Ruffin speaks
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Phil Ruffin, generic cialis the self-made billionaire, who is Prime Minister Perry Christie’s personal friend and the former owner of the Cable Beach Hotel Complex that was sold to Sarkis Izmirlian and is now Bahamar spoke to the Bahamas press and was quoted in the press on Monday 27th July about the problems that Mr. Izmirlian is having with the hotel. He said: “…the bankruptcy was inevitable, because even if it opened, it could not service that debt.” We happen to think that he is right. Here is what we think really happened. The developer Sarkis Izmirlian discovered what he knew from the start, the numbers just didn’t work. So he came up with a scheme to be able to walk away from the debt and still hold on to the physical asset and start again debt free, thus filing in the United States which under the Chapter 11 law on bankruptcy he would have been allowed to do. Only problem is the asset is in The Bahamas and the laws of the US did not govern the physical asset in The Bahamas.