Search results for : Cable Beach

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News Article

July 06, 2015
A poor man's fight

The recent demonstration by hundreds of Baha Mar employees in support of Baha Mar CEO and Chairman Sarkis Izmirlian signals the start of months and possibly years of legal action between the resort, its contractor, its lender and the government. It also discloses the reality of what that struggle will be: a rich man's war, but a poor man's fight.
The demonstration follows a decision by the governm...

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News Article

July 06, 2015
The lion in winter

Dear Editor,
The apparent start of what I perceive will be the meltdown of Baha Mar has kicked off with a bang with the Chapter 11 bankruptcy application filed in the USA.
What is most disturbing and startling with this development is the admission by the prime minister that he was not informed and knew nothing of the filing before it was done. If this is in fact the case, Christie has now become,...

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News Article

March 01, 2013
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Click to view our sp...

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News Article

July 09, 2015
The Baha Mar saga: The major players

The Baha Mar saga is an epic and cautionary tale. It is a story of grand ambition, hubris and spectacular miscalculations by three major players now desperately seeking to rescue their reputations amidst the unravelling of one of the biggest single tourism projects ever in the Western Hemisphere.
While none of the players will come out as clear winners, the clear losers from the fallout of the unr...

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News Article

July 12, 2015
High stakes

Bahamas government officials and officials from the Export-Import Bank of China and China Construction Engineering Corporation will be around the table in Beijing today with Baha Mar CEO Sarkis Izmirlian for talks geared at getting the Baha Mar project at Cable Beach completed and open for business.
If an accord could be reached with the bank, the contractor and the developer, it is possible that ...

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News Article

July 13, 2015
Ingraham writes bank on Baha Mar

Former Prime Minister Hubert Ingraham has written Chairman of China State Construction Engineering Corporation (CSCEC) Yun Yi and Baha Mar CEO Sarkis Izmirlian expressing his hope that a resolution can be reached soon to the issues that have stalled the Baha Mar development at Cable Beach.
Ingraham wrote the letter last week Monday, exactly a week after Baha Mar filed for Chapter 11 bankruptcy pro...

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News Article

July 14, 2015
Miller's company among Baha Mar creditors

Revealing that he is one of more than 1,000 Baha Mar creditors, President of Sunburst Paints Leslie Miller said his company is "holding on as best it could" until the resort's dispute is resolved.
Though Miller did not want to reveal the figure that Baha Mar owes Sunburst Paints, The Nassau Guardian understands that it is just under $20,000.
"We'll survive," said Miller, who was contacted for comm...

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News Article

July 16, 2015
No deal

Attorney General Allyson Maynard-Gibson was en route to The Bahamas last night after parties attempting to negotiate a deal in the Baha Mar dispute failed to reach an agreement.
Maynard-Gibson headed a Bahamas government delegation which mediated the talks with Baha Mar, its lender, the Export-Import Bank of China, and its contractor, China State Construction Engineering Corporation (CSCEC).
A sou...

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News Article

July 17, 2015
Judge strikes down automatic gratuity at Melia

The Melia Nassau Beach resort yesterday won a long-running dispute between resort executives and the Bahamas Hotel Catering and Allied Workers Union (BHCAWU) over gratuities for the resort's all-inclusive vacation packages, with Supreme Court Justice Roy Jones striking down the union's demand for a 15 percent gratuity as "no more than a gratuitous giveaway".
In a ruling released yesterday, Jones f...

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News Article

July 19, 2015
Inside the talks

Members of the Bahamian delegation engaged in negotiations last week over the stalled Baha Mar project had two options in mind when they landed in Beijing. The first was to help broker an agreement between the embattled developer and his Chinese partners.
The second was to file a winding up petition in the Bahamas Supreme Court in the event of failure to reach a deal.
In the government's view, bot...

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News Article

July 22, 2015
Judge rejects Baha Mar's application

Supreme Court Justice Ian Winder this morning rejected Baha Mar's application seeking approval for recognition in The Bahamas of Chapter 11 bankruptcy orders issued by a judge in the U.S. district of Delaware.
Winder committed to putting his reasons in writing in two weeks.
Baha Mar attorney Roy Sweeting said he was disappointed by the decision.
The ruling is a significant loss for Baha Mar, which...

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News Article

July 22, 2015
ONE Cable Beach sales ahead of schedule

NASSAU, Bahamas -- Sales of luxury beachfront condos in the iconic $45 million ONE Cable Beach development are exceeding expectation with 40% of the residences sold prior to pouring of the foundation, the project's developer said today.
"The response to the offering of ONE Cable Beach has exceeded our projection," said Jason Kinsale, president and CEO of Aristo Development, which is funding and bu...

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News Article

July 24, 2015
Gomez concerned about Izmirlian's '200 mil. commitment'

Minister of State for Legal Affairs Damian Gomez said yesterday that he is "concerned" by reports that Baha Mar CEO Sarkis Izmirlian is prepared to commit $200 million into the stalled Cable Beach resort.
While he was careful not to get into specifics, Gomez seemed alarmed by the reports, questioning where Izmirlian would find such a large sum of money.
"If you didn't have it last week, where did ...

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News Article

July 26, 2015
Ruffin speaks

While acknowledging that the current Baha Mar crisis is not his fight, former owner of the Cable Beach properties Phil Ruffin told National Review he always thought the multi-billion-dollar Baha Mar project was too big for The Bahamas and was not surprised to learn the developer is seeking bankruptcy protection.
"I predicted it when they said they were going to build a $3.5 billion project," said ...

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News Article

July 28, 2015
Still no deal

The Bahamian delegation in Beijing, China, participating in talks geared at reaching a resolution in the Baha Mar debacle, extended its stay today to attend a final meeting geared at brokering a last-ditch deal with the development company, its contractor and its lender.
After the second day of meetings on Monday, no deal had been reached.
Baha Mar CEO Sarkis Izmirlian is not attending the meeting...

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News Article

July 28, 2015
The way forward for Baha Mar

Last Friday, Prime Minister Perry Christie offered the public the encouraging news that Attorney General Allyson Maynard-Gibson would be returning to Beijing over the weekend to resume talks on the future of Baha Mar.
Christie said he remains hopeful that the talks will come to a successful conclusion. Thanks in no small part to the prime minister, whether we like it or not, the short-term economi...

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News Article

July 31, 2015
Baha Mar petition ruling adjourn to Aug 19

The government has determined that it would be "inapporpriate" to proceed with provisional liquidators from PricewaterhouseCoopers (PwC) after PwC notified the government it had a conflict of interest given its previous involvement with China State Construction Engineering Corporation (CSCEC).
The government's legal counsel made the revelation in the Supreme Court as Justice Ian Winder heard its a...

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News Article

August 06, 2015
Learning lessons from Baha Mar

At one time in their relationship Prime Minister Perry Christie and Baha Mar developer Sarkis Izmirlian were as thick as old comrades. They cooed compliments and encomiums to each other.
The prime minister and the developer saw Baha Mar as a shared grand legacy. Izmirlian lauded the prime minister who in turn praised the developer for his vision.
The love match has ended in mutual recrimination, a...

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News Article

August 07, 2015
The difference an election cycle makes: Why are we surprised

Bahamians seem to expect things to change every five years. They expect the people they voted out five years before to have come back different from when they left. How does this work? Did they change? Or do Bahamians drink the political Kool-Aid? Like the Jim Jones crew in Guyana, we are being led into suicide if we continue to drink the Kool-Aid. Why are we surprised?
In the 1960s, The Bahamas ...

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News Article

August 10, 2015
Let's calm down

The collapse of the $3.5 billion Cable Beach project has led to a public relations war between the government and the chairman and CEO of Baha Mar, Sarkis Izmirlian.
In a series of statements to the media and various letters to Baha Mar's employees, Izmirlian has repeatedly hit out at the government on a number of issues related to the project.
In one of his latest letters to Baha Mar's workers, w...

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