By AVA TURNQUEST
Tribune Chief Reporter
THE MONEY allocated to pay Baha Mar workers and unsecured creditors has been deposited by the Export-Import Bank of China (CEXIM), according to Claims Committee Chairman James Smith, who yesterday maintained that non-staff claims will be processed as “pay as you go until you run out”.
Mr Smith remained tightlipped over the total of the deposited sum, insisting that such a revelation could impact the quality of the claims submitted to the committee.
“What happens is you deal with the staff and then the other unsecured creditors. The employees are pretty straight forward and are pretty much covered,” Mr Smith said. “I think at the end of the day most will be satisfied.”
The cheques are expected to cover unpaid salaries, accrued vacation pay, severance pay and payments in lieu of notice for more than 2,000 Baha Mar workers made redundant in October last year.
Payments will be made by Perfect Luck Claims Ltd, the special purpose vehicle (SPV) that has been created specifically to purchase claims held by Baha Mar creditors under the terms of CEXIM’s agreement with the Christie administration.
Mr Smith explained that employee payments were clearly accounted for during the $3.5bn mega resort’s liquidation proceedings; however, he could not confirm how claims from the remaining unsecured creditors will be processed.
He maintained that the committee was on track to begin the payout process on September 27.
On that day, the Claims Committee will begin to issue cheques to employees through an alphabetically ordered system. Employees with last names beginning with the letters A through F will collect payments on September 27, those with last names beginning with the letters G through O will collect their cheques on September 28, and last names beginning with the letters P through Z will collect their cheques on September 29 from the Crystal Palace Training Hotel, Casino Entrance.
Earlier this month, Mr Smith explained that creditors who are owed up to half a million dollars will likely be paid in full, whereas the amount of money paid to those owed more than that will depend on how many eligible creditors come forward with claims.
Employees and those owed up to $500,000 account for 90 to 95 per cent of all people and creditors owed money, Mr Smith said.
The deadline for submissions to the committee of claims and supporting documents regarding debt owed by Baha Mar is September 30. Claims are to be submitted by email at email@example.com or in hard copy to Charlene Paul at the Baha Mar Office at the Crystal Palace Casino. The form is available at http://claimsspv.net/.