Categorized | Featured, National News

“Baha Mar’s Petition Misguided,” Says Bank Lawyer

Attorneys representing the parties objecting Baha Mar’s application for the Bahamas Supreme Court to recognize its Chapter 11 bankruptcy order, stood on one accord yesterday and requested the dismissal of the resort’s petition sooner rather than later.

Baha Mar, which filed for Chapter 11 bankruptcy in a Delaware court three weeks ago, recently asked a Bahamian court to recognize the United States court orders.

However, the Bahamas government along with the China Export Import Bank (EXIM Bank) and the China Construction Company objected to Baha Mar’s application.

According to Bryan Simms, QC, representing EXIM Bank, the submissions made by Baha Mar representative Roy Sweeting were misguided as Mr. Sweeting in his words started on “one foot and fell off.”

Mr. Simms also stated that Mr. Sweeting’s submissions had no basis in law.

Standing in agreement on behalf of the Attorney General’s Office was Damien Gomez, Cable Bahamas representative Lester Mortimer and China Construction America representative Sean Moree, who likewise requested that the courts terminate the petition as soon as possible.

When the parties were last in court they all agreed to Baha Mar’s petition for an adjournment.

The adjournment was to allow for a continuation of negotiations in good faith, aimed at reaching a resolution for the resumption of works at the multi-billion dollar project for its completion and subsequent opening.

Those talks which took place in Beijing last week fell apart and after the Bahamas government felt there was no sign of a deal and took steps to begin the winding up process of 14 of Baha Mar’s Bahamian entities.

The move announced by the prime minister last week seeks to remove control of the development from Baha Mar CEO Sarkis Izmirlian and place it under the supervision of the Bahamian court system with provisional liquidators.

Justice Ian Winder is expected to render a ruling on the matter at 10 a.m. on Wednesday.

However, on Sunday, despite statement of acrimony, between the government of the Bahamas and the developer of the Baha Mar resort, both sides were seeking to hammer out a Memorandum of Understanding to move the project forward.

The Bahama Journal was reliably informed that Prime Minister Perry Christie and Baha Mar CEO Sarkis Izmirlian were seeking on various points of contention.

In addition, former Prime Minister Hubert Ingraham offered suggestions to the prime minister and Mr. Izmirlian for inclusion in the memorandum.

On Sunday evening, the prime minister discussed the proposed memorandum with his colleagues and the parties involved in the dispute and present litigation.

Written by Jones Bahamas

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