10282016 business by tribune242

FRIDAY, OCTOBER 28, 2016

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Roberts ‘in over his head’ on Baha Mar By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A key Sarkis Izmirlian ally yesterday blasted PLP chairman, Bradley Roberts, as “in over his head”, adding that Baha Mar’s original developer is “happy to show he has the money” to reacquire the development. Dionisio D’Aguilar, a former Baha Mar director, told Tribune Business that Mr Izmirlian’s repeated efforts to engage the China-Export Import Bank represented a “genuine attempt” to successfully complete Baha Mar, rather than “sour grapes”. Speaking ahead of his ratification as the FNM’s candidate for Montagu last night, Mr D’Aguilar urged the Christie administration to “get over” its annoyance at Mr Izmirlian’s failure to give prior warning of his Chapter 11 strategy. Arguing that the Government did not understand the Chapter 11 process and benefits, Mr D’Aguilar said See pg b5

Sarkis $1bn in, and ‘happy to show the money’ Offers ‘genuine’, but no one to negotiate with D’Aguilar tells Govt: ‘Get over’ Chapter 11 snub

The Bahamas’ 121st spot in the World Bank’s ‘ease of doing business’ rankings is “not a good marketing tool” to attract foreign investment, the Opposition’s deputy leader yesterday fearing it will “confirm negative perceptions” of this nation. K P Turnquest told Tribune Business: “I think that as a country that depends, to some extent, on foreign direct investment, this is clearly not a good marketing tool for us.

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Baha Mar ‘purchaser’ leaves Sarkis in cold By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Likely buyer is conglomerate with strong Beijing tie

China’s ‘freezing out’ of Sarkis Izmirlian was confirmed last night, after Baha Mar’s prospective purchaser was identified as a multi-billion dollar Hong Kong conglomerate with extremely close ties to the Beijing government. Chow Tai Fook Enterprises (CFTE), the conglomerate formed by the late billionaire, Cheng Yu Tung, and now controlled by his family, confirmed in a statement the long-held

CTFE release speaks as if it’s a ‘done deal’ Release timing, headline aim to relieve Govt pressure expectation that Baha Mar would be sold to a Chinese purchaser. The group, which has in-

terests in the property development, hotel, casino, transportation, jewellery, port and telecommunications industries, said it had “entered into negotiations” to acquire Baha Mar. It added that had submitted the necessary permit and approval applications to the Bahamian Government for the acquisition of Perfect Luck Holdings, the special purpose vehicle (SPV) established by China Export-Import Bank, Baha Mar’s secured creditor. The Rosewood hotel brand, which had with-

drawn from the Baha Mar project, but is owned by Chow Tai Fook Enterprises, is now in line to return to the Cable Beach project, the statement confirmed. “Chow Tai Fook Enterprises intends to re-engage its subsidiary, Rosewood Hotel Group, as a luxury hotel operator at Baha Mar,” it said. It added that the Hong Kong-based conglomerate was also in talks with the two other resort brands, Hyatt and SLS Hotels, in a bid to ensure they remain See pg b5

Sales agents lose BTC ‘contract breach’ claim By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

PLP Chairman Bradley Roberts

Business ease decline ‘not good marketing’ to foreign investors By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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‘Not forced’ to sign deal giving up 45% of accounts

“Veteran” sales agents have lost their ‘breach of contract’ appeal against the Bahamas Telecommunications Company (BTC), the Court of Appeal finding they effectively consented to giving up 45 per cent of their revenue earnings.

Reallocation made due to new hires’ complaints Sales agents ‘doubled’ soon after general election

Appeal Justice Jon Isaacs, delivering a unanimous Appeal Court verdict, found that existing BTC’s phone directory sales agents were not coerced into signing the 2003 contracts that stipulated they would retain just 55 per cent of their advertising accounts. And, given that a memo from Claude Hanna, BTC’s senior manager for directory publications, had in-

formed them of the new revenue/account split prior to the contract signing, Appeal Justice Isaacs found the ‘breach of contract’ claim “unsustainable”. He and his fellow Court of Appeal judges, Dame Anita Allen and Stella Maureen Crane-Scott, backed the initial Supreme Court verdict, in which then-justice Claire Hepburn said of the agents: See pg b4

FNM deputy fears it will ‘confirm negative views’ Says Govt an ‘abysmal failure’ for private sector “It gives the impression, and perhaps confirms the view held by some, that this country is not progressive, and the ease of doing business is not what one would expect in a modern society. See pg b5

Summit’s peak rating a timely confidence boost By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Summit Insurance Company’s president yesterday said its ‘A grade’ rating from A. M. Best had provided a timely confidence boost for clients in Hurricane Matthew’s wake. With just over 1,100 claims received to-date, Tim Ingraham said the A- (Excellent) financial strength rating would give property and casualty customers extra comfort that it could withstand the Category Three/Four storm’s claims. “This will give our customers that little bit extra confidence in the company,” he told Tribune Business. “I think the rating speaks

Gives clients extra comfort postMatthew Receives over 1,100 claims to-date to our financial strength having gone through a major hurricane. A. M. Best took a preliminary look at those numbers, looked at the reinsurance programmes, and felt secure in the balance sheet.” A. M. Best initially examined Summit prior to Matthew, with this rating the first time it has ever provided one for the general insurance underwriter. Mr Ingraham said See pg b7

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PAGE 2, Friday, October 28, 2016

THE TRIBUNE

Businesses perform better without egos Some people think managing through ego, or forcing on others their selfimportant management style, makes them a leader. Sadly, this autocratic or authoritarian style is used ineffectively by so many leaders in our current corporate climate. Many chief executives, chief operating officers and executive level staff have various methods that they swear are the best way of doing things. Successful companies are populated with persons in management who can admit when their systems are failing, and are willing to change and improve. The truth about leadership, which most people accept today, is that while

you can manage time, processes and money, you cannot manage people - you have to lead them. This requires some degree of humility, compromise and release of ego in the process. More than ever, humility has become an essential characteristic for leaders of successful 21st century companies. A true leader shares the spotlight and is comfortable crediting others. While it might seem counterintuitive, being humble takes more confidence than basking in glory. Your employees will appreciate it, and the company’s ‘bottom line’ will tell a magnificent tale as a result. Research confirms that the finest leaders are emo-

tionally aware and intelligent. While many people advise keeping emotions separate from business matters, the latter is ultimately about relationships between people. To make these relationships last, some level of sensitivity to the different points of view - and different backgrounds - of each individual is essential. When using your head to do what is best for your company, do not forget to have a heart. Here are some very practical ways to let your team members see and feel your humility:

Let it be known: You do not have all the answers. When you

do not know how to do something, expose it.

Admit you were wrong about something.

Learn to say you are sorry when you have offended someone.

ment.

Receive and embrace acknowledg-

Do not be afraid to expose a weakness or vulnerability.

If you got hurt or offended by something, share it with the person involved.

Be willing to laugh at yourself and not take everything so seriously.

John Selden once said that “humility is a virtue all preach, none practice, and yet everybody is content to hear”. As crucial as this character attribute is to our workplace today, we must all be inspired to be actively engaged in taking our daily dose of humble pie. • NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both

Ian ferguson locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.

Cable: Network fully restored in Nassau Cable Bahamas yesterday said it was turning its focus to customer billing adjustments, having achieved full network restoration on New Providence. John Gomez, the BISXlisted communications provider’s chief operating officer, said in a statement that while its New Providence network was fully operational, it was still dealing

Adjusting November bills to reflect Matthew impact with individual customers’ loss of connectivity postHurricane Matthew. “Our teams have been working non-stop for the last 22 days, and we have

NOTICE

MAJESTIC MARITIME LTD. NOTICE IS HEREBY GIVEN as follows: (a) MAJESTIC MARITIME LTD. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 25th day of October, 2016 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

seen tremendous progress from their efforts,” Mr Gomez said. “Today, all areas in New Providence have the Cable Bahamas network that supplies Internet, TV and phone services; 100 per cent active. “We are focusing on the issues impacting individual customer premises, as wiring to homes and businesses were subjected to 150 mile per hour winds, leaving loose connections on distribution poles throughout the capital.” Cable Bahamas had engaged support from restoration crews employed by its Florida affiliates, supplementing the efforts of local teams to get every customer back to full service. These additional teams are being deployed on New Providence, Andros and Grand Bahama “This is a massive undertaking,” Mr Gomez explained, “but it is not something we are unprepared for. Our restoration teams

Cable Bahamas has achieved full network restoration on New Providence and work continues on several family islands affected by the storm. now have the additional support of our systems from Summit Broadband, the Cable Bahamas subsidiary in Florida. This means that we can get even more done in a shorter period of time.” Mr Gomez said the collaborative effort between Bahamian and US-based crews works to the advantage of every residential and business customer, and is a strategic advantage that the company is using to the fullest extent on Grand Ba-

hama. Cable Bahamas’ vicepresident of marketing, David Burrows, said the company would adjust November’s bills to reflect how long individual customers were without services postMatthew. “Our first focus is on restoring service, and almost every one of our personnel have contributed to getting to where we are today,” Mr Burrows said. “Next, we know custom-

ers want to know how any interruption impacts their billing, and this is something we take very seriously. “While thousands of customers continued to receive uninterrupted service over the last few weeks, many were without service, so we are assessing what adjustments need to be made to those accounts.Those adjustments will be reflected on November statements for all of those that were affected.”

Nine Bahamian resorts gain top travel ratings Nine Bahamian resorts were featured in the Condé Nast Reader’s Choice Award, with the Androsbased Kamalame Cay prop-

erty rated the best in this nation, Bermuda and the Turks & Caicos Islands. More than 300,000 travellers took part in the survey, submitting ratings and more than 75,000 comments to create a list of favourite destinations. Condé Nast is a media company with more than 100 million consumers across its print, digital and video brands. The company’s portfolio includes titles such as Vogue, Vanity Fair, Glamour, Brides, Self, GQ, GQ Style, The New Yorker, Condé Nast Traveler, Allure, Architectural Digest, Bon Appétit, Epicurious, Wired, W, Golf Digest, Golf

World and Teen Vogue. “They chose tiny private islands in the tropics, small culture rich cities in Europe, and Intimate River cruises,” Conde Nast said of its travel survey. “Most notably, they declared a passion for the authentic, the personalised, the unexpected - finding all three in both newcomers and stalwarts around the world.” After Kamalame Cay, the One and Only Ocean Club was ranked second, followed by The Cove Eleuthera in fifth. Pink Sands was seventh; Sandals Emerald Bay in Exuma was 14th; Sandals Royal Baha-

mian was 15th; the Cove Atlantis was 16th; Valentine’s Resort and Marina in Harbour Island placed 19th; and Atlantis, Paradise Island, ranked 20th. Joy Jibrilu, the Ministry of Tourism’s directorgeneral, said: “There are so many treasures tucked away in the islands of the Bahamas. “Each island offers a unique adventure and experience. We are so happy that more visitors are falling in love with our 16 islands. Congratulations to all of the amazing resorts that made the list.”

THE TRIBUNE

Friday, October 28, 2016, PAGE 3

Corporate governance vital to ‘business ease’ By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Chamber’s chairman said yesterday that improving the Bahamas’ corporate governance culture, a key pillar of the National Development Plan, is “critical” to preventing further declines in this nation’s ‘ease of doing business’

rankings. “In order to move the pendulum, the National Development Plan is going to be critical,” said Gowon Bowe. “One of the pillars of the plan is corporate governance, and in order to affect change we need a performance-driven civil service. “Ministers and Parliamentarians will be responsible for bringing forward

legislation, but they will not be the ones drafting and executing it all. When we look at the Governance initiatives in the plan to modernise the civil service, enhance their customer service mantras and ensure that they are being held accountable, that is going to help when it comes to saying these are the things we need to effect and ensure that they are prepared to

Private sector urged to seek online boost By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Bahamian businesses were yesterday urged to leverage digital platforms to boost their brand presence and increase sales opportunities, with website security described as “critical” to facilitating e-commerce. Royal Bank of Canada (RBC), in conjunction with Google, yesterday hosted a private business event at the British Colonial Hilton Hotel, where presenters from the Internet company highlighted the online tools it offers. Attendees were urged to use technology to their advantage to market their businesses, and make them more visible and accessible to consumers.

Kristie Powell, a Bahamian and senior technical account manager at Google in New York, said that leveraging tools provided on Google’s digital platform could provide firms with a greater online presence. She added that tools, such as Google analytics, track real time marketing performance, allowing businesses to know if they are in fact reaching their target audience. Highlighting the importance of leveraging digital platforms, Ms Powell told attendees: “There are tools that tourists, for instance, are accustomed to using at home, and when they travel they really want to be able to have a similar user experience.” Karen Wharton, RBC’s senior manager for mer-

chant services and point of sales, added that the bank has strict requirements for businesses looking to become e-commerce merchants. Ms Powell said that getting users to become comfortable using a merchant’s website for online transactions can be challenging, although businesses can take steps to provide customers with a greater sense of security. “The technology exists, and it’s not very difficult to implement and integrate,” she added. “What’s usually difficult is changing the perception of people’s behaviour and mind sets. That’s what you are really changing. Ensuring that your site is secure is absolutely critical.”

NOTICE

TO: “ JUSTICES OF THE PEACE”

In New Providence you are asked to visit the office of the Attorney General, John F. Kennedy Drive, Paul Adderley Building, for Verification and Updating of Information.

move very quickly.” Mr Bowe added that the social and economic elements of the Plab also come into play. “We have to determine what we want to be known for, and that is going to be one of those situations where it is going to be tremendously important to ensure that there is a structure and mechanism to have that feedback,” he said. “When we look at the so-

cial pillar, education is going to be critical in terms of how well things are done in the civil service and private sector.” The Bahamas is now perilously close to dropping into the bottom third of the World Bank’s ‘ease of doing business’ rankings’, after the country was ranked 121st out of 190 nations when it comes to facilitating private sector activity.

Chamber fully backs apprentice initiative By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive yesterday said the private sector was in full support of the proposed national apprenticeship programme, as a skilled and employable workforce was key to national development. Edison Sumner said: “We are going to be very engaged with that programme in helping to find placement for the apprentices in the private sector. It’s something that we offer our full support behind. “The IDB has offered their technical and finan-

cial support, and the Government will be offering its support as well. We think there is strong merit to the initiative.” The $50 million initiative aims to overhaul skills training and employment preparation in the Bahamas. The project, which will be funded 50/50 by matching contributions from the Government and Inter-American Development Bank (IDB), aims to improve the Department of Labour’s job seeker placement rate from the current 2 per cent to 18 per cent. Called ‘Skills for current and future jobs in the Bahamas’, it also aims to better equip young Bahamians for the demands of the 21st century workplace via ap-

Most notably, this nation had dropped 73 places in the global rankings when it came to the ease of ‘paying taxes’. The drop in the Bahamas’ ‘paying taxes ease’ ranking, from 22nd in the world to 95th, was the main reason why this nation failed to improve its overall position in the World Bank rankings, falling one spot from 120th to 121st yearover-year. prenticeship programmes that emphasise ‘on the job’ training. The three sectors targeted for the apprenticeship programme are maritime services (Grand Bahama Shipyard); the medical industry; and information technology (IT) and telecommunications. All three were said to have been chosen because the Christie administration believes they are ripe for growth as a result of new investments. “We are going to be working to get proper placement of the apprentices and that will go toward the training, skills and productivity development, so they can advance on the jobs where they are placed or be in a position to take advantage of other opportunities. We want to get more people trained, make them more employable and expand the workforce,” said Mr Sumner.

Bahamian passes the Series 7 exam A Bahamian citizen, Derek McIntosh, has passed the broker/dealer Series 7 exam administered by the New York Stock Exchange(NYSE) and US-based National Association of Securities Dealers (NASD). Mr McIntosh was sponsored by The Nastac Investment Group, and trained with The Nastac Group to prepare for the exam. The Series 7 is a professional qualification for persons working in the securities business. Mr McIntosh can now apply for registration with the Securities Commission.

Justice of the Peace, in the Family Islands are asked to visit their Administrators Office, to provide all relevant information. Passports and Drivers Licences are necessary for verification. ALL JUSTICES OF THE PEACE ARE ASKED TO CONTACT MRS. LINDA VIRGILL at LINDAVIRGIL@BAHAMAS.GOV.BS or Sandra Grant at sandragrant@bahamas.gov.bs, Telephone contacts (242) 502-0400

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PAGE PAGE 4, 4, Friday, Friday, October October 28, 28, 2016 2016

Sales agents lose BTC ‘contract breach’ claim From pg B1 “The plaintiffs were free to elect not to continue selling advertisements for BTC on the terms set out in the April 17, 2003 contracts. “What they were not free to do was to insist on retaining their employment on their own terms, or on terms other than those lawfully inserted in the contract by BTC.” Three BTC phone directory sales agents, Clarice Butler, Valerie Stubbs and Darren Smith, initiated the ‘breach of contract’ action in 2004 as “representatives” of their “veteran” colleagues - effectively making it a ‘class action’ lawsuit. Justice Isaacs found that their job was to solicit advertising from Bahamas and south-Florida based businesses for the annual phone directory and Yellow Pages, and they were employed on an annual contract whose terms “hardly changed” from year to year. Contracts started on February 1 each year, and each sales agent normally received all the advertising accounts they had worked on “or enhanced” the previous year. They then had the task of obtaining renewals and/or new business from

corporate Bahamas.’ “By way of remuneration, in respect of renewals the [sales agents] were paid a commission of 15 per cent of the revenue generated by any existing accounts which were renewed, and in respect of newly created accounts or increased sales to existing clients, a commission of 27.5 per cent of the new or increased revenue thereby generated,” Justice Isaacs wrote. “Thus, the more assiduously an agent applied himself to his accounts, the possibility for greater gains materialised. It could be said, therefore, that by the sweat of their brow they reaped the harvest.” However, the three “veteran” sales agents alleged that this happy arrangement was disrupted in November 2002 when BTC decided to hire extra sales agents. Arlington Miller, an industrial negotiator, complained on their behalf that BTC “had doubled the complement of sales agents”, triggering meetings between the “veterans” and the communications provider’s management on how accounts would be split. The Court of Appeal judgment is silent on why

BTC allegedly “doubled” its directory sales agent workforce. However, at that time, the company was still 100 per cent governmentowned, and the administration had changed just six months earlier in May 2002, the first Christie government having been elected to office. Following a meeting that involved then-BTC chief executive and other management members, and the “veteran” sales agents, the latter alleged there was an agreement that they would each surrender 17 per cent of their existing accounts to the new hires. The trio alleged that 17 per cent was “the accepted practice” whenever new sales agents were hired, but BTC denied there was any agreement. Still, Justice Isaacs said: “The appellants believed that this proposal was accepted by the respondent, because the respondent [BTC] issued the revenue accounts to the appellants for the new contractual year, that is, in February 2003, minus the 17 per cent.” An internal BTC memo, though, written by Tellis Symonette to then-internal legal chief, Felicity Johnson, said the 17 per cent allocation had proven unsatisfactory to the new sales agents.

“The new sales agents complained about this arrangement and, as a result, we were directed to reallocate revenue to ensure that all agents received an equal share,” Mr Symonette wrote. The three “veterans” representing the class alleged that, as a result, BTC had taken the “unilateral decision” to reallocate all advertising accounts to their detriment. However, other BTC internal documents purported to show meeting minutes where it was said that the “veteran” sales agents had been warned that the 17 per cent figure “may not be final”. This ultimately resulted in Claude Hanna’s March 19, 203, memo in which he told all BTC sales agents new and old - of the 55/45 per cent account and revenue split in favour of the latter. “The appellants allege that this 45 per cent-55 per cent split of existing revenue was imposed by the respondent, with the ‘Newbies’ receiving 45 per cent of the existing revenue which would normally have been assigned to the appellants as a matter of course,” Justice Isaacs wrote. He also noted Mr Hanna’s admission that the “veteran” sales agents “earned

NOTICE

less in 2003 than they did in 2002” as a result of the account split, with the trio bringing the action claiming to have lost “more than 50 per cent of their previous annual income”. Dismissing the agents’ claim to have any property interest in their employment contracts, Justice Isaacs said it was clear these were owned BTC, and the company could assign advertising accounts “as it deemed fit for maximum revenue potential”. However, he found that such reassignment depended on two factors - a sales agent’s past and present performance, and this could only happen during the final months of the contract’s “canvass period”, which lasted from February 1 to September 30. Justice Isaacs said neither of these factors was in play when it came to the case brought by the “veteran” agents, finding that the account reassignment instead had “everything to do with addressing the complaints of the Newbies and ensuring as even a split of the accounts between the Vets and the Newbies as possible”. However, Justice Isaacs said the 2003 employment contract between BTC and the sales agents had yet to be signed when the ac-

THE TRIBUNE TRIBUNE THE counts were assigned. While the “veterans” expected that the 17 per cent ‘reallocation’ term would continue in their new contract, Justice Isaacs’ said Mr Hanna’s March 19, 2003, memo “would have disabused them of that notion, as it laid out the revised split of the accounts. “Thereafter, when they were presented with the 2003 contracts, they signed them with the knowledge that the 17 per cent no longer applied, and the 54/45 split obtained for the 2003 contract period,” he concluded. “The evidence of the Vets, who gave evidence before the judge, reveals they all signed in the knowledge the accounts were to be assigned 55/45, and that when they signed they were not forced to do so.” As a result, Justice Isaacs ruled the ‘breach of contract’ claim “unsustainable”. “The memorandum related to an anticipatory event; that is, the entering into of the 2003 contract,” he said. “The recall of the accounts was preparatory to their assignment under the new contract.” As a result, Justice Isaacs said the case was “without merit or substance”.

NOTICE

NOTICE is hereby given that DEBORAH SUZANNE NOGUEIKA of #6 BTC Earthstation Rd., P.O.Box SS-19270, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st day of October, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that LOUNA LOCHA ALEIME of Roberta Drive off Ridgeland Park, P.O.Box N-7060, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st day of October, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE BLOOMING VENTURES INC. In Voluntary Liquidation

VERNALIS UNIVERSAL S.A. Company No. 627231 (In Voluntary Liquidation)

NOTICE SLOBODA LTD. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, BLOOMING VENTURES INC. is in dissolution as of October 24, 2016

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that VERNALIS UNIVERSAL S.A. is in voluntary liquidation. The voluntary liquidation commenced on 12th October, 2016 and Oliver Billeter of Weingartenstrasse 7 8805 Richterswil Switzerland has been appointed as the Sole Liquidator.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, SLOBODA LTD. is in dissolution as of October 18, 2016

NOTICE MIRADORINVEST S.A. NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Miradorinvest S.A. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 20th day of October, A.D., 2016. Dated the 26th day of October, A.D., 2016 Beatus Limited Liquidator

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________

Dated this 12th day of October, 2016 Sgd. Oliver Billeter Voluntary Liquidator

KENNETH M. HODGE situated at 2nd Floor, Hewlett Building, Box, 260, Road Town, Tortola, British Virgin Islands VG1110 is the Liquidator. LIQUIDATOR ______________________

THE THE TRIBUNE TRIBUNE

Friday, October October 28, 28, 2016, 2016, PAGE PAGE 5 Friday, 5

Roberts ‘in over his head’ on Baha Mar From pg B1 Mr Izmirlian used it as a ‘last resort’ to save the Baha Mar project and his family’s $800-$900 million investment. The ex-Baha Mar Board member added that Mr Izmirlian was being ‘bled dry’ at the rate of $15 million per month after China Construction America (CCA), the project’s general contractor, failed to meet the project’s completion deadline and “walked off” the job site without offering a solution. Having explained why Mr Izmirlian acted as he did, Mr D’Aguilar reiterated that he “just can’t understand” why the Government is not pushing the Chinese to engage with Mr Izmirlian, especially given the latter’s pledge to beat all rival offers on price. He was speaking, though, ahead of last night’s confirmation that Chow Tai Fook Enterprises, the Hong Kong-based conglomerate formed by the late billionaire, Cheng Yu Tung, and now owned by his family,

is Baha Mar’s prospective purchaser (see other article on Page 1B). Earlier, responding to the PLP chairman’s calls for Mr Izmirlian to prove he has the necessary financing to acquire Baha Mar, Mr D’Aguilar stormed: “Bradley Roberts is clearly in over his head, and doesn’t understand how this works. “I’m sure he’s [Mr Izmirlian] happy to show the money, but he has no one to show it to or negotiate with. It’s not sour grapes. He’s been knocking at the door for many months. “This is a genuine attempt to buy his baby, his project, on which he and his family could lose close to $1 billion, to a successful conclusion. He’s $1 billion into it. What more a demonstration of ‘show me the money’ is that? “Mr Roberts, God Bless him, is the pit bull of the PLP. He doesn’t have the foggiest idea of how this business works, and he engages in character attacks and taking down people who disagree with his brand

Baha Mar ‘purchaser’ leaves Sarkis in cold From pg B1 committed to the project. Chow Tai Fook Enterprises’ statement contained the standard investment and jobs pledges, and corporate history. However, ‘reading between the lines’, it is possible to draw out several key insights. * The group’s statement that it has “entered into negotiations” to acquire Baha Mar, and has applied for the necessary permits and approvals, indicates no purchase has been agreed yet. However, the language used strongly suggests it is a ‘done deal’. Chow Tai Fook Enterprises says pre-opening activities and hiring “has already commenced”, with the group investing “millions ahead of the official deal completion”. The negotiations with the hotel brands, too, would only have begun if the purchaser was confident that its deal is going through, and that it will receive all the necessary approvals from the Christie administration. * The release also effectively confirms Mr Izmirlian’s removal, and his family’s loss of an $800-$900

million investment in a project he spent some 13 years on. The confident language in Chow Tai Fook Enterprises’ statement affirms that the China Export-Import Bank, and the Beijing government, have no interest in entertaining further Baha Mar’s original developer despits his repeated offers to beat any rival bidder on price. The Hong Kong conglomerate, which arrived outside the formal Baha Mar sales process run by the Deloitte & Touche receivers, said the standard non-disclosure agreement (NDA) prevented it from revealing any details about the negotiations and transaction terms. Therefore, it is impossible to compare its offer to Mr Izmirlian’s, and determine which is better. * The Chow Tai Fook Enterprises release goes into great detail abouts its real estate development and hotel background, but there is no mention of a casino history. This is despite the late Cheng Yu Tung’s gaming partnership with Macau gambling king, Stanley Ho, and the Government’s in-

Business ease decline ‘not good marketing’ to foreign investors From pg B1 “That is also complicated by persons and other considerations that are not typical in a modern business environment.” Mr Turnquest did not describe what he meant by “persons and other considerations”, although he was likely referring to the lack of transparency and accountability within the Government and public sector, plus corporate governance woes. The FNM’s deputy leader added that when the Bahamas’ ‘ease of doing business’ ranking was combined with questions over the Government’s handling of major developments, such as Baha Mar, “it doesn’t give a tremendous amount of confidence to the external investors looking at the Bahamas, looking at the cuttings and news reports. “We will never know what the opportunity cost will be as a result of this negative news,” he added. “It’s unfortunate that it will confirm, for some people, an already negative perception of the Government and the Bahamas.” The Bahamas now stands perilously close to dropping into the bottom third of the world when it comes to the World Bank’s rankings, and Mr Turnquest said this showed the Christie administration had been “an abysmal failure” when it came to facilitating private sector activity. “They’ve not improved the ease of doing business, and it’s another symptom

PETER TURNQUEST of the overall neglect by this Government of the business environment,” he told Tribune Business. “You pick a subject, and the reality is: We’re challenged. Whether it’s Immigration, finance, utilities, regulation, we’re challenged all over. It’s not getting better; it’s getting more complicated.” Mr Turnquest said the slew of international regulatory initiatives impacting the Bahamian financial services were merely exacerbating this country’s own internal ‘business ease’ issues. Asked what the Opposition would do to reform the way business and commerce are conducted in the Bahamas, Mr Turnquest added: “We have to rely upon technology in the first instance to decrease the amount of running around and transactions necessary to facilitate business. “We need to streamline systems, where we have overlapping agencies and requests for the same information. We have to look

of politics. He’s full of you know what.” Mr Roberts’ comments, though, will likely strike a chord with those questioning whether Mr Izmirlian ever had the financing to take Baha Mar out of Chapter 11 bankruptcy protection, yet alone the $600 million-plus said to be necessary for the project’s construction completion. Baha Mar’s original developer has never disclosed his financing sources, and some observers are querying why Mr Izmirlian has left it so late - almost to the point where the project and his family’s investment is confirmed as lost - to give a ‘blank cheque’ offer. However, Mr D’Aguilar argued that Mr Izmirlian had never been given a chance to provide proof of financing because the China Export-Import Bank, Baha Mar’s secured creditor which is owned by the Beijing government, appeared determined to freeze him out regardless of his offer’s price and quality. “How do you want him to show you the money? Put $1 billion on the Cabinet table?” Mr D’Aguilar asked. “He wants to negotiate, and they’ve just frozen him out. “Let’s negotiate. If he’s

going to pay and do the things he says he’s going to do, negotiate with him. If he says he’s going to pay more than anyone else, OK.” Mr D’Aguilar said that given the $1 billion worth of investment incentives already granted to the Baha Mar development, the thousands of Bahamian jobs and double-digit GDP impact that are at stake, it was in the Government’s interests to “get the best possible deal” for the project’s completion and opening. “Insist the Chinese talk to him,” Mr D’Aguilar urged the Government on Mr Izmirlian. “Sit down and talk. The lack of interest in engaging with him, I just can’t understand it. “He’s obviously an interested purchaser. Why not talk to him? Let water go by under the bridge and make the best deal for the country. “Sarkis Izmirlian wants a meaningful conversation, he wants to be engaged. What more of a demonstration can one provide than all he has done so far? Go on his record and look at what he has cobbled together. What’s on the ground has been his brain child, his idea.” Mr D’Aguilar said he

could understand why the Christie administration feels “slightly p***** off” that it did not receive adequate warning of Mr Izmirlian’s intentions to file for Chapter 11 bankruptcy protection last June. The Government, and especially the Prime Minister, appeared to treat this as a personal betrayal and snub, believing Mr Izmirlian had ‘gone behind their backs’ while Mr Christie was seeking to negotiate a resolution with the Chinese. This was alluded to again by Mr Roberts, yet Mr D’Aguilar urged the Government to swallow its pride in what he described as the best interests of the Bahamas, as there were valid reasons for Mr Izmirlian acting as he did. Secrecy is paramount prior to Chapter 11 filings to ensure creditors are not tipped-off, and Mr D’Aguilar acknowledged that Mr Izmirlian did not inform the Government for fear its first subsequent telephone call would have been to the Chinese. “You keep throwing it in his face; get over it,” he told Tribune Business. “When you undertake Chapter 11 proceedings, you have exhausted all other avenues.

“The Chinese were stonewalling, and they had missed the deadline. It’s quite normal, when you miss a deadline, that you withhold payment until the contractor tells you how they will resolve this problem. “The Chinese never did that, and completely overreacted by walking off the job site. At some point you have to fish or cut bait. Somehow, Sarkis was turned into the big bad wolf.” Mr D’Aguilar said Mr Izmirlian spent $15 million per month for three months to keep Baha Mar afloat but, being bled financially and with no solution in sight, was forced to turn to Chapter 11 to preserve his investment and keep the project intact. “Mr Roberts fails to understand that when you go into Chapter 11, it’s a clearly defined process and strategy to get a desired result,” he added. “He [Mr Roberts] tries to distract you from the fact that their approach has gouged this project out of Mr Izmirlian’s hands, and they have sided with a group that has failed to deliver: Bottom line.”

sistence that a “world class hotel and casino” group acquire Baha Mar. Nor is there any mention of a potential casino brand for the Cable Beach project, although the Hong Kongbased conglomerate can always go out and acquire the necessary expertise.

in relation to the ‘sealing’ and lack of transparency surrounding the Goverment’s agreement with the Chinese; the uncertainty surrounding the Perfect Luck deal and ownership; whether taxes were paid on that sale or not; and the latest PR offensive mounted by Mr Izmirlian over his ‘purchase offer’. The statement’s headline: ‘Opening Baha Mar: Another Step Closer’ could have been written by the Government itself, and is a further indication that the release was intended to ‘dampen down’ Bahamian public disquiet. Tribune Business previously predicted that Baha Mar’s purchaser would be a Chinese group or conglomerate with close ties to the Beijing government, and that is exactly what Chow Tai Fook Enterprises has. Articles in the New York Times and other publications have previously exposed these links, including the broad business dealings that the Cheng family has enjoyed with the family of Wen Jibao, China’s premier from 2002 to 2012. Dr Henry Cheng, Chow Tai Fook Enterprises’ chairman and the late billionaire’s son, is a standing committee member for the Chinese People’s Political Consultative Conference. The group has also joint

ventured with the Abu Dhabi Investment Authority, and invested in a failed hotel venture with US presidential candidate, Donald Trump. “CTFE is looking forward to having Baha Mar join its portfolio of worldclass integrated resort development projects,” said Dr Cheng in the statement. “We are fully committed to this project, and plan to hire as many Bahamians as possible to work at the property.” Graeme Davis, the president of CTFE’s Bahamas subsidiary, added: “CTFE is a company that embraces and champions the culture and values of the communities where it does business around the globe. “We are excited to create an experience in the Bahamas that showcases what we collectively have to offer the world. We are confident that Baha Mar will be a property that Bahamians can be proud of.” Chow Tai Fook Enterprises touted Rosewood’s management of 55 hotels in 18 countries, and under three different brands. In particular, it pointed to properties in Antigua, Ber-

muda and the British Virgin Islands, and others in New York, LA and Hong Kong. On the real estate development side, it flagged the $10 billion Greenwich Peninsula project and $2.3 billion investment in Queen’s Wharf, Brisbane. However, Chow Tai Fook Enterprises’ pending acquisition of Baha Mar, coupled with China Construction America’s (CCA) ownership of The Pointe, is again likely to raise concerns about whether too large a slice of the Bahamian economy, and its tourism product, will be owned by entities that themselves are controlled, or have close ties, with Beijing. Listed companies controlled by CTFE and the Cheng Family include New World Development Company, a property developer with a market capitalisation of over US$11 billion; NWS Holdings, an infrastructure and transportation company with a market capitalisation of over $6 billion; and Chow Tai Fook Jewellery Group, one of the largest jewellery retailers in the world with a market capitalisation of over $7 billion.

* The Chow Tai Fook Enterprises release promises “a phased opening” of Baha Mar, something that the Chinese prevented Mr Izmirlian from doing. This ties into the Christie administration’s plans, and will likely involve trying to complete Baha Mar’s casino and casino hotel, plus convention centre and convention hotel, in time for the end of the early 2017 April winter season and the general election. How many floors will be completed is also uncertain. Chow Tai Fook Enterprises issuance of such a press release is news in itself, given that normal corporate protocol is for acquisition talks - certainly those of Baha Mar’s scale - to remain secret until the deal is concluded and formally announced. Its statement appears designed, and timed, to relieve the public pressure that has been building on the Christie administration over Baha Mar, especially at the number of fees and processes; transaction processes. We have to see if we can streamline some of those and cut them where possible.” The Bahamas is now ranked below ‘economic powerhouses’ such as Papua New Guinea (119th); Swaziland (111th); the Solomon Islands (104th); and Lesotho (100th). And it has also slipped behind many of its Caribbean competitors, including Jamaica (67th); St Lucia (86th); Antigua & Barbuda (113th); and Barbados (117th). Until the past twothree years, the Bahamas was placed ahead of the latter two. The Bahamas’ ‘ease of doing business’ decline has not resulted from anything it has necessarily done but, rather, the fact it has effectively ‘stood still’ while its competitors have enacted reforms enabling them to overtake this nation. The Bahamas’ one-spot fall in the latest rankings was largely due to its 73-place drop on the ‘ease of paying taxes’, from 22nd in the world to 95th. This stemmed from its implementation of Value-Added Tax (VAT), and the extra burden it has imposed on the private sector. Elsewhere, the Bahamas fell six spots - from 112th to 118th - when it came to protecting minority investors, and from 134th position to 139th on the ease of obtaining credit. While the Bahamas maintained its 118th spot on the ease of ‘starting a business’, it fell from 108th to 110th on construction permits, and from 115th to 116th on getting electricity. The only ‘bright spot’ was

the 18-place improvement on the ‘ease of registering property’, but even here the Bahamas only moved from 184th in the world - near rock bottom - to 106th.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, STACY JACQUESLOUIS of Hillside Street, P.O.Box SP-63877, New Providence, Bahamas intend to change my name to STACY LOUIS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

THE THE TRIBUNE TRIBUNE

Friday, October October 28, 28, 2016, 2016, PAGE PAGE 7 Friday, 7

Summit’s peak rating a timely confidence boost From pg B1 Summit had waited until it made “economic sense” for the company to approach A. M. Best, and its portfolio growth and size, coupled with the desires of its reinsurance partners, had prompted it to make the move. “We decided to go ahead and apply for one some time before the storm,” he explained. “We’d always looked at it and said that when it makes economic sense for us to do so, we will pursue it. “As time goes on, more and more businesses and individuals you do business with pay more attention to whether you have an A. M. Best rating. It gives your international partners a bit more confidence to have a rating.” Mr Ingraham said the rating would enhance perceptions of Summit, even though he did not expect it would result in “a huge boost” in insurance business.

US stock indexes slip further, but bond yields surge

petitive market pressure have created for Summit’s overall operating performance and growth opportunities.” Summit, the carrier through which Insurance Management places most of its property and casualty business, was formed in response to a lack of market capacity following Hurricane Andrew in 1992. “The company enjoys excellent brand recognition throughout its territory. Operating performance has historically been profitable due to prudent underwriting, conservative risk management and adequate reinsurance protection backed by quality reinsurance partners,” A. M. Best said. “Risk-adjusted capitalisation is also sufficiently strong to support underwriting, investment and business risks, as well as strategic objectives.” On the down side, the insurance rating agency added: “Market conditions in the Bahamas are highly competitive and pricing, particularly on property business, is soft. Organic growth potential is extremely limited.”

Summit retained the leading rating despite the fact that Hurricane Matthew-related claims will likely slash its 2016 profits - possibly pushing it into a loss. “Significant recent damage and losses from Hurricane Matthew will tarnish overall results for 2016,” A. M. Best said of the company. “However, Summit’s catastrophe reinsurance programme adequately protects surplus from such events, and the balance sheet is expected to remain strong.” It added: “The ratings reflect Summit’s supportive balance sheet strength, historically favourable operating results and leading market presence in the Bahamas. “These rating strengths are partially offset by the company’s geographic and underwriting risk concentration, and the challenges that weakened economic conditions and strong com-

ing to investors seeking income. Scott Kimball, co-portfolio manager of the BMO TCH Core Plus Bond Fund, said investors believe that central banks will cut back on bond buying. In recent days that’s sent prices lower and yields higher. “The largest bond buyers, the biggest bond managers in the market, have been these central banks,” he said. Kimball added that yields could rise further if economic growth picks up. The Dow Jones industrial average fell 29.65 points, or 0.2 percent, to 18,169.68. The Standard & Poor’s 500 index sank 6.39 points, or 0.3 percent, to 2,133.04. The Nasdaq composite lost 34.29 points, or 0.7 percent, to 5,215.97. Comcast continued to fall as investors worried about

NEW YORK (AP) — U.S. stocks slipped for the third consecutive day Thursday as media and defense companies skidded. Bond yields climbed to their highest levels since May, which helped banks and hurt stocks that pay big dividends. Stocks started the day higher and were flat at midday, then gradually slid through the afternoon. Cable and TV companies and publishers sank, and industrial companies like Raytheon and L-3 Communications fell after reporting weak results. Bond prices fell and yields climbed. That helped banks, since they’ll earn more from lending as interest rates rise. It also sent high-dividend stocks like utilities and real estate companies lower as bonds become more appeal-

THe WeaTHer repOrT

5-Day Forecast

TOday

OrlandO

High: 84° F/29° C low: 67° F/19° C

Tampa

TOnIGHT

saTurday

sunday

mOnday

Tuesday

Periods of sun with a shower or two

Partly cloudy with a shower or two

Clouds and sun, a t‑storm in spots

Partly sunny, a t‑storm in spots

A morning shower; partly sunny

Partly sunny, a shower; breezy

High: 83°

Low: 74°

High: 84° Low: 75°

High: 85° Low: 74°

High: 84° Low: 74°

High: 85° Low: 74°

AccuWeather RealFeel

86° F

75° F

91°-76° F

94°-76° F

92°-72° F

90°-73° F

High: 87° F/31° C low: 69° F/21° C

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

almanac

aBaCO

High: 81° F/27° C low: 77° F/25° C

10‑20 knots

WesT palm BeaCH High: 84° F/29° C low: 78° F/26° C

10‑20 knots

FT. lauderdale E

FreepOrT

High: 83° F/28° C low: 77° F/25° C

High: 84° F/29° C low: 74° F/23° C

mIamI

High: 84° F/29° C low: 77° F/25° C

10‑20 knots

Key WesT

High: 83° F/28° C low: 76° F/24° C

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 81° F/27° C Low .................................................... 70° F/21° C Normal high ....................................... 83° F/29° C Normal low ........................................ 72° F/22° C Last year’s high ................................. 84° F/29° C Last year’s low ................................... 72° F/22° C Precipitation As of 2 p.m. yesterday ................................. 0.28” Year to date ............................................... 47.95” Normal year to date ................................... 34.89”

eleuTHera

nassau

High: 83° F/28° C low: 74° F/23° C

High: 83° F/28° C low: 78° F/26° C

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

tiDes For nassau High

10‑20 knots

Low

Ht.(ft.)

7:01 a.m. 7:15 p.m.

3.1 2.9

12:49 a.m. 0.4 1:18 p.m. 0.5

Saturday

7:39 a.m. 7:53 p.m.

3.1 2.8

1:27 a.m. 1:58 p.m.

0.3 0.4

Sunday

8:16 a.m. 8:30 p.m.

3.2 2.8

2:03 a.m. 2:37 p.m.

0.3 0.4

Monday

8:52 a.m. 9:07 p.m.

3.2 2.7

2:37 a.m. 3:15 p.m.

0.3 0.4

Tuesday

9:28 a.m. 9:44 p.m.

3.2 2.6

3:12 a.m. 3:52 p.m.

0.3 0.4

Wednesday 10:04 a.m. 10:21 p.m.

3.1 2.5

3:47 a.m. 4:31 p.m.

0.4 0.5

Thursday

3.0 2.4

4:23 a.m. 5:10 p.m.

0.5 0.6

10:42 a.m. 11:01 p.m.

sun anD moon Sunrise Sunset

7:15 a.m. 6:32 p.m.

Moonrise Moonset

5:24 a.m. 5:35 p.m.

new

First

Full

last

Oct. 30

nov. 7

nov. 14

nov. 21

andrOs

san salVadOr

GreaT eXuma

High: 84° F/29° C low: 78° F/26° C

High: 82° F/28° C low: 78° F/26° C

W S

lOnG Island

insurance management tracking map

High: 84° F/29° C low: 79° F/26° C

Ht.(ft.)

Today

High: 84° F/29° C low: 78° F/26° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

uV inDex toDay

CaT Island

competition it could face from a new online TV service like AT&T’s DirectTV Now, which was announced Tuesday. Comcast lost $1.08, or 1.7 percent, to $61.48 after falling 3 percent Wednesday. Competitor Charter Communications and TV networks like CBS and Twenty-First Century Fox also skidded. Automaker and auto parts retailers also fell, which contributed to the losses for consumer companies. Raytheon gave up $5, or 3.5 percent, to $136.28 as its outlook failed to impress investors. Communications and surveillance company L-3 Communications gave up $10.96, or 7.4 percent, to $137.75 after it posted weak sales. Aerospace giant Boeing slipped after a big surge Wednesday.

12‑25 knots

mayaGuana High: 86° F/30° C low: 79° F/26° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CrOOKed Island / aCKlIns raGGed Island High: 85° F/29° C low: 80° F/27° C

High: 85° F/29° C low: 79° F/26° C

GreaT InaGua High: 87° F/31° C low: 80° F/27° C

8‑16 knots

10‑20 knots

marine Forecast aBaCO andrOs

CaT Island CrOOKed Island eleuTHera FreepOrT GreaT eXuma GreaT InaGua lOnG Island mayaGuana nassau raGGed Island san salVadOr

Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday:

WINDS NE at 10‑20 Knots ENE at 12‑25 Knots NE at 10‑20 Knots NE at 12‑25 Knots NE at 12‑25 Knots ENE at 10‑20 Knots ESE at 10‑20 Knots E at 8‑16 Knots NE at 10‑20 Knots ENE at 10‑20 Knots ENE at 10‑20 Knots NE at 12‑25 Knots NE at 10‑20 Knots ENE at 10‑20 Knots E at 10‑20 Knots E at 8‑16 Knots NE at 8‑16 Knots E at 6‑12 Knots ESE at 10‑20 Knots E at 8‑16 Knots NE at 8‑16 Knots NE at 8‑16 Knots NE at 8‑16 Knots E at 6‑12 Knots NE at 12‑25 Knots ENE at 12‑25 Knots

WAVES 8‑12 Feet 6‑10 Feet 2‑4 Feet 2‑4 Feet 6‑10 Feet 6‑10 Feet 4‑7 Feet 3‑5 Feet 8‑12 Feet 6‑10 Feet 3‑6 Feet 4‑7 Feet 2‑4 Feet 2‑4 Feet 4‑7 Feet 3‑5 Feet 2‑4 Feet 2‑4 Feet 6‑10 Feet 4‑8 Feet 3‑6 Feet 3‑6 Feet 2‑4 Feet 1‑3 Feet 4‑7 Feet 4‑7 Feet

VISIBILITY 8 Miles 8 Miles 7 Miles 3 Miles 5 Miles 3 Miles 5 Miles 7 Miles 7 Miles 5 Miles 8 Miles 8 Miles 5 Miles 3 Miles 5 Miles 7 Miles 5 Miles 3 Miles 5 Miles 7 Miles 7 Miles 5 Miles 5 Miles 3 Miles 5 Miles 3 Miles

WATER TEMPS. 80° F 79° F 80° F 80° F 81° F 81° F 83° F 83° F 80° F 82° F 81° F 81° F 80° F 80° F 83° F 83° F 82° F 82° F 81° F 83° F 82° F 82° F 82° F 85° F 80° F 81° F