BMD Holdings Ltd., the former developer of $3.5 billion Baha Mar notified the Export Import Bank of China today that the company, headed up by Sarkis Izmirlian, is prepared to make an offer that is superior in every respect to that reportedly currently being considered for the distressed multi-billion dollar resort. Prime Minister Perry Christie was also copied on the letter.
According to the release from BDM, the company is prepared to move forward immediately with a formal offer. The letter also noted that they are prepared to beat the price of the undisclosed offer, pay 100% of all substantiated Bahamian claims and everything owed to Bahamian and expat employees.
BDM is also offering to drop all legal actions and appeals in the country’s courts if their offer is accepted. The company states they will have all funding in place for full purchase and can open the resort sooner than anyone else.
In a more personal note, the letter mentions that BDM is in the best position to work with locals as the original developers are passionate about the project. Baha Mar was Mr. Izmirlian’s brainchild and labor of love by most accounts, and his family has been involved with the people and businesses of the Bahamas for decades.
World Casino News has reported on Baha Mar several dozen times over the years. Interested readers can find complete coverage here.
Mr. Izmirlian’s letter to Mr. Liu Liange, Vice Chairman and President ofThe Export-Import Bank of China and Prime Minister Christie can be read in its entirety here.