Citation
The Tribune

Material Information

Title:
The Tribune
Uniform Title:
Tribune (Nassau, Bahamas)
Portion of title:
Nassau tribune
Place of Publication:
Nassau, Bahamas
Publisher:
Tribune
Publication Date:
Frequency:
Daily, except Sunday
daily
normalized irregular
Language:
English
Physical Description:
v. : ill. ; 58 cm.

Subjects

Genre:
newspaper ( sobekcm )
newspaper ( marcgt )
Spatial Coverage:
Bahamas

Notes

General Note:
Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.

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Source Institution:
University of Florida
Holding Location:
University of Florida
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This item was contributed to the Digital Library of the Caribbean (dLOC) by the source institution listed in the metadata. This item may or may not be protected by copyright in the country where it was produced. Users of this work have responsibility for determining copyright status prior to reusing, publishing or reproducing this item for purposes other than what is allowed by applicable law, including any applicable international copyright treaty or fair use or fair dealing statutes, which dLOC partners have explicitly supported and endorsed. Any reuse of this item in excess of applicable copyright exceptions may require permission. dLOC would encourage users to contact the source institution directly or dloc@fiu.edu to request more information about copyright status or to provide additional information about the item.
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Full Text
THE TRIBUNE

WEDNESDAY, MAY 5, 2010, PAGE 5



$4m substation ‘will promote

growth and development

Police identify
drowning victim

BY DENISE MAYCOCK
Tribune Freeport Reporter

dmaycock@tribunemedia.net

FREEPORT- Police have
released the identity of the
American visitor who
drowned last Friday while
vacationing in Grand
Bahama.

Carol Martin Olson, 71, of
Baltimore, Maryland, expe-
rienced difficulty while
snorkelling at Deadman’s
Reef and was taken to Rand
Memorial Hospital where
she was pronounced dead by
a doctor.

According to reports, Mrs
Olson and her husband
arrived in Grand Bahama
onboard the Carnival Pride
cruise ship on Friday. The
couple and several other
passengers went on a
snorkelling trip.

Press liaison officer ASP
Loretta Mackey reported
that police received a call
around 11.50am on Friday
that a female tourist had
been taken to hospital.

Ms Mackey said police are
continuing their investiga-
tion into matter. An autopsy
will be performed early this
week to determine the exact
cause of death, she said.

Traffic fatality
victim named

Police have also identified
the man killed in a traffic
accident over the weekend
in Freeport as 37-year-old
Corrie Ewing.

Mr Ewing lost control of
his silver-coloured 1996
Honda Accord, which
crashed into a tree on the
lawn of the Sunrise Apart-
ments on Sergeant Major
Road and Fiddler’s Green.

The accident occurred
shortly after midnight on
Saturday. Mr Ewing was
pronounced dead by doctors
at the hospital around lam.

His death was classified as
the fourth traffic fatality for
the year on Grand Bahama.

THE new $44 million elec-
trical substation created for east
Grand Bahama is expected to
satisfy all residents’ needs and
encourage more businesses to
set up shop in an area which
has been designated as a new
territory for development on
the island, Minister for Housing
and Member of Parliament for
High Rock Kenneth Russell
said.

Speaking at the commission-
ing ceremony on Friday, Mr
Russell said the substation will
promote growth and develop-
ment. “While the new system
is geared to satisfy the needs of
many new customers, we want
to welcome and invite all new
businesses, because east Grand
Bahama, from the Lucayan
Waterway to Sweetings Cay, is
the new territory for develop-
ment here on Grand Bahama,”
he said. Mr Russell said there
are many developments on the
books being considered for
areas close to the Waterway
and further east.

“So I believe that we are
going to progress steadily and
we are going to need this new
system here,” he said.

He also noted that the new
system will bring relief to resi-
dents. Up until now, whenever







HOUSING MINISTER Kenneth Russell toured the new substation at

Simon Lewis/BIS photo

High Rock, Grand Bahama on Friday. Pictured from left: Paul Lock-

hart, director of transmission and distribution at the Grand Bahama

Power Company; Alan Kelley, president of the Grand Bahama Power
Company; Mr Russell; Bradley Armbrister, administrator, East Grand
Bahama; and Senator David Thompson.

there was a start-up problem at
South Riding Point Oil Termi-
nal (now Statoil), every house
in east Grand Bahama knew
because of the fluctuation in
power.

“In the past residents have
experienced on numerous occa-
sions low voltage periods along
with spikes in the power caus-
ing damages to their appliances.
When this substation No 7 is
energised, it is supposed to do
away with this low and high
voltage.

“T thank the Grand Bahama
Power Company on behalf of
the residents of east end Grand
Bahama for bringing this sub-
station here, because with this

substation the funding, the
monies that we had to use to
repair equipment and supplies
here in our homes, we now can
use for other things to better
ourselves, to help pay our chil-
dren’s education and to help in
the development of our com-
munity,” Mr Russell said.

Commenting on the con-
struction of the new facility,
director of transportation and
distribution for the Grand
Bahama Power Company Paul
Lockhart said: “In constructing
this substation and the 28 miles
of high voltage power line that
supplies it, that is exactly what
Grand Bahama Power has
done.”



ASTHMA awareness was promoted among
patients and their families at the Princess Mar-
garet Hospital yesterday to mark World Asthma
Day 2010.

Doctors from the PMH Accident and Emer-
gency Department are regularly called on to treat
asthma patients suffering from attacks, but PMH
public relations manager Thelma Rolle said
although the chronic disease can be fatal, patients
who are responsible about caring for their con-
dition can live healthy active lives.

The respiratory disease affecting millions of
people of all ages, genders and races, is becoming
increasingly common, particularly in children.

Ms Rolle said: “Asthma is a disorder of the
lungs or air passages, and involves the follow-
ing components - airway inflammation, hyper-
responsiveness of the bronchial tubes and inter-
mittent airflow obstruction.”

She described how asthma attacks can be trig-
gered by a number of elements such as environ-
mental allergens, smoke, chemicals or common
colds, and cause the sufferer to cough, experience
a tightness in their chest and shortness of breath.

Paradise Island

Club Land or

Mpithecth Duy

Buffet Luncheo
Sunday May 9th 2010

MENU

Tossed Salad
Fresh Fruit Platters
Fried Plantains

Potato Salad, Macaroni & Cheese
Conch Chowder, Crab Salad

Beets
~O~
BBO Ribs, Baked Ham

Baked Chicken, Curry Conch

Long Island Fried Grouper

Andros Crab & Rice
White Rice

~~
Desert

Assorted Pastries, Bahamian Guava Duff

(1) Soft Drink included

Price $32.00 plus 15% Gratuities

Free Parking Available
10% Discount for reservations
Confirmed by Friday May 7th, 2010
Children under 12yrs half price



PMH marks World Asthma Day 2010



Emergency medical attention must be sought
if wheezing or shortness of breath intensifies,
and medication does not ease the attack.

Ms Rolle said: “If you think you have asth-
ma, early consultation with a general practition-
er in your community clinic is necessary.

“Your doctor will ask questions about your
signs and symptoms and perform a physical
examination with relevant tests to rate the sever-
ity of your asthma, and detect other conditions
which may mimic asthma like heart failure.

“Your doctor will be able to recommend the
ideal treatment for you, monitor the course of
your asthma, and adjust your medications where
necessary. With your doctor and health care
team, a detailed plan can be made for your asth-
ma management. It is up to you to comply with
this management.”

Asthma sufferers should identify what trig-
gers their asthma and avoid these triggers as
much as possible, Ms Rolle said, as well as main-
tain regular doctor’s visits and always keep rescue
medication nearby. “Asthma may not be cur-
able, but it is controllable.” she said.



Butler’s Funeral Homes
& Crematorium

Telephone: 393-2822, York & Ernest Sts.
P.O. Box N-712, Nassau, Bahamas

FUNERAL SERVICE FOR

Mrs. Agatha Adella Burrows, 80

of Shirlea Road, formerly of
Gray’s Long Island, will be
| held on Thursday 06th May
2010 at 11:00 a.m. at Central
| Gospel Chapel, Dowdeswell
Street. Officiating will be
Pastor Allan Lee. Interment
will follow in Woodlawn
Gardens, Soldier Road.








She is survived by her

husband Sidney R.
Burrows; six children:
Derek, Dion, Philip, Ramon, David and Stephen; one
adopted daughter: Farida Ali; six sisters: Sandy
Repanshek, Beryl Darville, Theresa Lee, Rosie Roberts,
Christine Lowe and Mavis Treco; two brothers: John
Carroll and Lester Carroll; sixty-one nieces and
nephews: Wendel, Anthony, Jeanette, Antoinette,
John, Stephen, Andrea, Ann, Donna, Vernon, Debra,
Donna, Bernard, Dwight, Monzel Jr., Joseph, Dianne,
Natasha, Madeline, Eleanor, Leonard, Robert, David,
Danny, Caroline, Maria, Celina, Sonia, Denise, Lynn,
Alicia, Libia, Elena, Amaryllis, Prudencia, Bernadette,
Jennifer, Lolita, Althea, Vivian, Irrington, Pamela,
Leslie, Janet, Tanya, Zane, Lester, Cornell, Denise,
Kelsey, Gina, Kevin, Charisse, Jackie, Julie, Gregory,
Shelly, Pietro, Byron, Renee, Kim, and Tyrone;
brothers-in-law: John Repanshek, Monselle Darville,
Joey Treco, Basil Burrows and Eric Burrows; sisters-
in-law: Helida Carroll, Dee Carroll, Silvia Kemp and
Gloria Mortimer. Other relatives and friends
including: Robert Isaacs, Lorelda Burrows and Olga
Burrows.


























Friends may pay their last respects at Butlers’
Funeral Homes & Crematorium, Ernest & York
Streets on Wednesday May 05th, 2010 10:00 a. m.
until 5:00 p.m.





There will be no Viewing at the Church.







PALMDALE & HARBOUR BAY

TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM









By NEIL HARTNELL
Tribune Business Editor

erger negotia-

tions between

Bahamas First

Holdings and
FamGuard Corporation have
“fallen through”, Tribune Busi-
ness can reveal, multiple insur-
ance industry sources suggest-
ing yesterday that the deal col-
lapsed due to differences over
who would be in charge and the
two firms’ valuations.

Neither company would offi-
cially confirm or deny develop-
ments last night, but they did
acknowledge that a statement
detailing the status of the deal
would be released later this
week, and would be prepared
to say more after that.

However, a source close to
Bahamas First, the general
insurer, disclosed to Tribune
Business: “I can confirm that
they’re not going to pursue the
full blow merger between the
holding entities, although they
are going to look for ways to
work together in the future
when opportunities present
themselves.”

Another insurance industry
source, speaking to this news-
paper on condition of anonymi-
ty, told Tribune Business of the
failed merger talks, which were

WEDNESDAY,

MAY 5,

2010

SECTION B e business@tribunemedia.net

Bahamas First/FamGuard
merger talks ‘fall through’

* Industry sources suggest deal collapsed over who would call
shots at merged entity, plus differences over valuation of two firms

* Bahamas First chief confirms Cayman regulatory approval
received for Sagicor General deal, leaving just Bahamas

announced on January 7 this
year: “It’s not going to happen.

“It has fallen through, and
one of the reasons being given
by the Bahamas First side was
that FamGuard thought they
would be running the show,
when Bahamas First had the
opposite view.”

Another well-placed insur-
ance industry executive, also
speaking on condition of
anonymity, told Tribune Busi-
ness that news of the merger
talks break down had started
to surface in the Bahamian
insurance industry last week.

“My understanding is that
neither of them could agree a
value for their respective com-
panies,” the executive said,
adding: “It doesn’t surprise me
the merger is over. I thought
that would happen all along, as
they had an inflated worth [of
themselves].”

Patrick Ward, Bahamas
First’s president and chief exec-
utive, declined to confirm
whether the merger talks had

PLP to ‘all out oppose’
Arawak port’s 20% IPO

By NEIL HARTNELL
Tribune Business Editor

THE opposition Progressive
Liberal Party (PLP) will “all
out oppose” the planned initial
public offering (IPO) that will
offer the Bahamian public a
collective 20 per cent owner-
ship stake in the Arawak Cay
Port, a PLP Senator warning
yesterday that the party would
advise institutional and retail
investors “not to mess with it”.

Reiterating the party’s long-
held opposition to the Ingra-
ham administration’s plans to
move the existing shipping facil-
ities from downtown Bay Street
to Arawak Cay, Senator
Jerome Fitzgerald said
investors in the new port would
do so at their “own risk”, given
the PLP’s plan to move the port
to its favoured southwestern
New Providence site if re-elect-
ed in 2012.

* Opposition to warn
investors ‘not to mess
with it’, promising to
mobilise and oppose
offering when launched

* Government designates
land eyed by Christie
administration for
southwest port
as ‘no build zone’

“From our side, those guys
involved are taking a risk,” Mr
Fitzgerald told Tribune Busi-
ness, after learning that the 19-
20 private sector investors that
comprise Arawak Port Devel-
opment Ltd were on the verge
of signing the key Memoran-

SEE page 2B

Pharmacies feel no economic
pinch from drug recall

By CHESTER ROBARDS
Business Reporter
crobards@tribunemedia.net

BAHAMAS-BASED
PHARMACIES and distribu-
tors will not feel an economic
jolt from the recall of thousands
of over-the-counter (OTC) chil-
dren’s Tylenol products, which
do not pose a health risk but
have not been manufactured to
the company’s specifications,
Tribune Business has learned.

Director of Pharmaceutical
Sales for Lowes Pharmacy, Car-
ol Sands, said their distributors,
Lightbourne Trading, were
busy taking affected Tylenol
products off shelves. However,
they had not thus far had any
returns of the recalled prod-
ucts.

“If they have got the prod-
uct they are entitled to bring it
back,” said Ms Sands of con-
sumers.

Among the products ordered
off shelves by McNeil Con-
sumer Healthcare, parent of
Johnson and Johnson, are
Tylenol infant drops in various
flavours and sizes; Children’s
Tylenol Suspension in various
flavours and sizes; and Chil-
dren’s Tylenol Plus Suspension
in various flavours and sizes.

According to the company,
the recall is voluntary, as they
have found that some of the
products may “not meet
required quality standards”, but
“is not being undertaken on the
basis of adverse medical
events”. The recall is also being

done with the assistance of the
US Food and Drug Adminis-
tration (FDA).

“McNeil Consumer Health-
care, Division of McCNEIL-PPC
Inc, in consultation with the US
Food and Drug Administration
(FDA), is voluntarily recalling
all lots that have not yet expired
of certain over-the-counter
(OTC) Children’s and Infants’
liquid products manufactured
in the United States and dis-
tributed in the United States,
Canada, Dominican Republic,
Dubai (UAB), Fiji, Guam,
Guatemala, Jamaica, Puerto
Rico, Panama, Trinidad &
Tobago, and Kuwait,” its web-
site said.

Mr Sands said the recall does
affect the business minimally
because of the number of prod-
ucts being recalled by McNeil,
though they shoulder no finan-
cial losses because of it.

Assistant Manager of Light-
bourne Trading, John Light-
bourne, said company was deal-
ing with the recall as they have
been instructed to do by the
manufacturer.

According to him, his com-
pany does not suffer a loss as
the manufacturer is responsi-
ble for the recalled products
and refunds to country distrib-
utors.

There have been not report-
ed adverse effects from any
Tylenol products locally or
internationally, but the compa-
ny is insisting the medicines not
be administered as a precau-
tion.



PATRICIA HERMANNS

broken down when contacted
by Tribune Business yesterday.

“We’re basically working on
issuing a joint statement. I'd
prefer to withhold making any
statement until then,” he said.

Mr Ward, though, did con-
firm that Cayman regulators
had approved last Thursday the

Bahamas in

By NEIL HARTNELL
Tribune Business Editor

THE Bahamas is in the sec-
ond tier of a three-tiered glob-
al economic recovery, KPMG
Corporate Finance’s managing
director told Tribune Business,
but need to eradicate “pockets
of not so great service” for its
key tourism industry to thrive
once again.

Simon Townend, who is also
a partner in KPMG (Bahamas),
told this newspaper said that
while there was “a lack of com-
fort” over this nation’s 53.6 per
cent national debt-to-GDP
ratio, it was “still nothing” com-
pared to the likes of Greece
and other countries falling into
the third tier of KPMG’s 2010

company’s acquisition of a 75
per cent stake in Sagicor Gen-
eral (Cayman). Only Bahamian
regulatory approval is now
required.

“We’re still waiting on the
Bahamas, although we expect
that we will be able to close that
aspect of the approval process
in a very short space of time,”
Mr Ward added.

Patricia Hermanns, president
of BISX-listed FamGuard Cor-
poration, which operates as life
and health insurer Family
Guardian, also declined to com-
ment on the status of the
Bahamas First merger talks.

“We're hoping to be able to
make a statement before the
end of the week,” she said. “I
would not like to preempt that.
Both ourselves and Bahamas
First will issue a joint statement.
I can’t comment at this point.
It’s not good form for me to
comment at this point.”

Tribune Business was also

SEE page 3B

‘second tier’



ROYAL FIDELITY

Money at Work

RBC/ Fidelity Joint Venture Company

NASSAU
(242) 356-9801

FREEPORT
(242) 351-3010

MARSH HARBOUR
(242) 367-3135

royalfidelity.com

Allegations fly on $857m South
Ocean project’s ‘stagnation’

By NEIL HARTNELL
Tribune Business Editor

THE battle for control of the
$857 million South Ocean
resort redevelopment contin-
ues to rage, Tribune Business
can reveal, with the project’s
former general partner accused
of leaving the property “in a
state of uncertainty and stag-
nation” by seeking to overturn
the International Arbitration
Tribunal ruling that ousted him.

Roger Stein, principal of
RHS Ventures and its affiliates,
has filed a Motion with the New
York State Supreme Court
seeking to dismiss efforts by
South Ocean’s financing part-
ner, the Plainfield Asset Man-
agement hedge fund, to have
the Tribunal’s ruling against
him ratified.

Mr Stein’s Motion says he
and his US attorneys have
applied to the Tribunal request-
ing “a reversal” of its ruling that
he and RHS Ventures be
removed as the South Ocean
development’s general partner
in favour of Plainfield and his
Seaside Heights investment
vehicle, one of the grounds for
this being alleged “egregious
misconduct” on the latter’s
part.

As a result, while this is being
sorted out, Mr Stein wants the
court to dismiss (or stay) Plain-
field’s attempt to ratify the Tri-
bunal’s decision, which also
ordered him to repay almost $3

of recovery

* Financial expert urges nation to eradicate
‘pockets of not so great service’ to ensure
competitiveness of Bahamian tourism industry

* Bahamas ‘nothing like’ Greece despite
‘lack of comfort’ with 54% debt-to-GDP ratio

* But recovery ‘not going to be a fast rebound’

Global Business Outlook Sur-
vey.

The survey, conducted by
KPMG’s global head office,
indicated business optimism
and economic activity were
picking up around the world,
but Alan Buckle, the firm’s
global head of advisory, said
there was evidence that a
“three-tiered recovery” was
taking place.

ROYAL FIDELITY

Money at Work

Those in the first tier, he said,
were the likes of Brazil, China,
Russia and India, who were
highly confident and only faced
potential negatives from infla-
tion and factors outside their
control.

Those in the second tier, Mr
Buckle added, were “the more
cautious optimists”, such as the

SEE page 2B

million to the project’s New
South Ocean Development
company partnership vehicle.

Articles by Tribune Business
are front and centre in this lat-
est Stein/Plainfield battle, the
former alleging that the hedge
fund had violated “confiden-
tiality provisions” related to the
South Ocean partnership and
the Tribunal’s ruling by leak-
ing the latter to the media.

In response, Plainfield’s US
attorneys, the New York law
firm of Arkin Kaplan Rice,
alleged in an April 20, 2010, let-
ter, which has been seen by Tri-
bune Business, that Mr Stein
and RHS Ventures had refused
to cooperate with the hedge
fund, and follow the Tribunal’s
ruling, by allowing for an order-
ly transition of the project and
the general partner role.

This, and public comment
made by Mr Stein to Tribune
Business, were alleged by Plain-
field to have breached the Tri-
bunal’s ruling by “maintaining a
cloud of uncertainty as to the
identity of the general partner”,
confusing “the public and the
Bahamian government” as to
who spoke for the South Ocean
resort project.

“The findings and directives
in the Award are crystal clear,”
Plainfield’s attorneys alleged.
“Rather than comply with
them, RHS Ventures and
Roger Stein are doing every-

SEE page 2B

The information contained is from a third
party and The Tribune can not be held
responsible for errors and/or omission
from the daily report





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Money at Work

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Freeport: 242.351.3010

BARBADOS
St. Michael:

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PAGE 2B, WEDNESDAY, MAY 5, 2010

THE TRIBUNE



SNES
Economic well-being cannot be left to free market ideology

THANK you for allowing
me, once again, to respond to
Professor Horwitz’s comments.
This will be my last communi-
cation on this matter, which has
now become an economic
jousting match between the
Nassau Institute and Dr
Rodgers. Although arguing
about economic theory and
beliefs may be of interest to
economists and students of eco-
nomics, it is not a subject of
great interest to most newspa-
per readers.

I have had an overwhelm-
ingly positive response to my
original article on reducing the
cost of living in the Bahamas,
primarily because this is an
issue that impacts 90 per cent of
the Bahamian population. The
article was written in a format
that the average person could
understand and, more impor-
tantly, it made sense and could

Dr Jonathan Rodgers, in his latest response to Professor Steve Horwitz, says well-framed



laws and regulations are essential complements to the power of Adam Smith

achieve the stated goal of
reducing the cost of living in
the Bahamas.

The opposing views [Nassau
Institute versus Dr Rodgers] on
my four-point plan for reducing
the cost of living in the
Bahamas are underpinned by
a difference in opinion as
regards the role of government
intervention in the markets.
The Nassau Institute believes
in totally unfettered free mar-
kets, where the free hand of
Adam Smith allows the mar-
kets to self-correct. As well,
there should be minimal inter-
vention by government in the
markets. Furthermore, if there
is a problem with the economy,

the tendency is to blame gov-
ernment and not the markets.

The United States, until the
recent financial crisis and the
ensuing great recession, was
regarded as the best example
of a free market system, incor-
porating the most sophisticated
capital markets in the world.
Unfortunately, the system
failed and there were many rea-
sons for the failure, including
failed economic theory (effi-
cient market hypothesis), faulty
derivative models, moral haz-
ard issues, a failure of the rating
agencies, excessive bank risk,
a distorted incentive and com-
pensation system, a lack of reg-
ulatory oversight, fraud and

misrepresentation and, most
important of all, the absolute
unfettered greed of the Wall
Street clan.

To quote from Professor
Joseph Stiglitz’s recent publi-
cation, entitled Freefall: “In
short, America’s financial mar-
kets had failed to perform their
essential societal functions of
managing risk, allocating capital
and mobilising savings while
keeping transaction costs low.

“Instead, they had created
risk, misallocated capital and
encouraged excessive indebt-
ednes,s while imposing high
transaction costs”. The whole
world watched as the financial
crisis unfolded, and as time

passed it became apparent that
the crisis occurred because of
the reasons cited above. We all
now watch as governments in
the G-20 countries try their best
to put in place the appropriate
framework, policies and regu-
lations to lessen the chances of
a reoccurrence. We are con-
stantly amazed by the resis-
tance being mounted by the
Wall Street clan, through their
lobbyists and the Republicans,
to the introduction of new
financial regulations, and the
most recent allegations of fraud
and misrepresentation on the
part of Goldman Sachs.

I think it should be clear
from all of this that the free

hand of Adam Smith did not
prevent the financial crisis, and
that It was the American gov-
ernment’s use of taxpayers’
money that bailed out the
financial institutions from the
mess they themselves had cre-
ated. Had there been no gov-
ernment intervention, then the
entire financial system would
have collapsed, and with it the
free markets. Although the free
market system is still currently
the best economic model in the
world, it is far from the perfect
panacea. When it is controlled,
manipulated and distorted by
a clan of excessively greedy,
heartless, immoral, unethical
and disingenuous market mak-
ers, who have an inordinate
influence over governments,
along with the regulators, who
have heretofore been in their

SEE page 3B





PLP, from 2B

dum of Understanding (MoU)
with the Government, which
paves the way for the $60-$65
million port’s construction.

“T don’t care how they go
about it,” he added. “When
they try and get the public’s
money involved, we'll really go
ahead and advise the public not
to mess with it, because we
don’t agree with it.

“It’s just a question of them
making a move. Then Mr
Christie will make his move,
notifying the party, and it will
be all out then. They just go
into it at their own risk.”

Tribune Business revealed
yesterday that if the MoU
between the Government and
Arawak Port Development Ltd
was concluded imminently, pos-
sibly as early as this week, they
would seek to launch the IPO
as soon as possible - ideally
before end-June/beginning of
July, when key decisionmakers
at institutional investors start
to leave on their summer break.

It is somewhat unusual for
an opposition political party to
threaten potential investors in a
project that they might lose
their entire investment capital if
the Government were to
change. The Opposition’s
threat is possibly one reason
why the private sector shipping

companies and the Govern-
ment are keen to conclude a
deal, and complete construc-
tion of the Arawak Cay port
by October 2011, as once built
and operational, the PLP will
find it hard to change course.

It is unclear what impact the
PLP’s position will have on
investor appetite for an Arawak
Cay port IPO, or even its
planned preference share offer-
ing, the latter of which will like-
ly only be open to sophisticated
investors - institutions and high-
net worths.

The brokerage/investment
banking community, though,
remains keen. Kenwood Kerr,
chief executive at Providence
Advisors, said of the potential
IPO: “TI certainly think it offers
a diversification from the finan-
cial sector, which dominates the
BISX All-Share Index to the
tune of 85 per cent.

“It can only broaden and
deepen the market in terms of
options. It’s very attractive.
There’s no other substitute for
it in terms of a competing port,
so it’s a very sustainable, viable
investment in terms of invest-
ment and cash flow. Unless
things are bad in the economy
all around, it should be good.”

Investor demand for an
Arawak Cay port IPO, Mr Kerr
said, would be “driven by the
complexity of the deal in terms

of its corporate structure, the
prospects for a return on equi-
ty or return on invested capi-
tal, and how does it compare
in terms of future value.

“The industry, the economy
can have a bearing on it. It’s a
boon to have the Government
as a business partner partici-
pating in it. It makes it more
attractive and strengthens it,
but is not a linchpin for the
deal. It should be very attrac-

tive.”
Reported

Tribune Business reported
yesterday that as an infrastruc-
ture/utility-type investment,
with no competitor and backed
by a consistent income stream,
the Arawak Cay port is likely to
prove attractive for those seek-
ing a stable rate of return on
their investment equity.

Mr Kerr said the major fac-
tors impacting the revenue
streams from an Arawak Cay
port would be the state of the
global economy and Bahami-
an economy, and the demand
for imported goods in this
nation. Other crucial unknowns
at this point were the manage-
ment and regulations govern-
ing its operations.

Meanwhile, the Opposition
has taken notice of the Gov-
ernment’s plans, recently

onnowat Master Technici

APPLIANCES & ELECTRONICS

Gazetted, to designate an area
of beachfront land in south-
western New Providence as a
‘no build zone’, presumably for
environmental/beach access
purposes.

Some of the designated land
lies between the BEC power
plant at Clifton Pier and Com-
monwealth Brewery, and essen-
tially includes real estate where
the former Christie administra-
tion intended to situate its new
port, including the entrance
channel that would be carved to
it.

Some might say the Ingra-
ham administration was cutting
across the likelihood that the
PLP might revive its south-
western New Providence port
plan if re-elected, but Senator
Fitzgerald implied to Tribune
Business that a Christie-led
administration would have little
difficulty in undoing the cur-
rent government’s designation.

“T find it surprising that the
Government’s doing what
they’re doing,” Mr Fitzgerald
said, “given that that area out

Bahamas in
FROM page 1B

US and European countries,
worried over the recovery’s sus-
tainability and what might hap-
pen when stimulus packages
were withdrawn. Those in the
final tier, he said, were the likes
of Greece.

“T think we’d be in the sec-
ond tier,” Mr Townend said of
the Bahamas. “I wouldn’t put
us in the same category as the
likes of Greece. While there is a
lack of comfort now at the lev-
el of debt-to-GDP the Bahamas
has, it’s still nothing like those
of other countries falling into
Tier 3; far from it.

“The Bahamas, you have to
remember, is very dependent
on a few industries, so it’s not
really comparing apples and
applies, but at the same time
the Bahamas is well in Tier 2.”

The Central Bank of the
Bahamas pegged this nation’s
debt-to-GDP ratio at 53.6 per
cent as at end-2009, and pro-
jected the national debt would
just breach the $4 billion barri-
er this year.

The Government's direct
debt, the Central Bank said in
its review, increased by $553.7
million or 20 per cent to $3.32
billion in 2009, a sum equivalent
to 45.6 per cent of Bahamian
GDP.

And the Government's con-
tingent liabilities rose by $134.5

there is deemed an industrial
location. There is no beach
space on any of the land that
they’re proposing to save for
beach access.

“T can confirm that whatever
they do in that regard, it is the
PLP’s intention, from what I
understand, that a port will
move to that location. The
Arawak Cay port, by the Gov-
ernment’s own admission, is a
short-term site.....

“T spoke to the leader [Mr
Christie], and he found it amus-
ing. He couldn’t figure out what
they’re doing.”

Still, many in the shipping
industry seem opposed to the
southwestern location. "A port
in the southwest side, which
was under consideration at one
point, would have required a
new channel to be dredged to
an inland dredged terminal,
millions of cubic yards of dredg-
ing," said Jimmy Mosko ,
Arawak Port Development
Ltd’s chairman, knocking down
the former Christie govern-
ment's plans.

‘second tier

million or 30.1 per cent to hit
$581 million, "elevating the
national debt by $688.2 million
or 21.4 per cent to $3.901 billion
by end-December 2009.

Mr Townend said the KPMG
survey results showed that
while the pace of global eco-
nomic recovery was unlikely to
be rapid, the Bahamas could
take some comfort from the
fact that ‘green shoots’ of
improvement were beginning
to take hold in the US, its main
tourism feeder market.

“T think there’s two things,”
he said. “One is the fact there’s
light at the end of the tunnel
for the US, or they’re seeing
light at the end of the tunnel.
The US economy is very impor-
tant for us, so that should be
encouraging for the Bahamas.

“T think the second message
is that it’s not going to be a fast
rebound. It hasn’t been to date,
and is not likely to be, so busi-
nesses should continue to be
cautious and keep an eye on
what’s happening. In the past,
we’ve seen a delay between
recovery in the major feeder
market and the Bahamas.”

Mr Townend added:
“Tourism is so dependent on
the US still, so [the Bahamas]
will not be a leader in any
recovery. The Bahamas is a ser-
vices economy, so we don’t
export or manufacture hardly

No

"At Arawak Cay, which is
already a deep water port, we
simply use the existing channel
and do some maintenance
dredging of 200,000 cubic yards.
Since the dredging of the har-
bour had to be done for the
cruise ships anyway, and we
already had the fill, it made per-
fect sense in terms of timing
and while no dredging exercise
is without some consequences,
this was by far the better choice
for the safety and preservation
of the marine environment."

"We were given two straight-
forward mandates by Govern-
ment: control the cost of living
and clear historic Nassau for
revitalization. We looked at all
the options and there was real-
ly only one choice. The least
expensive shipping, transporta-
tion and handling costs for
everything we bring in to the
island was Arawak Cay, and
the fastest way to get containers
off Bay Street and business
back on was Arawak Cay. It
was a win-win situation,” Mr
Mosko said.

of recovery

anything.

“Tf you look at financial ser-
vices, that’s obviously facing
unique pressures with the off-
shore sector. That’s one area
we need to keep an eye on.”

But when it came to the com-
petitiveness of the Bahamian
tourism product, Mr Townend
said it really “comes down to
the quality of service we put
on”, coupled with the state of
the resort product, people con-
tacts and overall experience
offered.

“Provided in both areas that
we strive for higher quality, we
will hopefully serve a growing
customer base and be OK,” the
KPMG executive told Tribune
Business.

However, he acknowledged
that when it came to providing
quality service, the Bahamian
tourism industry had “quite a
lot of work” to do in an area
that was “very critical” to its
overall success.

“It’s the quality of service
and the experience we can
offer,” Mr Townend said. “If
we position ourselves as a juris-
diction at a certain level in
terms of resorts and so forth,
people come and they expect
great service.

“We have pockets of great
service in the Bahamas, but also
lots of pockets of not so great
service.”





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OCEAN, from 1B

thing possible to delay implementation of the
award....... [Their] actions make clear that they
have to intention of complying with this award.”

Pointing out that RHS Ventures had alleged-
ly hired its “fifth law firm”, whose attorneys had
sought “a significant adjournment to ‘famil-
iarise ourselves with the file’”, then taken the
position that the Tribunal ruling was unen-
forceable unless ratified by a court, Plainfield
said the enforcement petition was filed with
the New York courts on April 12, 2010.

“Claimants have refused to respond to our
requests for immediate compliance with the
award, such as by transferring control of bank
accounts and books and records to Seaside
Heights,” Plainfield’s attorneys alleged. “At
the same time, claimants continue to issue defi-
ant public statements.......

“{Plainfield] filed this position in anticipa-
tion of Stein’s continued recalcitrance and will-
ful non-compliance with his contractual oblig-
ations and this Tribunal’s orders.”

The hedge fund’s counsel added: “Claimants
have ignored Seaside Heights’ attempts to
secure the partnership and its assets.

“On April 12, 2010, we sent a letter to
claimants’ counsel proposing steps to imple-
ment immediate actions, including transfer of
control of partnership bank accounts to Seaside
Heights. [Mr Stein and RHS Ventures] have
failed to take any of the steps outlined in this
letter, and indeed have never even responded to
ite

Responding to allegations by Mr Stein that
Plainfield had acted merely to harm him and his
companies, through statements to Tribune Busi-
ness that “Stein no longer has authority to
transact business on behalf of the [South
Ocean] partnership, the hedge fund alleged



that it was “focused solely” on advancing the
project’s “best interests”.

“However, no partnership business can occur
if the public or the Bahamian government
remains confused about who speaks for the
partnership,” Plainfield’s attorneys added.

And they argued that Mr Stein’s comments
to Tribune Business, stating that he would seek
to have the Tribunal’s decision set aside, were
alleged to have violated the ruling that he not
interfere with South Ocean’s business.

This was “maintaining a cloud of uncertain-
ty as to the identity of the general partner”,
Plainfield claimed, alleging that Mr Stein and
RHS Ventures had also violated the order
requiring them to cooperate with its Seaside
Heights investment vehicle when it came to
the transition in control.

“Stein’s recalcitrance has not only caused
Seaside Heights to continue to incur unneces-
sary fees and expenses, but further threatens the
partnership by ensuring that the project remains
in a state of uncertainty and stagnation,” Plain-
field alleged.

Mr Stein and RHS Ventures’ attorneys, in an
April 16, 2010, letter, alleged that an interview
given to Tribune Business the day before
showed Plainfield’s plans to “resurrect” the
South Ocean project, despite its executives
denying that they intended to do this in the
Tribunal hearings.

And they also urged the Tribunal to act over
the publication of claims, contained in this rul-
ing, that payments made by the South Ocean
developer “to relatives of Bahamian govern-
ment officials” had breached the Foreign Cor-
rupt Practices Act.

Denying that Mr Stein and RHS Ventures
had done what was alleged, their attorneys
described the appearance of such information
as “spiteful..... and calculated to ruin Roger
Stein’s individual future”.







TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM



THE TRIBUNE

WEDNESDAY, MAY 5, 2010, PAGE 3B



a
Bahamas First/FamGuard merger talks ‘fall through’

FROM page 1B

told that Glen Ritchie, who had left
his post at Colina Insurance Company
with the intention of becoming chief
financial officer at the merged holding
company, had been forced to lower
his sights as a result of the break-up.
Newspaper advertisements this week

stated he had been appointed to the
same post at Bahamas First Holdings.

As Tribune Business revealed ear-
lier this year, based on their 2008 year-
end balance sheets, a merger between
FamGuard Corporation and Bahamas
First Holdings, the parent firms for
Family Guardian and Bahamas First
Insurance Company, would create a
firm with just under $305 million in

written premiums.

assets and $178.723 million in gross

Net income for 2008, if they had
been combined then, would have been
$8.364 million. Given that Family
Guardian's total assets stood at just
over $176 million at year-end 2008,
and Bahamas First's at $128 million,
that would seem to have indicated a
potential merger weighted 60:40 in

size.



IDEOLOGY, from 2B

back pockets, then this is a
recipe for disaster, as we have
just witnessed. Thus the need
for better regulations.

Professor Horwitz claims that
the current crisis was the “prod-
uct of government interference
with the market in the form of
the US Federal Reserve poli-
cy, government-sponsored enti-
ties such as Fannie Mae and
Freddie Mac and other ele-
ments of the housing policy.
This was not a failure of the
free markets”.

I will contain my comments
only to the above-mentioned
entities. The Federal Reserve,
contrary to popular belief, is a
privately-owned entity. The
name ‘Federal’ is totally mis-
leading as it is not government
owned. The Fed is actually
owned by a consortium of 300
private shareholders, inclusive
of Goldman Sachs, JP Morgan,
the Bank of England, to name a
few. As a matter of interest,
former Fed chairman, Alan
Greenspan, was formally
employed by JP Morgan, and
the present Secretary of the
Treasury, Timothy Geithner,
was formally head of the New
York branch of the Fed.

The Fed has many responsi-
bilities, one of which is over-
sight of the major banks, inclu-
sive of Goldman Sachs and JP
Morgan. The Fed is an
autonomous body, solely
responsible for monetary poli-
cy, whose main stated goals are
the control of inflation and a
monetary environment that fos-
ters employment.

There is, however, an inces-
tuous relationship between the
Fed and the banks, because
supposedly it is responsible for
oversight of the same banks
who actually own it. This is the
reason why former Secretary

of the Treasury, Hank Paulson,
selectively gave so much of the
TARP money to Goldman
Sachs [where he was once the
former chief executive], JP
Morgan and AIG, which was
an insurance company and not
a bank, but was holding the
other end of credit default
swaps, primarily for Goldman
Sachs. It was these same
TARP dollars that ensured the
rapid recovery of these two
investment banks from the
financial crisis, and their return
to profitability far more rapidly
than their competitors, which
were not part of the Wall Street
clan. Furthermore, former Fed
chairman Greenspan admitted
that he believed in free mar-
kets, but that the financial mod-
els he relied on during the
housing bubble were faulty. He
was also one of the main sup-
porters of ARM [adjustable
rate mortgages0, which con-
tributed in a big way to the
housing bubble and its eventu-
al collapse.

Professor Horwitz’s claim
that government intervention
(in the form of the Community
Reinvestment Act [CRA]),
which was passed to increase
household ownership by the
poor through increased lend-
ing to the same, and the
involvement of Fannie Mae
and Freddie Mac, were implic-
it it the financial crisis. In fact,
both Fannie Mae and Freddie
Mac are privately-held entities,
and whose mandate, according
to Professor Joseph Stiglitz, was
for “conforming loans” to the
middle class.

“The banks jumped into sub-
prime mortagages —an area
where, at the time, Freddie
Mae and Freddie Mac were not
making loans — without any
incentives from government.
Moreover, default rates on the
CRA lending were actually
comparable to other areas of

NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT
No. 45 of 2000

ATHOS CONSULTING LTD.

Notice is hereby given that in accordance with Section

137 of The

International Business Companies

Act No. 45 of 2000, ATHOS CONSULTING LTD.
is in dissolution. The date of commencement of
dissolution was the 19th day of April, 2010. Dillon

Dean of Nassau, Bahamas is the Liquidator of
ATHOS CONSULTING LTD.

Dillon Dean
LIQUIDATOR

yl a

The Bahamas Source For Homes, Apartment Communities & Rentals







Tee BUT Teed

Tel: 502 2356)

for ad rates



lending, showing that such lend-
ing, if done well, does not pose
greater risks,” Professor Stiglitz
said.

Perhaps the following will
clarify our differences of opin-
ion on the velocity of money
and the money supply. My
point is simply this: In the
Bahamas today we have what I
refer to as structural inflation,
which means that the prices of
all goods and services are much
higher than they should be
because of our tax structure
(import duties), the monopo-
lies of the retail banks (the high
cost of money), the utility com-
panies (the high cost of elec-
tricity and telephone services),
and exchange controls (which
limit Bahamians’ fundamental
right to the mobility and most
efficient use of their financial
resources).

If we eliminate import duties,
the cost of local products and
services would be reduced and
there would be more demand
for the same. This would
increase demand (consump-
tion) with a corresponding
increase in GDP. Also, by
reducing the cost of electricity
through the use of nuclear pow-
er, not only would the cost of
living be reduced, but overnight
our tourism product would
become far more competitive,
while any industrial production
that is highly reliant on electri-
cal power would become more
feasible.

In terms of the money sup-
ply, the entire credit or avail-
ability of Bahamian dollars are
dependent on the US dollar
reserves in the Central Bank of

the Bahamas. With the present
exchange control system, if the
supply of these reserves begins
to fall, then the Central Bank
inevitably applies moral sua-
sion to the retail banks in order
to curtail credit and in so doing
decrease imports and thus the
demand for US dollars. There-
fore, the more people shop at
home, the less of a drain there
will be on our foreign reserves,
both at the retail and whole-
sale level. In other words, there
would be less drain on our US
dollar reserves or US money
supply.

My final point is that there
are far more rules and regula-
tions in the US compared to
the Bahamas, even though,
over the past 30 years, there
has been selective deregulation
in the financial services sector.
There are still some essential
financial regulatory laws that
are in place in developed coun-
tries, yet still lacking in the
Bahamas. The two most impor-
tant are truth in lending laws
and antitrust laws. The former
ensures that the banks truth-
fully inform the customers of
the correct interest rates on
loans, and the latter helps to
ensure there is competition in
all sectors, so that the consumer
receives the best product at the
lowest price. One can always
argue about the effectiveness
of any law or regulation with
regard to the purpose for which
it was created, but without laws
and regulations the free hand of
Adam Smith will be overshad-
owed by the greedy and manip-
ulative hand of the financial
corporatocracy.

FamGuard's favour if based on asset

FamGuard's shareholder base is
dominated by Barbados-headquar-
tered financial services conglomerate
Sagicor with 20 per cent, chairman
Norbert Boissiere and the Knowles
and Pyfrom family trusts, while the
Bahamas First investor roll is more
diversified,

owning more than 10 per cent. That
includes the Canadian-based Eco-
nomical Insurance Group, which holds
20 per cent.

In their announcement of the talks
earlier this year, FamGuard and
Bahamas First said the merged entity
would have been listed on BISX, with
the arrangement targeted for an end-

with only two shareholders — June 2010 close.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, PEDRO ANTONIO
GRAY of the Settlement of McKann’s Long Island intend
to change my name to PEDRO ANTONIO MARCELLO.
If there are any objections to this change of name by
Deed Poll, you may write such objections to the Chief
Passport Officer, PRO.Box N-742, Nassau, Bahamas no
later than thirty (30) days after the date of publication of
this notice.












NOTICE

NOTICE is hereby given that EMILIEN DELVA of CHARLES
VINCENT STREET, P.O. BOX CR-56766, NASSAU
BAHAMAS, is applying to the Minister responsible for Nationality
and Citizenship, for registratior/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 5" day of
MAY, 2010 to the Minister responsible for nationality and Citizenship,
P.O. Box N-7147, Nassau, Bahamas.

Mua:

NOTICE is hereby given that DOUGLAS JOY GEORGES of
1850 N.E. 158 Street, N. Miami Beach, 33162, P.O. Box CR-
54660, 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 28" day of April, 2010 to the
Minister responsible for nationality and Citizenship, P.O. Box
N-7147, Nassau, Bahamas.



To meet the challenge of operating our growing business, we wish to recruit a:

Chief Operating Officer

Main responsibilities:

What we offer:

— Responsible for the daily operation of the Bank

Reports to the Managing Director

Support and

advise the Managing Director in decision making

Running of all back office functions
— Direct and administer all financial plans
— Organizational reporting and monitoring
— Oversee business policies and accounting practices

— Information
Ideal Profile:

technology

— Strong operational and administrative experience; Ideally several

years experience as Chief Operating Officer
— Fluent in English and French; fluent in German an added benefit
— Higher Education
— Strong organizational and management Skills
— Ability to lead, plan, multi-task and manage change

— Asalary which is commensurate with the job,

a pension plan and medical insurance.

We will only reply to candidates that fully match our requirements listed above, please send your resume and reference to:
SYZ & CO Bank & Trust LTD. | Attention Jillian Ferguson (jillian.ferguson@syzbank.com) | Tel: (+1 242) 702 14 00
P.O. Box N —1089 | Bayside Executive Park | West Bay Street & Blake Road | Nassau, Bahamas

www.syzbank.com











52wk-Low
1.00
























52wk-Low
1000.00
1000.00
1000.00
1000.00





52wk-Low




0.40 RND Holdings

29.00 ABDAB
0.40 RND Holdings






1.3702

















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

Change - Change in closing price from day to day
Daily Vol. - Number of total shares traded today





(S) - 4-for-1 Stock Split - Effective Date 8/8/2007
($1) - 3-for-1 Stock Split - Effective Date 7/11/2007

Securit y
AML Foods Limited

Security
Fidelity Bank Note 17 (Series A) +
Fidelity Bank Note 22 (Series B) +
Fidelity Bank Note 13 (Series C) +
Fidelity Bank Note 15 (Series D) +
RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)
Symbol Ask &
7.92 Bahamas Supermarkets
6.00 Caribbean Crossings (Pref)

Fund Name
CFAL Bond Fund

- Previous day's weighted price for daily volume
Today's Close - Current day's weighted price for daily volume

DIV $ - Dividends per share paid in the last 12 months
P/E - Closing price divided by the last 12 month earnings

ROYAL 3 FIDE

Money at Work

FINDEX: CLOSE 000.00 |

WWW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-2320



1.05

10.75 9.67 Bahamas Property Fund 10.63
16.94 5.23 Bank of Bahamas 5.24
10.58 0.44 Benchmark 0.44
3.49 3.15 Bahamas Waste 3.15
2.15 2.14 Fidelity Bank 2.17:
12.55 9.62 Cable Bahamas 12.07
12.84 2.69 Colina Holdings 2.84
7.00 5.00 Commonwealth Bank (S1) 5.84
3.65 2.21 Consolidated Water BDRs 2.99
12.55 1.32 Doctor's Hospital 2.54
6.99 5.94 Famguard 6.07
10.99 8.75 Finco 9.08
10.60 9.50 FirstCaribbean Bank 10.60
5.53 3.75 Focol (S) 5.08
1.00 1.00 Focol Class B Preference 1.00
10.30 0.27 Freeport Concrete 0.27
5.59 5.00 ICD Utilities 5.59
10.50 9.95 J. S. Johnson 9.95
10.00 10.00 Premier Real Estate 10.00

BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing b
Last Sale



Symbol
FBB17
FBB22
FBB13
FBB15



Bid S



10.06

2.00 6.25 4.00 0.000 0.480 N/M 7.80%
0.35 0.40 0.55 0.001 0.000 256.6 0.00%
CFAL Securities Ltd. (Over-The-Counter Securities)
30.13 31.59 4.540 0.000 9.03 0.00%|
0.45 0.55 0.55 0.002 0.000 261.90 0.00%]
BISX Listed Mutual Funds
NAV YTID% Last 12 Months % NAV 3MTH NAV 6MTH NAV Date
1.4602 1.50 6.57 1.438700 1.407626 31-Mar-10







2.9116 2.8266 CFAL MSI Preferred Fund 2.9116
1.5274 1.4467 CFAL Money Market Fund 1.5274
3.2025 2.9343 Royal Fidelity Bahamas G & | Fund 3.2025
13.4986 12.6816 Royal Fidelity Prime Income Fund 13.4986
107.5706 100.5448 CFAL Global Bond Fund 107.5706
105.7765 93.1998 CFAL Global Equity Fund 105.7706
1.1034 1.0000 FG Financial Preferred Income Fund 1.1034
1.0801 1.0000 FG Financial Growth Fund 1.0764
1.1041 1.0000 FG Financial Diversified Fund 1.1041
19.5795 9.1005 Royal Fidelity Bah Int'l Investment Fund 9.5795
Principal Protected TIGRS, Series 1
11.2361 10.0000 Royal Fidelity Bah Int'l Investment Fund 10.5417
Principal Protected TIGRS, Series 2
7.7171 4.8105 Royal Fidelity Int'l Fund - Equities Sub Fund 7.6928

MARKET TERMS
YIELD -
Bid $ - Buying price of Colina and Fidelity

- Selling price of Colina and fidelity

Last Price - Last traded over-the-counter price

Weekly Vol.

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TO TRADE CALL: GFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525

iii Cc

BISX LISTED & TRADED SECURITIES AS OF:
TUESDAY,
BISX ALL SHARE INDEX: CLOSE 1,558.58 | CHG -0.12 | %CHG -0.01 | YTD -6.80 | YTD % -0.43

Previous Close Today's Close



11.06

1.34 4.98 1.507147 1.491956 23-Apr-10
2.75 -3.54 31-Jan-00
0.98 5.44 31-Mar-10
3.45 6.99 103.987340 103.095570 31-Mar-10
3.99 13.50 101.725415 99.417680 31-Mar-10
1.25 5.25 31-Mar-10
0.79 4.37 31-Mar-10
1.23 5.34 31-Mar-10
5.33 5.33 31-Dec-09
-2.13 10.96 31-Mar-10
-0.31 47.51 31-Dec-09

SYZs& CO
BANK & TRUST









FG CAPITAL MARKETS
BROKERAGE & ADVISORY SERVICES

Cc FAL” COLONIAL

4 MAY 2010

YTD 00.00% | 2009 -12.31%
















Change Daily Vol. EPS $ Div $ P/E
1.05 0.00 0.250 ‘0.000 4.2 0.00%
10.63 0.00 0.050 0.200 212.6 1.88%
5.24 0.00 0.598 0.260 8.8 4.96%]
0.44 0.00 -0.877 0.000 N/M 0.00%
3.15 0.00 0.168 0.090 18.8 2.86%|
2.417 0.00 0.055 0.040 39.5 1.84%)
12.07 0.00 1.406 0.290 8.6 2.40%|
2.84 0.00 0.249 0.040 11.4 1.41%
5.84 0.00 0.460 0.230 12.7 3.94%]
2.87 -0.12 0.111 0.052 25.9 1.81%
2.54 0.00 0.627 0.110 4.1 4.33%
6.07 0.00 -0.003 0.240 N/M 3.95%]
9.08 0.00 0.168 0.520 54.0 5.73%]
10.60 0.00 0.678 0.350 15.6 3.30%]
5.08 0.00 0.366 0.150 13.9 2.95%)
1.00 0.00 0.000 0.000 N/M 0.00%
0.27 0.00 0.035 0.000 7.7 0.00%
5.59 0.00 0.407 0.500 13.7 8.94%
9.95 0.00 0.952 0.640 10.5 6.43%
10.00 0.00 0.156 0.000 64.1 0.00%|
ases)
















Daily Vol. Interest Maturity
100.00 0.00 T% 19 October 2017
100.00 0.00 Prime + 1.75% 19 October 2022
100.00 0.00 T% 30 May 2013
100.00 0.00 Prime + 1.75% 29 May 2015

P/E
N/M

Last Price EPS $

-2.945

DivS
0.000

Daily Val...





















14.00












0.85 0.52 2.886947 2.830013. 31-Mar-10

last 12 month dividends divided by closing price

- Trading volume of the prior week
A company's reported earnings per share for the last 12 mths

TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM



THE TRIBUNE

The Tribune

eS



WEDNESDAY, MAY 5, 2010, PAGE 5B
















By REUBEN SHEARER
Tribune Features Reporter
rshearer@tribunemedia.net



ARIETY is the order of the day

at Le Jardin Bistro & Deli, a

restaurant nestled in the out-
skirts of Centreville West. “Le
Jardin” French for “the garden,
“has a homey, cozy feel that serves
as an escape from the hustle and
bustle of everyday life that restau-
rant owner Keisha Bonimy and her
silent partner have created a menu
that places an emphasis on healthier
eating.

Everything on the menu of Le Jardin
Bistro & Deli is freshly cooked, low in calo-
ries, and complemented with healthy sides
like tortilla chips or a hearty green salad.
Panini and ciabatta sandwiches are lunch
choices that patrons have come to love.

The pastas are delectable, including sea-
soned vegetable pasta, cranberry almond
chicken pasta and crab salad pasta, which is
served with signature citrus vinaigrette.

A hearty green salad or fries can accom-
pany the meal. Conch fritters and cracked
conch are served with a special dip and a
tartar sauce. Le Jardin’s roast corn has a
light crispy taste and fresh flavour, sea-
soned with flavoured butters with just the
right pinch of salt.

Tribune Taste sampled Le Jardin’s
turkey, ham and Swiss ciabatta, turkey and
mozzarella, roast beef and Swiss, mozerel-
la and tomato heat pressed sandwiches,
which are also melted with parmesan and
cheddar cheese.

“When people hear the word gourmet
they think small expensive portions,” said
Ms Bonimy.

Le Jardin Bistro & Deli sells a “soup of
the day” and a cream of conch chowder
with a voluté base. Instead of using the

eJa





TURKEY, Ham and
Swiss on Ciabatta
bread with tortilla
chips, and a hearty
green side salad.







rdl

conch chowder with whole milk and heavy
cream. The cream thickens as stirred, with
conch bits, carrots, and potatoes added to
the brew

Lightly seasoned fried chicken wings
are another appetizer on Le Jardin’s menu;
The wings have just the right juicy flavor
and taste even better with a splash of
ketchup and hot sauce.

Le Jardin’s hearty green salad and cran-
berry almond chicken salad has a citrus
flavour that is topped with freshly made oil
vinaigrettes. Another special is crab salad
topped with signature citrus vinaigrette,
and seasoned vegetable pasta.

Cranberry almond chicken salad is the
perfect summer food on the menu. The
freshly baked chicken breast is shredded
and mixed with purple onions, nuts and
Craisins. The dressing for the salad is
yogurt based, which is not too overpower-
ing.

The hearty green salad is appealing to
your senses, bright in colour with a unique
combination of romaine and arugala let-
tuce, baby spinach, and cherry tomatoes.

“Everything is from an olive oil base,
and we have had raving reviews on the
house vinaigrette and the citrus vinai-
grette,” Ms Bonimy said.

She said the restaurant can also provide
menus for birthdays and other special occa-
sions.

“We are trying to get a bar set-up going
here where we would serve drinks for hap-
py hours on Fridays, where businesses can
bring in their employees and sit in and
drink,” she said.

Sweet treats are freshly baked each day
including chocolate brownies, chocolate
cake, cheese cake, carrot cake, and old-
fashioned guava duff made from Cat Island
guavas.

To wash it all down Le Jardin has
Bahamian flavoured coffees, made from
guava sauce and dilly which is boiled down
into a syrup and used to flavour the coffee,
said Ms Bonimy. If you want something
colder Le Jardin’s offers a signature lemon-





regular tomato paste, the

Ba mre

Kyle Sawyer



TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM

chefs brew the

ade or sweet tea.

By CARA BRENNEN-
BETHEL
Tribune Features Editor

ALTHOUGH Chefs Kyle
Sawyer and Shaker Staphane
are tight lipped about the
dishes they are contributing
to the upcoming Paradise
Plates charity event on May
15, they promise that patrons
will blown away.

Both men have promised
that they are pulling out all
the stops to dazzle the crowd.

Chef Kyle, Senior Chef de
Cuisine of Food Art by
Cacique hinted that he plans
to deconstruct traditional
favourites to create the kind
of masterpeices Cacique cus-
tomers have grown to appre-
ciate and expect. The compa-

ny is known for its fabulous
creations which combine
incredible tasting foods in
stunning and unique presen-
tations which create a culi-
nary experience that tantalis-
es the senses.

Chef Kyle emphasised that
Food Art By Cacique does
not only cater to “ wealthy
clientele.”

Rather he said that the
company can work with any
budget to create an awesome
experience whether it be an
intimate dinner for two, a
small beach picnic or a funky
dinner party.

He added that the compa-
ny is delighted to participate
in such a worthy cause as
Hands for Hunger.

For Chef Shaker, the event



Carrot Cake Cupcakes.



Meet the chefs of Paradise Plates

serves as an unique opportu-
nity to make his debut to a
wider Bahamian audience.
The Barbadian born chef at
the Old Fort Bay Club
arrived in this country just a
few weeks ago from a posi-
tion at a luxury property in
Bermuda. He promised that
event patrons will get to
enjoy his special Caribbean
inspired version of a tradi-
tional boil fish with seafood
flair at the event.

Chef Shaker added that he
is delighted to lend the exper-
tise of the Old Fort Bay culi-
nary team for the event. He
said there can be no better
cause than to ensure that
everyone who is hungry can
be given a meal.

Paradise Plates will take



Fried Chicken Wings with a hearty green side salad.

place on May 15, in the
Atlantis Crown Ballroom.

The creatively presented
event showcases a lavish
array of gourmet food pre-
pared by chefs from Nassau’s
premier restaurants, fine wine
and spirits and live entertain-
ment with all proceeds bene-
fiting Hands For Hunger the
non-profit, humanitarian
organisation committed to
the elimination of hunger and
the reduction of food waste
in The Bahamas.

Each day, Hands For
Hunger picks-up fresh, high
quality food that would oth-
erwise go to waste and deliv-
ers it to community centers,
shelters, churches and soup
kitchens throughout New
Providence.

Shaker Staphane







PAGE 6B, WEDNESDAY, MAY 5, 2010

THE TRIBUNE



The Tribune



hether it's a casual or an exquis-
itely elegant dining experience
you're looking for, Tribune Fea-
tures outlines your options in this Mother’s
Day Restaurant Special.

The Menu options are as diverse as the restaurants
themselves, from Italian, to Australian fare. Some
of these restaurants haven’t made any special
changes to their usual menu, but some have added
a Mother’s Day flair to their menu with exquisite
options that will make your mother feel like a queen.

COMPASS POINT RESTAURANT : ELEGANT

Dive into an array of flavours this Mother’s Day
at Compass Point Beach Resort. The restaurant
will offer potato and chive croquettes, tomato and
basil quiche, roasted beet soup with coconut milk, a
smoked salmon platter, and Greek salad with bal-
samic vinaigrette.

There will be a carving station- with roasted leg of
lamb, and conch, okra and rice.

Desserts will include lemon cupcakes, Mom’s
fruit and granola parfait, and crepes with strawber-
ry cream cheese.

UGS SIE

If you’re looking for a casual Mother’s Day dining
experience, try Outback’s camp fire wings, or their
Royal port seafood platter -a combination of Out-
back’s seasoned rice, salmon or mahi mahi, grilled
pineapple, grilled mushrooms, peppers and onions,
on a bed of seasoned rice topped with crayfish and



ais Vad special woman in your life out to a nice restaurant this Mother’s Day

Treat mom to a special meal

shrimp in a creamy Alfredo sauce.

Looking for something hot and spicy? Their
camp fire wings will do the trick, said Trevor
Williams, general manager.

Outback’s regular menu favourites will also be
available.

Mr Williams recommends that groups of ten or
more make reservations so that the restaurant can
accommodate their group/

Outback is giving the first two hundred mothers
carnations.

Fee NUE

Bennigan’s Grill and Tavern offers a Mother’s
Day Special this Sunday with a variety of options
including- Lobster Gourmet or Grouper San Sal
both served with your choice of savoury grilled
steak or a marinated chicken breast on a bed of
Cajun rice accompanied with spiced green beans.

Coconut cream pie is the dessert of choice for
lunch. Have a glass of wine, which is available with
the regular drinks. Carnations will be given to
mothers. One Lucky Mother will receive a gift bas-
ket to remember.

MUGEN TUS Geum ne

Located in one of the most illustrious properties
in The Bahamas, this waterside mansion, "Green
Roofs," was the former residence of the Late Sir
Roland Symonette, the country’s first Premier.

During Mother’s Day Brunch this weekend, sit
down and eat from a menu of assorted breads and
pastries, and fruits.



And for lunch, Luciano's menu offers an extensive
choice of some of Italy's finest dishes and wines.

The selection ranges from seafood to pastas,
steaks and chops, with surprising delights in salads,
anti-pasta and desserts. Antipasti platters, assorted
Italian meats and sausages, grilled vegetables and an
assortment of appetizers are available.

Prices include appetizer and dessert buffets and
one mimosa or fruit punch.

Desserts include assorted fruit pastries, apple
strudel, Bahamian guava duff with rum sauce, choco-
late covered cannoli, orangecello cheesecake with
Mandarin Orange Topping, and Black Forrest Cake.

eA GUE N eat aee

Cappricio Ristorante offers an original Italian
dining experience. General manager, Emanuel
Tsakkos claims that no other restaurant can match
Cappricio’s fare among the endless restaurant
options.

This Mother’s Day, from 5pm to 10pm, reserva-
tions will be honoured, but walk-ins won’t be
turned away. Cappricio Ristorante hopes to
accommodate as many Mother’s Day celebrants
they can.

Chicken, grouper, fillet mignon, shrimp and lob-
ster, scallops, salmon steak and veal, are all specials
on the menu.

Tiramosou, a very famous Italian cake, Cherry
Cheesecake, Espresso and Cappuccino will be
served.

Mr Tsakkos says the special sauces used in the
recipes at Cappricio are made from scratch, and
original recipes are adapted from Italy.



Student recital raises



standard of music Cc

By JEFFARAH GIBSON
Tribune Features Writer



ATTENDEES of the fifth annual
Chris Fox Institute of Music student
recital can marvel at the soothing tim-
bre of sensational instrumental music.

The event which is also presented
by the Bahamas Musicians and Enter-
tainers Union will attract music lovers
all over the town, and under the theme
“Raising the Standard of Music” they
expect to put on an award winning
event.

“Every year tickets are sold out.
People love this event and students
bring a number of family and friends
who offer their support,” said Chris
Fox instructor at the institute.

This is no ordinary event, Mr Fox
said, since music lovers will hear a lit-

said.

better.

tle of everything.

“People can expect to hear every
style of music. They can expect to hear
some jazz, some classical music, some
rock and even gospel. This show will
include a little of all the genres,” he

Last year the event attracted a huge
crowd who were very satisfied with
the presentation. And with each con-
secutive year the show gets better and

This year they will send a tribute
to Joseph Spence.

No one is excluded from the event
as the participants range from ages 5-
80

The event will be held at Nirvana
Beach tomorrow night at 8pm. There
will be a special performance by the
Nirvana Express.



chris Fox

ahaa he etzmdzard



nea eae Recital

Institute o
> ; I. fj Mus...

mT

Aree eee







Sir Stafford Sands: Founding Fathers’ dvd released

version of the film.

in New Providence.



By REUBEN SHEARER
Tribune Features Reporter
rshearer@tribunemedia.net

AS THE controversy sur-
rounding the legacy of Sir
Stafford Sands reemerges, a
film about his life has just been
released on DVD.

Travolta Cooper, a budding
filmmaker, debuted the film
Sir Stafford Sands: Founding
Fathers’ in January at the
Bahamas Film Festival and has
recently launched the DVD

Mr Cooper’s film, ‘reassess-
es the motives of the politi-
cian’s motives in the Bahamas
over the years.’

Perhaps the highnote of Sir
Stafford’s legacy was his mark
as a catalyst of the success for
the Bahamian tourism indus-
try. However his life has been
filled with controversy as there
are many persons who consid-
ered him racist, a politician
sent from Great Britain to
oppress black persons living

Whether this accusation has
weight, needs to be re-assessed
said Mr Cooper.

According to Mr Cooper,
most people are unaware that
Sir Stafford was a born
Bahamian. Still, political pun-
dits maintain that Sir Stafford’s
actions while holding political
office validify their claims of

racist behaviour.
The issue resurfaced when
the FNM last week,

announced plans to reinstate

his image on the Bahamian
$10 bill.

This is an issue that has
caused a public outcry in past.
At the weekend, PLP MP
Fred Mitchell criticised the
government for its decision to
reinstate the image after it had
been removed in 2005 by the
PLP during its term in office.
He claimed that it was irre-
sponsible of the government
to continue with it’s plan of
reinstatement, and threatened
it would be one that would be

reversed at the quickest oppor-
tunity by any future PLP gov-
ernment.

“Founding Fathers: Sir
Stafford Sands” serves as a
medium to get persons to
make their own judgments
about the controversy sur-
rounding his political motives,
Mr Cooper explained.

He said there is a lot that
the history books have left
untouched and thus “there are
alot of misconceptions about
Sir Stafford.”




* PARADISE PLATES

Hands for Hunger presents
its 2nd annual fundraiser at
the Atlantis Crown Ball-
room on Saturday, May 15,
not on May 23 as previously
mentioned in Tribune Taste
last week. Nineteen local
chefs from restaurants will
showcase new creations, sig-
nature fares and specialty
wines by catering companies
and wine merchants. The
event begins 7pm-11pm.
Proceeds in aid of Hands for
Hunger’s food program.
Tickets: $140/per person.
See
www.handsforhunger.org

* MISS BAHAMAS
BEAUTY PAGEANT

Miss Bahamas Beauty
Pageant will be broadcast
live from the Imperial Ball-
room, Atlantis, Paradise
Island this Sunday at 8pm
on ZNS Channel 11. Seven-
teen ‘Timeless Beauties’ will
compete for the right to
wear the Miss Bahamas
crown, and a spot in the
Miss World and Miss Uni-
verse Beauty Pageants.
Once again, Bahamians will
get the chance to have their
voices heard by selecting
one of the semifinalists via
online voting on www.imiss-
bahamas.net. The contes-
tant with the highest num-
ber of votes will automati-
cally advance to the Semifi-
nal round of competition at
the finale at Atlantis
Resort’s Imperial Ballroom
on May 9.

* HEAD TRAUMA ART SHOW
The Ladder Gallery hosts
the opening night for Edrin
Symonette’s art show enti-
tled ‘Head Trauma,’
Wednesday, May 5, 7pm-
9pm at the New Providence
Community Centre. Show
runs until Tues, June 1.
Telephone: 327-1660. Email:
gillian@npcconline.org.

© STIR EXHIBIT'S

OPENING RECEPTION

PopOp Studios Centre for
the Visual Arts hosts an
opening reception for Heino
Schmid's exhibit entitled
‘Stir,’ Friday, May 7, 6pm-
10pm at the gallery. Exhibit
runs until Sat, June 19. Tele-
phone: 322-7834.

* MANGROVE CAY

HOMECOMING REGATTA

The Mangrove Cay Home-
coming Regatta is one of
many festivals celebrated in
The Bahamas by locals and
unites the entire community,
May 7 - May 9 (Andros).
Don't miss this exciting fes-
tival!

© ‘MY MOTHER...MY
FRIEND’ WALKATHON

Walk for a cause with this
walkathon geared towards
raising funds for the AIDS
Foundation, Saturday, May
8. Telephone: 544-8382.
Email:
gti.events@yahoo.com.

* ROYAL SCHOOLS OF MUSICS

HIGH SCORERS' CONCERT

The Associated Board of
The Royal Schools of Music
hosts its High Scorers’ Con-
cert featuring young musi-
cians from both Nassau and
Freeport performing their
favourite pieces from the
board's exam syllabus. Sun-
day, May 9, 5pm at St
Andrew's Kirk. Contact
Elizabeth Thornton, Tele-
phone: 328-7658.

* ALIA COLEY'S
ALBUM RELEASE PARTY

Singer Alia Coley celebrates
the release of her new
album, Monday, May 10,
8pm in the Grand Ballroom
at Sheraton Nassau Beach
Resort.

TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM



THE TRIBUNE

WEDNESDAY, MAY 5, 2010, PAGE 7B





Streamline Media/Photos







Ilashan launches a hit

OLD charmuese, satins

and silks were the order

of the day as ILashan
Apparel & Handmade Jewelry
(ILashan) played host to an
intimate crowd at the Shera-
ton Nassau Beach Resort on
April 17. And, the votes are
in.

ILASHAN's launch was a

resounding success.

The review, aptly titled ‘Sundial’,
dazzled its audience. The enthused

crowd absorbed bold pinks, oranges,
purples and blues expertly executed
with butterfly-like details all
designed and made by newcomer,
Indira Moss.

“T couldn't have asked for a better
turnout or a better show,” said Ms
Moss. “It was a great night for me.”

The Spring/Summer collection of
dresses and jewelry takes it cue from
the natural colours of the Bahamian
skies grasping the hues of the coun-
try’s sunrises and sunsets. Both stan-
dard and plus-sized models were use
to showcase the designs in an
attempt to encompass the entire

Bahamian female population.

Models wearing the12 piece line of
cocktail dresses, introduced a new
modeling technique to The Bahamas
called platform modeling. In groups
of three, models took the stage to
become live mannequins changing
positions every few minutes allowing
the audience the opportunity to take
in the designs from every angle.

“We wanted to do something dif-
ferent from the standard runway
scene people are accustomed to,”
Ms said. “It just seemed appropri-
ate.”

While the event met Ms Moss’

expectations, she admits that her
job as a new designer is just begin-
ning.

“The chief goal was to get the
label's name out there,” she said.
“Now that people know about the
brand the next step is to keep
momentum high by building on
what my team started here.”

About the designer

Excelling at the art from a young
age, Ms Moss graduated with a bach-
elor's degree in fashion design with a
minor in accessory design from the
Savannah School of Art and Design

(2008) in Savannah, Georgia. After
arriving back to New Providence,
Ms Moss signed on as a volunteer
for Islands of the World Fashion
Week working closely with the
designers of the 2009 showcase.

Her love of fabrics and textiles is
an insatiable passion and the only
direction for this young designer is
up according to her growing fan
base.

Today, her label, ILashan Appar-
el & Handmade Jewelry, is making
silent waves throughout New Provi-
dence. The boutique label is the
leading fashion house for women of
innovative style producing designs
that define seasonal nods.

For more information about
ILashan visit www.ilashan.com or
join us on Facebook today.































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llashan Le Jardin

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| See page seven ee page five





The Tribune SECTION B












































His wor ppthetesular fine art
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By JEFFARAH GIBSON
Tribune Featu Writer



Grbadian artist Ras Ishi ings, the tw psuimoushethe Nation-
Buicher’s latest exhibit Diafies See. eee be the best
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66K Beyond the deconstructed fig-
ures in the paintings, opened Gist
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and draws) attention to the commmnity experience ¢ 16gue Withewhat is con-
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bune Arts.

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unlocking t

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IEVETYONE to sce.



THE TRIBUNE

spor

WEDNESDAY, MAY 5,

PAGE 9



ts

2010

PAGE 10 ¢ International sports news

OC and SAC
senior v-ball
champions



BAISS

oth champi-

onship finals in

the BAISS

senior division

needed lengthy
three-set matches to determine
league champions.

After all was said and done,
the Queen’s College Comets
and St Augustine’s College Big
Red Machine emerged as win-
ners in their respective divisions
yesterday in games played at
the SAC campus.

In the opener, SAC’s senior
girls were able to avenge their
only loss of the season and
topped the pennant winning St
Andrew’s Hurricanes, 25-17,
19-25, 18-16.

Brittany Harrison served her
team’s final two scores, includ-
ing a match-winning ace to help
the Big Red Machine success-
fully defend home court.

An inspired SAC team came
out dominant in the first set and
led by as much as 11 early on en
route to starting the match on a
positive note.

The Hurricanes kept pace in
the second set and after trailing
6-3, rallied to take their first
lead of the match, 8-7.

The teams tied again at 11
and at 15 before the Hurricanes
took a decisive 19-15 lead in
the waning moments of the set.

The margin widened to as
much as seven, before the Big
Red Machine mounted a brief
comeback to trim the deficit to
four, 23-19. However, they
failed to pull any closer.

A thrilling third and decid-
ing set featured six ties and sev-
en lead changes before SAC
was able to gain control.

St Andrew’s opened with a 2-
0 advantage, the set was tied
for the first time at six, and the
Big Red Machine took an 8-6
lead when the teams rotated
sides.

The series of ties at 8, 11, 13,
15 and 16 were finally broken
when Harrison was able to suc-
cessfully serve the final winning
scores.

In senior boys’ play, the
Comets overcame a slow start
to take the final two sets, the
match and the league title with
a 19-25, 25-16, 15-6 win over
the Kingsway Academy Saints.

The Saints used a tough
defensive effort at the net by
their lead blockers to take the
opening set in convincing fash-
ion.

NPSA set to open
fast-pitch campaign

By BRENT STUBBS
Senior Sports Reporter
bstubbs@tribunemedia.net

UNDER new management,
the New Providence Softball
Association is all set to open
up another fast-pitch campaign
at the Baillou Hills Sporting
Complex this weekend.

Newly elected president
Loretta Maycock and her exec-
utive team have announced that
they have selected Tommy
Stubbs to serve as the new com-
missioner.

The season is slated to get
started on Saturday night with
two games surrounding the offi-
cial opening ceremonies where
Minister of Youth, Sports and
Culture Charles Maynard will

deliver the keynote address.

Only four teams have regis-
tered in the women’s division
with defending champions
Wildcats facing the Proper Care
Pool Lady Sharks in the 7pm
opener.

Immediately after the open-
ing ceremonies, the men’s fea-
ture contest is scheduled to take
place with the defending cham-
pions Truckers facing the
Dorsey Park Boyz.

Of note, both the Truckers
and Dorsey Park will be with-
out the services of one of their
pitchers, Anton ‘Bookie’ Gib-
son and Edney ‘the Heat’
Bethel respectively, who are
both now playing in the

SEE page 10

Banker’s Softball League
regular season action

THE Banker’s Softball
League continued its regular
season action over the week-
end at the Banker’s Field, Bail-
lou Hills Sporting Complex,
with the following results post-
ed:

British American 17,

Bank of the Bahamas 6

Winning pitcher was Laron
Burrows, losing pitcher Jackie
Conyers.

Top Performers (British
American) - Richard Bastian
went 3-for-4, scored three runs
and had three RBI, Mike But-
ler went 2-for-4 (one which was
a double and the other a triple),

scored two runs and had two
RBI, Anton Sealy went 2-for-3
(one which was a double),
scored two runs and had two
RBI and Marvin Wood went 2-
for-3 (one which was a double),
scored three runs and had a
RBI.

Top Performers (Bank of the
Bahamas) - Ray Newbold went
2-for-3 (one which was a solo
homerun), scored two runs and
had two RBI.

Royal Bank of

Canada 16, Colina 15
Winning pitcher was Julian

SEE page 10



The Comets never threat-
ened and the Saints led by as
much as 10 before taking the
set and seemed poised for a
two-set win.

The pennant winners had
other plans, however, as they
rebounded to gain momentum
in the second, and force a third
and deciding set.

That momentum carried
over to the third as the Comets
jumped out to an 8-1 lead when
the teams changed sides, all but
sealing the win and the cham-
pionship.

The BAISS volleyball season
for juniors begins on May 10
with the girls games scheduled
for Monday, Wednesday and
Friday while boys will play
Tuesday and Thursday.

Drive one.





Williams sisters
advance, Safina
loses in Rome...

See next page

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PAGE 10, WEDNESDAY, MAY 5, 2010

TRIBUNE SPORTS



SPORTS

sorts
Ambassadors Athletic Club to host Fritz Grant track event

Messi strikes as
Barcelona beats
Tenerife 4-1

MADRID (AP) — Two
goals by Lionel Messi helped
Barcelona move closer to
retaining its Spanish league title
with a 4-1 home win against
Tenerife on Tuesday.

Barcelona leads the stand-
ings on 93 points ahead of sec-
ond-place Real Madrid on 89
which still has to play its 36th
round match at Mallorca on
Wednesday.

Valencia, which faced Xerez
in Tuesday’s late game, is third
on 65 points. Elsewhere it was
Getafe 1, Sporting Gijon 1 and
Almeria 4, Villarreal 2.

Barcelona coach Pep
Guardiola fielded an attacking
lineup with Zlatan Ibrahimovic
as striker, Bojan Krkic on the
left wing and Messi on the
right.

On Wednesday, it’s Atleti-
co Madrid vs. Valladolid, Rac-
ing Santander vs. Sevilla,
Zaragoza vs. Espanyol,
Osasuna vs. Deportivo La
Coruna, Athletic Bilbao vs.
Malaga.

By BRENT STUBBS
Senior Sports Reporter
bstubbs@tribunemedia.net

FOR the third consecutive
year, the Ambassadors Athlet-
ic Club will honour its head
coach and president by hosting
the Fritz Grant Track and Field
Classic.

The last official club meet on
the Bahamas Association of
Athletic Associations’ calendar
is scheduled to take place
9:45am Saturday at Thomas A
Robinson Track and Field Sta-
dium.

At the Colony Club yester-
day where a press conference
was held, proprietor Harrison
Petty said they are delighted to
once again be honouring Grant
for more than 20 years of ser-
vice.

“Fritz Grant, one of the most
outstanding qualified coaches
in the Bahamas, has produced a
number of great athletes,” Pet-
ty said. “So we are very delight-
ed to be associated with him.”

Petty said although this is the
final club meet for the year,
there is still a lot more meets
that the BAAA will put on as

athletes continue to qualify for
the upcoming international
events.

Meet director Bernard New-
bold said since the inception of
the meet in 2008, they were
able to attract a mixture of
national and international ath-
letes.

In the first year, Grand
Bahamian Olympic quarter-
miler Michael Mathieu was the
lone invited athlete who par-
ticipated. Last year, Jamaicans
Dwayne Barrett, Sekou Clarke
and Lerone Clarke, Haitian
Roudy Munrose and American
Tavarus Roberts joined Math-
ieu, Rodney Green and Adrian
Griffith.

So far this year, Newbold
said they have already received
confirmation from Melocia
Fearon Clarke and Sekou
Clarke of Jamaica, Courtney
Patterson of US Virgin Islands
and Bahamians Adrian Griffith
and Nathaniel McKinney.

An 11-member team, com-
prising of nine athletes from
the Panthers Track and Field
Club, are also expected in town
from the Turks and Caicos
Islands.

Williams sisters advance, Safina loses in Rome

By ALESSANDRA RIZZO
Associated Press Writer

ROME (AP) — Serena and
Venus Williams ended lengthy
breaks for knee problems with
straight-sets victories over Swiss
players in their opening match-
es at the Italian Open on Tues-
day.

Top-ranked Serena defeated
Timea Bacsinszky 7-6 (2), 6-1 in
her first match since winning
the Australian Open more than
three months ago. Fourth-
ranked Venus handled veteran
Patty Schnyder 6-2, 6-2.

Defending champion Dinara
Safina, recovered from a back
injury, lost her opener against
Alexandra Dulgheru of Roma-
nia 6-4, 6-7 (5), 6-1.

Serena was down 4-1 and
saved three set points at 5-4
before going to a tiebreaker.
After dominating the tiebreak-
er, she ran off the next four
games to secure the match.

Serena said she didn't quite



VENUS WILLIAMS reacts after
defeating Switzerland’s Patty
Schnyder in the Italian Open in
Rome Tuesday. Williams won 6-2,
6-2.

(AP Photo)



know what to expect in her first
match since January.

"I went in there thinking I
can win or I can lose," she said.
"You never know what can
happen and I didn't put too
much pressure on myself.

"I got off to a little bit of a
slow start, but it was good and I
was able to fight it off."

Venus had an easier time
against Schnyder, a lefty who
had defeated Serena in Rome
last year. Venus stayed in con-
trol of the match, breaking the
Swiss player six times.

Venus had been sidelined
since losing the Key Biscayne
final a month ago. "I think it
was a pretty good performance.
I felt good on court," Venus
said. "She probably likes clay
with her type of game, and I
was able to execute pretty well
out there on the court."

The sisters, former Rome
champions, are preparing for
the French Open, which begins
on May 23.

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PLANS were announced yesterday for the 3rd Fritz Grant Track Classic, scheduled for Saturday at Thomas A
Robinson Track and Field Stadium. Shown (I-r) are organiser Bernard Newbold, coach Fritz Grant and sponsor

Harrison Petty...

More than 400 athletes,
including the Golden Eagles
and the Subway Hawks from
Grand Bahama, have registered
to participate in the meet that
will be staged for age groups
ranging from as young as
under-7 to the open division.

Newbold said the athletes in
the under-7, under-9 and
under-11 divisions will only
compete in one event in the
80m and 100m sprint respec-
tively and the 4x100 relay.

The meet will see the return
of the shuttle relay for the
under-7, under-9 and under-11
divisions. The under-13 will
compete in the 100 and 400 and
the under-15 to the open divi-
sion will compete in all of the
events, including the 200.

However, Newbold said to
ensure that the latter event is
not as long and drawn out as it

has been in previous meets,
they intend to only select the
top 16 athletes to make up two
heats and if necessary, they will
not go beyond a third heat.

As for the invitational events,
Newbold said they are still try-
ing to finalize the list and the
lane assignments, but he said
the fans can expect to see some
of the top national and junior
athletes against the visiting ath-
letes.

Coach Grant, the patron for
the meet, decided not to put
any of the attention on himself,
but he put it squarely on the
participating athletes.

“Looking at the past perfor-
mances from the year started,
I’m very pleased with where
track and field is headed and
[I’m very appreciative that our
meet will showcase a lot of
those athletes from the age





ORGANISER Bernard Newbold (left) and sponsor Harrison Petty with some
of the awards to be presented to the winners...



Banker’s Softball League
regular season action

FROM page 9

Seymour, losing pitcher Ron
Wood.

Top Performers (RBC) -
Avery Albury went 2-for-3,
scored two runs and had three
RBI, Phillipa Curtis went 2-for-
2 (two which were doubles),
scored a run and had two RBI,
Sherwin Johnson went 2-for-3
(one which was a double),
scored two runs and had a RBI.

Top Performers (Colina) -
Peter Isaacs went 1-for-4 (one
which was a triple), scored two
runs and had two RBI.

Citibank 12, CMC 2

Winning pitcher was Teddy
Sweeting and losing pitcher, Joe
Johnson.

Top Performers (Citibank) -
Teddy Sweeting went 2-for-3
(one which was a double),
scored two runs and had one
RBI, Erin Adderley went 3-for-
3, scored two runs and had one
RBI, Felipe Sweeting went 2-
for-4, scored 1 run and had
RBI, Lamont Wallace went 2-
for-2, scored a run and had a
RBI.

Top Performers (CMC) -
Dan Bourne went 1-for-2 and

had a RBI and Halson Fergu-
son went 1-for-3 (which was a
double) and scored a run.

Fidelity 22,

FirstCaribbean Bank 3

Winning pitcher was Rory
Newbold, losing pitcher was
Garth McDonald.

Top Performers (Fidelity) -
Dave Munroe 3-for-3 (one
which was a two-run homerun
and a double), scored three
runs and had five RBI, Chavez
Thompson went 3-for-3 (one
which was a two run homerun
and the other a double), scored
two runs and had three RBI,
Alec Rolle went 2-for-2 (two
homeruns, one was a two-run
homerun), three runs scored
and three RBI, Davi Gardiner
went 1-for-4 (which was a grand
slam homerun), scored a run
and had four RBI and Greg
Jones went 2-for-2 (one which
was a double), scored three
runs and had two RBI.

Top Performers (FCIB) -
Mark Gomez went 1-for-2
(which was solo homerun),
scored a run and had a RBI.

¢ Regular season action is
slated to continue 11am Sat-
urday

group to the under-20 to the
senior athletes,” Grant said.

“T think the public is going
to be ready for a big show at
the Fritz Grant Meet because
we have some world class ath-
letes in Nathaniel McKinney,
Sekou Clarke and Adrian Grif-
fith and will have a lot of young
athletes competing.”

The meet will serve as a qual-
ifier for athletes wishing to trav-
el to the Jr CAC in the Domini-
can Republic July 5-9, CAC
Games in Managuez, Puerto
Rico, August 17-31, Jr World
Championships in Moncton,
Canada, August 20-25 and
Commonwealth Games in New
Delhi, India, October 3-14.

West Indies heat
England in rain-
shortened
120 match

PROVIDENCE, Guyana
(AP) — The West Indies
enjoyed some luck with the
weather Monday to defeat Eng-
land by eight wickets with a ball
to spare in a rain-affected ICC
World Twenty20 match.

England was sent in to bat
first and Eoin Morgan’s 55 off
35 balls inspired a total of 191-
5 off 20 overs.

Luke Wright contributed an
unbeaten 45 off 27 balls and
shared a delightful fifth wicket
stand of 95 off 57 balls.

The West Indies’ reply was
abbreviated after steady rain
and they eventually snuck
home off the penultimate deliv-
ery to reach the
Duckworth/Lewis revised tar-
get of 60 off 6 overs.

Captain Chris Gayle
slammed two fours and two six-
es in a crucial 25 off 12 balls.

The home team’s victory
secured its place in the Super
Eights while England must
avoid defeat in Tuesday’s show-
down with Ireland to join the
hosts.

England captain Paul
Collingwood was disappointed
by the result.

“We’re very, very frustrat-
ed," he said. "Ninety-five per-
cent of the time 191 runs is
enough, but with Duck-
worth/Lewis it wasn't.”

Earlier, England got a flying
start from openers Michael
Lumb and Craig Kieswetter
after Gayle won the toss and
decided to bowl first due to the
uncertain weather.

Left-hander Lumb cracked
four fours in 28 off 18 balls
before he fell at 36-1 in the
fourth over.

Fellow debutante Kieswetter
compiled 26 off 14 deliveries,
spiced with a four and three six-
es, before he was leg before to
left-arm spinner Nikita Miller at
66-2.

NPSA set to open fast-pitch campaign

FROM page 9

Eleuthera Softball Association.

Not all of the team rosters
have been received as yet, but
Maycock said they are antici-
pating a very competitive sea-
son, due to the fact that all of
the teams are returning with
the exception of one.

“We have lost the Defence
Force. They won’t be back this
year,” Maycock said. “But we
will see the return of Del Sol.
That should bring a lot of
excitement to the men’s divi-
sion.”

Additionally, Maycock said
there has been a split in one of
the teams with Martin ‘Pork’
Burrows acquiring some play-
ers for his New Breed and the
others remaining with manager
Erin Adderley on the Doran
United Hitmen.

“We are really looking for-
ward to when those two teams

hook up,” Maycock said. “The
two teams feel as if they know
each other and are eager to
play against each other.”

If not for anything else,
expect for the winner to hold
onto a lot of bragging rights.

Other teams entered in the
men’s division are the Mighty
Mitts, Stingrays, Outlaws, Black
Scorpions and the John Bucca-
neers.

On the women’s side, the
other two registered teams are
the Sigma Brackettes and the
Bommer G Lady Swingers.

“We were hoping to have
some more teams entered in
the women’s division, but only
four are registered,” Maycock
said. “I think between them,
this should be a very competi-
tive division because any one
of them have an opportunity to
win.”

Maycock said the executives

are eager to have Stubbs join
their team as the commissioner
because of his disciplinary back-
ground in baseball.

“T’ve had the opportunity to
watch him when he was in base-
ball and he demanded a lot of
respect from the players,” said
Maycock, who is also a member
of the New Providence Scorers
Association, headed by Rozi-
na Taylor.

“So we are looking forward
to him coming in and doing the
same thing for softball. We
expect that there will be a lot of
discipline around the league as
we attract more fans to the
park.”

As a prelude to the season,
which will conduct games every
Tuesday, Thursday and Satur-
day nights, Maycock say they
intend to hold a Get-to-know-
me night on Friday at the park,
starting at 6:30 pm.

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Full Text
THE TRIBUNE

WEDNESDAY, MAY 5, 2010, PAGE 5



$4m substation ‘will promote

growth and development

Police identify
drowning victim

BY DENISE MAYCOCK
Tribune Freeport Reporter

dmaycock@tribunemedia.net

FREEPORT- Police have
released the identity of the
American visitor who
drowned last Friday while
vacationing in Grand
Bahama.

Carol Martin Olson, 71, of
Baltimore, Maryland, expe-
rienced difficulty while
snorkelling at Deadman’s
Reef and was taken to Rand
Memorial Hospital where
she was pronounced dead by
a doctor.

According to reports, Mrs
Olson and her husband
arrived in Grand Bahama
onboard the Carnival Pride
cruise ship on Friday. The
couple and several other
passengers went on a
snorkelling trip.

Press liaison officer ASP
Loretta Mackey reported
that police received a call
around 11.50am on Friday
that a female tourist had
been taken to hospital.

Ms Mackey said police are
continuing their investiga-
tion into matter. An autopsy
will be performed early this
week to determine the exact
cause of death, she said.

Traffic fatality
victim named

Police have also identified
the man killed in a traffic
accident over the weekend
in Freeport as 37-year-old
Corrie Ewing.

Mr Ewing lost control of
his silver-coloured 1996
Honda Accord, which
crashed into a tree on the
lawn of the Sunrise Apart-
ments on Sergeant Major
Road and Fiddler’s Green.

The accident occurred
shortly after midnight on
Saturday. Mr Ewing was
pronounced dead by doctors
at the hospital around lam.

His death was classified as
the fourth traffic fatality for
the year on Grand Bahama.

THE new $44 million elec-
trical substation created for east
Grand Bahama is expected to
satisfy all residents’ needs and
encourage more businesses to
set up shop in an area which
has been designated as a new
territory for development on
the island, Minister for Housing
and Member of Parliament for
High Rock Kenneth Russell
said.

Speaking at the commission-
ing ceremony on Friday, Mr
Russell said the substation will
promote growth and develop-
ment. “While the new system
is geared to satisfy the needs of
many new customers, we want
to welcome and invite all new
businesses, because east Grand
Bahama, from the Lucayan
Waterway to Sweetings Cay, is
the new territory for develop-
ment here on Grand Bahama,”
he said. Mr Russell said there
are many developments on the
books being considered for
areas close to the Waterway
and further east.

“So I believe that we are
going to progress steadily and
we are going to need this new
system here,” he said.

He also noted that the new
system will bring relief to resi-
dents. Up until now, whenever







HOUSING MINISTER Kenneth Russell toured the new substation at

Simon Lewis/BIS photo

High Rock, Grand Bahama on Friday. Pictured from left: Paul Lock-

hart, director of transmission and distribution at the Grand Bahama

Power Company; Alan Kelley, president of the Grand Bahama Power
Company; Mr Russell; Bradley Armbrister, administrator, East Grand
Bahama; and Senator David Thompson.

there was a start-up problem at
South Riding Point Oil Termi-
nal (now Statoil), every house
in east Grand Bahama knew
because of the fluctuation in
power.

“In the past residents have
experienced on numerous occa-
sions low voltage periods along
with spikes in the power caus-
ing damages to their appliances.
When this substation No 7 is
energised, it is supposed to do
away with this low and high
voltage.

“T thank the Grand Bahama
Power Company on behalf of
the residents of east end Grand
Bahama for bringing this sub-
station here, because with this

substation the funding, the
monies that we had to use to
repair equipment and supplies
here in our homes, we now can
use for other things to better
ourselves, to help pay our chil-
dren’s education and to help in
the development of our com-
munity,” Mr Russell said.

Commenting on the con-
struction of the new facility,
director of transportation and
distribution for the Grand
Bahama Power Company Paul
Lockhart said: “In constructing
this substation and the 28 miles
of high voltage power line that
supplies it, that is exactly what
Grand Bahama Power has
done.”



ASTHMA awareness was promoted among
patients and their families at the Princess Mar-
garet Hospital yesterday to mark World Asthma
Day 2010.

Doctors from the PMH Accident and Emer-
gency Department are regularly called on to treat
asthma patients suffering from attacks, but PMH
public relations manager Thelma Rolle said
although the chronic disease can be fatal, patients
who are responsible about caring for their con-
dition can live healthy active lives.

The respiratory disease affecting millions of
people of all ages, genders and races, is becoming
increasingly common, particularly in children.

Ms Rolle said: “Asthma is a disorder of the
lungs or air passages, and involves the follow-
ing components - airway inflammation, hyper-
responsiveness of the bronchial tubes and inter-
mittent airflow obstruction.”

She described how asthma attacks can be trig-
gered by a number of elements such as environ-
mental allergens, smoke, chemicals or common
colds, and cause the sufferer to cough, experience
a tightness in their chest and shortness of breath.

Paradise Island

Club Land or

Mpithecth Duy

Buffet Luncheo
Sunday May 9th 2010

MENU

Tossed Salad
Fresh Fruit Platters
Fried Plantains

Potato Salad, Macaroni & Cheese
Conch Chowder, Crab Salad

Beets
~O~
BBO Ribs, Baked Ham

Baked Chicken, Curry Conch

Long Island Fried Grouper

Andros Crab & Rice
White Rice

~~
Desert

Assorted Pastries, Bahamian Guava Duff

(1) Soft Drink included

Price $32.00 plus 15% Gratuities

Free Parking Available
10% Discount for reservations
Confirmed by Friday May 7th, 2010
Children under 12yrs half price



PMH marks World Asthma Day 2010



Emergency medical attention must be sought
if wheezing or shortness of breath intensifies,
and medication does not ease the attack.

Ms Rolle said: “If you think you have asth-
ma, early consultation with a general practition-
er in your community clinic is necessary.

“Your doctor will ask questions about your
signs and symptoms and perform a physical
examination with relevant tests to rate the sever-
ity of your asthma, and detect other conditions
which may mimic asthma like heart failure.

“Your doctor will be able to recommend the
ideal treatment for you, monitor the course of
your asthma, and adjust your medications where
necessary. With your doctor and health care
team, a detailed plan can be made for your asth-
ma management. It is up to you to comply with
this management.”

Asthma sufferers should identify what trig-
gers their asthma and avoid these triggers as
much as possible, Ms Rolle said, as well as main-
tain regular doctor’s visits and always keep rescue
medication nearby. “Asthma may not be cur-
able, but it is controllable.” she said.



Butler’s Funeral Homes
& Crematorium

Telephone: 393-2822, York & Ernest Sts.
P.O. Box N-712, Nassau, Bahamas

FUNERAL SERVICE FOR

Mrs. Agatha Adella Burrows, 80

of Shirlea Road, formerly of
Gray’s Long Island, will be
| held on Thursday 06th May
2010 at 11:00 a.m. at Central
| Gospel Chapel, Dowdeswell
Street. Officiating will be
Pastor Allan Lee. Interment
will follow in Woodlawn
Gardens, Soldier Road.








She is survived by her

husband Sidney R.
Burrows; six children:
Derek, Dion, Philip, Ramon, David and Stephen; one
adopted daughter: Farida Ali; six sisters: Sandy
Repanshek, Beryl Darville, Theresa Lee, Rosie Roberts,
Christine Lowe and Mavis Treco; two brothers: John
Carroll and Lester Carroll; sixty-one nieces and
nephews: Wendel, Anthony, Jeanette, Antoinette,
John, Stephen, Andrea, Ann, Donna, Vernon, Debra,
Donna, Bernard, Dwight, Monzel Jr., Joseph, Dianne,
Natasha, Madeline, Eleanor, Leonard, Robert, David,
Danny, Caroline, Maria, Celina, Sonia, Denise, Lynn,
Alicia, Libia, Elena, Amaryllis, Prudencia, Bernadette,
Jennifer, Lolita, Althea, Vivian, Irrington, Pamela,
Leslie, Janet, Tanya, Zane, Lester, Cornell, Denise,
Kelsey, Gina, Kevin, Charisse, Jackie, Julie, Gregory,
Shelly, Pietro, Byron, Renee, Kim, and Tyrone;
brothers-in-law: John Repanshek, Monselle Darville,
Joey Treco, Basil Burrows and Eric Burrows; sisters-
in-law: Helida Carroll, Dee Carroll, Silvia Kemp and
Gloria Mortimer. Other relatives and friends
including: Robert Isaacs, Lorelda Burrows and Olga
Burrows.


























Friends may pay their last respects at Butlers’
Funeral Homes & Crematorium, Ernest & York
Streets on Wednesday May 05th, 2010 10:00 a. m.
until 5:00 p.m.





There will be no Viewing at the Church.







PALMDALE & HARBOUR BAY

TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM






By NEIL HARTNELL
Tribune Business Editor

erger negotia-

tions between

Bahamas First

Holdings and
FamGuard Corporation have
“fallen through”, Tribune Busi-
ness can reveal, multiple insur-
ance industry sources suggest-
ing yesterday that the deal col-
lapsed due to differences over
who would be in charge and the
two firms’ valuations.

Neither company would offi-
cially confirm or deny develop-
ments last night, but they did
acknowledge that a statement
detailing the status of the deal
would be released later this
week, and would be prepared
to say more after that.

However, a source close to
Bahamas First, the general
insurer, disclosed to Tribune
Business: “I can confirm that
they’re not going to pursue the
full blow merger between the
holding entities, although they
are going to look for ways to
work together in the future
when opportunities present
themselves.”

Another insurance industry
source, speaking to this news-
paper on condition of anonymi-
ty, told Tribune Business of the
failed merger talks, which were

WEDNESDAY,

MAY 5,

2010

SECTION B e business@tribunemedia.net

Bahamas First/FamGuard
merger talks ‘fall through’

* Industry sources suggest deal collapsed over who would call
shots at merged entity, plus differences over valuation of two firms

* Bahamas First chief confirms Cayman regulatory approval
received for Sagicor General deal, leaving just Bahamas

announced on January 7 this
year: “It’s not going to happen.

“It has fallen through, and
one of the reasons being given
by the Bahamas First side was
that FamGuard thought they
would be running the show,
when Bahamas First had the
opposite view.”

Another well-placed insur-
ance industry executive, also
speaking on condition of
anonymity, told Tribune Busi-
ness that news of the merger
talks break down had started
to surface in the Bahamian
insurance industry last week.

“My understanding is that
neither of them could agree a
value for their respective com-
panies,” the executive said,
adding: “It doesn’t surprise me
the merger is over. I thought
that would happen all along, as
they had an inflated worth [of
themselves].”

Patrick Ward, Bahamas
First’s president and chief exec-
utive, declined to confirm
whether the merger talks had

PLP to ‘all out oppose’
Arawak port’s 20% IPO

By NEIL HARTNELL
Tribune Business Editor

THE opposition Progressive
Liberal Party (PLP) will “all
out oppose” the planned initial
public offering (IPO) that will
offer the Bahamian public a
collective 20 per cent owner-
ship stake in the Arawak Cay
Port, a PLP Senator warning
yesterday that the party would
advise institutional and retail
investors “not to mess with it”.

Reiterating the party’s long-
held opposition to the Ingra-
ham administration’s plans to
move the existing shipping facil-
ities from downtown Bay Street
to Arawak Cay, Senator
Jerome Fitzgerald said
investors in the new port would
do so at their “own risk”, given
the PLP’s plan to move the port
to its favoured southwestern
New Providence site if re-elect-
ed in 2012.

* Opposition to warn
investors ‘not to mess
with it’, promising to
mobilise and oppose
offering when launched

* Government designates
land eyed by Christie
administration for
southwest port
as ‘no build zone’

“From our side, those guys
involved are taking a risk,” Mr
Fitzgerald told Tribune Busi-
ness, after learning that the 19-
20 private sector investors that
comprise Arawak Port Devel-
opment Ltd were on the verge
of signing the key Memoran-

SEE page 2B

Pharmacies feel no economic
pinch from drug recall

By CHESTER ROBARDS
Business Reporter
crobards@tribunemedia.net

BAHAMAS-BASED
PHARMACIES and distribu-
tors will not feel an economic
jolt from the recall of thousands
of over-the-counter (OTC) chil-
dren’s Tylenol products, which
do not pose a health risk but
have not been manufactured to
the company’s specifications,
Tribune Business has learned.

Director of Pharmaceutical
Sales for Lowes Pharmacy, Car-
ol Sands, said their distributors,
Lightbourne Trading, were
busy taking affected Tylenol
products off shelves. However,
they had not thus far had any
returns of the recalled prod-
ucts.

“If they have got the prod-
uct they are entitled to bring it
back,” said Ms Sands of con-
sumers.

Among the products ordered
off shelves by McNeil Con-
sumer Healthcare, parent of
Johnson and Johnson, are
Tylenol infant drops in various
flavours and sizes; Children’s
Tylenol Suspension in various
flavours and sizes; and Chil-
dren’s Tylenol Plus Suspension
in various flavours and sizes.

According to the company,
the recall is voluntary, as they
have found that some of the
products may “not meet
required quality standards”, but
“is not being undertaken on the
basis of adverse medical
events”. The recall is also being

done with the assistance of the
US Food and Drug Adminis-
tration (FDA).

“McNeil Consumer Health-
care, Division of McCNEIL-PPC
Inc, in consultation with the US
Food and Drug Administration
(FDA), is voluntarily recalling
all lots that have not yet expired
of certain over-the-counter
(OTC) Children’s and Infants’
liquid products manufactured
in the United States and dis-
tributed in the United States,
Canada, Dominican Republic,
Dubai (UAB), Fiji, Guam,
Guatemala, Jamaica, Puerto
Rico, Panama, Trinidad &
Tobago, and Kuwait,” its web-
site said.

Mr Sands said the recall does
affect the business minimally
because of the number of prod-
ucts being recalled by McNeil,
though they shoulder no finan-
cial losses because of it.

Assistant Manager of Light-
bourne Trading, John Light-
bourne, said company was deal-
ing with the recall as they have
been instructed to do by the
manufacturer.

According to him, his com-
pany does not suffer a loss as
the manufacturer is responsi-
ble for the recalled products
and refunds to country distrib-
utors.

There have been not report-
ed adverse effects from any
Tylenol products locally or
internationally, but the compa-
ny is insisting the medicines not
be administered as a precau-
tion.



PATRICIA HERMANNS

broken down when contacted
by Tribune Business yesterday.

“We’re basically working on
issuing a joint statement. I'd
prefer to withhold making any
statement until then,” he said.

Mr Ward, though, did con-
firm that Cayman regulators
had approved last Thursday the

Bahamas in

By NEIL HARTNELL
Tribune Business Editor

THE Bahamas is in the sec-
ond tier of a three-tiered glob-
al economic recovery, KPMG
Corporate Finance’s managing
director told Tribune Business,
but need to eradicate “pockets
of not so great service” for its
key tourism industry to thrive
once again.

Simon Townend, who is also
a partner in KPMG (Bahamas),
told this newspaper said that
while there was “a lack of com-
fort” over this nation’s 53.6 per
cent national debt-to-GDP
ratio, it was “still nothing” com-
pared to the likes of Greece
and other countries falling into
the third tier of KPMG’s 2010

company’s acquisition of a 75
per cent stake in Sagicor Gen-
eral (Cayman). Only Bahamian
regulatory approval is now
required.

“We’re still waiting on the
Bahamas, although we expect
that we will be able to close that
aspect of the approval process
in a very short space of time,”
Mr Ward added.

Patricia Hermanns, president
of BISX-listed FamGuard Cor-
poration, which operates as life
and health insurer Family
Guardian, also declined to com-
ment on the status of the
Bahamas First merger talks.

“We're hoping to be able to
make a statement before the
end of the week,” she said. “I
would not like to preempt that.
Both ourselves and Bahamas
First will issue a joint statement.
I can’t comment at this point.
It’s not good form for me to
comment at this point.”

Tribune Business was also

SEE page 3B

‘second tier’



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Money at Work

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FREEPORT
(242) 351-3010

MARSH HARBOUR
(242) 367-3135

royalfidelity.com

Allegations fly on $857m South
Ocean project’s ‘stagnation’

By NEIL HARTNELL
Tribune Business Editor

THE battle for control of the
$857 million South Ocean
resort redevelopment contin-
ues to rage, Tribune Business
can reveal, with the project’s
former general partner accused
of leaving the property “in a
state of uncertainty and stag-
nation” by seeking to overturn
the International Arbitration
Tribunal ruling that ousted him.

Roger Stein, principal of
RHS Ventures and its affiliates,
has filed a Motion with the New
York State Supreme Court
seeking to dismiss efforts by
South Ocean’s financing part-
ner, the Plainfield Asset Man-
agement hedge fund, to have
the Tribunal’s ruling against
him ratified.

Mr Stein’s Motion says he
and his US attorneys have
applied to the Tribunal request-
ing “a reversal” of its ruling that
he and RHS Ventures be
removed as the South Ocean
development’s general partner
in favour of Plainfield and his
Seaside Heights investment
vehicle, one of the grounds for
this being alleged “egregious
misconduct” on the latter’s
part.

As a result, while this is being
sorted out, Mr Stein wants the
court to dismiss (or stay) Plain-
field’s attempt to ratify the Tri-
bunal’s decision, which also
ordered him to repay almost $3

of recovery

* Financial expert urges nation to eradicate
‘pockets of not so great service’ to ensure
competitiveness of Bahamian tourism industry

* Bahamas ‘nothing like’ Greece despite
‘lack of comfort’ with 54% debt-to-GDP ratio

* But recovery ‘not going to be a fast rebound’

Global Business Outlook Sur-
vey.

The survey, conducted by
KPMG’s global head office,
indicated business optimism
and economic activity were
picking up around the world,
but Alan Buckle, the firm’s
global head of advisory, said
there was evidence that a
“three-tiered recovery” was
taking place.

ROYAL FIDELITY

Money at Work

Those in the first tier, he said,
were the likes of Brazil, China,
Russia and India, who were
highly confident and only faced
potential negatives from infla-
tion and factors outside their
control.

Those in the second tier, Mr
Buckle added, were “the more
cautious optimists”, such as the

SEE page 2B

million to the project’s New
South Ocean Development
company partnership vehicle.

Articles by Tribune Business
are front and centre in this lat-
est Stein/Plainfield battle, the
former alleging that the hedge
fund had violated “confiden-
tiality provisions” related to the
South Ocean partnership and
the Tribunal’s ruling by leak-
ing the latter to the media.

In response, Plainfield’s US
attorneys, the New York law
firm of Arkin Kaplan Rice,
alleged in an April 20, 2010, let-
ter, which has been seen by Tri-
bune Business, that Mr Stein
and RHS Ventures had refused
to cooperate with the hedge
fund, and follow the Tribunal’s
ruling, by allowing for an order-
ly transition of the project and
the general partner role.

This, and public comment
made by Mr Stein to Tribune
Business, were alleged by Plain-
field to have breached the Tri-
bunal’s ruling by “maintaining a
cloud of uncertainty as to the
identity of the general partner”,
confusing “the public and the
Bahamian government” as to
who spoke for the South Ocean
resort project.

“The findings and directives
in the Award are crystal clear,”
Plainfield’s attorneys alleged.
“Rather than comply with
them, RHS Ventures and
Roger Stein are doing every-

SEE page 2B

The information contained is from a third
party and The Tribune can not be held
responsible for errors and/or omission
from the daily report





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PAGE 2B, WEDNESDAY, MAY 5, 2010

THE TRIBUNE



SNES
Economic well-being cannot be left to free market ideology

THANK you for allowing
me, once again, to respond to
Professor Horwitz’s comments.
This will be my last communi-
cation on this matter, which has
now become an economic
jousting match between the
Nassau Institute and Dr
Rodgers. Although arguing
about economic theory and
beliefs may be of interest to
economists and students of eco-
nomics, it is not a subject of
great interest to most newspa-
per readers.

I have had an overwhelm-
ingly positive response to my
original article on reducing the
cost of living in the Bahamas,
primarily because this is an
issue that impacts 90 per cent of
the Bahamian population. The
article was written in a format
that the average person could
understand and, more impor-
tantly, it made sense and could

Dr Jonathan Rodgers, in his latest response to Professor Steve Horwitz, says well-framed



laws and regulations are essential complements to the power of Adam Smith

achieve the stated goal of
reducing the cost of living in
the Bahamas.

The opposing views [Nassau
Institute versus Dr Rodgers] on
my four-point plan for reducing
the cost of living in the
Bahamas are underpinned by
a difference in opinion as
regards the role of government
intervention in the markets.
The Nassau Institute believes
in totally unfettered free mar-
kets, where the free hand of
Adam Smith allows the mar-
kets to self-correct. As well,
there should be minimal inter-
vention by government in the
markets. Furthermore, if there
is a problem with the economy,

the tendency is to blame gov-
ernment and not the markets.

The United States, until the
recent financial crisis and the
ensuing great recession, was
regarded as the best example
of a free market system, incor-
porating the most sophisticated
capital markets in the world.
Unfortunately, the system
failed and there were many rea-
sons for the failure, including
failed economic theory (effi-
cient market hypothesis), faulty
derivative models, moral haz-
ard issues, a failure of the rating
agencies, excessive bank risk,
a distorted incentive and com-
pensation system, a lack of reg-
ulatory oversight, fraud and

misrepresentation and, most
important of all, the absolute
unfettered greed of the Wall
Street clan.

To quote from Professor
Joseph Stiglitz’s recent publi-
cation, entitled Freefall: “In
short, America’s financial mar-
kets had failed to perform their
essential societal functions of
managing risk, allocating capital
and mobilising savings while
keeping transaction costs low.

“Instead, they had created
risk, misallocated capital and
encouraged excessive indebt-
ednes,s while imposing high
transaction costs”. The whole
world watched as the financial
crisis unfolded, and as time

passed it became apparent that
the crisis occurred because of
the reasons cited above. We all
now watch as governments in
the G-20 countries try their best
to put in place the appropriate
framework, policies and regu-
lations to lessen the chances of
a reoccurrence. We are con-
stantly amazed by the resis-
tance being mounted by the
Wall Street clan, through their
lobbyists and the Republicans,
to the introduction of new
financial regulations, and the
most recent allegations of fraud
and misrepresentation on the
part of Goldman Sachs.

I think it should be clear
from all of this that the free

hand of Adam Smith did not
prevent the financial crisis, and
that It was the American gov-
ernment’s use of taxpayers’
money that bailed out the
financial institutions from the
mess they themselves had cre-
ated. Had there been no gov-
ernment intervention, then the
entire financial system would
have collapsed, and with it the
free markets. Although the free
market system is still currently
the best economic model in the
world, it is far from the perfect
panacea. When it is controlled,
manipulated and distorted by
a clan of excessively greedy,
heartless, immoral, unethical
and disingenuous market mak-
ers, who have an inordinate
influence over governments,
along with the regulators, who
have heretofore been in their

SEE page 3B





PLP, from 2B

dum of Understanding (MoU)
with the Government, which
paves the way for the $60-$65
million port’s construction.

“T don’t care how they go
about it,” he added. “When
they try and get the public’s
money involved, we'll really go
ahead and advise the public not
to mess with it, because we
don’t agree with it.

“It’s just a question of them
making a move. Then Mr
Christie will make his move,
notifying the party, and it will
be all out then. They just go
into it at their own risk.”

Tribune Business revealed
yesterday that if the MoU
between the Government and
Arawak Port Development Ltd
was concluded imminently, pos-
sibly as early as this week, they
would seek to launch the IPO
as soon as possible - ideally
before end-June/beginning of
July, when key decisionmakers
at institutional investors start
to leave on their summer break.

It is somewhat unusual for
an opposition political party to
threaten potential investors in a
project that they might lose
their entire investment capital if
the Government were to
change. The Opposition’s
threat is possibly one reason
why the private sector shipping

companies and the Govern-
ment are keen to conclude a
deal, and complete construc-
tion of the Arawak Cay port
by October 2011, as once built
and operational, the PLP will
find it hard to change course.

It is unclear what impact the
PLP’s position will have on
investor appetite for an Arawak
Cay port IPO, or even its
planned preference share offer-
ing, the latter of which will like-
ly only be open to sophisticated
investors - institutions and high-
net worths.

The brokerage/investment
banking community, though,
remains keen. Kenwood Kerr,
chief executive at Providence
Advisors, said of the potential
IPO: “TI certainly think it offers
a diversification from the finan-
cial sector, which dominates the
BISX All-Share Index to the
tune of 85 per cent.

“It can only broaden and
deepen the market in terms of
options. It’s very attractive.
There’s no other substitute for
it in terms of a competing port,
so it’s a very sustainable, viable
investment in terms of invest-
ment and cash flow. Unless
things are bad in the economy
all around, it should be good.”

Investor demand for an
Arawak Cay port IPO, Mr Kerr
said, would be “driven by the
complexity of the deal in terms

of its corporate structure, the
prospects for a return on equi-
ty or return on invested capi-
tal, and how does it compare
in terms of future value.

“The industry, the economy
can have a bearing on it. It’s a
boon to have the Government
as a business partner partici-
pating in it. It makes it more
attractive and strengthens it,
but is not a linchpin for the
deal. It should be very attrac-

tive.”
Reported

Tribune Business reported
yesterday that as an infrastruc-
ture/utility-type investment,
with no competitor and backed
by a consistent income stream,
the Arawak Cay port is likely to
prove attractive for those seek-
ing a stable rate of return on
their investment equity.

Mr Kerr said the major fac-
tors impacting the revenue
streams from an Arawak Cay
port would be the state of the
global economy and Bahami-
an economy, and the demand
for imported goods in this
nation. Other crucial unknowns
at this point were the manage-
ment and regulations govern-
ing its operations.

Meanwhile, the Opposition
has taken notice of the Gov-
ernment’s plans, recently

onnowat Master Technici

APPLIANCES & ELECTRONICS

Gazetted, to designate an area
of beachfront land in south-
western New Providence as a
‘no build zone’, presumably for
environmental/beach access
purposes.

Some of the designated land
lies between the BEC power
plant at Clifton Pier and Com-
monwealth Brewery, and essen-
tially includes real estate where
the former Christie administra-
tion intended to situate its new
port, including the entrance
channel that would be carved to
it.

Some might say the Ingra-
ham administration was cutting
across the likelihood that the
PLP might revive its south-
western New Providence port
plan if re-elected, but Senator
Fitzgerald implied to Tribune
Business that a Christie-led
administration would have little
difficulty in undoing the cur-
rent government’s designation.

“T find it surprising that the
Government’s doing what
they’re doing,” Mr Fitzgerald
said, “given that that area out

Bahamas in
FROM page 1B

US and European countries,
worried over the recovery’s sus-
tainability and what might hap-
pen when stimulus packages
were withdrawn. Those in the
final tier, he said, were the likes
of Greece.

“T think we’d be in the sec-
ond tier,” Mr Townend said of
the Bahamas. “I wouldn’t put
us in the same category as the
likes of Greece. While there is a
lack of comfort now at the lev-
el of debt-to-GDP the Bahamas
has, it’s still nothing like those
of other countries falling into
Tier 3; far from it.

“The Bahamas, you have to
remember, is very dependent
on a few industries, so it’s not
really comparing apples and
applies, but at the same time
the Bahamas is well in Tier 2.”

The Central Bank of the
Bahamas pegged this nation’s
debt-to-GDP ratio at 53.6 per
cent as at end-2009, and pro-
jected the national debt would
just breach the $4 billion barri-
er this year.

The Government's direct
debt, the Central Bank said in
its review, increased by $553.7
million or 20 per cent to $3.32
billion in 2009, a sum equivalent
to 45.6 per cent of Bahamian
GDP.

And the Government's con-
tingent liabilities rose by $134.5

there is deemed an industrial
location. There is no beach
space on any of the land that
they’re proposing to save for
beach access.

“T can confirm that whatever
they do in that regard, it is the
PLP’s intention, from what I
understand, that a port will
move to that location. The
Arawak Cay port, by the Gov-
ernment’s own admission, is a
short-term site.....

“T spoke to the leader [Mr
Christie], and he found it amus-
ing. He couldn’t figure out what
they’re doing.”

Still, many in the shipping
industry seem opposed to the
southwestern location. "A port
in the southwest side, which
was under consideration at one
point, would have required a
new channel to be dredged to
an inland dredged terminal,
millions of cubic yards of dredg-
ing," said Jimmy Mosko ,
Arawak Port Development
Ltd’s chairman, knocking down
the former Christie govern-
ment's plans.

‘second tier

million or 30.1 per cent to hit
$581 million, "elevating the
national debt by $688.2 million
or 21.4 per cent to $3.901 billion
by end-December 2009.

Mr Townend said the KPMG
survey results showed that
while the pace of global eco-
nomic recovery was unlikely to
be rapid, the Bahamas could
take some comfort from the
fact that ‘green shoots’ of
improvement were beginning
to take hold in the US, its main
tourism feeder market.

“T think there’s two things,”
he said. “One is the fact there’s
light at the end of the tunnel
for the US, or they’re seeing
light at the end of the tunnel.
The US economy is very impor-
tant for us, so that should be
encouraging for the Bahamas.

“T think the second message
is that it’s not going to be a fast
rebound. It hasn’t been to date,
and is not likely to be, so busi-
nesses should continue to be
cautious and keep an eye on
what’s happening. In the past,
we’ve seen a delay between
recovery in the major feeder
market and the Bahamas.”

Mr Townend added:
“Tourism is so dependent on
the US still, so [the Bahamas]
will not be a leader in any
recovery. The Bahamas is a ser-
vices economy, so we don’t
export or manufacture hardly

No

"At Arawak Cay, which is
already a deep water port, we
simply use the existing channel
and do some maintenance
dredging of 200,000 cubic yards.
Since the dredging of the har-
bour had to be done for the
cruise ships anyway, and we
already had the fill, it made per-
fect sense in terms of timing
and while no dredging exercise
is without some consequences,
this was by far the better choice
for the safety and preservation
of the marine environment."

"We were given two straight-
forward mandates by Govern-
ment: control the cost of living
and clear historic Nassau for
revitalization. We looked at all
the options and there was real-
ly only one choice. The least
expensive shipping, transporta-
tion and handling costs for
everything we bring in to the
island was Arawak Cay, and
the fastest way to get containers
off Bay Street and business
back on was Arawak Cay. It
was a win-win situation,” Mr
Mosko said.

of recovery

anything.

“Tf you look at financial ser-
vices, that’s obviously facing
unique pressures with the off-
shore sector. That’s one area
we need to keep an eye on.”

But when it came to the com-
petitiveness of the Bahamian
tourism product, Mr Townend
said it really “comes down to
the quality of service we put
on”, coupled with the state of
the resort product, people con-
tacts and overall experience
offered.

“Provided in both areas that
we strive for higher quality, we
will hopefully serve a growing
customer base and be OK,” the
KPMG executive told Tribune
Business.

However, he acknowledged
that when it came to providing
quality service, the Bahamian
tourism industry had “quite a
lot of work” to do in an area
that was “very critical” to its
overall success.

“It’s the quality of service
and the experience we can
offer,” Mr Townend said. “If
we position ourselves as a juris-
diction at a certain level in
terms of resorts and so forth,
people come and they expect
great service.

“We have pockets of great
service in the Bahamas, but also
lots of pockets of not so great
service.”





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Open Monday thru Saturday, 8:30am ‘til 5:30pm
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OCEAN, from 1B

thing possible to delay implementation of the
award....... [Their] actions make clear that they
have to intention of complying with this award.”

Pointing out that RHS Ventures had alleged-
ly hired its “fifth law firm”, whose attorneys had
sought “a significant adjournment to ‘famil-
iarise ourselves with the file’”, then taken the
position that the Tribunal ruling was unen-
forceable unless ratified by a court, Plainfield
said the enforcement petition was filed with
the New York courts on April 12, 2010.

“Claimants have refused to respond to our
requests for immediate compliance with the
award, such as by transferring control of bank
accounts and books and records to Seaside
Heights,” Plainfield’s attorneys alleged. “At
the same time, claimants continue to issue defi-
ant public statements.......

“{Plainfield] filed this position in anticipa-
tion of Stein’s continued recalcitrance and will-
ful non-compliance with his contractual oblig-
ations and this Tribunal’s orders.”

The hedge fund’s counsel added: “Claimants
have ignored Seaside Heights’ attempts to
secure the partnership and its assets.

“On April 12, 2010, we sent a letter to
claimants’ counsel proposing steps to imple-
ment immediate actions, including transfer of
control of partnership bank accounts to Seaside
Heights. [Mr Stein and RHS Ventures] have
failed to take any of the steps outlined in this
letter, and indeed have never even responded to
ite

Responding to allegations by Mr Stein that
Plainfield had acted merely to harm him and his
companies, through statements to Tribune Busi-
ness that “Stein no longer has authority to
transact business on behalf of the [South
Ocean] partnership, the hedge fund alleged



that it was “focused solely” on advancing the
project’s “best interests”.

“However, no partnership business can occur
if the public or the Bahamian government
remains confused about who speaks for the
partnership,” Plainfield’s attorneys added.

And they argued that Mr Stein’s comments
to Tribune Business, stating that he would seek
to have the Tribunal’s decision set aside, were
alleged to have violated the ruling that he not
interfere with South Ocean’s business.

This was “maintaining a cloud of uncertain-
ty as to the identity of the general partner”,
Plainfield claimed, alleging that Mr Stein and
RHS Ventures had also violated the order
requiring them to cooperate with its Seaside
Heights investment vehicle when it came to
the transition in control.

“Stein’s recalcitrance has not only caused
Seaside Heights to continue to incur unneces-
sary fees and expenses, but further threatens the
partnership by ensuring that the project remains
in a state of uncertainty and stagnation,” Plain-
field alleged.

Mr Stein and RHS Ventures’ attorneys, in an
April 16, 2010, letter, alleged that an interview
given to Tribune Business the day before
showed Plainfield’s plans to “resurrect” the
South Ocean project, despite its executives
denying that they intended to do this in the
Tribunal hearings.

And they also urged the Tribunal to act over
the publication of claims, contained in this rul-
ing, that payments made by the South Ocean
developer “to relatives of Bahamian govern-
ment officials” had breached the Foreign Cor-
rupt Practices Act.

Denying that Mr Stein and RHS Ventures
had done what was alleged, their attorneys
described the appearance of such information
as “spiteful..... and calculated to ruin Roger
Stein’s individual future”.







TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM
THE TRIBUNE

WEDNESDAY, MAY 5, 2010, PAGE 3B



a
Bahamas First/FamGuard merger talks ‘fall through’

FROM page 1B

told that Glen Ritchie, who had left
his post at Colina Insurance Company
with the intention of becoming chief
financial officer at the merged holding
company, had been forced to lower
his sights as a result of the break-up.
Newspaper advertisements this week

stated he had been appointed to the
same post at Bahamas First Holdings.

As Tribune Business revealed ear-
lier this year, based on their 2008 year-
end balance sheets, a merger between
FamGuard Corporation and Bahamas
First Holdings, the parent firms for
Family Guardian and Bahamas First
Insurance Company, would create a
firm with just under $305 million in

written premiums.

assets and $178.723 million in gross

Net income for 2008, if they had
been combined then, would have been
$8.364 million. Given that Family
Guardian's total assets stood at just
over $176 million at year-end 2008,
and Bahamas First's at $128 million,
that would seem to have indicated a
potential merger weighted 60:40 in

size.



IDEOLOGY, from 2B

back pockets, then this is a
recipe for disaster, as we have
just witnessed. Thus the need
for better regulations.

Professor Horwitz claims that
the current crisis was the “prod-
uct of government interference
with the market in the form of
the US Federal Reserve poli-
cy, government-sponsored enti-
ties such as Fannie Mae and
Freddie Mac and other ele-
ments of the housing policy.
This was not a failure of the
free markets”.

I will contain my comments
only to the above-mentioned
entities. The Federal Reserve,
contrary to popular belief, is a
privately-owned entity. The
name ‘Federal’ is totally mis-
leading as it is not government
owned. The Fed is actually
owned by a consortium of 300
private shareholders, inclusive
of Goldman Sachs, JP Morgan,
the Bank of England, to name a
few. As a matter of interest,
former Fed chairman, Alan
Greenspan, was formally
employed by JP Morgan, and
the present Secretary of the
Treasury, Timothy Geithner,
was formally head of the New
York branch of the Fed.

The Fed has many responsi-
bilities, one of which is over-
sight of the major banks, inclu-
sive of Goldman Sachs and JP
Morgan. The Fed is an
autonomous body, solely
responsible for monetary poli-
cy, whose main stated goals are
the control of inflation and a
monetary environment that fos-
ters employment.

There is, however, an inces-
tuous relationship between the
Fed and the banks, because
supposedly it is responsible for
oversight of the same banks
who actually own it. This is the
reason why former Secretary

of the Treasury, Hank Paulson,
selectively gave so much of the
TARP money to Goldman
Sachs [where he was once the
former chief executive], JP
Morgan and AIG, which was
an insurance company and not
a bank, but was holding the
other end of credit default
swaps, primarily for Goldman
Sachs. It was these same
TARP dollars that ensured the
rapid recovery of these two
investment banks from the
financial crisis, and their return
to profitability far more rapidly
than their competitors, which
were not part of the Wall Street
clan. Furthermore, former Fed
chairman Greenspan admitted
that he believed in free mar-
kets, but that the financial mod-
els he relied on during the
housing bubble were faulty. He
was also one of the main sup-
porters of ARM [adjustable
rate mortgages0, which con-
tributed in a big way to the
housing bubble and its eventu-
al collapse.

Professor Horwitz’s claim
that government intervention
(in the form of the Community
Reinvestment Act [CRA]),
which was passed to increase
household ownership by the
poor through increased lend-
ing to the same, and the
involvement of Fannie Mae
and Freddie Mac, were implic-
it it the financial crisis. In fact,
both Fannie Mae and Freddie
Mac are privately-held entities,
and whose mandate, according
to Professor Joseph Stiglitz, was
for “conforming loans” to the
middle class.

“The banks jumped into sub-
prime mortagages —an area
where, at the time, Freddie
Mae and Freddie Mac were not
making loans — without any
incentives from government.
Moreover, default rates on the
CRA lending were actually
comparable to other areas of

NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT
No. 45 of 2000

ATHOS CONSULTING LTD.

Notice is hereby given that in accordance with Section

137 of The

International Business Companies

Act No. 45 of 2000, ATHOS CONSULTING LTD.
is in dissolution. The date of commencement of
dissolution was the 19th day of April, 2010. Dillon

Dean of Nassau, Bahamas is the Liquidator of
ATHOS CONSULTING LTD.

Dillon Dean
LIQUIDATOR

yl a

The Bahamas Source For Homes, Apartment Communities & Rentals







Tee BUT Teed

Tel: 502 2356)

for ad rates



lending, showing that such lend-
ing, if done well, does not pose
greater risks,” Professor Stiglitz
said.

Perhaps the following will
clarify our differences of opin-
ion on the velocity of money
and the money supply. My
point is simply this: In the
Bahamas today we have what I
refer to as structural inflation,
which means that the prices of
all goods and services are much
higher than they should be
because of our tax structure
(import duties), the monopo-
lies of the retail banks (the high
cost of money), the utility com-
panies (the high cost of elec-
tricity and telephone services),
and exchange controls (which
limit Bahamians’ fundamental
right to the mobility and most
efficient use of their financial
resources).

If we eliminate import duties,
the cost of local products and
services would be reduced and
there would be more demand
for the same. This would
increase demand (consump-
tion) with a corresponding
increase in GDP. Also, by
reducing the cost of electricity
through the use of nuclear pow-
er, not only would the cost of
living be reduced, but overnight
our tourism product would
become far more competitive,
while any industrial production
that is highly reliant on electri-
cal power would become more
feasible.

In terms of the money sup-
ply, the entire credit or avail-
ability of Bahamian dollars are
dependent on the US dollar
reserves in the Central Bank of

the Bahamas. With the present
exchange control system, if the
supply of these reserves begins
to fall, then the Central Bank
inevitably applies moral sua-
sion to the retail banks in order
to curtail credit and in so doing
decrease imports and thus the
demand for US dollars. There-
fore, the more people shop at
home, the less of a drain there
will be on our foreign reserves,
both at the retail and whole-
sale level. In other words, there
would be less drain on our US
dollar reserves or US money
supply.

My final point is that there
are far more rules and regula-
tions in the US compared to
the Bahamas, even though,
over the past 30 years, there
has been selective deregulation
in the financial services sector.
There are still some essential
financial regulatory laws that
are in place in developed coun-
tries, yet still lacking in the
Bahamas. The two most impor-
tant are truth in lending laws
and antitrust laws. The former
ensures that the banks truth-
fully inform the customers of
the correct interest rates on
loans, and the latter helps to
ensure there is competition in
all sectors, so that the consumer
receives the best product at the
lowest price. One can always
argue about the effectiveness
of any law or regulation with
regard to the purpose for which
it was created, but without laws
and regulations the free hand of
Adam Smith will be overshad-
owed by the greedy and manip-
ulative hand of the financial
corporatocracy.

FamGuard's favour if based on asset

FamGuard's shareholder base is
dominated by Barbados-headquar-
tered financial services conglomerate
Sagicor with 20 per cent, chairman
Norbert Boissiere and the Knowles
and Pyfrom family trusts, while the
Bahamas First investor roll is more
diversified,

owning more than 10 per cent. That
includes the Canadian-based Eco-
nomical Insurance Group, which holds
20 per cent.

In their announcement of the talks
earlier this year, FamGuard and
Bahamas First said the merged entity
would have been listed on BISX, with
the arrangement targeted for an end-

with only two shareholders — June 2010 close.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, PEDRO ANTONIO
GRAY of the Settlement of McKann’s Long Island intend
to change my name to PEDRO ANTONIO MARCELLO.
If there are any objections to this change of name by
Deed Poll, you may write such objections to the Chief
Passport Officer, PRO.Box N-742, Nassau, Bahamas no
later than thirty (30) days after the date of publication of
this notice.












NOTICE

NOTICE is hereby given that EMILIEN DELVA of CHARLES
VINCENT STREET, P.O. BOX CR-56766, NASSAU
BAHAMAS, is applying to the Minister responsible for Nationality
and Citizenship, for registratior/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 5" day of
MAY, 2010 to the Minister responsible for nationality and Citizenship,
P.O. Box N-7147, Nassau, Bahamas.

Mua:

NOTICE is hereby given that DOUGLAS JOY GEORGES of
1850 N.E. 158 Street, N. Miami Beach, 33162, P.O. Box CR-
54660, 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 28" day of April, 2010 to the
Minister responsible for nationality and Citizenship, P.O. Box
N-7147, Nassau, Bahamas.



To meet the challenge of operating our growing business, we wish to recruit a:

Chief Operating Officer

Main responsibilities:

What we offer:

— Responsible for the daily operation of the Bank

Reports to the Managing Director

Support and

advise the Managing Director in decision making

Running of all back office functions
— Direct and administer all financial plans
— Organizational reporting and monitoring
— Oversee business policies and accounting practices

— Information
Ideal Profile:

technology

— Strong operational and administrative experience; Ideally several

years experience as Chief Operating Officer
— Fluent in English and French; fluent in German an added benefit
— Higher Education
— Strong organizational and management Skills
— Ability to lead, plan, multi-task and manage change

— Asalary which is commensurate with the job,

a pension plan and medical insurance.

We will only reply to candidates that fully match our requirements listed above, please send your resume and reference to:
SYZ & CO Bank & Trust LTD. | Attention Jillian Ferguson (jillian.ferguson@syzbank.com) | Tel: (+1 242) 702 14 00
P.O. Box N —1089 | Bayside Executive Park | West Bay Street & Blake Road | Nassau, Bahamas

www.syzbank.com











52wk-Low
1.00
























52wk-Low
1000.00
1000.00
1000.00
1000.00





52wk-Low




0.40 RND Holdings

29.00 ABDAB
0.40 RND Holdings






1.3702

















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

Change - Change in closing price from day to day
Daily Vol. - Number of total shares traded today





(S) - 4-for-1 Stock Split - Effective Date 8/8/2007
($1) - 3-for-1 Stock Split - Effective Date 7/11/2007

Securit y
AML Foods Limited

Security
Fidelity Bank Note 17 (Series A) +
Fidelity Bank Note 22 (Series B) +
Fidelity Bank Note 13 (Series C) +
Fidelity Bank Note 15 (Series D) +
RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)
Symbol Ask &
7.92 Bahamas Supermarkets
6.00 Caribbean Crossings (Pref)

Fund Name
CFAL Bond Fund

- Previous day's weighted price for daily volume
Today's Close - Current day's weighted price for daily volume

DIV $ - Dividends per share paid in the last 12 months
P/E - Closing price divided by the last 12 month earnings

ROYAL 3 FIDE

Money at Work

FINDEX: CLOSE 000.00 |

WWW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-2320



1.05

10.75 9.67 Bahamas Property Fund 10.63
16.94 5.23 Bank of Bahamas 5.24
10.58 0.44 Benchmark 0.44
3.49 3.15 Bahamas Waste 3.15
2.15 2.14 Fidelity Bank 2.17:
12.55 9.62 Cable Bahamas 12.07
12.84 2.69 Colina Holdings 2.84
7.00 5.00 Commonwealth Bank (S1) 5.84
3.65 2.21 Consolidated Water BDRs 2.99
12.55 1.32 Doctor's Hospital 2.54
6.99 5.94 Famguard 6.07
10.99 8.75 Finco 9.08
10.60 9.50 FirstCaribbean Bank 10.60
5.53 3.75 Focol (S) 5.08
1.00 1.00 Focol Class B Preference 1.00
10.30 0.27 Freeport Concrete 0.27
5.59 5.00 ICD Utilities 5.59
10.50 9.95 J. S. Johnson 9.95
10.00 10.00 Premier Real Estate 10.00

BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing b
Last Sale



Symbol
FBB17
FBB22
FBB13
FBB15



Bid S



10.06

2.00 6.25 4.00 0.000 0.480 N/M 7.80%
0.35 0.40 0.55 0.001 0.000 256.6 0.00%
CFAL Securities Ltd. (Over-The-Counter Securities)
30.13 31.59 4.540 0.000 9.03 0.00%|
0.45 0.55 0.55 0.002 0.000 261.90 0.00%]
BISX Listed Mutual Funds
NAV YTID% Last 12 Months % NAV 3MTH NAV 6MTH NAV Date
1.4602 1.50 6.57 1.438700 1.407626 31-Mar-10







2.9116 2.8266 CFAL MSI Preferred Fund 2.9116
1.5274 1.4467 CFAL Money Market Fund 1.5274
3.2025 2.9343 Royal Fidelity Bahamas G & | Fund 3.2025
13.4986 12.6816 Royal Fidelity Prime Income Fund 13.4986
107.5706 100.5448 CFAL Global Bond Fund 107.5706
105.7765 93.1998 CFAL Global Equity Fund 105.7706
1.1034 1.0000 FG Financial Preferred Income Fund 1.1034
1.0801 1.0000 FG Financial Growth Fund 1.0764
1.1041 1.0000 FG Financial Diversified Fund 1.1041
19.5795 9.1005 Royal Fidelity Bah Int'l Investment Fund 9.5795
Principal Protected TIGRS, Series 1
11.2361 10.0000 Royal Fidelity Bah Int'l Investment Fund 10.5417
Principal Protected TIGRS, Series 2
7.7171 4.8105 Royal Fidelity Int'l Fund - Equities Sub Fund 7.6928

MARKET TERMS
YIELD -
Bid $ - Buying price of Colina and Fidelity

- Selling price of Colina and fidelity

Last Price - Last traded over-the-counter price

Weekly Vol.

EPS $-

NAV - Net Asset Value

N/M - Not Meaningful

FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100

Ask

TO TRADE CALL: GFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525

iii Cc

BISX LISTED & TRADED SECURITIES AS OF:
TUESDAY,
BISX ALL SHARE INDEX: CLOSE 1,558.58 | CHG -0.12 | %CHG -0.01 | YTD -6.80 | YTD % -0.43

Previous Close Today's Close



11.06

1.34 4.98 1.507147 1.491956 23-Apr-10
2.75 -3.54 31-Jan-00
0.98 5.44 31-Mar-10
3.45 6.99 103.987340 103.095570 31-Mar-10
3.99 13.50 101.725415 99.417680 31-Mar-10
1.25 5.25 31-Mar-10
0.79 4.37 31-Mar-10
1.23 5.34 31-Mar-10
5.33 5.33 31-Dec-09
-2.13 10.96 31-Mar-10
-0.31 47.51 31-Dec-09

SYZs& CO
BANK & TRUST









FG CAPITAL MARKETS
BROKERAGE & ADVISORY SERVICES

Cc FAL” COLONIAL

4 MAY 2010

YTD 00.00% | 2009 -12.31%
















Change Daily Vol. EPS $ Div $ P/E
1.05 0.00 0.250 ‘0.000 4.2 0.00%
10.63 0.00 0.050 0.200 212.6 1.88%
5.24 0.00 0.598 0.260 8.8 4.96%]
0.44 0.00 -0.877 0.000 N/M 0.00%
3.15 0.00 0.168 0.090 18.8 2.86%|
2.417 0.00 0.055 0.040 39.5 1.84%)
12.07 0.00 1.406 0.290 8.6 2.40%|
2.84 0.00 0.249 0.040 11.4 1.41%
5.84 0.00 0.460 0.230 12.7 3.94%]
2.87 -0.12 0.111 0.052 25.9 1.81%
2.54 0.00 0.627 0.110 4.1 4.33%
6.07 0.00 -0.003 0.240 N/M 3.95%]
9.08 0.00 0.168 0.520 54.0 5.73%]
10.60 0.00 0.678 0.350 15.6 3.30%]
5.08 0.00 0.366 0.150 13.9 2.95%)
1.00 0.00 0.000 0.000 N/M 0.00%
0.27 0.00 0.035 0.000 7.7 0.00%
5.59 0.00 0.407 0.500 13.7 8.94%
9.95 0.00 0.952 0.640 10.5 6.43%
10.00 0.00 0.156 0.000 64.1 0.00%|
ases)
















Daily Vol. Interest Maturity
100.00 0.00 T% 19 October 2017
100.00 0.00 Prime + 1.75% 19 October 2022
100.00 0.00 T% 30 May 2013
100.00 0.00 Prime + 1.75% 29 May 2015

P/E
N/M

Last Price EPS $

-2.945

DivS
0.000

Daily Val...





















14.00












0.85 0.52 2.886947 2.830013. 31-Mar-10

last 12 month dividends divided by closing price

- Trading volume of the prior week
A company's reported earnings per share for the last 12 mths

TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM
THE TRIBUNE

The Tribune

eS



WEDNESDAY, MAY 5, 2010, PAGE 5B
















By REUBEN SHEARER
Tribune Features Reporter
rshearer@tribunemedia.net



ARIETY is the order of the day

at Le Jardin Bistro & Deli, a

restaurant nestled in the out-
skirts of Centreville West. “Le
Jardin” French for “the garden,
“has a homey, cozy feel that serves
as an escape from the hustle and
bustle of everyday life that restau-
rant owner Keisha Bonimy and her
silent partner have created a menu
that places an emphasis on healthier
eating.

Everything on the menu of Le Jardin
Bistro & Deli is freshly cooked, low in calo-
ries, and complemented with healthy sides
like tortilla chips or a hearty green salad.
Panini and ciabatta sandwiches are lunch
choices that patrons have come to love.

The pastas are delectable, including sea-
soned vegetable pasta, cranberry almond
chicken pasta and crab salad pasta, which is
served with signature citrus vinaigrette.

A hearty green salad or fries can accom-
pany the meal. Conch fritters and cracked
conch are served with a special dip and a
tartar sauce. Le Jardin’s roast corn has a
light crispy taste and fresh flavour, sea-
soned with flavoured butters with just the
right pinch of salt.

Tribune Taste sampled Le Jardin’s
turkey, ham and Swiss ciabatta, turkey and
mozzarella, roast beef and Swiss, mozerel-
la and tomato heat pressed sandwiches,
which are also melted with parmesan and
cheddar cheese.

“When people hear the word gourmet
they think small expensive portions,” said
Ms Bonimy.

Le Jardin Bistro & Deli sells a “soup of
the day” and a cream of conch chowder
with a voluté base. Instead of using the

eJa





TURKEY, Ham and
Swiss on Ciabatta
bread with tortilla
chips, and a hearty
green side salad.







rdl

conch chowder with whole milk and heavy
cream. The cream thickens as stirred, with
conch bits, carrots, and potatoes added to
the brew

Lightly seasoned fried chicken wings
are another appetizer on Le Jardin’s menu;
The wings have just the right juicy flavor
and taste even better with a splash of
ketchup and hot sauce.

Le Jardin’s hearty green salad and cran-
berry almond chicken salad has a citrus
flavour that is topped with freshly made oil
vinaigrettes. Another special is crab salad
topped with signature citrus vinaigrette,
and seasoned vegetable pasta.

Cranberry almond chicken salad is the
perfect summer food on the menu. The
freshly baked chicken breast is shredded
and mixed with purple onions, nuts and
Craisins. The dressing for the salad is
yogurt based, which is not too overpower-
ing.

The hearty green salad is appealing to
your senses, bright in colour with a unique
combination of romaine and arugala let-
tuce, baby spinach, and cherry tomatoes.

“Everything is from an olive oil base,
and we have had raving reviews on the
house vinaigrette and the citrus vinai-
grette,” Ms Bonimy said.

She said the restaurant can also provide
menus for birthdays and other special occa-
sions.

“We are trying to get a bar set-up going
here where we would serve drinks for hap-
py hours on Fridays, where businesses can
bring in their employees and sit in and
drink,” she said.

Sweet treats are freshly baked each day
including chocolate brownies, chocolate
cake, cheese cake, carrot cake, and old-
fashioned guava duff made from Cat Island
guavas.

To wash it all down Le Jardin has
Bahamian flavoured coffees, made from
guava sauce and dilly which is boiled down
into a syrup and used to flavour the coffee,
said Ms Bonimy. If you want something
colder Le Jardin’s offers a signature lemon-





regular tomato paste, the

Ba mre

Kyle Sawyer



TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM

chefs brew the

ade or sweet tea.

By CARA BRENNEN-
BETHEL
Tribune Features Editor

ALTHOUGH Chefs Kyle
Sawyer and Shaker Staphane
are tight lipped about the
dishes they are contributing
to the upcoming Paradise
Plates charity event on May
15, they promise that patrons
will blown away.

Both men have promised
that they are pulling out all
the stops to dazzle the crowd.

Chef Kyle, Senior Chef de
Cuisine of Food Art by
Cacique hinted that he plans
to deconstruct traditional
favourites to create the kind
of masterpeices Cacique cus-
tomers have grown to appre-
ciate and expect. The compa-

ny is known for its fabulous
creations which combine
incredible tasting foods in
stunning and unique presen-
tations which create a culi-
nary experience that tantalis-
es the senses.

Chef Kyle emphasised that
Food Art By Cacique does
not only cater to “ wealthy
clientele.”

Rather he said that the
company can work with any
budget to create an awesome
experience whether it be an
intimate dinner for two, a
small beach picnic or a funky
dinner party.

He added that the compa-
ny is delighted to participate
in such a worthy cause as
Hands for Hunger.

For Chef Shaker, the event



Carrot Cake Cupcakes.



Meet the chefs of Paradise Plates

serves as an unique opportu-
nity to make his debut to a
wider Bahamian audience.
The Barbadian born chef at
the Old Fort Bay Club
arrived in this country just a
few weeks ago from a posi-
tion at a luxury property in
Bermuda. He promised that
event patrons will get to
enjoy his special Caribbean
inspired version of a tradi-
tional boil fish with seafood
flair at the event.

Chef Shaker added that he
is delighted to lend the exper-
tise of the Old Fort Bay culi-
nary team for the event. He
said there can be no better
cause than to ensure that
everyone who is hungry can
be given a meal.

Paradise Plates will take



Fried Chicken Wings with a hearty green side salad.

place on May 15, in the
Atlantis Crown Ballroom.

The creatively presented
event showcases a lavish
array of gourmet food pre-
pared by chefs from Nassau’s
premier restaurants, fine wine
and spirits and live entertain-
ment with all proceeds bene-
fiting Hands For Hunger the
non-profit, humanitarian
organisation committed to
the elimination of hunger and
the reduction of food waste
in The Bahamas.

Each day, Hands For
Hunger picks-up fresh, high
quality food that would oth-
erwise go to waste and deliv-
ers it to community centers,
shelters, churches and soup
kitchens throughout New
Providence.

Shaker Staphane




PAGE 6B, WEDNESDAY, MAY 5, 2010

THE TRIBUNE



The Tribune



hether it's a casual or an exquis-
itely elegant dining experience
you're looking for, Tribune Fea-
tures outlines your options in this Mother’s
Day Restaurant Special.

The Menu options are as diverse as the restaurants
themselves, from Italian, to Australian fare. Some
of these restaurants haven’t made any special
changes to their usual menu, but some have added
a Mother’s Day flair to their menu with exquisite
options that will make your mother feel like a queen.

COMPASS POINT RESTAURANT : ELEGANT

Dive into an array of flavours this Mother’s Day
at Compass Point Beach Resort. The restaurant
will offer potato and chive croquettes, tomato and
basil quiche, roasted beet soup with coconut milk, a
smoked salmon platter, and Greek salad with bal-
samic vinaigrette.

There will be a carving station- with roasted leg of
lamb, and conch, okra and rice.

Desserts will include lemon cupcakes, Mom’s
fruit and granola parfait, and crepes with strawber-
ry cream cheese.

UGS SIE

If you’re looking for a casual Mother’s Day dining
experience, try Outback’s camp fire wings, or their
Royal port seafood platter -a combination of Out-
back’s seasoned rice, salmon or mahi mahi, grilled
pineapple, grilled mushrooms, peppers and onions,
on a bed of seasoned rice topped with crayfish and



ais Vad special woman in your life out to a nice restaurant this Mother’s Day

Treat mom to a special meal

shrimp in a creamy Alfredo sauce.

Looking for something hot and spicy? Their
camp fire wings will do the trick, said Trevor
Williams, general manager.

Outback’s regular menu favourites will also be
available.

Mr Williams recommends that groups of ten or
more make reservations so that the restaurant can
accommodate their group/

Outback is giving the first two hundred mothers
carnations.

Fee NUE

Bennigan’s Grill and Tavern offers a Mother’s
Day Special this Sunday with a variety of options
including- Lobster Gourmet or Grouper San Sal
both served with your choice of savoury grilled
steak or a marinated chicken breast on a bed of
Cajun rice accompanied with spiced green beans.

Coconut cream pie is the dessert of choice for
lunch. Have a glass of wine, which is available with
the regular drinks. Carnations will be given to
mothers. One Lucky Mother will receive a gift bas-
ket to remember.

MUGEN TUS Geum ne

Located in one of the most illustrious properties
in The Bahamas, this waterside mansion, "Green
Roofs," was the former residence of the Late Sir
Roland Symonette, the country’s first Premier.

During Mother’s Day Brunch this weekend, sit
down and eat from a menu of assorted breads and
pastries, and fruits.



And for lunch, Luciano's menu offers an extensive
choice of some of Italy's finest dishes and wines.

The selection ranges from seafood to pastas,
steaks and chops, with surprising delights in salads,
anti-pasta and desserts. Antipasti platters, assorted
Italian meats and sausages, grilled vegetables and an
assortment of appetizers are available.

Prices include appetizer and dessert buffets and
one mimosa or fruit punch.

Desserts include assorted fruit pastries, apple
strudel, Bahamian guava duff with rum sauce, choco-
late covered cannoli, orangecello cheesecake with
Mandarin Orange Topping, and Black Forrest Cake.

eA GUE N eat aee

Cappricio Ristorante offers an original Italian
dining experience. General manager, Emanuel
Tsakkos claims that no other restaurant can match
Cappricio’s fare among the endless restaurant
options.

This Mother’s Day, from 5pm to 10pm, reserva-
tions will be honoured, but walk-ins won’t be
turned away. Cappricio Ristorante hopes to
accommodate as many Mother’s Day celebrants
they can.

Chicken, grouper, fillet mignon, shrimp and lob-
ster, scallops, salmon steak and veal, are all specials
on the menu.

Tiramosou, a very famous Italian cake, Cherry
Cheesecake, Espresso and Cappuccino will be
served.

Mr Tsakkos says the special sauces used in the
recipes at Cappricio are made from scratch, and
original recipes are adapted from Italy.



Student recital raises



standard of music Cc

By JEFFARAH GIBSON
Tribune Features Writer



ATTENDEES of the fifth annual
Chris Fox Institute of Music student
recital can marvel at the soothing tim-
bre of sensational instrumental music.

The event which is also presented
by the Bahamas Musicians and Enter-
tainers Union will attract music lovers
all over the town, and under the theme
“Raising the Standard of Music” they
expect to put on an award winning
event.

“Every year tickets are sold out.
People love this event and students
bring a number of family and friends
who offer their support,” said Chris
Fox instructor at the institute.

This is no ordinary event, Mr Fox
said, since music lovers will hear a lit-

said.

better.

tle of everything.

“People can expect to hear every
style of music. They can expect to hear
some jazz, some classical music, some
rock and even gospel. This show will
include a little of all the genres,” he

Last year the event attracted a huge
crowd who were very satisfied with
the presentation. And with each con-
secutive year the show gets better and

This year they will send a tribute
to Joseph Spence.

No one is excluded from the event
as the participants range from ages 5-
80

The event will be held at Nirvana
Beach tomorrow night at 8pm. There
will be a special performance by the
Nirvana Express.



chris Fox

ahaa he etzmdzard



nea eae Recital

Institute o
> ; I. fj Mus...

mT

Aree eee







Sir Stafford Sands: Founding Fathers’ dvd released

version of the film.

in New Providence.



By REUBEN SHEARER
Tribune Features Reporter
rshearer@tribunemedia.net

AS THE controversy sur-
rounding the legacy of Sir
Stafford Sands reemerges, a
film about his life has just been
released on DVD.

Travolta Cooper, a budding
filmmaker, debuted the film
Sir Stafford Sands: Founding
Fathers’ in January at the
Bahamas Film Festival and has
recently launched the DVD

Mr Cooper’s film, ‘reassess-
es the motives of the politi-
cian’s motives in the Bahamas
over the years.’

Perhaps the highnote of Sir
Stafford’s legacy was his mark
as a catalyst of the success for
the Bahamian tourism indus-
try. However his life has been
filled with controversy as there
are many persons who consid-
ered him racist, a politician
sent from Great Britain to
oppress black persons living

Whether this accusation has
weight, needs to be re-assessed
said Mr Cooper.

According to Mr Cooper,
most people are unaware that
Sir Stafford was a born
Bahamian. Still, political pun-
dits maintain that Sir Stafford’s
actions while holding political
office validify their claims of

racist behaviour.
The issue resurfaced when
the FNM last week,

announced plans to reinstate

his image on the Bahamian
$10 bill.

This is an issue that has
caused a public outcry in past.
At the weekend, PLP MP
Fred Mitchell criticised the
government for its decision to
reinstate the image after it had
been removed in 2005 by the
PLP during its term in office.
He claimed that it was irre-
sponsible of the government
to continue with it’s plan of
reinstatement, and threatened
it would be one that would be

reversed at the quickest oppor-
tunity by any future PLP gov-
ernment.

“Founding Fathers: Sir
Stafford Sands” serves as a
medium to get persons to
make their own judgments
about the controversy sur-
rounding his political motives,
Mr Cooper explained.

He said there is a lot that
the history books have left
untouched and thus “there are
alot of misconceptions about
Sir Stafford.”




* PARADISE PLATES

Hands for Hunger presents
its 2nd annual fundraiser at
the Atlantis Crown Ball-
room on Saturday, May 15,
not on May 23 as previously
mentioned in Tribune Taste
last week. Nineteen local
chefs from restaurants will
showcase new creations, sig-
nature fares and specialty
wines by catering companies
and wine merchants. The
event begins 7pm-11pm.
Proceeds in aid of Hands for
Hunger’s food program.
Tickets: $140/per person.
See
www.handsforhunger.org

* MISS BAHAMAS
BEAUTY PAGEANT

Miss Bahamas Beauty
Pageant will be broadcast
live from the Imperial Ball-
room, Atlantis, Paradise
Island this Sunday at 8pm
on ZNS Channel 11. Seven-
teen ‘Timeless Beauties’ will
compete for the right to
wear the Miss Bahamas
crown, and a spot in the
Miss World and Miss Uni-
verse Beauty Pageants.
Once again, Bahamians will
get the chance to have their
voices heard by selecting
one of the semifinalists via
online voting on www.imiss-
bahamas.net. The contes-
tant with the highest num-
ber of votes will automati-
cally advance to the Semifi-
nal round of competition at
the finale at Atlantis
Resort’s Imperial Ballroom
on May 9.

* HEAD TRAUMA ART SHOW
The Ladder Gallery hosts
the opening night for Edrin
Symonette’s art show enti-
tled ‘Head Trauma,’
Wednesday, May 5, 7pm-
9pm at the New Providence
Community Centre. Show
runs until Tues, June 1.
Telephone: 327-1660. Email:
gillian@npcconline.org.

© STIR EXHIBIT'S

OPENING RECEPTION

PopOp Studios Centre for
the Visual Arts hosts an
opening reception for Heino
Schmid's exhibit entitled
‘Stir,’ Friday, May 7, 6pm-
10pm at the gallery. Exhibit
runs until Sat, June 19. Tele-
phone: 322-7834.

* MANGROVE CAY

HOMECOMING REGATTA

The Mangrove Cay Home-
coming Regatta is one of
many festivals celebrated in
The Bahamas by locals and
unites the entire community,
May 7 - May 9 (Andros).
Don't miss this exciting fes-
tival!

© ‘MY MOTHER...MY
FRIEND’ WALKATHON

Walk for a cause with this
walkathon geared towards
raising funds for the AIDS
Foundation, Saturday, May
8. Telephone: 544-8382.
Email:
gti.events@yahoo.com.

* ROYAL SCHOOLS OF MUSICS

HIGH SCORERS' CONCERT

The Associated Board of
The Royal Schools of Music
hosts its High Scorers’ Con-
cert featuring young musi-
cians from both Nassau and
Freeport performing their
favourite pieces from the
board's exam syllabus. Sun-
day, May 9, 5pm at St
Andrew's Kirk. Contact
Elizabeth Thornton, Tele-
phone: 328-7658.

* ALIA COLEY'S
ALBUM RELEASE PARTY

Singer Alia Coley celebrates
the release of her new
album, Monday, May 10,
8pm in the Grand Ballroom
at Sheraton Nassau Beach
Resort.

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THE TRIBUNE

WEDNESDAY, MAY 5, 2010, PAGE 7B





Streamline Media/Photos







Ilashan launches a hit

OLD charmuese, satins

and silks were the order

of the day as ILashan
Apparel & Handmade Jewelry
(ILashan) played host to an
intimate crowd at the Shera-
ton Nassau Beach Resort on
April 17. And, the votes are
in.

ILASHAN's launch was a

resounding success.

The review, aptly titled ‘Sundial’,
dazzled its audience. The enthused

crowd absorbed bold pinks, oranges,
purples and blues expertly executed
with butterfly-like details all
designed and made by newcomer,
Indira Moss.

“T couldn't have asked for a better
turnout or a better show,” said Ms
Moss. “It was a great night for me.”

The Spring/Summer collection of
dresses and jewelry takes it cue from
the natural colours of the Bahamian
skies grasping the hues of the coun-
try’s sunrises and sunsets. Both stan-
dard and plus-sized models were use
to showcase the designs in an
attempt to encompass the entire

Bahamian female population.

Models wearing the12 piece line of
cocktail dresses, introduced a new
modeling technique to The Bahamas
called platform modeling. In groups
of three, models took the stage to
become live mannequins changing
positions every few minutes allowing
the audience the opportunity to take
in the designs from every angle.

“We wanted to do something dif-
ferent from the standard runway
scene people are accustomed to,”
Ms said. “It just seemed appropri-
ate.”

While the event met Ms Moss’

expectations, she admits that her
job as a new designer is just begin-
ning.

“The chief goal was to get the
label's name out there,” she said.
“Now that people know about the
brand the next step is to keep
momentum high by building on
what my team started here.”

About the designer

Excelling at the art from a young
age, Ms Moss graduated with a bach-
elor's degree in fashion design with a
minor in accessory design from the
Savannah School of Art and Design

(2008) in Savannah, Georgia. After
arriving back to New Providence,
Ms Moss signed on as a volunteer
for Islands of the World Fashion
Week working closely with the
designers of the 2009 showcase.

Her love of fabrics and textiles is
an insatiable passion and the only
direction for this young designer is
up according to her growing fan
base.

Today, her label, ILashan Appar-
el & Handmade Jewelry, is making
silent waves throughout New Provi-
dence. The boutique label is the
leading fashion house for women of
innovative style producing designs
that define seasonal nods.

For more information about
ILashan visit www.ilashan.com or
join us on Facebook today.































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llashan Le Jardin

launches Bistro
a hit & Deli

| See page seven ee page five





The Tribune SECTION B












































His wor ppthetesular fine art
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By JEFFARAH GIBSON
Tribune Featu Writer



Grbadian artist Ras Ishi ings, the tw psuimoushethe Nation-
Buicher’s latest exhibit Diafies See. eee be the best
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and draws) attention to the commmnity experience ¢ 16gue Withewhat is con-
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THE TRIBUNE

spor

WEDNESDAY, MAY 5,

PAGE 9



ts

2010

PAGE 10 ¢ International sports news

OC and SAC
senior v-ball
champions



BAISS

oth champi-

onship finals in

the BAISS

senior division

needed lengthy
three-set matches to determine
league champions.

After all was said and done,
the Queen’s College Comets
and St Augustine’s College Big
Red Machine emerged as win-
ners in their respective divisions
yesterday in games played at
the SAC campus.

In the opener, SAC’s senior
girls were able to avenge their
only loss of the season and
topped the pennant winning St
Andrew’s Hurricanes, 25-17,
19-25, 18-16.

Brittany Harrison served her
team’s final two scores, includ-
ing a match-winning ace to help
the Big Red Machine success-
fully defend home court.

An inspired SAC team came
out dominant in the first set and
led by as much as 11 early on en
route to starting the match on a
positive note.

The Hurricanes kept pace in
the second set and after trailing
6-3, rallied to take their first
lead of the match, 8-7.

The teams tied again at 11
and at 15 before the Hurricanes
took a decisive 19-15 lead in
the waning moments of the set.

The margin widened to as
much as seven, before the Big
Red Machine mounted a brief
comeback to trim the deficit to
four, 23-19. However, they
failed to pull any closer.

A thrilling third and decid-
ing set featured six ties and sev-
en lead changes before SAC
was able to gain control.

St Andrew’s opened with a 2-
0 advantage, the set was tied
for the first time at six, and the
Big Red Machine took an 8-6
lead when the teams rotated
sides.

The series of ties at 8, 11, 13,
15 and 16 were finally broken
when Harrison was able to suc-
cessfully serve the final winning
scores.

In senior boys’ play, the
Comets overcame a slow start
to take the final two sets, the
match and the league title with
a 19-25, 25-16, 15-6 win over
the Kingsway Academy Saints.

The Saints used a tough
defensive effort at the net by
their lead blockers to take the
opening set in convincing fash-
ion.

NPSA set to open
fast-pitch campaign

By BRENT STUBBS
Senior Sports Reporter
bstubbs@tribunemedia.net

UNDER new management,
the New Providence Softball
Association is all set to open
up another fast-pitch campaign
at the Baillou Hills Sporting
Complex this weekend.

Newly elected president
Loretta Maycock and her exec-
utive team have announced that
they have selected Tommy
Stubbs to serve as the new com-
missioner.

The season is slated to get
started on Saturday night with
two games surrounding the offi-
cial opening ceremonies where
Minister of Youth, Sports and
Culture Charles Maynard will

deliver the keynote address.

Only four teams have regis-
tered in the women’s division
with defending champions
Wildcats facing the Proper Care
Pool Lady Sharks in the 7pm
opener.

Immediately after the open-
ing ceremonies, the men’s fea-
ture contest is scheduled to take
place with the defending cham-
pions Truckers facing the
Dorsey Park Boyz.

Of note, both the Truckers
and Dorsey Park will be with-
out the services of one of their
pitchers, Anton ‘Bookie’ Gib-
son and Edney ‘the Heat’
Bethel respectively, who are
both now playing in the

SEE page 10

Banker’s Softball League
regular season action

THE Banker’s Softball
League continued its regular
season action over the week-
end at the Banker’s Field, Bail-
lou Hills Sporting Complex,
with the following results post-
ed:

British American 17,

Bank of the Bahamas 6

Winning pitcher was Laron
Burrows, losing pitcher Jackie
Conyers.

Top Performers (British
American) - Richard Bastian
went 3-for-4, scored three runs
and had three RBI, Mike But-
ler went 2-for-4 (one which was
a double and the other a triple),

scored two runs and had two
RBI, Anton Sealy went 2-for-3
(one which was a double),
scored two runs and had two
RBI and Marvin Wood went 2-
for-3 (one which was a double),
scored three runs and had a
RBI.

Top Performers (Bank of the
Bahamas) - Ray Newbold went
2-for-3 (one which was a solo
homerun), scored two runs and
had two RBI.

Royal Bank of

Canada 16, Colina 15
Winning pitcher was Julian

SEE page 10



The Comets never threat-
ened and the Saints led by as
much as 10 before taking the
set and seemed poised for a
two-set win.

The pennant winners had
other plans, however, as they
rebounded to gain momentum
in the second, and force a third
and deciding set.

That momentum carried
over to the third as the Comets
jumped out to an 8-1 lead when
the teams changed sides, all but
sealing the win and the cham-
pionship.

The BAISS volleyball season
for juniors begins on May 10
with the girls games scheduled
for Monday, Wednesday and
Friday while boys will play
Tuesday and Thursday.

Drive one.





Williams sisters
advance, Safina
loses in Rome...

See next page

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PAGE 10, WEDNESDAY, MAY 5, 2010

TRIBUNE SPORTS



SPORTS

sorts
Ambassadors Athletic Club to host Fritz Grant track event

Messi strikes as
Barcelona beats
Tenerife 4-1

MADRID (AP) — Two
goals by Lionel Messi helped
Barcelona move closer to
retaining its Spanish league title
with a 4-1 home win against
Tenerife on Tuesday.

Barcelona leads the stand-
ings on 93 points ahead of sec-
ond-place Real Madrid on 89
which still has to play its 36th
round match at Mallorca on
Wednesday.

Valencia, which faced Xerez
in Tuesday’s late game, is third
on 65 points. Elsewhere it was
Getafe 1, Sporting Gijon 1 and
Almeria 4, Villarreal 2.

Barcelona coach Pep
Guardiola fielded an attacking
lineup with Zlatan Ibrahimovic
as striker, Bojan Krkic on the
left wing and Messi on the
right.

On Wednesday, it’s Atleti-
co Madrid vs. Valladolid, Rac-
ing Santander vs. Sevilla,
Zaragoza vs. Espanyol,
Osasuna vs. Deportivo La
Coruna, Athletic Bilbao vs.
Malaga.

By BRENT STUBBS
Senior Sports Reporter
bstubbs@tribunemedia.net

FOR the third consecutive
year, the Ambassadors Athlet-
ic Club will honour its head
coach and president by hosting
the Fritz Grant Track and Field
Classic.

The last official club meet on
the Bahamas Association of
Athletic Associations’ calendar
is scheduled to take place
9:45am Saturday at Thomas A
Robinson Track and Field Sta-
dium.

At the Colony Club yester-
day where a press conference
was held, proprietor Harrison
Petty said they are delighted to
once again be honouring Grant
for more than 20 years of ser-
vice.

“Fritz Grant, one of the most
outstanding qualified coaches
in the Bahamas, has produced a
number of great athletes,” Pet-
ty said. “So we are very delight-
ed to be associated with him.”

Petty said although this is the
final club meet for the year,
there is still a lot more meets
that the BAAA will put on as

athletes continue to qualify for
the upcoming international
events.

Meet director Bernard New-
bold said since the inception of
the meet in 2008, they were
able to attract a mixture of
national and international ath-
letes.

In the first year, Grand
Bahamian Olympic quarter-
miler Michael Mathieu was the
lone invited athlete who par-
ticipated. Last year, Jamaicans
Dwayne Barrett, Sekou Clarke
and Lerone Clarke, Haitian
Roudy Munrose and American
Tavarus Roberts joined Math-
ieu, Rodney Green and Adrian
Griffith.

So far this year, Newbold
said they have already received
confirmation from Melocia
Fearon Clarke and Sekou
Clarke of Jamaica, Courtney
Patterson of US Virgin Islands
and Bahamians Adrian Griffith
and Nathaniel McKinney.

An 11-member team, com-
prising of nine athletes from
the Panthers Track and Field
Club, are also expected in town
from the Turks and Caicos
Islands.

Williams sisters advance, Safina loses in Rome

By ALESSANDRA RIZZO
Associated Press Writer

ROME (AP) — Serena and
Venus Williams ended lengthy
breaks for knee problems with
straight-sets victories over Swiss
players in their opening match-
es at the Italian Open on Tues-
day.

Top-ranked Serena defeated
Timea Bacsinszky 7-6 (2), 6-1 in
her first match since winning
the Australian Open more than
three months ago. Fourth-
ranked Venus handled veteran
Patty Schnyder 6-2, 6-2.

Defending champion Dinara
Safina, recovered from a back
injury, lost her opener against
Alexandra Dulgheru of Roma-
nia 6-4, 6-7 (5), 6-1.

Serena was down 4-1 and
saved three set points at 5-4
before going to a tiebreaker.
After dominating the tiebreak-
er, she ran off the next four
games to secure the match.

Serena said she didn't quite



VENUS WILLIAMS reacts after
defeating Switzerland’s Patty
Schnyder in the Italian Open in
Rome Tuesday. Williams won 6-2,
6-2.

(AP Photo)



know what to expect in her first
match since January.

"I went in there thinking I
can win or I can lose," she said.
"You never know what can
happen and I didn't put too
much pressure on myself.

"I got off to a little bit of a
slow start, but it was good and I
was able to fight it off."

Venus had an easier time
against Schnyder, a lefty who
had defeated Serena in Rome
last year. Venus stayed in con-
trol of the match, breaking the
Swiss player six times.

Venus had been sidelined
since losing the Key Biscayne
final a month ago. "I think it
was a pretty good performance.
I felt good on court," Venus
said. "She probably likes clay
with her type of game, and I
was able to execute pretty well
out there on the court."

The sisters, former Rome
champions, are preparing for
the French Open, which begins
on May 23.

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PLANS were announced yesterday for the 3rd Fritz Grant Track Classic, scheduled for Saturday at Thomas A
Robinson Track and Field Stadium. Shown (I-r) are organiser Bernard Newbold, coach Fritz Grant and sponsor

Harrison Petty...

More than 400 athletes,
including the Golden Eagles
and the Subway Hawks from
Grand Bahama, have registered
to participate in the meet that
will be staged for age groups
ranging from as young as
under-7 to the open division.

Newbold said the athletes in
the under-7, under-9 and
under-11 divisions will only
compete in one event in the
80m and 100m sprint respec-
tively and the 4x100 relay.

The meet will see the return
of the shuttle relay for the
under-7, under-9 and under-11
divisions. The under-13 will
compete in the 100 and 400 and
the under-15 to the open divi-
sion will compete in all of the
events, including the 200.

However, Newbold said to
ensure that the latter event is
not as long and drawn out as it

has been in previous meets,
they intend to only select the
top 16 athletes to make up two
heats and if necessary, they will
not go beyond a third heat.

As for the invitational events,
Newbold said they are still try-
ing to finalize the list and the
lane assignments, but he said
the fans can expect to see some
of the top national and junior
athletes against the visiting ath-
letes.

Coach Grant, the patron for
the meet, decided not to put
any of the attention on himself,
but he put it squarely on the
participating athletes.

“Looking at the past perfor-
mances from the year started,
I’m very pleased with where
track and field is headed and
[I’m very appreciative that our
meet will showcase a lot of
those athletes from the age





ORGANISER Bernard Newbold (left) and sponsor Harrison Petty with some
of the awards to be presented to the winners...



Banker’s Softball League
regular season action

FROM page 9

Seymour, losing pitcher Ron
Wood.

Top Performers (RBC) -
Avery Albury went 2-for-3,
scored two runs and had three
RBI, Phillipa Curtis went 2-for-
2 (two which were doubles),
scored a run and had two RBI,
Sherwin Johnson went 2-for-3
(one which was a double),
scored two runs and had a RBI.

Top Performers (Colina) -
Peter Isaacs went 1-for-4 (one
which was a triple), scored two
runs and had two RBI.

Citibank 12, CMC 2

Winning pitcher was Teddy
Sweeting and losing pitcher, Joe
Johnson.

Top Performers (Citibank) -
Teddy Sweeting went 2-for-3
(one which was a double),
scored two runs and had one
RBI, Erin Adderley went 3-for-
3, scored two runs and had one
RBI, Felipe Sweeting went 2-
for-4, scored 1 run and had
RBI, Lamont Wallace went 2-
for-2, scored a run and had a
RBI.

Top Performers (CMC) -
Dan Bourne went 1-for-2 and

had a RBI and Halson Fergu-
son went 1-for-3 (which was a
double) and scored a run.

Fidelity 22,

FirstCaribbean Bank 3

Winning pitcher was Rory
Newbold, losing pitcher was
Garth McDonald.

Top Performers (Fidelity) -
Dave Munroe 3-for-3 (one
which was a two-run homerun
and a double), scored three
runs and had five RBI, Chavez
Thompson went 3-for-3 (one
which was a two run homerun
and the other a double), scored
two runs and had three RBI,
Alec Rolle went 2-for-2 (two
homeruns, one was a two-run
homerun), three runs scored
and three RBI, Davi Gardiner
went 1-for-4 (which was a grand
slam homerun), scored a run
and had four RBI and Greg
Jones went 2-for-2 (one which
was a double), scored three
runs and had two RBI.

Top Performers (FCIB) -
Mark Gomez went 1-for-2
(which was solo homerun),
scored a run and had a RBI.

¢ Regular season action is
slated to continue 11am Sat-
urday

group to the under-20 to the
senior athletes,” Grant said.

“T think the public is going
to be ready for a big show at
the Fritz Grant Meet because
we have some world class ath-
letes in Nathaniel McKinney,
Sekou Clarke and Adrian Grif-
fith and will have a lot of young
athletes competing.”

The meet will serve as a qual-
ifier for athletes wishing to trav-
el to the Jr CAC in the Domini-
can Republic July 5-9, CAC
Games in Managuez, Puerto
Rico, August 17-31, Jr World
Championships in Moncton,
Canada, August 20-25 and
Commonwealth Games in New
Delhi, India, October 3-14.

West Indies heat
England in rain-
shortened
120 match

PROVIDENCE, Guyana
(AP) — The West Indies
enjoyed some luck with the
weather Monday to defeat Eng-
land by eight wickets with a ball
to spare in a rain-affected ICC
World Twenty20 match.

England was sent in to bat
first and Eoin Morgan’s 55 off
35 balls inspired a total of 191-
5 off 20 overs.

Luke Wright contributed an
unbeaten 45 off 27 balls and
shared a delightful fifth wicket
stand of 95 off 57 balls.

The West Indies’ reply was
abbreviated after steady rain
and they eventually snuck
home off the penultimate deliv-
ery to reach the
Duckworth/Lewis revised tar-
get of 60 off 6 overs.

Captain Chris Gayle
slammed two fours and two six-
es in a crucial 25 off 12 balls.

The home team’s victory
secured its place in the Super
Eights while England must
avoid defeat in Tuesday’s show-
down with Ireland to join the
hosts.

England captain Paul
Collingwood was disappointed
by the result.

“We’re very, very frustrat-
ed," he said. "Ninety-five per-
cent of the time 191 runs is
enough, but with Duck-
worth/Lewis it wasn't.”

Earlier, England got a flying
start from openers Michael
Lumb and Craig Kieswetter
after Gayle won the toss and
decided to bowl first due to the
uncertain weather.

Left-hander Lumb cracked
four fours in 28 off 18 balls
before he fell at 36-1 in the
fourth over.

Fellow debutante Kieswetter
compiled 26 off 14 deliveries,
spiced with a four and three six-
es, before he was leg before to
left-arm spinner Nikita Miller at
66-2.

NPSA set to open fast-pitch campaign

FROM page 9

Eleuthera Softball Association.

Not all of the team rosters
have been received as yet, but
Maycock said they are antici-
pating a very competitive sea-
son, due to the fact that all of
the teams are returning with
the exception of one.

“We have lost the Defence
Force. They won’t be back this
year,” Maycock said. “But we
will see the return of Del Sol.
That should bring a lot of
excitement to the men’s divi-
sion.”

Additionally, Maycock said
there has been a split in one of
the teams with Martin ‘Pork’
Burrows acquiring some play-
ers for his New Breed and the
others remaining with manager
Erin Adderley on the Doran
United Hitmen.

“We are really looking for-
ward to when those two teams

hook up,” Maycock said. “The
two teams feel as if they know
each other and are eager to
play against each other.”

If not for anything else,
expect for the winner to hold
onto a lot of bragging rights.

Other teams entered in the
men’s division are the Mighty
Mitts, Stingrays, Outlaws, Black
Scorpions and the John Bucca-
neers.

On the women’s side, the
other two registered teams are
the Sigma Brackettes and the
Bommer G Lady Swingers.

“We were hoping to have
some more teams entered in
the women’s division, but only
four are registered,” Maycock
said. “I think between them,
this should be a very competi-
tive division because any one
of them have an opportunity to
win.”

Maycock said the executives

are eager to have Stubbs join
their team as the commissioner
because of his disciplinary back-
ground in baseball.

“T’ve had the opportunity to
watch him when he was in base-
ball and he demanded a lot of
respect from the players,” said
Maycock, who is also a member
of the New Providence Scorers
Association, headed by Rozi-
na Taylor.

“So we are looking forward
to him coming in and doing the
same thing for softball. We
expect that there will be a lot of
discipline around the league as
we attract more fans to the
park.”

As a prelude to the season,
which will conduct games every
Tuesday, Thursday and Satur-
day nights, Maycock say they
intend to hold a Get-to-know-
me night on Friday at the park,
starting at 6:30 pm.

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