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.
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.
newcitizen says...
Corruption here in the Bahamas is also the order of the day. It's why China has been such a good bedfellow.
On YOUNG MAN'S VIEW: The implications of the Baha Mar saga
Posted 23 July 2015, 3:49 p.m. Suggest removal
newcitizen says...
Perry confused the words mediating and meddling. Honest mistake.
On Baha Mar battle needed arbitration ‘months ago’
Posted 23 July 2015, 3:25 p.m. Suggest removal
newcitizen says...
They haven't gotten the shakedown proposals back yet for how much each of the politicians will get paid under the table.
On BTC roaming rates ‘12x higher’ than Caribbean
Posted 22 July 2015, 6:28 p.m. Suggest removal
newcitizen says...
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.
On Contractor to layoff construction workers
Posted 22 July 2015, 6:26 p.m. Suggest removal
newcitizen says...
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.
On Taxpayers should get 25% Baha Mar stake
Posted 22 July 2015, 6:11 p.m. Suggest removal
newcitizen says...
*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.
On Baha Mar court ruling tomorrow
Posted 21 July 2015, 4:47 p.m. Suggest removal
newcitizen says...
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?
On CEO wants no hidden agendas
Posted 20 July 2015, 5:42 p.m. Suggest removal
newcitizen says...
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.
On UPDATED: 'Door closing' on Izmirlian's opportunity to strike a deal
Posted 18 July 2015, 3:45 p.m. Suggest removal
newcitizen says...
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.
On PM hits back at Baha Mar 'untruths'
Posted 18 July 2015, 1:04 p.m. Suggest removal
newcitizen says...
Franklyn, that's not racist. The PLP's colour is yellow and they wear yellow shirts. You're being obtuse again.
On PM hits back at Baha Mar 'untruths'
Posted 18 July 2015, 12:58 p.m. Suggest removal