Nassau, Bahamas — The Corporation bust-ups are headed to the Bahamas as word quickly spreads in Nassau of the closure of another business.
Bahamas Press reports the liquidation and sudden closure of I P Solutions Ltd. a broadband telephony company chaired by Sir Orville Turnquest.
Early Monday morning BP was informed a liquidator arrived at company doorsteps and changed the locks on the door, which is also located in the offices of Montagu Securities, headed by Owen Bethel on Collins Avenue. I P Solutions Ltd., we are told, was managed by Edison Summer.
Sources deep in the company tell us the operations were being funded by the former Governor General, Sir Orville, who is set to lose more than $1 million in the company’s collapse.
The operation was the first to get the go-ahead to sell multi-play entertainment bundles via Internet protocol, best described as having a triple-play Individual Operator’s License issued by URCA, [The Utilities Regulation and Competition Authority] back in October 2009. Plans were also underway to offer voice over IP services, TV and telephone packages.
Information also confirms the domino collapse of the company has also earth quaked Owen Bethel’s Montagu Securities Company. But if you thought this was the only loss for Sir Orville to date, we can tell you there is more to come.
Sir Orville could also possibly lose money from another venture tittering on the edge of a death cliff. Cash shortage forced CEO of Mango, 35-year-old, Shakar Rawan, to jumped ship and resigned from that company. The quick exit strategy has force phones to began ringing behind the doors at the company, which now has an empty desk. NOT GOOD!
Mango is a debt card product, which was launched in Nassau back in 2008. It is unknown what level of investments Sir Orville is set to lose in the event of a shutdown of the company, but we can tell you his partner and lead investor in the deal is already running scared.
Mango was started by DNA brainchild, Dr. Jonathan Rodgers, who had high hopes to raise some $5.8 million to lift the company into international territory. The weakened Bahamians economy, however, has frightened investors away and with less than $1.5 million capital injection – the company is left limping into the bone yard.
Mango reported losses of up to $1.8 million over the last three years while Julian Francis served as Chairman. Now isn’t that strange!
Francis is said to have the touch of turning everything into ashes before getting hit by the door on the way out; and here’s his record.
When Francis was Governor of the Central Bank back in 2000/01, the Bahamas experienced the worst financial crisis ever prior to the present. For the first time in our history during that period, talk of devaluing the Bahamian dollar surfaced. He then ran off to Grand Bahama Port Authority; need we say more? The people on that island are still crawling on their bellies; even long after Francis left. And if that wasn’t enough take a look at BTC. A profit ‘cash cow’ was said to be running into the ground under Francis’ watch and was sold below it true market value for less than $210 million. And now we have Mango – need we say more?
An investment crisis is quickly developing around the Turnquest estatem and if that isn’t enough, a few months back bandits held up Sir Orville’s Woodlawn Gardens business, running off with thousands just before a bank deposit was to be made.
Sources say they believe an employee allegedly orchestrated the robbery, but police have yet to find the criminals. One resident said, “Isn’t that a shame, Tommy could not protect his own ‘pah’s’ investments from thieves and rogues roaming the streets of the capital with high-powered weapons and get-a-way cars; what ya think about us?”
Some rough waters lie ahead and we at BP wonder who is next?
Once again BP with another post of Yellow journalism or the yellow press is a type of journalism that presents little or no legitimate well-researched news and instead uses eye-catching headlines to sell more newspapers.[1] Techniques may include exaggerations of news events, scandal-mongering, or sensationalism.[1] By extension “Yellow Journalism” is used today as a pejorative to decry any journalism that treats news in an unprofessional or unethical fashion. i got that from wikipedia and it is talking about you BP. I know you dont sell papers but do the right thing take the story down NOW!
Keep reading almando KEEP READING! We report, YINNER DECIDE! We ask Mr. Summner a simple question, he has yet to answer it. KEEP READING!
BP
This is a potentially dangerous article, and I do hope you can verify its credibility.
If you have ever been to the offices, you would know that IPSI does not have its own office and is shared with many other companies. As such, someone there “to change the locks” seems unlikely, unless all of the other unrelated companies were also in trouble.
Your integrity is on the line, and I do hope you can stand up against potential libel suits.
Our attention was drawn to a story appearing in Bahamas Press today wrongly reporting ‘the liquidation and sudden closure’ of I P Solutions Ltd.[IPSI]. There is no truth in this report as IPSI is still an operating and viable company. IPSI has been working feverishly for several months on its major development and expansion programme, has advanced infrastructure in place and additional equipment being installed across New Providence over the next 3 months, has already a significant presence in Abaco and is moving to launch its triple play bundled services offerings early in 2012. We are working to ensure that we bring the best solutions with the highest quality of product and service to our deserving Bahamas that we can all be proud of as a young and forward thinking Bahamian company. I would be grateful if you would kindly make the necessary corrections to the story for the benefit of your readers and we look forward to the support of all Bahamians once the services are offered.
Edison Sumner
CEO,
IPSI
Was a Liquidator on the doorsteps of ISPI offices on Monday Morning? Was the Locks changed?
BP
Our attention was drawn to a story appearing in Bahamas Press today wrongly reporting ‘the liquidation and sudden closure’ of I P Solutions Ltd.[IPSI]. There is no truth in this report as IPSI is still an operating and viable company. IPSI has been working feverishly for several months on its major development and expansion programme, has advanced infrastructure in place and additional equipment being installed across New Providence over the next 3 months, has already a significant presence in Abaco and is moving to launch its triple play bundled services offerings early in 2012. We are working to ensure that we bring the best solutions with the highest quality of product and service to our deserving Bahamas that we can all be proud of as a young and forward thinking Bahamian company. I would be grateful if you would kindly make the necessary corrections to the story for the benefit of your readers and we look forward to the support of all Bahamians once the services are offered.
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