John, most shareholders have written off their investment in BoB and don't have the time to waste to go to a meeting to appoint a Director with no power to a bank that is broke.

Which successful private business person in their right mind would wish to take up a position of a Director of a Bank with the following characteristics:

(a) in breach of regulatory capital requirements
(b) providing banking services to an only partially licensed gambling industry
(c) a significant amount of assets removed from the balance sheet via Resolve with no prosecution for wrong doing
(d) no forensic audit
(e) government controlled
(f) representational risk and financial risk of being a Director of a failed institution
(g) in ability to put the bank in liquidation
(h) new government employees now forced to bank with BoB
(i) US correspondent bank relationships now in de risking mode. Who would want to be the correspondent for a bank that doesn't meet its capital adequacy requirements
(j) no new private clients would want to put deposits at bank for fear of liquidation
(k) zombie bank status
(l) how much is the government transferring to BoB to keep the bank afloat?
(m) where is new business going to come from with the economy having contracted for 2 years?

I could go on and on.

By the way does anyone know how much they are paying the independent Directors? $10,000 per year? $40,000 per year?

Maybe someone who really needs the money and can be a YES Man for the government should take the position.

I bought my last new cars in 2012. Normally I buy new cars every 5 years. I bought two new Toyota cars. It cost me $120,000 and I was turned down by a Canadian bank. I got the loan from a Bahamian Bank but only after much ado about nothing. Then I comprehensively insured the vehicles.

After VAT, I had to drastically reduce costs. I paid off the loans and put third party on the cars.

I will never ever buy a new car in the Bahamas as long as I live.

Excellent , I will now vote FNM for worthless crown land in Freeport. ... Unless BoB give me a loan against the land.

This is an excellent time to invest hard earned money into the Bahamian economy. With VAT, increased business license fees, increased national insurance rates, BEC distroying all of your equipment, Baha Mar shut down, Moody's threatening to down grad use to junk, opposition fighting amongst themselves like a bunch of children, D average workers, lack of internal controls at Post Office Bank, money missing from Road Traffic, pot hole filled roads, foreigners buying up the family islands, government increased fees on bank transfers, VAT on international services to financial firms, I could go on and on.

Cable Bahamas is over leveraged with hundreds of millions in debt. Facebook the owner of WhatsApp is putting cell phones calls out of business with 100 million new Customers each month covering one sixths of earths populations. Cell phones will be obsolete in 5 years. Smart devices will rule.

So let's follow the recommendations of Sir Frankie and invest in the Bahamas.

This is incompetence at its worst.

If the Landlord (National Insurance) had a proper a/c maintenance agreement in place then, as part of that agreement, the a/c maintenance contractor would be mandated to have all parts to repair the a/c on island. This would increase the cost of maintenance but what is the true cost of having this large building closed? What is the cost of getting out the mold which must be growing in the heat? What is the cost of the employees becoming sick? What is the cost in the disruption in our already dysfunctional educational system?

The Landlord Tenant agreement is also incestuous as the Landlord is the government and the tenant is the Government. So no one complains about anything.

Just the possibility of the Bahamas being downgraded will give investors pause in terms of investing in a Country. Would you want to invest large amounts of money in a place that may have financial problems?

Besides crime, poor infrastructure (electricity, roads, education), inefficient government functioning and negative GDP growth rates, its really expensive to buy and sell a high end property. It actually cost 22% of the purchase price (both buyer and seller costs) to complete a transaction. So if an investor buys a property and then sells it in 5 years, that property will need to increase in price by 50% just for for the transaction to break even.

See attached schedule.

We are relying on foreign investors who are driven by factors other than profits. However as the livability of the Bahamas declines this must have an impact on their investment decisions.

http://tribune242.com/users/photos/2016…

I'm confused, this story is misleading if not carefully worded to induce investors to buy more debt from this over leveraged telecom play. My understanding is that the government was still going to own 51% of the new cell phone co. I thought the government was just selling bonds to fund their equity purchase but the equity (golden share) will still going to be owned and controlled by the government. Sounds a lot like BoB, Bamsi, Port, Airport, Bahamasair etc. etc. Investors beware of partnering with the government.

In any case the government hasn't sold yet. It will sell in September? Is this after the investors have bought the bonds or shares? If not, why would an investor rely on a promise from the government that they are going to sell their ownership after they have bought the bonds? What will stop the government from changing its mind?

Its amazing that Price Waterhouse globally allows their partners to push crap onto the general public of a third world country. This type of nonsense would never occur in a developed country.

Meanwhile Cable Bahamas shares continue to decline and are completely illiquid. Pensioners relying on these shares are worried.

More and more Bahamians are using WhatsApp and bypassing cell phone calls. Reducing cell phone revenues for BTC. I still maintain that voice cell phone calls will be obsolete in 5 years as WhatsApp already has 1.1 billion users world wide (one seventh of the worlds population).

What is the new debt load of Cable Bahamas going to be after the new bond sales? $400 million? $500 million? How will it pay the bond holders?

Meanwhile, Cables operations in the US have to be written down as Xfinity and AT&T are eating their lunch and provide a far superior services and technology.

Meanwhile in the Bahamas more people are getting rid of Cable TV as it is a lousy low definition, high cost service and moving to Netflix for $12 per month.

You can't have growth with high levels of corruption.

Dear Mr. Moody's

My government doesn't listen to me but they may listen to you because you are foreign. So please tell my government that before the talk about growing the economy they must stop the leaks, frauds, crony capitalism, crime and a dumb down work force.