One small point is missing: Atlantis had a mountain of debt at the time.
Imagine if a friend loaned you $10,000 for your business and a bank loaned you the other 90,000. Then business was slow and you was scared you couldn't pay. Then your friend offered to take the business writing off your loan and taking on the 90000 you owed the bank. Imagine 10 years later he puts the business for sale for $120,000.
Technically he bought the company from your for 10,000 and is selling it now for 120,000 but he also took on 90k in loans for his troubles. Thats what happened here;:
Brookfield was a creditor of Kerzner/Atlantis for 175m back in 2011/12. Atlantis was heavily in debt with other creditors as well, likely from its buyout, going private, and on backs of the 08 recession. This total debt rumoured to be around 2b.
So Brookfield took on 100% of the company, basically forgiving the 175m loan and taking on all assets and liabilities.
"In April 2012, a subsidiary of Brookfield acquired a 100% interest in Paradise Island Holdings Limited (“Atlantis”), a hotel and casino resort located in the Bahamas, through a financial restructuring whereby Brookfield converted its $175 million of previously held debt instruments for equity. The transaction was measured at fair value on the date of acquisition. Brookfield completed the acquisition and commenced consolidating Atlantis in the second quarter."
The budget allocates money for the next fiscal year and is effective July 1, and the supplementary budget is just a request to parliament for additional funds. The parliament has to debate and pass it. What you heard except for customs rates are proposals.the only thing that was effective immediately were the customs changes which doesn’t require an act of parliament.
How can you have 100% capacity and physical distancing? If you can implement 3 feet distancing in a church between non family surely you aren't at 100%. I assume they mean there isn't a cap on attendance as long as you maintain physical distancing
I can show you women being called their last names.
This last was a quote but parties name-calling with the MPs first name shows how commonplace it is in society. The Tribune is just reflecting that. Call it disrespectful or inappropriate but not sexist or unconscious bias.
Its something done in The Bahamas to MPs of any genders at times. The PM of the UK is commonly referred to as Boris in the press and he welcomes it. Macron on the other hand does not want to be called Emmanuel.
Its very hard to implement your Manifesto when your Attorney General doesn't even know what wat was in it and says its the plans are not even workable.
*The Minnis administration does not have plans to implement a recall system for non-performing members of Parliament as was outlined in the Free National Movement’s (FNM) 2017 manifesto, Attorney General Carl Bethel said yesterday.
“That’s not anything we committed to, as far as I’m concerned or aware,” Bethel told The Nassau Guardian.
“And it’s not a workable system in the parliamentary context. It is not something that is on the legislative agenda. I don’t think we committed to doing that. Did the FNM commit to that? I’m not aware of that.”*
pt_90 says...
One small point is missing: Atlantis had a mountain of debt at the time.
Imagine if a friend loaned you $10,000 for your business and a bank loaned you the other 90,000.
Then business was slow and you was scared you couldn't pay.
Then your friend offered to take the business writing off your loan and taking on the 90000 you owed the bank. Imagine 10 years later he puts the business for sale for $120,000.
Technically he bought the company from your for 10,000 and is selling it now for 120,000 but he also took on 90k in loans for his troubles.
Thats what happened here;:
Brookfield was a creditor of Kerzner/Atlantis for 175m back in 2011/12. Atlantis was heavily in debt with other creditors as well, likely from its buyout, going private, and on backs of the 08 recession. This total debt rumoured to be around 2b.
So Brookfield took on 100% of the company, basically forgiving the 175m loan and taking on all assets and liabilities.
"In April 2012, a subsidiary of Brookfield acquired a 100% interest in Paradise Island Holdings Limited (“Atlantis”), a hotel and casino resort located in the Bahamas, through a financial restructuring whereby Brookfield converted its $175 million of previously held debt instruments for equity. The transaction was measured at fair value on the date of acquisition. Brookfield completed the acquisition and commenced consolidating Atlantis in the second quarter."
On Atlantis sale to ‘bring stability’
Posted 11 September 2023, 8:27 p.m. Suggest removal
pt_90 says...
The budget allocates money for the next fiscal year and is effective July 1, and the supplementary budget is just a request to parliament for additional funds. The parliament has to debate and pass it. What you heard except for customs rates are proposals.the only thing that was effective immediately were the customs changes which doesn’t require an act of parliament.
On TEACHERS REJECT SALARY PROPOSALS: But union will hold off on industrial action for one week
Posted 27 May 2022, 2:30 p.m. Suggest removal
pt_90 says...
How can you have 100% capacity and physical distancing? If you can implement 3 feet distancing in a church between non family surely you aren't at 100%. I assume they mean there isn't a cap on attendance as long as you maintain physical distancing
On Churches approved for 100% occupancy at services across The Bahamas
Posted 8 April 2022, 4:33 p.m. Suggest removal
pt_90 says...
The Bahamas is not under lockdown.
The requirement to test before returning is that of the US and other countries so blame the feds for that.
Hilton's issues predated covid. COVID accelerated them
On New management hope for Hilton
Posted 3 February 2022, 1:26 p.m. Suggest removal
pt_90 says...
Correct but to be fair, that wasn't a quote from the DPM. It could be Neil Hartnell's commentary.
On $35m Glass Window upgrade to be ‘world famous attraction’
Posted 13 August 2021, 5:57 p.m. Suggest removal
pt_90 says...
I think they are referring to the parts of the article asking for more vaccine sites.
On People at GB hospital ‘sicker and with poor outcomes’
Posted 12 August 2021, 6:38 a.m. Suggest removal
pt_90 says...
I dont get it. You are asking persons to complain?
So if persons complain its a problem and when they dont...its a problem?
On Wells: All honorariums now paid
Posted 12 August 2021, 6:36 a.m. Suggest removal
pt_90 says...
I sent articles of men being called their first names and can find more.
..Perry will be on time..
tribune242.com/news/2016/dec/30/comics-…
Fnm:'Copycat Fred Is Late Again' -
tribune242.com/news/2009/feb/23/fnmcopy…
I can show you women being called their last names.
This last was a quote but parties name-calling with the MPs first name shows how commonplace it is in society. The Tribune is just reflecting that. Call it disrespectful or inappropriate but not sexist or unconscious bias.
Its something done in The Bahamas to MPs of any genders at times. The PM of the UK is commonly referred to as Boris in the press and he welcomes it. Macron on the other hand does not want to be called Emmanuel.
On Lanisha lashes back at ousting
Posted 9 June 2021, 2:22 p.m. Suggest removal
pt_90 says...
With all do respect this is nonsense.
Dionisio: Health Visa Purchases Rise
http://www.tribune242.com/news/2021/jun…
Obie Back To Fight Election
http://www.tribune242.com/news/2021/may…
Branville And Gibson In Dispute Over ‘Debt’
http://www.tribune242.com/news/2021/feb…
Are they all women?
On Lanisha lashes back at ousting
Posted 9 June 2021, 12:19 p.m. Suggest removal
pt_90 says...
Its very hard to implement your Manifesto when your Attorney General doesn't even know what wat was in it and says its the plans are not even workable.
*The Minnis administration does not have plans to implement a recall system for non-performing members of Parliament as was outlined in the Free National Movement’s (FNM) 2017 manifesto, Attorney General Carl Bethel said yesterday.
“That’s not anything we committed to, as far as I’m concerned or aware,” Bethel told The Nassau Guardian.
“And it’s not a workable system in the parliamentary context. It is not something that is on the legislative agenda. I don’t think we committed to doing that. Did the FNM commit to that? I’m not aware of that.”*
[Guardian][1]
[1]: https://thenassauguardian.com/ag-backs-…
On BLOWN OFF COURSE: PM blames COVID and hurricanes for failing to deliver manifesto goals
Posted 11 May 2021, 11:21 a.m. Suggest removal