Its just amazing the ability of the Bahamian government to take a simple matter and obfuscate it with loads of drama and nonsense. A registered nurse in the Bahamas makes between $12,000 and $24,000 per annum and a nurse in the US makes between $67,930 and $122,990. As Baby Boomers in America are moving into old age and the demand for nurses far outstrips the supply. Therefore a registered nurse in the Bahamas can quadruple their salary by being recruited and working in the US.
You have put together an excellent analysis of the risks involved with Aliv
I’m not a technician but from a high financial view point I would add the following issues.
1. Use of preference shares is inappropriate for a risky start up. As the company is bleeding red ink the pref dividend is being paid from funds put in by earlier ... the classic definition of a p***** s*****. This should be an equity issuance as a start up can’t pay dividends until it is profitable. right?
2. The Aliv financials are 6 months old. There is no disclosure of the unaudited results through December 2017. What terrible news will not be disclosed because this is not an equity issue and there is no requirement for quarterly reports. By the time the annual audit is done the pref dividend may have to be stopped.
3. Aliv is pushing that the issuance is for institutions and high net worth individuals whom they define as having $1 million in net worth. This is wrong, it should be $1 million in liquid assets.
4. The Board Of Directors and Management are nice people but there are no engineers or technicians. The parent, Cable, is spread thin, and they are outside of thier league with thier Florida opps.
5. What’s with the “free ride” 51.75% ownership by the Bahamas Government. Ahhh, finally a deep pocket ready for the coming bailout. Resolve will need much more than the recent $100 million just injected. Hey Bahamas? Anyone seen the resolve financials? Doesn’t look like KP brought anymore transparency than the previous characters.
I fear this will all end badly and swept under the rug like BoB, Bahamas Supermarkets, Baha Mar, Clico and Gulf Union. The government is to busy bringing on Oban.
OMG, nothing against foreign investment. Foreign investment is vital to our growth. Its just that our governments have bestowed almost messianic powers to many of these carpet beggar investors to save our country. As a Bahamian we would never be given the time of day if we walked in with a $5 billion pie in the sky project. Yes Freeport is in terrible condition but why give the poeple false hope, like they did with the legalization of gambling...on the amount of jobs and taxes that will be collected. It would solve all our problems.
With web-shops on every street corner over the hill we are now wired and addicted to get rich quick schemes. Even the government is falling for them with the $5 billion investment in oil that will cure everything that ails Grand Bahama.
#3 from the above SEC Complaint: they "told investors they would generate returns by trading in securities. In the second quarter of 2000, however, the Defendants began diverting...investor funds to run ... and pay their own personal expenses."
I hope the Bahamas government haven't given them 10,000 acres of crown land yet for them to hawk to unsuspecting foreign investors. Hey, Minnis, Turnquest...have you guys seen SEC document? Or are you guys just chatting with each other in an echo chamber? Did you learn anything from Baha Mar? I Group? or the dozens of failed anchor projects over the last 100 years? Boy dat snake oil mussy good.
So right Tal, so right. You can't make this stuff up. I look forward to reading the Tribune each day to be continually shocked by the level of incompetence and naiveté displayed by our leaders.
The PLP and FNM just love dealing with foreigners and certain select Bahamians to the exclusion and detriment of the Country as a whole. It should not surprise anyone that simple back ground checks are not done, proof of finances does not exist, feasibility studies ignored, environment impact studies are nonsense, business track records don't exist. The Bahamian waters, considered the most beautiful on earth will be destroyed for forever.
Want to know why this project is being pushed? Simply look at its partners...follow the money. Who is financing the current government? Who financed the previous government. We will never know because Campaign Finance laws are non existent.
Here is a list of Anchor projects. Some have be very successful, some have been brutal on the environment. But most have been spectacular failures. On balance, in my humble opinion, we would be better of if we are self reliant and develop our nation at the micro level.
And the projects that are successful are not for the benefit of the general public unless you are an A/c repair man, gardener or maid....and foreigners doing most of these jobs now anyway.
Abaco - Guana Cay Baker's Bay Abaco - Winding Bay The Abaco Club on Winding Bay Andros - North Andros Andros Aisle Development Berry Islands - Bonds Cay Bonds Cay Development Berry Islands - Chub Cay Chub Cay Club Berry Islands - Great Harbour Cay, Anderson Cay Pristine Resorts & Haines Cay Bimini Bimini Bay Cat Island Lucky Mount Cat Island - Arthurs Town Flamingo Point Cat Island - South Cat Island Crystal Mount Limited Crooked Island Pittstown Point Landing Eleuthera - Cape Eleuthera Powell Pointe Eleuthera - Current Island Current Club Eleuthera - Governors Harbour The Club at Pineapple Fields Eleuthera - Governors Harbour French Leave Eleuthera - Governors Harbour Sky Beach Club Eleuthera - Rock Sound Cotton Bay Estates Eleuthera - Royal Island Royal Island Eleuthera - Windemere Island Windermere Exuma - Bock Cay Bock Cay Resort Exuma - Crab Cay Sedona Resorts Exuma - Emerald Bay Four Seasons at Emerald Bay Exuma - Emerald Bay Grande Isle Villas Exuma - Great Exuma February Point Exuma - Normans Cay Aman Resorts Grand Bahama - West End Ginn Versaille sur Mer Grand Bahama – East End Beka Development Mayaguana I-Group New Providence - Cable Beach Baha Mar New Providence – Paradise Island Atlantis Phase III New Providence - Ritz Rose Island Beach & New Providence - Rose Island Harbour Club New Providence - Southwest New Providence Albany New Providence - Southwest New Providence South Ocean New Providence - West Old Fort Bay Rum Cay - Rum Cay Resort & Marina
I trust the government has done due diligence on this group. Based on the above website its impossible to know who the shareholders are and if they actually have access to capital and expertise to make a project of this magnitude a success.
As we, as Bahamian people, are signing Heads of Agreement, for concessions and give aways, then the details of the deal, similar to Baha Mar, should be debated and approved by the peoples representatives in Parliament.
The government should be transparent with the Bahamian people in answering the following basic questions:
1. Who are the shareholders? 2. Who are the beneficial owners? 3. Who is financing the project? 4. Obtain a serious environmental study done by an independent internationally recognized environmental impact firm 5. Who is Oban? Can't pin down exactly who they are internationally. They seem to be vaguely connected to a Canadian firm with about 50 staff. 50 staff? 6. Have they done this before? 7. https://www.obanenergies.com/management… Looking at the resumes of the management team on the above link none of them have any expertise in oil and gas.
Have we not learned anything from Baha Mar?
Alternative we should have implicit trust in our leaders that they actually know what they are doing and that they are doing the right thing and approving projects in the interest of the Bahamas.
Also I hope the government is consulting with the state of Florida. They just turned down offshore ocean drilling. I wonder if they will be overjoyed with an oil depots a about 200 miles away just slightly above sea level, regulated by a non existent Bahamian oil regulator. Is this a joke or what?
observer2 says...
Its just amazing the ability of the Bahamian government to take a simple matter and obfuscate it with loads of drama and nonsense. A registered nurse in the Bahamas makes between $12,000 and $24,000 per annum and a nurse in the US makes between $67,930 and $122,990. As Baby Boomers in America are moving into old age and the demand for nurses far outstrips the supply. Therefore a registered nurse in the Bahamas can quadruple their salary by being recruited and working in the US.
What would you do? Stay and work at PMH or move?
Salary sourses:
https://www.bahamas.gov.bs/wps/portal/p…
https://nursesalaryguide.net/registered…
On Bid to recruit nurses as Bahamians head to US
Posted 28 February 2018, 11:26 a.m. Suggest removal
observer2 says...
Dear “A concerned investor”
You have put together an excellent analysis of the risks involved with Aliv
I’m not a technician but from a high financial view point I would add the following issues.
1. Use of preference shares is inappropriate for a risky start up. As the company is bleeding red ink the pref dividend is being paid from funds put in by earlier ... the classic definition of a p***** s*****. This should be an equity issuance as a start up can’t pay dividends until it is profitable. right?
2. The Aliv financials are 6 months old. There is no disclosure of the unaudited results through December 2017. What terrible news will not be disclosed because this is not an equity issue and there is no requirement for quarterly reports. By the time the annual audit is done the pref dividend may have to be stopped.
3. Aliv is pushing that the issuance is for institutions and high net worth individuals whom they define as having $1 million in net worth. This is wrong, it should be $1 million in liquid assets.
4. The Board Of Directors and Management are nice people but there are no engineers or technicians. The parent, Cable, is spread thin, and they are outside of thier league with thier Florida opps.
5. What’s with the “free ride” 51.75% ownership by the Bahamas Government. Ahhh, finally a deep pocket ready for the coming bailout. Resolve will need much more than the recent $100 million just injected. Hey Bahamas? Anyone seen the resolve financials? Doesn’t look like KP brought anymore transparency than the previous characters.
I fear this will all end badly and swept under the rug like BoB, Bahamas Supermarkets, Baha Mar, Clico and Gulf Union. The government is to busy bringing on Oban.
Good luck to all.
On Concern for Aliv's funding
Posted 23 February 2018, 7:07 p.m. Suggest removal
observer2 says...
was he a used car saleman? dat's da worsest.
On Oban boss’ $650k debt to US taxman
Posted 23 February 2018, 12:41 p.m. Suggest removal
observer2 says...
OMG, nothing against foreign investment. Foreign investment is vital to our growth. Its just that our governments have bestowed almost messianic powers to many of these carpet beggar investors to save our country. As a Bahamian we would never be given the time of day if we walked in with a $5 billion pie in the sky project. Yes Freeport is in terrible condition but why give the poeple false hope, like they did with the legalization of gambling...on the amount of jobs and taxes that will be collected. It would solve all our problems.
I did say that "some have be very successful".
On UPDATED: Full disclosure – Inside story on the men behind $5bn refinery deal
Posted 21 February 2018, 5:27 p.m. Suggest removal
observer2 says...
With web-shops on every street corner over the hill we are now wired and addicted to get rich quick schemes. Even the government is falling for them with the $5 billion investment in oil that will cure everything that ails Grand Bahama.
On 'Alarming increase' in scams warning
Posted 21 February 2018, 3:41 p.m. Suggest removal
observer2 says...
#3 from the above SEC Complaint: they "told investors they would generate returns by trading in securities. In the second quarter of 2000, however, the Defendants began diverting...investor funds to run ... and pay their own personal expenses."
I hope the Bahamas government haven't given them 10,000 acres of crown land yet for them to hawk to unsuspecting foreign investors. Hey, Minnis, Turnquest...have you guys seen SEC document? Or are you guys just chatting with each other in an echo chamber? Did you learn anything from Baha Mar? I Group? or the dozens of failed anchor projects over the last 100 years? Boy dat snake oil mussy good.
On UPDATED: Full disclosure – Inside story on the men behind $5bn refinery deal
Posted 21 February 2018, 3:21 p.m. Suggest removal
observer2 says...
So right Tal, so right. You can't make this stuff up. I look forward to reading the Tribune each day to be continually shocked by the level of incompetence and naiveté displayed by our leaders.
On UPDATED: Full disclosure – Inside story on the men behind $5bn refinery deal
Posted 21 February 2018, 10:55 a.m. Suggest removal
observer2 says...
The PLP and FNM just love dealing with foreigners and certain select Bahamians to the exclusion and detriment of the Country as a whole. It should not surprise anyone that simple back ground checks are not done, proof of finances does not exist, feasibility studies ignored, environment impact studies are nonsense, business track records don't exist. The Bahamian waters, considered the most beautiful on earth will be destroyed for forever.
Want to know why this project is being pushed? Simply look at its partners...follow the money. Who is financing the current government? Who financed the previous government. We will never know because Campaign Finance laws are non existent.
https://www.obanenergies.com/partners
Here is a list of Anchor projects. Some have be very successful, some have been brutal on the environment. But most have been spectacular failures. On balance, in my humble opinion, we would be better of if we are self reliant and develop our nation at the micro level.
And the projects that are successful are not for the benefit of the general public unless you are an A/c repair man, gardener or maid....and foreigners doing most of these jobs now anyway.
Abaco - Guana Cay Baker's Bay
Abaco - Winding Bay The Abaco Club on Winding Bay
Andros - North Andros Andros Aisle Development
Berry Islands - Bonds Cay Bonds Cay Development
Berry Islands - Chub Cay Chub Cay Club
Berry Islands - Great Harbour Cay, Anderson Cay Pristine Resorts & Haines Cay Bimini Bimini Bay
Cat Island Lucky Mount
Cat Island - Arthurs Town Flamingo Point
Cat Island - South Cat Island Crystal Mount Limited
Crooked Island Pittstown Point Landing
Eleuthera - Cape Eleuthera Powell Pointe
Eleuthera - Current Island Current Club
Eleuthera - Governors Harbour The Club at Pineapple Fields
Eleuthera - Governors Harbour French Leave
Eleuthera - Governors Harbour Sky Beach Club
Eleuthera - Rock Sound Cotton Bay Estates
Eleuthera - Royal Island Royal Island
Eleuthera - Windemere Island Windermere
Exuma - Bock Cay Bock Cay Resort
Exuma - Crab Cay Sedona Resorts
Exuma - Emerald Bay Four Seasons at Emerald Bay
Exuma - Emerald Bay Grande Isle Villas
Exuma - Great Exuma February Point
Exuma - Normans Cay Aman Resorts
Grand Bahama - West End Ginn Versaille sur Mer Grand Bahama –
East End Beka Development
Mayaguana I-Group
New Providence - Cable Beach Baha Mar
New Providence – Paradise Island Atlantis Phase III
New Providence - Ritz Rose Island Beach &
New Providence - Rose Island Harbour Club
New Providence - Southwest New Providence Albany
New Providence - Southwest
New Providence South Ocean New Providence - West Old Fort Bay
Rum Cay - Rum Cay Resort & Marina
On UPDATED: Full disclosure – Inside story on the men behind $5bn refinery deal
Posted 21 February 2018, 10:30 a.m. Suggest removal
observer2 says...
https://www.obanenergies.com/
I trust the government has done due diligence on this group. Based on the above website its impossible to know who the shareholders are and if they actually have access to capital and expertise to make a project of this magnitude a success.
As we, as Bahamian people, are signing Heads of Agreement, for concessions and give aways, then the details of the deal, similar to Baha Mar, should be debated and approved by the peoples representatives in Parliament.
The government should be transparent with the Bahamian people in answering the following basic questions:
1. Who are the shareholders?
2. Who are the beneficial owners?
3. Who is financing the project?
4. Obtain a serious environmental study done by an independent internationally recognized environmental impact firm
5. Who is Oban? Can't pin down exactly who they are internationally. They seem to be vaguely connected to a Canadian firm with about 50 staff. 50 staff?
6. Have they done this before?
7. https://www.obanenergies.com/management…
Looking at the resumes of the management team on the above link none of them have any expertise in oil and gas.
Have we not learned anything from Baha Mar?
Alternative we should have implicit trust in our leaders that they actually know what they are doing and that they are doing the right thing and approving projects in the interest of the Bahamas.
On Oil facility Heads of Agreement to be signed
Posted 16 February 2018, 11:28 a.m. Suggest removal
observer2 says...
Also I hope the government is consulting with the state of Florida. They just turned down offshore ocean drilling. I wonder if they will be overjoyed with an oil depots a about 200 miles away just slightly above sea level, regulated by a non existent Bahamian oil regulator. Is this a joke or what?
On DPM: $4bn refinery to help eastern GB reach 'full potential'
Posted 15 February 2018, 6:34 p.m. Suggest removal