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.
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.
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.
The government has proven time and time again that they have no idea how to run a business. Every year taxpayers are being saddled with hundreds of millions of dollars in costs due to the government wasting their money on inefficient and unprofitable businesses. And they are inefficient and unprofitable because the government does not understand how to operate them. It is time to sell off Bahamasair.
This is not a dictatorship! A loud and informed opposition is the basis on which democracy was built. Dissent is a right, not an insult!
To stand behind a leader who's actions you do not believe in is to accept fascism. Leaders are to be judged on their actions and intentions, not on their position.
Your fundamental misunderstanding of democracy is one of the roots of the problems we face in this country.
You know what Birdie, I for once have to agree with you. They both need to be more diplomatic with their releases to the press. Regardless of your or my position on this, the public relations story of this is not good for anyone.
You know what, the investors were deranged to think that the government wouldn't bend over when the Chinese came knocking and sell the investors down the river.
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.
On Lawyer suggests resort could have restructured under Bahamian law
Posted 9 July 2015, 10:33 a.m. Suggest removal
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.
On ‘Much higher’ chance Baha Mar owners out
Posted 8 July 2015, 2 p.m. Suggest removal
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.
On Fly fishing regime will cause ‘more harm than good’
Posted 8 July 2015, 10:29 a.m. Suggest removal
newcitizen says...
The government has proven time and time again that they have no idea how to run a business. Every year taxpayers are being saddled with hundreds of millions of dollars in costs due to the government wasting their money on inefficient and unprofitable businesses. And they are inefficient and unprofitable because the government does not understand how to operate them. It is time to sell off Bahamasair.
On Private airline concern over $100m restructure of Bahamasair’s fleet
Posted 8 July 2015, 10:07 a.m. Suggest removal
newcitizen says...
They are actually buying used aircrafts
On Private airline concern over $100m restructure of Bahamasair’s fleet
Posted 8 July 2015, 10:03 a.m. Suggest removal
newcitizen says...
Wow, these are such uninformed comments. Lets hear about all of these crashes that you go on about.
On Private airline concern over $100m restructure of Bahamasair’s fleet
Posted 8 July 2015, 10:01 a.m. Suggest removal
newcitizen says...
This is not a dictatorship! A loud and informed opposition is the basis on which democracy was built. Dissent is a right, not an insult!
To stand behind a leader who's actions you do not believe in is to accept fascism. Leaders are to be judged on their actions and intentions, not on their position.
Your fundamental misunderstanding of democracy is one of the roots of the problems we face in this country.
On PM questions mental health of developer
Posted 8 July 2015, 9:43 a.m. Suggest removal
newcitizen says...
You know what Birdie, I for once have to agree with you. They both need to be more diplomatic with their releases to the press. Regardless of your or my position on this, the public relations story of this is not good for anyone.
On PM questions mental health of developer
Posted 8 July 2015, 9:23 a.m. Suggest removal
newcitizen says...
You know what, the investors were deranged to think that the government wouldn't bend over when the Chinese came knocking and sell the investors down the river.
On PM questions mental health of developer
Posted 8 July 2015, 9:13 a.m. Suggest removal
newcitizen says...
Having PGC at the top is why we are in this situation in the first place.
On As Baha Mar hangs in the balance, political leaders argue over meeting time
Posted 8 July 2015, 9:05 a.m. Suggest removal