Former state minister of finance James Smith is joining a chorus of discontent over the legal battle for Atlantis contending the government has "strayed from the table" on an issue that's crucial to the long-term stability of the country.
Smith told Guardian Business the government owed it to all Bahamians, and in particular the thousands of employees on Paradise Island, to be clear on where the matter stood.
"You're the government. There are a lot of jobs at stake here," he said. "They ought to be at the table. Atlantis is a central feature of our entire economy. The government ought to be totally engaged and ensure the country's interests are met."
On Friday, The Nassau Guardian revealed a legal battle being waged in the U.S. between Brookfield Asset Management and senior lenders in Kerzner International's $2.5 billion mortgage debt.
A court document detailing the particulars of the case has been a matter of public record since January 4.
Four senior lenders from the U.S. are suing Brookfield, the Canadian conglomerate, to stop what they call "brazen self-dealing" that resulted in its apparent acquisition of Kerzner International's assets in The Bahamas and Mexico back on November 30.
The plaintiffs allege that Brookfield colluded with junior lender PCCP and special servicer Wells Fargo, exploiting certain administrative powers to carry out the transfer of assets without approval and in violation of the loan agreement.
Guardian Business first reported earlier this month that the January 1 deadline for final approvals from the government had come and gone.
Zhivargo Laing, the current state minister of finance, told Guardian Business on January 4 he was unsure of where the matter stood, but expressed confidence that the deal was well in hand.
Laing and other members of the government have not formally commented on the matter ever since.
"The point is these things are going on, but nobody seems to be checking," Smith said. "I think this is where the government needs to come in and take a shot across the bow. For anybody who is interested in taking over and moving forward with the property... these are the guidelines."
Franklyn Wilson, the chairman of Sunshine Insurance and Arawak Homes Ltd., agreed that the public has the right to know if a deal of this magnitude is in jeopardy.
"For this country to develop, I don't care who the government is. There are certain cultural things that need to happen. There has to be transparency and people have to be accountable," he said.
Wilson said there are a number of "immense implications" to the current legal battle for Atlantis, with court involvement being "just the tip of the iceberg".
He told Guardian Business the situation creates a profound uncertainty for all Bahamians, in terms of the longevity of the tourism product on Paradise Island and overall health and confidence in the marketplace.
Smith also felt the legal action taken against Brookfield places a "damper" on the industry in general.
"From the way I look at it, Atlantis was one man's dream - Sol Kerzner. It was supposed to be carried on by Butch, his son. To the extent that Kerzner was on board with his hands on the wheel, we could feel safe that he was driving a first-class tourism destination," he explained. "Now it's a big unknown. We don't know where we're headed."
On November 30, Brookfield, a multinational with $160 billion in assets, agreed to a debt-for-equity swap with Kerzner International.
Brookfield exchanged $175 million of debt for Kerzner's holdings in both The Bahamas and Mexico, including Atlantis, The One&Only Ocean Club and The One&Only Palmilla in Mexico.

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