A SILLY FEEDING FRENZY BY A PUNCH DRUNK FNM
The news was still hot on the press when Michael Pintard and his band of merry men and women joined in the Sarkis Izmirlian adoration parade to seize on every word of the judgment as a manifesto for their next election campaign.
According to Sarkis Izmirlian and the judgment rendered in New York, he is owed 1.6 billion for the fact that he was cheated out his hotel by China Construction Company. There was a conspiracy according to him to defraud him of his property and for good measure he claimed and the judge agreed that officials of The Bahamas government were in collusion with this alleged scheme.
Except none of it is true. The judgment is bogus and full of conjecture, leaps of faith and bias,
Sarkis Izmirlian is the failed developer of Bahamar. The facts are as follows.
His company started the project and then defaulted on the loan to Scotiabank.
The Bahamas helped him get a new loan from the Chinese Export Import Bank.
The company defaulted on that loan, largely it appears from making too many change orders and being unable to make stage payments.
While The Bahamas government was trying to get the Chinese to pump more money into the project, the developer ran to the courts in Delaware and without notice to the Government of The Bahamas, to declare bankruptcy of the company. The court in Delaware declined and said the matter was for the Bahamian courts.
In the Bahamian courts, China’s Export Import Bank got a liquidator appointed. The liquidator sold the project on the open market to a company that can pay its bills. The liquidator said that any money the failed developer gets from this judgement, that money belongs to them. They are still owed a billion dollars and change.
That company finished the project and opened the hotel, Today there are 5000 Bahamian workers there.
The judgment has no effect on the project.
To quote the Deputy Prime Minister Chester Cooper, the court case is a side show with no effect on the project.
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