Baha Mar’s original developer Sarkis Izmirlian.
FORMER Baha Mar developer Sarkis Izmirlian yesterday called for a moratorium on the mega-resort’s sale to Chow Tai Fook Enterprises Ltd and a full investigation into the deal struck by the former government citing “unusual, one-sided” concessions and openly accusing the Christie administration of “self-dealing” and “state-sponsored discrimination”.
Days after members of the new administration said it saw no cause to renegotiate the terms of the sale, a statement from Mr Izmirlian’s BMD Holdings Ltd explained the demand for the sale process to be halted was motivated by a review of the recently released heads of terms between the Export Import Bank of China (CEXIM), China State Construction and the government.
The statement reiterates the former developer’s pledge that he is fully prepared to purchase the beleaguered resort, complete construction and operate it with a full Bahamian workforce and organisation.
It also notes that BMD is now considering legal options against the parties involved in the heads of terms.
It read: “In BMD’s view, these documents confirm the nation’s fears that the previous administration had engaged in the wholesale giveaway of hundreds of millions of dollars in tax waivers and concessions that the country could not afford and that rightfully should have been earmarked for the Bahamian people, solely to facilitate a charade of a sale in the lead up to the general election last May.
“The agreement also clearly raises the concern about the potential of corruption and self-dealing by members of the previous government, even beyond the now public self-dealing by the former attorney general,” the statement also alleged.
It is likely that the statement is referring to part of the agreement that stipulates Bahamians who owned and held shop leases and concessions in the Baha Mar project were permitted by CEXIM and the preferred purchaser to continue to hold them under the existing terms and conditions.
In 2015, former Attorney General Allyson Maynard-Gibson revealed that her husband Maxwell Gibson owns the retail jewellery store chain that had been granted storefront leases in Baha Mar.
At the time, she rejected accusations that she had a conflict of interest due to her role as government negotiator for the stalled resort.
The BMD statement continued: “The heads of terms also underscores the extremes to which the former government of the Bahamas and China EXIM Bank conspired to impair the economic interests and reputation of the original developer, Sarkis Izmirlian. Not content to stop at the confiscation of the resort, the heads of terms expressly prohibits any payments to companies associated with Mr Izmirlian, a long-time resident and the largest foreign investor in the history of the Bahamas, as well as payments to the former expatriate executives of Baha Mar.
“This is state-sponsored discrimination, contrary to the laws and constitution of the Bahamas, and sets an awful precedent for foreign investment in the Bahamas. Accordingly, BMD is considering its legal options against the parties involved in constructing these highly questionable agreements.”
The BMD statement calls for a moratorium on the completion of the sale and other transactions resulting from the deal struck by the former government, and for the investigation undertaken by the Gaming Board to grant CTFE’s casino licence to be reopened, and its findings made public.
It also refers to the alleged “extensive, disturbing public record of potentially extensive criminal associations of Chow Tai Fook’s owners,” and suggested it was a factor that the previous administration “appears to have been intentionally and conveniently ignored.”
CTFE has repeatedly denied claims that its operations were linked to organised crime in Asia, an allegation that was also raised by then FNM candidate and former Baha Mar Director Dionisio D’Aguilar last year.
As minister of tourism, Mr D’Aguilar, along with Prime Minister Dr Hubert Minnis and Deputy Prime Minister Peter Turnquest, has rejected accusations by Progressive Liberal Party Chairman Bradley Roberts that his ties to Mr Izmirlian put him in a “conflict of interest” position regarding the resort.
Mr D’Aguilar did not respond to calls placed up to press time. Attorney General Carl Bethel told The Tribune he did not want to comment on the matter.
Sealed deal
The Christie administration released the heads of agreement—which detailed many concessions given to the property—with Baha Mar and the government at the end of April.
The heads of terms relating to Baha Mar’s sale was tabled in the House of Assembly last week; however, Mr Bethel explained in the Senate that the government agreed to keep elements of its Baha Mar agreement with CEXIM sealed because of the commercially sensitive nature of the material.
“We are cognisant that there remain commercially sensitive documents which were sealed at the request of the private parties to the Baha Mar matter, and which remain sealed pursuant to the court’s order,” Mr Bethel said on Friday. “After careful review and discussion with the other parities, we are of the view that those documents should remain sealed for the time being, for the legal reasons which have been given by the judge. Those reasons were that the documents should remain sealed to preserve the integrity of the sales process, which remains a commercially live issue.”
The tabled heads of terms allowed for up to 1,200 work permits to be issued to China Construction America (CCA) and 30 work permits for all necessary staff of the asset special purpose vehicle (SPV) during the remobilisation and construction phase.
The project was also to benefit from exemptions of value added tax and import taxes of goods and services for completion.
Yesterday, the former developer described the concessions outlined as egregious giveaways and an insult to the Bahamian people.
The statement read: “These permits literally take food out of the mouths of Bahamians to reward the same Chinese construction company that had failed to meet multiple opening dates that it had set. It is unthinkable that a government that claimed it was working in the best interests of the Bahamian people would have agreed to such terms.”
The BMD statement added: “There is no question that Baha Mar should be completed successfully and fully opened as soon as possible. But that Baha Mar should be, as originally conceived, a key economic spark plug for the Bahamas. The Bahamian public should be convinced and be confident that the owner of Baha Mar is there for the Bahamas, committed to creating jobs for all Bahamians and enhancing the Bahamian way of life.”
Attorney General Carl Bethel told The Tribune last Thursday, concerning the unsealed heads of terms, that “there is nothing that calls for renegotiation. There is nothing particularly unusual in the documents.”
Comments
BahamaPundit 7 years, 4 months ago
Sorry ma man Sarkis. The Bahamas needs Baha Mar up and running or its economy will crater. Sarkis. I know it isn't fair and sucks balls, but the greater good dictates that you are out and China is in. Life sucks. Deal with it.
Porcupine 7 years, 4 months ago
A wonderfully ignorant and telling comment, BahamaPundit. Wonder why most educated people see The Bahamas as a backwater?
BahamaPundit 7 years, 4 months ago
You must not realize how screwed the Bahamian economy is. If there was any other way, I would be 100% in Sarkis' corner. Also, I was being tongue in cheek somewhat, so there's that.
DDK 7 years, 4 months ago
Not nice Pundit. Deal with it? Trust such a shoe is never on your foot. Wow. Sounds like you've been hob-nobbing with the back-peddling current leaders of our country.
BahamaPundit 7 years, 4 months ago
Oh. And Sarkis. The Bahamian government didn't "give away" hundreds of millions of dollars as you say. They were privately paid handsomely for this slight of hand, bait and switch, trick!
Porcupine 7 years, 4 months ago
Perfect. So, let's move on and then wonder why the corruption and dishonesty continues.
TalRussell 7 years, 4 months ago
Comrades! Praise the Lord Jesus, finally something neither of the two crown ministers are rushing to offer their press comments on. Seems the new attorney general Carl (AG) and the new minister of tourism Dionisio, have both come downs with sudden case lockjaw's shyness but not surprisingly only in the case this 'touchy' Izmirlian topic? I thinks the public needs proof of their lockjaw's and should demand doctors sick notes from the Crown's AG Carl and Crown Minister Tourism Dionisio? {Why even try makes up genuine juicy stuff - when Izmirlian knows exactly where he suppose takes his dirty laundry}
ThisIsOurs 7 years, 4 months ago
Where you find Jesus Tal? You been on the road to Damascus?
BahamaPundit 7 years, 4 months ago
Why is Sarkis still spouting his dirty laundry in the PRESS!!!! Hasn't he learned by now that in The Bahamas going to the Press just turns the Government against him and makes him politically toxic? Sarkis. My advice. Do your crying behind closed doors or in the courts. Shucks man. How much schooling do you need before you get a clue?
Porcupine 7 years, 4 months ago
Schooling? WTF. By whom the court of Pundits? He is simply being honest. Something we have a very hard time understanding, eh Pundit?
tell_it_like_it_is 7 years, 4 months ago
Yes, agreed BahamaPundit. It's time to move on.
I feel sorry for Izmirlian but when you look at it, another delay would only mean problems for the economy and probably give The Bahamas a worse reputation.
Porcupine 7 years, 4 months ago
A worse reputation? Is it possible? I doubt it.
DDK 7 years, 4 months ago
The all for me baby syndrome seems ingrained at all levels! Shocking.
John 7 years, 4 months ago
The number one priority now should be to get the Bah Mar resort up and running, get Bahamians to work and get the economy moving. Yes Sarkis has legitimate claims but to now demand that the new FNM government refund contracts and make a new sale agreement to his benefit will put the government in the same questionable and undesirable position the PLP found itself in. Izmirilian's fight should be with the China EXIM bank and while the government may support him in his efforts they don't want to go a meddling. This is especially true since the new attorney general say the sales agreement for Bah Mar is above board and nothing in it was untoward.
DDK 7 years, 4 months ago
No, his fight should be with the Government of The Bahamas of the Bahamas which screwed him. Should it matter to him which party is in power? This IS the same Government that felt it should honour Pillage Loot Plunder pre-elections deals and payoffs. This being the case I assume you feel it should honour the Pillage Loot and Plunder of Mr. Izmirlian.
John 7 years, 4 months ago
And exactly what can he expect to gain from a fight with the government? they do not hold the assets, so unless the China EXIM bank is involved his efforts will be fruitless!
jackbnimble 7 years, 4 months ago
Actually, even if China Bank owns it, 'they can't do a sale without Government approval. Remember, the Government still holds the trump card with granting approval or exemptions on any sale. Unfortunately, Christie played into the hands of China Bank to get the resort opened to secure votes. This Government can just frustrate the process although I doubt they will do it. That would look too bad.
Well_mudda_take_sic 7 years, 4 months ago
This is absolute BS! Carl Bethel was totally wrong in publicizing his own premature judgement that may stain the outcome of investigations that need to be done into the corrupt quid pro quo aspect of the outrageous additional Baha Mar concessions granted by the last government. Just how foolish an AG can this man possibly be?! Sarkis is right. Why in the hell should the Bahamian people want to protect the buyer's rights to outrageously unfair concessions that were obtained by way of corrupt activities involving senior officials of the last government, including Christie himself? Carl Bethel is also now being way too cute and coy in saying that we, the people, have no right to know all of the sordid details behind the many remaining sealed documents connected to the granting of many other unreasonable additional concessions that will be a huge burden on the Bahamian people for decades to come. Stop playing with us Mr. Attorney General.....we, the people, want the transparency that we were promised by Minnis and the FNM party in exchange for our votes! No more horse shiite please!!!
Porcupine 7 years, 4 months ago
Well mudda,
I agree with all of your points. Thanks for your not very "politically correct", however accurate analysis.
Reality_Check 7 years, 4 months ago
It is becoming increasing clear that Carl Bethel as AG seems more inclined to obstruct justice rather than ensure it is served. Minnis definitely needs to get a handle on this quickly. We, the people, were promised by Minnis that those senior officials in the last government who bear direct responsibility for the Pillaging, Looting and Plundering of our nation's financial resources through the abuse of their public office and the public trust will be held accountable under the rule of law and to the full extent of the law for their crimes.
BahamaPundit 7 years, 4 months ago
Agreed. Everything Carl Bethel has said recently has scared the pants off of me. He seems the last person on Earth we would want in the AG chair moving forward with a new way of doing things in The Bahamas. Obfuscation, lies, sparse transparency. I fear Mr. Bethel will be the Achilees Heel of the FNM moving forward. He needs to go.
DDK 7 years, 4 months ago
Right you are Mudda!
birdiestrachan 7 years, 4 months ago
The FNM government will have to halt the Baha Mar sale. Roc wit doc did promise him that he doc would sell the hotel. when he became PM.. Sarkis believed him. Bahamians will be learning very soon how much he contributed to the FNM campaign. doc a promise is a promise get on with it. The man was not front and center at Government house for zero. I want doc to stop the sale right away. because the FNM said the PLP was in bed with the Chinese. not true but it helped them to win the election. lies and more lies was the order of the day.
DDK 7 years, 4 months ago
I don't believe I finally agree with a birdie post! It is what it is.
TalRussell 7 years, 4 months ago
http://tribune242.com/users/photos/2017…
Well_mudda_take_sic 7 years, 4 months ago
Carl Bethel is a sly and coy nimcompoop who has spent way too much time in politics frolicking and cavorting as a fellow politician with senior officials in the last PLP government. Consequently he has no intention whatsoever of prosecuting senior officials in the last government whom he regards to be his political friends, no matter what crimes they may have committed by abusing their public office and the public trust. It is for this very reason that Minnis gravely erred in appointing Carl Bethel as AG. If the promised justice that needs to be meted out does not get meted out, then Minnis will quickly find the long knives unsheathed at his back and no doubt the sharpest one will be held by Carl Bethel himself. It certainly seems Carl Bethel is already setting the stage for the great wave of public discontentment that could result in Minnis being banished to the wilderness (to join Christie) before he even knows it.
DDK 7 years, 4 months ago
You may actually be writing what many of us are starting to feel. Looks like they tryin' to sink the red ship before it really gets under way.
concernedcitizen 7 years, 4 months ago
Check the condos over looking central park that certain members of the former government got from the Chinese as payment for screwing Sarkis
TalRussell 7 years, 4 months ago
Comrades! Imagine being a ships Captain and you're attempting to navigate into Nassau harbour under such confusing signals coming out the red shirts cabinet. First, they promised to lower the store shelves prices of 'Bread Basket' items - and now they've slashed $900,00 from the $950,000 budget to celebrate the nation's 43rd Independence. I mean, like how much more embarrassment could our 43rd year of independence from the Red Coats English bring to this red government? Where they goin hold a $50,000 - 43rd celebrations - on Spanish Wells where they could just take the $50,000 and hold the white citizens very 'first attendance' to any Independence Day celebrations in 43 years?
The English kept a commin!
............../////https://www.youtube.com/watch?v=DSTKE85yXl4
sheeprunner12 7 years, 4 months ago
Will Izzy ever get over the fact that his "brainchild" (Bahamar) got wrenched from him by Perry and the Chinese????????? .............. This is a relatively understandable response to expect
But .......... he may have a really difficult route to recover his Bahamar project
marrcus 7 years, 4 months ago
Sarkis owns the copy write to "Baha Mar." He hasn't enforced it yet, which tells me he has a strong hand to play. He could shut them down tomorrow on the branding alone. He hasn't. He seems to be the only piece in this puzzle that gives a damn about the Bahamas and her people.
DDK 7 years, 4 months ago
Sure hope you're right, marrcus! I don't get all the proclamations that the man should just walk away from his investment.
sheeprunner12 7 years, 4 months ago
I agree with u Marcuss .............. But is the court battle worth it to our economy???? .......... Will the Chinese cry wolf if Minnis just nationalize the big ugly colossus and divest it to the best option (Izzy)?????????
Something has to give to get real tourists (Americans & Europeans) in it asap
Regardless 7 years, 4 months ago
....let the games begin....
Truism 7 years, 4 months ago
There will be no games. SI has no standing. The owner of the resort is under no obligation to sell their resort to him. His dream, their property. Game, set, match.
John 7 years, 4 months ago
First of all birds you are only telling half the story. What Hubert Minnis said that IF Bah Mar was NOT sold they he would seek a buyer and get a proper sale for the resort. But the new attorney general has since indicated that the sale was above board and the relevant documents are in order. So Minnis has no need to halt, delay or otherwise interfere with Bah Mar's sale. What Sarkis is trying to tie the government to the Bah Mar deal and make them party to the legal wrangling. Dark is should have done this whilst the previous government was still in power. What Izmirilian should be doing now besides taking up his case with the Chinese is assessing the sale price of Bah Mar in respect to its value at sale. If it was not seriously discounted there may be a clause that allows him to recoup some of the $900 million he invested. Then just sit and wait. Chinese do not have a good record of managing resorts. So the Bah Mar resort may soon be on the market again. To go pick a fight with a newly elected government is not on his best interest.
BahamasForBahamians 7 years, 4 months ago
Fook Sarkis! He already said he couldn't afford it by filing bankruptcy !
TalRussell 7 years, 4 months ago
Comrades! < This comment drawing attention to the 'rank hypocrisy' four sitting members red cabinet - did not meet civility standards - so I self deleted - but you may want check back in short while - just in case I does perform a comment undelete, if I does take to the Whisky? }
BahamaPundit 7 years, 4 months ago
The best, only, thing Sarkis can do is sue the Government and/or Chinese for damages. He should give up the idea of buying the resort. That ship has sailed. Sue for damages and go on with your life.
John 7 years, 4 months ago
What did Tal say
birdiestrachan 7 years, 4 months ago
The wash house man and the former police and former Deacon where are they in all of this??. doc did say he would sell Baha Mar, and the story about the PLP in bed with the Chinese. I want doc to be a man to his word. The former owner expects him to . and let us see what the FNM supporters will gain by doc's actions. .
John 7 years, 4 months ago
Filing for bankruptcy protection (chapter 11). Does not say you are broke. It simply allows you to restructure your company and reorganize your debt while giving you protection from your major creditors while going through the process.
BaronInvest 7 years, 4 months ago
Man I'm so glad our investment group pulled out a year ago. This article and its comments are a good reminder why this was the right decision. The Bahamas are just too 3rd world...
MassExodus 7 years, 4 months ago
Touchy situation, as Sarkis has A VERY VALID CASE. For the country we cannot afford to backtrack on Baha Mar. I am not sure what can be done but to undo the seal, even if possible would ultimately not help any party involved, including Sarkis.
Baha10 7 years, 4 months ago
Do not count Izfailian out, as he is apparently still in the Will and with well funded Litigation, all is possible, including still further negotiations with whoever, as Litigation can be used delay and even stop business, if someone is willing to put up the sufficient monies to off-set potential damages caused, which with an open Daddy's wallet will be no issue. Also recall that the "real" reason for Izfailian's demise was not that he lacked money or that his dream was too far fetched, but rather thanks to his champagne drinking friends and advisors who blew smoke up his ass and then proceeded to leave him high and dry when most needed. It follows that he will be very keen to avenge these rookie mistakes and restore not only his Family's good name, but also secure his future inheritance. Bottom line is the Hotel was his baby and without him, it is heartless, so I for one will be rooting for him and just hope in the up coming chapters to be written of this still unfolding drama that he surrounds himself with better local advisors who tell him like it is, even if not always what he wants to hear. Everyone likes an "underdog" and what more exciting than one with not only a grudge to bear, but more money than most of us could ever dream of to produce a Win against all odds and in the process restore his reputation and that of his Family!
TalRussell 7 years, 4 months ago
Comrades! Look at it this way.Even if izmirlian could count on a “Hail Mary pass - he would need more than a hope and payer his political opponents won't be waiting for him with six or seven fellow politicians ready take him down. That play almost never is successful - and Izmirlian would need have more faith in his red teammates - than any of us skeptics have that they would stick with him. After all - they too are just politicians wearing different colors jerseys. We will have to watch to see the names of the lawyers recruited by the former Baha Mar developer....... There's always the other former law partner?
Truism 7 years, 4 months ago
Correct me if I'm wrong, but, didn't this resort go through receivership and didn't the owners then sell the property.
Reality_Check 7 years, 4 months ago
Wrongful, financially harmful and illegal transactions born out of fraud, bribery, corruption, etc. involving corrupt senior government officials (in Baha Mar's case, corrupt Chinese and Bahamian officials) are often unwound to the extent possible by Higher Courts as the only justifiable remedy in the circumstances. This is especially true in situations where lower courts have erred in major rulings that contributed to the financial harm caused by such transactions.
Truism 7 years, 4 months ago
What you saying? He will now grow nerves to try to recover through the court property he lost in court. Government didn't take his property he defaulted on a loan and the bank foreclosed.
Reality_Check 7 years, 4 months ago
@Truism - You have it all wrong my friend. In a nutshell corrupt Chinese senior officials at the CEXIMB and CCA, working in cahoots with corrupt senior officials in our last government, including Christie himself, wrongfully stripped property rights from Sarkis/Baha Mar through an illegally contrived foreclosure event designed to bilk a billion dollar equity stake from the original developer.
OldFort2012 7 years, 4 months ago
Sure. Now all you have to do is prove your conspiracy theory.
PS: I have a bridge or two I can sell you, if you are interested. Cheap.
SP 7 years, 4 months ago
It is really shameful and disappointing to see so many "all for me" people here selfishly disregarding Mr. Izmirlian because his actions to halt the sale might damage the countries economy. No matter how much money is involved or who might be harmed in the process, a right will always be right and a wrong will always be wrong!
Regardless of the fact the closure of Baha Mar would cause a very strong negative economic impact on the Bahamas, the fact remains Mr. Izmirlian was indeed unquestionably shanghaied by the then corrupt Bahamas and Chinese governments that colluded with a notoriously well-known banana republic kangaroo court system lined with politically appointed corrupt judges.
As highlighted by the U.S. bankruptcy judge that reviewed the Mr. Izmirlian's case, Sarkis restructuring actions were proper, and the best way to move the development forward! This is an extremely damning statement on the records that prove to anyone with a once of sense that this whole matter was contrived by corrupt actions of the Christie led government and the Chinese government.
Mr. Izmirlian was without question wrongfully deprived of his development and really needs to lay this case before the Privy Council for fair judgment!
JohnDoe 7 years, 4 months ago
You may be entitled to your opinions but not your own facts. Sarkis significantly and legally contributed to his own demise that placed him in legal jeopardy in the first place.
SP 7 years, 4 months ago
You must be the genius legal beagle that advised the dancing clown and witch they could fool the people by hiding behind "sovereignty" to duck exposure to corruption in U.S. courts!
Well done!!
JohnDoe 7 years, 4 months ago
I understand that when the facts are not on your side one then resorts to ad hominem attacks and generalizations. Such tactics only confirm the weakness and flaws of your position. I do not know Sarkis and have nothing against him and in fact may be sympathetic to his plight but none of that changes the simple fact that "it is what it is" and that if he had a legal remedy he would not be relying on a political solution.
ashley14 7 years, 4 months ago
I'm coming in September, I'll probably stay there!
ashley14 7 years, 4 months ago
No I won't. I'll go to Breeze's. The Chinese are communist and aren't for the people generally. If they employee the Bahamian people with decent wages, then I'll support their ownership. I hope it's a good boost to the economy.
John 7 years, 4 months ago
Y'all seems to be missing one basic, fundamental, but critical point. The China EXIM bank is state owned by a communist China. So apparently Izmirilian is reluctant to get into litigation with the Bank because he knows the resources they have, firstly and, secondly, even if he prevails in a lawsuit against China and its bank it will be extremely difficult to enforce the judgment, especially if the Chinese become even more hostile against him than they already are. So drag the Bahamian government into the mix (up) and let the Bahamian government take the task of fighting the Chinese. Understood that the former government meddled and put Sarkis at a disadvantage but since they to not hold any assets of bah mar he would be foolish not to go after the bank for relief.
OldFort2012 7 years, 4 months ago
Izmirlian is talking a whole load of rubbish. He defaulted on payments and the security for the payments was taken from him. End of story. He can sue all he likes. Everything that came afterwards...the sale, the potential self-dealing, everything, has nothing to do with that simple fact: you default, they legally take your security. So, like a good boy, shut the hell up and go waste some more of Daddy's money on lawsuits, if you must. I hear they are particularly expensive in the USA, so try there. I am sure Daddy will give you the dosh.
Reality_Check 7 years, 4 months ago
@OldFort2012 - See my earlier reply above to @Truism's comment. Surely you're not supportive of the usurpation of our country's sovereignty by a foreign power by means of engaging in corrupt activities with senior officials of our last government, including Christie himself. The fleecing of Sarkis/Baha Mar was all along an integral part of Red China's plan to usurp the sovereignty of the Bahamas. And to think that evil wicked greedy witch, Allyson Maynard-Gibson, had the audacity to raise concern about our sovereignty as one of the reasons why Sarkis/Baha Mar was not allowed by the last government to pursue the Delaware re-organization that would have made the development a financially viable resort with its doors being fully opened much sooner rather than much much later, if ever.
Well_mudda_take_sic 7 years, 4 months ago
Not to mention all of the additional concessions and commitments totaling more than a billion dollars granted by Crooked Christie and his greedy cohorts in crime to their equally greedy and corrupt Red China friends in exchange for all kinds of "goodies" that have unjustly enriched the select few at the expense of all honest and hardworking Bahamians. Just think what Baha Mar under Sarkis could have achieved with all of those additional (subsequent) concessions and commitments that will be enjoyed by the new Red Chinese owners of Baha Mar at great expense (possibly impossible expense) to the Bahamian people!
OldFort2012 7 years, 4 months ago
All your points are irrelevant to the issue addressed in this article. The issue is simple: did Sarkis default? Yes. No doubt about it whatsoever. None. Secondly, were the Chinese within their rights to exercise the security? Again, yes. Full stop. Whatever came afterwards, is a matter for police, courts, etc.; and if there was malfeasance, those people should go to jail for it. But it changes not one iota Sarkis's position as no longer being the owner of Baha Mar. Quite legally. There is no power in heaven or earth that will change that simple fact: the man defaulted and his security was taken from him. He can now bleat about what happened afterwards till the cows come home. It will not change that fact one bit.
Well_mudda_take_sic 7 years, 4 months ago
By your train of thought and line of reasoning, if one is coerced into a default situation by the corrupt activities of a general contractor and lender, both of whom appear to have been (and still are) under common control by corrupt officials of Red China and both of whom seem to have been engaged in corrupt activities with corrupt senior officials of the last Bahamian government, including the Attorney General, then tough luck! But the real world doesn't work that way my friend, especially if you are fortunate enough to have the resources necessary to pursue the legal remedies you seem to deserve. Whatever you may think about Sarkis as an individual, he is still entitled to avail himself of legal redress if he has good reason (and evidence) to support the fact that he was the victim of criminal conduct (a criminal conspiracy) by others resulting in major financial harm to himself and/or his investments.
turtle777 7 years, 4 months ago
In the United States, 100% of what Sarkis Izmirlian is proposing is legally correct.
Here, not sure what will happen.
OldFort2012 7 years, 4 months ago
The only problem with your line of reasoning is that you have to prove those "corrupt practices" in Court. Which he has singularly failed to do. May I remind you, it is a Court which declared default and a Court which transferred the ownership of the security. Your line of reasoning is that the Judge was in on it too? And the appellate court on top? Yeah, the whole world woke up one morning and decided it had nothing better to do that strip Sarkis of Baha Mar. As if Baha Mar were some huge asset. It is not. It is a crappy hotel which will never make money. A folly from start to finish which could only have been conceived by someone with no experience whatsoever and financed by someone not answerable to shareholder. Wake up and smell the roses.
alfalfa 7 years, 4 months ago
Regardless of who ends up with ownership, this property will fall back to the EXIM bank, as there is no way in hell that they will achieve the occupancy levels necessary to service debts. Atlantis, the most prominent name in Resort business in the Caribbean, has difficulty with it's levels, and they have a lot more to offer than BAHAMAR. This resort is too large, only offers a few amenities, is expensive, and will only further damage Atlantis fiscal position. Then can not both function profitably, with the market being what it is. Who would you rather bet on? A resort that has employed thousands, paid all of its bills and taxes, and has an excellent reputation worldwide, or one that has struggled to open, does not pay taxes, is inundated with PLP crony leases, and has no customer base other than what it can glean from other resorts. Don't put all your hopes on this being the redemption of our economy. A lot of empty rooms with no one to fill them. A screw up in the making since day one.
ConchyJ 7 years, 4 months ago
Why would any US citizen want to stay at Baha Mar and patronize the Chinese and Bahamian governments that intentionally screwed over all US employees and vendors by choosing not to pay them any back wages or monies owed. Show your support for your fellow US citizens by spending your vacation dollars in Mexico, Jamaica, Virgin Islands, Hawaii....anywhere that they value and respect our country's citizens!
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