Baha Mar ‘usurps’ Bahamian courts
The Government has accused Baha Mar of seeking to “usurp the jurisdiction of the Bahamian courts” via its Chapter 11 bankruptcy protection filing, and planning to “suspend the project indefinitely” if it does not get what it wants.
Baha Mar: Chapter 11 ‘best of bad options’
BAHA MAR’s attorneys yesterday argued that the Supreme Court has common law jurisdiction to assist the company’s Delaware Chapter 11 proceedings and allow for a single insolvency case, describing the bankruptcy protection filing as “the best of a bad range of options”.
Baha Mar chief feels ‘like a punching bag’
Sarkis Izmirlian has told Tribune Business he “feels like a punching bag” following the Government’s decision to file a winding-up petition against Baha Mar.
Gov’t owed ‘at least’ $59m by Baha Mar
Baha Mar allegedly owes the Government “at least” $59 million in unpaid taxes, fees and utility bills, including monies due to the National Insurance Board (NIB) and for work permit fees.
Contractor accuses Baha Mar of ‘criminal’ offence
Baha Mar’s Chinese contractor has accused it of “violating” Bahamian criminal law by seizing, and copying, documents and electronically-stored information that do not belong to it.
Auto dealers fear closures if 30% sales fall a trend
The Bahamas Motor Dealers Association’s (BMDA) president fears some new car dealerships will close next year if the current 30 per cent year-over-year industry sales decline persists.
Western Union exit ‘de-risk’ for Fidelity
Fidelity Bank & Trust International says the closure of its near 20-year Western Union franchise is designed to “de-risk” its business, and will not have a material bottom line impact.
TRIBUNE BUSINESS ANALYSIS: Izmirlian sacrificed for Chinese benefit
Let’s be clear: If the Government’s bid to appoint provisional liquidators to take over Baha Mar succeeds, then Sarkis Izmirlian and his family will be out, potentially costing them their entire $850-$900 million investment.
BAMSI chief slams farmer ‘nonsense’
The Bahamas Agricultural and Marine Sciences Institute (BAMSI) president has dismissed as “nonsense” the notion that Bahamian farmers cannot compete with foreign imports, adding that those who follow good agricultural practices could earn up to $50,000 annually or more.
‘No surprise’ over the Melia gratuity ruling
A former hotel union leadership contender says it is “not surprising” the Supreme Court ruled that the Meliá Nassau Beach Resort was not obligated to pay staff a 15 per cent gratuity for serving all-inclusive guests, and questioned what other benefits could potentially be in jeopardy.
‘No surprise’ over the Melia gratuity ruling
A former hotel union leadership contender says it is “not surprising” the Supreme Court ruled that the Meliá Nassau Beach Resort was not obligated to pay staff a 15 per cent gratuity for serving all-inclusive guests, and questioned what other benefits could potentially be in jeopardy.
$1.2m grant to revive sponging
The Bahamas’ sponging industry is poised for a revival via a deal for $1.2 million in grant funding from the Inter-American Development Bank (IDB) that is expected to be sealed in the coming weeks.
Court crushes union over Melia gratuities
A Supreme Court judge yesterday demolished the hotel union’s case against the Meliá Nassau Beach Resort, finding that the hotel was not obligated to pay staff a 15 per cent gratuity for serving all-inclusive guests - something he said would amount to “a gratuitous giveaway”.
Baha Mar ‘shocked’ at winding-up move
Baha Mar last night had yet to receive the Government’s petition to place it into provisional liquidation just hours before Prime Minister Perry Christie confirmed the move, with the developer said to be “shocked” and “surprised” at the Government’s action.
Freeport’s expiring tax breaks ‘ignored’
Freeport’s commercial environment is “completely up in the air”, a well-known QC warned yesterday, as the city plays “second fiddle” to Baha Mar’s fate.
