08312016 business

WEDNESDAY, AUGUST 31, 2016

business@tribunemedia.net

Baha Mar creditors Bahamian group in landfill to get ‘about $100m’ new proposal

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

90% likely to get ‘100 cents on the dollar’

The China Export-Import Bank is releasing “about $100 million” to pay out Baha Mar’s Bahamian creditors, Tribune Business was told yesterday, amid continuing distrust over the deal struck by the Christie administration.

K P Turnquest, the Opposition’s deputy leader, said lack of trust was the fundamental problem that continues to plague the Government over its agreement with the China Export-Import Bank to complete Baha Mar’s construction.

He added that whenever Prime Minister Perry Christie had asked the Bahamian people to trust himself and his government previously, he had been “found a little wanting”.

However, sources familiar with the structure, and process,

Ten-strong group offers to take over management

But Govt still bedevilled by lack of trust in deal

Plans recycling, remediation of facility

FNM deputy warns on binding ‘future generations’ put in place for compensating Bahamian contractors, suppliers and former Baha Mar staff yesterday confirmed more details of what local creditors can expect to receive.

Speaking on condition of anonymity, one contact said Leslie Miller, the PLP MP for Tall Pines, had “got it half right” with his assertion that all Baha Mar

Govt to decide landfill direction ‘in next few weeks’

the Baha Mar develpoment creditors owed $500,000 or less will be ‘made whole’.

However, his claim that all those owed more than $500,000 would receive 50 per cent of what was due was described as being “on the low side”.

Trade unions branded ‘abusive, destructive’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

‘Unnecessary’ because labour friendly laws

A well-known Freeport businessman has branded Bahamian trade unions as “abusive and destructive”, and called on the Government to “stop sticking its nose” into private enterprise.

Jeffrey Butler, owner of the former Butler’s Food World, told Tribune Business that trade unions had become “unnecessary” in the Bahamas given that the nation’s labour laws typically favoured workers over employers.

In a riposte to Leslie Lightbourne, a trade unionist and DNA candidate for Pineridge in the upcoming general election, Mr Butler also defended the decision by Sandals Royal Bahamian to terminate its 600 staff.

Arguing that the resort chain would not have made such a move unless absolutely essential, the businessman said that all former Sandals staff who had “performed their jobs well” would be rehired.

Butler tells Govt: ‘Stop sticking nose into business’ Defends Sandals but not any ‘slackers’ on workforce It was only “the slackers” that had something to fear.

“Unions have been destructive and abusive in their attempts to manipulate businesses, pretentiously representing the workers or their paying members,” Mr Butler said.

“Many years ago, unions were established as a tool for collective bargaining where abuses of low wages and poor working conditions See pg b7

Ex-contractors chief ‘surprised’ if Baha Mar firms made whole

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A former Bahamian Contractors Association (BCA) president yesterday said he had “no doubt” that Baha Mar’s main contractor would use its seat on the creditor payout committee to ‘beat down’ the value of local claims.

Stephen Wrinkle told Tribune Business that refusing to settle Bahamian contractor claims had been China Construction America’s (CCA) “modus operandi”, adding that he would be “pleasantly surprised” if the entire local construction industry was ‘made whole’ over Baha Mar. He argued that if Baha Mar’s main contractor was among those determining how much Bahamian companies received, then either the BCA or experts in mediating construction disputes should also have a seat on the committee to protect local interests.

Pointing out that construction industry payment battles were often highly complex, Mr Wrinkle questioned whether any committee members - apart from CCA representative, Tiger Wu - possessed the necessary expertise and specialist knowledge to handle disputed Baha Mar claims.

“It’s not going to be a win-win for all,” Mr Wrinkle told Tribune Business

Has ‘no doubt’ CCA will try to beat down claims But Wrinkle says many eyeing ‘bigger picture’ Concedes Govt’s deal may be best in circumstances of the construction completion agreement that the Christie administration has See pg b5

$3.78 $3.89 $3.89

$3.89

James Smith, former minister of state for finance, and who is a government representative on the five-strong committee that will oversee Baha Mar creditor See pg b4

Mortgage Corp bonds eyed to address 2-3k housing waiting list

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Ministry of Finance will meet with the Central Bank this week to discuss whether the Bahamas Mortgage Corporation (BMC) can issue more bonds, with between 2,000-3,000 qualified applicants still on the waiting list for low-cost government homes.

Kenred Dorsett, minister of housing and the environment, said yesterday: “The Ministry of Finance will be meeting with the Central Bank this week to discuss the ability of the Mortgage Corporation to issue more bonds.

“If that happens, certainly we will be constructing more homes. Right now, we are completing homes in the John Claridge Subdivision

Finance to discuss matter with Central Bank Mortgage Corp already stressed by $106m ‘deficit’ and the Ardastra Gardens Subdivision. The Bahamia development in Grand Bahamas has reached a point where people should be getting their keys in short order.

“Now that we are completing all of the hurricane relief efforts in San Salvador, we will recommence construction in San Salvador for the homes there, and in Abaco they are completing the homes that we have coming See pg b3

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A Bahamian consortium of waste service providers has submitted a new proposal to take over management and remediation of the New Providence landfill, as the Government bids to decide the facility’s future direction “in the next few weeks”.

Kenred Dorsett, minister of housing and the environment, confirmed to Tribune Business that the Bahamian group Kenred Dorsett had submitted a plan to fully takeover the landfill, its initial discussions with the Government having expanded beyond green and wood waste recycling.

The offer has its genesis in the Waste Resources Development Group (WRDG), which is understood to have expanded beyond its original four members - Wastenot, Bahamas Waste, Impac and Sanitation Services - to now include a total of 10 fully Bahamianowned companies.

“They have indeed submitted a proposal,” Mr Dorsett said. “Our discussions began on the basis of a green waste content regime, but one of the Government’s technical advisers realised they had a vision for much more than that.”

The consortium’s members contacted

by Tribune Business yesterday all declined to comment on the proposal, but See pg b5

PAGE 2, Wednesday, August 31, 2016

THE TRIBUNE

Preparing for when BEC ‘does its thing’ Has your power been turned off recently? It is that time of year when you can expect your electricity supply to be cut off without warning. If your power has only been off for a few hours so far this summer, you can count yourself blessed. But instead of waiting for the inevitable outages, many Bahamians have decided to prepare for them with mini solar generators.

These are complete solar systems, often portable, that are designed to power the items most important to you when BEC does its thing. Of course, a regular generator needs no description. It is noisy, smelly and costly to run. A solar mini-generator takes that and flips it on its head. It is

silent, smooth and free to operate. No more buying diesel. No more forgetting to buy diesel and then being rowed. No noise. No smell.

Since a solar unit runs for free, it is an investment that pays for itself over time. It can even be used when the power is on to save you a little money on the electricity bill at the end of the month.

Mini solar generators come in different sizes, so how would you know which is right for you? Just ask yourself one question: When the power cuts out later today, what items would I most want to still run? Go ahead, make a list.

Then I’ll diagnose you.

If your list included just lights and phones, you can

be satisfied with some of the most compact generators. Bahamians can often obtain these for $300-400.

Did your list include a computer or a floor fan? That puts you in the medium size, about $700-$1,500.

Did your list include a fridge or power tools? If so, you need some of the larger mini-generators. Typically, you can find these in the Bahamas for $3,000-7,000.

What if your list of ‘essentials’ included air conditioning, an electric oven and a pool pump? Then forget the mini-generator; you need a whole home system.

One overlooked benefit of the mini solar generator is its portability. If you are a contractor who needs to charge batteries for power

tools at a moment’s notice, having a mini solar generator in the truck is a great backup (or a versatile first option). For event specialists, you do not have to confine yourself to areas with easily accessible wall plugs.

A mini solar generator enables you to set up the atmosphere you want to create anywhere, without the noise or smell of a regular generator to hamper your event.

Whichever route you take, it is best to talk with a qualified professional for advice. Can they show you a breakdown for how you can use your generator’s daily power? Are solar panels the only way to power your generator, or can it accept other power sources as well? Ask

them what is included in the generator kit and what has to be purchased separately.

These questions help you make the most informed decision.

Whether you are preparing for hurricane season or for BEC, you can have power when the lights go out this summer. You can have silent, smooth, free electricity. And you can even use it when the lights are on to save money. Solar minigenerators are one of the revolutionary, affordable solutions that make the Bahamas greener while putting green in your pocket.

• NB: Joshua Key is general manager for SuperGreen Solutions Bahamas,

Joshua key SuperGreen Solutions

located on Wulff Road next to FYP. SuperGreen Solutions is one of the premier advisors, suppliers and installers of domestic and commercial energy efficient solutions.

Training Agency links with mobile BTC’s IP backbone set for operator for recruitment drive enhancement Ericsson and Cisco yesterday signed an agreement to supply and install upgrades to the Bahamas Telecommunications Company’s (BTC) Internet Protocol backbone.

The two companies will also upgrade systems in two other Cable & Wireless Communications (CWC) markets, Jamaica and Barbados. CWC is now operating as a subsidiary of Liberty Global.

The upgrades to BTC’s infrastructure are designed to improve performance and support an increase in customer traffic. Cisco will provide the necessary hardware, while Ericsson will provide project management services.

“We needed a powerful and intelligent solution to bring IP networking to both Jamaica and Barbados, while at the same time improving the IP network in the Bahamas,” says Carlo Alloni, CWC’s executive vice-president and chief

technology officer.

This partnership will allow us to offer even more value-added services, including our world class IPTV services, as well as introduce more innovative solutions to our customers.”

“Our teams complemented each other with the right approach; from network analysis and planning to systems integration and customer support from Ericsson, to selecting the right routers and switches from Cisco and; finally; ensuring the right flow along every step with Ericsson services,” says Clayton Cruz, Ericsson’s vice-president for Latin America and Caribbean.

“The partnership has delivered real value to Cable & Wireless in terms of accelerating their IP transformation by combining end-to-end business transformation competence and experience with deep product and domain expertise.”

The National Training Agency (NTA) partnered with NewCo2015 on yesterday’s recruitment drive that aimed to find staff for the Bahamas’ second mobile operator.

Graduates from the NTA’s customer service course were interviewed

by NewCo representatives as part of a job placement exercise. “ We are happy to partner with NewCo2015 on this initiative,” said Agatha Marcelle, the National Training Agency’s executive director. “This event shows our continued commitment to our trainees in regard to job placement after training.

“On Thursday, August 25, 2016, we hosted another graduation. That is just the second step for our trainees.

It is important that we see the entire process through to employment if we are to be successful in delivering on our mandate. Young Bahamians who pass through our programmes only need the opportunity to prove themselves.”

The National Training Agency’s sixth intake of 242 trainees recently graduated with job/skills training certification in areas ranging from hospitality to customer service and retail.

Patrice Thompson, NewCo2015’s human resources director, said: “The relationship between the National Training Agency and NewCo2015 is just beginning. This event will allow us to begin the process of recruiting retail sales and customer care staff.

“Our commitment to

employing Bahamians is a sustained effort. The talent is here and we will find the avenues to access it. We are excited to interview the NTA’s customer service graduates as we prepare for our upcoming launch.”

The National Training Agency has given more than 2,500 Bahamians the

opportunity to develop competency-based skills, and achieve various certifications, over the last three years.

To date, more than 20 companies are providing support to the NTA through internships and employment.

THE TRIBUNE

Minister targets yearly financial law upgrades Govt to amend Securities Commission responsibilities

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Legislation affecting the financial services industry must be reviewed on an almost yearly basis if the Bahamas is to remain competitive, a Cabinet minister said yesterday.

Hope Strachan, minister of financial services, emphasised how quickly the Bahamas needed to move in constantly upgrading its regulatory regime, as the Government prepares to amend laws governing the securities industry.

The Government will today table in the House of Assembly a Bill to enhance and clarify the Securities Commission’s structure and responsibilities, relieving it of its current ‘prosecutor, judge and jury’ obligations.

Mrs Strachan said: “The legislation is meant to make the hearing and settlement of matters more transparent. It removes the situation where the Securities Commission was really involved in every aspect of hearing and settlement ,and it will create an autonomous body now to be involved in that process.

“Obviously that would be seen as a conflicting position for many, and so what we are seeking to do is remove the possibility of conflicts and create an environment where there is a transparent process.”

Mrs Strachan added: “We believe that as we move forward in the financial services industry that it is important for us to keep looking at these different aspects of how we operate as a jurisdiction.

“A comprehensive overview of all of the legislation as it relates to financial services has to be done on almost a yearly basis for us in order to really remain competitive in financial services.

“You have to be constantly innovating, seeing how you can amend legislation and make the job of the persons involved in the industry much more clear and transparent.

Wednesday, August 31, 2016, PAGE 3

Minister ‘surprised’ at 1,000 Bahamian firms owed over Baha Mar

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A Cabinet minister yesterday said he was “surprised” that more than 1,000 Bahamian companies are unsecured creditors of the Baha Mar project.

Jerome Fitzgerald, minister of education, science and technology, who sat on the Cabinet subcommittee responsible for dealing with the Baha Mar impasse, again pledged that the project’s Bahamian creditors will be “very satisfied” with the outcome of talks to resolve their claims.

Speaking outside the Cabinet Office, Mr Fitzgerald said: “At the end of the day, we are satisfied that with the arrangements made and negotiations held, that Bahamians will be satisfied. I think that is the point at the end of the day.

“ThePrime Minister gave the

Minister of Education Jerome Fitzgerald.

mandate, and we are very satisfied with the outcome. You will soon see the manifestation. We put Bahamians first and took care of Bahamians. We were very adamant and serious about that, and the country will come to see that very shortly.”

The Christie administration recently revealed the creation of a committee to administer creditor claims. However, there was no information given on how the process would be conducted, its timeline, or the amount of funding allocated for claims.

The members of the newly formed committee are former minister of state for finance, James Smith; Grant Lyon, liquidation claims advisor to the Government; Yanping Mo, representative of the Export-Import Bank of China; Norbert Chan, representative of court-appointed Baha Mar receiver, Deloitte & Touche; and Tiger Wu, representative of China Con-

struction America (CCA).

“We were surprised at how many Bahamian companies were involved,” Mr Fitzgerald said. “I mean, well over 1,000, so it just gives you an appreciation for the amount of Bahamian families involved, which is why we’re just so really surprised that so many people seem to be unhappy about what we have been able to negotiate because these are real families.

“When you impact over 1,000 companies in this country it touches a lot of people. Again, I think we have to give God thanks. God was responsible for this outcome and we have to celebrate it with our people. To think of this happening anywhere else, it just doesn’t happen,” added Mr Fitzgerald.

“The money has been provided as was stated, the money has been agreed, and the money will be in the Bahamas and will be paid out to Bahamians.”

Minister: No Andros mining plan received Speaking with the media outside the Cabinet Office, Mr Dorsett said the matter had recently been brought to his attention by Andros residents.

“Either last week or the week before, residents of Andros brought to my attention a memo or a notice begin circulated by a private group who was meeting with the people of Andros for what they described as a proposed mining activity,” he added.

“There is nothing that is before the Ministry of the Environment in relation to that undertaking, and cer-

tainly from our perspective it is not something that is going to be taken very lightly.”

Mr Dorsett continued: “The Bahamas National Trust has already been in communication with me.

The local administrators have attended those meetings, and I have a briefing on what was said, but Andros is a very, very special island.

“When it comes to mining activities throughout the Commonwealth of the Bahamas, the Commonwealth Secretariat is about to be completing a

comprehensive regime for the entire extractive industries within our country.

They’ll be here next month to complete that exercise, but there’s nothing before my Ministry in relation to what was being discussed in North Andros.

“Certainly, from my perspective, we have to look seriously at any proposed mining activities in Andros, which is unspoiled and is important so much to the biodiversity not only in the Bahamas, but even to the Americans.”

As to who is behind the purported proposal, Mr

Dorsett said: “It seemed to be a family-owned company associated with the notice that I saw. No formal proposal is before me to comment on who is behind it.

“From my perspective, if there is a development activity that may require some dredging or mining, it will go through the normal course of going through Environmental Impact Assessments and how it would be managed, but outright mining in Andros is not something that I certainly think will be considered favourably by this administration.”

Mortgage Corp bonds eyed to address 2-3k housing waiting list

Beneby & Company blamed this on a “breakdown” in internal controls that had resulted in the production of “unreliable financial reports”.

The BMC’s ‘bond sinking fund’, intended to finance the repayment of principal when its debt financing matures, held just over $64 million at end-June 2013.

While a seemingly sig-

nificant sum, it covers just 37.7 per cent of the $170.168 million worth of bond principal that remains outstanding and owing.

And with the Government seemingly keen on giving its housing programme a major boost, and address a 2,000-3,000-strong waiting list, there is the potential for this deficit (financing gap) to widen.

Should the Mortgage Corporation’s ‘bond sinking fund’ fail to generate enough cash reserves to repay these debt issues when the principal falls due for repayment, the burden of covering the deficit will again likely fall on the already hard-pressed Bahamian taxpayer.

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Government has received no formal proposal for aragonite mining in North Andros, the Minister of the Environment and Housing said yesterday.

Kenred Dorsett said there was no formal approval request before his ministry, even though concerns have been expressed

by Androsians about a proposal to obtain a 70-year aggregate mining lease in the island’s north.

From pg B1 out of the ground.”

Mr Dorsett added: “Nassau is where we have most of our demand, and we will need additional funding from the Mortgage Corporation to be able to expand.”

He said there was still a significant list of applicants for the Government’s housing programme.

“We still have a significant list, but we know that for the persons who qualify for homes in the range of $90,000 and up, I’m still seeing numbers in the range

of 2,000-3,000 on my list,” said Mr Dorsett.

Plans for the Bahamas Mortgage Corporation to raise more bond (debt) financing are likely to be viewed with considerable concern in some quarters, given the financial challenges already plaguing the institution.

Besides a near-40 per cent delinquency rate among existing borrowers, which continues to hamper the Corporation’s cash flow, its external auditors refused to give an ‘opinion’ on its most recent accounts.

PAGE 4, Wednesday, August 31, 2016

Baha Mar creditors to get ‘about $100m’ and provide proof of their claims, to ensure no one is missed out.

Yet Tribune Business was told: “The majority of claims are already in and have been known for a long time. There would have been a list of creditors submitted to the courts more than a year ago.

“It’s really just a question of the committee validating them, and then deciding on the method of payment. It’s not a complex or terribly involved process, and will not be messy at all.”

Baha Mar owed some $123 million to trade creditors when it filed for Chapter 11 bankruptcy protection at end-June 2015, with 68 per cent of its total 5,172 creditors said to be Bahamian.

The majority of those

From pg B1 payouts, declined to comment when contacted by Tribune Business yesterday.

This newspaper, though, was told that much of the ‘groundwork’ had been performed by Baha Mar’s Deloitte & Touche receivers, and before them the provisional liquidators, as they had already supplied the Supreme Court with a list of creditors and sums claimed.

The Baha Mar creditor payout committee will now be able to use this list as the basis for adjudicating, and settling, claims that will include the $74 million collectively owed to Bahamian contractors.

The committee is likely to make one final call for creditors to step forward,

3,523 Bahamian creditors were Baha Mar’s then2,200 employees, and especially the more than 2,000 who were terminated in October 2015.

“The majority of the claims are really the workers,” Tribune Business was told yesterday. “They are likely to get about 100 cents on the dollar. If you are owed $500,000 or less, you are likely to be made whole.

That’s about 90 per cent of the creditors.”

Prime Minister Perry Christie last week said former Baha Mar staff would receive outstanding salaries, plus severance pay and other benefits, as part of the agreement with the China Export-Import Bank, Baha Mar’s $2.45 billion secured creditor.

And the stipulation that all creditors owed less than $500,000 are to be ‘made whole’ will also cover many Bahamian contractors and small and medium-sized businesses.

As for the larger Bahamian creditors, Tribune Business was told there would likely be negotiated compromises, with many recovering most - but not all - of

told that the China ExportImport Bank had no obligation to make available the $100 million to pay Bahamian creditors, with the money expected to arrive in this nation within the next two weeks. It was pointed out that the sums owed were liabilities for Baha Mar that should be settled by its former developer, Sarkis Izmirlian.

Still, many are likely to compare the settlements set to be paid by the bank with Mr Izmirlian’s last, rejected offer, which was to make all creditors - China ExportImport Bank, the Bahamian contractors and all other creditors - whole.

While some have questioned whether Mr Izmirlian ever had the financing in place to accomplish this pledge, it is the Christie administration that has a much greater problem with public trust.

The FNM’s Mr Turnquest said of the Prime Minister and the Baha Mar deal: “He’s saying basically that he’s looking out for our best interests; trust him.

We’ve trusted him before, and for most of us he’s been found a little bit wanting in that regard.”

This lack of trust has been exacerbated by Baha Mar’s receivers, with the China Export-Import Bank and the Government’s support, successfully persuading the Supreme Court to seal all details of the Baha Mar agreement from public

what they are owed.

One source, speaking on condition of anonymity, suggested that there may be a trade-off between the sums larger Bahamian contractors are owed and their re-hiring to work on Baha Mar’s completion.

Acknowledging that large creditor claims would have to be dealt with “delicately”, the contact added that contractors may agree to accept a percentage of what they are owed in return for receiving future work on Baha Mar and other projects, coupled with payment guarantees.

Tribune Business was told that many Baha Mar creditors will be “glad” to recover something of what they are owed, given that many had already ‘written off’ these sums.

As unsecured creditors, their recovery would otherwise have depended on the purchase price that the Deloitte & Touche receivers were able to obtain in selling Baha Mar. The majority of the sales proceeds, if not all, would have gone to the China Export-Import Bank as secured creditor.

This newspaper was also

NOTICE MOON RIVER MANAGEMENT CORPORATION N O T I C E IS HEREBY GIVEN as follows:

Clement T. Maynard & Company is seeking to employ a Legal Assistant with Civil and Commercial litigation and general work experience with Commercial Contracts and other disciplines. Must have a minimum of three (3) years experience. Applicants should be organized, thorough, professional, productive and able to take initiative when necessary. Interested applicants should forward their curricula vitae to Email: info@clementmaynard.com or Fax: 242-326-3779.

Please be advised that only applicants acceptable to the firm will be contacted.

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

a) MOON RIVER MANAGEMENT CORPORATION is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

NOTICE

NOTICE is hereby given that INAVIE SIMILIEN WARD of # 83 Wild Palm Close, Sunset Subdivision, Freeport, Grand Bahama 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 24thday of August, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

c) The Liquidator of the said company is Triangle Administration Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas.

Dated this 31st day of September, A. D. 2016 _________________________________ Triangle Administration Limited Liquidator

Common Law and Equity Division

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

BETWEEN

COMMONWEALTH BANK LIMITED

COMMONWEALTH BANK LIMITED

Plaintiff

AND BRADLEY CECIL SWEETING

Plaintiff

AND Defendant

TO: BRADLEY CECIL SWEETING TAKE NOTICE that:

MATTHEW MILLER

Defendant

TO: MATTHEW MILLER TAKE NOTICE that:

By Court order dated the 2nd day of December A.D., 2015, it was ordered that you must within fourteen (14) days from the date of the publication of the advertisement of the Writ of Summons filed on the 3rd day of September A.D. 2014 respond to the Claim by: a.

Entering an Appearance to the Action, b.

Admitting the Claim, or c.

Filing and serving a Defence to the Claim,

2.

That you have failed to respond as aforementioned.

3.

The Court further ordered that subsequently the existence of further proceedings be advertised in a like manner and be deemed as good and sufficient service on the Defendant.

Dated the 2nd day of December, A.D., 2015.

1. a. b. c.

2.

3.

By Court order dated the 2nd day of December A.D., 2015, it was ordered that you must within fourteen (14) days from the date of the publication of the advertisement of the Writ of Summons filed on the 3rd day of September A.D. 2014 respond to the Claim by: Entering an Appearance to the Action, Admitting the Claim, or Filing and serving a Defence to the Claim, That you have failed to respond as aforementioned.

The Court further ordered that subsequently the existence of further proceedings be advertised in a like manner and be deemed as good and sufficient service on the Defendant.

Dated the 2nd day of December, A.D., 2015.

ESSEX LAW CHAMBERS #6 South Buckner Square The Olde Towne, Sandy Port West Bay Street Nassau, N.P., Bahamas Attorneys for the Plaintiff

ESSEX LAW CHAMBERS #6 South Buckner Square The Olde Towne, Sandy Port West Bay Street Nassau, N.P., Bahamas Attorneys for the Plaintiff COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law & Equity Division

2014/CLE/gen/FPO/00319

IN THE MATTER OF property comprised in an Indenture of Mortgage dated 27th day of September, A.D., 2000 between Albert Dexter Cleare and Bank of the Bahamas Limited of the other part and of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 7943 at pages 563 to 571.

BETWEEN

2014/CLE/gen/FPO/00317

Common Law and Equity Division BETWEEN

1.

eyes.

“There are more questions than answers to all of this,” Mr Turnquest told Tribune Business. “Does the fact that the documents are sealed mean the agreement is not finalised?

“The fact the money has not been paid into the Bahamas yet for the committee to begin pay outs is a concern. It’s another promise.

“Finally, what are the Bahamian people contributing to this settlement? Are the monies owed to the Government being fully liquidated, or are we giving up our claims in terms of dollars?” Mr Turnquest continued.

“Are we giving up any public land? Is the Government of the Bahamas paying money into this settlement? The Bahamian people are the stakeholders in this, not the Government, and not the PLP. “Ninety-nine per cent of us want to know what’s in this deal. If we’re giving up assets, giving up land, giving up money, giving up receivables for state-owned entities and assets, it ought to come to the Bahamian people so we all know what’s happening.

“Any deal made today will affect the future and tie future generations of Bahamians into whatever commitments are made.”

call 502-2394 to advertise

b) The dissolution of the said company commenced on the 29th August, 2016 when the Articles of Dissolution were submitted to and registered by the Registrar General.

2014/CLE/gen/FPO/00327

THE TRIBUNE

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

2014/CLE/gen/FPO/00331

Common Law and Equity Division BETWEEN COMMONWEALTH BANK LIMITED

BANK OF THE BAHAMAS LIMITED AND ALBERT DEXTER CLEARE

TO: ALBERT DEXTER CLEARE

Plaintiff

AND Plaintiff Defendant

CRAIG BETHEL TO: CRAIG BETHEL TAKE NOTICE that:

Defendant

TAKE NOTICE that: i. ii.

iii.

An Order has been issued on the 2nd day of December A.D., 2015 in the Supreme Court of The Bahamas in relation to the subject action.

Pursuant to Order 61 Rule 4 of the Rules of the Supreme Court the Plaintiff to be allowed advertise the Originating Summons and supporting Affidavit filed herein on the 3rd September, 2014 and all future pleadings on the Defendant by way of Substituted Service by advertising the existence of the said Originating Summons and supporting Affidavit by inserting and publishing twice in the Tribune newspaper and that such notice when published shall be deemed to be good and sufficient service of the said Originating Summons and supporting Affidavit.

That subsequently the existence of further proceedings be advertised in a like manner and be deemed to be good and sufficient service on the Defendant Dated the 2nd day of December, A.D. 2015.

ESSEX LAW CHAMBERS #6 South Buckner Square The Olde Towne, Sandyport West Bay Street Nassau, The Bahamas Attorneys for the Plaintiff

1.

2.

3.

By Court order dated the 2nd day of December A.D., 2015, it was ordered that you must within fourteen (14) days from the date of the publication of the advertisement of the Writ of Summons filed on the 3rd day of September A.D. 2014 respond to the Claim by: a.

Entering an Appearance to the Action, b.

Admitting the Claim, or c.

Filing and serving a Defence to the Claim, That you have failed to respond as aforementioned.

The Court further ordered that subsequently the existence of further proceedings be advertised in a like manner and be deemed as good and sufficient service on the Defendant.

Dated the 2nd day of December, A.D., 2015.

ESSEX LAW CHAMBERS #6 South Buckner Square The Olde Towne, Sandy Port West Bay Street Nassau, N.P., Bahamas Attorneys for the Plaintiff

THE TRIBUNE

Wednesday, August 31, 2016, PAGE 5

Ex-contractors chief ‘surprised’ if Baha Mar firms made whole From pg B1 struck over Baha Mar. “I would be pleasantly surprised if all Bahamian contractors were made whole.

“They are certainly entitled to it because the works were performed. Unless there were some anomalies in the billing structure, one has to assume the work was performed in accordance with the contract.”

However, CCA has challenged whether sub-contractors performed the necessary quality and standard of work in three separate court cases brought against it in both the Bahamas and New York over alleged nonpayment for services rendered at Baha Mar. When asked whether CCA was likely to exploit its position on the creditor payout committee to challenge and ‘beat down’ Bahamian contractor claims, especially those from its own sub-contractors, Mr Wrinkle replied: “Without a doubt.

“It’s been their mo-

dus operandi all the way through. Beat them down, find reasons not to settle...

That’s been the problem all along.”

Mr Wrinkle recalled the case of a contractor friend, who he declined to name, who had a series of meetings with CCA in a bid to resolve a payment dispute.

An agreement was eventually reached, only for CCA to then say it needed to be approved by its Beijing head office.

“He was dangled like a ping pong ball, and told he had to stay on site and keep producing if he was to receive any payment,” Mr Wrinkle recalled.

“Certainly, if CCA has representation on the committee, it only follows that the BCA should have representation on the committee.

“If all the parties are represented at the table, somebody should be on the committee representing the contractors, be it a legal consultant, quantity surveyor or professional arbitrator - somebody familiar with

Bahamian group in new landfill proposal From pg B1 this newspaper understands the group is offering to take over management and remediation of the landfill.

It also wants to enhance recycling operations at the Tonique Williams Highway facility to generate cash flow and revenues that will finance much-needed upgrades to the landfill.

Current manager, Renew Bahamas, selected the same recycling model to finance its operations, but it has been starved of income following an early April fire that knocked out its ‘baler’.

This has meant it is unable to package any recycled materials for export or local sale.

With recycling its only

income stream, and no revenues coming in as a result, Renew Bahamas has little choice but to seek to reduce its costs to try and remain viable.

This led to the termination of 40 of its 120-strong staff back in June, and contacts aware of the current situation at the New Providence landfill suggested that Renew Bahamas appeared to be operating with a ‘skeleton’ workforce as it waited for a restart of recycling operations.

“They’ve basically said that until something happens, they’re not going to put any more money into it,” Tribune Business was told of Renew Bahamas’ position.

Stephen Wrinkle the settlement of these type of disputes.”

Arguing that construction was “a specialist field”, Mr Wrinkle queried whether the other four committee members - other than Mr Wu - were “versed” in the industry, and associated claims and settlement procedures.

“In light of the history of this project, in light of the situation with the Bahamian contractors, in light of the fact that the original developer is out of the picture, some representation is warranted for the contractors in regard to the monies they are owed,” he reiterated.

The committee’s creation, and the proposed Sources familiar with the Bahamian consortium’s plans said they would be “carrying on pretty much what Renew Bahamas is doing, but improving on it”.

Renew Bahamas has been seeking to renegotiate its landfill management contract with the Government, after finding that its business model, which is totally dependent on income generated by its materials recycling facility, is failing and resulting in the company losing “millions of dollars”.

Mr Dorsett yesterday declined to comment on the status of the Government’s negotiations with Renew Bahamas, and what the Bahamian consortium’s revised proposal might mean for the latter’s management contract.

The Minister said his priority was to address the landfill’s remediation, and

structure and formula for determining how much Bahamian creditors will receive, has already been approved by the Supreme Court.

Given that the China Export-Import Bank has no obligation to compensate any of Baha Mar’s Bahamian creditors, the Government probably had little choice over the committee’s membership, even though many believe CCA’s inclusion represents a ‘conflict of interest’ because it is itself a creditor.

Mr Wrinkle, who acknowledged that he is owed no money over Baha Mar, said those construction firms collectively owed $74 million were likely reluctant to speak out for fear of ‘cutting off their nose to spite their face’.

Apart from endangering their payout chances for work already performed, Mr Wrinkle said such actions could also damage prospects of being recalled to complete Baha Mar’s construction.

“Nobody is speaking up at the moment,” he told Tribune Business. “For their part, speaking up at this point makes no sense, as they want to see what cards the Chinese will play.

There are a lot of monies on the table.”

Conceding that the Chinese would likely “dangle a carrot in front of” Bahamian contractors in terms of further Baha Mar work, in a bid to smooth over any disputed claims, Mr Wrinkle said the local industry would likely take a longterm view.

“A lot of the contractors are looking at the bigger picture as opposed to being petty and made whole,” he added.

The ex-BCA president also admitted that the agreement struck by the Christie administration with the Chinese to get Baha Mar completed may have been the best thing possible in the circumstances.

“This thing is so far down the river, the Government is between such a rock and a hard place in trying to get this project completed, sold and open,” Mr Wrinkle told Tribune Business.

“There’s no easy solution at this stage of the game.

There’s no sense in looking behind; they can only look ahead to get this thing open and operating. If a better deal can be made, it would probably have been made already. All things consid-

ered, all the circumstances, they’re doing the best they can.

“It’s easy to play Monday morning quarterback, but it’s a substantial mess they’re trying to sort out.

If they get this completed, open and operational it will be a hallelujah moment.”

Mr Wrinkle admitted that “the lack of information from the Government on the deal is causing a lot of unnecessary public outcry”, given the lack of trust in the Christie administration being displayed by many Bahamians.

However, he added: “Every week it [Baha Mar] sits there, it gets more complicated and expensive to finish. They [the Government] just have to bite the bullet, take the blows and get this thing opened.

“Our economy desperately needs that. We’ve not got much else at this point.

By and large, the housing market has collapsed, and commercial work is dead.

We need an impetus to get it stimulated, and hopefully Baha Mar will be that catalyst.”

prevent the outbreak of further fires that threaten the health of surrounding residents and workplaces.

“In a few short weeks, the Government will determine the way forward,” Mr Dorsett said. “Mr priority is to deal with the remediation plan for the landfill. We have now received the final remediation plan and assessment, which I have now presented to Cabinet.

“Once that’s dealt with at the Cabinet level, I will be able to speak to it publicly. That is the priority right now; to focus on the

engineering report and assessment that was commissioned by the Government.”

Mr Dorsett said the landfill remediation plan was now being “vetted” by the Christie Cabinet prior to its approval.

Pressed further on Renew Bahamas, the Minister would only say: “I’ll report to the country on all these matters once the Cabinet has addressed this.”

The submission of the Bahamian consortium’s proposal comes against the backdrop of suggestions that the Government has

been seeking ‘Plan B’ options in case negotiations with Renew Bahamas fail to produce a satisfactory result.

Gerhard Beukes, Renew Bahamas’ former chief executive and still-60 per cent majority shareholder, did not return Tribune Business voice mails seeking comment yesterday.

Michael Cox, Renew Bahamas’ current chief executive, could not be contacted for comment, with his cell phone message box said to be full.

THE TRIBUNE

Wednesday, August 31, 2016, PAGE 7

Trade unions branded ‘abusive, destructive’ From pg B1 existed.

“Today, in many countries, especially in our Bahamas, we have strong labour laws favouring the employee over the employer. Unions are not only unnecessary; they have become abusive and destructive.”

Sandals Royal Bahamian said it was advised by its attorneys that terminating its staff was the only option, as the resort had to close for two months so that essential construction repairs could be completed in time for the winter season.

But prior to the closure and terminations, Sandals Royal Bahamian had become embroiled in an increasingly bitter dispute with the Bahamas Hotel, Maintenance and Allied Workers Union, which has been trying to negotiate an industrial agreement to represent the property’s workers since 2009.

The union, which has been recognised as the bargaining agent for Sandals Royal Bahamian staff, blocked roads with heavy trucks before launching a criminal court case against the resort’s management.

It subsequently accused Sandals of using the $4 million renovation, and terminations, as a means of ‘union busting’, given that non-staff were also encouraged to attend and apply for posts at Royal Bahamian during the recent four-day ‘Job Fair’.

Sandals, though, has on ongoing court matter of its own, and is challenging the very basis of the union’s existence on the grounds that the Bahamas Hotel, Maintenance and Allied Workers Union has failed to follow its own constitution.

Suggesting that Mr Lightbourne was seeking to gain political mileage from entering the Sandals chain, Mr Butler said the resort would not have been seeking a confrontation with the union.

“Sandals is a well-known and respected hotel chain, recognised worldwide. Why would they do something detrimental to their market reputation that was not absolutely necessary?” Mr Butler argued.

“I’m sure that while being temporarily unemployed is disheartening, most of the 600 appreciate their past employment with Sandals and look forward to being rehired in the near future.

I am equally sure that the many Bahamian workers hired for the renovations are pleased to be working for Sandals.”

The businessman added: “There is no disconnect between employer and employee. This is a normal business cycle based on market environments and the need for a hotel or any business to be profitable and maintain stability.

“Certainly, all of the 600 that performed their jobs well and with pride will return to the workforce in

Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

NOTICE

NOTICE is hereby given that CLAUDIN LORISTON of Treasure Cay, Abaco, 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 31st day of August, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JEAN SEME JOSEPH of Mastic Point, Andros, 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 24th day of August, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JUDITH DESOGUSTE of Milton St., 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 24th day of August, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE Pursuant to the provisions of Section 138 (4) (a), (b) and (c) of the International Business Companies Act, 2000, notice is hereby given that:(a) OOLON POND LTD. is in dissolution; (b) The date of commencement of the dissolution is the 25th day of August A.D., 2016 and (c) the Liquidator is C.B. Strategy Ltd., of Sassoon House, Shirley & Victoria Streets.

short order. The slackers may have to stay home a little longer.”

Describing trade unions as “redundant”, Mr Butler also urged the Government to stop interfering in the affairs of the private sector.

“One of our many problems here in our Bahamas is the Government gets too involved in private business,” he told Tribune Business.

“This is not their job, as the Government has little to no expertise in business. Our Government has a history of sticking their nose into business situations to the detriment of all - employees and employers alike.

“Government needs to stop interfering in private business. As long as our labour laws are complied with, the unions and the Government, needs to stay out of the people’s business.”

Mr Butler said Bahamasbased businesses frequently rewarded Bahamians who excelled and worked hard.

And companies that were successful, and profitable, expanded and hired extra workers.

“If a hotel or company is losing money yet still stays open and employs people, how can the union demand bonuses costing $1 million as in the Our Lucaya situation. Bonuses come from profits,” he added.

“Good business owners greatly appreciate good honest workers, and many even tolerate the slackers - for a time. Leave well enough alone and as a country we will do just fine.”

PUBLIC NOTICE Would the owner of a white 30ft homemade fiberglass hull boat located in Drigg’s Hill South Andros, on Lot #1 of Flowers Estate please contact Percitta Knowles at 369-1466/4710981./369-4569 in reference to removing said item. Storage fee @ $150.00 will be charged everyday for duration of Notice and thereafter. If no contact is made, the owner of the property reserves the right to dispose of the boat. Whether it be by removal of the boat from the property or sale of the boat for all cost incurred.

MARKET REPORT TUESDAY, 30 AUGUST 2016

t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX ALL SHARE INDEX: CLOSE 1,974.95 | CHG 0.07 | %CHG 0.00 | YTD 151.00 | YTD% 8.28 BISX LISTED & TRADED SECURITIES 52WK HI 4.05 17.43 9.09 3.50 4.70 0.18 8.34 8.50 6.10 10.60 15.50 2.72 1.60 5.80 8.76 11.00 8.20 6.90 12.25 11.00

52WK LOW 2.25 17.43 9.09 3.15 4.70 0.12 6.09 7.25 5.50 7.00 13.99 2.25 1.27 5.51 6.00 9.85 6.12 5.75 11.75 10.00

PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 106.00 100.00 106.00 100.00 105.00 100.00 10.00 1.01

1.00 105.50 100.00 100.00 100.00 100.00 100.00 10.00 1.01

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE

LAST CLOSE 4.05 15.85 9.09 3.50 5.22 0.12 6.47 8.50 5.83 10.60 14.00 2.58 1.55 5.80 8.77 10.95 8.12 6.60 11.93 10.00

CLOSE 4.05 15.85 9.09 3.50 5.22 0.12 6.47 8.50 5.83 10.60 14.00 2.55 1.55 5.80 8.77 10.95 8.12 6.60 11.93 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB17 FBB18 FBB22

LAST SALE 100.00 100.00 100.00

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y

BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330

115.16 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

115.23 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00

52WK LOW 100.00 100.00 100.00

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME

VOLUME

EPS$ 0.304 1.351 1.086 0.220 -1.134 0.000 0.185 0.551 0.508 0.541 0.528 0.094 0.166 0.510 0.612 0.960 0.650 0.703 0.756 0.000

DIV$ 0.090 1.000 0.000 0.160 0.000 0.000 0.187 0.260 0.200 0.360 0.610 0.060 0.040 0.240 0.275 0.000 0.280 0.120 0.640 0.000

P/E 13.3 11.7 8.4 15.9 N/M N/M 35.0 15.4 11.5 19.6 26.5 27.1 9.3 11.4 14.3 11.4 12.5 9.4 15.8 0.0

YIELD 2.22% 6.31% 0.00% 4.57% 0.00% 0.00% 2.89% 3.06% 3.43% 3.40% 4.36% 2.35% 2.58% 4.14% 3.14% 0.00% 3.45% 1.82% 5.36% 0.00%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST 7.00% 6.00% Prime + 1.75%

MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022

6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25%

20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045

MUTUAL FUNDS 52WK HI 1.99 3.90 1.92 167.58 138.35 1.44 1.67 1.55 1.08 6.94 8.65 5.92 9.94 11.15 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.39 1.67 1.48 1.03 6.41 7.62 5.66 8.65 10.54 9.57

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

NAV 1.99 3.90 1.92 167.58 136.68 1.44 1.67 1.55 1.08 6.94 8.65 5.92 9.59 11.15 9.57

YTD% 12 MTH% 2.33% 4.05% 3.34% 6.09% 1.63% 2.99% 3.41% 5.18% 2.95% -0.58% 2.19% 3.91% 2.46% 8.70% 1.94% 5.28% 4.11% 1.26% 4.05% 8.28% 5.93% 13.53% 2.73% 4.73% 3.97% -3.53% 2.96% 4.33% -4.26% -6.22%

NAV Date 31-Jul-2016 31-Jul-2016 27-Jul-2016 30-Jun-2016 30-Jun-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

C.B. Strategy Ltd. LIQUIDATOR TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

PAGE 8, Wednesday, August 31, 2016

20 Democratic senators blast steep price hike for EpiPens WASHINGTON (AP) — In a sign of growing concern in Congress, 20 Democratic senators are demanding answers about steep price hikes for the life-saving EpiPen injector device.

The senators said in a letter Tuesday that price hikes of more than 500 percent have jeopardized access to emergency allergy shots for many Americans.

The letter was addressed to Heather Bresch, CEO of the pharmaceutical company that makes the devices, Mylan N.V. Bresch is the daughter of Sen. Joe Manchin, D-W.Va. Manchin did not sign the letter.

Mylan has responded to the public outcry over the price hikes by expanding programs to make EpiPens more affordable and promising a cheaper, generic version. But Massachusetts Sen. Elizabeth Warren and other senators said the generic device still costs $300, three times more than the

branded EpiPen did in 2007.

“Some Americans who are unable to afford this cost increase have resorted to carrying expired EpiPens — or carry no EpiPens at all,” Warren and other senators said in an eight-page letter. The lawmakers asked Mylan to answer detailed questions by Sept. 12.

The senators said Mylan’s near monopoly on the epinephrine auto-injector market has allowed it to increase prices well beyond increases in manufacturing costs.

Mylan has not reduced the $608 list price for a pair of EpiPen auto injectors or explained why it boosted prices by 500 percent since 2007.

EpiPens are used in emergencies to stop potentially fatal allergic reactions to insect bites and stings, and foods like nuts and eggs. People usually keep multiple EpiPens handy at home, school or work, but the syringes, prefilled with

the hormone epinephrine, expire after a year.

The price hike, which hit just as parents and students were preparing for a new school year, has led to an election-year uproar amid widespread concerns about high drug prices. A chorus of politicians, consumer groups and parents has been calling for hearings and investigations of EpiPen pricing, along with action by the Food and Drug Administration to speed approvals of rival products.

There’s currently little competition for EpiPen. Rival Adrenaclick carries a list price of $461, and there’s a generic version, but doctors typically prescribe EpiPen, originally launched in 1987, because it’s so well-known.

Last week, Mylan offered more financial aid to patients getting EpiPens, including coupon cards covering up to $300 off patient copayments, triple the $100 discounts previously

THE TRIBUNE

a pharmacist holds a package of EpiPens epinephrine auto-injector, a Mylan product, in Sacramento, Calif. Mylan said it will make available a generic version of its EpiPen, as criticism mounts over the price of its injectable medicine. (AP Photo) offered. Coupon cards are a standard pharmaceutical industry strategy, one that leaves employers and taxpayers still footing at least two-thirds of a big bill — and everyone facing eventual higher insurance premiums.

A generic competitor was expected in 2015 but has been delayed.

On Monday, leaders of the House Oversight and

Government Reform Committee wrote to Bresch, requesting information about Mylan’s revenues from EpiPens since 2007, manufacturing costs and how much Mylan receives from federal health care programs.

Leaders of the House Energy and Commerce Committee sent a letter to FDA Commissioner Dr. Robert Califf about the lack of

competition for auto-injection devices.

“EpiPens are a critical and often only option for saving kids from the brink of death during severe allergic reactions. And the soaring costs that patients are now facing for Epi-Pen Auto-Injectors is cause for alarm,” said Rep. Fred Upton, R-Mich., the panel’s chairman.

Global stocks rise as investors weigh future of US rates TOKYO (AP) — Global stock markets mostly rose on Tuesday as investors weighed the possibility and timing of another U.S. interest rate increase this year.

KEEPING SCORE: France’s CAC 40 added 0.7 percent to 4,455 and Germany’s DAX rose 0.9 percent to 10,640. Britain’s FTSE 100 inched up less than 0.1 percent to 6,840.

U.S. shares were set for a quiet open, with Dow and S&P 500 futures both unchanged.

FED FACTOR: Major U.S. banks posted solid gains on Wall Street as traders bet that the Fed was likely to nudge interest rates

higher in December or even at its next policy meeting in September. Federal Reserve Chair Janet Yellen told a conference last week that the case for raising rates was strengthening given improvements in the economy.

While rate increases can hurt stock markets overall, they tend to support bank shares. Also, some investors seem encouraged by the prospect that the Fed considers the economy strong enough to withstand another rate increase.

THE QUOTE: “The Federal Reserve’s rate-hike decision is largely based on three main indicators: the performance of the labor market, economic activ-

ity and inflation. In light of strong jobs reports over the last two months, the likelihood of an impending rate hike has substantially increased,” said Margaret Yang Yan, market analyst at CMC Markets Singapore.

JOBS DATA: Global markets are awaiting the U.S. Labor Department monthly jobs data, being released Friday, for signs on whether a U.S. recovery is on solid footing. Data on Japan released Tuesday showed an improvement in unemployment, but worries about growth momentum remain.

APPLE: Shares in tech company Apple Inc. were down 1.4 percent in pre-

market trading after the European Union ruled that it has to pay $14.5 billion in back taxes to Ireland. Both Apple and Ireland said they would appeal the decision, which is the EU’s latest and most aggressive move in its campaign to have multinationals pay a fair tax rate.

ASIA’S DAY: Japan’s benchmark Nikkei 225 was down less than 0.1 percent, to close at 16,725.36. South Korea’s Kospi added 0.4 percent to 2,039.74. Hong Kong’s Hang Seng rose 0.9 percent to 23,028.02, while the Shanghai Composite inched up 0.2 percent to 3,074.68.

ENERGY: Benchmark U.S. crude oil rose 37 cents

A man walks past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo, yesterday. Asian shares were mostly higher Tuesday as hopes continued for a U.S. Federal Reserve interest rate cut later this year. (AP Photo to $47.35. It had fallen 66 cents on Monday. Brent crude, used to price oil internationally, rose 28 cents to $49.54 a barrel.

The CURRENCIES: dollar rose 102.32 yen from 102.21 yen late Monday.

The euro was slightly lower at $1.1164 from $1.1177.