Oh, thank god the government is taking over. With such an outstanding track record (BEC, Bahamas Air, Hotels Corporation, BAMSI, paying down the national debt, balancing budgets, web shops, crime) we're sure to have this project done in no time. And I'm sure that it won't cost the taxpayers any money at all, since the government is great a running businesses and the amount required to finish the project it seems is only about 65% of our government budget. And this will for sure keep any sort of funny payments and corruption from happening. It's just so comforting knowing that we have so many people in the government with enough knowledge and expertise to take a $3.5B company through liquidation.
Really though, I think the one thing worse than the Chinese Bank taking control of the project is our own government doing so.
The Chinese Bank would be foreclosing on Baha Mar right now if the Chapter 11 hadn't been filed. Do you really think that the Chinese Bank would be paying you a cent? Your best bet for getting paid your money is with Baha Mar coming out the other side of Chapter 11.
Entering Chapter 11 does not mean that they no longer owe any money. It just means that the debtors can't ask for the money right now. They just have to wait till it exits from Chapter 11, and then they can ask for their money.
That is not at all true. Baha Mar has a lot of options to obtain more financing, from taking on new equity partners, to having someone else buy the debt held by the Chinese Bank. This is precisely why Chapter 11 exists, to investigate those options.
The other option was to let Baha Mar be foreclosed on here in the Bahamas, allowing the Chinese Bank to take control and they would not be required to pay anyone a dime if the liquidated the property for less than what is owing to them. Meaning there is not a chance in hell that any Bahamian creditor would ever get paid anything.
So according to you, if Baha Mar can't show evidence that it can continue to operate (which it has many options at it's disposal), then it will be liquidated, which is exactly what would happen if they had not done this. So why are you complaining that they are attempting to save the project and pay back the Bahamians that are owed money?
How does this not benefit the country? Those owners just put $500,000+ into the Bahamian economy. That money is going to pay for the labour of construction companies, the fees for building permits and electrical and plumbing connections, the real property tax, which is higher to foreign owners than Bahamians. They fly down and pay the airport taxes, rent cars and buy groceries when they are here. What does it matter if they stay for one week or the whole year?
Why is it that you point the finger outwards to lay blame, that the government has failed to protect you from some foreign title wave that is coming to swallow up and suppress the Bahamian people? Should you not be pointing at the broken education system, the corruption of officials, the levels of entitlement that run through our society? Shutting ourselves off from the world will do nothing to solve the actual problems that are holding us back.
This type of activity does so much harm to the Bahamian society as a whole. It seems to be commonly accepted to 'buy lunch' for a quick turn around in many government offices. This action only benefits the person paying, and the person receiving, and negatively affects everyone else. Everyone else who is in the queue, be it for licences, passports, permits, now gets pushed back in the line as the lunch buyer is dealt with. This continues as until things get so backed up that you have no choice but to engage in it yourself. It makes things so inefficient as a whole, it slows down everything in this country when we need to be speeding up and becoming more efficient to survive in the global market today. And in the end it hurts most the people who can least afford it, the people who cannot buy lunch because they do not have the means. They are left out in the cold as they continue to be bypassed by those willing to play the game. It produces a distrust between the government service providers and the rest of the population and leave a feeling of being taken advantage of and feeling helpless but to join in.
In every way, even at the smallest level, this type of corruption is a poison to society and only harms us all as a whole.
newcitizen says...
No doubt Tal, the project was mismanaged by Izmirlian, but that will be nothing compared to how mismanaged it's about to get.
On Baha Mar: government calls in liquidators
Posted 17 July 2015, 11:35 a.m. Suggest removal
newcitizen says...
Oh, thank god the government is taking over. With such an outstanding track record (BEC, Bahamas Air, Hotels Corporation, BAMSI, paying down the national debt, balancing budgets, web shops, crime) we're sure to have this project done in no time. And I'm sure that it won't cost the taxpayers any money at all, since the government is great a running businesses and the amount required to finish the project it seems is only about 65% of our government budget. And this will for sure keep any sort of funny payments and corruption from happening. It's just so comforting knowing that we have so many people in the government with enough knowledge and expertise to take a $3.5B company through liquidation.
Really though, I think the one thing worse than the Chinese Bank taking control of the project is our own government doing so.
On Baha Mar: government calls in liquidators
Posted 17 July 2015, 11:14 a.m. Suggest removal
newcitizen says...
The Chinese Bank would be foreclosing on Baha Mar right now if the Chapter 11 hadn't been filed. Do you really think that the Chinese Bank would be paying you a cent? Your best bet for getting paid your money is with Baha Mar coming out the other side of Chapter 11.
Entering Chapter 11 does not mean that they no longer owe any money. It just means that the debtors can't ask for the money right now. They just have to wait till it exits from Chapter 11, and then they can ask for their money.
On Why Baha Mar filed for bankruptcy
Posted 16 July 2015, 6:43 p.m. Suggest removal
newcitizen says...
Your first reaction is to question my origin but not the quality of my argument. You are proving my point.
On POLITICOLE: The inaccuracy and lunacy of ‘xenophobia’
Posted 16 July 2015, 6:07 p.m. Suggest removal
newcitizen says...
That is not at all true. Baha Mar has a lot of options to obtain more financing, from taking on new equity partners, to having someone else buy the debt held by the Chinese Bank. This is precisely why Chapter 11 exists, to investigate those options.
The other option was to let Baha Mar be foreclosed on here in the Bahamas, allowing the Chinese Bank to take control and they would not be required to pay anyone a dime if the liquidated the property for less than what is owing to them. Meaning there is not a chance in hell that any Bahamian creditor would ever get paid anything.
So according to you, if Baha Mar can't show evidence that it can continue to operate (which it has many options at it's disposal), then it will be liquidated, which is exactly what would happen if they had not done this. So why are you complaining that they are attempting to save the project and pay back the Bahamians that are owed money?
On Why Baha Mar filed for bankruptcy
Posted 16 July 2015, 5:14 p.m. Suggest removal
newcitizen says...
You are entirely right. Even Bahamians who are well qualified for mortgages get taken to the cleaners by lenders.
On Foreigners take greater real estate market share
Posted 16 July 2015, 5:04 p.m. Suggest removal
newcitizen says...
How does this not benefit the country? Those owners just put $500,000+ into the Bahamian economy. That money is going to pay for the labour of construction companies, the fees for building permits and electrical and plumbing connections, the real property tax, which is higher to foreign owners than Bahamians. They fly down and pay the airport taxes, rent cars and buy groceries when they are here. What does it matter if they stay for one week or the whole year?
On Foreigners take greater real estate market share
Posted 16 July 2015, 5:02 p.m. Suggest removal
newcitizen says...
Keep pushing down those around you. I guess as long as we all sit in the mud together, then you will be happy.
On BROKEN DOWN: Govt team flies home as Baha Mar talks stall
Posted 16 July 2015, 4:37 p.m. Suggest removal
newcitizen says...
Why is it that you point the finger outwards to lay blame, that the government has failed to protect you from some foreign title wave that is coming to swallow up and suppress the Bahamian people? Should you not be pointing at the broken education system, the corruption of officials, the levels of entitlement that run through our society? Shutting ourselves off from the world will do nothing to solve the actual problems that are holding us back.
On BROKEN DOWN: Govt team flies home as Baha Mar talks stall
Posted 16 July 2015, 3:37 p.m. Suggest removal
newcitizen says...
This type of activity does so much harm to the Bahamian society as a whole. It seems to be commonly accepted to 'buy lunch' for a quick turn around in many government offices. This action only benefits the person paying, and the person receiving, and negatively affects everyone else. Everyone else who is in the queue, be it for licences, passports, permits, now gets pushed back in the line as the lunch buyer is dealt with. This continues as until things get so backed up that you have no choice but to engage in it yourself. It makes things so inefficient as a whole, it slows down everything in this country when we need to be speeding up and becoming more efficient to survive in the global market today. And in the end it hurts most the people who can least afford it, the people who cannot buy lunch because they do not have the means. They are left out in the cold as they continue to be bypassed by those willing to play the game. It produces a distrust between the government service providers and the rest of the population and leave a feeling of being taken advantage of and feeling helpless but to join in.
In every way, even at the smallest level, this type of corruption is a poison to society and only harms us all as a whole.
On Nearly 20% of firms fear bribe demands
Posted 16 July 2015, 3:08 p.m. Suggest removal