THE GOVERNMENT OF THE BAHAMAS HAS SIDED WITH CHINESE PRINCIPALS AND FILED A COURT PETITION TO LIQUIDATE BAHA MAR SO AS TO TAKE IT AWAY FROM THE PROJECT’S DEVELOPER SARKIS IZMIRLIAN – that is what the Prime Minister announced tonight. This means the government is asking the Court to bring Baha Mar as it exists today to an end (liquidation). The Prime Minister announced that China ExIm wanted Izmirlian to drop his court cases against them that allege sabotage, shoddy work and unjust accounting practices and that ChinaExIm did not want to agree for more time to negotiate with Izmirlian, the project’s developer. He also announced that China ExIm wanted Izmirlian to drop his Chapter 11 protection filing in the US (even though it did not oppose the filing in US Court as was its first right to do). Mr. Christie announced that the government agrees with and hence has sided with what China ExIm wants, and as such, the government has filed a motion in our Supreme Court to put the project into mandatory liquidation. WHAT THIS MEANS IS THE GOVERNMENT OF THE BAHAMAS, NOT SARKIS IZMIRLIAN, HAS TAKEN ACTION IN COURT TO KILL WHAT WE NOW KNOW AS BAHA MAR. Baha Mar’s Chapter 11 Bankruptcy Protection filing was to keep the company in existence while the company tries to re-organize. The government has now moved to bring the company as it exists to an end – THAT IS WHAT LIQUIDATION MEANS. Continue reading
The Attorney General’s role under the Constitution is to act on behalf of the Bahamian people. The Prime Minister announced tonight that the AG has filed a motion in our Supreme Court to put Baha Mar into mandatory liquidation stemming from specific desires expressed by China ExIm Bank in its dispute with Baha Mar’s developer. This means the AG has asked the Court to bring Baha Mar, as it currently exists, to an end (liquidation). But here is the major problem – in mandatory liquidation petitions, it is normally the company itself or the company’s creditors (the people a company owes) who make such a petition to the Court. BAHA MAR HAS NOT FILED TO LIQUIDATE ITS COMPANY. THE GOVERNMENT OF THE BAHAMAS IS NOT A BAHA MAR CREDITOR OR EQUITY STAKEHOLDER, NOR DID THE PM SAY THE AG WAS FILING ON BEHALF OF ANY BAHAMIAN CREDITORS. Why is the country’s AG, who is supposed to be acting for BAHAMIANS, filing a motion that is supposed to be filed by ChinaExIm Bank, the agency that is the lender for the Baha Mar project? So is the AG of The Bahamas now a de facto agent for a Chinese agency – an agency whose construction company is currently being sued by Baha Mar’s developers for alleged project sabotage and alleged unjust accounting practices in The Bahamas? It is not Sharon T who announced to the nation that our AG, acting due to the interests of a foreign creditor, has asked our Supreme Court to bring a company in The Bahamas to an end (liquidation) – THE PRIME MINISTER MADE THAT ANNOUNCEMENT. Baha Mar has not declared itself to be finished – the government, through its petition the PM’s says stems from a foreign agency’s interests – is seeking to have Baha Mar as it exists today, finished (liquidated).