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Wednesday, OctOber 28, 2026
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Billion-dollar treasure battle exposed Gov’ts $4m share
Moody’s: ‘Durable’ revenue increases needed for annual Budget surpluses BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net
Rating agency says June gains cannot be one-off
BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net
MOODY’S yesterday asserted that “durable” revenue gains, rather than June’s one-off spikes, are vital to The Bahamas achieving sustained annual Budget surpluses together with greater corporate income tax collections and “spending restraint”. The agency, unveiling its latest assessment of The Bahamas’ creditworthiness and economic performance, signalled that the Davis administration will need to turn June’s revenue spike driven by the collection of VAT arrears and dividend payments from public corporations - into a consistent annual event rather than just a one-off improvement. Describing the $39.3m surplus for the 2025-2026 fiscal year, recently unveiled by Prime Minister Philip Davis KC, as “a preliminary figure” driven largely by revenue growth outpacing increased spending, Moody’s noted that income generated by the 15 percent corporate income tax - known as the Domestic Minimum Top-Up Tax - was only just over 50 percent of the $131m target.
Meeting six-fold corporate income tax rise now key
AN EXPLORER owned by the billionaire proprietor of Walker’s Cay wrongly withheld a contractor’s 25-30 percent share of sunken treasure in Bahamian waters valued at billions of dollars, a US court has ruled. Reed O’Connor, chief judge in North Texas, found on October 21, 2026, that Carl Allen and his Allen Exploration outfit had breached their agreement with Dan Porter, principal of Florida-based Maritime Research & Recovery, by failing “to divide treasure that is past due” following its recovery from a Spanish galleon that was wrecked on the Little Bahama Bank some 370 years ago. His 68-page decision, which has been obtained by Tribune Business, details how the first underwater exploration and salvage licence issued by The Bahamas in almost two decades descended into an acrimonious battle
Judge: Walker’s Cay owner wrongly withheld contractor’s 2530% share
But also finds that Allen Exploration’s ‘trade secrets misappropriated’
AMMC chair called as witness over Bahamian water sunken artifacts fight
featuring lurid allegations - which Judge O’Connor found unproven - of drug smuggling and breaches of this nation’s Customs and other laws (see other article on Page 1B). The North Texas chief judge also warned that the court will supervise the division of artifacts recovered from the Nuestra Senora de la Maravillas, said to have been carrying an estimated $1.5bn worth of treasure when it wrecked, and “appoint a receiver if necessary” should Allen Exploration and Maritime Research & Recovery (MRR) not agree what the latter is due. However, Maritime Research & Recovery and Mr Porter did not have it all their own way. For Judge O’Connor, in what was described as ‘findings of fact and conclusions of
laws’ rather than a judgment, found they had breached the confidentiality deal signed with Mr Allen and misappropriated “trade secrets” by wrongly retaining - and refusing to return - his exploration business plan. And he also dismissed Mr Porter’s claims that Allen Exploration had defamed his reputation through letters written to the director of the National Museum of The Bahamas and Bahamian Immigration director, accusing him of “misappropriating company funds and dishonest conduct” and of “stealing from the company [and] violating several aspects of Bahamian law”. The ruling reveals that the Government’s share of the 2020 treasure recovery was $454,487 with the division and payment
completed on August 10, 2021, just before the general election that brought the Davis administration to office. This then increased to $3m for 2021 and 2022 combined, with the Government receiving a further $359,189. Its four-year total share was $3.814m Among the witnesses called to give evidence on the dispute, which covers five years’ worth of treasury recoveries from 2020 to 2024, was Dr Michael Pateman, recently named as executive chairman at the Antiquities, Monuments and Museums Corporation (AMMC), and the curator and director at Allen Exploration’s Grand Bahama-based Bahamas Maritime Museum. The latter museum was established to showcase
Guana Cay resort suffers 300 hours without power in month BY FAY SIMMONS TRIBUNE Business Reporter jsimmons@tribunemedia.net A GUANA Cay resort owner yesterday estimated his business has endured more than 300 hours without electricity since September, describing repeated outages as a “real nightmare” that has driven up operating costs and left expansion plans on hold. John McKibbon, owner of Kalopsia Seaside Villas and Marina, said the business spent more than $5,000 on generator fuel last month alone while continuing to pay high Bahamas Power & Light (BPL) bills, adding to the cost of operating its 15 villas and restaurant. The resort has plans to build another six villas, but Mr McKibbon said he cannot move forward until the island has dependable electricity or he invests in an alternative energy system. “I've got 15 villas and six more planned, but I can't start those until I either put in solar or I have dependable electricity,” he said. “There's no reason to go forward, and it is definitely going to affect our business, our employment, and the income to The Bahamas because of the situation.” Mr McKibbon said the ongoing outages were particularly frustrating for a relatively new business, with the restaurant having opened about a year ago and the villas operating for longer. “It's been a nightmare. We've got a brand new business and we can't operate it with the electricity like this,” he added. He estimated that the resort had gone without electricity for well over 300 hours since September 1, including a recent outage that lasted around 19 hours. “It's just a real nightmare. It's very, very disappointing,” Mr McKibbon said, adding that the existing underwater power lines serving Guana Cay have been experiencing constant problems. Mr McKibbon said the island needs a new power line and a dedicated generator, arguing that repeated failures in the existing infrastructure were making it difficult for businesses to plan and operate reliably. He also said the resort was being forced to consider additional investment in solar power because it cannot depend on the electricity service for which it was already paying. The cost of keeping the generators running extends beyond fuel, Mr McKibbon said, noting that their oil must be
OUTAGES - See Page B6
DECISION - See Page B4
Bahamas treasure hunter’s ‘trade secrets’ are violated BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net AN UNDERWATER explorer owned by Walker’s Cay’s proprietor saw its multi-billion treasure hunting “trade secrets” misappropriated by a former contractor although it failed to show it suffered harm from more lurid and “scandalous” accusations. Judge Reed O’Connor, the North Texas federal court’s chief judge, on October 21, 2026, found there was “a preponderance of evidence to support the allegation by Allen Exploration and its multi-million dollar owner, Carl Allen, that Maritime Research & Recovery and its principal, Dan Porter, had failed to return a “search
But ‘scandalous’ smuggling, Customs breaches ‘not material’ database” for a wrecked Spanish galleon in Bahamian waters. He added, in a 68-page ‘findings of fact and conclusions of law’ which has been seen by Tribune Business, that Maritime Research & Recovery (MRR) had violated the confidentiality agreement that it had signed with Mr Allen and his exploration outfit by retaining its proprietary data. And Judge O’Connor, in finding there was no joint venture deal between the two parties, also dismissed claims by Mr Porter that Allen Exploration had defamed his reputation in a series of letters sent to
high-level government officials, including the Immigration Director and the National Museum of The Bahamas director. The October 18, 2024, e-mail to the museum director was sent by Dr Michael Pateman, at the time curator and director of Allen Exploration’s Grand Bahama-based Bahamas Maritime Museum, but now executive chairman of the Antiquities, Monuments and Museums Corporation (AMMC) with effect from August this year according to a posting on its Facebook page. Mr Pateman’s e-mail had accused Mr Porter “of misappropriating company funds and dishonest conduct”, while a November 22, 2024, letter written to the director of
And cites ‘spending restraint’ as vital moving forward While the $62.4m undershoot may be a timing issue, meaning the Government may not have collected all that was due before the 2025-2026 fiscal year ended on June 30, the rating agency noted that achieving the near six-fold increase in corporate income tax revenues to $350m projected for the current fiscal year will be critical to the Government hitting its $291m surplus target. Moody’s added that the other key factor driving its Bahamas fiscal forecasts for 2026-2027 is a fall in government spending as a proportion of economic output, with primary expenditure growth in particular needing to fall from last year’s 15.7 percent
ANALYSIS - See Page B5
Immigration by another Allen Exploration executive made claims about the MRR chief “stealing from the company, violating several aspects of Bahamian law and mistreating his staff”. Judge O’Connor said Mr Porter’s defamation claim could not be sustained because the allegations were “all true”, adding: “The court already found that by a preponderance of evidence plaintiffs did misuse company funds, use crew for personal work and violate Bahamian law, even though they may have been minor or non-material.” However, in a mixed decision over the dispute that erupted over treasure hunting and recovery from the wreck of the Nuestra Senora de la Maravillas, the Spanish galleon that sank on the Little Bahama Bank in 1656 with an estimated $1.5bn worth of valuables in today’s figures, Judge O’Connor ruled that these same Bahamian law
EVADE - See Page B6
Downtown businesses brace for disruption in King’s visit BY FAY SIMMONS TRIBUNE Business Reporter jsimmons@tribunemedia.net BUSINESSES that rely on customers driving through downtown Nassau were yesterday bracing for disruption from road closures surrounding King Charles III’s visit, with one restaurant owner noting some patrons are opting to avoid the area altogether. Peter Maury, owner of the Green Parrot, said the closures would
make it more difficult for customers to reach his restaurant, although he plans to remain open while restrictions are in effect. “Just talking to people, they mentioned they want to stay out of the confusion,” Mr Maury said. “Some people will go downtown, but others will avoid it.” Mr Maury said businesses that depend on cruise ship passengers walking through Bay Street
TRAVEL - See Page B3
DOWNTOWN NASSAU, BAY STREET
PAGE 2, Wednesday, October 28, 2026
THE TRIBUNE
Genuine democracy is more than voting every five years D
EMOCRACY, by definition, is government of the people, by the people and for the people. At least that is what we have been taught. Yet there is something rather ironic about representative democracy. We spend months listening to political promises, debating national issues and deciding who is best suited to represent our interests, only to surrender much of that decision-making authority once the election is over. We entrust elected officials with the responsibility of governing on our behalf, with the expectation that their decisions will reflect the interests of those who put them in office. But somewhere between the ballot box and the halls of Parliament, one must wonder whether the very essence of democracy becomes lost in translation. Perhaps this is where we need to distinguish between democracy as the right to vote, and democracy as the ongoing right to influence government. The former gives citizens the power to choose who governs them, while the latter raises a far more important question: How much influence should
citizens retain over the decisions being made on their behalf? After all, if democracy is truly government of the people, by the people and for the people, should our participation effectively end once the ballots have been counted? Or have we become so accustomed to exercising democracy every five years that we have forgotten it was never intended to be confined to election day? When the people stop feeling represented History has repeatedly demonstrated what happens when citizens begin to question whether those entrusted with political power are acting in their interests. Perhaps one of the most significant examples was the Arab Spring, which began in Tunisia in December 2010 and spread across parts of the Middle East and North Africa in 2011. What started as public outrage over economic hardship, corruption and authoritarian rule evolved into mass demonstrations that challenged governments and, in some cases, brought down leaders who had held power for decades. The
movement was not without devastating consequences, with several countries subsequently experiencing political instability and conflict. Nevertheless, it demonstrated the extent to which public frustration can transform into demands for fundamental political change. Across the Atlantic, France offers another interesting example. In September and October 2026, demonstrations over teacher shortages, overcrowded classrooms and deteriorating school facilities reportedly brought students, teachers, parents and trade unions into the streets. Reports of largescale demonstrations, including hundreds of thousands of participants, reflected growing frustration over the condition of public education and the government's responsiveness to these concerns. What makes the French demonstrations particularly interesting is that these citizens were not protesting the absence of democracy. They were protesting within an established democratic system, one in which elected representatives, public
institutions and mechanisms for political participation already exist. Yet citizens still felt compelled to organise demonstrations to draw attention to conditions within their schools. This raises an important question: If democratic institutions already provide avenues for representation, why do citizens increasingly feel that taking to the streets is necessary to have their concerns addressed? And then there is Albania. In 2026, opposition to a proposed luxury resort development associated with Jared Kushner and Ivanka Trump, the US president’s son-in-law and daughter, along the country's coastline raised questions about environmental protection, transparency and the influence of foreign investment on national development. While the project was promoted as an opportunity for tourism investment and economic growth, critics questioned the potential consequences for environmentally sensitive coastal areas and the extent to which local communities had a meaningful voice in the decision-making process. What makes this particularly relevant to The Bahamas is the familiar tension between foreign direct investment (FDI) and the interests of local communities. Economic development may be necessary, but who determines what development should look like? And how much influence should citizens have when decisions involving their natural resources and national assets are being made? Although these examples reflect different political circumstances, they share a common theme: Citizens demanding greater accountability, transparency and influence over decisions that affect their lives. They remind us that democracy is not simply about electing representatives, but also about ensuring that those representatives remain responsive to the people they serve.
RODERICK A.
SIMMS AN ADVOCATE FOR A PROGRESSIVE BAHAMAS E-MAIL: RASII@ME.COM
to political representation. Today, the challenge may be ensuring that representation translates into genuine accountability, meaningful participation and decisions that reflect the interests of the wider population. We have moved from a society in which many Bahamians were excluded from political power to one in which virtually every eligible adult has the right to vote. That is extraordinary progress. But having the right to select a representative is not necessarily the same as having meaningful influence over the decisions that representatives make.
We fought for representation
The problem with FiveYear Democracy
Bahamian democracy did not simply appear with Independence in 1973. It was shaped by decades of struggle, sacrifice and demands for political and economic equality. The Burma Road Riots of 1942 marked an important turning point in our political history. What began as a labour dispute over unequal wages became part of a broader movement challenging the economic and racial inequalities of colonial society. The General Strike of 1958 further demonstrated the influence ordinary workers could exercise when they organised around shared grievances. The Women's Suffrage Movement eventually secured women's participation in the electoral process, with Bahamian women voting in a general election for the first time in 1962. And on January 10, 1967, Majority Rule marked a defining transformation in the country's political landscape. These events were not simply milestones in our history books. They represented generations of Bahamians challenging a system in which political and economic power was concentrated among a relatively small segment of society. Our forefathers fought for the right to be heard, the right to vote and the right to participate in determining the country's future. But, more than five decades after Independence, perhaps we must ask whether the democracy they fought to establish has evolved sufficiently to meet the needs of modern Bahamian society. Back then, the struggle was largely about gaining access
One of the greatest weaknesses of our current political culture is the tendency to treat democracy as an event rather than an ongoing relationship between government and the governed. Every five years, Bahamians are courted by political parties promising reform, transparency, economic opportunity and better governance. Manifestos are published, rallies are held and candidates remind voters that their voices matter. Then the election is over. For the next several years, much of the country's direction is determined through Cabinet decisions, parliamentary processes and government policy, with limited opportunities for citizens to directly influence those decisions outside of consultations, advocacy, public pressure or the next election. This is not to suggest that elected representatives have no responsibility to exercise independent judgment they do. Governments must sometimes make unpopular decisions in the national interest, and governing cannot simply become an exercise in following public opinion. But there is an important difference between exercising leadership and governing without meaningful engagement. In a small country such as The Bahamas, the disconnect can be particularly frustrating. We are a nation spread across multiple islands, each with distinct economic and social needs. Yet many of the decisions affecting Family Island communities continue to be made in Nassau.
POLL - See Page B5
Canadians name Bahamas as ‘top family destination’ THE Bahamas has been named as the ‘Top Family Destination’ in Air Canada Vacations' 2026 Travellers' Top Picks Awards, one of Canada's leading consumer-voted recognition programmes. The Ministry of Tourism, in a statement, said Nassau earned the distinction following a nationwide poll in Canada that drew more than 1.3m votes across ten travel categories. The Bahamian capital was recognised for its diverse family-friendly experiences, ranging from beaches and outdoor adventures to cultural immersion and premier resort offerings. Cabbage Beach, Cable Beach, Baha Bay Water Park, Aquaventure and Arawak Cay's Fish Fry were cited as top attractions. Nassau’s ability to consistently deliver such top family travel experiences is why it currently sits atop Canada’s premier family destination list.
“This recognition is particularly meaningful because it comes directly from travellers who have experienced Nassau and chosen to share their confidence in our destination,” said Jackson Weech, the tourism director-general. “Families today are seeking destinations where every generation can find something meaningful to experience. Nassau offers that through the warmth of our people, our rich culture, our natural beauty and the diversity of experiences that make our capital city distinctly Bahamian.” The award comes amid continued growth in Canada, which is one of The Bahamas' strongest international source markets. From January through August 2026, The Bahamas welcomed 1,449,294 stopover visitors, representing a 4.3 percent increase compared to the same period in 2025. Canadian arrivals outpaced overall growth, reaching 104,476 stopover
visitors through the first eight months of 2026 - an increase of 13.8 percent year-over-year and 5.8 percent above 2019 levels. The surge has been aided by a significant expansion of airlift from the Canadian market. The Ministry of Tourism said the recognition underscores the success of The Bahamas' strategic investments in air connectivity, destination promotion and visitor experience improvements. It added that this reinforces Nassau's position as a premier Caribbean destination for families seeking relaxation, adventure, entertainment and authentic Bahamian culture. The Ministry of Tourism said that, as demand from Canadian travellers continues to grow, The Bahamas remains focused on strengthening its market presence while delivering experiences that inspire repeat visitation and longterm destination loyalty.
THE TRIBUNE
Wednesday, October 28, 2026, PAGE 3
Gov’t promises to review new GB Act every 5 years BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net THE GOVERNMENT, in a shot at Freeport’s founding treaty, is pledging that the replacement Grand Bahama Development Act will face a legally-required review every five years so as not to become a governance framework that “no longer serves” the island. The Davis administration’s ‘Green Paper’, unveiling its proposal to reclaim governance and management of Freeport from the Grand Bahama Port Authority (GBPA), and consolidate it into one island-wide regime, contrasted the 99-year Hawksbill Creek Agreement, which is not due to expire until 2054, with its plans to constantly update the regulatory framework. “The Development Act itself would be subject to a statutory review every
five years, so that Grand Bahama and surrounding cays are not again governed for decades by arrangements that no longer serve them,” the paper proposes, adding that tax breaks and investment incentives will be subject to review by the Ministry of Finance with recipients required to make productive use of them. This, the ‘Green Paper’ signalled, will prevent investors and businesses simply pocketing investment incentives and then doing nothing to expand employment or economic activity - a frequently voiced complaint about Freeport’s existing concessions structure under the GBPA. The Ministry of Finance’s involvement will address the impact of any tax breaks on the Government’s revenue base. “Concessions affect public revenue and consequently require fiscal examination as part of their design. The Ministry
of Finance would assess the likely revenue effect, administration and material associated obligations before recommendations are settled,” the ‘Green Paper’ said. “The examination would distinguish the stated value of relief from its expected effect on public finances, allowing for changes in activity which the scheme may induce and uncertainty about uptake.” It added that the planned Grand Bahama Development Act “could provide defined award periods” for when incentives are offered and subject these to periodic reviews. “Review would examine delivery, Bahamian participation, geographic reach and unintended effects, including whether eligibility or procedures create avoidable barriers for the enterprises intended to benefit,” the ‘Green Paper’ said. “Conditions and remedies would be communicated
Crypto platform seeks to widen investment access BY FAY SIMMONS TRIBUNE Business Reporter jsimmons@tribunemedia.net A BAHAMIAN crypto currency education platform is seeking to broaden access to investment opportunities, with its founder noting many locals know how to work for money but struggle to understand how to make their funds work for them. Nelson Strachan Jr, founder of CryptoNoobz, said the platform was established to educate Bahamians about crypto currency but has since expanded its focus to include investing, trading, real estate and artificial intelligence (AI).
“Money comes and goes very fast, but the average Bahamian doesn't really know what to do to actually keep the money, to let the money work for itself,” said Mr Strachan. “We’re okay working for the money. We’ve got that part down pat. Letting the money work for itself, that's what we still struggle with.” Mr Strachan said CryptoNoobz began its podcast about two years ago with the aim of making crypto currency more accessible to the Bahamian public, explaining how it works, how people can get started and how it can be used. The platform has since broadened its educational content by bringing on subject matter experts in
Straw vendors anticipate no royal visit disruptions TRAVEL - from page B1 could also be affected, while establishments that rely on customers driving to their doors faced a different challenge. “For me, people got to drive through all of that,” he said. “Bahamians, they don’t like to sit in traffic. I know I don’t.” Mr Maury added that the restrictions will slow business, but his restaurant would remain open and wait for normal access to resume once the closures ended. Rebecca Small, president of the Straw Business Persons Society, said the Straw Market was open and, to her knowledge, would continue operating despite the road restrictions. Asked whether the closures were expected to affect vendors, she said the market relied largely
on walk-in traffic. “For the most part, yes,” she said, when asked whether the market’s reliance on pedestrians meant it would be less affected. The road restrictions come as King Charles III starts his official visit to The Bahamas, with police announcing extensive closures and traffic diversions across New Providence to accommodate his movements between official engagements. For the second day of the visit, downtown Nassau faces significant restrictions, with sections of Bay Street and Marlborough Street scheduled to close from midnight and remain closed until after the relevant ceremony. Police have also announced diversions for motorists travelling through the capital.
areas including investing, trading, real estate and AI, alongside business owners and investors willing to share their knowledge and experiences. Guests have included Caribbean digital nomad educator, Keron Rose, who teaches people how to earn money online, as well as Bahamian traders and real estate professionals discussing investment strategies and common mistakes. Mr Strachan said the aim is to give Bahamians greater access to information and options they might not otherwise know were available to them. “The number one thing we want to give the Bahamian people is access. That's really what it The restrictions are not limited to the downtown area, with closures also planned along Shirley Street, West Bay Street, Gladstone Road, Carmichael Road and other major routes as the King travels between the Royal Bahamas Defence Force base in Coral Harbour, Bonefish Pond National Park, the National Boxing Academy, Parliament Square and Government House. Police have said most closures along the royal convoy’s routes will be temporary, with roads reopening once the motorcade has passed and it is safe to do so. However, roads immediately surrounding venues hosting official engagements will remain closed for security purposes. Residents and businesses along affected routes have been advised to make arrangements in advance, while police said access to homes and businesses along outer security perimeters would be accommodated where practicable.
before an award is accepted, with a fair opportunity to respond to alleged material non-compliance. The framework would distinguish deliberate misrepresentation, a remediable reporting failure and interruption caused by events beyond reasonable control. “Hurricanes and other serious disruptions require explicit treatment, including the evidence necessary to establish their effect on an undertaking.” The ‘Green Paper’ also warned that recipients of tax breaks and investment incentives, whether in Freeport or outside, will have to make use of them under the proposed new regime. “Concessions will be tied to measurable, verifiable commitments rather than asserted benefits. Relief should be linked to productive use and should not reward the passive holding of land or other assets,” it added.
“The Government considers transparent and equal governance compatible with differentiated incentives directed to different development conditions. Enhanced provision for East and West Grand Bahama could address the imbalance identified in the policy case and accelerate the extension of opportunity beyond Freeport. “Geographic differentiation would require a published rationale, defined boundaries and consistent administration, accessible to eligible Bahamian enterprises as well as other qualifying investors… Particular exemption rates, award periods, tax exemptions and entitlements will
be considered only after consultation,” the ‘Green Paper’ continued. “Consultation will examine the constraints a concession is intended to address, the activities to be supported and the arrangements necessary for effective operation. The analysis will distinguish support throughout the island from the additional case for enhanced treatment outside Freeport. It will also consider whether differing conditions require a differentiated response rather than a more generous version of the same instrument.”
is: Access and options,” he said. CryptoNoobz has also expanded its educational efforts beyond the podcast through in-person crypto and coffee events at Cafe Amore. Mr Strachan said more than 200 people have attended the gatherings since they began this year, with discussions covering crypto currency investing, AI and other financial topics. He said the events grew out of the platform's online community, as the founders wanted to engage directly with people and give them opportunities to ask questions and learn about investment opportunities. Mr Strachan, who runs CryptoNoobz with business partner Lamont Astwood,
said the platform's international audience has also helped create opportunities for Bahamians interested in developing AI ventures. He said international contacts approached CryptoNoobz seeking Bahamians who could benefit from grant funding for AI projects, leading to local participation in Future Caribbean, an AI start-up incubator that helps participants develop their ideas and prepare them to be presented to investors. Mr Strachan said some Bahamians have successfully participated in the programme, which he described as an example of how the platform's connections can expose local entrepreneurs to opportunities beyond the country.
He said the work was driven by a desire to make information and opportunities more accessible to Bahamians. “It's a labour of love,” Mr Strachan said. “We want to show The Bahamas that things are out here trying to make it a bit easier for us.” CryptoNoobz will celebrate the 50th episode of its podcast with an event on Thursday, October 29, at Le Château. The event will feature a live podcast episode and discussions about investing, stocks and economics. It will also be livestreamed on the CryptoNoobz YouTube channel, giving those unable to attend in person an opportunity to follow the discussion.
GRAND BAHAMA PORT AUTHORITY (GBPA) HQ
PAGE 4, Wednesday, October 28, 2026
THE TRIBUNE
Walker’s Cay owner touted ‘home game’ advantage via Texas governor and its AG DECISION - from page B1 recoveries from the Nuestra Senora de la Maravillas, which sank in Bahamian waters in January 1656 and has been the subject of numerous salvage and treasure hunting expeditions. None have found the “golden Madonna”, made on the then-King of Spain’s orders, and which the galleon was supposed to be carrying when it sank. Mr Allen, who owns Walker’s Cay, the private island destination at Abaco’s northern tip, obtained the necessary recovery licence from the Bahamas government to search for the vessel on June 15, 2020. He had previously received his other approval, an exploration permit, on July 25, 2019, from the then-Minnis administration covering 6,545 square miles of Bahamian waters. “This was the first time in 18 years that The Bahamas had issued a recovery licence for any shipwreck in any part of its jurisdiction. Under the licence, Allen Exploration agreed to share approximately 25 percent of any recovered artifacts with the Bahamian Government,” Judge O’Connor recorded. Mr Allen, described as a “successful businessman and philanthropist”, who divides his time between Dallas and The Bahamas, was said to have first met MRR’s Mr Porter during Hurricane Dorian relief efforts that year. “Allen and Dan Porter joined forces in the treasure hunting contract at the heart of this case,” the judge noted. James Sinclair, a marine biologist, former MRR shareholder and personal friend of Mr Porter, sent him documents on the Nuestra Senora de la Maravillas project, which resulted in him formally meeting Mr Allen and Allen Exploration management, including its president, Preston Paine, in late October 2019. This led to Mr Porter signing a services agreement whereby MRR would work on the search for artifacts located in Bahamian waters in return for Allen Exploration paying all its expenses and giving it a 30 percent share of all treasure
recovered after the Government had taken its 25 percent cut. “During this time, Dan Porter bought a house in The Bahamas for his daughter, Allie Fulton, which Allen Exploration agreed would be used as the operations base for the recovery,” Judge O’Connor wrote of the Freeport-based property. “Allen Exploration initially offered to use their island, Walker’s Cay, for the base of MRR’s operations because it had a marina, an electrical generation station, and was owned by Mr Allen and his wife. “Dan Porter convinced Allen that the island was not the right choice because there were no convenience, grocery, auto parts or marine equipment stores on it, and it was not that much closer to the Maravillas than the house.” However, challenges with MRR’s Allen Exploration tie-up first emerged in 2021. “Pursuant to the parties’ agreement, Dan Porter and MRR performed extensive salvage operations, including more than 100 trips to sea and excavation of thousands of search areas, recovering gold, silver, gemstones and other valuable artifacts in the 2020 season,” Judge O’Connor wrote. “Despite the operation’s successes, the parties began to have disagreements. In April 2021, Dan Porter threatened to quit because Allen Exploration attempted to reduce his recovery percentage. Allen Exploration represented to Dan Porter that a foundation established to benefit middle school children on behalf of the Allen family would take a cut of the treasure. “Dan Porter, acting on behalf of MRR, agreed to a reduction from 30 percent to 25 percent. On April 21, 2021, the services agreement was amended to reflect this modification. As of the trial date, not only has the foundation never taken any of the treasure, the foundation does not exist.” The services agreement was then terminated four months later, on August 19, 2021, after it emerged that Mr Porter and MRR had signed an agreement with a rival salvager for “shipwreck exploration in Bahamian waters” back in 2015. The
area covered by that deal overlapped with Allen Exploration’s search area licensed by the AMMC in 2019. MRR’s earlier deal contained “non-compete and non-circumvention” clauses and, to deal with the rival explorer’s threat to initiate legal action over its breach, Allen Exploration and Mr Porter agreed to terminate their written agreement and continue their relationship through a newly-created corporate vehicle that would conceal their ongoing partnership. Judge O’Connor described this as “business as usual:, and added: “Per Allen Exploration’s records, MRR’s share also remained the same after the 2021 termination. The Bahamian government received 25 percent of the points, and the post-government pool (75 percent) was allocated among Allen Exploration, MRR and Mr Sinclair.” He wrote: “In July 2024, Dan Porter believed that he was mapping the Maravillas debris trail to the sterncastle and that he was getting closer to the fabled golden Madonna. Right after finding three silver bars, which he believed to be a trail leading to the sterncastle, within the strike zone of the season, Dan Porter was called to a mandatory meeting. “During the July 9, 2024, mandatory meeting, [Mr] Allen accused Dan Porter of mistreating the crew and using the crew to build the house [in Freeport]. Allen told him he had friends in the Department of Justice who had reports that Dan Porter stole gold coins in Florida. “This was the first Dan Porter had heard of these allegations. Until this time, no one at Allen Exploration ever notified MRR that it believed MRR misappropriated or stole funds. Allen refused to offer any artifact division and demanded that Dan Porter accept only 60 percent of MRR’s contractual share,” Judge Allen added. “Dan Porter rejected the demand, but by the end of the two-and-a-half hour meeting they agreed Dan Porter would continue working and that he would send Allen Exploration an accounting of what division of artifacts he thought was
fair.” However, Mr Porter was then told on August 1, 2024, that MRR’s recovery services would not be needed after September 1, 2024. “On September 5, 2024, Allen gave Dan Porter an ultimatum: Release the boats he used to Allen Exploration by 10am or he would get no division,” Justice O’Connor wrote. “By September 8, 2024, the relationship had collapsed. Allen decided that ‘the only way the Maravilla treasure [would] be broken up [was] over [his] dead body’. “He wrote: [T]hey will have to sue in Texas . . . . I am personal friends with the governor [Greg Abbott], the lieutenant governor, and the attorney general Ken Paxton. I can assure you this will go to the top. All three are big followers and support what we do. Ahh, I do love a good home game. Stay tuned.” Mr Paxton is now the Republican candidate battling for a Senate seat in the US mid-terms. Mr Allen’s optimism may have been partially illfounded. Setting out both parties’ positions, Judge O’Connor said: “Plaintiffs [MRR] contend that the agreement to divide artifacts at 25 percent was never truly terminated. “Accordingly they seek the 25 percent share owed to them. They assert claims for breach of contract and breach of fiduciary duty related to this time period. Dan Porter also brings a claim for defamation related to statements made about him. “Defendants contend that plaintiffs are owed nothing. They argue Dan Porter lied to them from the beginning, there was no agreement to share artifacts after 2021, and they demand the return of their confidential information. They claim Dan Porter was being paid to look, but not to find, and he was constantly proposing more ways for him to be paid more money.” Judge O’Connor rejected Allen Exploration’s arguments that the agreement with MRR was “void” because it made “several material misrepresentations” along with “omissions” and non-disclosure, including the failure to divulge Mr Porter’s past US criminal convictions for money laundering and drug trafficking, finding this was “not material” to their relationship. And, while Allen Exploration argued that MRR’s claims for a share of the recovered treasure post-August 19, 2021, were “barred” because no oral or implied agreements promising such replaced the written deal, “the evidence demonstrated that after the termination of the written services agreement, nothing changed”. “In fact, when plaintiffs’ counsel asked Allen: ‘During those five years, Allen Exploration continued to take the benefit of all of those vessels, and all of that know how and all of that risk from Mr Porter and the boats he brought, correct?’, Allen answered: ‘Yes’,” Judge O’Connor wrote. “After the August 2021 termination, the parties
continued their relationship on substantively the same terms, with Dan Porter providing vessels and operations management and Allen Exploration paying stipends, charter fees and expenses. “This was consistent with the ‘paper termination’ plan and the formation of a successor arrangement as documented by counsel’s contemporaneous communications.” As a result, the judge rejected Allen Exploration’s argument that there was no “implied agreement” because the new company both parties talked about forming was never created. And he also rejected Allen Exploration’s claim that the recovery share percentages were never agreed, referring to e-mail communications involving Dr Pateman. “In April 2023, Michael Pateman sent Dan Porter a 2022 artifact spreadsheet to get Dan Porter’s opinion before dividing the treasure with the Government,” Judge O’Connor wrote. “The only reasonable inference for this is that Dan Porter also had an interest in the recovery. On June 25, 2024 - almost a year laterPaine forwarded an e-mail from Michael Pateman regarding 2021 and 2022 divisions to Allen, and in that e-mail, he discussed a percentage for MRR.” “The total value of the 2021 and 2022 divisions is $8.86m. The Bahamas got the $3m pendant (33.8 percent of the total), Allen Exploration got $5.86m (66.2 percent of the total). Half of $5.86m ‘goes to the foundation’, so Dan gets 30 percent of $2.93m = $879,000 and Jim gets 2 percent of $2.93m = $58,600. In artifacts of course,” the e-mail said. “I think we should tell Dan and Jim which artifacts they get. Last split Dan took all of the easily saleable items. Michael, can you help us determine what Dan gets. Michael also has some ideas about a replacement for Dan. Not that we would replace him, but so we can at least have some leverage. I think he should reimburse us for most of the expenses he incurs before he gets his cut.” Judge O’Connor then interjected: “Allen, seemingly out of nowhere, responded, ‘Dan is getting zero’.” Then, just two days before the July 9, 2024, meeting at which Mr Allen attacked Mr Porter, “Michael Pateman e-mailed Paine about giving Dan Porter a 30 percent division” in a message titled “2021 and 2022 division”. “I’ve updated the 2021 and 2022 master spreadsheet to include a section for Dan (MMR) and Jim (JS). The spreadsheet is set up to keep track of the total division as artifacts are selected from each category,” Dr Pateman wrote. “I calculated the percentages as we previously discussed. After Allen Exploration and the Government’s division, Allen Exploration and the foundation divide the remaining in half. Then, based on the new total for Allen Exploration, Dan receives a 30 percent share of that collection and Jim a 2 percent share of that collection.” Judge O’Connor found Allen Exploration and Mr Porter never agreed a reduction from the latter’s 25
percent share of remaining recoveries once the Bahamian government had taken its cut. “Allen Exploration’s attempts to reduce the share further confirm that the 25 percent obligation existed and that Allen Exploration was trying to negotiate it away,” he found. “The parties had a clearly defined continuing agreement at 25 percent… Thus, the Court finds that the implied agreement continued with the same terms as the service agreement of a 25 percent artifact division. The essential terms of the implied agreement are established.. the percentage is 25 percent of the post-government share.” As a consequence, the US judge found Allen Exploration to be in breach of contract. “Allen Exploration did not convey MRR’s 25 percent share of the 2021 pre-termination recoveries and, having found that Allen Exploration’s fraud in the inducement claims fail, Allen Exploration has no basis for withholding MRR’s share,” he found. “Further, internal Allen Exploration e-mails indicate that there was no question that the 2021 division should have happened…. Thus, MRR succeeds on its claim against Allen Exploration for breach of the written services agreement.” As for the division of recovered treasure spoils after the two sides’ written deal ended in August 2021, Judge O’Connor said Allen Exploration’s “unilateral refusal to divide artifacts after the implied agreement and scheme to get rid of Dan Porter is well documented” via the July 9, 2024, confrontation and termination of MRR’s services, plus the demand for the latter’s boats. “Allen’s position became clear - Dan Porter was not going to get anything,” Judge O’Connor wrote, adding that the evidence showed the US billionaire investor was “dangling the prospects of a division over Dan Porter’s head to squeeze Dan Porter out of the project out of dislike for MRR’s investors and/or Dan Porter”. The judge added: “Allen Exploration has not distributed the treasure and continues to refuse to. This comes as no surprise, because AEX failed to distribute another contractor’s artifacts before…. even though it had already been divided with the Bahamian government…. This circumstance corroborates Allen Exploration uses artifact distribution to obtain benefits it is not entitled to. “Having considered all the evidence, plaintiff has proven Allen Exploration is in breach of contract for failure to divide treasure that is past due. The last treasure division was for the 2020 treasure recoveries and, under the contract, MRR is entitled to 30 percent of the post-government recoveries through April 28, 2021, and 25 percent thereafter. “This entitlement covers the 2020 season and the 2021 pre-termination recoveries under the written services agreement, and all recoveries from the August 2021 termination through the 2024 season under the implied contract. The court retains jurisdiction to supervise and approve the division and appoint a receiver if necessary.”
THE TRIBUNE
Wednesday, October 28, 2026, PAGE 5
Moody’s: Greater spending stopover visitors outpaced by cruise passengers ANALYSIS - from page B1 of gross domestic product (GDP) to 1.2 percent. And cutting interest, or debt servicing costs, by 0.7 percentage points of GDP is also vital. The rating agency made no mention of the ongoing controversies surrounding the near-$311m spent from accounts in the National Investment Fund’s (NIF) name, or the $131.7m increase in “loans” to stateowned entities that have little to no chance of paying them back, despite fears this is disguising off-thebooks spending that would blow a major hole in the $39.3m surplus. “The Bahamas recorded a preliminary fiscal surplus of $39.3m, or 0.2 percent, of GDP in the fiscal year ended June 30, 2026, compared with a deficit of 0.5 percent in fiscal 2025,” Moody’s said. “Revenue increased by 16.6 percent to $3.96bn, outpacing expenditure growth of 12.6 percent. “Stronger VAT collections and non-tax revenue supported the improvement, although the domestic minimum top-up tax (DMTT) generated only $68.6m, around half the supplementary Budget target. “The full-year surplus also benefited from a strong June outturn, including VAT arrears collections and dividend receipts, much of which the Government applied to settling outstanding obligations. The durability of revenue gains, rather than the headline surplus alone, will therefore be important to assessing
the underlying fiscal improvement.” VAT collections more than doubled year-overyear for June 2026, growing by 119.6 percent from $113m to $248.3m on the back of enforcement to likely set a monthly record, even though the period only included payments from larger monthly filers. The June returns for quarterly VAT filers and payers are due to be submitted in July. The Ministry of Finance’s report for June 2026, which also includes the full-year figures, shows that the $39.3m annual figure was ultimately achieved by a more than five-fold increase in the Budget surplus for that month - from $25.4m in 2025 to $130.7m this time around. The increased June surplus was driven by major jumps in both revenues and spending. The Government’s total tax income more than doubled for the month, increasing by 116.7 percent or $307.2m yearover-year to hit $570.5m, while non-tax revenue more than quadrupled by $159.8m to hit $206.6m as opposed to just $46.8m in 2025. Revenues, though, grew at a faster rate than the Government’s fixed-cost, or recurrent, spending on civil service wages, rents and debt servicing, which also more than doubled in June to increase by 103.8 percent or $279m to hit $547.6m. Capital expenditure also surged, expanding by $82.7m year-over-year to hit $98.7m for June 2026. The final boost came from what the Ministry of
Bahamas needs more participatory democracy POLL - from page B2 The residents in Andros, Eleuthera or Long Island may elect a Member of Parliament, but how much influence does that community have over the allocation of resources, local development priorities or the delivery of essential services? This is where representative democracy begins to feel less representative. We have become accustomed to debating which political party should govern, but perhaps we have spent too little time debating how the country itself should be governed. And those are two very different questions. The National
Development Plan The solution is not to abandon representative democracy. It is to recognise that the model must evolve. The Bahamas does not need to replace Parliament with public opinion polls or subject every government decision to a national referendum. That would be neither practical nor necessarily effective. What we need is a more participatory model of governance, one in which citizens have meaningful opportunities to influence policy between elections. This could include strengthening parliamentary committees, expanding public access to government information, requiring more meaningful consultations
Finance described as “significant gains in dividend income from several public entities” whose identities were not revealed. This produced a more than seven-fold jump in ‘other’ non-tax revenue from $23.3m in June 2025 to $172.8m. On the spending side, the Government’s outlay on goods and services increased more than fourfold in June 2026, rising year-over-year from $61.8m to $255.1m due to increased spending on “utilities and communications”. This is likely due to the Government settling arrears it owes to public corporations, which then sent these payments back to it as dividends. Moody’s, asserting that consistent Budget surpluses will not be able to rely on one-off revenue gains such as those enjoyed in June 2026, yesterday said: “Further consolidation will depend on higher DMTT receipts and restraint in primary spending. The fiscal 2027 budget projects DMTT revenue of $350m, a substantial increase from the first year of collections. “Our baseline forecasts an overall surplus of 1.5 percent of GDP and a primary surplus of 4.6 percent, compared with 0.2 percent and 4.1 percent, respectively, in fiscal 2026. Unlike the revenue-led improvement in fiscal 2026, our forecast assumes expenditure declines relative to GDP, while the revenue ratio remains broadly stable. “Primary expenditure growth slows to around 1.2 percent, from 15.7 percent in fiscal 2026, and interest
payments fall to 3.1 percent of GDP from 3.8 percent. Achieving this spending path while establishing a reliable DMTT revenue stream will be important to sustaining larger surpluses,” Moody’s continued. “We expect sustained primary surpluses to support a gradual decline in government debt from 70.7 percent of GDP at end-fiscal 2026 to 67 percent in fiscal 2027 and 65.9 percent in fiscal 2028. “Lower interest costs should also improve debt affordability, with interest payments declining from 17 percent of revenue in fiscal 2026 to 13.9 percent in fiscal 2027. Revenue shortfalls or higher-than-projected primary spending would slow this improvement, limiting the rebuilding of fiscal space.” Moody’s noted, in common with its fellow credit rating agencies, that cruise tourism arrivals growth continues to outpace stopovers despite the latter spending 28 times’ more in the destination and therefore driving the industry’s economic, job and fiscal benefits for The Bahamas. ”Tourism remains the principal driver of growth, foreign exchange earnings and government revenue in The Bahamas, but growth in arrivals is concentrated in the cruise segment,” Moody’s said. “Total foreign arrivals reached 9.5m in January to August 2026, up 14.9 percent from the same period in 2025. “Cruise arrivals rose 16.6 percent to 8.2m, with the segment accounting for approximately 85 percent
on major legislation and introducing participatory budgeting at the local level. Digital technology also presents opportunities for citizens to review policy proposals, submit recommendations and track government commitments in ways that were simply not possible when our political institutions were first established. The National Development Plan (NDP), Vision 2040, plays a significant role in helping us to establish growth for the future. A long-term national framework should not simply reflect the priorities of whichever administration happens to be in office. It should represent a shared vision shaped by citizens, businesses, civil society and local communities. More importantly, its implementation should be transparent, measurable and open to public scrutiny.
Bahamians should be able to see what government has promised, what has been delivered, what remains outstanding and how public resources are being used to achieve national objectives. Accountability should not begin when an election is announced. It should be a permanent feature of governance. Conclusion Perhaps representative democracy is not dead, but our traditional understanding of it may be becoming increasingly inadequate. The Bahamas has come a long way from the struggles that shaped Majority Rule and Independence, but securing the right to vote should never be confused with completing the journey toward meaningful democratic participation. The next chapter of Bahamian democracy should
of total arrivals. Growth was mainly driven by visitors from Canada and Latin America, while arrivals from the US, the largest source market, were flat. “Stay-over arrivals increased by a more moderate 5.6 percent over the same period, consistent with the room capacity and airlift constraints identified” earlier,” Moody’s added. “This segment generates larger domestic spillovers through hotel occupancy, employment and VAT collection, making its performance particularly relevant to the economic and fiscal benefits of continued tourism growth. “Tourism directly accounts for about 58 percent of jobs, linking labour market conditions closely to activity in the sector. Unemployment reached a 20-year high of 26 percent of the labour force at end-2021, before declining rapidly following the resumption of economic activity in 2022. It stabilised at 9.5 percent in 2025, in line with its historical potential rate.” The unemployment rate has since fallen further to 8.1 percent in the 2026 first quarter, and Moody’s continues to place significant weight on the Government’s energy reforms delivering lower-cost, more reliable and cleaner electricity to reduce the burden on businesses and households and spur more job creation and economic growth. “The reform seeks to modernise electricity generation and distribution, and diversify the energy mix toward around 30 percent solar and 50 percent LNG (liquefied natural gas) by 2030. Successful implementation could strengthen growth and the external accounts while reducing fiscal risks,”Moody’s said, adding that it could also cut
foreign exchange outflows on fossil fuel imports. “In August, the Government indicated that the first phase of LNG generation should come online during 2026, with gas-fired capacity reaching around 190 mega watts (MW) by late 2027,” the rating agency added. It also reported that 23 microgrid and solar projects, representing close to 200 MW, were under development and that rented generation was beginning to be phased out. “More detailed project updates in September point to continued implementation. The Government reported that an Abaco facility comprising about 13 MW of solar, 30 MW of LNG generation and 15 MWh (mega watt hours) of battery storage was under construction, with the solar component expected to begin supplying the grid in November 2026. “In New Providence, around 70 MW of solar and 35 MW of battery storage are being developed. These developments support the potential credit benefits identified [earlier], although their realisation depends on successful delivery,” Moody’s said. “Greater efficiency and lower electricity costs could raise long-term real GDP growth by around 0.5 percentage points, supporting revenue generation and debt sustainability. Reduced fuel imports could narrow the current account deficit and lessen exposure to commodity-price shocks. “Limited government guarantees and performance-based private sector participation could also help contain contingent liabilities from the electricity sector.”
not simply be about who governs, but how the governed continue to influence the decisions made on their behalf. Because democracy was never intended to be an exercise conducted once every five years. The ballot
gives us the right to choose our representatives, but genuine democracy must also provide meaningful opportunities to hold them accountable and influence the direction of the country long after election day.
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.
PAGE 6, Wednesday, October 28, 2026
THE TRIBUNE
Diversion of explorer funds to Freeport house not major EVADE - from page B1 violations had minimal impact on MRR’s contract fulfillment. He found that claims MRR and Mr Porter engaged in the smuggling of undeclared goods into The Bahamas, in breach of Customs laws and duty payments, were unproven. As for “scandalous” allegations that illegal narcotics were smuggled into The Bahamas, the judge added that these claims - even if true caused “no loss or damage” to Allen Exploration or performance of MRR’s contract with it. Allen Exploration had made numerous assertions that MRR had breached its contract by failing to perform, including by “using vessels rented by Allen Exploration for Dan Porter’s personal use and circumventing Bahamian customs and import duties, and using Allen Exploration credit cards to pay for goods for Dan Porter’s personal use”. Much of the allegations surrounded a Freeport house built by Mr Porter for his daughter, and which MRR used as a base of operations in the treasure search related to the sunken Spanish galleon. Claims were made that boats and fuel paid for by Allen Exploration were used to
provide electricity for the house. “Defendants [Mr Allen and Allen Exploration] also claim that Dan Porter improperly used money that was intended to be used to pay the Government for multiple work permits,” Judge O’Connor wrote. “Their only evidence in support is that the permits were not obtained until they brought in a consultancy firm, Bahamas Nautical Group, to get the permits instead. “That consultancy firm is owned by Neal Albury, who provided payroll services to Allen Exploration, operated out of Nassau and dealt with Immigration. He testified that the reason he was brought on was not attributed to Dan Porter. Instead, it was Allen Exploration complaining about the time it was taking to obtain permits. “Moreover, Neal Albury was never contacted by Allen Exploration to investigate any of the allegations related to work permits. Because there is no further evidence in support, defendants failed to meet their burden on this issue.” Allen Exploration then alleged that its vessel’s crew built the Freeport house using its funds. “In support, Gavin Roberts testified that ‘we’ve done work on his personal whaler. We’ve done work on the house itself, putting up windows.
We built his guest house, including the pool table, the shelving, the laundry room and even some of the upstairs woodwork’,” Judge O’Connor recalled. “They were not paid by Dan Porter to do any of this work. He said some of this occurred on bad weather days, but not all. Alex Barret corroborated these claims, testifying that Dan Porter had them do construction work personally at the house. Alex Barrett testified that he used a Bobcat to get gravel from a neighbour’s driveway to turn it into concrete. “Both Alex Barrett and Gavin Roberts testified that crew helped work on the dock for a neighbour’s house, the Dirkes’ house. Alex Barrett testified that under Dan Porter’s direction, he dove eight feet down the water column to repair the dock, and that he did not feel safe doing the job. He claimed this ultimately damaged the hydraulic pump on” on one vessel. However, Mr Porter’s daughter and other witnesses countered that Mr Porter hired a contractor, yard crew, electricians and workers to work on the house. Judge O’Connor said that, based on Roberts and Barret’s testimony, “some if not all of those stories” about vessel crew working on the house were true, but there did not represent “a
material breach” of the deal with Allen Exploration. “Second to last, defendants claim that Porter used the crew to aid in smuggling undeclared items into The Bahamas. Gavin Roberts, Kenton Dickerson, and Alex Barrett (crew members) all testified that on at least one occasion, Dan Porter instructed them to aid in smuggling what they believed to be undeclared items into The Bahamas to avoid paying taxes,” Judge O’Connor said. “Gavin Roberts testified that Dan Porter put the crew on what seemed to be lookout duty to avoid Bahamian Customs. At night, they would clear a path for him on the Boston Whalers so he could unload furniture for the guest house, equipment, power tools and a push mower. “Kenton Dickerson testified that they unloaded Bobcat tires and furniture, and flooring, for the guest house. Alex Barrett’s testimony was the same. Both Kenton Dickerson and Gavin Roberts testified that Dan Porter did not check in with Bahamian Customs, instead checking in with them afterwards,” the judge added. “But the crew could not testify to where Dan Porter got the items, which matters if they are allegedly undeclared. In fact, Dan Porter would often request items from Allen and would get
them from Allen’s boat - the Axis - and load them on to his boat. And it is unlikely that Dan Porter was taking the boat to Florida - a seven-or eight-hour trip one way - and back to get undeclared items. “It is more likely that he was making trips to Allen’s boat. The court draws two conclusions from this evidence. First, it is unlikely that the furniture was smuggled. Next, it is likely something else was on the boat that caused Dan Porter to place the crew on lookout.” Allen Exploration, though, had better luck with its “trade secrets” claim. Judge O’Connor wrote: “Defendants allege Dan Porter retained and misused Allen Exploration’s confidential search database, including the Marx archives, directed a contractor to retain the data, and retained the ability to generate forged certificates of authenticity. The Court finds these allegations are true. “The confidentiality agreement prevented Dan Porter, acting as an agent of MRR, from disclosing confidential information and required him to destroy that confidential information at the request of Allen Exploration. On October 7, 2024, Preston Paine sent Dan Porter a letter requesting he comply with the confidentiality agreement by
Businesses call for BPL to replace cable OUTAGES - from page B1 changed every 100 hours of operation and that the equipment is subject to additional wear and tear. The generators cost between $45,000 and $50,000 each, he said, adding to the financial burden of maintaining a reliable electricity supply. Mr McKibbon said the resort was considering closing completely for at least two months next year, including shutting its restaurant and removing food from its freezers, rather than continuing to absorb the expense of running generators during the slower season. He said the business had remained open through September despite the additional costs, but the repeated outages were making the situation
increasingly difficult to manage. Victoria Forbes, a manager at Kalopsia Seaside Villas and Marina, said the outages had also forced the business to cancel some reservations. She added that electricity had been unavailable for hours, and sometimes days, at a time, with a recent outage lasting more than 19 hours. Although the resort has a back-up generator, Ms Forbes said it had run out of diesel at one point last week, illustrating the difficulties of maintaining power when supplies must be transported to the island. She said guests who could be accommodated with backup power had generally been able to enjoy their stays, but cancelling reservations was disappointing, particularly for visitors travelling to Guana Cay for only two or three days.
N O T I C E CHEVRON PHILLIPS INTERNATIONAL CORPORATION Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P. O. Box N7777, Nassau, Bahamas on or before the 11th day of November A.D., 2026. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator. Dated the 28th day of October, A.D., 2026.
BAHAMAS POWER & LIGHT (BPL) HEADQUARTERS “Some of them only there for two days, three days, just to get the experience on the cay, and they travel from far. They’re not locals,” she said. Ms Forbes said businesses have repeatedly received assurances that
BPL was working to resolve the problems, but the outages continued. Mr McKibbon said he understood that BPL employees on the ground were working hard, and are frequently called out at night and on weekends.
NOTICE 3LT INVESTMENT LTD. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 206572 B. (In Voluntary Liquidation) Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General. Dated this 27th day of October A.D. 2026.
However, he argued that the utility needed to make a significant capital investment in new generators and cabling. He said he was looking forward to BPL’s planned Abaco solar installation and battery storage, which
destroying all confidential information. “The same day he also sent a letter to Tyrell Armstrong, who maintains the Allen Exploration database, requesting that he comply with the agreement and destroy all confidential information. Dan Porter testified at trial that he was retaining the information pursuant to the advice of his former counsel.” Judge O’Connor found that, based on e-mail evidence supplied by Allen Exploration, “by a preponderance of the evidence, defendants established that Dan Porter used the Marx files in violation of the confidentiality agreement in violation of Allen Exploration’s trade secrets”. He added that there was nothing to back Mr Porter’s claim that the data was already publicly available, and found: “Based on the foregoing, defendants established their claim that Dan Porter breached the confidentiality agreement and misappropriated a trade secret” under Texas law. “Dan Porter, MRR, their sub-contractors and representatives are required to immediately return or destroy all of Allen Exploration’s confidential material in their possession, custody and control,” the judge added. he expected would help improve the electricity supply, but stressed that the existing underwater connection would still need to be addressed. “We still have to have a line because the line that runs over here is very old and constantly has problems,” he said. Mr McKibbon also said qualified people on Guana Cay should be permitted to operate the island’s generator when necessary, provided it was properly set up, rather than requiring BPL personnel to travel from the mainland to restart it. He said residents and businesses had recently met with a parliamentary representative and BPL officials to discuss the problems and the utility’s plans, but are still waiting to see whether the proposed measures would be implemented. “We don’t know,” he said. “It’s extremely difficult to run a business in this environment.”
NOTICE JCMK FAMILY OFFICE LTD. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 1501944 (IBC) (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, commencing on the 27th day of October A.D. 2026. Articles of Dissolution have been duly registered by the Registrar. The Liquidator is MR. JAINE CEZAR NASCIMENTO whose address is R Vicente Romano, 00150, APT 61, Parque da Mooca, CEP: 03124050, Sao Paulo, SP, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 26th day of November A.D. 2026 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved. Dated this 27th day of October A.D. 2026.
Dayrrl R. Butler Liquidator #15 Retirement Road P.O. Box N-7777 Nassau, Bahamas
LEONARDO CARVALHO CARNEIRO LEAO
N O T I C E
N O T I C E
N O T I C E
CHEVRON PHILLIPS CHEMICALS INTERNATIONAL SALES INC.
CHEVRON PHILLIPS CHEMICALS INTERNATIONAL SALES INC.
CHEVRON PHILLIPS INTERNATIONAL CORPORATION
LIQUIDATOR
N O T I C E IS HEREBY GIVEN as follows: (a) CHEVRON PHILLIPS CHEMICALS INTERNATIONAL SALES INC. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 28th day of October, 2026 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Dayrrl R. Butler of #15 Retirement Road P.O. Box N-7777, Nassau, New Providence, The Bahamas. Dated the 28th day of October, A.D., 2026. HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company
JAINE CEZAR NASCIMENTO LIQUIDATOR
N O T I C E IS HEREBY GIVEN as follows:
Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P. O. Box N7777, Nassau, Bahamas on or before the 11th day of November A.D., 2026. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.
(a) CHEVRON PHILLIPS INTERNATIONAL CORPORATION is in dissolution under the provisions of the International Business Companies Act 2000.
Dated the 28th day of October, A.D., 2026.
(c) The Liquidator of the said Company is Mr. Dayrrl R. Butler of #15 Retirement Road P.O. Box N-7777, Nassau, New Providence, The Bahamas.
Dayrrl R. Butler Liquidator #15 Retirement Road P.O. Box N-7777 Nassau, Bahamas
(b) The dissolution of the said Company commenced on the 28th day of October, 2026 when its Articles of Dissolution were submitted to and registered by the Registrar General.
Dated the 28th day of October, A.D., 2026. HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company
THE TRIBUNE
Wednesday, October 28, 2026, PAGE 7
Risks spelled out for Anthropic investors include blowback from runaway AI By BARBARA ORTUTAY AP Technology Writer
The technology’s rapid development
ANY time a company looks to start selling shares on Wall Street, it’s required to disclose potential risks to investors. In the case of artificial intelligence giant Anthropic, that has included the possibility that its products could threaten nothing less than humanity itself. The risks laid out by the San Francisco company in its filing Monday with the Securities and Exchange Commission included discussion of bad actors potentially using AI models to build deadly weapons or the technology itself going rogue with untold consequences. Of the 335 pages outlining Anthropic’s finances, executive compensation, dividend policy and the like, 93 pages are devoted to “risk factors” — the things that could hurt potential shareholders’ investments. Rival SpaceX’s listed risk factors, in comparison, took up 38 out of more than 250 pages. In selling itself to investors, Anthropic presents its own initial public offering as a step toward mitigating the risks it believes AI poses. “To build AI is to harness cognition itself, and anything so powerful can be used for ill as well as good,” wrote the company’s founders in a letter to prospective shareholders in the IPO filing. “Anthropic is a deeply values-driven organization, founded in large part to help the world realize AI’s benefits and avoid its dangers.” The technology’s potential benefits include leaps in curing diseases and productivity boosts across every sector of the economy, the company said. Still, the potential liabilities are many. They range from the mundane — the possibility it won’t be able to retain key staff or navigate regulatory roadblocks — to involvement in cyberattacks and the spread of dangerous misinformation. Here is a look at some of the risks Anthropic details:
Anthropic said it’s possible its models could develop so quickly the company won’t be able to implement adequate safety measures, “which could increase the likelihood of safety incidents, regulatory intervention, or reputational harm, and could adversely affect our business.” Anthropic CEO Dario Amodei warned in September that within six to 12 months AI could be capable of leading a swarm of agents that could take over the entire internet. The warning — and now Anthropic’s move to sell shares — comes as worries about AI grow inside and outside the industry about increasingly powerful systems that solve problems beyond human capacity but could also act on their own to carry out other, more harmful tasks. As AI systems “become more autonomous and capable of taking consequential actions with less human oversight,” the SEC filing said, there’s a risk that such systems could “take harmful actions independently and at scale without human intervention.” “Even if our own models do not cause such harm, a significant safety incident involving any frontier AI could trigger broad reputational damage to the AI industry, public backlash, and sweeping regulatory responses that could adversely affect our business,” Anthropic said. Now that the AI models are themselves contributing to Anthropic’s own research and development, it’s possible that AI could progress “beyond our ability to evaluate and safeguard new models,” according to the filing. This, the document said, could adversely affect Anthropic’s business. Malicious actors could cause mayhem with the technology The filing discussed concerns that advanced AI systems, if not developed and operated with enough
NOTICE NOTICE is hereby given that I ARON ANTHONY OZIAS of, Keywest Street 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 twentyeight days from the 21st day of October, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that I BERRY SAINDLY REJUSTE of, Nassau Village 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 twentyeight days from the 21st day of October, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that I LARREY DALGE of, Hawkins Hill applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st day of October, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
actors using AI models to build chemical weapons or authoritarian rulers turning to the technology to crack down on their citizens. In September, the company disclosed that it had blocked efforts to use its AI models for malicious activity such as cyberattacks, surveillance and research that could have led to biological weapon development.
Compute — the computing power or resources needed to build, test and improve AI models — is expensive and in high demand. Anthropic notes that if it’s unable to secure adequate compute, or if “we fail to direct our compute effectively across our workloads, we may be unable to train models that remain competitive with
those of our competitors or adequately serve our customers.” Anthropic mentioned community opposition to data centers as a risk to its business. Data center development “has prompted public controversy and regulatory scrutiny regarding environmental impact, land and water use, and the allocation of limited power resources,” the filing said, adding that if regulators impose new requirements or charges as a result, its ability to do business could suffer. In addition, the company relies on a small number of customers, including SpaceX and Microsoft, and distribution channels for a large portion of its revenue. This means that even if just one of its big customers decides to scale back — or drop the company altogether — Anthropic said it could see its prospects and finances suffer.
atmosphere than carbon dioxide in the short term. The invisible gas leaks from equipment and is sometimes released into the atmosphere by oil drillers or burned off as a waste byproduct during crude production. Environmental Protection Agency Administrator Lee Zeldin previewed the changes last month, saying they would eliminate the agency's "Super Emitter Program" that requires companies to investigate and repair major methane releases from oil and natural gas facilities. The agency would also set less restrictive standards for small oil and gas wells. The loosening of the emissions rule comes as
Trump and Republicans in Congress have been methodically dismantling climate policies enacted under former President Joe Biden. That's included the revocation of a scientific finding that was central to U.S. action on greenhouse gas emissions, lower fuel economy standards for vehicles and a move to repeal emission restrictions for coal and natural gas power plants. Environmental groups criticized the latest rollback. "It will impose a heavier pollution burden on our front-line communities and make our energy sector less efficient," said Max Lopez, an Environmental Law & Policy Center attorney.
The company could run up against limits on processing power DARIO AMODEI, CEO and co-founder of Anthropic, attends the annual meeting of the World Economic Forum in Davos, Switzerland, Jan. 23, 2025. Photo:Markus Schreiber/AP safeguards and oversight, “pose catastrophic or existential risks to humanity, particularly if such systems were misused, replicated, weaponized, or allowed to operate with a high degree of autonomy.”
The company said it would be harmed if use by bad actors causes damage, “or if our model guardrails or safeguards fail to prevent such misuse.” Anthropic sketched out the prospect of bad
Trump plans to loosen restrictions on methane emissions from oil drilling By MATTHEW BROWN and MEAD GRUVER Associated Press PRESIDENT Donald Trump is expected to announce plans Tuesday to loosen a Biden-era rule that aimed to reduce planet-warming emissions of methane from oil and gas drilling. Trump was to deliver the announcement as he campaigned in Texas, according to an administration official speaking on condition of anonymity because they were not authorized to speak on the record ahead of the
official announcement. The move aims to encourage more domestic drilling as Trump faces criticism over high fuel prices amid the U.S. war in Iran. Methane is responsible for about a third of planet-warming greenhouse gas emissions, scientists estimate. Cuts in methane emissions have emerged in recent years as a global priority to slow the rate of climate change. Oil and gas operations are the largest industrial source of methane, which is the main component in natural gas and far more potent to the
PAGE 8, Wednesday, October 28, 2026
THE TRIBUNE
JUDGE PARKER
CARPE DIEM
MARVIN BLONDIE
HAGAR THE HORRIBLE
TIGER
CALVIN & HOBBES
DENNIS THE MENACE
CRYPTOQUOTE AXYDLBAAXR is L O N G F E L L O W One letter stands for another. In this example, A is used for the three L’s, X for the 2 O’s, etc. Single letters, apostrophes, the length and formation of words are all hints. Each day the code letters are different. Sudoku is a number-placing puzzle based on a 9x9 grid with several given numbers. The object is to place the numbers 1 to 9 in the empty squares so the each row, each column and each 3x3 box contains the same number only once. The difficulty level of the Sudoku increases from Monday to Sunday
Yesterday’s Sudoku Answer
MICRO CROSSWORD
CHALLENGER
Yesterday’s Answers