The statement that under Chapter 11 employees stood to "receive likely nothing at all" does not make sense. Chapter 11 provides for a reorganization, not a liquidation, of an operating business and since employees are essential to the business's continued operation they are often paid in full under the Chapter 11 reorganization plan. Baha Mar had said it would have paid all employees in full, and that is logical since Baha Mar had invested substantial amounts training and relocating employees and it would little sense for Baha Mar to make them redundant and then start over with a new team.
Izmirlian elected Chapter 11 because he knew it was the only way to proceed efficiently, force China ExIm to act realistically, get the project open and the contractors (other than CCA) paid. Unhappily the unholy trinity of Christie, Gibson and Bethel didn't get it. Even the winter of 2-177 is now a dream.
Tal, would you like to give a rough accounting of the $1.3 billion you claim has been invested by the Bahamian people? How much of that is future benefits if the project were to be successful??
The Government's forcing an end to the intelligent Chapter 11 proceeding was supposed to be in the best interests of the Bahamian people and to get the project open this season. Anyone think the PM, AG, Ian Winder, the JPLs, Exim Bank and China State will do that? Next season? Ever?
So the Government's forcing an end to the rational Chapter 11 proceeding "for the good of the Bahamian people" results in this. Now let's see if the PM, the AG, the JPLs, Ian Winder, the Exim Bank and China State can ever get Baha Mar open. I doubt it. The only person who could was kicked in the teeth and pushed out. Perry, still think the resort will open for this season?
ForeignObserver says...
You betcha!
On Baha Mar completion warning ‘an insult to Bahamian intelligence’
Posted 5 July 2017, 8:37 p.m. Suggest removal
ForeignObserver says...
The statement that under Chapter 11 employees stood to "receive likely nothing at all" does not make sense. Chapter 11 provides for a reorganization, not a liquidation, of an operating business and since employees are essential to the business's continued operation they are often paid in full under the Chapter 11 reorganization plan. Baha Mar had said it would have paid all employees in full, and that is logical since Baha Mar had invested substantial amounts training and relocating employees and it would little sense for Baha Mar to make them redundant and then start over with a new team.
On No payout for foreign worker at Baha Mar
Posted 9 March 2017, 5:32 p.m. Suggest removal
ForeignObserver says...
Look over your shoulders. Obama and Castro are having a love fest. US hoteliers will be in Havana before guests are in Cable Beach . . .
On Baha Mar sale process begins
Posted 23 March 2016, 1:21 p.m. Suggest removal
ForeignObserver says...
Izmirlian elected Chapter 11 because he knew it was the only way to proceed efficiently, force China ExIm to act realistically, get the project open and the contractors (other than CCA) paid. Unhappily the unholy trinity of Christie, Gibson and Bethel didn't get it. Even the winter of 2-177 is now a dream.
On Baha Mar bidder’s ‘hands are tied’
Posted 24 February 2016, 1:04 p.m. Suggest removal
ForeignObserver says...
Tal, would you like to give a rough accounting of the $1.3 billion you claim has been invested by the Bahamian people? How much of that is future benefits if the project were to be successful??
On PM: Resort has suffered ‘temporary setbacks’
Posted 27 November 2015, 5:59 a.m. Suggest removal
ForeignObserver says...
The Government's forcing an end to the intelligent Chapter 11 proceeding was supposed to be in the best interests of the Bahamian people and to get the project open this season. Anyone think the PM, AG, Ian Winder, the JPLs, Exim Bank and China State will do that? Next season? Ever?
On 2,000 redundancies at Baha Mar after Supreme Court ruling
Posted 22 October 2015, 5:16 p.m. Suggest removal
ForeignObserver says...
So the Government's forcing an end to the rational Chapter 11 proceeding "for the good of the Bahamian people" results in this. Now let's see if the PM, the AG, the JPLs, Ian Winder, the Exim Bank and China State can ever get Baha Mar open. I doubt it. The only person who could was kicked in the teeth and pushed out. Perry, still think the resort will open for this season?
On 2,000 redundancies at Baha Mar after Supreme Court ruling
Posted 22 October 2015, 4:40 p.m. Suggest removal
ForeignObserver says...
Melia has 1000 employees? A mid-line all-inclusive with 600 rooms? Makes no sense.
On Local contractors owed $74.3m over Baha Mar
Posted 27 September 2015, 10:27 a.m. Suggest removal