Thursday, March 31, 2016
EDITOR, The Tribune
“A Pig in a Poke” is defined as “something that is foolishly bought or accepted without knowing its value or seeing it first” and that is exactly what the Receivers and Colliers International are foisting on parties that they try to induce into buying Baha Mar’s assets.
No greater insult can be offered to any prospective bidders for the Baha Mar project than to require that party to tender a multi-billion dollar offer for a “pig in a poke”. Yet, that is exactly what the China Exim Bank appointed Receivers, Deloitte, are requiring. Their obligatory non disclosure agreement, the gateway to starting a bidding or tendering process for Baha Mar, is fraught with language that will be interpreted by any reputable buyer to “stay away!”
Consider for example the following excerpts from the Receivers materials:
• First, any buyer is warned by the Receivers that it IS NOT to rely on the accuracy of statements, estimates or forecasts included in the China Exim Bank Receiver-provided materials!
• Further, the Receivers warn that they themselves have not independently verified ANY of the Confidential Information, which is the only information prospective bidders can rely upon, and, that they make no representation or warranty to the accuracy or completeness of the information found in their Receiver Data Room!
• BUT….if that is not enough, any potential buyer is forbidden to speak to any current or former director, officer, employee, consultant, advisor, creditor, customer, or supplier of the original Baha Mar Sponsor, Mr. Izmirlian, or his team!
They are told that the erstwhile general contractor, CCA Bahamas, is off limits too, although there is nothing preventing a prospective bidder from leapfrogging into direct discussions with China Construction America or the China home office, China State Construction Engineering Corporation.
The Receivers don’t want a potential buyer to know the truth. They specifically don’t want any potential bidder to get the accurate information from the most knowledgeable party, the developer. They don’t allow the potential bidder to talk to key suppliers, to understand the circumstances under which they would supply goods and services. They don’t allow the potential bidder to talk to the existing lease holders. So many of the businesses in The Bahamas, and many elsewhere, are creditors. They all have crucial information and data points that a new owner would want to investigate to understand the risks and benefits, and hidden costs. In other words, they expect a new buyer to purchase a “pig in a poke”!
Not like the Bahamas has enough problems already that the Receivers are trying to pull off a snow job by prohibiting any prudent purchaser from doing their homework. Is this the road to getting the right deal in place to complete and open Baha Mar soonest?
Or is it the road to prohibiting any blue chip reputable player from tendering an offer so some back room shenanigans can be orchestrated to the detriment of all those owed money here in The Bahamas?
Would you pay top dollar for a “pig in a poke?”
EYES WIDE OPEN
Nassau,
March 30, 2016.
Comments
sheeprunner12 says...
The Chinese have NO interest in selling Bahamar to any other non-Chinese entity ...... why is it that anyone in the West cannot recognize this?????? ........... especially our PLP government
Posted 31 March 2016, 4:21 p.m. Suggest removal
marrcus says...
http://www.tribune242.com/news/2015/jul…
Posted 1 April 2016, 10:36 a.m. Suggest removal
Gladiator says...
The Chinese have been doing this kind of foolishness ever since SDI filed for Chapter 11. They keep making it **appear** as though they are making an effort to move this project forward and get it resolved as quickly as possible in the best interest of The Bahamas but it is all nonsense. They have no intention of selling it to a Western investor hence why they will not give them accurate information, but I can guarantee you they will provide all the information in the world to potential Chinese investors. They play these ridiculous games to try and trick everyone into thinking that they are actually trying their best to resolve this issue but really it's a bunch of BS. They already have a specific plan and they will ensure that plan happens no matter how long it takes, which could be many years from now. If the world doesn't believe the economic stats that they report are true and accurate then why the hell should we believe that they have the Bahamians best interests at heart....?
Posted 1 April 2016, 11:20 a.m. Suggest removal
Godson says...
When I visited Panama... the glaring lesson I came back with was that Panama is for Panamanians. One can invest in Panama in whatever industry the Panamanian authority approves, but you cannot yourself work in the business. This is absolutely reserved for Panamanians.
This aspect stood out with me because I saw the sharp contrast of this policy approach in Panama with that of labor policies in The Bahamas, where, as I can prove that, and with strong verifiable authority, The Bahamas is for everyone except the Bahamians.
Why is this so?
That being said, the Chinese having position themselves, and as it seems, has the consent and blessing of Our Protectorate to occupy and/or be our next colonial masters.
If this is the case, and knowing China now holds a strangle grip on our bread-basket: tourism, which of the two people is it that will be China's priority of concerns? Is it the Bahamians in The Bahamas, or, is it the Chinese in The Bahamas?
Who will take priority in the exercise of their powers or business decisions, be it financial, social or political?
Godson 'Nicodemus' Johnson
Posted 1 April 2016, 1:48 p.m. Suggest removal
Honestman says...
The Chinese are much too smart (devious?) for Christie and his jokey cabinet. The pea brained PLP government has been completely out smarted and WE The People have to suffer. Well that is the price you pay when you vote without engaging your brain. Maybe next year, Bahamians will think a bit more carefully before trusting with their vote to those who cannot be trusted. I agree that the Chinese have no intention of selling the resort to anyone outside of China. The PLP has completely mishandled the situation and has ended up with much egg on its face.
Posted 1 April 2016, 2:17 p.m. Suggest removal
sheeprunner12 says...
It is time to give the Chinese a piece of their own medicine ....... nationalize Bahamar, The Pointe and Freeport Hotel right now ............ and watch the Chinese squeal .......... SMH
Posted 3 April 2016, 5:03 p.m. Suggest removal
BaronInvest says...
That's what should happen but you know, you can stop that from happening by donating a few bucks and a KFC box to the leaders of this country.
Posted 3 April 2016, 10:37 p.m. Suggest removal
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