Comment history

BahamaPundit says...

Please provide a link to the order you mentioned.

BahamaPundit says...

I love your first lines Banker. How great it would be if the Bahamas Government finally came clean with the Bahamian people. Fourty years of sin is such a heavy burden to bear. Instead of pointing their fingers at the white man, imagine if they took a look in the mirror and said, "We have been very bad men." I'm reminded of a line from a poem, "like a devil sick of sin." Come clean and sin no more my brothers in high places. Take responsibility for your actions. Be men. Be honourable. Be real Bahamians and not counterfeit crooks.

On Baha Mar wants contractor out

Posted 28 July 2015, 1:56 a.m. Suggest removal

BahamaPundit says...

The real story in this matter is a financially desperate government that in its desperation put all its eggs into one basket. Now, they are desperately rushing around and trying to bend the law in the process. Bahamar should not be prejudiced and treated unfairly, just because our government is desperate. The truth of the matter is they are desperate not because of Bahamar, but because they have failed to plan and budget their affairs. They have wasted the people's money on frivolous projects and cronies. Now, they want to blame everything on Bahamar. Sorry, it doesn't work that way. No country can rely on a single project for its economic health. That is a very foolish and crazy thing to do. The real lesson here is that Bahamar is not the problem; the Bahamas Government is.

On Beijing talks off to a rocky start

Posted 28 July 2015, 1:32 a.m. Suggest removal

BahamaPundit says...

I'm siding with Bahamar on this one. CCA, to my mind, has shown itself to be the dark horse. Firstly, they did not construct the building to code. That is a huge mistake for a contractor to make and points to a negligent state of mind. Secondly, they placed their workers on "go slow" and failed to complete the building on time, missing two openings. As a shareholder, even if CCA was not paid to their satisfaction, they should have completed the building out of pride and as a sign of good faith to the Bahamas Government. They could have always recouped funds after the project was completed saving Bahamar's and their own reputation in the process. Thirdly, they did not use expert craftsmen and apply satisfactory finishings to the interiors. This, again, points to a negligent state of mind. It is clear that Bahamar is being mistreated based on the facts I've been provided. CCA should be sued for negligence and The Bahamas Government should keep its nose out of this private matter. Even if jobs are lost and the project is delayed by a year or two, the Bahamas Government has no right meddling in this affair and justice must favor the injured party, which appears to be Bahamar.

On Beijing talks off to a rocky start

Posted 28 July 2015, 1:19 a.m. Suggest removal

BahamaPundit says...

Likely outcome of negotiations: Bah Gov agrees to pay 300 million to make repares and get Bahamar ready for opening in early 2016.
Additional expenses: Bah Gov may also agree to pay salaries of Bahamar staff to retain them during delay between opening in early 2016.
Total cost to tax payers: aprox 350 to 400 million.

On Talks agreed over Baha Mar

Posted 9 July 2015, 1:11 a.m. Suggest removal

BahamaPundit says...

The terrible aspect of the Bahamas Government's position in this negotiation is the fear that if Bahamar fails, S&P with downgrade the country to junk bond status. So, in other words, the other parties will get whatever they want, because the Government is terrified that the project might fail. Desperation is never a good position in a negotiation. Talk about too big to fail -- Bahamar has the Government by the balls! The Government would do almost anything, including giving away a few islands, just to make the project happen. That's what you get by putting all of your eggs in one basket. I've never heard of a worse negotiation position than the Government is in with this one -- it is literally a do or die situation for them. They will make it rain money on Izzie and China and pay all of the Bahamar workers' sallaries for a few years just to get these parties to make nice. Sucks for the Government and sucks for us the taxpayers.

On Talks agreed over Baha Mar

Posted 8 July 2015, 2:12 p.m. Suggest removal

BahamaPundit says...

We had ample time to prepare for this event. Once again, we're caught surprised and unprepared. This isn't about Cuba opening; this is about us!!

BahamaPundit says...

Question for Banker. What benefit would this investor obtain by filing Chapter 11 in the US? Is this merely a stalling tactic to line up a new investor to prevent the Chinese from foreclosing on their mortgage? But this would only delay the inevitable for 30 days, which is hardly enough time. Surely, this investor no longer actually thinks he can pull Bahamar out of the gutter and back into prosperity. He must know it would be nearly impossible to function with such a venomous relationship with the Bahamian Government. He must be trying to safely retrieve his investment in the resort.

BahamaPundit says...

Agreed. How much do you think each politician received for forgoing the Bahamas Visa requirement for Chinese citizens? It appears our politicians are all securely wedged in the belly creases of mother China. Of course, there's also the issue that a bankruptcy hearing in US courts might uncover the Chinese bribes and corruption involved with the Bahamar deal. No horse in the race -- you can't fool us twice on that one. It appears that Chinese ownership of the Bahamar resort was the plan all along. Bahamar caught wind of the plan and attempted to out maneuver his pursuers. Truly a game of chess is being played by the three actors, and the Bahamian people are the only ones without a pawn in the game.

BahamaPundit says...

I tend to agree with you. The investors likely realized quite some time ago that the project was doomed to failure. It must have been evident when they attempted to book the hotel for its opening that the numbers didn't add up to profitability. The investors over-estimated the current pull of the Bahamas in the global tourism industry and also didn't anticipate that Cuba would be opening up.