Categorized | National News

Are They Violating U.S. Treasury Regulations?

By P.J. Malone

Save The Bays may be in violation of U.S. Treasury regulations.

It is common knowledge that, though operating in The Bahamas, Save The Bays is a United States Treasury 501(c) (3) organization, and as such they must operate by certain rules and regulations. If not, they are subject to the penalties for not abiding by them.

The United States Internal Revenue Service (The IRS) states the following about charitable organizations:

“A section 501(c)(3) organization must not be organized or operated for the benefit of private interests, such as the creator or the creator’s family, shareholders of the organization, other designated individuals, or persons controlled directly or indirectly by such private interests. No part of the net earnings of a section 501(c)(3) organization may inure to the benefit of any private shareholder or individual. A private shareholder or individual is a person having a personal and private interest in the activities of the organization.”

Save The Bays’ first sin is the foundation upon which they were built. Much of Save The Bays’ activities seem to aid hedge-fund billionaire Louis Bacon in his vendetta against his neighbour, fashion mogul Peter Nygard. Louis Bacon is known to be the principal financial backer for the Save The Bays organization.

While Bacon’s benefit may not be financial, he benefits from all of the Save The Bays’ efforts directed against Peter Nygard and appears to fund the organization for that purpose.

Proof 1.

It has been revealed in legal documents that certain Lyford Cay residents, including Louis Bacon, did not want Peter Nygard as a resident in Lyford Cay.

Save The Bays was established in 2013. One of its first acts in 2013 was to take the Bahamas Government to court to stop them from granting approval to Peter Nygard to rebuild his home on Nygard Cay after it was mysteriously burned down.

Okay, so maybe you might want to argue that this is circumstantial. Well let’s look at proof number 2.

Proof 2.

Save The Bays is using any possible means to attack Peter Nygard for what he has done at Nygard Cay to environmentally protect his land. However, NO OTHER INDIVIDUAL has been attacked so viciously for doing the exact same thing. Other Lyford Cay residents have done similar things to protect their property as well, but no attacks are made on them.

Save The Bays claims that Nygard’s maintenance of his marina was harmful to the environment. Yet, Nygard’s next-door neighbour and Save The Bays funder, Louis Bacon, built a larger and deeper marina without Government permits and approvals and Save The Bays has remained completely silent on the matter.

Save The Bays has launched numerous attacks on Nygard for building a groyne in Nygard Cay and claims that Nygard’s 3-foot groyne is causing environmentally damage to a beach more than a mile away. However, Fred Smith—Save The Bays’ own Director and attorney—has also built a groyne in The Bahamas, a 15-foot structure that extends 200 feet, and Fred Smith has never once been questioned, attacked or accused of causing environmental damage by Save The Bays, even though Fred Smith has been taken before the courts for allegedly causing environmental damage.

If it is truly an environmental organization, where is Save The Bays’ outrage over Fred Smith and Louis Bacon’s actions? Where are the attacks on Fred Smith and Louis Bacon?

This proves that Save The Bays never intended to be a real environmental organization. It is obvious their aim was to go after Peter Nygard at the behest of its chief funder Louis Bacon.

Okay, so if this isn’t enough, here’s proof 3.

Proof 3.

Save The Bays has established itself as an environmental organization. However, Fred Smith has admitted that it is a political organization. At the risk of stating the obvious, political organizations always have political agendas. Save The Bays has run countless advertisements against the Progressive Liberal Party (PLP) government and has focused time and attention on attacking several of its members. Save The Bays has not done this to the Free National Movement (FNM) political party.

Louis Bacon is known to be a supporter of the FNM and not the PLP, especially since the FNM Government granted Bacon retroactive approval after he broke the law and dredged the seabed to build a marina on his property in Lyford Cay.

So, Louis Bacon is using Save The Bays to punish the PLP Government through Save The Bays’ numerous unfounded court cases against the Bahamas Government; wasting Bahamian taxpayers resources and tying up our court systems.

It would appear to me that Louis Bacon is using Save The Bays to control the political outcome in The Bahamas. Do you get this? One can’t help but come to the conclusion that a foreigner is using his millions to fund an organization and affect the political outcome of a sovereign nation.

Proof 4. (The Biggest Proof of All!)

Information has been revealed that Fred Smith has allegedly received millions of dollars from the Louis Bacon organization through Save The Bays, supposedly aimed at aiding in the fight against Peter Nygard and the Progressive Liberal Party.

(And apparently in the mind of Louis Bacon, why not funnel millions to Save The Bays, since it’s tax-free? He probably thinks it’s better to use his millions in his fight against Peter Nygard than pay it to the U.S. Government in taxes.)

Court documents reveal that Bobo and Toggie allegedly received $50,000 in cash for playing their part in a plot against Peter Nygard. The $50,000 was a supposed down payment for the $5 million Bobo and Toggie were demanding. Recordings of the meeting revealed that there were Bacon representatives, Save The Bays representatives, and former FNM Senator and Party Chairman, Michael Pintard present and participating in the negotiations with Bobo and Toggie.

It has also been revealed that a particular reverend, who we all know, has received hundreds of thousands from Save The Bays for supposedly playing his role (one can’t help but come to that conclusion) in attacking Peter Nygard. And we all know that he has played his role well with his countless boat tours to view the so-called ‘environmental evils of Peter Nygard’ while he ignored Bacon’s environmental evils right next door.

There are other examples of payouts for plots against Nygard. What is a supposed charitable organization doing involved in such nefarious activities and plots?

If it is true (and many of us believe this to be true beyond a shadow of a doubt) that Louis Bacon gave Fred Smith access to million dollars through Save the Bays to use in his efforts to destroy Peter Nygard and possibly the Bahamas Government, then Louis Bacon and Save The Bays could be in violation of United States Treasury regulations.

One cannot help but come to the conclusion that Save The Bays was established to aid Louis Bacon in his efforts to destroy Peter Nygard. This is wrong, wrong, wrong.


 

Written by Jones Bahamas

Leave a Reply

You must be logged in to post a comment.

Sign Up to Our Newsletter

Join Us on Facebook