— There is but one news agency which is filling in the missing spaces in the BTC sale to Cable and Wireless and it is YOUR Bahamas Press. While the Toilet Paper spins and deflects as the deal entered a snag yesterday, no one [not the Government, not CWC nor anyone in the press] is telling us what went wrong. ONLY BP is telling the story, and here’s what we know.
More information involving share ownership on the STINK DEAL is manifesting and yesterday the sale hit a sour note; derailing the official handover and signoff event in the Cabinet office.
Members of the media received notice of the 11AM appointment from BIS, the official agency which disburses Ingraham’s weekly itinerary. Shortly after on Monday when the hitch on the sale developed, BIS issued a cancellation of that notice. Some press members waited at the Cabinet office, but no explanation was given for the event being cancelled. Hmmmmmm!
Hubert Ingraham told Parliament ON FEBRUARY 8th, 2011:
The aggregate purchase price to be paid by the Purchaser in cash in full on Completion is agreed at US$210,000,000.
This figure will be adjusted following Completion to the extent that BTC’s net cash position is greater or less than B$15,000,000 and if there is any variance in the working capital balance of BTC. CWC has provided a countersigned copy of the Disclosure Letter, a signed copy of the Voluntary Workforce Restructuring Plan and a signed copy of the Business Plan.
The timing of Completion are as follows:
(i) if all conditions are satisfied or waived before 21 February 2011, at 2pm (Nassau time) on 28 February 2011;
(ii) if conditions are satisfied or waived on or after the 21 February 2011 but before 24 March 2011, at the opening of business (Nassau time) on 4 April 2011; or
(iii) if conditions are satisfied or waived on or after 24 March 2011, at 2pm (Nassau time) on the fifth business day after receipt of such satisfaction.
At Completion, the Purchaser must pay the purchase price in cash in full and give the Government a counterpart original of the Shareholders’ Agreement, as well as counterparts of the CWC Support Services Agreement and LIME Services Agreement.
Now, we want you to pay close attention to that DATE: APRIL 4th. That’s the date Ingraham told Parliament and yesterday we were shocked when ‘Lying’ Laing told the media he didn’t know why those who sent notice to members of the press did so and that they must have known why they did. Sadly so, that was the day communicated by PAPA and that was the date BIS’s press team was told to alert the media, so what has snagged the handover?
Sources in the OPM have confirmed to BP approvals of the sale have not been met with the Grand Bahama Port Authority. BTC pays GBPA over $3 million in taxes annually and based on clauses in the Hawksbill Creek Agreement such a sale would need the blessings of GBPA.
Not only is this a MAJOR blunder, but now for the first time since the Hannes Babak episode, GBPA can now flex its muscle on the Government and what a deal is that they want?
Sources in the upper echelons of the Port tell us not only do they want their due taxes in the sale of the Corporation, but they also want a 1.5% ownership in the new BTC Company. WELL MUDDO!
This would mean between the government and the Port they would be the majority holder of BTC and that Cable and Wireless would be the minority. Papa told those gathered at a rent-a-rally a few weeks ago, he changed his mind on selling BTC’s majority because no one wanted a company holding a minority interest, therefore, this demand by the Port could throw a huge wrench in the whole sale.
CWC we are told are not interested in paying any addition taxes nor are they willing to pay the sums due to the Port on the sale. Also we understand from meetings CWC wishes to maintain its 51% share ownership if the deal goes through, and to do this GBPA’s demand for a 1.5% stake in the company cannot be met.
IT IS THE BLUNDER OF THE CENTURY, and PAPA we are told is ‘cussin’ mad.
As we have said before this is a STINK, DUTTY, WHUTLESS, Sweetheart deal that has reached the nostrils of the Most High. Sometimes when we look at the FNM these days and its bungling ways, we are reminded of the story if Jesus and the Fig Tree.
The biblical story goes like this:
“And on the morrow, when they had come out of Bethany, he [Jesus] hungered. And seeing a fig tree afar off having leaves, he came, if perhaps he might find anything thereon: and when he came to it, he found nothing but leaves; for it was not the season of figs. And he answered and said unto it, ‘No man [will] eat fruit from you from now on — for ever.’ And his disciples heard it . . .And as they passed by in the morning, they saw the fig tree withered away from the roots. And Peter calling to remembrance said unto him, ‘Rabbi, behold, the fig tree that you cursed is withered away’” (Mk. 11:12-14; 20-21).
If we the Bahamian people cannot eat of the tree [BTC]; then CURSETH be the sale and all the players involved therein. If we aren’t going to eat of it no one else will. AMEN!