SARKIS Izmirlian’s bid to retain control of the $3.5 billion Baha Mar project suffered a serious blow on Tuesday as the Delaware Bankruptcy Court dismissed virtually its entire Chapter 11 case.
Judge Kevin Carey, in a written ruling released at lunchtime, said that continuing the Chapter 11 case was unlikely to force Baha Mar’s Chinese partners and the government to the negotiating table in the short term.
And he backed Bahamian Supreme Court justice, Ian Winder, in finding that Baha Mar’s creditors had “a legitimate expectation” that any insolvency proceedings involving the project would take place in this nation.
Judge Carey thus ruled in favour of the motions by Baha Mar’s contractor and financier, China Construction America (CCA) and the China Export-Import Bank, to dismiss the Chapter 11 proceedings involving the developer’s 14 Bahamian-domiciled companies.
His decision confirms the Bahamas as the main legal jurisdiction for resolving the Baha Mar dispute, and effectively paves the way for the Supreme Court and its joint provisional liquidators to determine the $3.5 billion development’s fate.
See tomorrow’s Tribune for more details
Comments
marrcus 8 years, 7 months ago
And now.......Bahamian contractors get 10 cents on the dollar. Just like the AG said.
Bahamian_in_London 8 years, 7 months ago
Well that's it now, the Chinese will move in to take control, Sarkis will get nothing and Baha Mar will be in the courts for the next 3 years.
All of the brands will pull out as well, now that there is no stay in Chapter 11.
No foreign investor will but their money into Bahamas for the next decade.
Thanks Christie. I hope it was worth it.
Sickened 8 years, 7 months ago
For him it was. He still counting his cash.
kaytaz 8 years, 7 months ago
Well I guess that is the last nail in the coffin for Sarkis and his dream. Either you work with the Chinese and Perry them or we taking your 800 million investment
TalRussell 8 years, 7 months ago
Izmirlian and "his director of "You Wash Em, Press Em" Gonna do the limbo rock All around that Cable Beach limbo dock
Izmarlin be limbo, D'Aguilar be quick
Izmirlin go unda limbo stick All around the limbo dock Hey, let's do the limbo rock
Limbo lower now Limbo lower now How low can you go Izmirlian?
First you spread your limbo feet Then you move to limbo beat Limbo ankolimboneee Bend back like a limbo tree And take it from the PM Likes a real man
Izmirian be limbo, D'Aguilar be quick Both them go unda limbo stick All around the limbo dock Hey, let's do the limbo rock
La, la, la La, la, la La, la, la
..............///https://www.youtube.com/watch?v=7nb2I...">https://www.youtube.com/watch?v=7nb2I...
asiseeit 8 years, 7 months ago
The word is that the place is already starting to decay. As it seems it will take a couple years to sort out the legal side of this fiasco, I wonder what shape the interior will be in? They probably will have to gut the place and start again. This is going to be a long ride that's for sure. What a sad story.
John 8 years, 7 months ago
Izmirilian get juice!
TalRussell 8 years, 7 months ago
Comrade John, up til now we PM was only pinching Izmirlian's rear-end but that Delaware Judge gone goose him right off end that damn dock of his. I been singing for months how that 'dock' will be Izmirlian's undoing. Who would've guessed that 'dock' would one-day been seen from as far away as the state Delaware.
ThisIsOurs 8 years, 7 months ago
Will be interesting to see what the other Izmirilian will do? The one with the real money, who sued the nation of Gambia. and won
TalRussell 8 years, 7 months ago
Comrade, are you suggesting that Baha Mar, under any set of owners, should be allowed to establish effective control over Bahamaland's tourism where 70% of the population will come to rely on the annual harvest of guests to Baha Mar. Sounds too much like the state of Gambia, for my liking.
ThisIsOurs 8 years, 7 months ago
Actually no, just wondering if the father will step in. It's a lot of time and money to lose.
Sickened 8 years, 7 months ago
I have a million dollar, 5 bedroom house, on the beach, just walking distance from Baha Mar... starting price $100,000 any takers?
TalRussell 8 years, 7 months ago
Comrade, can I lock-off the beaches access from the natives? If so, I'm a motivated buyer.
MonkeeDoo 8 years, 7 months ago
Sickened: In a few months the Cubans will have the money to purchase our waterfront properties and let us get out.
MonkeeDoo 8 years, 7 months ago
by MonkeeDoo
Is this what we might see in a little while ?
Voltaire 8 years, 7 months ago
Aww boy. Somebody said Izmirlian get juice? ...Newsflash: We all get juice, swung around like a rag doll yet again - and by our own kind too. Welcome to the People's Republic of The Bahamas, as brought to you by the PLP and their very non-Bahamian paymasters.
TheMadHatter 8 years, 7 months ago
Correct. I think it is so funny how the article says Izmirlian lost his bid to control the hotel. He never had a bid to control the hotel. That was not his goal.
Most here are so silly in not understanding the man.
He is a developer. He like to develop things - must have played with Lego blocks a lot when he was a kid. This is a game to him. He has no interest in the $800 million. The Bahamas Govt, or whoever the liquidators give it to can keep it. He don't need it.
He will only be saddened that the hotel will not turn into the wonderful success that he had a vision for it to become, and he will be sad for the many many Bahamians who will suffer financially as a result.
He himself will be fine. He is a multimillionaire.
Some people on here - like Tal especially - seem to be so very happy that we are "getting rid of the white man" - that they don't care their grandchildren ga be trying to sell conch salad to wealthy Cubans in less than 15 years from now. Also the Chinese.
I guess they will have to turn their hatred toward the yellow man at that time (after obtaining permission from the Rasta's of course).
At this point I would say God help us - but even He can't help people who don't actually want help.
TheMadHatter
ThisIsOurs 8 years, 7 months ago
You think he'll walk away that easily? If it were just money, I'd say "maybe". But he has an emotional attachment to this project, he spent thirteen years on it. I've spent less than a year on a personal project, intellectual investment, maybe under 3,000 in real dollars and I don't want anyone to come and snatch it from me. The emotional investment is far weightier than the money. I'd be really surprised if he just walks away.
MonkeeDoo 8 years, 7 months ago
The Government has to be changed so a Commission of Inquiry can be appointed to find out who got what and if they should go to jail and if the proceeds of crime law should take their profits. The PLP backbenchers have to find their guts and turn this around.
Stapedius 8 years, 7 months ago
A disaster from the start.
Wideawake 8 years, 7 months ago
This is only Round 1 in a fifteen round fight. Waiting for Baha Mar's official response.
TheMadHatter 8 years, 7 months ago
If I was Sarkis - I would say "I'm one white man who knows when he is not welcome in a black country. You guys keep the $800 million, and have a nice day. Adios." Then I would return to my residence in Switzerland and chill out with a Swiss Miss (I mean the chocolate drink - don't let your mind go in the gutter).
TheMadHatter
ThisIsOurs 8 years, 7 months ago
I agree with Wideawake, I could be wrong but, I can't see anyone breaking their brain to realize a dream and then letting a bunch of lazy greedy dummies snatch it from them. Especially if they have the resources to do something about it. Not saying he'll win in the end, but walk away? I'd be surprised
truetruebahamian 8 years, 7 months ago
And chinese shoddy work should be held as the norm - or even more disgusting as a standard to be considered worthy of being considered basic to finished work? If this chinese crew was able to create and build like their ancestors did over the thousands of years predating today, perhaps we could consider them to be effectual monumental architects and builders with pride in their knowledge and worthy abilities. Today it is all just politics. Sad! Just me and my thoughts, Robert Sands.
Wideawake 8 years, 7 months ago
I wonder whether or not the deadlock over the Baha Mar debacle will be resolved before the next election and how much of an election issue it will prove to be? If litigation lasts as long as some are predicting, costs will pile up and a satisfactory R.O.I. will never be achieved. Hence the plan to "slim down" the Baha Mar equity in the thwarted Chapter 11 Recovery Plan.
In the final analysis, "winning" the Baha Mar Battle may not be about dollars and sense, but rather all about personal pride, principles, and the determination not to get shafted....at any cost! ............It may well be a long and EXPENSIVE battle!
BahamaPundit 8 years, 7 months ago
Where did Bahamar get its legal advice from? This was as clear a case of forum non conveniens as ever. He should go after those blood thirsty US attornies that advised him to file chapter 11 in the US and charged him millions in fees. Any freshly minted lawyer could tell you the best choice of forum for a hotel located in The Bahamas is The Bahamas itself. Whomever told him otherwise was obviously thinking about fees, rather than merit.
TalRussell 8 years, 7 months ago
Comrade BahamaPundit, I thinks more like they thought they could use the US the domiciled In-corporations for slipping a Chapter-11 justification. by Judge Carey. Da Judge ruled on their motions, not their Americanized emotions.
My2cents 8 years, 7 months ago
Does this ruling really change anything? Or am I missing something?
The liquidators were already appointed, BahaMar is still in negotiations. And I am still hopeful that they can negotiate CCA out of the picture. If not completely, maybe a 2 or 3:1 ratio Bahamian to Chinese worker? There is no way the government cannot step in and fix this sub par construction effort without coming across as conspirators or simply unconcerned. Either way it's not a good look.
On the other hand, the Chinese have a low crime rate. Maybe the government can negotiate with them to do something they are good at...these are desperate times on that front.
TalRussell 8 years, 7 months ago
Comrade, Baha Mar is not worthy of a quick fix. Let its demise be completed. This will be the only way to allow the nation to move on - never again to allow another Bah Mar. If the Chinese wish walk away, let them go but they must leave the land - and all that sits on top - debt free with the taxpayers public treasury.
Didn't we survive the demise of the sponge industry? The Greeks successfully moved onto the restaurant and shoe stores and hotels businesses.
ThisIsOurs 8 years, 7 months ago
I don't think the Chinese are going anywhere. This is not about Bahamar or the pocket change 2 billion they've invested. To them, this is about buying a country. They see a country with weak dumb leaders that they can throw pennies at to control. The country happens to be on the doorstep of the US with lots of free land, beautiful surroundings, clean water and fresh clean air. They will not budge
What is going on in Andros btw? Are the 13 other buildings finished? What's the anticipated harvest for the 2nd year? How many Bahamian students are still enrolled? How much money is being used to house these students? How much land was given to the ?Chinese? How many Bahamians with realistic plans have applied for Crown land in Andros but have not had their applications approved? What has Pindling done to this country?
John 8 years, 7 months ago
The Naked truth is they do not want gonna on da beach. That was the policy back then, when they use to tow ya cars every holiday and every weekend. If ya sellout government was worth anything they could req a 20-30 foot road access to the beach when the property was being sold. But they get paid to ensure the selected have their way. Even when you access the beaches from the water side they doc dogs on you or send security guards to run ya Bahamians off the beach. On occasion they had Bahamian police men chasing Bahamians off the eastern end of Paradise. Policemen in uniform and patrol cars. The hypocrisy of the tax payers dollar. Now watch what the Chinese ger do with long wharf and o don't be surprised some group is already tickling the government$ pocket$ to develop Goodman's Bay.
sheeprunner12 8 years, 7 months ago
QUESTION: Is Sarkis going to fight to the death through the Bahamian and British court systems now????? ............................ Then that means that Bahamar may remain closed indefinitely
Wideawake 8 years, 7 months ago
What are Sarkis' options?
Walk away from $800 million and 13 years of blood, sweat and tears. Huge loss, financially, emotionally and morally. I doubt whether throwing in the towel is part of his nature!
Fight tooth and nail, in all available courts, however much it costs, and thereby put Baha Mar into " mothballs" until after the next election. With the hope that the next government may allow him to get fair treatment re CCA. Expensive!! Millions more dollars would be at risk!
Agree to a HUGE compromise and re-enter a deal with his nemesis, CCA, in the hope that, however unpleasant thus might be, he might hang on to some of his equity. Eating humble pie while the development is completed and then facing the impossible challenge of realizing a return on a $4.5 billion investment that cannot generate sufficient profits to pay the interest on the loans to the CIMEXB !! Not really an option!!
If I was in his position I would choose option 2, up to, and including, suing The Bahamas government collectively, members of the Cabinet individually, and CCA for the entire cost of his investment in Baha Mar, and then do all I could to facilitate the removal of this corrupt PLP government at the next General Election by helping bankroll the opposition party(s).
realfreethinker 8 years, 7 months ago
Did you hear that collective sigh of relief yesterday ? that was the government breathing again,now that they know the stench of corruption won't come out in open court
Wideawake 8 years, 7 months ago
Who says so? The Fat Lady ain't even STARTED to sing yet!!! We have only just begun!!!!
Honestman 8 years, 7 months ago
You are bang on the mark Wideawake and I agree that Izzie will likely choose option 2. If he is ousted, he will be determined not to allow this administration the satisfaction of seeing the resort open this side of the election. I doubt Christie and his cohorts have really thought this through.
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