GBPA seeks 1.5% of the new BTC Ownership…SALE STALLED!!!

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Pictured at the signing of the Memorandum of Understanding with the Prime Minister of The Bahamas, Rt Hon Hubert A Ingraham is David Shaw, CEO of Caribbean Business for Cable and Wireless. (BIS Photo/Sharon Turner)

Freeport, GB

— 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!

  • IKB

    It is rumored that the deal will be signed today, could anyone confirm if this has happened yet?

  • OOOoooooh, they shame they shame.In another place I’ve said Mona-vie is a BAD example of a Christian, and the devil (Hubert Ingraham) sift him like wheat;he was so SHAME the other day he was lost for lies. GOD indeed is a great GOD,and the devil continues to be a liar.

  • Lord free us from these gangsters. Lets see we have Careless & Wutless, and Dumb & Dumber. This government should be forced to resign. I wonder if Christie can get the gumption to demand it. The FNM is guilty of dereliction of duty through allowing one man to run us up on brakes. I smell payola in this. Follow the money and we will see why the deal was rushed through.

    • media

      I encourage all the criminals who protested on BTC to get on they knees and pray.

      bp

  • JOE

    This is what happens to arrogant men that does not fear god! they tore down the Bahamian people to nothing for cheaper phone rates and better service. let us see how this will be fixed. 3G,4G,GG and DAMN G! now NOTHING.

    • media

      Man Joe, Kenneth ‘DA JANITOR’ Russell made me laugh in the House. He said we are moving from ZERO G to 4 G. Now you know that is a DUMB BELL eh?

      For him G stands for GOOD. LOL!

      BP

  • This is the same government that goes after anything or anybody who disagrees with them, even to attempt to embarrass them in the media, but still they cannot tell the people what the hell happened to the people’s shares in The Port Authority? How could the government have made a deal with the Port over the sale of BTC if there still remains a mystery of where the 7.5% ownership in Port Authority went? What happened to all the accumulated dividends the government is claiming that they never received. The records of the government clearly stated they owned these shares. Considering the asking price for all the Port Authority has been reported in the local media as being $300 million we are not exactly talking chicken feed? Even the PLP seems to offer a no comment on what they know about these Shares?

  • Now we see why cool PC consults b4 he acts.There is egg all over the sidewalk in the surroundings of the Churchill building and many are now wondering who put the hex on/?God is great and wonderful to be praised.Thank you Jesus ,thank you Jesus!!!!!!!!!!!!!!

  • To LIME/CCW….HIT THE ROAD JACK, DONT YOU COME BACK NO MORE, NO MORE NO MORE!!!… FELLOW BAHAMIANS, JUST KEEP ON PRAYING DONT YOU GIVE IT UP… GOD ALMIGHTY IS HEARING US… WE HAVE WITNESSED NO DEMOSTRATIONS YET THE STINK, WICKED ROTTEN DEAL HAS BEEN HALTED in it’s wicked tracks…GOD IS CERTAINLY GREAT!!!

  • Ingraham, Laing, and Francis forgot to make the Port hire one of those C&W executives so everything could be “straight” on that side. lol…

    • media

      And guess what? Two out of three of these pinheads worked at GBPA…

      BP

  • HA HA….DECISIVELY WRONG SPY master HUBI INGRAHAM… it seems GBPA we owe you one!…hope this IMF/ world bank imposed stink deal bite the DUST!

  • So umm yall dn’t know our government promised to pay C&W EVERY YEAR $15M ey?
    Let’s see, where will the government (who screaming broke) find $15M?…hmm…..TAXES! yes, tax. Custom? Yup, let’s raise the tax for that, oh you want to renew ya license? well that also went up.
    People, i understand you only talking and cheering about “competition” but let’s not forget (or ignore) that we’re PAYING someone to own OUR COMPANY.
    Ignorance is bliss, unfortunately we no longer have that privalige cause we now know what’s going on.
    , so we’re screwed either way. Let us all line up and drop our wallets at the feet of C&W. This company will be screwing us with no KY Jelly!

  • I AM STILL “REELING” FROM MY INABILITY TO UNDERSTAND SOME “DODO” SUPPOSEDLY NEGOTIATING FOR THE BAHAMAS SIDE DIDN’T INISIT THAT C&W HAVE TERMS RELATED TO THEIR VOLUNTARY DISENGAGEMENT PLANS FOR BTC STAFF THAT ARE NOT BLATANTLY IN FAVOR OF C&W.

    HOW CAN OUR PRIME MINISTER AGREE TO EXTEND THE EXCLUSIVITY TENURE BY 3 YEARS OVER CELLULAR PHONES TO C&W, FOR THE EXPRESSED PURPOSE OF SAVING JOBS, THEN HAVE C&W PUT THE “DAMN” VOULUNTARILY DISENGAGEMENT PACKAGES RIGHT BACK ON THE TABLE ON DAY ONE OF THEIR TAKEOVER? HOW DOES IT MAKE SENSE TO GIVE C&W BOTH THE BENEFITS OF THE EXTENDED EXCLUSIVITY TERM FOR 3 YEARS AND ALLOW THEM TO DOWN-SIZE TOO? WHICH “IDIOT” IS ALLOWING C&W TO BENEFIT BOTH WAYS (DOWN SIZING AND 3 YEARS EXCLUSIVITY PERIOD AT THE SAME TIME)? IN MY MIND (CALL ME SIMPLE) BUT ONE SHOULD CANCEL THE OTHER. ISN’T THAT PRECISELY WHY “PAPA” GAVE THE EXTENSION?

    THIS IS MIND-NUMBING DUMBNESS, SO LETS TRY THIS ONE: IF C&W PROCEEDS WITH PLANS TO DISMISS UP TO 30% OF BTC STAFF, SHOULDN’T OUR “NEGOTIATORS” HAVE ASKED FOR 1 YEAR BACK OFF THE 3 YEARS EXCLUSIVITY PERIOD FOR EVERY 10% OF THE DISENGAGEMENT GOAL OF C&W? SO, IF THEY “FIRE” THE EMPLOYEES THEY CAN’T KEEP THE DARN EXCLUSIVITY PERIOD FOR AS LONG AS ORIGINALLY AGREED. EVERY 10% “DISENGAGED” REPRESENTS 1 YEAR OFF THE REMAINDER OF THE TERM OF THE EXCLUSIVITY PERIOD AND THAT TERM WILL “FLOAT” AND “MATCH” THE HEAD COUNT AT BTC, SO HELP US GOD, OR SHOULD THAT BE INGRAHAM (I KNOW ITS SOME PEOPLE THINK THEY ARE ONE AND THE SAME) LOL. SOMETHING “CROOKED” WENT DOWN HERE (BECAUSE WE CAN’T BE THIS DUMB).

  • How can this government be allowed to transfer 51% ownership of BTC, when the Bahamian people still remain clueless as to the ‘mystery’ over what ever happened to the 7.5% of shares owned by the government of the Bahamas in the Port Authority? This would me a good time for the FNM to provide a straight answer to Bahamians?

  • Good for papa and his suckers, hope this crappy deal goes to naught!

  • Halleluia Jesus! Prayer changes E.V.E.R.Y.T.H.I.N.G.!

    Who’s your daddy now, FNM?

  • BP, Don’t do it!!!!!!!!!! What a blunder. Lime want to enjoy the fruits of our lobour. PISS ON THEM

  • BP, ARE YOU SERIOUS??

    • media

      DEAD SERIOUS!

      BP

  • IKB

    What is most shocking was to see Laing lost for words! With all of the political rangling surrounding this deal, you would think that the final signing date would be one of the most important date on the calender! How does, Mr. sharp tongue, Laing make a public statement that he doesn’t know what’s going on!!!

  • Like I said the Port Authority runs G.B, and not the so call government representatives.

  • call the deal off pls.its not good for our country

    • media

      Ya know eye bp has some good advice for Papa and his band on this deal ya know, but the bible tell us, Don’t cast ya pearls before swines.

      BP

  • I ALWAYS said that Hubert Alexander Ingraham is a DECISIVE man but unfortunately he is ALWAYS DECISIVELY WRONG!!!

  • Everybody sleeping!

    moving forward i see 3 choices:

    1) Give the Port Authority 1.5% of the Govt of Bahamas’ share (CW gets to keep the 51% they bought
    2) Buy back 1.5% from Cable&Wireless (leaving them as minority shareholders)
    3) Don’t include Freeport in the deal. Cancel BTCs licence with the port and let the Bahamians who wanted to start their own phone company service Freeport (much like Freeport Power and the Freeport Cable in the 70’s)

    • I was always under the impression that the Port only exercised regulatory control over the city of Freeport and not the entire island of GB or the entire country.

      If this is so, then, if I were Papa, I would tell the Port to go to hell and dont include Freeport in the deal because the Port has no business asking for 1.5% of ownership. None whatsoever.

      If they want shares, then why not wait until shares are offered to the public?

      The Port is overreaching. If Papa sells 1.5% of the government’s stake to the Port, thats going to cause more backlash for him. He cant sell and C&W doesnt want to give up its 51% stake.

      I am totally against the sale of BTC, but it seems like the Port is either trying to get back at Papa for not renewing Babak’s work permit or they see an opportunity to expand their control outside of Freeport.

      This is a high stakes game and I think the Port is bluffing straight through as they are using Papa’s eagerness against him to hopefully become a minority owner.

      What the Port is attempting to do is a serious thing as questions of sovereignty has to be asked!

    • @high flyer

      Guess you don’t know Sir Jack Hayward very well, do you;? Nor, Mr. Hannes Babak, an heir to one of Europe’s 3rd wealthiest families. Do you suppose that he needs a dime from “Careless & Wutless” (CWC), BTC or anyone else? I do not believe that Babak will be accepting any telephone calls from this side of the world anytime soon!

      What a monumental screw-up by our incompetent government!

      BTW, Please ignore the Tribune’s front page story and Editorial(personally dictated by ingRUM) and pay close attention to the Business Sect. where Neil Hartnell, Business Editor presents a credible story on the stalled BTC sale, based on the facts available to him.

      I suspect that there is insufficient money on the planet to get Sir Jack to concede anything that would allow Hubert ingRUM to wash the mud from his face! ingRUM’s “I mean what I say and I say what I mean” mantra evaporated into thin air yesterday at 11AM when BIS had to cancell the previously announced Press Conference regarding the takeover of BTC by CWC.

      FURTHER, YOUR POINT ABOUT EXCLUDING FREEPORT FROM THE DEAL MAY NOT BE AN OPTION, DEPENDING ON THE WORDING OF THE CLAUSES OF THE ORIGINAL DOCUMENT (PROTECTED BY THE BULLET-PROOF HAWKESBILL CREEK AGREEMENT) WITH THE BAHAMAS GOVT WHEN IT MERGED ITS INTEREST WITH THE GRAND BAHAMA TELEPHONE COMPANY MANY YEARS AGO!

      ADDITIONALLY, MAY I DIRECT YOUR ATTENTION TO THE RECENT DEBACLE SURROUNDING THE DENIAL OF MR. BABAK’S WORK PERMIT BY ingRUM, FOR UNSPECIFIED REASONS. SINCE ILLEGAL HAITIAN IMMIGRANTS ARE TREATED TO WORK PERMITS DAILY IN AN ECONOMY REGISTERING 18% UNEMPLOYMENT, I DECIDED TO INVESTIGATE THE REASON FOR MR. BABAK’S DILEMMA.

      I WAS BLOWN AWAY WHEN MY SOURCES REVEALED THAT MR. BABAK’S ABILITY TO WORK IN HIS MEGA-MILLION DOLLAR FREEPORT INVESTMENT WAS BEING DENIED DUE TO A DISAGREEMENT WITH AND SUBSEQUENT TERMINATION OF A FEMALE WHO WAS OF PERSONAL INTEREST TO THE PRIME MINISTER!!!!! ENOUGH SAID!!!

      WHILE ALL THINGS ARE POSSIBLE IN THE MAGIC CITY OF FREEPOT BAHAMAS, WHERE DEALS WERE MADE ON THE BACK OF COCKTAIL NAPKINS AT DINNER, THIS PARTICULAR IMPASSE WITH THE BTC/CWC DEAL MAY HAVE NOW MOVED FROM THE CATEGORY OF “STINK DEAL!” TO THE BIGGEST “PISSIN'” CONTEST IN BAHAMIAN HISTORY!

      RAINCOATS AND UMBRELLAS ARE SUGGESTED ATTIRE FOR ALL ATTENDEES!

  • OLB

    So the lawyers for C&W must have also been asleep.

    • @OLB

      What a Country!

      I guess Hubert Ingraham, Lyin’ Laing and Julian Francis failed in their due diligence regarding the Port Authority’s ownership stake in BTC followng the converssion of The Grand Bahama Telephone Company to Batelco many years ago.

    • NOT IF THEY REASSURED AND GUARANTEED THAT THIS DEAL WILL GO THROUGH…..OR ELSE