Thursday, October 27, 2016
By SANCHESKA DORSETT
Tribune Staff Reporter
sdorsett@tribunemedia.net
PLP CHAIRMAN Bradley Roberts yesterday said Sarkis Izmirlian must “show us the money” if he is serious about purchasing the stalled $3.5 billion Baha Mar resort.
In a press statement, Mr Roberts said if Mr Izmirlian has an interest in purchasing the assets of Baha Mar and delivering a world class resort for the Bahamian people as he claims, he should offer a serious proposal and plan instead of “finger-pointing, weeping and wailing”.
On Tuesday, Mr Izmirlian criticised the transfer of Baha Mar’s assets to Perfect Luck Holdings Ltd, calling the sale to the special purpose vehicle created by the Export-Import Bank of China (CEXIM) an “intricate fabrication”.
And nearly two weeks after making a “bona fide” offer to buy Baha Mar, Mr Izmirlian, CEO of BMD Holdings Ltd, said he found it “bizarre” that he has received no response to the “superior proposal”.
In fact, in a letter addressed to Liu Liange, vice-chairman and president of CEXIM, Mr Izmirlian said not only has the bank not acknowledged receipt of the proposal, but “nor has anyone associated with either the bank, the receivers, or Perfect Luck,” made contact with him.
Mr Izmirlian is the original developer of Baha Mar.
In a letter dated October 10, Mr Izmirlian made an offer to purchase the stalled $3.5 billion resort “at a price in excess” of the current undisclosed bid.
Mr Roberts said the record clearly shows that the developer was given many opportunities to retain control of his development but “was less than forthright in his dealings with the government of the Bahamas.”
“The developer asked the prime minister to intervene when he encountered difficulties only to lead Baha Mar into bankruptcy in Delaware without notice to the government and with the full knowledge that the prime minister was working diligently - day and night – and in good faith to negotiate a deal that was fair and a win-win for all stakeholders involved,” the statement said.
“During the bankruptcy hearings in Delaware, the developer was able to guarantee a mere $15 million of the estimated $600 million required to finish the project. As much as the developer talked about his love for the so-called ‘Baha Mar citizens,’ there was no allocation made available to pay the Baha Mar employees or the unsecured creditors. Further, the developer was clear that he intended to reduce the staff complement by 98 per cent to a mere 52-man skeleton crew...The developer was very dishonest with and disrespectful to the prime minister, the government and people of the Bahamas so much so that the immigration minister was forced to caution the developer from a public place against his tone and tenor in addressing the nation’s leader.”
For the past 18 months, Mr Roberts said Mr Izmirlian has “blamed everyone but himself” for the fate of Baha Mar.
“We again repeat the position of the Bahamas government, if Sarkis Izmirlian has an interest in purchasing the assets of Baha Mar and delivering a world class resort for the Bahamian people as he claims, he should offer a serious proposal and plan to the beneficial owner; in short just show them the money,” Mr Roberts said.
“All we have seen to date are sour grapes, finger-pointing, vitriol and much weeping, wailing and gnashing of teeth. Bahamians fully understand if one secures a mortgage and default on payments the property will be repossessed by the mortgage holder, notwithstanding the size of the transaction. How can Sarkis Izmirlian after defaulting and foreclosure demand or presume to tell the mortgage holder whom they should sell to and insult them in the process? These media tirades are unhelpful to the developer and to our beautiful country.”
Earlier this month, the Office of the Prime Minister urged Mr Izmirlian to work with Perfect Luck Holdings Limited, if the resort developer is in a position to make a “credible proposal” to buy the property as he has suggested.
Comments
TalRussell says...
Comrades! When Izmirlian couldn't cough up the monthly mortgage payments to the Chinese Bank, instead of flying off to Delaware to file for Creditor Protection, he shouldda
mailed the front door keys for his Cable Beach resort, back to the Chinese bank.
Go ask the large numbers of homeowners financially underwater and unable to pay their mortgage payments, if they can just continue living in the bank's house for free?
Better still, you just try showing-up in front one of Izmirlian's chief spokesman's Dionisio’s super duty washers to wash ya clothes and you ain't got no 'momentary jingle' to slips into the washer's money slot to single it to turn-on one them big Bad Boy washers to begin washing ya dirty things?
Posted 27 October 2016, 2:34 p.m. Suggest removal
sealice says...
Tal plenty plenty people living in gov't subsidized housing for free.... who know's maybe you to? Ain't dat wat BOB is for? Gov't sponsored housing and bowling alleys?
Posted 28 October 2016, 9:24 a.m. Suggest removal
islandlad says...
Agreed 100% with previous comment on mailing the keys and or not being able to live in a house when default on a mortgage. On that same point and on the front end, when you want to buy a house you have to prove to the sellers and the bank that you have the available funds and line of credit to back the offer. "Show them money" is a very fair request and a letter to the bank, the govt and open to the public simply saying their offer will be better than any others is NOT how it works again, there needs to be proof of funds.
Posted 27 October 2016, 4:34 p.m. Suggest removal
Well_mudda_take_sic says...
Tell us Little Good Brad what happened to all of the VAT money we paid Crooked Christie's government and while you are at it, tell us where is the TWO HUNDRED MILLION DOLLARS PLUS ($200,000,000+) in stamp tax our Public Treasury should have received from Christie's Chinese friends for having allowed beneficial ownership of the Baha Mar development to be de facto transferred to Perfect Luck Holdings Ltd., a Hong Kong incorporated company. And by the way Little Good Brad, can you also please tell us the names of each and every one of the principals behind Perfect Luck Holdings Ltd. because the Red China government that controls Hong Kong are refusing to make this information available to the public. And "Yes" Little Good Brad, we deserve to know why you, Crooked Christie, Allyson Manard-Gibson (a\k\a the evil wicked witch), Baltron "Bag Man" Bethel and Fweddy Boy are all no longer the least bit concerned about the sovereignty of our nation and our national security interests from the stand point of such a major development project falling into the hands of an enterprise controlled by a foreign government whose stance on civil rights, women's rights and basic human rights of just about any kind is globally well known and documented.
Posted 27 October 2016, 4:34 p.m. Suggest removal
Honestman says...
"Bahamians fully understand if one secures a mortgage and default on payments the property will be repossessed by the mortgage holder."
Quite so Brad but what caused Izmirlian to default? All right thinking Bahamians know the answer.
Posted 27 October 2016, 4:41 p.m. Suggest removal
Required says...
Hang on... wasn't mortgage relief the big promise Perry's Lazy Punks touted in 2012?
Posted 28 October 2016, 3:19 a.m. Suggest removal
hallmark says...
How come Izmirlian has to show the Government the money, when they won't show the Bahamian people the money from VAT and all the other such monies they should know about?
Posted 27 October 2016, 5:37 p.m. Suggest removal
birdiestrachan says...
I am sorry for Mr: Izmirilian. It is to bad that persons do not show the same care
for Bahamians who lose their homes every day. I fact many including members of the other news media rejoiced when he lost his home, and they blasted Mr: Christie for speaking to the bank on his behalf.
Posted 27 October 2016, 8:27 p.m. Suggest removal
Required says...
The only scenario I would show Bradley Roberts and his PLP buddies any money - even if it's just a single cent - involves them being tied in chains, while me and the money are behind bullet proof glass with the entire US Marine Corps guarding us, when they try to get their greedy fingers on it.
Posted 28 October 2016, 3:21 a.m. Suggest removal
BMW says...
Well mudda take sic , for these crooks money in hand trumps sovereignty .
Posted 28 October 2016, 6:06 a.m. Suggest removal
sealice says...
Izzy clearly know's better then to show this fuggin tief any money......
Posted 28 October 2016, 9:22 a.m. Suggest removal
My2cents says...
@birdiestrachan Izmirlian is not being treated with any concern either. In fact they seem to be taunting this man over his substantial losses almost daily. At least Christie is speaking up on behalf of some of the homeowners. He seems to be working against Izmirlian who could have provided thousands of jobs for Bahamians...some of those homeowners included.
Posted 28 October 2016, 12:45 p.m. Suggest removal
Seaman says...
I'm shame to know Big Brad granny from Green Turtle Cay. Stupid A$$.
Posted 28 October 2016, 12:48 p.m. Suggest removal
DDK says...
The only words these jokers seem to know are "MONEY" and "TAX". They have no shame!
Posted 28 October 2016, 2:14 p.m. Suggest removal
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