JessBlaze

9 Vote

John 9 years, 4 months ago on Chapter 11 bid refused: Baha Mar application denied, Govt ‘vindicated’ by ruling

Chapter 11 bid refused: Baha Mar application denied, Govt ‘vindicated’ by ruling

Ok so let's say we accept the ruling that the Judge denied the chapter 11 bankruptcy recognition because he wanted the matter to remain in the Bahamas jurisdiction and under the administration of Bahamian courts. So what is the purpose of denying Izmirilian any protection from his creditors and a chance to reorganize his assets? From what we know the project fell into financial problems because the China Construction Company was more than six months behind on completing its work and the China bank refused to advance additional funds. This ruling tends to force Izmirilian out and gives little opportunity for him to recoup any of the funds he has invested in Bah Mar.