Four Seasons Bahamas was a disaster for investors. Why will Barbados be different?

Hundreds of millions of dollars lost

My fellow Bajans, I could write for hours today to compare the 2009 failure of the Four Seasons Resort Great Exuma with the recent calls to “invest” our NIS pension money in the on-life-support Barbados Four Seasons project.

But I’m not going to. Really… what is there to talk about?

At a certain point in time, there’s nothing more to be said.

The patient has been brain dead for months and no amount of heroic efforts will succeed. The resources are better used elsewhere. Pull the plug. End the suffering.

OR: Let it fail, then buy it at pennies on the dollar…

Say… that’s an idea! Why don’t we let the Four Seasons project fail, then purchase it for a good price? Why pump money into the project just to mitigate the losses of private investors?

OHHHHH…. I GET IT!

WHO ARE THE PRIVATE INVESTORS?

Now is the time at BFP when we juxtapose…

“(Four Seasons Barbados) is a viable project that can bring massive returns to investor and country, why on earth would Barbados want to turn its back on this project?”

Barbados Finance Minister Chris Sinckler in full bullshit mode as quoted September 28, 2011 in BFP’s Four Seasons Barbados wants your pension money

Tourist Drought Sinks Four Seasons in Bahamas

“We reluctantly had to control further losses,” Mr. Downs said. The property was on track to lose more than $5 million this year, as occupancies slipped recently into the 50% range, he said.

The resort, which contains a 180-room hotel, a marina and an 18-hole golf course, opened in 2003 and cost about $350 million to develop. The property is still on the block but now Mr. Downs says it will likely sell for less than $100 million. “The timing has been unfortunate,” Mr. Downs said. The starting rate for a room at the hotel was $495.

Wall Street Journal, May 27, 2009: Tourist Drought Sinks Four Seasons in Bahamas

Four Seasons worth the risk

“The potential high return justifies the risk, and the national interest will clearly be served if the Four Seasons project succeeds, and thus helps to restore confidence in the Barbados economy.”

Bob Verdun gives his opinion at the Barbados Advocate Four Seasons worth the risk!

Question for Mr. Verdun… Exactly how much NIS pension funds are you personally risking?

That’s what we thought.

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4 Comments

Filed under Barbados, Barbados Tourism

4 responses to “Four Seasons Bahamas was a disaster for investors. Why will Barbados be different?

  1. check it out

    Suggest the Barbados Advocate do a bit of due diligence into the backgrounds of its contributors before printing.

    A simple google search would have turned up these bits about Mr. Verdun:

    http://www.thestar.com/news/crime/article/1000462–bank-director-wins-650-000-in-defamation-suit-against-shareholder-activist

    http://bobverdun.blogspot.com/

    In his article in the Advoctate, Mr Verdun the self appointed expert on pension plans failed to disclose his defamation judgement against him for comments made by him about the Chair of the Canada Pension Plan Investment Board. And the gag order.

    Readers, and especially Barbados government Ministers for that matter, would be well advised to visit Canada Pension Plan Investment Board website at http://www.cppib.ca/ and go to the 2011 Annual Report.

    In particular refer to the section under Management Discussion and Analysis

    INDEPENDENT DECISION-MAKING
    Canadians have repeatedly made clear that they are willing to pay what is needed to safeguard the CPP, but are wary
    of their pension fund being subject to political interference or control. During the 1996–97 CPP reforms, the federal
    and provincial finance ministers responded with carefully written legislation. This legislation stipulates that the CPP Fund
    cannot be used for any purpose other than paying CPP benefits and administering the CPP Fund. Under legislation,
    CPPIB operates at arm’s length from governments. We deploy capital solely on investment considerations, and are
    able to fully compete with the world’s top investment managers. To maintain the public’s trust, our independence
    in decision-making is balanced with public accountability. We maintain a high degree of transparency. This includes
    disclosing more information more often than any other public pension fund in Canada.

    It time for Barbados to take the steps taken in Canada in 1996/97 to remove political interference and control of its public pension fund, so that it too acts ar arms length from government.

  2. 168

    Yeah just what the old people of Barbados (it’s their money!) need
    at this juncture in shitty shaky world economics: high risk.
    What cheap whores we look like, going for high rewards -at high risk.

    We must have money sloshing around, money to gamble,
    money we can afford to lose if that happens that way.
    Let the good times continue to roll. It’s only money!

  3. Sunshine Sunny Shine

    Why would Barbados be different BFP

    OHHHHHHHHHH that is easy we have 99.9% literacy. CAH BEAT OUR SMARTS!!!! loloL

  4. Pingback: Barbados tourism stalwart Bob Verdun convicted, barely avoids jail. Oh My!!! | Barbados Free Press