‘I’ve
seen nothing that alarms me’
CCA bids to block Sarkis ‘chaos’ peril
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BAHA Mar’s contractor is seeking to prevent Sarkis Izmirlian creating “a chaotic environment” by filing a rival plan to reorganise its US affiliate as it moves to appeal the latter’s $1.642bn damages award by May 8.
By NEIL HARTNELL Tribune Business Editor
A PROMINENT
Bahamian realtor yesterday disclosed he has “not seen anything that alarms me” with data “proving a dynamic market” driven by strong demand despite the Trump tariff uncertainty.
David Morley, Morley Realty’s broker/owner, told Tribune Business he has detected no signs of any “slowdown” across the main island markets of New Providence, Abaco, Eleuthera and Exuma with his company’s analysis of 2025 first quarter industry data showing “homes continue to sell quickly” especially in the nation’s capital.
Using figures derived from the Bahamas Real Estate Association’s (BREA) Multiple Listing System (MLS), which is estimated to capture 60 percent and more of industry sales and thus provide a good indicator of overall activity, Morley Realty’s report on the first three months for 2025 showed that the time existing New Providence homes spent on the market once listed has fallen to an average of three months or 90 days.
That represents a 31.8 percent decline year-over-year, and 11.8 percent drip quarterover-quarter, which Mr Morley said “shows the demand is still there” to both support seller asking prices and close property deals relatively quickly. And, while the uncertainty and confusion caused by the US president’s tariff policies occurred after the first quarter closed, he told this newspaper there has been no real estate fall-out.
CCA Construction Inc, one of the three entities liable to compensate Baha Mar’s original developer after two New York courts deemed it guilty of fraud and breach of contract, in multiple legal filings this week with the New Jersey federal bankruptcy court is requesting a 120-day extension to the “exclusivity period” where only itself can submit a plan for corporate reorganisation.
Failure to obtain an extension, the Chinese state-owned contractor reveals, would pave the way for its creditors - the largest of which is
‘No
Mr Izmirlian and his BML Properties vehicle - to submit a rival, alternative plan to restructure and reorganise CCA Construction Inc under US Chapter 11 bankruptcy laws and regulations.
Baha Mar’s original developer would almost certainly, if given the chance, propose a restructuring plan that ensures he receives the now
$1.7bn-plus damages award due to him that was upheld by a New York appeals court on April 8. And CCA’s filings suggest that the peril facing the US subsidiary is increasing given that its existing “exclusivity period” already expired on Monday, April 21 - the same date it sought an extension.
And, with the New Jersey bankruptcy yet to rule on CCA’s bid to extend its “exclusivity period” by four months until August 19, 2025, the contractor has also subsequently filed for the court’s permission to join its two fellow Bahamian-domiciled subsidiaries, CCA (Bahamas) and CSCEC (Bahamas), in prosecuting yet another appeal seeking to overturn Mr Izmirlian’s damages award now upheld by two courts.
Now blasting the New York State Supreme Court’s appeals division, first judicial department, for “fundamental errors of laws and fact” in
its April 8 ruling, CCA said it plans to take its final shot at overturning this verdict with a petition to the Court of Appeals of the State of New York that will be filed by May 8, 2025. Setting out its arguments for an exclusivity period extension, CCA Construction argued that this was warranted by the “complexity” of its situation and, in particular, the threat posed by Mr Izmirlian and his BML Properties vehicle filing an alternative Chapter 11 restructuring plan. It also pledged that it is working on a “flexible, parallel path structure” for reorganising the company and its operations - a thinly-veiled indication that it is working on multiple restructuring plan
way we could survive’ initial US China ship fee
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
ELEUTHERA’S Chamber of Commerce president yesterday asserted “there was no way we could have survived” on the Family Islands if the US had implemented its $1m Chinese-made ship fee as originally proposed.
Thomas Sands told Tribune Business he did “not know what we would have done” if
the Trump administration had not altered course given the “insurmountable” and “massive” cost hikes that would have resulted due to the Bahamian economy’s huge import dependence and reliance on products shipped from the US. Grateful that this nation and wider Caribbean have been totally exempted from the Chinese-made ship fees, which were forecast to produce a near-doubling of existing freight costs, he acknowledged
that it is effectively ‘one crisis down, another to go’ while describing the uncertainty created by Donald Trump’s constantly-changing trade and tariff policies as “insane”.
Mr Sands said the resulting confusion, and fall-out for consumer and business confidence, is crippling for commerce because “no one knows what’s coming around the corner”. Businesses in Eleuthera and
Doctor couple ‘obstructed’ UK contractor family’s sale
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A BAHAMIAN doctor couple disrupted efforts by a family that founded a UK-headquartered global construction giant to sell a Camperdown property via “significant and unlawful obstruction” of a right of way.
Senior justice Deborah Fraser, in an April 17, 2025, verdict ordered Dr Valentine Grimes and Dr Indira Grimes, and their company Indyval Investments, to within 90 days remove a “chicken coop”, plants, fence and gate blocking a 20-foot wide easement that the estate of Sir (Thomas) Malcolm McAlpine wished
to include as part of a wider land transaction.
The late Sir Malcolm is one of three sons of Sir Robert McAlpine, founder of the well-known construction and engineering giant that bears the latter’s name. His estate was represented in the trial by Sir Malcolm’s grandson, James, who had replaced his own late father, Kenneth.
The McAlpine estate initiated Supreme Court legal action in September 13, 2022, alleging that the doctors - through Indyval Investments - had “unlawfully obstructed” a right of way that had been granted to it through a November 7, 1985, conveyance. The
By FAY SIMMONS Tribune Business
in complaints about businesses requiring consumers to buy a minimum amount on credit and debit card purchases Senator Randy Rolle told Tribune Business that the watchdog is investigating these complaints as the practice violates the merchant services agreement these companies have signed with card-issuing companies and financial services providers.
“We’ve seen an increase in complaints about the cosmetic and beauty supply stores. And then we have also been seeing an increase in businesses telling customers that they have to have a minimum amount to purchase on credit cards,” said Mr Rolle.
“The merchant services agreement for using a credit card stipulates that you’re not supposed to have a minimum purchase, and you’re not supposed to be charging a convenience fee to use a credit or debit card.” Bahamians have been voicing complaints about ‘minimum purchase’ requirements frequently and for some years
DAVID MORLEY
THOMAS SANDS
SARKIS IZMIRLIAN
GB SHIPYARD’S FIRST NEW DOCK SET FOR EARLY NOVEMBER ARRIVAL
GRAND Bahama Shipyard yesterday said the first of its two new docks will arrive on the island by the first week in November as it bids to regain its status as “a leading, world class cruise ship repair facility”.
This first dock, named ‘East End’, was described as close to completion. It is 357 metres long, 76 metres wide and capable of lifting up to 93,500 tons. It will be equipped with four modern cranes and control systems.
The second, larger dock, ‘Lucaya’, is also progressing and expected to arrive in 2026.
Work at the Grand Bahama Shipyard, which has included the extension of a pier to help accommodate the new docks, was said to be well advanced.
The company will be ready to receive the dock in
November, and will go into operation in January 2026. Dave Skentelbery, Grand Bahama Shipyard’s chief executive, said: “We are close to reassuming our position as a leading, world class cruise ship repair facility. The investment by our shareholders will be a significant boost to the economy of Grand Bahama, providing both direct and indirect employment opportunities.
“We have engaged another 20 apprentices this year, and are already in the process of recruiting crane operators to train for the new docks.” Both docks will allow Grand Bahama Shipyard to accommodate all existing and currently planned cruise ships worldwide, as well as a broad range of other vessels. Its $600m expansion project includes the construction, delivery to
Freeport and commissioning of two floating docks that are among the largest in the Western Hemisphere.
Grand Bahama Shipyard said this will allow it to have the largest lifting capacity in the world, and service the entire range of cruise ships, as well as much of the world’s commercial shipping fleet.
Grand Bahama Shipyard currently has 85-100 scheduled dry dockings per year, including more than two dozen cruise ship refits and dry dockings annually. The addition of the two new docks will help it to surpass this performance. The company’s shareholders are currently Royal Caribbean and Carnival, which each own 40 percent, with the 20 percent balance held by the Grand Bahama Port Authority (GBPA).
EX-BAHA MAR WATER PARK CHIEF SET TO HEAD ROYAL BEACH CLUB OPERATIONS
ROYAL Caribbean has named the former general manager for Baha Mar’s water park as its director of operations for the Paradise Island-based Royal Beach Club.
The cruise line, in a statement, said Alistair Delancey joins the growing management team at its first beach club experience that is scheduled to open in December 2025.
“I am thrilled to welcome Alistair to the Royal Beach Club Paradise Island team. Alistair’s extensive experience in hospitality and operations, combined with his deep understanding of Bahamian culture, makes him an invaluable addition to our management team,” said Philip Simon,
president of Royal Caribbean (Bahamas).
“His leadership and expertise will undoubtedly enhance the guest experience and contribute to the success of our first
beach club experience.”
Mr Delancey will oversee overall operations at the Royal Beach Club and the experiences it will provide to passengers. As part of his role, he will promote workplace safety while leading a workforce of more than 500 staff members. He previously served as general manager for The Baha Bay Beach Club and water park at SLS Baha Mar. Troy Smith, the Royal Beach Club’s general manager, said: “Alistair is adept at leading cross-functional teams, optimising operational efficiency, and fostering partnerships, making him the ideal candidate for this first-of-its-kind project.”
Complaints increase over ‘minimum’ card purchase
FROM PAGE B1
Mr Rolle, meanwhile, said the watchdog has seen a decrease in complaints about courier companies, who were the subject of the highest number of concerns in 2024. However, the Commission is still receiving complaints about contractors - the sector that received the second highest number of claims in 2024.
“We’ve been getting a lot of complaints from single mothers and women who are having negative interactions with contractors. So, we’re going to work closely with the Bahamian Contractors Association, so they can remain vigilant and careful and, of course, we’re going to ask contractors to exercise a level professionalism, especially when dealing with vulnerable people,” said Mr Rolle.
For the 50 percent VAT rate reduction on groceries, Mr Rolle said the Commission has received no complaints about merchants charging the incorrect tax rate. Price Control representatives have encountered no violations while conducting their checks in New Providence and the Family Islands.
“We haven’t had any complaints about the VAT adjustment recently. Price control in New Providence and a number of Family Islands have given positive responses so right now everything is going smooth. We still have a few Family Islands to get to but so far so good,” said Mr Rolle.
The Commission (CPC) revealed that it has recouped $44,000 for consumers between January 1, 2025, and April 5, 2025, representing a 60.79
percent recovery rate in claims processed.
“So far for the year, the CPC received 93 total complaints, which included eight referrals, 16 advisory inquiries, and 69 formal consumer disputes. Of those disputes, 25 cases have already been resolved, while 44 remain open and under investigation,” said the CPC. “In total, the Commission handled $72,861 in consumer claims and successfully refunded $44,295 to aggrieved consumers.”
Last year, the CPC received $874,746 in claims and recovered $240,426 on behalf of Bahamian consumers. The agency, in revealing its figures for 2024, said the number of reported cases more than doubled, handling 444 reported cases compared to 192 in 2023.
ALISTAIR DELANCEY
GOV’T TARGETS ‘EXCESSIVE’ BILLBOARDS FOR REMOVAL
By FAY SIMMONS
THE Davis administration has launched the first phase of billboard removals in New Providence.
The Beaches and Parks Authority has issued a public advisory warning companies that “unauthorised and excessive” billboard signage across the capital will be
removed in an effort to reduce “visual pollution”.
“We’ve entered phase one of removing unauthorised and excessive billboard signage across New Providence, a key step in our fight against visual pollution. This effort was implemented by our executive chairman, McKell Bonaby, to bring structure to billboard advertising, reduce clutter in high traffic areas and revamp our beautiful island,” said the advisory.
GBPA SET TO HOST SECOND FREEPORT BUSINESS EXPO
THE Grand Bahama Port Authority (GBPA) is preparing to host the second-ever Freeport Business Expo in a renewed bid to diversify the city’s economy and attract fresh investment.
This year’s version, billed as the ‘tourism edition’, is being held from May 1-2 at the Grand Lucayan Convention Centre. “As Grand Bahama gears up for a period of major economic expansion, this Expo is designed to ensure our local businesses and entrepreneurs are ready to seize those opportunities,” said Ian Rolle, the GBPA’s president.
“We’re connecting Bahamians with the tools, networks and unique products from local and global players needed to transform tourism-focused business ideas into thriving enterprises.” This year’s event is expected to more than double in size, following last year’s inaugural Expo, which welcomed more than 40 exhibitors and 1,000-plus attendees.
This year, the Expo will feature more than 50 local and international exhibitors, over ten global service providers, and a broad cross-section of entrepreneurs, financiers and industry leaders ready to drive innovation.
The event will begin with a private Strategic Networking Reception on Wednesday, April 30, bringing together international exhibitors, existing tourismbased businesses, sponsors and invited guests for an
evening of connection and collaboration.
The Expo officially opens on Thursday, May 1, with a full day of exhibitions featuring local financial institutions, business development agencies, interactive show floor displays and demonstrations by international providers. Additionally, VIP attendees will benefit from breakout sessions, and exclusive match-making designed to link international exhibitors with entrepreneurs to discuss ways of introducing new tourism products to the market. The Expo will continue through Friday, May 2, closing with a lively networking mixer that celebrates partnerships formed and deals in motion.
“From private seminars to one-on-one business meetings, a high-impact show floor, and access to funding support, this Expo is a launch pad for Bahamians looking to create, expand and thrive in the tourism space,” said
The removal efforts began at Montagu Beach Park. Business owners were advised that unauthorised signs will be removed and stored at the Authority’s head office, where they will be made available for collection.
“We are about to start our phase one removal of billboards process. This will combat visual pollution in New Providence. Business owners are advised to take note of these upcoming changes. All removed signs will be stored and available
for collection at our head office on Fire Trail Road west,” said the Beaches and Park Authority. The issue of unauthorised billboard advertisements along the roadside and in public spaces has been long-standing with successive governments launching initiatives to clean up excessive signage. In 2019, former Beaches and Parks Authority chairman, Shanendon Cartwright, also removed excessive billboards at Montagu Park after
Glendia Sweeting, the GBPA’s manager of quality assurance and special projects.
“Whether you’re seeking guidance on launching a new venture, expanding an existing business or obtaining a GBPA business license, this event is the ultimate opportunity to move from idea to action.”
This year’s Expo is presented in partnership with the Grand Bahama Island Promotion Board; the Grand Bahama Chamber
multiple complaints about the advertisements.
Recently, social media users have launched frequent complaints against excessive billboards in western New Providence, including the airport road and near Goodman’s Bay.
“They have no control over all of these ugly billboards that are popping up all over this island. The airport road is a travesty, I mean you can’t even enjoy the aesthetics. Please get rid of those signs” said a commenter on a photograph of
vendors near Goodman’s Bay. Another user questioned the protocol for erecting billboards, noting that many are left for months before the owners remove them. “Aren’t you supposed to apply for permission, and then you can only keep them up for a certain time? Things had to change because some of them signs been up for months, them set by the mall ready to rotten how long they been up,” they said.
of Commerce; Ministry of Tourism; Bahamas Customs Department, Bahamas Immigration Department, Kanoo, Viva Wyndham Fortuna Beach, Island Seas Resort, BTC, Bahamasair, and Five Star Shipping Company.
EXPO GLENDIA SWEETING, GBPA Quality Assurance Manager
EXPO JILLIAN WILLIAMS, GB Island Tourism Promotion Board
EXPO JILLIAN WILLIAMS, GB Island Tourism Promotion Board
EXPO KARENDA ROLLE, Ministry of Tourism
EXPO KARENDA ROLLE, Ministry of Tourism
seen nothing that alarms me’
While acknowledging that it was an incorrect, or inappropriate, comparison, the Morley Realty chief said investments in Bahamian real estate by international buyers - most of whom are acquiring second homes - is “almost like buying gold”.
Given that this nation’s property prices typically do no depreciate, or go down, such purchases act almost as a hedge or ‘safe haven’ from the Trump-induced stock market turmoil.
And, while persons are “jittery” and nervous over the recent stock market swings, with trillions of dollars in losses swiftly reversed by swings of the same magnitude, Mr Morley said there has been “no slowdown in investors coming to The Bahamas” yet.
“We don’t see a slowdown in the Family Islands,” he told Tribune Business. “We have three agents in Abaco and they are constantly being slammed, constantly go, go, go. We’re just now going into the busy summer season in Abaco, with a hell of a lot of tourists coming on doing vacation rentals.
“A lot of people are jittery with what’s happening in the stock market. Obviously, in the back of people’s
minds, there’s some worry as to what’s going on with Donald Trump being erratic in his policies. He has even suggested he may back track on tariffs on China.
Speaking with some financial friends of mine, they say they just wish he would come out with a consistent policy and stick to it, so they can advise their clients and the markets would stabilise.
“But we’re not seeing any slowdown in investors coming to The Bahamas,”
Mr Morley added. “A couple of international buyers we are dealing with, instead of coming in with all-cash are exploring US dollar financing here in The Bahamas. They’re not having to come up with as much equity to purchase.
“I have not seen anything that alarms me about it. Global influences or even local influences, I’m not seeing anything locally causing people to be afraid and not want to sell and not want to buy, let’s put it that way. I was very happy to see that first quarter report. What it’s proving is that compared to current demand, we’ve a good set of inventory for sale that’s available for people to chose. There’s nothing there that’s alarming.”
Mr Morley said further stability is provided by the
fact Bahamian real estate has always been a long-term investment. “Real estate has always been a safer investment,” he explained. “It’s not a liquid asset. You cannot turn around and sell it like a stock.
“We don’t typically have appreciation in the value of a property. We’ve only seen appreciation in the value of real estate. It’s always been an investment in The Bahamas as a long-term hold. Real estate has always been looked at as a long-term investment because it’s not that liquid.”
Mr Morley added that ‘flipping’, where persons acquire rundown properties and seek to profit by renovating them to increase their value, then quickly sell them on to other buyers is a model that does not work in The Bahamas because “our closing costs are too high” via a combination of attorney and realtor fees plus government taxes.
Estimating that ‘flippers’ would need to increase a property’s value by “a minimum of 20 percent to just break even”, the Morley Realty chief said this ensures that Bahamian real estate will always be a long-term as opposed to short-term investment.
Morley Realty, in its analysis of 2025 first quarter
CCA BIDS TO BLOCK SARKIS ‘CHAOS’ PERIL
scenarios with the outcome almost entirely dependent on whether itself or Mr Izmirlian finally emerges victorious from their decade-long legal battles.
“Termination of CCA’s exclusive periods would adversely impact the overall progress of this case toward an eventual resolution. If this court were to deny CCA’s request for an
extension of the exclusive periods, any party in interest – including BML Properties, who despite recent productive conversations has engaged in extensive, highly contentious litigation with CCA in the past - would then be free to propose a plan,” CCA said.
“Such a ruling would foster a chaotic environment with no central focus, and may cause substantial harm to CCA’s efforts to effect its
reorganisation. Accordingly, CCA should be granted sufficient time to complete their own plan process and their exclusive periods should be extended.”
Asserting that it has made “significant progress” in its restructuring efforts to-date, CCA added: “In just under four months, CCA has stabilised its business and that of its subsidiaries, including responding to inquiries from customers, surety
sales data, said the market for existing New Providence homes “showed signs of slowing at the start of 2025” but the numbers remained consistent with the 2024 second half and long-term market trends.
While new listings for the three months to end-March, standing at 134, were down 31.3 percent compared to the 2024 first quarter, they were essentially flat quarter-over-quarter and when measured against last year’s second half. Contracted sales, at 72, were down 10 percent compared to the first three months of 2024, but the 49 completed sales were actually up by 4.3 percent year-over-year.
Mr Morley told Tribune Business that the slowdown in new listings, combined with continued strong demand, meant that the amount of time listed properties are spending on the market is reducing. And sellers are still to a large extent getting the prices they are seeking.
“What is all this causing?” he added. “What it’s showing is the demand is still there. If the demand was not there the listing price-to-sales price ratio would increase and days on the market would be significantly higher. The demand is proving to be consistent
bond providers and other stakeholders, filed schedules of assets and liabilities and statements of financial affairs”.
The Chinese contractor added that it had also obtained approval of its “debtor-in-possession financing over the objection of BML Properties, provided extensive formal and informal discovery to BMLP and maintained good faith engagement with BMLP regarding chapter 11 matters, sought authority to pursue and pursued its appeal of the adverse
from the last quarter and the quarter before.” For New Providence home sales, sellers were still on average obtaining 92.3 percent of their asking price during the 2025 first quarter even though this represented a slight 3.8 percent drop both year-over-year and quarterover-quarter. The reduction in inventory volumes compared to 2024 saw the number of days New Providence homes spent on the market fall by almost onethird year-over-year.
“Homes continued to sell quickly, with days on the market dropping further to just around three months,” Morley Realty’s New Providence homes market report added.
“The average sales price continued to rise following the drop in the 2024 third quarter. The growing gap between the average and median suggests an increase in high-end sales. The median sales price also rose, though not nearly as sharply as the average. Still, the 2025 first quarter marks a two-year high for the market.”
According to Morley Realty, the average sales price for the 2025 first quarter hit $1.7m, representing increases of 137.7 percent and 78.3 percent against year-over-year and quarterover-quarter comparisons, respectively. Meanwhile, the median price of $750,000
decision against it” in Mr Izmirlian’s favour.
“In parallel, CCA has been actively developing a Chapter 11 plan of reorganisation. Despite this tremendous progress, significant work remains to be done prior to emergence from Chapter 11, including resolving the important contingency of whether BML Properties’ claim will be allowed and in what amount,” CCA added.
“This work, which is being done transparently and expeditiously for the benefit of all stakeholders, requires an extension of CCA’s exclusive period to file and solicit votes on a Chapter 11 plan of reorganisation....
In the weeks ahead, CCA intends to continue making significant progress advancing this Chapter 11 case.
“Among other things, CCA intends to file a Chapter 11 plan that will incorporate a flexible, parallel-path structure designed to address alternative outcomes of the appeal of the Baha Mar litigation, thereby permitting this Chapter 11 case to move forward toward a conclusion at the same time that the state court appeal is pending,” it continued.
“Importantly, CCA remains committed to engaging in good faith discussions with its debtorin-possession lender (one of its parents) and BML Properties to collaboratively determine an appropriate and constructive path forward that maximises value to the estate...
“This case presents unique and significant challenges that merit the extension requested.
Among the most significant of these is the asserted claim by BML Properties related to the Baha Mar litigation, which is subject of ongoing appeal involving numerous complex legal and factual issues. The existence and potential allowance of BML Properties’ claim represents a significant contingency that directly impacts estate valuation and plan formulation.”
was a 50.3 percent yearover-year improvement and a 39.5 percent jump quarter-over-quarter.
“In the 2025 first quarter, the Bahamian real estate market remained dynamic, with trends continuing to vary significantly by island and property type. Some markets are showing steady upward movement, while others have slowed, reflecting shifting buyer sentiment and localised demand,” Morley Realty added.
“New listings experienced strong quarter-over-quarter growth in Abaco, Eleuthera and Exuma, suggesting more sellers are entering the market early in the year. Eleuthera led the way with a 91.3 percent increase in home listings, while Abaco followed closely.
“Year-over-year, however, results were more mixed. Abaco and New Providence/Paradise Island land recorded declines, whereas Eleuthera posted gains, signalling more consistent seller confidence in that Family Island market,” it added.
“Overall, the 2025 first quarter reflected an evolving landscape marked by regional differences. With sales improving in Exuma and Eleuthera, and prices rising in select Family Islands, local market factors will remain key to interpreting ongoing trends.”
In a subsequent legal filing just two days later on Wednesday, April 23, 2025, CCA’s US subsidiary again sought permission to join its two Bahamian affiliates in pursuing a second appeal while also blasting the latest New York appeals court verdict.
“As this court is well aware, this Chapter 11 case was precipitated by the crippling Baha Mar judgment entered by the New York Supreme Court on October 31, 2024.A complete judicial resolution of the claims asserted by BML Properties in the Baha Mar litigation is a gating issue to reach a fair outcome for this Chapter 11 case, and is thus in the best interest of all stakeholders,” CCA argued.
“On April 8, 2025, the First Department issued the First Department decision affirming the Baha Mar judgment. The First Department decision, like the trial decision, makes fundamental errors of law and fact as to dispositive issues of whether CCA has any liability at all to BML Properties.
“CCA also notes that despite a voluminous evidentiary record entered at trial, a 74-page trial decision, and almost 200 pages of appellate briefing on multiple issues of law, the First Department decision was just four pages. Just one paragraph – a mere three sentences – in that decision considers CCA’s liability via BML Properties’ veilpiercing theory, and it does so in clear contravention of black-letter law,” it added.
“In light of the disappointing First Department decision, which did not substantively engage with the multiple rationales CCA had advanced in favour of reversing the Baha Mar judgment, CCA has determined it is appropriate to seek further appellate review. CCA therefore seeks a modification of the automatic stay to the extent necessary to pursue an appeal to the Court of Appeal.”
NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000 Ananda Venture Fund Ltd. (IN VOLUNTARY LIQUIDATION)
NOTICE IS HEREBY GIVEN that in accordance with section 138(4) of the International Business Companies Act, 2000, as amended, Ananda Venture Fund Ltd. is in dissolution.
The dissolution of the said Company commenced on April 10, 2025 when the Articles of Dissolution were submitted to and registered with the Registrar General in Nassau, The Bahamas.
The Sole Liquidator of the said Company is L. Michael Dean of Equity Trust House, Caves Village, West Bay Street, P.O. Box N-10697, Nassau, Bahamas.
L. Michael Dean Sole Liquidator
‘No way we could survive’ initial US China ship fee
all other Bahamian islands are now “all holding on for the ride” but “praying” that calmer, more stable times lie ahead.
“The reality is that there was no way, given what the cost impact would have been, there was no way we could have survived such insurmountable costs,” the Eleuthera Chamber president said of the original China ship fee proposal. “I don’t know what the solution would have been, but my understanding was that the impact from additional costs was massive.
“I don’t know what we would have done. I honestly don’t know what we would have done because it’s a multiplier effect on the islands. On this one, I don’t know what we would have done. I just don’t know. I’m thankful there was a solution found.”
Family Island businesses and residents typically face higher freight shipping costs than their New Providence counterparts because goods brought into the capital then face an extra leg of the journey to reach other islands. And, given that businesses and residents are fewer in number outside Nassau, there is a lack of freight volume and economies of scale which also pushes prices and costs higher.
The US Trade Representative’s Office ultimately revised its proposal following overwhelming push back by eliminating the planned fee for vessels involved in “short sea shipping” to The Bahamas and Caribbean.
The sheer scale of opposition to the proposal, especially from US-based shipping companies and exporters, plus the damage it would inflict on America’s trade surplus with the Caribbean that has been estimated as high as $55bn, meant the original scheme had little to no chance of being implemented.
Mr Sands, though, said that while this threat has been averted The Bahamas, all its islands and the entire global economy are still grappling with the fall-out from Mr Trump’s tariff policies. These levies have been “paused” for the majority of nations through to early July, with all being charged a “baseline” 10 percent on their US exports, and the US president now signalling he may ease the 145 percent tax imposed on China.
“Just the unpredictability going on is insane,” the Eleuthera Chamber chief told this newspaper. “The question is: What is coming next? In business, we’re all holding on for the ride. We just don’t know. We just don’t know. I’m hopeful somehow we’ll get through this level of uncertainty and it’ll settle down, but right now we’re praying and holding on.
“There’s a multiplier effect here. You’re trying to get from one moment to the other and, if you’re following the news and hear
about all these changes, there’s panic over what they might be.... This is a time of uncertainty. No one knows what’s coming around the corner. No one knows what the next call is going to be.”
Mr Sands, who is involved in real estate, said there were signs that individual vacation home buyers were becoming less active and more cautious over whether this was the right time to invest “in The Bahamas at any level”.
Meanwhile, Daphne DeGregory-Miaoulis, the immediate past Abaco Chamber of Commerce president, described the elimination of the proposed US Chinese-made ship fee as a “huge, huge, huge relief” for businesses and residents on the island.
“We can’t afford any additional costs. Everything’s expensive enough,” she told Tribune Business.
“Not having these additional charges added on to us is huge. I think that this has just put everybody at ease about spending and with going forward.”
However, as for the Trump tariff fall-out for an island still trying to complete its post-Hurricane Dorian recovery, Mrs DeGregory-Miaoulis said: “There’s still a bit of a panic and rush to buy materials before prices start increasing. China is not going to budge. They’re going to stand their ground on Trump and not be dictated to.
“Prices are going to be affected. People are rushing to purchase everything they can or need before the tariffs hit.... Everybody’s living in limbo. It almost feels like when we had the concessions after Dorian, where we were able to bring things in duty-free and the time was coming up for them to expire, and everyone was in limbo as to whether the Government would extend them.
“We’re just like the rest of the world. Abaco is no exception to the rule. Everybody in the world is having this panic. We live in a world of uncertainty. That has become the new norm. I think everybody can only plan for the short-term. It’s impossible to do longterm planning because we don’t know what the longterm will bring. Everything has to be on a short-term, three-month basis.”
The proposed Chinesemade ship fees were part of the Trump administration’s drive to “restore America’s maritime dominance”, and reverse the lead China has established in the shipbuilding, maritime and logistics, by driving/incentivising shipping firms to construct new-build vessels in the US if they wish to avoid significant cost hikes.
To give effect to this, the US Trade Representative proposed a fee structure that included an up to $1.5m levy “per vessel entry of a Chinese-built vessel to a US port”, plus escalating charges based on the percentage of Chinese-made
vessels in a shipping operator’s fleet and a flat $1m fee per vessel if this percentage was 25 percent or higher.
However, in its decision unveiled late on April 17, just prior to the Easter weekend, the US Trade Representative’s Office revealed that included among “certain Chinesebuilt vessels not subject to the fee” are those “engaged in short sea shipping - voyages of less than 2,000 nautical miles from certain US ports”. This distance more than covers The Bahamas, meaning all shipping servicing this nation will be exempt.
Tropical Shipping, in its last feedback to the US Trade Representative’s Office, had warned that the original proposal would disproportionally impact carriers such as itself - and their clients in The Bahamas and wider Caribbean - because their smaller vessels mean they have fewer shipping containers over which to spread the huge fee increase that would result.
“The typical loaded TEUs (twenty-foot equivalent units) on the vessels serving the Caribbean are approximately 850 TEUs per vessel. The fees per entrance of a vessel to a US port as set out in the proposed action, if applied to vessels of this size, would almost double current freight rates in the region with an average freight increase of approximately $2,500 per 40-foot container,” it warned.
“As a comparison, if you applied the proposed $1m fee to a vessel that calls on a single US port directly from China carrying 16,000 nominal TEUs, it would increase the cost per 40-foot container by only $125.
Many witnesses highlighted the disproportionate and crippling impact the proposed action would have on smaller or specialty vessels typically operating short sea routes. Broadly applying port fees per short sea ships, similar to oceangoing, long haul ships, would place a massively disproportionate burden on our smaller vessels, increasing costs between 100 and as much as 500 percent.”
And pointing to the likely impact for its own cost structure, Tropical Shipping added: “Tropical vessels enter the Port of Palm Beach 15 times per week on average. Under the proposed action, and based on our current fleet of vessels, Tropical would be charged port fees of $11.25m per week ($750,000 x 15) or $585m per year.
“Fees of this magnitude unquestionably threaten the ability of Tropical to continue operations. The added port entry fees for Tropical would necessarily have to be spread by Tropical across all operating costs for freight inbound to and outbound from the United States on its arriving vessels subject to the proposed fees.”
Doctor couple ‘obstructed’ UK contractor family’s sale
FROM PAGE B1
Grimes’, though, countered that what was complained about did “not constitute an obstruction” or amount to blocking the estate’s rights to, and use of, the easement.
John Wanklyn, who had “worked for the McAlpine family in The Bahamas for many years”, and was asked to act as their agent in the Camperdown land sale, in a March 22, 2024, witness statement said the easement ran along the southern side of Indyval’s property and was commonly called ‘Lightbourn Lane’. This right of way, which was attached to the land, was to be included in the sale to a buyer who was not identified.
“He claims that he observed on the land on the southern side of the defendant’s property two raised vegetable gardens, a well, banana plants, a small chicken coop containing a hen and baby chicks, and a chain-link fence enclosing part of the right of way,” senior justice Fraser recorded of Mr Wanklyn’s evidence.
This was backed by James McAlpine. “In 2020, he was informed that several obstructions were created by the defendant on the property in question that hindered the use of the easement to which the purchasers of the property in Camperdown were entitled,” the judge added.
“The obstructions included vegetable beds, a well, a chicken coop, banana plants and a chainlink fence that enclosed the entire right of way. He notes that these obstructions may or may not still be present. The estate intends to sell a portion of the land, and the prospective buyer has sought assurance regarding the existence of a right of way to access the property for their use and enjoyment.”
The two doctors, though, after acquiring their property in August 2016 asserted that the right of way “was not visibly marked” and covered by “virgin bush”.
Senior justice Fraser said of Dr Valentine Grimes’ evidence: “Seeing the overgrown bush confirmed to him that the right of way had not been used for many years, if ever.
“That the decision of the defendant to clear the property over which the right of way existed was for security purposes. That during the COVID-19 pandemic, he and his wife established a chicken coop on the property to produce eggs, along with other produce for sustainability and food security. However, there was still access to the right of way.
“His wife and children witnessed the illegal use of the property on two separate occasions. Due to the illegal use of the right of way, he erected a fence. However, the right of way
NOTICE
NOTICE is hereby given that GUERLINE JEUNE of Hay Street, off East Street, Nassau, The 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 25th day of April, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
remained available for the benefit of his household and his neighbours,” the judge added.
“He erected cameras to monitor the property for security reasons. He is aware that there are other ways to access the property, and the closure of the strip of land was for safety reasons and was not to obstruct or to prevent access to and from the property south of the said strip of land, and furthermore, the fenced area is wide enough to allow vehicular access.”
Dr Indira Grimes alleged that “someone frequented the strip of land on several occasions, and subsequently this resulted in the death of a few chickens they were raising”. This led the couple to implement security measures but both alleged they never prevented access to the property.
Vann Gaitor, the attorney representing the McAlpine estate, asserted that his client and any future purchasers of its Camperdown land were entitled to the benefits of the right of way as set out in the November 1985 conveyance. However, Sharlyn Smith, acting for the doctor couple and their company, denied that the estate “or any other owner of land in that area” had a right-of-way over the 20-foot strip.
“Mrs Smith asserted that the claimant has failed to satisfy the common law criteria necessary for the court to determine that there
was interference with the right of way, even assuming the court finds that such a right exists,” senior justice Fraser wrote. “Mrs Smith subsequently argued that, even if the claimant successfully established a right of way, they failed to demonstrate that the defendant interfered with the use and enjoyment of that right.”
The judge, in her ruling, confirmed that the easement/right of way exists and none of the situations in which this can be extinguished applies. She also indicated that a site visit to the disputed easement proved illuminating and was key to her decision.
“I observed a chain-link fence and gate with padlocks, which enclosed a part of the strip of land, which allowed the defendant to close and lock the gate at any time, obstructing ingress and egress over the strip of land by owners of the other tenements entitled to use the right of way whenever they chose to do so,” senior justice Fraser ruled.
“I further observed the presence of two raised vegetable gardens, banana plants and a small chicken coop, which both Dr Valentine Grimes and his wife, Dr Indira Grimes, admitted to. In my view, this exacerbates the unlawful interference with the easement or right of way, and together with the padlocked gates, constitutes a significant and
NOTICE is hereby given that MARJORIE JEAN-JACQUES of Pinewood Gardens, P.O. BOX SP-60533, Nassau, The 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 25th day of April, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
unlawful obstruction by the defendant. “While the defendant provided explanations for the obstructions, those explanations do not alter the fact that the defendant embarked on a course of action which, in my view, constitutes a clear contravention of the claimant’s right to enjoy the right of way or easement and are insufficient to justify the obstruction.”
She added: “According to the claimant, the estate of Mr McAlpine owns a tract of land of which it intends to sell a significant and valuable portion. Prospective buyers are entitled to the assurance of the existence of, and of the right to enjoy, the easement and, indeed, there is a prospective buyer who seeks assurance by the estate that an easement exists for their use and enjoyment.
“The claimant contends that, without the recognition and preservation of the right of way, the property could not be sold to future purchasers... Granting access to the easement or right of way would be more advantageous for the claimant, particularly in facilitating potential transactions involving the McAlpine estate. The defendant stands to unlawfully benefit from the use of the 20 feet strip, not only as a right of way, but also as a garden and farm.”
Besides affirming the right of way’s existence via a declaration, senior justice Fraser also imposed an injunction giving the doctor couple 90 days to remove all obstructions. Both sides are restrained from impeding or blocking the right of way.
PUBLIC NOTICE
NT TO C NG N M B POLL
The Public is hereby advised that we, Cedricka Janae Davis (mother) and Martin James Bootle (father) of Marsh Harbour, Abaco, The Bahamas, parents of JAYLN JOSHUA DAVIS intend to change our child’s name to JAYLN JOSHUA BOOTLE. If there are any objections to this change of name by deed poll, you may write such objection to the Chief Passport Offcer, P. O. Box N- 74 , Nassau, The Bahamas or at deedpoll@bahamas.gov.bs no later than thirty days after the date of the publication of this notice.
NOTICE
NOTICE is hereby given that OKEMEA OPHELIA BROWN of Carmichael Road, Nassau, The 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 25th day of April, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that CLAUDE BIENAISE of #19 Fairfeld, Balao Loop, Freeport, Grand Bahama, The 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 25th day of April, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE is hereby given that RICHARD VILLARD of Marsh Harbour, Abaco, The 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 25th day of April, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
Tariff turmoil: What P&G, Pepsi and other companies are saying about tariffs
By DAMIAN J. TROISE AP Business Writer
TARIFF worries continue hanging over companies as they report their latest financial results and try to provide guidance on their path ahead.
Some tariffs remain in place against key U.S. trading partners, but others have been postponed to give nations time to negotiate.
The tariff and trade picture continues shifting and that makes it difficult for companies and investors to make a reliable assessment of any impact to costs and sales.
Seemingly few industries or companies are being spared from the uncertainty. Food and beverage businesses, pharmaceutical companies, and makers of household staples are among the many companies trying to gauge the potential impact to costs and sales.
A new poll by The Associated Press-NORC Center for Public Affairs Research shows that companies are right to be focused on tariffs.
About 6 in 10 U.S. adults are "extremely" or "very" concerned about the cost
of groceries in the next few months, while about half are highly concerned about the cost of big purchases, such as a car, cellphone or appliance
Here's what companies are saying about tariffs and their potential impact:
Procter & Gamble
Procter & Gamble, the maker of such products as Crest toothpaste, Tide detergent and Charmin toilet paper, said Thursday said it's doing whatever it can to reduce higher costs from President Donald Trump's expansive tariffs from shifting sourcing to changing formulation to avoid duties.
But P&G's Chief Financial Officer Andre Schulten told reporters on a call that the consumer products giant still will likely have to pass on higher prices to shoppers as early as July.
The consumer product giant reduced its annual financial outlook after reporting lower sales, particularly in the U.S. and Western Europe, during the latest quarter, due to a pullback in consumer spending
over worries about tariffs as well as overall financial worries about job security and mortgage rates.
"Everything plays into the consumer behavior," Schulten said. "Uncertainty around the stock market and what their 401ks are worth and what the portfolio is worth. Uncertainty around the economic outlook and what it means for their livelihood and the job market."
Pepsi
PepsiCo lowered its fullyear earnings expectations, citing increased costs from tariffs and a pullback in consumer spending.
The maker of Pepsi beverages and Frito-Lay snacks said it now expects its core earnings per share to be even with last year. Previously it expected midsingle-digit percentage growth.
A 25% tariff on imported aluminum is among those hitting PepsiCo and other beverage makers. The company expects "elevated levels of volatility and uncertainty" for the rest of this year.
Merck
Merck trimmed its earnings forecast for the year, though it maintained its guidance for revenue.
The pharmaceutical giant has a global reach. Half of its revenue comes from the U.S. market, with the rest of the world making up the other half, according to FactSet. The company expects tariffs already implemented to cost the company about $200 million.
American Airlines
American Airlines withdrew its earnings forecast for the year amid uncertainty over the economy. While tariffs might not directly impact airlines and other companies in the travel sector, they could prompt a shift in consumer spending. Tariffs typically make goods more expensive
and that might force consumers to tighten their budgets and focus more on necessities, while cutting back on discretionary items and services, such as travel.
Southwest Airlines Southwest Airlines is trimming its flight schedule for the second half of the year due to lower demand. The company also said it could not reaffirm its 2025 and 2026 outlooks for earnings before interest and taxes, given "current macroeconomic uncertainty."
Dow Chemical company Dow expects to see delays in purchases from businesses and consumers amid tariff-driven economic uncertainty.
"Markets worldwide are awaiting additional clarity into how the tariff and global trade negotiations will land," said CEO Jim Fitterling, in a statement. The company is delaying construction of a facility in Alberta, Canada and expects capital expense savings of about $1 billion from that decision.
MARINE FORECAST
John Minchillo/AP