A simple "buy and sell" event like carnival was could not have an impact of 400 times its value on the GDP. This is even more impossible when a significant amount of the funds used to put on carnival were spent on imports and even more was spent outside the country. The only significant impact of this event was Bahamians who spent money they would not have ordinarily spent. When carnival starts to attract visitors from overseas who come and fill up hotel rooms, rent cars or transportation, buy food and costumes and inject new money into the economy then you can start to talk about a significant economic impact and even then it would not be four hundred percent. If you have two TV sets in a house and you move them into the same room, you did not increase the number of TV sets in that house. Carnival, for the most part, took activities from one part of the economy and placed it somewhere else. The new economic activity it generated was not more than 10 percent.

When trust has gone out of a (business) relationship even simple agreements are difficult to come by. Everything and everyone is suspect. Obviously when Bah Mar started years ago it was done in good faith and with strong anticipation. The elements that have changed since then must be removed from the equation for the project to continue, or otherwise handicapped.

This is so pure Bull dung. They are an insult to accounting, economics and common decency.

No I don't

We seem to forget it is Bah Mar that is in bankruptcy protection and not Izmirilin. That is the purpose of forming a company; to protect one's assets that are not a part of that company. If nothing gets solved in China then Izmirilin will be allowed to put his case before the Delaware courts claiming collusion by China Bank and intentional delays and sabotage by the China Construction Company. If the court feels there is sufficient evidence to proceed Izmirilin will be given his chapter 11 bankruptcy protection. If he prevails in his case against the Chinese he is likely to recover hundreds of millions from them. The bank and the construction may also be facing heavy fines and Izmirilin may be allowed to seek new financing and a new construction company and finish the project before he is required to settle his debt with China Bank. If Izmirilin can prove that the construction company, weather willfully or through negligence caused the delays of Bah Mar and produced shoddy and sub-standard work, then most likely the courts will not compell Bah Mar to work with the same construction company. Remember the Delaware will be ruling not only to appease the parties involved but it will also be setting a precedent for similar cases that may arise in the future.

If Izmirilin can produce sufficient evidence to convince the Deleware court that there was possible collusion between the China Bank and the China Construction Company to sabotage and delay Bah Mar, or if he can convince the court that China Construction Company, either intentionally or through negligence or for whatever reason produced shoddy work and/or did not complete in a timely manner and caused the delay of Bah Mar, to the detriment of the owners and/or others, Izmirilin will receive bankruptcy protection. If he prevails in proving his case of collusion and sabotage against the two companies, he may not be required to spend another red cent to get Bah Mar finished. The law requires an aggrieved party to be put back in the position he would have been in before the grievance took place and since Bah Mar should have been completed since December 2014, the courts may require these companies to complete the project at their own expense. The courts may also require compensation to bah Mar, for loss of income for example, requiring one or both of these companies to pay Bah Mar for all the income it would've generated from December to now, and including the additional time required to complete Bah Mar. This can amount to hundred of millions of dollars. And then there can also be penalties. If it is proven that China Bank or the China Construction Company or both did not act in good faith or was negligent they can be fined by the courts. Izmirilin may also be able to recover punitive damages "for pain and suffering". He need only call the prime minister to prove this as the pm claims that Izmirilin appeared to be losing his mind. This can easily be a billion dollar lawsuit.

The hypocrisy of it all is that Izmirilin was so ridiculed for filing for bankruptcy protection in a Deleware court, but the Bahamian has no problem fly a delegation all the way to China to meet with the Chinese, who claims they are "too busy" to come to Nassau. The wisdom of Izmirilin filing in Deleware is that, if no settlement is reached in China, the court will have to act on the bankruptcy filing, with or without the blessings of the Bahamas courts. China bank, the China Construction Company and Bah Mar are all international companies, and as the complainant Izmirilin has a right to chose a venue for his court action. While the Bahamas may not be a party to the lawsuit or may not have equity in Bah Mar, it does have interest (financial) and otherwise) in the project. The country suffered loss at Bah Mar's failure to open., and stands to benefit if the project does open. Furthermore the attorney general herself has personal (family) interest in Bah Mar, as do other members of the government, and she has been personally involved in the Bah Mar project as an attorney. This does not make the Bahamas the best venue for Izmirilin to file his lawsuit. And since the Chinese government has interests in Both the China Bank and the China Construction Company, Izmirilin would definitely not want to file his lawsuit in that country.

The more you hear about Bah Mar the more you wonder who is the real victim (besides the Bahamian people) and who is the villain. Maybe there is the need to get this matter in an open court and call for persons and papers. Time is of the essence as it benefits no one to have the almost completed project sit there idle. If Izmirilan has sufficient proof of sabotage and wrongdoing by the Chinese and he can raise the funds to finish the project with another contractor, then maybe he needs to do that: finish the project, get it up and running, then have his day in court. His victory in the courts and the exposure of wrongdoing by the contractor will justify his actions in filing for bankruptcy in a foreign court where he felt he could get justice. In the event that he prevails it would show that his major concern was to protect his interest in Bah Mar and was not contempt for the government of the Bahamas or an insult to its people. No one seems anxious for Bah Mar to fall into the hands of Chinese operators. If construction is to continue under the China Construction Company does the Bahamas have the capacity to ensure that they perform in good faith and maintain the construction quality and standards and do not produce shoddy an inferior work?

Just in care we think the Bahamas is the only country fighting this battle:
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"***According to a report in USA Today, during the first half of this year the murder rates in a number of cities are exceeding those logged during the first half of 2014.

For example, this year Milwaukee has more than doubled its number of murders, with 84 compared to last year’s 41. Chicago has seen an increase from 171 last year to 203 this year.

Notably the two areas that saw uprisings following police-involved deaths of unarmed black men St. Louis and Baltimore, also saw spikes. Baltimore the first half of the year has experienced 155 murders compared to 105 last year. St. Louis has had 93 murders this year compared with 58 in the same timeframe last year.
***

The number of murders in Milwaukee has doubled! The problem here is despite the increases, the Bahamas is recording more murders per capita than most of these metropolitan cities.

Then the two most troubling changes in the way murder is committed today as compared to a few years ago: **(1) Murder is no longer carried out under the darkness of night or even when the victim is alone. It is done in broad daylight with many people around sometimes. The killer does very little to disguise himself or to hide his identity. (2) Most persons who are shot to death today are riddled with bullets, in most cases more than five shots as compared to recent times, when most victims were shot between 1 and 3 times. So the police need to start using these facts to build profiles of not only the killers but also the victims.** Then they need to intervene before the fact, whether it means chasing gangs out of neighbor hoods or preventing drug activity and drug wars. The statistics show that additional police presence alone in 'hot' crime areas will not curb murders, at least not the ones we are having, because the murder rate is now increasing at an increasing, if not alarming rate.