Claims against Baha Mar Ltd. (BML) and its bevy of associated companies continue to pile up in U.S. Bankruptcy Court in Delaware, with eye-popping claims filed over the last week by one of Canada's leading insurance brokerage and risk management firms, and by companies that have done extensive work in The Bahamas apart from the multi-resort development on Cable Beach.
Since BML filed for bankruptcy protection in Delaware in June, more than 100 claims have been filed by unsecured creditors, many of whom are featuring their work at Baha Mar prominently on their websites and in their marketing material. Baha Mar President Tom Dunlap has pegged the total owed by BML in trade debt to unsecured creditors at $123 million. And when BML filed for bankruptcy, the company claimed it owed between 1,000 and 5,000 creditors.
The single largest claim against BML to date was filed on July 23 by AON Reed Stenhouse for $9.1 million. A second claim, for $725,000, was also filed by AON on July 23, for a total just shy of $10 million owed to this single unsecured creditor. The Toronto-based firm services "commercial and personal clients" and is headquartered in The Bahamas at J.S. Johnson, according to its website.
The company provides risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. Fanto Group, a Florida company focused on commercial lighting and architectural lighting control solutions, filed a claim on July 24 against BML for $607,035.04. In addition to work around the United States - including lighting at Venezia Tower at the Venetian Resort and Caesar's Palace, both in Las Vegas, Nevada - Fanto has done work for Atlantis resort, and the Albany project by the Tavistock group.
Meanwhile, Florida-based International Rental Services Inc. (IRS) filed a claim against Riviera Golf Ventures Ltd. on July 27 for $587,884.06. IRS is considered a leader in construction equipment rental in the Caribbean, offering a full line of equipment rental and sales, 24-hour communication, on-site facilities and equipment operation training among other services. In addition to Baha Mar, IRS supplied equipment for Atlantis phases II and III, for the Grand Bahama Shipyard, for Albany, Lucaya, Ginn Sur Mer, Baker's Bay, Ritz Carlton, Chubb Cay and Emerald Bay.
IRS has filed a claim for the same amount - $587,884.06 - against each of the BML-affiliated companies involved in the bankruptcy case. It is not clear if the claims - which total $8.8 million - are an attempt to collect the same claim from whichever company will pay the debt, or if the company is trying to collect more than $8 million. Similarly, T&M Construction Ltd, (T&M), based in Anguilla, filed a claim on July 28 against BML Ltd. for $389,595.84 and a separate claim against Northshore Mainland Services Inc. for $389,595.84. Again, it is unclear whether the claims are an attempt to collect the same claim from whichever company will pay the debt.
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