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Mitchell Says Bankruptcy Filing Was ‘Act Of Unfairness’

By AVA TURNQUEST

Tribune Chief Reporter

aturnquest@tribunemedia.net

FOREIGN Affairs Minister Fred Mitchell yesterday delivered a veiled attack against Baha Mar’s shock Chapter 11 bankruptcy filing, which he termed an “act of unfairness on the Bahamian people”.

Mr Mitchell cautioned that onlookers of the stalled $3.5bn project must not be “hornswoggled” by selfish acts disguised as altruism.

He added that the truth surrounding the mega-resort’s controversial development will be revealed once the “dust has settled”.

“We had hoped that the Baha Mar resort would be open by now,” he told parishioners at St Matthew’s Church Independence Day service in Delray, Florida.

Pointing out that the country’s youth unemployment level was at 30 per cent, Mr Mitchell explained that Baha Mar was meant to employ some 5,000 persons as the largest hotel investment in the Caribbean.

He said the potential could still be realised and that persons should not lose faith.

Mr Mitchell added: “Neither must they be hornswoggled by the blandishments and disguises of those who say they are doing something for your own good while in reality, it is for their own good.

“The Bahamas government is the place where people look to solve the larger issues. With this Baha Mar issue, which involves Bahamian land, Bahamian employees, there could be no turning back in the face of an attempt to effect an act of unfairness on the Bahamian people while trying to fool us that they were looking out for our best interests.”

He added: “There is a great deal of patience that will be required on the part of us all as the scenario unfolds but please be assured that the project has to succeed and at all times the government will look out for the best interests of the Bahamian people.

“When the dust has settled, the truth will out and the project will succeed,” the Fox Hill MP said.

Last week, Prime Minister Perry Christie said Baha Mar’s decision to file for Chapter 11 bankruptcy in a Delaware court came without notice to the government.

In an admission that led observers to believe he was blindsided by the move, Mr Christie said the decision by resort CEO Sarkis Izmirlian came at a point when his personal intervention with all parties involved led to a substantial agreement on a packaged solution for additional funding by the China Export-Import Bank, Baha Mar’s lender.

In an interview with The Tribune last week, former Deputy Prime Minister Brent Symonette said if Mr Christie did not have prior notice of the bankruptcy, then Baha Mar executives have shown “a great degree of disrespect” and “contempt” for the country. He added that the bankruptcy filing would spark a domino effect on the economy.

On Thursday, the Supreme Court adjourned Baha Mar’s case until next Tuesday during a hearing on whether it would ratify a US Delaware Court’s ruling allowing the resort to begin tapping into $80m in debtor-in-possession financing as part of its bankruptcy filing. Thirty million of this financing is to be used over a 30-day period.

Meanwhile, the government has said it would pay Baha Mar’s staff salaries for the pay period ending July 3.

Comments

TruePeople 4 years, 9 months ago

Bey, who believe all this name calling and blame laying... all without any evidence!

"He added that the truth surrounding the mega-resort’s controversial development will be revealed once the “dust has settled”."

Why we can't get truth now? Dey lie so much i sure they ein even know what truth is.

How mitchell could talk when he ein even want 'non-bahamians' in the country, yet his PLP jumpin in bed with nuff Chinese? And it's the Bahamians who fronting the hotel bill ....

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TalRussell 4 years, 9 months ago

Comrade Minister Freddy you know I think you likes my blood brother but not when you acting too foreigner when you can issue a veiled attack against Baha Mar’s shock Chapter 11 bankruptcy filing, then offer do 150 million dollars taxpayers business with the same Izmirlian, who filed the Chaper 11. Now, tis you Freddy. whose the one has be termed as an “act of unfairness on the Bahaland's people”.

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Well_mudda_take_sic 4 years, 9 months ago

Christie, Maynard-Gibson and their cohorts are petrified and mortified by the prospects of their backroom deals with the Chinese being revealed as a result of the actions filed by Sarkis / Baha Mar in foreign courts, well away from the sphere of corrupt influences and shenanigans all too often directly associated with Maynard-Gibson.

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Well_mudda_take_sic 4 years, 9 months ago

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Well_mudda_take_sic 4 years, 9 months ago

There can be no denying Maynard-Gibson is cut from the same cloth as her father!

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banker 4 years, 9 months ago

Fred Mitchell has been compromised by the Chinese Intelligence Agencies for his behavior in China with Philip Miller.

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ThisIsOurs 4 years, 9 months ago

"*there could be no turning back in the face of an attempt to effect an act of unfairness on the Bahamian people while trying to fool us that they were looking out for our best interests.”"

No,no,no...this is on you. We didn't know about the terms, we didn't negotiate any terms and we didn't sign any contract. You were hornswoggled and you were made the fool.

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sansoucireader 4 years, 9 months ago

Sorry MP Mitchell but this just shows how much the Bahamians were out of their league. Who does a business deal thinking the other guys are looking our for them? Really?! They're looking out for themselves! Obviously stupidly fooled by people from a polite culture who like to 'save face'. Business is about backstabbing. You let your guard down, and see what happens?

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The_Oracle 4 years, 9 months ago

There are not enough shovels, nor enough Bahamians to wield them, to uncover the truth of Bahamar. Nor will the Chinese sell you any more, as your dirt is their dirt also now.

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baldbeardedbahamian 4 years, 9 months ago

thehonorablemitchell was a sholarship receipent. thanks to bahamas supermarkets. i have often wondered how many people he has assisted with scholarships in his turn. i suspect none, like most other of his plp parliamentarians. talk is cheap and the plp have always been good at the talk, its the walking part where they stumble.

bahamar is a business deal between global giants of business, the deal is so far out of league of our elected leaders, most of whom have never run any sort of business, that it is not surprising that they were not privy to the bankcruptcy deals.

it would be the hieght of foolishness to confide details of your business survival strategy to someone who has a reputation of inappropriate comments at inappropriate times like our current pm has.

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crabman 4 years, 9 months ago

the day's of financial threats, immigration attacks and payoff's (well almost on the payoff's) is over, the Bahamas is no longer owned by the Bahamian people. It belongs to the Chinese look at Nassau look at Freeport look anywhere we are short on the financial wherewithal to pay our debts (which is everywhere) big businesses from other countries now tell the government what they are going to do if they want investors in the country, just look at Bimini.

Bahamas Land my ass, we are just paying "rent" in our own country, GOD SAVE THE "PING"

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Well_mudda_take_sic 4 years, 9 months ago

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