Well_mudda_take_sic 8 years, 1 month ago
Wow! The fact that Baha Mar is still standing in the aftermath of Hurricane Matthew must mean his fears about the quality of Chinese construction were all along unfounded; hence, his renewed interest in regaining possession/ownership of the development.
CommonSense 8 years, 1 month ago
Um...what kind of flawed logic is that? He never said that a hurricane would be able to blow it down...that doesn't meant that the quality of the building doesn't still have serious issues.
banker 8 years, 1 month ago
Not to mention the rice poop in the rooms with multiple rooms being used as lavatories by the oriental construction workers.
ThisIsOurs 8 years, 1 month ago
Did anyone report that every structure in every shanty town was flattened?
SP 8 years, 1 month ago
........................ Is This A Fact Or Just Wishful Thinking? ............................
I pray your statement is true as this would be reason enough and the best opportunity government will ever have to demand illegal shanty towns not be permitted in Bahamas.
A humanitarian crises of some sort was bound to result in shanty towns sooner or later, hurricane Matthew destroying them would be phase one followed by a disease outbreak due to decades of unsanitary waste disposal if these people remain in shanty areas or try to rebuild.
However, Haitians will also now be able to find an overabundance of scrap building materiel to rebuild shanty towns as Bahamians dispose of damages sustained from Matthew.
Government finds itself in a "catch 22" position that was bound to happen after decades of apathy regarding shanty towns. Lets hope they finally make the proper decision.
Bahamas could not afford to support illegal migrants before Matthew, and certainly cannot afford to support them now with the whole country devastated and tens' of thousands of Bahamian citizens and legal residents looking to government for assistance.
Hurricane Matthew brought all the chickens home to roost proving to government that Karma is without doubt very real!
jus2cents 8 years, 1 month ago
The whole country and everyone living here needs this to happen! It will boost the economy, he can get this done and fast.
Alex_Charles 8 years, 1 month ago
Let this man buy the property. For once Perry just do something right for fuck sake
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