Actually, "undoubtedly insolvent" is no big deal!! Many businesses, especially during their development phases, suffer temporary insolvency. Many projects in The Bahamas stall, get additional funding and then surge forward to eventual success.
Many people who get paid on Friday, spend all, or most, of their wages over the weekend and find themselves to be "undoubtedly insolvent" on Monday morning!!
No big deal...they hang tough until payday and then they are solvent once again!
I, by the way, believe in financial miracles from above, but I don't think Sarkis needs a miracle to get Baha Mar back on track. He just needs the support and co-operation of government and $400 million in new financing.
The ruling by Justice Winder cannot be seen as a defeat for Baha Mar, nor can it be seen as a victory for The Bahamas Government. In essence it has given Baha Mar a further two months to complete its business in Delaware and also, possibly, to obtain a judgement in its court action in the UK.
The provisional liquidators, who are impartial, while standing guard over Baha Mar's assets, will have plenty of time to familiarize themselves with all the complexities of the Baha Mar debacle.
Baha Mar will have a great opportunity to show the provisional liquidators exactly why their relationship with CCA is fatally damaged and they can also educate them regarding the wisdom of the New Baha Mar Plan.
The Bahamas government will present its case, or better still, get out of the way and allow the provisional liquidators to do their job.
CCA will make excuses for its shoddy workmanship and tardiness in meeting deadlines and CIMEXB will have a forum to air it's concerns regarding the possibility of suffering a financial loss.
The provisional liquidators, are hopefully much, much more than that. If their role is actually that of "impartial mediators", after sifting through all of the claims and counter claims, allegations and counter allegations, they could become the " Fair Broker" who passes just and equitable judgement on exactly how the "Baha Mar Gordian Knot" is to be severed.
Let us hope and pray that sometime before Nov. 4th, the "liquidators" are able to broker a fair and just agreement that is binding on all parties, and that would allow the stalled project to quickly get back on track.
really Mr. Bowe?.... Still circling the project, are you? ....Looking for a seat at the "winding up feast", along with all the other jackals and hyenas?..... What term is used to describe "ambulance chasers" in the Accounting profession?
Absolutely agree Craig! Not only are the Bahamian sub-contractors familiar with the project, but they probably know better than anyone, exactly what work is sub-standard.
I cannot imagine any clear thinking person believing that Baha Mar could simultaneously work again with CCA, prevail on them to correct and finish work they previously couldn't/wouldn't fix or complete, and at the same time fight them in a court action in the UK where Baha Mar is suing CCA for $200 million!!! Duh!! and Duh again!!!
I do not see what is so unusual about a non-performing contractor being fired! It happens all the time!!
For anyone who wants to include a mediator/negotiator, I suggest Donald Trump!! He totally understands "The Art of The Deal", has financed and built dozens of huge hotel and casino projects. What a great choice!!
It would only take him 30 mins to negotiate this deal!
Wait for it!! ..... "cca you're fired"...and i'm suing your sorry chinese asses for $200 million!!!!
Wideawake says...
I agree that Baha Mar were told to "poop or get off the pot!"
On Judge approves petition for Baha Mar liquidators to 'prevent depletion of resort's assets'
Posted 4 September 2015, 10:27 p.m. Suggest removal
Wideawake says...
Tal! a good idea!
On DNA leader demands an explanation for immigration raid
Posted 4 September 2015, 10:17 p.m. Suggest removal
Wideawake says...
They have much, too much to lose....to lose!!
On DNA leader demands an explanation for immigration raid
Posted 4 September 2015, 10:14 p.m. Suggest removal
Wideawake says...
Agreed. He would be better off with an all-Bahamian staff!
On DNA leader demands an explanation for immigration raid
Posted 4 September 2015, 10:08 p.m. Suggest removal
Wideawake says...
Actually, "undoubtedly insolvent" is no big deal!! Many businesses, especially during their development phases, suffer temporary insolvency. Many projects in The Bahamas stall, get additional funding and then surge forward to eventual success.
Many people who get paid on Friday, spend all, or most, of their wages over the weekend and find themselves to be "undoubtedly insolvent" on Monday morning!!
No big deal...they hang tough until payday and then they are solvent once again!
I, by the way, believe in financial miracles from above, but I don't think Sarkis needs a miracle to get Baha Mar back on track. He just needs the support and co-operation of government and $400 million in new financing.
On Judge approves petition for Baha Mar liquidators to 'prevent depletion of resort's assets'
Posted 4 September 2015, 9:37 p.m. Suggest removal
Wideawake says...
The ruling by Justice Winder cannot be seen as a defeat for Baha Mar, nor can it be seen as a victory for The Bahamas Government. In essence it has given Baha Mar a further two months to complete its business in Delaware and also, possibly, to obtain a judgement in its court action in the UK.
The provisional liquidators, who are impartial, while standing guard over Baha Mar's assets, will have plenty of time to familiarize themselves with all the complexities of the Baha Mar debacle.
Baha Mar will have a great opportunity to show the provisional liquidators exactly why their relationship with CCA is fatally damaged and they can also educate them regarding the wisdom of the New Baha Mar Plan.
The Bahamas government will present its case, or better still, get out of the way and allow the provisional liquidators to do their job.
CCA will make excuses for its shoddy workmanship and tardiness in meeting deadlines and CIMEXB will have a forum to air it's concerns regarding the possibility of suffering a financial loss.
The provisional liquidators, are hopefully much, much more than that. If their role is actually that of "impartial mediators", after sifting through all of the claims and counter claims, allegations and counter allegations, they could become the " Fair Broker" who passes just and equitable judgement on exactly how the "Baha Mar Gordian Knot" is to be severed.
Let us hope and pray that sometime before Nov. 4th, the "liquidators" are able to broker a fair and just agreement that is binding on all parties, and that would allow the stalled project to quickly get back on track.
On Judge approves petition for Baha Mar liquidators to 'prevent depletion of resort's assets'
Posted 4 September 2015, 9 p.m. Suggest removal
Wideawake says...
Big Bad Brad personifies all that is wrong with today's PLP and all that is wrong with Bahamian politics!!
On PLP chairman laughs off Rigby bid for leadership
Posted 2 September 2015, 9:01 p.m. Suggest removal
Wideawake says...
really Mr. Bowe?.... Still circling the project, are you? ....Looking for a seat at the "winding up feast", along with all the other jackals and hyenas?..... What term is used to describe "ambulance chasers" in the Accounting profession?
On ‘Baha Mar should rethink removing contractor’
Posted 2 September 2015, 8:48 p.m. Suggest removal
Wideawake says...
True, true and true!
On ‘Baha Mar should rethink removing contractor’
Posted 2 September 2015, 8:38 p.m. Suggest removal
Wideawake says...
Absolutely agree Craig! Not only are the Bahamian sub-contractors familiar with the project, but they probably know better than anyone, exactly what work is sub-standard.
I cannot imagine any clear thinking person believing that Baha Mar could simultaneously work again with CCA, prevail on them to correct and finish work they previously couldn't/wouldn't fix or complete, and at the same time fight them in a court action in the UK where Baha Mar is suing CCA for $200 million!!! Duh!! and Duh again!!!
I do not see what is so unusual about a non-performing contractor being fired! It happens all the time!!
For anyone who wants to include a mediator/negotiator, I suggest Donald Trump!! He totally understands "The Art of The Deal", has financed and built dozens of huge hotel and casino projects. What a great choice!!
It would only take him 30 mins to negotiate this deal!
Wait for it!! ..... "cca you're fired"...and i'm suing your sorry chinese asses for $200 million!!!!
On ‘Baha Mar should rethink removing contractor’
Posted 2 September 2015, 8:34 p.m. Suggest removal