Sorry « « Hartnell » NOT Hartwell

While reading this article this morning I wondered how many Tribune readers would take the time to read this article in its entirety and understand it. It is a very complicated subject. So I asked ChatGPT to summarize it for me. Following is the result:
**FTX's Bahamian liquidators are close to reaching a global settlement with their US counterpart, John Ray, aiming to treat around 53,000 creditors equally. Talks focus on a "pooling mechanism" to fairly distribute assets. The Bahamian and US estates' assets are so intertwined that untangling them is challenging. The liquidators, including Brian Simms KC, want to avoid prolonged legal battles to protect investor recoveries. The proposed deal would release claims between FTX Digital Markets and Ray's Chapter 11 estate. Recent improvements in relations include access to FTX Digital Markets' records. The settlement aims to treat customers fairly, with an equalization mechanism for claims. The liquidators believe pooling is in the estate's best interest. Investigations continue to determine the commingling of assets, and the liquidators anticipate presenting a settlement to the Bahamian court. Access to relevant information from Ray's team has improved, but work remains. The Bahamian liquidators assert that FTX's international clients and assets were likely transferred to FTX Digital Markets, contributing to its insolvency. The global settlement and pooling mechanism aim to adjudicate claims, reconcile them between estates, and equalize recoveries. The liquidators plan to administer, evaluate, and adjudicate customer claims in both estates, with a deadline for submitting claims under consideration. An equalization mechanism will ensure fair distribution, considering each customer's claim. Additional claims may impact distributions in the FTX Digital Markets estate.**
I certainly understand that a seasoned journalist such as Mr. Hartwell may be loath to lean on ChatGPT but it can be used as a tool to assist even journalists in summarizing the main points for the average reader.

This is a great article Diane. All forward thinking Bahamians will see it as offering constructive
suggestions. Clearly this is an issue that successive governments have failed to address head on in a meaningful way.

Sadly it seems many Bahamians, including successive governments, are content with eyesores. All of the properties you mention are owned by Bahamians.

Although some Cabinet Ministers may understand what this ranking means and why we in The Bahamas should hang our heads in shame, the same is not true with the Permanent Secretaries and civil servants who have not got or even been delivered the message. For them it’s business as usual... in other words we will get to it when we feel like it. And Lord help you if you need to form a company, open a bank account or even issue or sell shares in that company.

Unfortunately our successive governments have used these tax incentives as a panacea thinking that investors would come flocking to our shores. Those that do are then frustatred beyond belief by roadblocks including an inefficient and corrupt civil service and arrogant, inefficient and corrupt senior members of government. Sadly, many well meaning investors turn tail and chose the many other investment opportunities being offered by our competitiion, namely, Turks & Caicos, the Cayman's and the Dominican Republic. I have a very good friend who is in the real estate and development business in the Cayman's. He thanks me every time we talk or are together. He says the Bahamas, for reasons stated above, is responsible for the success of the Cayman Islands. The same now also applies to Turks & Caicos. Yes, the incentives are a good thing, but they mean nothing if we are unable to provide an efficient and graft free working environment.

Anyone who has ever opened a bank account, paid VAT, sold or bought property, sold shares in a company, applied to the Central Bank for approval to purchase foreign currency, applied for a building permit, applied for electrical, water or telephone service understands full well why the Bahamas rankings are where they are. The Government Cabinet Ministers and Mr. Sumner may have an understanding that The Bahamas needs to improve its ease of doing business rankings drastically, but it will never happen until they get their fingers out and deal with the poorly paid, but over paid for what they do, entitled civil service who have been poorly trained and who do not have a clue about what is needed to be done and above all could care less.