People have to stop comparing Chapter 11 to the Bahamas winding-up procedure. They have totally different goals and end results. The bankruptcy laws in the Bahamas are antiquated and in need of reform. These are the kinds of things that actually inhibit foreign businesses from incorporating here.

It may be a good idea for private individuals to have stakes in businesses but the government should keep their dirty hands off of them. They have proven time and again that they know nothing about running businesses.

*Mr Simms - He noted that the Bahamas’ insolvency provisions were “the reason why people come here to do business and lend money here.”*

No company has ever come to set up shop here based on the Bahamas antiquated insolvency provisions. It affords little to no protection to the company or the creditors. What an asinine statement.

It's private money, in a private company. Is the government going to audit your personal finances to see what you spend your money on?

Tal, this isn't a Red shirt Yellow shirt issue. No government, FNM, PLP, or even DNA should be doing what they are doing now.

Also, where was your great outrage when Atlantis entered Chapter 11 Bankruptcy in the US in 2012?

The Baha Mar company is incorporated in Delaware, as well as the fact that the Bahamas does not have modern bankruptcy laws, they had to file in Delaware.

All you want to do is turn it into a red vs yellow debate when we are all about to lose here. Stop playing petty politics.

John, it seems to be that the government has no interest in answering all of the actual important questions you point out. They seem to be much more interested in acting like jilted teenage lovers who are nursing their bruised egos. They don't even seem to be acting in the interest of their Chinese benefactors anymore.

Franklyn, that's not racist. The PLP's colour is yellow and they wear yellow shirts. You're being obtuse again.

Well Tal, the documents submitted to the court in Delaware actually show a $850+ million investment into Baha Mar by the Izmirlians. Don't be throwing out red herrings trying to cloud the actual facts. Lets stay on topic.

The problem is that the government and our 'leaders' clearly have no idea who large corporations are structured or how they shield themselves or even how Chapter 11 bankruptcy works. They are so out of their league in what they are attempting to do that it can only end in disaster for the Bahamas.

Tal, you used to actually add an interesting perspective to these discussions, but more and more you are just wasting space on the page.

Regardless of what you think of Izmirlian, the way the government is acting is only hurting the Bahamas and Bahamians.