Comment history

newcitizen says...

Not sure what that lawyer they got comment from was talking about. From the information made public, Baha Mar is incorporated in Delaware and they would have secured their financing with the Chinese bank through that corporation, meaning that in order for the bank to begin foreclosure, they would need to do so in Delaware, which has already put the Baha Mar corporation into Chapter 11 protection. There is still some legal room in which the Government of the Bahamas can step in and take the property but that would set a pretty bad precedence. At the moment the Delaware court wants the Bahamian court to recognize the Chapter 11 filing so it's in limbo, but that does not mean that Sarkis is not afforded the protection in the mean time. Foreclosure is not currently an option for the bank.

newcitizen says...

This is the real problem with the whole thing. 90% of the proposed bill is already law. No one is enforcing it. And no one will be enforcing the last 10% that isn't yet law.

newcitizen says...

Maybe you and Tal can just start commenting together under birdieRussell or Talstrachan so that way I can scroll down the comments quicker.

newcitizen says...

Who exactly are you referring to?

On Paradise Lost: DNA Independence message

Posted 13 July 2015, 10:02 a.m. Suggest removal

newcitizen says...

Why does it seem like all of these talking head think that the only people who want the project to move forward is the government. Everyone, on all sides wants to see it completed. No one involves wants it to just sit unfinished and idle. Everyone of the investors and creditors are losing money everyday that this place is not open.

newcitizen says...

Enough with the deporting people. Most of the board and management team are Bahamian citizens. Stop being so damn xenophobic.

newcitizen says...

The xenophobia here is holding this country so far back. The rest of the world is leaving us in the dust because we are so scared of anything not 'Bahamian'

newcitizen says...

Based on what we've seen so far, it is more than obvious that Baha Mar would be on the losing end of any court decisions and that the government and courts would have folded to the Chinese interests in short order.

newcitizen says...

Why does anyone care what Franklyn the Snake Wilson has to say. He has no idea what he's talking about. The Baha Mar company is incorporated in Delaware, which was the smartest thing the Izmirlian's could have done. Delaware has a long history of protection for shareholders and management over all other interests in companies. Filing for bankruptcy is the only thing that has kept the Izmirlian's in control of the company today. Had they run out of money before doing so, the Chinese bank could have begun calling in the debt and Baha Mar would no longer have the same footing in bankruptcy that they have today.

It baffles me why the PLP leadership and their 'friend' Frankie Wilson continue to try and sully the Bahamian investor of this project. Izmirlian, by filing chapter 11 has actually kept this project in the hands of a Bahamian instead of in the hands of the Chinese bank.

newcitizen says...

The part of this legislation that will be the biggest downfall is the fact that 90% of this legislation is already on the books as laws that are not currently being enforced.

The bill is trying to deal with foreigners working as guides, which is already against the law and dealt with through the immigration department. Foreign second home owners running their homes as lodges, which is already against the law and dealt with through the small hotel operators act. Motherships that have live-a-board guests who only fish and never land in the Bahamas, which is already against the law and dealt with under the business licencing act.

If they can't get these current laws enforced, what is going to change when they just double them up. Our policing resources are already stretched so thin and that is not being addressed by any of this.