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Sarkis Told To Make ‘Credible Proposal’ To Buy Baha Mar

THE Office of the Prime Minister has urged Sarkis Izmirlian to work with Perfect Luck Holdings Limited, the company that has acquired Baha Mar’s assets, if the resort developer is in a position to make a “credible proposal” to buy the property as he has suggested.

In a statement released by the Office of the Prime Minister yesterday, the government confirmed a report published by Tribune Business earlier this month, which revealed that Deloitte & Touche receivers sold the resort to a special purpose vehicle (SPV) owned by the Export-Import Bank of China (CEXIM), the project’s $2.45 billion secured creditor.

Once Baha Mar has been completed, under the ownership of the bank’s SPV, the ‘second’ or final sale will occur, it was previously reported.

Yesterday’s statement added that Prime Minister Perry Christie had received a copy of a recent letter written by Mr Izmirlian to CEXIM Vice Chairman and President Liu Liange, which was also sent to the press last week.

“The letter and the press release contain some extraordinary statements,” the statement said. “Normally the government would not respond to such a letter and statement but so far as it impacts on what the government has achieved, which is well documented, in ensuring that the Baha Mar development is finished and Bahamian creditors paid, the government is compelled to give this statement.

“The assets of Baha Mar have been acquired by Perfect Luck Holdings Limited (Perfect Luck). The sale followed a lengthy marketing process by the receivers, and that process and the resulting sale of the assets to Perfect Luck were overseen and approved by the Bahamas Supreme Court.

“Now that the assets are owned by Perfect Luck, that company may sell the resort to whomever it wishes, subject to the proposed purchaser being acceptable to the government and other bodies performing their public function,” the prime minister’s statement said.

“At each stage of the process - which commenced when Baha Mar’s developer, Sarkis Izmirlian, without any prior notice, arranged for the Baha Mar companies to file Chapter 11 bankruptcy proceedings in the United States - Mr Izmirlian has had the opportunity to participate in discussions and the process surrounding the future of the resort.

“If, as he states, Mr Izmirlian is in a position to, and wishes to work with CEXIM to deliver Baha Mar for the Bahamian people, then he should engage seriously with Perfect Luck and its advisors. If he is in a position to make a credible proposal to acquire Baha Mar from Perfect Luck, then he is free to do so.”

The statement added that “after much hard work,” Baha Mar is back on track, saying remobilisation has commenced. It also referred to the fund set up by CEXIM to pay creditors’ claims and former Baha Mar Bahamian employees.

Payments to former Bahamian Baha Mar employees commenced last month, however there were some complaints about discrepancies in the amounts given and what was said to be owed.

“Those were two of the prime minister’s three stated primary objectives and they have been achieved,” the statement said. “The third objective is to ensure that Baha Mar is sold to a world class hotel and casino operator. The government of the Bahamas will continue to work tirelessly to ensure that this objective is fulfilled, in the very best interest of the economy and the people of the Bahamas.

“Real progress is being made and that progress must continue through to the completion and successful operation of the resort by a world class casino and hotel operator.”

Yesterday, a source close to Baha Mar questioned why the government is not urging CEXIM to negotiate with Mr Izmirlian, considering his repeated offer to have Bahamian workers and creditors, as well as expatriates, paid in full if he buys the resort.

The source, who did not want to be named, also questioned the process behind Perfect Luck’s acquisition of Baha Mar, saying the court process has been secret and concealed.

The insider also said Mr Izmirlian was shut out of the receivers’ sales process, which the source claimed was designed to keep the hotelier out of the bidding system.

The Tribune understands that Mr Izmirlian has not received a response to his letter or offer from CEXIM.

Comments

Well_mudda_take_sic 5 years, 1 month ago

The Red China owned "Perfect Luck Holdings Limited" has a very appropriate name for a company granted so many very generous concessions by the corrupt Christie-led PLP government. Christie's new found Red Chinese friends cannot believe how easy it was for them to extort outrageously generous additional concessions from a very politically vulnerable Christie by preying on his his re-election fears. The Bahamian people have been made to pay so dearly for Christie's many greedy mistakes in dealing with his Red Chinese friends that they would now likely be better off if Baha Mar never opened. All taxes and other benefits that would have flowed to our Public Treasury are now gone as part of the "great giveaway" made by Christie to his Red Chinese friends......Christie has all but guaranteed Baha Mar (if it ever opens) will be staffed by lower cost labourers from Red China.

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TalRussell 5 years, 1 month ago

Mt Dear Comrades! The PLP Cabinet have not but must forthwith present the public and business community, including creditors owed many millions, that this thing they call Perfect Luck Holdings Limited, the company that has acquired Baha Mar’s assets, is in fact a real identity with tangible resources. There is zero evidence that Perfect Luck should have ever qualified for the turning over of some $1.5 Billion in taxpayers cash, lands and concessions to the previous the resort's developer.
Mr. PM, how many more millions and bilious in cash, lands and concessions have you agreed to turn over to this Hong Kong on paper Shell Company?
How can the PM call for Izmirlian to prove that he is in a position to make a “credible proposal” to buy the Cable Beach property back but not Perfect Luck?
How in the hell could the courts and bankruptcy trustees have approved a deal to some Hong Kong incorporated shell company that is no more than a company on paper?
The Official Opposition, why are you not verbally revolting instead of being asleep on that Cable Beach 'Dock?'
Not since Sir Stafford struck the Freeport Hawkebill deal with ":Suitcase" Wallace Groves, has anything like this visited inside the Cabinet office?

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ThisIsOurs 5 years, 1 month ago

The PM said the govt of the Bahamas would only sell Bahamas to an entity with a track record operating major hotels, does anyone know what hotel brands have been operated by perfect luck?

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TalRussell 5 years, 1 month ago

Comrade ThisIsOurs! Some opposition lawyer, maybe even Bran, should petition the courts with a Bah Mar "Cease" and "Desist" Order of all transactions, demanding the government to reveal exactly what was filed with the courts about Prefect Luck? I mean, they must have been presented with substantive financial evidence to have sanctioned the turning over of some $1.5 Billion of the state's monies, lands and taxpayers concessions to a company that publicly only shows up in Hong Kong as a paper company with zero assets? At least Sir Stafford insisted that Wallace Groves, carry a briefcase.
In this case it sure appears that Izmirlian is not being treated fairly.

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ThisIsOurs 5 years, 1 month ago

We were told the government was looking for a qualified buyer to run the hotel, but this is another BPL pass the buck move...they can claim to have successfully sold the hotel but essentially the government has just transferred liquidation duties to Hong Kong.

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ThisIsOurs 5 years, 1 month ago

Lol. Was that a typo or did I speak truly? "the government of the Bahamas would only sell Bahamas..." Is that what they did?

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John 5 years, 1 month ago

Not to get "Perfect Luck" mixed with thee song,"O Perfect Love:' . "O perfect Love, all human thought transcending, lowly we kneel in prayer before thy throne, that theirs may be the love which knows no ending, whom thou forevermore dost join in one.

O perfect Life, be thou their full assurance, of tender charity and steadfast faith, of patient hope and quiet, brave endurance, with childlike trust that fears nor pain nor death.

Grant them the joy which brightens earthly sorrow; grant them the peace which calms all earthly strife, and to life's day the glorious unknown morrow that dawns upon eternal love and life. "

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John 5 years, 1 month ago

So Perfect Luck is a shell company, with no assets, that has only been for two years: . PERFECT LUCK HOLDINGS LIMITED

好運順利控股有限公司

Brief Information

Company number 2072340 Common Status Live Registered type Private company limited by shares Year of incorporation 2014-03-29 Previous names 2014-03-29 PERFECT LUCK HOLDINGS LIMITED 好運順利控股有限公司

Register of charges Unavailable Dissolve date empty Website Click here to add Striking off empty Some notes - Comments no data ars: .

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VDSheep 5 years, 1 month ago

The number houses ought to form a conglomerate and get some additional funding if needed ' to bid and take over - and complete the Baha Mar project - then lease various property parts out to five star operators. Of course the government must give them first preference! They can even sell shares to Bahamians and others.

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