Another Major Blow for Sarkis Dem as Delaware Judge is about to kick Baha Mar out of its Chapter 11 and rule favorably for the Bahamian people and the scores of creditors!
Judge ruling supports the Bahamian People to get the damn property OPEN!
Nassau, Bahamas — Supreme Court Justice Ian Winder today ruled favorably on behalf of the Government and People of the Bahamas to have a Provisional Liquidator appointed for Baha Mar.
Winder has approved the goverment’s petition for the appointment in the the stalled Baha Mar resort development, which has resulted in frustration for hundreds of employees and creditors!
In an almost 90 minute written ruling read into the record, Justice Winder agreed with the appointment of the Liquidators to have the matter resolved, however, he limited their powers by not granting them approvals to sell off the assets.
The Justice however, struck out the Water and Sewerage Corp and National Insurance Board as creditors on the petition and he gave the Gaming Board 14 days to submit further evidence proving its standing as a creditor. The government is owed over 50 million by Baha Mar!
At 2 pm this afternoon, a hearing on legal costs for the government side will be heard. Those submissions will be deadly for Baha Mar who is now in dispute with its own lawyers.
But what is even worse for Baha Mar is the fact that the judge in Delaware is already hinting in the US MEDIA that the Chapter 11 case will most likely fail!
This is good news!