The saga gets interesting. Bahamar is comprise of 14 companies. Which company carry debt, which ones does not. Although Bahamar may have file for chapter 11 you structure your companies in a way to protect it from outside entities like creditors and in this case the government. Takes for instance, the debt Bahamar inherited from Crystal Palace, which includes BEC, that is most likely one company. Bahamar may be a parent company only in name.The Chinese will have to join the government for any action to be successful. To thwart the government action all Bahamar have to do is pay the government entities it owes. Remember chapter 11 was file by Bahamar and not its creditors. Also the terms of the land exchange and the company they fall under will be pivotal.
If I was Bahamar I would have done exactly what they did. The key question I would have ask, "can you point to me a company that has been successfully reorganized under Bahamian law". We can't even liquidate properly(Clico and Gulf Union). The only person who gains from our system is the receiver who continue to receive his payment before all other claims. All you have to do is ask the receiver for Clico who continues to collect a handsome fee.
The Supreme Court couldn't successfully wind up Gulf Union Bank or Clico so please tell me how will they be successful with a 3.5 billion dollar company.
We could assume that the object pointed was not a gun because the police would have emphasis that a gun was pointed. The key question is how much people will point an object at a police who has a gun pointed at them (not many).An officer would never report " I panick and started shooting."Cases like these always favor the police.
Fred Mitchell first stint as chief diplomat was brilliant. He was able to secure private meetings with Condoleezza Rice and he did brilliant work on behalf of the Bahamas and the region as a whole. His second time around is as bad as his first time was good.He fight with the Haitians and Cubans in Florida(even if it justifiable our chief diplomat should always be above the fray). He went head to head with the late Dr. Myles Munroe and now this. Get it together Fred or let the Prime Minister know that you no longer have the restraint necessary when it comes to diplomacy.
Bahamar probably got a history lesson on what happen with Gulf Union Bank and Clico. I am a Bahamian and I don't even want our courts dealing with criminal matters. Send the criminal cases to Texas and I could assure you we will have our first hanging for the new millineum
If your parents was born before 1960, it is quite difficult to locate a birth certificate especially if they were born in the out islands(loss records abound). The authorities then demand you produce affidavits from two persons who know your parents. As the years go by especially with dead parents it becomes "mission impossible".
DEDDIE says...
The saga gets interesting. Bahamar is comprise of 14 companies. Which company carry debt, which ones does not. Although Bahamar may have file for chapter 11 you structure your companies in a way to protect it from outside entities like creditors and in this case the government. Takes for instance, the debt Bahamar inherited from Crystal Palace, which includes BEC, that is most likely one company. Bahamar may be a parent company only in name.The Chinese will have to join the government for any action to be successful. To thwart the government action all Bahamar have to do is pay the government entities it owes. Remember chapter 11 was file by Bahamar and not its creditors. Also the terms of the land exchange and the company they fall under will be pivotal.
On UPDATED: 'Door closing' on Izmirlian's opportunity to strike a deal
Posted 18 July 2015, 9:08 a.m. Suggest removal
DEDDIE says...
If I was Bahamar I would have done exactly what they did. The key question I would have ask, "can you point to me a company that has been successfully reorganized under Bahamian law". We can't even liquidate properly(Clico and Gulf Union). The only person who gains from our system is the receiver who continue to receive his payment before all other claims. All you have to do is ask the receiver for Clico who continues to collect a handsome fee.
On Why Baha Mar filed for bankruptcy
Posted 17 July 2015, 9:59 a.m. Suggest removal
DEDDIE says...
The Supreme Court couldn't successfully wind up Gulf Union Bank or Clico so please tell me how will they be successful with a 3.5 billion dollar company.
On Baha Mar: government calls in liquidators
Posted 17 July 2015, 9:40 a.m. Suggest removal
DEDDIE says...
Ironically, Fred Mitchel was a thorn in Mr. Rokers side.
On Roker: Izmirlian has no regard for PM
Posted 15 July 2015, 7:19 p.m. Suggest removal
DEDDIE says...
We could assume that the object pointed was not a gun because the police would have emphasis that a gun was pointed. The key question is how much people will point an object at a police who has a gun pointed at them (not many).An officer would never report " I panick and started shooting."Cases like these always favor the police.
On Man shot by police officer at nightclub dies in hospital
Posted 15 July 2015, 6:39 p.m. Suggest removal
DEDDIE says...
Fred Mitchell first stint as chief diplomat was brilliant. He was able to secure private meetings with Condoleezza Rice and he did brilliant work on behalf of the Bahamas and the region as a whole. His second time around is as bad as his first time was good.He fight with the Haitians and Cubans in Florida(even if it justifiable our chief diplomat should always be above the fray). He went head to head with the late Dr. Myles Munroe and now this. Get it together Fred or let the Prime Minister know that you no longer have the restraint necessary when it comes to diplomacy.
On Symonette says Mitchell’s Baha Mar comments not appropriate for a Cabinet minister
Posted 14 July 2015, 6:43 p.m. Suggest removal
DEDDIE says...
Its only $200 for us to be competent. That's a bargain.
On Further delays in wait for Bahamian passports - now 12 weeks or more
Posted 11 July 2015, 4:52 p.m. Suggest removal
DEDDIE says...
Bahamar probably got a history lesson on what happen with Gulf Union Bank and Clico. I am a Bahamian and I don't even want our courts dealing with criminal matters. Send the criminal cases to Texas and I could assure you we will have our first hanging for the new millineum
On Lawyer suggests resort could have restructured under Bahamian law
Posted 8 July 2015, 4:26 p.m. Suggest removal
DEDDIE says...
Get rid of the Privy Council is the first step needed to claim sovereignty. Oh, I am sorry, we can't make a claim something we never had.
On Govt blamed for Baha Mar pay delay
Posted 7 July 2015, 1:14 p.m. Suggest removal
DEDDIE says...
If your parents was born before 1960, it is quite difficult to locate a birth certificate especially if they were born in the out islands(loss records abound). The authorities then demand you produce affidavits from two persons who know your parents. As the years go by especially with dead parents it becomes "mission impossible".
On Businesswoman infuriated at poor Immigration service
Posted 4 July 2015, 11:16 a.m. Suggest removal