NASSAU, BAHAMAS – Progressive Liberal Party (PLP) Chairman Fred Mitchell, while addressing a recent New York court judgement concerning Baha Mar and its initial developer Sarkis Izmirlian, described the ruling as ‘irrelevant,’ he also sought to assure the public that the hotel “will not be affected by the judgement and remains operational.”
BML Properties Ltd. was recently awarded over $1.6 billion against China Construction America in its long-running New York lawsuit concerning the Baha Mar project, prevailing on all claims.
However, Mitchell asserts that the developer failed to deliver on the first mortgage payment for the Baha Mar property and eventually lost his investment as a result of “his own hand.”
The bench trial, overseen by New York Supreme Court Justice Andrew Borrok, examined whether BML’s $1.5 billion losses resulted from the resort developer’s overleveraged debt or construction delays.
BML had claimed that CCA, the Chinese state-owned construction firm responsible for building the luxury resort Baha Mar, concealed significant delays and intentionally sabotaged the project’s March 2015 opening date to drive BML into liquidation.
