12182017 business

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MONDAY, DECEMBER 18, 2017

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Farm eviction exposes Schooner Bay bust-up

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

n Abaco couple have slammed Schooner Bay’s “arrogance” in evicting them from their farm in a dispute stemming from the controversial licencing of 100 Crown Land acres to a foreign developer.

Glen Kelly told Tribune Business that agents for the south Abaco project gave his wife, Tracy, just five minutes’ notice that the water supply to their seven-acre hydroponic farm would be cut-off, ending a two-and-a-half year fight to remain on the property.

* Foreign developer puts Bahamians off Crown Land * In seeming violation of 100-acre licence terms * Couple give 5-minute water cut-off warning * Questions over Foundation plan abandon Their eviction, in late November, has reignited the furore surrounding whether Schooner Bay Ventures is violating its licence by evicting Bahamian entrepreneurs from Crown Land property that is supposed to be used for the “benefit” of locals.

Tribune Business, which has been conducting an

SEE PAGE 4

A VIEW of Schooner Bay.

APPEAL COURT BLASTS QC ON DEAL ‘CONFLICT’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT QC has been blasted for failing to disclose his ‘conflict of interest’ over a real estate transaction involving a “sometime client” serving a 15-year prison sentence.

* Never disclosed interest in buyer to client * Lockhart ‘barred’ from acting for other side * Earlier verdict found Bar Code breached The Court of Appeal found Elliot Lockhart QC had failed to inform Clifford Dean, who had

been convicted of “drug offences”, that he was also the president, director and a beneficial owner of the

company seeking to acquire the latter’s real estate in a

SEE PAGE 9

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AG opinion sought on Schooner Bay’s Crown Land licence

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER investments minister says he sought a legal opinion from the Attorney General’s Office on the Schooner Bay developer’s obligations under its 100-acre Crown Land license.

Khaalis Rolle, who held that post under the former Christie administration, confirmed that the thengovernment was “very concerned” by allegations from Bahamian-owned businesses that they were being denied access to the south Abaco property in seeming violation of the developer’s commitments.

“We had written to the Attorney General’s Office asking them to provide us

* EX-MINISTER: ‘WE WERE VERY CONCERNED’ * DEVELOPER ‘PRIVATISING CROWN LAND’ CLAIM * CHAMBER CHIEF: IT WAS TO BENEFIT BAHAMIANS with an opinion on what the developer is obligated to do, and what the potential business people had access to by virtue of the Heads of Agreement signed with them,” Mr Rolle told Tribune Business in a recent interview.

SEE PAGE 5

80% CONCH DROP THREATENS LIVES OF 9,000 FISHERMEN

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE livelihoods of more than 9,000 Bahamian fishermen and their families are under threat from the 80 per cent conch population

decline since the 1980s, it has been revealed.

An Inter-American Development Bank (IDB) report, accompanying a $500,000 project to enhance ‘community-based conch

SEE PAGE 12

FISCAL RESPONSIBILITY ‘LITMUS TEST’ OF GOVT’S REFORM COMMITMENT THE implementation of Fiscal Responsibility legislation is “the litmus test of just how serious this government is”, the Chamber of Commerce’s chairman urging: “Show us we have a future.”

Michael Maura told Tribune Business that shrinking the Bahamas’ $300 million-plus fiscal

deficits, and getting the national debt under control, were “paramount” to restoring private sector confidence - especially among businesses “wondering whether we should continue to invest”.

Emphasising that the Bahamas can no longer

SEE PAGE 3

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THE TRIBUNE

Monday, December 18, 2017, PAGE 3

Fiscal Responsibility ‘litmus test’ of Govt’s reform commitment FROM PAGE 1

afford “to kick anything down the road” on urgent fiscal and economic reforms, Mr Maura said the introduction of curbs on unchecked government spending was vital if this nation is to enjoy a sustainable future.

“I think it’s paramount,” Mr Maura added of the Government’s promised Fiscal Responsibility legislation. “It’s a litmus test of just how serious this government is.

“It’s critical, not just from a credit rating agency perspective and need to avoid a potential downgrade in the future, but it’s critical from the standpoint of local investor and business confidence.

“People who have worked so hard to invest in and develop their businesses, and hire Bahamians, have been wondering whether we should continue to invest because of the Government’s out-of-control spending,” the Chamber chief

continued. “We need to know we have a future. That Fiscal Responsibility legislation will be important to know we have a real sense of responsibility on the part of government, and we’re moving in the right direction. If they don’t continue their work in areas of fiscal control, it would cause a real concern for us.”

The Minnis administration, in responding to Standard & Poor’s (S&P) decision to leave the Bahamas’ sovereign creditworthiness at ‘junk’ status, albeit with no further downgrades, again pledged that Fiscal Responsibility legislation, including so-called ‘Fiscal Rules’ that act as a check on runaway public spending, will “be in place” by mid-2018.

While Fiscal Responsibility legislation typically forces governments to be more open and transparent over the public finances, and imposes greater accountability through having to return to

Parliament to obtain permission to exceed previously-agreed spending limits, ‘fiscal rules’ provide tougher controls. They set specific targets, such as debt-to-GDP ratios, that the Government cannot breach, and are regarded as more effective in checking public expenditure.

Mr Maura, meanwhile, said he “1,000 per cent agrees” that S&P’s position is one where, while impressed by the plans outlined by the Government and the private sector, it is now waiting on the Bahamas to execute and deliver the promised economic growth and fiscal consolidation.

“I think they came down, saw evidence of a sincere effort on the part of government to address policy reforms, legislative reforms, and unleash economic growth through initiatives like the Commercial Enterprises Bill,” the Chamber chairman added.

“They had an opportunity to meet with the Chamber of

Commerce and the private sector, which feel optimistic about what they’re seeing from the Government and that it is listening to them.

“But S&P recognises there’s a hill to be climbed and a lot of work needs to be done to get over that hill. They want to see evidence that the Government is making its way through difficult terrain, and the next time they’re in town they will be looking for real, hard evidence that improvements in the economy are being made, including Fiscal Responsibility legislation.”

Mr Maura continued: “We don’t have time to kick anything down the road. We’ve got to pick it up and deal with it.

“We are fortunate that they [the Minnis administration] entered office with a stated objective and commitment to right-size government. We have been fortunate to see evidence they are living up to their commitment, but the

real work is still to come. “S&P has given them a bit of breathing room, just as the IMF and Moody’s have done, but the next round of reviews are going to be very important and testing ones.”

Mr Maura added that both the Government’s National Ease of Doing Business Committee, and the Chamber of Commerce’s own internal version, had put in “a tremendous effort” to develop recommendations on making the conduct of commerce - and the Government’s own internal processes and systems - much smoother for the private sector.

“They’ve made presentations to the Cabinet, met with the Cabinet on several occasions,” he added of the National committee, “and I understand the Government is in the midst of reviewing their recommendations, with the Attorney General’s Office looking at them as well, to see if modifications can be made and they can be adopted.”

PAGE 4, Monday, December 18, 2017

THE TRIBUNE

Farm eviction exposes Schooner Bay bust-up FROM PAGE 1 in-depth investigation into multiple complaints about Schooner Bay and its operations, has obtained documents which raise serious questions as to whether the licence terms have been breached and how the Crown Land came to be licenced to the developer in the first place.

Mr Kelly, detailing the fight to save the couple’s Driftwood Food Company farm, told this newspaper the business and its predecessor, Lightbourn Farms, had been attempting in vain since 2012 to obtain a formal lease for a sevenacre parcel on the Crown Land tract, which is known as ‘The Commons’.

While Schooner Bay Ventures served notice of its “intention” to enter into such a lease on August 19, 2014, no such agreement was finalised. The absence of such a lease saw Lightbourn Farms withdraw in January 2015, with the Kellys taking over the business and changing its name to Driftwood Food Company.

Despite pleading with Schooner Bay Ventures for a written lease, given that this was crucial to unlocking “a fairly sizeable investment” by paving the way for duty-free tax concessions, the Kellys received an April 17, 2015, letter from the developers demanding they vacate the property within 60 days.

The couple successfully persuaded the then-Christie administration, through the Bahamas Investment Authority (BIA), to intervene, with the Abaco Chamber of Commerce subsequently attempting to mediate a solution between the parties with little success.

An uneasy ‘truce’ appears to have prevailed between Schooner Bay and the Kellys until late last month, when the developer cut-off the farm’s water supply, resulting in the loss of about 80 percent of its existing crop.

Mr Kelly, in an interview with Tribune Business, said he was unsure what had provoked Schooner Bay’s action, although it coincided with the developer’s appointment of new manager/representative and sales company for the project.

“There was no notice,” he said of the eviction.

“My wife was at the farm harvesting for Monday delivery, and this new management company representative walked up, quite apologetically, and said they’d been directed to turn the water off. Five minutes later they did just that.

“I immediately called the Abaco Chamber of Commerce and reported it to them, and I went to my MP, James Albury, in an attempt to save the plants. That did not work. James Albury sent me to Water & Sewerage. They went by the book and said they were unable to put in a water line of 200300 metres and a meter.

“They couldn’t do that because we did not hold a lease or proper title to the land. We were back to square one; where we were before.” Mr Kelly added requests for assistance from Renward Wells, minister of agriculture and marine resources, and his ministry had also failed to produce a resolution to-date.

“We’ve had no communication from Schooner Bay Ventures and minimal from the Government,” he said last week. “They keep saying they’re still actively looking into it, but the crops left there are dead, and Schooner Bay has come into other areas, taken stuff out and started cleaning up.

It’s not the hydroponic section, but part of the same farm.”

Mr Kelly estimated the crop loss had cost the couple $20,000 alone, while the recovery of a “significant six-figure sum” invested in the hydroponic equipment and other gear was questionable at best.

Driftwood Food Company’s predicament highlights how the initial plans for the 100-acre ‘Commons’ tract have seemingly been turned on their head, with the goal of creating a sustainable economy that has Bahamian entrepreneurs/start-ups at its centre dropped altogether.

The original ‘Commons’ concept, drawn up in a document obtained by Tribune Business, shows the Crown Land tract would be used as a small business ‘incubator’ in addition to providing farming, recreation and community facilities for the benefit of all south Abaco not just Schooner Bay and its homeowners.

The concept document, describing the Commons as “a sister community” to Schooner Bay, states: “The

NOTICE PETTILEE INVEST LTD. NOTICE is hereby given as follows: (a) Pettilee Invest Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000. (b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated this 15th day of December, A.D., 2017 Beatus Limited Liquidator

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Commons will incorporate social, community, waste management and emergency services.”

A community centre, doubling as a hurricane shelter and with the capacity to hold 300 people, was to be constructed along with sporting and recreational facilities. And the Commons ‘concept’ plan added: “The Commons will provide for sustainable production of agricultural products through environmentally-sound technologies and management practices.

“Sustainable living will be the policy behind the Commons... The Commons will feature an allotted green region providing farm land for lease.

Leases can be obtained for multiple years, and may be renewed providing that the lands are used continuously and maintained to a standard consistent with the agricultural objective of the Commons.

“These objectives include food production for sale to offset the need for food imports, developing agricultural products for export, and providing indigenous plants for landscape installation.”

Schooner Bay’s developer promised it would begin work on the Commons as soon as all government approvals were received, with the promised facilities to be completed within six years.

“The developer commits to spending $2 million to construct the facilities described in this summary, and to providing management as needed until Schooner Bay becomes self-sufficient at no cost,” the paper added.

The ‘concept’ paper also laid out how the Commons would be “governed by a Bahamian foundation”, overseen by regulations that would “preserve the intention and sustainable living policies” for the 100acre Crown Land tract.

Documents in Tribune Business’s possession show that Ryan Pinder, the former financial services minister and MP, was hired to perform the necessary legal work to set up and structure the foundation, to be called ‘The Commons of South Abaco Foundation’.

Mr Pinder, who was then in private practice, was informed by the Government on October 5, 2009, that the Crown Land requested would be made available PROVIDED IT WAS LICENCED TO THE FOUNDATION. The letter, signed by David Davis, then-permanent secretary in the Prime Minister’s Office, said: “Please be advised that in principle the Government would have no objection to making available the requested 100 acres on an annual licence to create a nature preserve/park on condition that the use of the park would not be restricted to the residents of Schooner Bay, and that the application be submitted in the name of the proposed Bahamian Foundation or Association once it has been formed.”

However, documents obtained by Tribune Business show that within months of the Government’s letter, and with the Foundation on the verge of

being consummated, the file was “abruptly taken” from Mr Pinder by Schooner Bay. And, in early March 2010, the 100-acre Crown Land tract was licenced not to the Foundation, but Schooner Bay Ventures Ltd, the developer, seemingly going against the Government’s original approval in principle.

The letter approving the annual licence reiterated, though, that it was “approved for a wide variety of purposes, including farming; a community centre; a hurricane shelter; sporting activities such as tennis and basketball and equestrian; waste management; and emergency services”.

Critically the letter, sent by the Department of Lands and Surveys, added: “The licence is subject to the land being used for the benefit of all residents of Abaco......” The licence, a copy of which has been seen by Tribune Business, contains exactly the same language as the letter.

This raises urgent questions as to whether, in evicting Driftwood Food Company and denying other Bahamian-owned companies use of the Commons, Schooner Bay and its developer are in breach of both the spirit and terms of the licence.

Other documents obtained by Tribune Business show that Destination Schooner Bay (DSB), a Bahamian-owned property and vacation rental manager, and Dr Larry Carroll’s Sandpiper Inn, both had lease requests for Crown Land parcels on the Commons rejected by the developer in 2014.

This, together with the initial threat to evict the Kellys, prompted the thenChristie administration to intervene via the BIA, and in conjunction with the Abaco Chamber of Commerce. Several meetings were held in 2015, and 2016, but no resolution was achieved.

A July 21, 2015, letter from the Government to Tina Gascoigne, the American attorney who acts as Schooner Bay’s general counsel, “strongly requests” that the developer reconsider both the Kellys’ eviction and refusal of Crown Land to the Sandpiper Inn. Alivia Forbes, writing on behalf of the BIA’s director of investments, said: “I am directed to advise you that regarding the 100-acre parcel of land by which Schooner Bay Ventures holds an annual licence from the Government..... provides that the licen ed area ‘may be utilised for a wide variety of purposes, including farming, a community centre, a hurricane shelter... and is subject to the land being used for the benefit of all residents of Abaco.

“Therefore, the land is licenced to Schooner Bay Ventures to also facilitate small business for Bahamians.”

Ms Forbes continued: “As you can appreciate, small business ventures that are owned by Bahamians, such as the Sandpiper Restaurant [Inn], not only help to stimulate economic activity but also operate to the benefit of Schooner

NOTICE ROSALI INVESTMENTS LTD.

Pursuant to the Provisions of Section 138 (2) of the International Business Companies Act, 2000, (As Amended) NOTICE is hereby given that NYGARD TECHNOLOGIES LTD. has been dissolved and that the name has been struck from the Register of Companies with effect from the 10th day of November, 2017.

ENERVO ADMINISTRATION LIMITED Liquidator Montague Sterling Centre East Bay Street Nassau, The Bahamas

NOTICE is hereby given as follows: (a) Rosali Investments Ltd. Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000. (b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated this 15th day of December, A.D., 2017 Beatus Limited Liquidator

Bay Ventures and the wider community.

“Therefore, the Government strongly requests that Schooner Bay Ventures reconsider its position concerning the Sandpiper Restaurant. I am further directed to advise that Schooner Bay Ventures is asked to review its decision regarding Mrs Tracy Kelly [Driftwood Food Company.

“We note that the Abaco Chamber of Commerce has taken a keen interest to assist in resolving this matter. In that regard, we trust that you will reciprocate.” That, unfortunately, has never happened.

Schooner Bay’s abrupt change in direction appears to have coincided with its decision in 2013-2014 to part ways with Bahamasbased developer, Orjan Lindroth, and his Lindroth Development Company.

The latter had acted as the 220-acre project’s master planner and development partner since inception, handling all real estate sales and promotions. They were replaced by a succession of foreign sales companies who met with limited success as Schooner Bay’s growth seemingly “stagnated”.

While Mr Lindroth and his company were Schooner Bay’s public face, the project’s financing was provided by Dr David Huber.

Dubbed “America’s richest Mormon”, Dr Huber made a multi-billion dollar fortune from patenting fibre-optic technology and then taking the companies that owned it public on the US stock market.

Tribune Business finally contacted Dr Huber, Schooner Bay’s principal, on the third day of trying last week, none of its previous voice messages having been returned. But, as soon as this newspaper mentioned the Kellys and Driftwood Food Company, the call was abruptly disconnected. When Tribune Business immediately called back, it rang straight through to voice mail.

Dr Huber, though, phoned this newspaper back several hours later, explaining the call dropped because he was driving through an area with poor mobile telephone reception.

However, when pressed about the Kellys’ eviction, he effectively stonewalled and hid behind the line that he was unable to comment because the matter was in litigation.

Mr Kelly, though, denied that the Driftwood Food Company matter was in litigation. And, when challenged over the Commons, especially how it came to be licenced to the developer, and whether the licence terms are being breached, Dr Huber replied: “I don’t think that’s accurate.”

He did not, though, explain what was inaccurate or why, and retreated to his set line: “I can’t comment on this because of litigation.” Again, Tribune Business’s research has not uncovered any lawsuits relating to the Commons.

Dr Huber also appeared to suggest that Schooner Bay’s critics did not have the Bahamas’ best interests at heart, given the country’s desperate need to attract foreign direct investment (FDI) and projects such as

Schooner Bay. “The people you’re talking to don’t have that interest in mind,” he said.

Mr Kelly, not surprisingly, has a different take.

“The best word to sum them up is ‘arrogant’,” he said of Schooner Bay and its principals. “In the bigger picture I don’t think there’s a single employee that has left them in a satisfied, happy way, or anyone who has done business with them in the Commons.

“There’s a whole litany of unhappy people, and quite a few involved in litigation.

There’s been others who have given up and moved on. They’ve taken their losses and moved on, and we hope not to be one of them.”

Mr Kelly said he and his wife encountered “roadblock after roadblock” in trying to obtain a Commons lease, and formalise their relationship, with Schooner Bay. “The Office of the Prime Minister recommended applying to lease the seven acres for the farm directly,” he added.

“To date, we have had no formal response from Lands and Surveys.”

Mr Kelly said the duo had planned to grow 40,000 to 50,000 plants this year, and hire one-two Bahamian staff, after building up Driftwood’s customer base. He added that this included direct deliveries, restaurants, grocery stores, bonefish lodges and second homeowners in areas such as Marsh Harbour, Treasure Cay and Hope Town.

Organic green mix and other vegetables had formed Driftwood’s staple products, and Mr Kelly said he and his wife had been able to save 15-20 per cent of the crop following the water cut-off by moving it to their home with the aid of friends and relatives.

He added that their eviction was especially ironic, given that Schooner Bay had “used the farm as part of their marketing machine”, featuring it on their website and taking prospective clients on tours of the facility.

Recalling the frequent visits by school parties, Mr Kelly said: “We really thought we were doing the right thing for our country, not just trying to make a buck. That’s what troubles me more than anything else.

“We’d made no real capital investment there life we’d wanted to as we always knew they could cut the water off. It’s just the unexpected nature of it. They’re [the developer] going to go back and say two years ago we told you to get off, but it went quiet after that and there was a lot of dialogue that said: ‘Keep farming’.”

Revealing how the eviction has impacted his family, Mr Kelly added: “My eldest son commented the other day: ‘I guess I won’t be going to school next year’.

We didn’t use the farm to put food on the table every day, but it allows is to send him for an education and do those things.

“I would just like to see some sort of intervention by the Government that gives us written permission to farm in that area long-term with a set of guidelines. We have no problem adhering to guidelines.”

THE TRIBUNE

CROWN LAND FROM PAGE 1

This newspaper understands that Mr Rolle and the Bahamas Investment Authority (BIA) had been waiting at least a year to receive the requested ‘legal opinion’, and the former minister said he was unsure whether it was obtained before the Christie administration was voted out of office on May 10.

“It was something that we were very concerned about,” Mr Rolle added of the Schooner Bay situation, “more so our office, the Investments Office, because we were approached by a number of individuals who were impacted by the process of gaining access to the land.

“We went up there, had a meeting with the community and all the interested parties, including the developer, and we had hoped that would bring it to an amicable solution. We were working back and forth for quite a bit of time. I don’t know where it ended up.

It was a back and forth between the individuals and some others.”

Mr Rolle was speaking after a Tribune Business investigation (see other article Page 1B) raised serious questions as to whether Schooner Bay Ventures, the 220-acre project’s developer, is violating the terms of its license for the 100-acre Crown Land tract known as ‘the Commons’.

Documents obtained by this newspaper show that the ‘Commons’ property was initially approved by the Government with the condition that its ownership reside in a specially-formed Foundation, but this plan was abruptly abandoned and, within months, the land was licensed to the developer.

The license, though, reiterated that the 100 Crown Land acres be “used for the benefit of all residents of Abaco”, not just Schooner Bay residents. However, the developer and its principals, Dr David Huber and his general counsel, Tina Gascoigne, appear to have been doing exactly the opposite of this stipulation.

Tribune Business has obtained documents showing how at least two Bahamian-owned businesses were denied their requests to lease land in the Commons, and reveals how one of the two remaining businesses - Driftwood Food Company - was summarily evicted from the property in late November after the developer cut off its water supply with just five minutes’ notice.

Schooner Bay, when it was conceived in the mid2000s, was hailed as a model of sustainable development - particularly for the Family Islands - via a strategy intended to move away from the limited economic opportunities and impact

Monday, December 18, 2017, PAGE 5 provided by so-called ‘gated communities’.

Designed as an ‘open plan’ project, it was intended to provide Bahamians with far more lucrative opportunities beyond typical hotel jobs, such as maids and food and beverage. Schooner Bay was instead designed to provide ‘business incubation’ and entrepreneurial opportunities, serving as a catalyst for a south Abaco economy that desperately needed it, with the Commons central to this strategy.

Now, with Bahamian entrepreneurs having either been denied access to, or thrown off, Crown Land, many fear the original vision and ethos of Schooner Bay - and a development model designed to truly benefit locals - are in danger of being lost.

Vado Bootle, the Abaco Chamber of Commerce’s president, told Tribune Business that the organisation had in its possession documents showing that the 100-acre Crown Land tract was “supposed to be for Bahamian businesses to benefit from and add to Schooner Bay’s development”.

He confirmed that the Chamber had sought to mediate between Glen and Tracy Kelly, Driftwood Food Company’s principals, and Schooner Bay Ventures in the two-and-a-half year dispute over the former’s presence on the Commons prior to their eviction late last month.

“We are always concerned when one of our members would have been negatively affected by any decision,” Mr Bootle said.

“Our stance at this point is that we’ve done our part by reaching out to both parties and trying to mediate a successful outcome so both can co-exist.”

He confirmed that the former government had sought a legal opinion on the Crown Land license from the Attorney General’s Office, but was unaware of whether one had been sent or its contents.

Reiterating that the Abaco Chamber was prepared to continue its mediation efforts, Mr Bootle added: “We are in possession of documents from the Government that show the Commons was supposed to be for Bahamian businesses to benefit from, and add to the development at Schooner Bay. “I saw the document where the Government set out the terms on which the license should be granted.

There’s two sides to it, and it would be best to sit down and come to some clear understanding of where we’re at.”

The Kellys’ eviction has also drawn protests from existing residents at Schooner Bay. One homeowner, in an e-mail seen by Tribune Business, accused the developer of “privatising Crown Lands” in violation of its license terms with the Government.

Tom Scheerer, a New York-based interior designer, whose Schooner Bay property was featured in Architectural Digest magazine, wrote in an e-mail that his investment “has been a major disappointment on many levels”.

Referring to the Driftwood Food Company situation, Mr Scheerer wrote: “Schooner are privatising the Crown Lands contrary to the original spirit of the agreement with the Bahamas government, which intended it as a place for Bahamian-owned support services at Schooner.

“The entire crop of the Driftwood Food Company will fail within days. Their [the developer’s] motivation is to drive away this business run by Abaconians on Crown Land. This is an outrageous action which should be stopped by the Government immediately.”

Mr Scheerer credited the Kellys and their farm for providing Schooner Bay and its homeowners with fresh organic vegetables and greens, and added: “Their Crown Land farm is also providing food for others along the length of Abaco, as well as providing a stellar model for sustainable agriculture, nutrition, small business and employment much-needed by Abaconians.

“The Government must come to the rescue of the Driftwood Food Company and the Schooner Bay residents if they don’t want to risk the future of further development of Abaco and the Bahamas at large.”

Another Schooner Bay resident, Bill Higgins, in e-mails to Renward Wells, minister of agriculture and marine resources, and south Abaco MP, James Albury, reiterated the demand for government intervention on the Kellys’ behalf.

“Apparently the developer wants the Crown Land for their own use and they want the Kellys out,” Mr Higgins wrote.

“You should know that I was attracted to Schooner Bay due primarily to the development plan that was presented to me. It’s a hardbound community development handbook outlining rules and regulations , and it required the full knowledge and consent of the Bahamian government.

“Among the plans described was ‘Crown Land’ to be set aside to foster local Bahamian business development. This was something property owners fully supported and bought into.

Clearly there is something wrong here. It’s been wrong for a long time,” Mr Higgins continued.

“We need your [the Government’s] immediate help to save a local Bahamian business loved by all at Schooner Bay, and hold the developer accountable for agreements made.”

One contact, familiar with Schooner Bay’s origins and development, accused Schooner Bay Ventures and

its principals of “killing” the Bahamian business ‘incubation’ potential intended by the original Commons plans.

“That farm was one of the great success stories of Schooner Bay,” the source, speaking on condition of anonymity, said of the Kellys. “Many people bought properties there for the farm to provide them with food. It’s tragic.

“It was on the Commons, which was supposed to be licensed to a Foundation, but Schooner Bay Ventures got the license in their name when the Government had approved the land for the Foundation. That license was never supposed to be issued in the name of a foreign developer. Now, six to seven years later, all the business incubation is dead at the Commons.”

The source said that apart from Driftwood Food Company, other businesses that have been evicted, closed down or asked to leave the Commons include ventures

in eco-tourism, destination management and events, property management, a clinic and Antonius Roberts’ art gallery and studio.

They added that the only business still to enjoy a presence on the Commons is the Blackfly Bonefishing Lodge, with previous plans for engine repair shops and other facilities now also ‘on ice’. “The foreign developer has systematically dismantled and curbed that whole incubation system,” the source told Tribune Business. “It’s absurd. No one knows why. We had an incubator business model, the seeds were in the ground, and Schooner Bay killed it all. Now the place is stagnant.”

Another source, also familiar with events at Schooner Bay over the past decade, added: “The whole ambition, design and planning for what it was to operate as could really have been groundbreaking as a development model, but it went sideways.”

Mr Bootle, meanwhile, agreed that Schooner Bay would be “a big deal” for the island’s economy if the 220-acre property was developed as originally intended.

“It is very much needed,” he said of the development, “and that portion of Abaco has a great deal of potential.

If Schooner Bay was to be what it was set out to be initially, it would be a big deal in that area of Abaco.

“It would be a fantastic thing for Schooner Bay to take off and become what it was planned to be in the first instance...

It would be nice moving forward to know what the plans will be or have a firm idea, and then we could encourage more business growth in that area.

“We are still awaiting that, and are hoping with this new government that all parties can sit down and come to a mutually beneficial arrangement, and clarify everything not understood by the parties concerned.”

PAGE 8, Monday, December 18, 2017

THE TRIBUNE

NOTICE

NOTICE is hereby given that DONALD EXANTUS of #28 Karl Rd., P.O. Box N-7060, Nassau, 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 11th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that Leonard Lordimus of Gamble Heights, Nassau, 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 18th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000)

JM Investment Fund Ltd. (the “Company”) In Voluntary Liquidation

Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), JM Investment Fund Ltd. (the “Company”) is in Dissolution.

The date of commencement of the Dissolution is the 14th day of December, 2017. Luciane Ribeiro Moreno is the Liquidator and can be contacted at Rua Afonsa Braz, 747, AP 41D, Vila Nova Conceição, CEP 04511-011, São Paulo – SP, Brazil. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before the 28th day of December, 2017.

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000)

JR Investment Fund Ltd. (the “Company”) In Voluntary Liquidation

Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), JR Investment Fund Ltd. (the “Company”) is in Dissolution.

The date of commencement of the Dissolution is the 14th day of December, 2017. Luciane Ribeiro Moreno is the Liquidator and can be contacted at Rua Afonsa Braz, 747, AP 41D, Vila Nova Conceição, CEP 04511-011, São Paulo – SP, Brazil. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before the 28th day of December, 2017.

Luciane Ribeiro Moreno Liquidator

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000)

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000)

PJ Investments Fund Ltd.

Ghilardi Investment Fund Ltd.

Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), PJ Investments Fund Ltd. (the “Company”) is in Dissolution.

The date of commencement of the Dissolution is the 29th day of November, 2017. Luciane Ribeiro Moreno is the Liquidator and can be contacted at Rua Afonsa Braz, 747, AP 41D, Vila Nova Conceição, CEP 04511-011, São Paulo – SP, Brazil. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before the 28th day of December, 2017.

Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), Ghilardi Investment Fund Ltd. (the “Company”) is in Dissolution. The date of commencement of the Dissolution is the 6th day of December, 2017. Luciane Ribeiro Moreno is the Liquidator and can be contacted at Rua Afonsa Braz, 747, AP 41D, Vila Nova Conceição, CEP 04511-011, São Paulo – SP, Brazil. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before the 28th day of December, 2017.

Luciane Ribeiro Moreno Liquidator

Luciane Ribeiro Moreno Liquidator

(the “Company”) In Voluntary Liquidation

(the “Company”) In Voluntary Liquidation

MARKET REPORT WEDNESDAY, 13 DECEMBER 2017

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

BISX ALL SHARE INDEX: CLOSE 2,064.71 | CHG 0.00 | %CHG 0.00 | YTD 126.50 | YTD% 6.53

Luciane Ribeiro Moreno Liquidator

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000)

IM Investments Fund Ltd. (the “Company”) In Voluntary Liquidation

Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), IM Investments Fund Ltd. (the “Company”) is in Dissolution.

The date of commencement of the Dissolution is the 14th day of December, 2017. Luciane Ribeiro Moreno is the Liquidator and can be contacted at Rua Afonsa Braz, 747, AP 41D, Vila Nova Conceição, CEP 04511-011, São Paulo – SP, Brazil. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before the 28th day of December, 2017.

BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 1.77 0.16 5.60 8.70 6.30 5.30 12.00 2.59 1.60 6.01 10.55 11.00 4.50 7.25 12.51 11.00

52WK LOW 4.22 17.43 8.19 3.50 0.95 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 5.82 8.78 5.67 3.35 6.61 12.01 10.00

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

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

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

E J K L M N

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

52WK LOW 100.00 100.00

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

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

SYMBOL FBB18 FBB22

Bahamas Note 6.95 (2029) 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 BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

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

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.10 4.12 1.98 176.30 149.66 1.52 1.69 1.61 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.46 1.62 1.56 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.30 17.43 9.09 3.68 0.95 0.16 3.70 8.60 6.10 4.92 9.00 2.56 1.52 6.00 10.55 6.00 4.49 7.01 12.51 10.00

CLOSE 4.30 17.43 9.09 3.68 0.95 0.16 3.70 8.60 6.10 4.92 9.00 2.56 1.52 6.00 10.55 6.00 4.49 7.01 12.51 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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

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

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

109.24 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.10 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 0.00

109.14 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

VOLUME 20

8,500

VOLUME

NAV 2.10 4.12 1.98 176.30 149.66 1.52 1.69 1.61 1.09 6.97 8.00 6.25 10.96 11.60 10.08

EPS$ 0.444 0.932 -0.223 0.540 -1.220 0.000 -1.462 0.611 0.583 0.196 0.631 0.102 0.392 1.217 0.729 0.484 0.310 -0.668 0.543 0.000

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.300 0.220 0.120 0.570 0.060 0.050 0.290 0.500 0.000 0.120 0.140 0.580 0.000

P/E 9.7 18.7 N/M 6.8 N/M N/M -2.5 14.1 10.5 25.1 14.3 25.1 3.9 4.9 14.5 12.4 14.5 -10.5 23.0 0.0

YIELD 1.86% 6.48% 0.00% 6.25% 0.00% 0.00% 0.00% 3.49% 3.61% 2.44% 6.33% 2.34% 3.29% 4.83% 4.74% 0.00% 2.67% 2.00% 4.64% 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 6.00% Prime + 1.75%

MATURITY 31-May-2018 19-Oct-2022

6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 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 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 3.64% 4.40% 5.32% 5.91% 1.94% 2.46% 4.66% 3.89% 5.58% 6.65% 3.57% 4.29% 1.59% 2.22% 2.65% 3.25% 3.83% -1.09% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 31-Oct-2017 31-Oct-2017 27-Oct-2017 30-Sep-2017 30-Sep-2017 31-Oct-2017 31-Oct-2017 31-Oct-2017 31-Oct-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017

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

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

Luciane Ribeiro Moreno Liquidator

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000)

Rooke Asset Management Ltd. (the “Company”) In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000) that Rooke Asset Management Ltd. (IBC №. 175937 B) is in dissolution. The date of commencement of the dissolution is 8th day of December, 2017. The Liquidator of the Company is Guillermo Frontado of Urb. La Floresta, Av. Tropical, Qta. Chaparral. Mun.Chacao, Caracas 1060, Venezuela. All persons having claims against the above-named company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 28th day of December, 2017.

Guillermo Frontado Liquidator

THE TRIBUNE

APPEAL COURT FROM PAGE 1

$250,000 deal. Mr Lockhart, who was acting for both vendor and purchaser, was also criticised by an earlier Supreme Court verdict over the same transaction, which found he committed “a breach of fiduciary duty� and violated the Bahamas Bar Association’s Code of Professional Conduct for failing to disclose his ‘conflict of interest’.

That verdict by then-justice Neville Adderley, which was not appealed, found in favour of Mr Dean’s argument that Mr Lockhart be barred from representing the other party in the case due to his previous ‘conflict of interest’. They were subsequently represented by Harvey Tynes QC at the Court of Appeal.

The deal in question also occurred in 1999-2000, when Mr Lockhart was the FNM MP for Exuma and Ragged Island, and Mr Dean one of his constituents.

The Court of Appeal, in its ruling, upheld the Supreme Court’s verdict in favour of Mr Dean, which found he should not be required to complete the land deal because the sales agreement “was made in the circumstances of undue influence, breach of fiduciary duty and conflict of interest�.

Outlining the background to the dispute, Appeal Justice Jon Isaacs, in a December 14, 2017, written ruling said: “The respondent [Mr Dean] was a close friend and sometime client of Mr Lockhart who in the late 1990s found himself in significant legal trouble. “The respondent was eventually convicted for drug offences and incarcerated at Her Majesty’s Prison, Fox Hill, to serve a term of 15 years commencing in 1997. Mr Lockhart described the respondent as an ‘ardent supporter’ of his who had supported him during his political career.

While in prison, the respondent wished to appeal his conviction but encountered difficulties in meeting his legal expenses and certain other expenses, including a debt to one Cyril Rolle.�

Mr Dean decided to meet his legal expenses and debts through selling Lot 111 in Georgetown, Exuma. While he possessed the property he did not have a Certificate of Title for it, and an

Monday, December 18, 2017, PAGE 9 earlier $300,000 deal had fallen through.

Justice Issacs noted that it was then that Mr Lockhart presented Mr Dean with a $250,000 offer by a company, DELK Ltd, to acquire the same property. This company was beneficially owned

by Mr Lockhart, together with two brothers, Eugene and Don Smith, and their sister, Katherine Smith.

The sales agreement, the Court of Appeal found, was executed on January 14, 1999, with Mr Lockhart signing both as a witness to the Smiths’ signature and as the property’s purchaser. “Mr Lockhart admitted at the [Supreme Court] hearing that he did not disclose to the respondent [Mr Dean] his interest in DELK at the time the purchase for the property was being negotiated, and it is debatable whether he disclosed the involvement of the appellants [Eugene and Don Smith],� Justice Isaacs noted.

The sales agreement called for a $26,000 deposit to be paid, with $12,000 handed over immediately and the $14,000 balance transferred at a later date. The sales agreement also noted that lot 111 was sold subject to an existing lease and, upon the deal’s completion, the purchase price would be reduced by $1,000 per month.

DELK ultimately paid a $44,700 deposit, which was used to finance Mr Dean’s appeal and settle the debt he owed to Cyril Rolle. Eugene and Don Smith took possession of lot 111 in September 2000, even though there was no provision in the sales agreement for them to do so.

The Court of Appeal noted that the relationship between Mr Lockhart and Mr Dean “seemingly began to disintegrate� at the same time, with the attorney telling his ‘sometime’ client: “For the record, let me say that when the issue of sale and purchase of this property was mentioned by you, at that time I expressed my reluctance to become involved. “Today, I regret ever touching this matter. None the less, I shall see this transaction to conclusion.�

The next significant development occurred when Mr Dean visited Mr Lockhart’s office in February 2006 while on ‘day release’ from Fox Hill prison. “The respondent claims that it was at this meeting that he found out who the principals of DELK were; that the monies paid out on his behalf by Mr

Lockhart had been provided by the appellants [the Smith brother]; and indicated to Mr Lockhart, who was at the time still representing both DELK and the respondent in the transaction, that as the contract was not fully executed some seven years post his signing of it he was no longer interested in selling the property,� the Court of Appeal recorded.

Justice Isaacs noted that four months after that February encounter, DELK “assigned its rights� under the sales agreement to the Smith brothers for $10.

This was done without reference to Mr Dean, who had retained Wells Legal & Corporate Services as his new attorneys to obtain “an accounting of rents paid� and the purchase price balance that was outstanding.

Mr Lockhart responded to these inquiries by sending a $205,300 cheque, representing the balance of the purchase price, but this was returned by Mr Dean who sought unsuccessfully to evict Eugene Smith in February 2007.

The Smith brothers subsequently launched a Supreme Court action to force Mr Dean’s performance under the contract, while the latter counterclaimed on the grounds of Mr Lockhart’s non-disclosure and assignment of the contract without his consent. He sought an Order to declare the sales agreement “null and void�, and claimed lease/rental payments that were due to him.

Then-chief justice, Sir Michael Barnett, found in favour of Mr Dean and described the sales agreement as “a very bad deal for the defendant�. He also ruled that the Smith brothers “cannot be allowed to benefit from such a transaction� due to the pivotal role played by Mr Lockhart and his non-disclosure.

The Smith brothers, in their appeal, argued that while Mr Dean may have a valid complaint against DELK Ltd, it was not a party to the action. They added that his complaint was really about alleged “improper conduct� by Mr Lockhart, and he was not claiming they had done anything wrong.

Justice Isaacs, delivering the Court of Appeal’s verdict, said the then-chief justice’s finding that the deal was “disadvantageous� to Mr Dean was “of no significant moment in the face of Mr Lockhart’s non-disclosure�.

“Contrary to the CJ’s [chief justice’s] opening remarks in his judgment, this case does not illustrate the dangers of an attorney representing both vendor and purchaser in a real estate transaction, and the dangers of an attorney engaging in a transaction with his own client. This case illustrates the failure of an attorney to conform with the principles associated with such transactions,� Justice Isaacs wrote.

He then turned to thenjustice Adderley’s “rather critical findings� that debarred Mr Lockhart from representing the Smith brothers. That ruling, delivered on August 7, 2008, found: “The attorney [Mr Lockhart] had a fiduciary duty to disclose to the client his pecuniary interest in DELK, to obtain his consent to act for both

parties, and afford him an opportunity to take independent advice. “He did not do so based on the current state of the evidence. This was a breach of fiduciary duty, and the conflict of interest caused a beach of The Bahamas Bar Association Code of Professional Conduct. Prima facie the agreement is liable to be set aside.�

While then-justice Adderley said Mr Lockhart became aware of his ‘conflict of interest’ in 2006, as shown by the ‘assignment’ to the Smith brothers, the Court of Appeal suggested “his realisation of such conflict was apparent from as early as September 2000� based on his letter to Mr Dean while the latter was still in prison. “It was not until [Mr Dean] retained new

attorneys that the principals in DELK decided to bestir themselves into action,� Justice Isaacs noted. “They had been content for seven years to allow the purchase price to be reduced pursuant to [the $1,000 monthly lease payment. “Proffering $205,300 as the balance of the purchase price was nothing more than a cynical ploy to suggest the contract was still being observed. We hold a similar view, that is, it was a cynical ploy when DELK assigned its rights under the contract to the [Smith brothers]. “The assignment came after the respondent made enquiries of Mr Lockhart about an accounting for rents that was supposedly paid under the contract, and for the return of the respondent’s original documents.�

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division

2017/CLE/qui/00845

-: o 0 N O T I C E 0 o :THE QUIETING TITLES ACT, 1959 (Chapter 393) THE PETITION of Stafford Clayton Bain, of Devonshire Drive, in the Western District of the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas, in respect of All That piece parcel or lot of land being Lot Number 1 of Coral Waterways Section 1 situate at the Northeastern junction of Andros Drive and Devonshire Drive in Coral Harbour and bounded on the NORTH by a canal or waterway in the subdivision known as Pelican Waterway and running thereon 94.58 feet and on the EAST by Lot Number 2 and running thereon 135.00 feet and on the SOUTH by a road in the subdivision known as Devonshire Drive and running thereon 81.25 feet and on the WEST by another road in the subdivision known as Andros Drive and running thereon 110.00 feet comprising an area of 11,731.41 square feet in the Western District of the Island of New Providence in the Commonwealth of The Bahamas and which said piece parcel or lot of land has such position shape boundaries marks and dimensions as are shown on the diagram or plan Numbered 3687N.P. filed herein and is thereon coloured Pink.

THE PETITIONER claims to be owner of the fee simple estate in possession of the said land and has applied to the Supreme Court of the Bahamas under Section 3 of the Quieting Titles Act, 1959 to have his title to the said land investigated and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. COPIES OF THE PLAN may be inspected during normal office hours at the Registry of the Supreme Court, Marlborough and George Streets, Nassau, Bahamas, and at the Chambers of Miriam J. Curling & Co., The Potpourri Building, Market and King Streets, Nassau, Bahamas.

NOTICE IS HEREBY GIVEN that any person having dower or any adverse claims not recognized in the Petition shall within 30 days file in the said Registry of the Supreme Court and serve on the Petitioner or the undersigned, Miriam J. Curling & Co. a statement of their claim in the prescribed form verified by an Affidavit to be filed therewith. Failure of any such person or persons to file and serve a statement of such claim and the requisite documents on or before the 29th day of January A.D., 2018 will operate as a bar to such claim.

MIRIAM J. CURLING & CO. Chambers, Nassau, N. P., The Bahamas, Attorneys for the Petitioner

Celebrate Savings

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Sales & Full Service Department Rosetta & Montgomery Streets

T: 322-2188/9

E: geoffjones@comcast.net www.geoffreyjonesandco.com

NOV. 14 - DEC. 31

* EXCEPT NET ITEMS/CASH SALES ONLY

PAGE 10, Monday, December 18, 2017

THE TRIBUNE

SUPPORT THE BLOOD BANK

SAVE A LIFE GIVE THE GIFT OF

BLOOD

BECOME A REGULAR DONOR

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SOME HELPFUL TIPS BEFORE YOU DONATE:

4 You must have eaten at least once for the day.

THE WEATHER REPORT

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4 The Blood Bank will do FREE Pre-screening tests to make sure you are healthy enough to donate blood.

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5-Day Forecast

TODAY

ORLANDO

High: 83° F/28° C Low: 59° F/15° C

TAMPA

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Partly sunny and pleasant

Partly cloudy

Partly sunny and pleasant

Mostly sunny and pleasant

Mostly sunny and nice

Mostly sunny and pleasant

High: 83°

Low: 70°

High: 82° Low: 70°

High: 83° Low: 68°

High: 82° Low: 69°

High: 82° Low: 70°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

87° F

71° F

90°-75° F

92°-77° F

93°-73° F

91°-72° F

High: 82° F/28° C Low: 63° F/17° C

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

N

almanac

E

W

ABACO

S

N

High: 78° F/26° C Low: 71° F/22° C

7-14 knots

S

High: 81° F/27° C Low: 66° F/19° C

6-12 knots

FT. LAUDERDALE

FREEPORT

High: 81° F/27° C Low: 67° F/19° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

TONIGHT

High: 81° F/27° C Low: 64° F/18° C

MIAMI

High: 83° F/28° C Low: 68° F/20° C

7-14 knots

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 86° F/30° C Low .................................................... 72° F/22° C Normal high ....................................... 79° F/26° C Normal low ........................................ 67° F/19° C Last year’s high ................................. 82° F/28° C Last year’s low ................................... 73° F/23° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ............................................... 38.72” Normal year to date ................................... 39.07”

ELEUTHERA

NASSAU

High: 83° F/28° C Low: 70° F/21° C

Forecasts and graphics provided by AccuWeather, Inc. ©2017

High: 79° F/26° C Low: 74° F/23° C

N

KEY WEST

High: 81° F/27° C Low: 72° F/22° C

High

Ht.(ft.)

Low

Ht.(ft.)

Today

7:40 a.m.

7:55 p.m.

2.9 2.2

1:19 a.m.

2:08 p.m.

-0.2 -0.1

Tuesday

8:17 a.m.

8:34 p.m.

2.9 2.2

1:56 a.m.

2:46 p.m.

-0.2 0.0

Wednesday 8:54 a.m.

9:13 p.m.

2.8 2.2

2:34 a.m.

3:24 p.m.

-0.1 0.0

Thursday

9:32 a.m.

9:53 p.m.

2.8 2.2

3:12 a.m.

4:02 p.m.

0.0 0.1

Friday

10:10 a.m.

10:34 p.m.

2.7 2.1

3:52 a.m.

4:40 p.m.

0.1 0.1

Saturday

10:49 a.m.

11:19 p.m.

2.6 2.2

4:34 a.m.

5:20 p.m.

0.3 0.2

Sunday

11:32 a.m.

-----

2.5 -----

5:20 a.m.

6:03 p.m.

0.4 0.2

sun anD moon Sunrise Sunset

High: 79° F/26° C Low: 75° F/24° C

N

S

E

W

7-14 knots

S

8-16 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

tiDes For nassau

6:49 a.m.

5:24 p.m.

Moonrise Moonset

6:56 a.m.

5:59 p.m.

New

First

Full

Last

Dec. 18

Dec. 26

Jan. 1

Jan. 8

CAT ISLAND

E

W

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

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 79° F/26° C Low: 75° F/24° C

High: 78° F/26° C Low: 75° F/24° C

N

High: 80° F/27° C Low: 74° F/23° C

E

W S

LONG ISLAND

insurance management tracking map

High: 80° F/27° C Low: 76° F/24° C

7-14 knots

MAYAGUANA High: 80° F/27° C Low: 77° F/25° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 80° F/27° C Low: 77° F/25° C

GREAT INAGUA High: 83° F/28° C Low: 76° F/24° C

N

N E

W

E

W

H

High: 80° F/27° C Low: 76° F/24° C

S

S

10-20 knots

10-20 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS E at 6-12 Knots ENE at 4-8 Knots NE at 7-14 Knots ENE at 8-16 Knots ENE at 7-14 Knots ENE at 8-16 Knots NE at 8-16 Knots ENE at 12-25 Knots ENE at 7-14 Knots ENE at 8-16 Knots ESE at 7-14 Knots E at 4-8 Knots NE at 8-16 Knots ENE at 10-20 Knots NE at 10-20 Knots ENE at 10-20 Knots NE at 8-16 Knots ENE at 10-20 Knots NE at 8-16 Knots NE at 8-16 Knots E at 8-16 Knots ENE at 8-16 Knots NE at 10-20 Knots ENE at 12-25 Knots NE at 7-14 Knots ENE at 8-16 Knots

WAVES 2-4 Feet 2-4 Feet 1-3 Feet 1-3 Feet 3-5 Feet 3-5 Feet 3-5 Feet 4-7 Feet 3-5 Feet 3-5 Feet 1-3 Feet 1-2 Feet 1-3 Feet 1-3 Feet 3-6 Feet 3-6 Feet 2-4 Feet 2-4 Feet 4-7 Feet 4-8 Feet 1-3 Feet 1-3 Feet 3-5 Feet 3-6 Feet 1-3 Feet 1-3 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 76° F 76° F 78° F 77° F 77° F 79° F 81° F 82° F 74° F 77° F 77° F 77° F 78° F 78° F 82° F 82° F 81° F 81° F 83° F 83° F 76° F 75° F 80° F 80° F 76° F 78° F

PAGE 12, Monday, December 18, 2017

THE TRIBUNE

80% CONCH DROP THREATENS LIVES OF 9,000 FISHERMEN

FROM PAGE 1

management’ in the Family Islands, warned that overfishing and environmental degradation were making fishing “economically unviable for many.

It added that the reduced conch population was also impacting a key source of food security and foreign currency earnings, with conch exports totalling more than $2.3 million in 2015.

The project, which will be executed by the Bahamas National Trust (BNT),

in conjunction with The Nature Conservancy, aims to develop sustainable conch fisheries harvesting and management practices in two Grand Bahama communities as an initial pilot.

“Conch is an important source of income for Bahamian communities, a staple in their diet and is important to cultural identity,” the IDB paper said. “This resource contributes to food security for economically-challenged fishing communities in New Providence and the Family Islands, and represents the second most

valuable marine export of the Bahamas.

“In 2015, the quantity of conch meat exported was 401,838 pounds, which was valued at $2.343 million.” This places it second being crawfish/lobster as the Bahamas’ main seafood export, but the IDB report added: “More significant than its importance as an export product, the majority of conch landed in the Bahamas is consumed locally.

“Local consumption was estimated at 1.3 kilograms per capita per year in 2010 and 2011. In addition

to their importance for food security and as an export product, conch also play a critical role in the health of marine ecosystems such as seagrass beds, which themselves provide nursery grounds for other commercially important species such as lobster and help buffer coasts from storms.”

Pointing out that conch has been a key food source for generations, the IDB report said: “Closely linked with conch’s cultural value is its provision of jobs, such as for fishermen, processors, buyers,

restauranteurs, vendors, boat makers and other positions throughout the value chain.

“The exact number of conch fishers and other livelihoods supported by conch in the Bahamas is not well documented.

The most recent fisheries censuses, conducted in 1995, estimated 9,300 commercial fishers and 18,000 recreational fishers in the Bahamas, although the exact proportion of fishers targeting conch is not known.

“This means that approximately 15 per cent of

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the labour force is working full-time or part-time in the fisheries sector or related businesses, and that about a quarter of households derive some income from fisheries or related business.”

Acknowledging the threat from foreign poachers, the IDB paper said illegal harvesting and unsustainable fishing practices was a “widespread problem” in the Caribbean.

“While the Bahamas is fortunate in being one of the few countries in the Caribbean where conch can still be harvested and exported, stocks are declining due primarily to overharvesting, including from foreign fishers, and habitat degradation,” it warned.

“Overfishing, particularly of juveniles, increasingly undermines the sustainability of the conch fishery throughout the country.

The density of mature conch on the ocean floor is crucial for the reproduction of queen conch, while the density thresholds recommended by scientists and policy makers to support breeding is between 50 and 100 adult conch per hectare.

“Densities in the Bahamas have dropped since the 1980s from 50 per hectare to 10 per hectare, a density too low to sustain reproduction. Low queen conch densities observed at several Family Islands such as Andros Island suggest that queen conch fishing is no longer viable in some locations.

“Accordingly, low population levels have made conch fishing economically unviable for many fishers, and natural disasters (tropical storms) pose serious risks for the resilience of fishers. In general, consumers are uninformed about the severity of the resource depletion, limiting the ability for fishers to capture benefits from fishing sustainably. The decline in conch stocks threatens the livelihoods of over 9,000 fishers who are considered vulnerable with limited alternative employment opportunities.”

The IDB paper said the BNT had launched a nationwide ‘conchservation’ campaign to raise awareness about the economic, health and environmental implications of conch depletion and overfishing.

It added that 10 per cent of the Bahamas’ nearshore coastal environment was now under protection from the 51 Marine Protected Areas (MPAs) that cover almost 13 million acres.

However, only a few MPAs had fisheries management plans, and the IDB paper said: “If stocks are to be restored and community livelihoods maintained, there is a need to provide multiple incentives to fishers and their families to change behaviour towards more sustainable fishing practices.”

It added that research had shown the most effective way to achieve this was via a community-based approach, where fishermen were given exclusive rights to fish in particular areas, and provided with access to new markets, new gear, training and other assistance.

“Evidence in the Caribbean and worldwide shows that this community-based approach to fisheries management is more sustainable in the long term, particularly in remote archipelagos where enforcement by fisheries authorities faces constraints,” the IDB paper said.

“However, there is little to no experience in using a community-based approach for managing conch in the Bahamas.

Through a combination of community-based fisheries management, improved economic return from diversification of income and/or added-value products, and the creation of a local market for sustainably-fished conch, this [project] seeks to align economic incentives to reduce poverty in one of the most vulnerable segments of the Bahamian population with environmental sustainability and develop a model that can be replicated in other regions of the Bahamas.”