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What are YOU aiming for?
EVERY archer recognises the need to identify the target long before sending forth his arrow. No aeroplane leaves the runway without having a flight plan that includes its destination.
Data Protection chief’s 20-fold complaints rise
THE Data Protection Commissioner has seen a near 20-fold increase in the number of complaints since she took the post two years ago, with her office now preparing to investigate the hacking of a Bahamian bank’s website.
Share pledges show Baha Mar’s urgent Chapter 11 need
SARKIS Izmirlian believes “the best and fastest path to opening Baha Mar has evaporated” with the dismissal of its Chapter 11 bankruptcy protection, while the liquidation process offers “no light at the end of the tunnel.”
Sports notes
In conjunction with the Gym Tennis Club, Brajaxba Tennis Club held its 2015 Back-To-School Jamboree at the Gym Tennis Club on Saturday. The results posted are as follows:
Bank not obligated to provide further Baha Mar finance
Baha Mar’s $2.45 billion lender yesterday said the developer had contractually committed to financing any cost overruns on the project, and it was not obligated to provide further money.
Baha Mar: Chapter 11 end undermines ‘commercial viability’
A Baha Mar director yesterday warned that the termination of its Chapter 11 bankruptcy protection had undermined the $3.5 billion project’s “commercial viability”.
‘Options running out’ rapidly on Baha Mar
A senior Chamber executive yesterday warned that “the options are running out” for a speedy resolution to the $3.5 billion Baha Mar dispute, with the project facing “great jeopardy” if the warring factions are unable to agree terms.
Baha Mar liquidators meet with creditors
Baha Mar’s joint provisional liquidators yesterday confirmed they were already meeting with some of the development’s more than 3,000 Bahamian creditors, briefing them on “progress to-date” and their goals.
Sarkis suffers crushing blow
Sarkis Izmirlian’s already-tenuous control of the $3.5 billion Baha Mar project was effectively terminated yesterday by the Delaware Bankruptcy Court, which ruled that “no greater good” can be achieved by continuing with the Chapter 11 cases.
‘Only time’ will vindicate Gov’ts Baha Mar plan
The Opposition’s deputy leader yesterday argued it was too early to determine if the Government’s Baha Mar ‘winding-up’ strategy had been “vindicated”, adding that “only time will tell”.
Bahamas ‘can’t lose’ over Baha Mar outcome
The Bahamas “can’t lose” in the long-term regardless of who ultimately ends up controlling the $3.5 billion Baha Mar development, a prominent businessman believes.
Baha Mar liquidators: We won’t submit to Delaware
Baha Mar’s provisional liquidators have warned the Delaware Bankruptcy Court that they will not submit to its jurisdiction, and that they will challenge the “jurisdiction” of its decisions and Orders over them if necessary.
Court must back dismissal of top Baha Mar staff
Baha Mar’s senior management cannot be dismissed by the $3.5 billion project’s joint provisional liquidators without the Supreme Court’s permission, although regular employees can be released “in the ordinary course of business”.
Baha Mar team starts ‘educating’ liquidators
The Government and Baha Mar remained far apart yesterday on their interpretations of the provisional liquidation ruling’s impact, as the developer started to “educate” the Supreme Court’s appointees on the intricacies of the $3.5 billion project’s predicament.
Baha Mar ‘not too far gone’ for arbitration
The $3.5 billion Baha Mar dispute is “not so far gone” that professional arbitration will be unable to resolve it, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive yesterday arguing that such intervention was becoming more urgent by the day.
Baha Mar appoints ‘restructuring’ chief
Baha Mar yesterday pushed forward with its Chapter 11 plans by seeking US court permission to appoint a ‘chief restructuring officer; while Bahamian attorneys spent a second day attempting to thrash out the powers its joint provisional liquidators will possess.
Baha Mar liquidator Order still awaited
Baha Mar was still awaiting the court Order appointing the joint provisional liquidators and spelling out their powers after the business close at 5pm yesterday, Tribune Business can reveal.
TRIBUNE BUSINESS OPINION: New approach needed to break Baha Mar deadlock
Neil Hartnell suggests how to exploit the breathing space provided by the Supreme Court and resolve the 10-month impasse
‘Proof in pudding’ that Baha Mar wind up strategy failing
A Baha Mar director believes Friday’s Supreme Court ruling is “proof in the pudding” that the Government’s winding-up strategy has failed to achieve its goals, and has only created “more confusion and uncertainty”.
Hilton deal ‘conflicted’ Gov’t over Baha Mar
The Government’s “conflict of interest” over the $200 million British Colonial Hilton expansion meant it should never have attempted to act as an impartial mediator in the Baha Mar dispute.
