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CCA: Baha Mar only $68m over its budget

Baha Mar’s main contractor is asserting it went just 3 percent over-budget in completing the mega resort as it makes a last-ditch bid to slash Sarkis Izmirlian’s damages claim by $830m.

'Bag man' revealed in Sarkis papers dispute

An accountant who sat on Baha Mar’s creditor payout committee has been exposed as the “bag man” who passed Sarkis Izmirlian’s confidential legal papers to the project’s main contractor.Legal filings by the $4.2bn project’s original developer have ide

Sarkis blasts CCA for 'cherry picking' legal arguments

Sarkis Izmirlian has accused Baha Mar’s main contractor of “cherry picking” and “distorting” legal quotations to underpin its “shareholder oppression” counter-claim against him.Baha Mar’s original developer, and his BML Properties vehicle, are allegi

Sarkis in new court victory over CCA

Sarkis Izmirlian’s $2.25bn fraud and breach of contract claim against Baha Mar’s main contractor was yesterday given full clearance to proceed by a New York appeals court.

Baha Mar contractor appeals Sarkis ruling

Baha Mar’s main contractor yesterday filed an appeal in the New York courts that seeks to overturn the earlier verdict upholding Sarkis Izmirlian’s $2.25bn fraud and contract breach claim.

SARKIS SCORES COURT VICTORY: Chinese told to answer $2.2bn fraud allegation

Baha Mar's original developer was yesterday celebrating a major legal victory after a New York court upheld his $2.25bn fraud and breach of contract claim against the project's contractor.

CCA slams 'implausible' $2.25bn Sarkis lawsuit

Baha Mar’s main contractor yesterday slammed Sarkis Izmirlian’s $2.25 billion fraud claim as “implausible”, branding his action as groundless and having no basis in law.China Construction America (CCA), in its long-awaited response to the fraud and “

Sarkis strikes with $2bn writ

Sarkis Izmirlian yesterday launched a $2.25 billion damages claim against Baha Mar’s main contractor, accusing it of “one of the largest construction-based frauds in this hemisphere”.

Sarkis raises new Baha Mar questions

ATTORNEY General Carl Bethel, QC, revealed yesterday the government received a letter from Baha Mar’s original developer Sarkis Izmirlian in response to questions from The Tribune over whether the government would investigate the issuance of a casino licence to the resort’s purchaser Chow Tai Fook Enterprises (CTFE).

Sarkis: Halt the Baha Mar sale

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”.

‘Bahamas deserves better’ as Baha Mar opening date stalls

THE original developer of the Baha Mar resort yesterday said the resort’s continued completion delays, missed opening dates and “now supposed staggered opening” of the entire property into late next year shows that Sarkis Izmirlian’s offer “is superior” to the current situation.

Izmirlian's Baha Mar offer 'will top any competitor'

SARKIS Izmirlian’s company BMD Holdings today pushed back at reports that a Hong-Kong based company has entered into negotiations to acquire Baha Mar, pointing out that no deal has been brokered and reiterating that its own offer would still top any competitor's bid.

‘Baha Mar sale is a fabrication’

SARKIS Izmirlian criticised the transfer of Baha Mar’s assets to Perfect Luck Holdings Ltd yesterday, calling the sale to the special purpose vehicle created by the Export-Import Bank of China (CEXIM) an “intricate fabrication”.

Izmirlian: I’ll pay more to buy back Baha Mar

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 offer.

Bar Association rejects bid by Izmirlian to hire foreign QC

REPRESENTATIVES for Sarkis Izmirlian expressed their frustration yesterday over the Bahamas Bar Association’s (BBA) rejection of an application to import a foreign Queen’s Counsel to join their legal team.

Anger at CCA appointee to committee

SARKIS Izmirlian’s company BMD Holdings has criticised the appointment of China Construction America (CCA) executive Tiger Wu to a committee that will oversee payments to Baha Mar creditors.

Izmirlian files for full liquidation of Baha Mar

SARKIS Izmirlian’s Granite Ventures Ltd filed a summons in the Supreme Court yesterday seeking to transition Baha Mar from provisional liquidation into full liquidation, a process Prime Minister Perry Christie once described as a “chilling prospect” for the resort and the country.

Izmirlian seeks Baha Mar talks

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.

Baha Mar developer hits out following receivership

BAHA Mar developer Sarkis Izmirlian yesterday broke his silence on the Supreme Court’s appointment of a receiver to the stalled project, saying the move is a part of a pattern of “disastrous actions” that have led to Baha Mar’s continuing struggle to be completed and opened this year.

Baha Mar offered funds by Izmirlian

BAHA Mar’s developer Sarkis Izmirlian has reportedly offered to inject more of his own money into Baha Mar to prevent the project from going into full liquidation.

Sarkis unsure of resort’s future

BAHA Mar CEO Sarkis Izmirlian said yesterday he is unsure of the future of the $3.5 billion Cable Beach resort after more than 2,000 employees were made redundant.

Baha Mar plan aims for swift completion

BAHA Mar CEO Sarkis Izmirlian has said the resort’s new plan of reorganisation presents a viable framework for when the $3.5bn development emerges from its ongoing Chapter 11 bankruptcy case. BAHA Mar CEO Sarkis Izmirlian has said the resort’s new plan of reorganisation presents a viable framework for when the $3.5bn development emerges from its ongoing Chapter 11 bankruptcy case.

Sarkis: Government has chosen perilous path

BAHA Mar CEO Sarkis Izmirlian said the Christie administration has chosen a “perilous path” with its petition to appoint liquidators to oversee the $3.5b property, stressing that his company’s Chapter 11 bankruptcy filing is the best option.

‘No direct complaints about Sarkis’ made to the Labour Department

DIRECTOR of Labour Robert Farquharson yesterday said the only complaints made in reference to Baha Mar CEO Sarkis Izmirlian to his department were trade disputes in relation to the resort’s Meliá Nassau Beach property.

Sarkis: I never imagined fight with the govt

IN a memo sent to Baha Mar employees yesterday, resort developer Sarkis Izmirlian said in his 13 years working on the project he “never imagined” he would be “fighting” with the government over the $3.5 billion property.

Sarkis: I feel personally attacked by Prime Minister

BAHA Mar CEO Sarkis Izmirlian said yesterday he felt personally attacked by Perry Christie and the government of the Bahamas, adding that if the Prime Minister applied the same pressure on the China Import Export Bank and China Construction America as they did the resort, “there would already be a deal”.

Sarkis offers extra $200m

SARKIS Izmirlian, the developer of Baha Mar, is willing to commit up to $200m to jump start the stalled $3.5bn Cable Beach project, lawyers for the mega-resort told a United States bankruptcy judge yesterday.

CEO wants no hidden agendas

BAHA Mar CEO Sarkis Izmirlian pleaded with all parties involved in the ongoing dispute surrounding the resort to continue negotiations for a compromise without “hidden agendas”.

TRIBUNE BUSINESS ANALYSIS: Izmirlian sacrificed for Chinese benefit

Let’s be clear: If the Government’s bid to appoint provisional liquidators to take over Baha Mar succeeds, then Sarkis Izmirlian and his family will be out, potentially costing them their entire $850-$900 million investment.

Roker: Izmirlian has no regard for PM

BAHA Mar CEO Sarkis Izmirlian has blatantly disrespected this country because he has no regard for Prime Minister Perry Christie whom he views as a “weak” leader, former Immigration Minister Loftus Roker said yesterday.

‘Much higher’ chance Baha Mar owners out

The Izmirlian family’s prospects of being ousted from the $3.5 billion Baha Mar project are “a lot higher today than before the Chapter 11 filing”, a leading businessman yesterday warning their credibility with the Bahamian people had suffered a major hit.

Gomez and Chinese bank argue against Chapter 11 ruling

A SUPREME Court judge yesterday dashed Baha Mar CEO Sarkis Izmirlian’s hope for an immediate approval of his motion to uphold, in the Bahamas, a recent ruling in Baha Mar’s ongoing Chapter 11 bankruptcy proceedings in the United States.

Baha Mar CEO slams govt for ‘unfulfilled promises’

BAHA Mar CEO Sarkis Izmirlian criticised the government yesterday for its “unfulfilled promises” and suggested the Christie administration seek “outside help” on crime prevention and education for the country to succeed.

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