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Sarkis Izmirlian Misreads The Judgment of The Court In Bahamar

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cialis usa sick times;”>sarkis

store times;”>You suppose you can’t beat a fellow from trying but sometimes you should know when the game is up and it’s time to say Uncle.  If you read the latest missive of Sarkis Izmirlian to his employees  ( see below) about the decision on 4th September by the Court to appoint a provisional liquidator Edmond Rahming, you would think he is living in cloud cuckoo land. In his estimation the court ruling allows him to go forth with the bankruptcy proceeding in Delaware and it accomplishes his objective which he says is to continue the development of the resort.  What a foolish analysis.  The fact is that is what a provisional liquidator does, it is intrinsic to such an appointment.  A “provisional;” liquidator is there to preserve the asset, prevent its dissipation and finish the project.  We think that with someone dispassionate at the table with the creditors this will be possible in short order.   Mr. Izmirlian is out. He is out.  He doesn’t get it.  The bankruptcy proceeding in Delaware has no effect in The Bahamas where the courts of The Bahamas have already ruled that they will not recognize the bankruptcy proceedings taking place in Delaware.  How  can a foreign court determine what happens with Bahamian land unless the authorities in that land agree.  It’s basic conflicts of laws propositions.  If he had only let the process go through, we would not have been delayed as far as we are and the project would almost be finished. He is the author of his own destruction and this project.  The problem again is when the court’s decision was made, there was no pro PLP voice explaining to people what this meant and whether this was a good thing which is what it is. It is like the PLP is a deer staring into the headlights and can’t move.  When they don’t move evil people make up stories and in  the absence of something else that story spreads and sticks. So you had one radio station saying that the government accomplished none of its objectives   because the property can’t be liquidated.  But that was not the government’s objective.  The objective was to finish the project and get a recalcitrant developer out of the way so that the project can move forward.  That was accomplished with the Court’s ruling.  The status hearing on 2nd November is simply to decide whether the provisional liquidator has done enough work to continue the process or to order the property’s liquidation.  But you know Mr. Izmirlian has his own view of the world.  It must be one in a closed room. 

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