It's unlikely investors will buy the Rate Increase Bonds unless our stupid government agrees to make the bonds a sovereign risk by guaranteeing their repayment to the bond holders - otherwise sky high interest rates on the bonds would be demanded which are simply unaffordable to BPL and its customers. So, that being the case, the whole exercise to transform BEC/BPL's debts to bonds was an utterly useless and futile waste of time to begin with (not to mention the costly consultants fees involved) because the government's position as guarantor (payor of last resort) will almost certainly remain unchanged.
This whole deal has been contrived with one objective in mind: To replace (bailout) the existing largest creditors of BEC/BPL (including several very large local creditors) with funds from an entirely new set of creditors, i.e. those foreigners who are foolish enough to buy the proposed Rate Increase Bonds. And our stupid corrupt Minnis-led FNM government (which has a few horses in this race) will likely agree to pay an outrageously exorbitant interest rate on the bonds to achieve its objective of bailing-out the larger current local creditors of bec/bpl. And just take a guess at who is number one on the list of the largest local creditors of BEC/BPL.
Some excellent points touched on here. But here's another key consideration:
Government is taking the position (rightly or wrongly) that it guaranteed, on behalf of the Bahamian people, the borrowings and other indebtedness of BEC/BPL and therefore has a right to 'effectively tax' the Bahamian people through higher charges for electricity consumption whatever amounts it (the government) deems necessary to repay BEC/BPL's debts, which debts are currently in the process of being transformed into Rate Increase Bonds for issuance to dumb investors who tend to buy junk of the worse possible kind from a default risk standpoint.
Cavalier's directors allowed the company to trade for the last couple of years even though the company was known to be insolvent, yet not a one of them will be charged with fraud.
Someone apparently has already been paid or soon will be paid a very handsome sum for allowing Hutchison and the Port Authority to hold the economic and security interests of our country hostage. Humm, I wonder who that someone might be?
We have more criminals roaming the streets of New Providence under the corrupt Minnis-led FNM government than we've ever had at any time in our country's history. And violent crime is going to get a whole helluva lot worse under Minnis over the next couple of years - that's a given. The wealthier gated communities will soon be heavily targeted because the criminals gangs involved in home invasions are finding out that they have a much better chance of a good pay day from 'working' such neighbourhoods. There's no place for us to hide anymore, thanks to all of the failed policies of the corrupt and incompetent Minnis-led FNM government.
How typical and convenient of The Graduate to scapegoat the old planes rather than call for the incompetent heads involved in this debacle to roll.
And The Graduate's proposed solution is even better still: Simply modernize the fleet of planes and keep the same 'ole useless dead beat Chairman and incompetent board members to oversee their management.
Yep, that sounds like a terrific fix that would allow the buffoons responsible for the debacle to keep their jobs until the next debacle comes along that they should have prevented, and the one after that and so on. Once again The Graduate fully deserves to go to the front of the class. LMAO
This wastful $1.4 million TTEK contract is just an outright admission by K P Turnquest that our current FNM government can't do shiit for itself !!
We need to amend our Constitution to allow for the Bahamian people to somehow contract a foreign PM and foreign cabinet ministers to govern our country because the Bahamian and Bahamian-Haitian clowns elected in May 2017 are clearly unable to do so, and we all know with absolute certainty the PLP are just as bad if not worse.
Well_mudda_take_sic says...
A few more important points:
It's unlikely investors will buy the Rate Increase Bonds unless our stupid government agrees to make the bonds a sovereign risk by guaranteeing their repayment to the bond holders - otherwise sky high interest rates on the bonds would be demanded which are simply unaffordable to BPL and its customers. So, that being the case, the whole exercise to transform BEC/BPL's debts to bonds was an utterly useless and futile waste of time to begin with (not to mention the costly consultants fees involved) because the government's position as guarantor (payor of last resort) will almost certainly remain unchanged.
This whole deal has been contrived with one objective in mind: To replace (bailout) the existing largest creditors of BEC/BPL (including several very large local creditors) with funds from an entirely new set of creditors, i.e. those foreigners who are foolish enough to buy the proposed Rate Increase Bonds. And our stupid corrupt Minnis-led FNM government (which has a few horses in this race) will likely agree to pay an outrageously exorbitant interest rate on the bonds to achieve its objective of bailing-out the larger current local creditors of bec/bpl. And just take a guess at who is number one on the list of the largest local creditors of BEC/BPL.
On BPL cuts bond to $580m raise
Posted 21 January 2020, 12:13 p.m. Suggest removal
Well_mudda_take_sic says...
Some excellent points touched on here. But here's another key consideration:
Government is taking the position (rightly or wrongly) that it guaranteed, on behalf of the Bahamian people, the borrowings and other indebtedness of BEC/BPL and therefore has a right to 'effectively tax' the Bahamian people through higher charges for electricity consumption whatever amounts it (the government) deems necessary to repay BEC/BPL's debts, which debts are currently in the process of being transformed into Rate Increase Bonds for issuance to dumb investors who tend to buy junk of the worse possible kind from a default risk standpoint.
On BPL cuts bond to $580m raise
Posted 21 January 2020, 11:50 a.m. Suggest removal
Well_mudda_take_sic says...
Cavalier's directors allowed the company to trade for the last couple of years even though the company was known to be insolvent, yet not a one of them will be charged with fraud.
On Cavalier 'first casualty' of changing industry
Posted 21 January 2020, 11:31 a.m. Suggest removal
Well_mudda_take_sic says...
Someone apparently has already been paid or soon will be paid a very handsome sum for allowing Hutchison and the Port Authority to hold the economic and security interests of our country hostage. Humm, I wonder who that someone might be?
On Grand Bahama airport crisis as 100 jobs on the line
Posted 21 January 2020, 11:19 a.m. Suggest removal
Well_mudda_take_sic says...
We have more criminals roaming the streets of New Providence under the corrupt Minnis-led FNM government than we've ever had at any time in our country's history. And violent crime is going to get a whole helluva lot worse under Minnis over the next couple of years - that's a given. The wealthier gated communities will soon be heavily targeted because the criminals gangs involved in home invasions are finding out that they have a much better chance of a good pay day from 'working' such neighbourhoods. There's no place for us to hide anymore, thanks to all of the failed policies of the corrupt and incompetent Minnis-led FNM government.
On Police alert after series of armed home invasions
Posted 21 January 2020, 11:11 a.m. Suggest removal
Well_mudda_take_sic says...
Nothing here but The Tribune helping the corrupt Minnis-led FNM government distract us from the really important issues of the day.
On Are Valley Boys set to lose crown to Saxons?
Posted 21 January 2020, 10:48 a.m. Suggest removal
Well_mudda_take_sic says...
How typical and convenient of The Graduate to scapegoat the old planes rather than call for the incompetent heads involved in this debacle to roll.
And The Graduate's proposed solution is even better still: Simply modernize the fleet of planes and keep the same 'ole useless dead beat Chairman and incompetent board members to oversee their management.
Yep, that sounds like a terrific fix that would allow the buffoons responsible for the debacle to keep their jobs until the next debacle comes along that they should have prevented, and the one after that and so on. Once again The Graduate fully deserves to go to the front of the class. LMAO
On Time to ground the dinosaurs of Bahamasair
Posted 20 January 2020, 6:56 p.m. Suggest removal
Well_mudda_take_sic says...
This wastful $1.4 million TTEK contract is just an outright admission by K P Turnquest that our current FNM government can't do shiit for itself !!
We need to amend our Constitution to allow for the Bahamian people to somehow contract a foreign PM and foreign cabinet ministers to govern our country because the Bahamian and Bahamian-Haitian clowns elected in May 2017 are clearly unable to do so, and we all know with absolute certainty the PLP are just as bad if not worse.
On Customs crackdown to find $15m minimum in lost funds
Posted 20 January 2020, 6:29 p.m. Suggest removal
Well_mudda_take_sic says...
The IDB's fundamental mission in these types of events is to get the target country's government to take on even more unsustainable national debt.
On Government bidding reform 'revolutionary'
Posted 20 January 2020, 6:14 p.m. Suggest removal
Well_mudda_take_sic says...
LMAO
On INSIGHT: Setting the ground rules for a marijuana industry
Posted 20 January 2020, 6:06 p.m. Suggest removal