This was sadly inevitable.

By kicking Sarkis out, China ExIm has control, but they have lost a management team and a potential funding source.

Now their only options are to sell it as is for 50% - 75% of their loan value, or take the high risk approach and fund the completion and manage it themselves, negotiating new management contracts with hotel operators in time.

These are both bad options for China ExIm and Bahamas.

They should have taken Sarkis' offer of $400m additional funding split down the middle with Bahamian contractors finishing off CCA's shoddy work. This offer should have been absolutely pushed by Christie, instead of the this ridiculous provisional liquidation farce we find ourselves in.

But of course ExIm would not go down that path because that would make CCA look bad. And Christie did not push it because he is bought by the Chinese.

A national tragedy, primarily caused by ego.

John, you may be a journalist, but you clearly have no commercial understanding of the situation.

Sarkis had not ability to 'challenge' CCA for their shoddy work. They breached their contract by walking off the job in Feb, but they could not be replaced without the China ExIm's approval, as hiring them were part of the terms of the debt.

As such, irrespective of some undoubted PR failiures, there was literally nothing Sarkis could do to complete the project when CCA walked off.

The reason why the PM is positive is because he doesn't actually know any better.

Foreign investors are coming in and looking at the property, not because they believe in Bahamas, but because they want to see if they can pick up a piece of prime property for a bargain price.

They are vultures circling, not validation that the PM has made the Bahamas a great place to invest.

There is a very big difference between showing interest and making an offer that China ExIm will accept. Though for the sake of Bahamas, I hope Butler-Turner is wrong...

Love how he just glosses over the fact that one of the largest investors ever in Bahamian history has had his $900m erased and past on to another sovereign state, thanks to the Government's opposition to Chapter 11 and their winding up order.

Though I have to give China credit - they managed to get that $900m contribution from Sarkis for free...

I wish someone from the Government can explain how unsecured Bahamian creditors, including the Government I might add, will be made whole - China Exim now control the development and do not have to pay anyone a single cent.

Christie is soon going to find out that he has been played by the Chinese as well.

So let me get this straight:

- playing politics over the murder rate is no problem.
- playing politics over Baha Mar, when the PM directly filed the winding up order is not appropriate?!!?

What did they think was going to happen when you try to wind something up? That everyone gets paid forever?

These people are such outrageous hypocrites. I genuinely do not understand how they can say these things with a straight face.

So Tal...

"he of all people must know the strict limitations on interference in private matters that are placed on a democratically elected prime minster"

I don't remember you making the same statement when PM Christie placed a winding up order on Baha Mar. If he had no limitation on that, he is not limited in any other purpose.

Sadly, as many of us worked out at the time, Christie blocking the Chapter 11 filing was the end of this project as we all know it. The end was just a matter of time and idotic process to convince themselves they were doing something useful.

This is what happens when the entire cabinet of a country is run my career politicians driven by ego alone.

The fact that the following didn't cross the mind of anyone in power is just so disheartening (if not unsurprising):

'hey, this thing is a mess but the main guy is willing to put in another $70m to pay employees with no terms and conditions, maybe we shouldn't block him from doing so..."

The last thing filed in Delaware was the plan from Baha Mar that stated no Bahamians owed money would be affected by the chapter 11 process - only the Chinese.

And now we have a situation where if the company is wound up, the entire development needs to be sold for more than the $2.6bn debt for anyone else to get a penny - including the Government and CCA. If that isn't an indication of collusion I don't know what is....

"The joint provisional liquidators have called their task of sorting through thousands of pages of documents, contracts and communications accumulated over the last decade “massive” "

This is why winding up was a terrible idea if Christie wanted it open as soon as possible.

Well that's it now, the Chinese will move in to take control, Sarkis will get nothing and Baha Mar will be in the courts for the next 3 years.

All of the brands will pull out as well, now that there is no stay in Chapter 11.

No foreign investor will but their money into Bahamas for the next decade.

Thanks Christie. I hope it was worth it.

The AG is a disgrace.

It's one thing to be convinced you are doing the best thing for your country and publicise that.

It is a whole different thing to make up lies to support your claim. She is the AG - she knows how to read Chapter 11 filings, which means she knows full well all Bahamians, including the Government, are exempted from the Chapter 11 plan - she is just laying through her teeth about it to support her failed position.