The original developer of the $3.5b Baha Mar resort casino in the Bahamas is trying to publicly shame Chinese bankers into selling him back the project.
Earlier this week, Sarkis Izmirlian (pictured) wrote an open letter to the Export-Import Bank of China (EXIM), asking them to sell him the unfinished Baha Mar project while simultaneously calling them liars. Shrewd, that.
Last week, Bahamas Prime Minister Perry Christie announced that EXIM had sold Baha Mar to Perfect Luck Holdings, a special purpose vehicle set up by EXIM. The presumption is that none of the actual Baha Mar bidders offered to pay the $2.45b EXIM had lent Izmirlian’s Baha Mar Ltd before that company filed for bankruptcy in June 2015, and thus EXIM is simply getting Baha Mar’s red ink off its books until a better offer comes along.
Izmirlian’s letter repeats his earlier claim that his new corporate entity BMD Holdings Ltd had sent EXIM “a bona fide proposal to buy Baha Mar at a price superior to any offer” EXIM had or would receive. Izmirlian claims that it doesn’t make “economic sense” that nobody to date has responded to his offer.