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.

Record Information

Source Institution:
University of Florida
Holding Location:
University of Florida
Rights Management:
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.
Resource Identifier:
09994850 ( OCLC )

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TRY OUR
SWEET
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LOW

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Pim blowin’ it

S8F
78F

PARTIAL

The Tribune



ANY TIME...ANY PLACE, WE’RE #1





Volume: 106 No.147



USA TODAY.

BAHAMAS EDITION

www.tribune242.com

WEDNESDAY, MAY 19, 2010

Ea

Pharmacy

Hoss may face Hy esa)
4 charges Wel

By DENISE MAYCOCK
Tribune Freeport Reporter

dmaycock@tribunemedia.net

A BAHAMIAN business-
woman accused of being
involved in an alleged illegal
internet pharmacy operation
could face more than 30 US
federal criminal charges.

If convicted, Carleta Car-

Picewell Forbes:
I've entered into
NIB payment plan

By PAUL G TURNQUEST
Tribune Staff Reporter

pturnquest@tribunemedia.net

PLP MP for
South Andros
Picewell
Forbes said
| yesterday he
has entered
into a payment
plan with the
National Insur-



ance Board
: and hopes to
oe have his
$4,434.69 in

arrears taken
care of by the end of this fiscal
year.

Taking exception for what he
felt was an unfair report in The
Nassau Guardian yesterday, Mr
Forbes said he took offence to
the headline which he claims
gave the impression that he
owed some $50,000 to $100,000
in NIB payments.

However, while admitting
that all blame should fall on
him for not paying his contri-
butions on time, Mr Forbes said

SEE page 11

olina, owner of Coral Phar-
maceuticals Ltd, in Logwood
Road, Freeport, faces a pos-
sible maximum statutory sen-
tence of 474 years in prison
and a $10.9 million fine.

An official at the US States
Attorney’s office in Pennsyl-
vania confirmed there is a fed-
eral indictment against Car-
olina and licenced Miami





pharmacist Wayne White, 59.
“At this time no warrant
of arrest has been issued for
Carolina and no schedule has
been set yet for an arraign-
ment here in the US,” said
US States Attorney Office
spokesman Patty Hartman.

SEE page 11

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net





AS the likelihood of the Bahamas being
affected by the gulf coast oil spill increases,
the government may seek to recover costs
from BP, the operators of the exploded
Deepwater Horizon oil rig.

It is feared that ocean currents could car-





Salads Made Delicious.



PRICE —75¢ (Abaco and Grand Bahama $1.25)

ry the spilled oil into Bahamian waters and
devastate wildlife habitats in the north-west-
ern islands.

“Any money that is spent in (a possible)
clean-up the government would be looking to
be reimbursed, and the entire exercise being
paid for by BP,” said Commander Patrick

SEE page 11





* .

POTCAKE SAYS

aT

from the Bahamas’

AAS 02
philosopher

agg Naa

Error almost put
exam sitting in douist

By AVA TURNQUEST
aturnquest@tribunemedia.net







AN ESTIMATED 1,500 residents of Marsh Harbour’s Pigeon Pea settlement were served eviction notices on Monday.



Never st
emeame without us!

art your

]





Teenager says he was badly beaten
by student in presence of teacher





mM SEE PAGE TWO

A SIMPLE error almost
denied students at the Bimini
All-Age School the chance to
sit the extended paper for two
national examinations.

Because of a mix-up by
administrative staff at the
school, four grade 12 young-
sters were not registered for
the third paper of the Mathe-

By MEGAN REYNOLDS
Tribune Staff Reporter
mreynolds@tribunemedia.net



A STUDENT claims he received severe
head injuries after he was beaten by a fellow
student in the presence of his teacher.

The 13-year-old says he was hit repeatedly
on the top of his head by a 15-year-old while
his teacher at the Success Ultimately Reas-
sures Everyone (SURE) programme stood
and watched.

But it was not until his head started to swell

and his scalp, forehead and eyes started to
show bruising, that his father took him to the
Princess Margaret Hospital where on Wednes-
day, according to his mother, he was diag-
nosed with extensive internal bleeding of the
brain.

His mother was called to the hospital and
advised to involve the authorities.

She claims SURE principal Joseph Rolle
denied knowledge of the April 29 attack at
the Gladstone Road campus when she con-

SEE page 11

matics BGCSE, and two of
those students were not reg-
istered to take the extended
paper of the English BGCSE.

An email signed by “a few
concerned parents”, was sent
to The Tribune saying the stu-
dents had been offered the
opportunity to sit the exams
next year, with the cost to be

SEE page seven







NASSAU AND BAHAM/

ISLANDS) LEADING NEWSPAPER





PAGE 2, WEDNESDAY, MAY 19, 2010

LOCAL NEWS

THE TRIBUNE



GOVERNMENT PRESSURED TO. Sim”

By MEGAN REYNOLDS
Tribune Staff Reporter
mreynolds@tribunemedia.net

RESSURE is mount
P ing on the govern-

ment to address
Haitian settlements as
an estimated 1,500
residents of Marsh

Harbour’s Pigeon Pea

face eviction.

The complex mix of Hait-
lan permanent residents, nat-
uralised citizens, people born
in the Bahamas with the right
to citizenship, and Haitian
migrants who may or may not
have work permits living in
around 500 overcrowded
shacks on five acres of land
in the centre of Marsh Har-
bour have been served evic-
tion notices by landowner
Ricky Albury this week giving
them six months to vacate the
property or be moved by
order of the court.

Local government chair-
man of the Marsh Harbour
and Spring City Township
Roscoe Thompson III helped

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ea ee



Mr Albury serve notices yes-
terday and said most residents
are afraid they will have
nowhere to go.

He said he will put pressure
on central government to
address the needs of the soon
to be displaced community by
providing housing for legal
residents and regularising
their status.

Haitian Society of the
Bahamas president Jetta Bap-
tiste said government will
have to regularise their sta-
tus and allow them to become
recognised citizens or work-
ing members of society in
response to the mass eviction.

“T feel if the government
regularised everybody’s sta-
tus people would be happy to
move out and invest in prop-
erties of their own,” she said.

“But right now many peo-
ple are afraid of investing in a
home or property because
they fear they could be
deported and forced to leave
their properties behind, los-
ing their investment.

“So they’re in a situation
where they don’t know what
to do.

“They consider the place
slippery ground.

“So the government should
regularise those who need to
be regularised, and deal with
it once and for all.

“Tf they made them legal,
gave them status, then we
wouldn’t have this problem.

“T think if they address it
like that, all their problems
would be absolved.”

Director of Immigration
Jack Thompson said he
expects a multi-agency

SEE page 12



reach for the stars.

godbrother, Trevon Pinder.





St. Anne’s Catholic School, Rock Sound, (

Eleuthera and receiving a medalofhonour +

from the Governor General. Continue to rs
é

Greetings coming from your mom,
Shenique; grandma Brenda Carey;
aunt, Rowena; sister, Kenique and

&









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facebook
KFC Nassau



everybody's
eople

happy to
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HORRIFIED by the

: escalating murder count, the
: Workers’ Party, along with
: families of murder victims,
: will hold a second pro-hang-
: ing march and motorcade
: for the year.
: Scheduled for Whit Mon-
: day, May 24, the march and
: motorcade will start at 9am
: at the park in Pinewood
: Gardens between Willow
: Tree Avenue and Pigeon
: Plum Street.
: The family of George
): Carey, a recent murder vic-
: tim and Pinewood resident,
|: will be joining the Workers’

: Party and other families of
: murder victims.
: Workers’ Party leader
|: Rodney Moncur said: “The
: Workers Party along with
: family of murder victims
: will once again take to the
: streets. We will call upon
: the government to move all
: of the impediments that
i prevent the execution of
: murderers and to deny the
: bail of those convicted of

: murder.”
7: Mr Moncur charged that
: the murder rate, now at 32,
i is unacceptable and a direct
: result of a “lack of fear for
| : the law and respect for basic
: human values and life.”
: He said: “Our parliament
: and our judicial system
: along with the Attorney
: General’s Office have let
: the Bahamian people down.
: It is a scandal that a man
: can be on bail charged with
: murder and then arrested
: for committing murders.”
: Mr Moncur also criticised
: the implementation of elec-
: tronic monitoring, which
: was a feature of the gov-
: ernment’s recently
: announced anti-crime strat-
: egy. He said the ankle
: bracelets will only create
: more work for officers, and
: — given the country’s unsta-
|: ble electrical supply — may
; turn out to be ineffective.

DEAL WITH HAITIAN SETTLEMENTS ===





as
ee ti hy
PHONE: 322-2157



BAHAMAS CONSUL GENERAL IN ATLANTA ATTENDS PRESIDENTS BRUNC

uf

THE Bahamas’ Consul General in
Atlanta, Katherine Smith (right) with Dr
Beverly Tatum, president of Spellman
College (left) and Dr Susan Rice (centre),
United States Ambassador to the United
Nations, are pictured during the Presiden-
t’s brunch prior to Spellman College’s
commencement exercises in Atlanta,

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



| F
ow

. r 7 | :

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Georgia.

The Bahamas Consulate General for
Atlanta continues to explore opportunities
for Bahamian students at local colleges
and universities in the southeastern US.
Mrs Smith said she is continuing all efforts
to explore scholarship and funding oppor-
tunities for Bahamian students abroad.













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music :

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"| See page 11
7





By REUBEN SHEARER

Tribune Features Reporter

rshearer@tribunemedia.net





ver the last three months, Marco Mullings

partly withdrew from the demands of his

classroom life at St Augustine’s College to
focus on creating a 30-piece art collection called

‘Colour Pallette.”

In the last months of the
spring term, this was no easy
task while preparing his stu-
dents for the final whirlwind
of exams and crucial assign-
ments. But in his downtime,
Mullings produced a beautiful
exhibit unveiled last Tuesday
in the halls of the Central
Bank of the Bahamas gallery.

And this installment is far
from his usual display in that it
is a solo venture.

Mr Mullings took time to
take Tribune Art through the
vision and dynamics of his new
exhibit which is inspired by the
onset of summertime colours.

For Mullings, it was a labour
of love with no setbacks in the
creative process.

He hopes that persons will
be able to appreciate his par-
ticular style with the colours
coming to life in ‘Color Pal-
lette.’

“Bahamians need to
become more involved in the
art movement,” he told 77i-
bune Art yesterday. “We have
quite a bit of artists who fre-
quently display their work at
the bank, but all that is point-
less if it isn’t viewed by peo-
ple.”

In this exhibit, Mullings
intently uses color schemes
that he wouldn’t traditionally
use. By venturing from the
typical blue colour scheme
that he normally paints with,
Mullings changed his style and
technique.

As an artist, he found him-
self becoming bound to a par-

ticular approach, and decided
to veer off into something
new. He wants to evolve, and
even moreso, shake up the
dynamics of his distinctive
style.

The paintings in ‘Colour
Pallette,’ consists of a series
of colours. Four pieces in the
exhibit have a similar colour
scheme. Greens and blues,
reds and oranges are incorpo-
rated in each work and used in
different ways.

Mullings created a piece
depicting seagrapes, using a
colour variation different the
traditional seagrape hues in
green, and yellow. In “Cool
Grapes,” seagrapes are shown
in bloom, and “Midnight
Grapes” depict how you
would see seagrapes at night.

There are musical pieces
called Jam Session, Passion,
Intent, and Colour Duet.
When you look at these, you
see the progression of colour
according to the way it is
assembled.

A special feature of
Mullings’ 30-piece collection
is a physical blind called
‘Colours Of The Day And
Night.’ When he changes the
blinds from the front to the
reversed side, the viewer is
able to see a complete con-
trast to birds in the day, and
the backside is flowers at
night.

‘Colour Pallette’ will be
temporarily displayed until the
end of the month at the Cen-
tral Bank of The Bahamas.

‘\S Bie ~
VIBRANT GRAPES



















THE TRIBUNE

Sp

WEDNESDAY, MAY 19,

ae
y
k

PAGE 9

Or



PAGE 10 ¢ International sports news



ts

2010

Coke Crushers victorious
in spring squash league

THIRTY six squash lovers
formed six teams to battle in a
five-week spring league at the
Squash Club on Village Road.

The final night of competi-
tion on Friday, May 14, was a
hot match up with the Col-
gate Cuties entering the finals
with strong standings.

They faced the Coke
Crushers who battled for the
second place spot after nar-
rowly inching out the
Brunswick Boasters.

“The matches began with
one of our juniors, Dylan
Davies, competing against
Louise Towell and he (Tow-
ell) won 3-1...

“They were followed by
James Burnett and Shane
Garner who won 3-2...Next
up were C J Ansell and Jan
Towell with Ian the victor 3-





SHOWN (I-r) are Joe Johnson, Barbara Albury, Mike Fields, Louise
Towell, Calvin Lockhart and Shane Garner

1...Barbara Albury defeated
Giselle Pyfrom 3-1 and
Howard Mason defeated Joe
Johnson 3-0.”

As the final match was
ready to begin, the scores

were tied 10 apiece.

Mike Fields managed to
come from behind and defeat
Adrian Burrows 3-2 giving
the Coke Crushers one of
their first league victories.

‘Sonny Boy’ Rahming
championships to feature
more than 50 bouts

By RENALDO DORSETT
Sports Reporter
rdorsett@tribunemedia.net

ONE of the leading boxing
clubs in the Bahamas is get-
ting ready to stage one of the
biggest events on its calendar
and honour one of the sport’s
legends of yesteryear.

Champion Amateur Box-
ing Club is scheduled to host
yet another edition of its
Wellington “Sonny Boy”
Rahming Silver Gloves
Championships.

The event is expected to
feature more than 50 bouts
on consecutive Saturdays —
May 29 and June 5 — at the
Ray Minus Jr boxing gym on
Wulff Road.

Geared towards placing a
greater focus on the develop-
ment of local boxing’s rising
stars, five matches have been
pegged by Ray Minus Jr,
president of Champion Ama-
teur Boxing Club, as ones to
watch.

These matchups include
Prince Johnson vs Ricardo
McKenzie, Keno Newman vs
Anthon Brown, Valentino
McPhee vs Kenray Lord and



BOXING



Richard Charlton vs Javoun
Collins.

“Sonny Boy” Rahming was
avery well-known local fight-
er during the ‘golden years’
of professional boxing.

In the ring, he squared off

with the likes of Yama
Bahama, Gomeo Brennan
and Boston Blackie.

Following a career in the
ring, he turned to training and
mentoring generations of
young boxers on the local
scene and helped to hone the
skills of some of the country’s
best fighters.

Minus Jr said Rahming was
a special case because of the
attention and focus he gave
to underprivileged young men
from around the local com-
munity.

Minus said the event is one
of the events Champion Ama-
teur Boxing Club hosts to
boost the youth development
of boxing in the Bahamas.

A former fighter and Com-
monwealth champion, Minus
Jr started the boxing club in
Nassau in 1993 as a way of
giving back to the sport.

Today, the club has more
than 200 participants and its
alumni list includes some of
the best boxers in the
Bahamas who have gone on
to compete in the Olympic
and Pan American Games
and the Caribbean Champi-
onships.

Baseball leagues look
for bragging rights, title
of national champions

By RENALDO DORSETT
Sports Reporter
rdorsett@tribunemedia.net

WITH the Bahamas Base-
ball Federation’s 8th Annual
Andre Rodgers National
Baseball Championships on
the horizon, just a few weeks
away, leagues around the
country look to battle for
bragging rights and the title of
national champions.

One league that looks to
continue its dominance is the
Freedom Farm Baseball
League.

Freedom Farm has domi-
nated the competition since
the tournament’s inception,
capturing a federation-high
14 division championships,
and 18 gold medals.

The National Baseball
Championships will feature
players in six age brackets:
Coach Pitch (7-8), Bantam
Minor (9-10), Bantam Senior
(11-12), Junior (13-15), Senior
High School (16-18) and Col-
legiate Divisions (25-and-

BASEBALL

under).

Participating leagues
include the Abaco Baseball
League (ABL), Bimini Base-
ball League (BBL), Grand
Bahama Amateur Baseball
League (GBABL), Grand
Bahama Little League
(GBLL), Eleuthera Baseball
Association (EBA), Freedom
Farm Baseball League
(FFBL), Inagua Baseball
Association (IBA), Junior
Baseball League of Nassau
(JBLN), Legacy Baseball
League (LBL) and the Span-
ish Wells Baseball Associa-
tion (SWBA).

Freedom Farm has cap-
tured titles in the Coach Pitch
division three of the last four
years, only losing out to Lega-
cy Baseball in 2008.

They have won the 9-10
division, three of the last four
years, the 12-and-under divi-
sion in 2007 and 2009, and

have swept the collegiate divi-
sion each of the past four
years.

The Junior Baseball
League of Nassau has cap-
tured eight championships
and nine gold medals.

They took the 12-and-
under division two of the past
four years and followed suit
with the 13-15 division in 2007
and 2009.

Legacy Baseball of Grand
Bahama has captured five
division titles and six gold
medals. They took the 13-15
division in 2006, and the 16-18
division in 2008 and 2009.

The National Baseball
Championships has become
the country’s most all-encom-
passing sporting event and is
set for its latest installment
to be hosted in Grand
Bahama for the first time,
June 3-6.

This year’s event is expect-
ed to feature a record 37
teams and over 650 athletes
from six islands across the
Bahamas.







»" LeBron: please,
PLEASE stay...





Mercy rule!

By RENALDO DORSETT
Sports Reporter
rdorsett@tribunemedia.net



his week’s early matchups in

the New Providence Softball

Association (NPSA) featured

a lopsided finish and a nail
biter for two teams looking to be atop
the rankings in the men’s division at the
end of the season.

The Nassau Stingrays blew away the
DelSol Arawaks in the opener while the
New Breed took a hard-fought decision
over the Outlaws.

Leroy Thompson dominated the
Arawaks’ lineup at the mound and gave
up just two hits en route to the 18-1 win.
Randy Gibson was tagged with the loss
after being blasted by the Stingrays’ play-
ers.

DelSol opened the game, taking an ear-
ly 1-0 lead in the home half of the first
inning, with the only score and run pro-
duction of the contest.

The Stingrays responded with 13 runs
in an efficient first inning to take com-
mand of the game. Thompson held the
Arawaks scoreless over the remaining
two innings before the game was stopped
due to the mercy rule.

Greg Burrows Jr was 2-2 with three
runs and three RBI which included a
home run and a double.

Byron Ferguson went 2-3 with three
runs and two RBI and Devaughn Wong
was 2-3 with three runs and three RBI.
For the Arawaks, Lou Johnson was 1-2
with one run.

In the night’s feature match up, the
New Breed added late-inning run sup-
port to clinch a decision over the Out-

¢ Nassau Stingrays
blow away DelSol
Arawaks, 18-1

¢ New Breed clinch
decision over
the Outlaws, 7-5

laws, 7-5. The Outlaws took a 2-0 lead
in the first inning, however it would be
short lived as the New Breed gained con-
trol in the bottom half of the second
inning with four runs.

Trailing 4-2, the Outlaws came within
one in the third inning but the New Breed
again plated a score for a 5-3 advantage.

With two runs in the top of the fourth,
the Outlaws tied the game at 5 heading
into the bottom of the fourth, but could-
n’t add a score in the game’s waning
moments.

The New Breed regained the lead for
good with a run in the bottom half of the
fourth and added another in the sixth for
the winning margin as they held the Out-
laws scoreless for the game’s final innings.

DeAndre Rigby led the New Breed
offensively with a 2-3 night which includ-
ed three runs and two RBI.

For the Outlaws, Adrian Pinder was
2-3 with four RBI. Daniel Gonzalez got
the win while Roscoe Thompson was
tagged with the loss.

League play is scheduled to continue
7:30pm Thursday at the Blue Hills Sport-
ing Complex.











~ On
previous
Steering wheel-mounted audio controls
Air conditioning & filtration system
Power windows, door mirrors and locks
Cloth or leather interior
Front, side & side curtain airbags
Immobilizer theft-deterrent system
Remote entry system
Comfortably seats five
6-disc CD player
268-hp, V-6 engine.



Ly

Website: www.hondabahamas.com

Cleveland fans to

See page 9






Savings can
be beautiful.
As beautiful
as the car.

Look good in the Honda Accord’s
dramatic styling and enjoy its advanced
technology. These add up to lower
emissions, better fuel economy,

larger cabin, top-rated safety, low
maintenance costs and high resale
value. Test drive one today at Nassau

Motor Company on Shirley Street.

Ui adc -19
Tel: (242) 302-0130 m Fax: (242) 323-7272

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





PAGE 10, WEDNESDAY, MAY 19, 2010

INTERNATIONAL SPORTS

Blue Jays hack
Marcum with
4 Rs, heat
Twins 11-2

TORONTO (AP) —
Edwin Encarnacion came off
the disabled list and hit one of
Toronto’s four home runs
Tuesday.

The Blue Jays backed
Shaun Marcum in an 11-2
romp over the Minnesota
Twins.

Vernon Wells, Aaron Hill
and Lyle Overbay also con-
nected. The Blue Jays lead
the majors with 65 home runs
this season.

Marcum (3-1) won his third
straight decision, allowing one
run and five hits in seven
innings.

Carl Pavano (4-4) was
pounded for six runs and 10
hits in four innings. He has a
6.21 ERA in 10 career games
against Toronto.



Baghdatis beats
Recouderc in
Nice 1st round

NICE, France (AP) —
Fifth-seeded Marcos Bagh-
datis of Cyprus defeated
Laurent Recouderce of
France 6-4, 7-5 in the first
round of the Open de
Nice.

Baghdatis was initially
scheduled to play Mario
Ancic on Tuesday, but the
Croat withdrew because of
a back injury. The Cypriot
dropped serve only once
and will play Simon Greul
of Germany.

Frenchmen Richard
Gasquet routed Lukas
Lacko of Slovakia 6-3, 6-
0.

Sergiy Stakhovsky of
Ukraine defeated Andreas
Seppi of Italy 7-5, 6-3 to
reach the quarterfinals.
Florent Serra edged Ilya
Marchenko of Ukraine 7-
5, 7-6 (4).

Serra won the last five
points of his first-round
match with the help of a
double-fault that gave
Marchenko a 3-1 lead in
the tiebreaker. The
Frenchman will meet sec-
ond-seeded Fernando Ver-
dasco of Spain.

Alexandr Dolgopolov of
Ukraine beat sixth-seeded
Albert Montanes of Spain
6-3, 7-5. Dolgopolov had
11 aces and broke three
times against Montanes,
who beat Roger Federer
in the Estoril Open semifi-
nals en route to winning
the title this month in Por-
tugal.







Drive one.



Lakers rout Suns in game one

KOBE BRYANT dribbles around
Suns forward Grant Hill during the
second half of Game 1 of the
Western Conference finals Monday
in Los Angeles...

By GREG BEACHAM
AP Sports Writer



LOS ANGELES (AP) — The jubi-
lant chant echoed down from the Sta-
ples Center rafters late in the Western
Conference finals opener: “We want
Boston! We want Boston!”

Hold on there, Hollywood. The Los
Angeles Lakers still have plenty of
work to do, even if Kobe Bryant’s
40-point performance in a 128-107
victory Monday night suggested the
defending champions could make
short work of the Phoenix Suns.

Bryant was brilliant in the 11th 40-
point game of his postseason career,
going 13 for 23 with three 3-pointers
and hitting 11 free throws with just
one miss, all despite staying off the
practice court for most of the past
week to rest his ailing knee, ankle,



finger and back.

Practice? Kobe doesn’t need much
practice this time of year. His injuries
are minor impediments to his major
postseason drive.

“T practice so much during the sea-
son,” Bryant said. “In the offseason, I
work a lot. To take a week off, ’'m
not going to lose all the work I put in
prior to that.”

Lamar Odom had 19 points and 19
rebounds in a resurgent game off the
bench, while Pau Gasol had 21 points
as the top-seeded Lakers won their
seventh straight playoff game and
snapped the Suns’ six-game streak.

The Lakers beat the third-seeded
Suns at their own uptempo game
when necessary, fluidly running the
court to set up baskets for Bryant in
his sixth straight 30-point game.

Amare Stoudemire scored 23

(AP Photo)



points and Steve Nash had 13 points
and 13 assists for the Suns, who had-
n't lost since April 24. Robin Lopez
started at center and scored 14 points
in his playoff debut, but Phoenix
couldn’t keep up with the champs’ 58
per cent shooting in the Suns’ first
conference finals appearance since
2006.

Phoenix also ran into the same
height problems faced by Utah and
Oklahoma City earlier in the Lakers’
playoff run.

Los Angeles committed just nine
turnovers in Game 1 while outre-
bounding the smaller Suns 42-34, and
Phoenix went just 5 for 22 on 3-point-
ers after leading the NBA from that
distance in the regular season and the
playoffs’ first two rounds.

Game 2 is Wednesday night at Sta-
ples Center.







Cleveland fans to LeBron: please, PLEASE stay

By THOMAS J SHEERAN
Associated Press Writer

CLEVELAND (AP) —
They’re saying it on bill-
boards, in song, in letters, in
petitions and more.

Whatever the format, the
message from Clevelanders is
the same: Dear LeBron
James, please don’t go. Please
please please don’t go.

This hard-luck city on the
shores of Lake Erie is des-
perately trying to show its
NBA superstar that, with free
agency looming July 1, the
best spot for him is right up
the road from his hometown
of Akron, Ohio, the place
where he's played for seven
seasons as a Cleveland Cava-
lier and won two MVP
awards.

And in the wake of a baf-
fling early exit from the play-
offs — a six-game series loss
to the Boston Celtics — the
grass roots campaign has tak-
en on not just a new urgency
but the sense of a last chance.

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LEBRON JAMES walks off the
court after the Cavaliers lost 94-
85 to the Boston Celtics in Game
6 in a second-round playoff
series in Boston... (AP Phota)

Without James, after all, the
chances of Cleveland break-
ing its 46-year titleless streak
in major pro sports don’t

fat

seem too good.

“He’s a hometown guy. We
definitely want to put that on
his conscience,” said 23-year-
old Austin Briggs, of Cleve-
land Heights, co-founder of
the Web = site please-
dontleave23.com.

Want to join the band wag-
on? You can sign a “Stay
LeBron” petition right on the
hood of Brigg’s souped-up
1987 Oldsmobile Cutlass
Supreme, dubbed the “Wit-
ness Mobile.”

Even before the playoffs,
fans had helped fund a banner
near the home of the Cavs,
showing James through his
life with the words “Born
Here. Raised Here. Plays
Here. Stays Here.”

But if Clevelanders think
showing a little civic pride will
be enough to romance
LeBron, they better think
again.

Other cities are trying to
woo him, too.

In New York City, The
Daily News has launched

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www.getlebron.com and even
Mayor Michael Bloomberg
has made a case for James to
move — to the Knicks or the
Nets.

“T love living in New York,
my kids love living in New
York,” Bloomberg said last
week. “I think LeBron James
would love living in New
York and it is the world’s
greatest stage.”

Bulls fans, meanwhile, have
www.sendlebrontochicago.co
m while long-suffering Los
Angeles Clipper fans are
planning a parade aimed at
showing the MVP some love.

So far, James hasn’t tipped
his hand.

“Tt’s all about winning for
me and I think the Cavs are
committed to doing that, but
at the same time I’ve given
myself options to this point,”
he said.

The Cavaliers can offer him
around $30 million more than
any team, but several other
clubs can make pitches begin-
ning July 1.

THE TRIBUNE

Nuggets coach
Karl slowly
recovering

DENVER (AP) —
Nuggets coach George Karl
has started showing up at
work on occasion and getting
out more as he slowly recov-
ers from throat cancer and its
complications.

Kim Van Deraa, Karl’s life
partner and mother of their
five-year-old daughter, wrote
in her blog Tuesday that Kar-
l’s energy level is slowly rising
and that he is still using a
feeding tube for most of his
nutrition but occasionally eats
peaches.

“He has tried a few other
things which usually ended
with - ’'m not ready for that!”
Van Deraa wrote.

Van Deraa wrote that Karl
is getting out to more places
than just his doctor’s office,
where he frequently has to go
to make sure his blood-thin-
ning medication levels are
right. Karl has twice been hos-
pitalized with blood clots in
his legs or lungs following his
six-week radiation and
chemotherapy treatment.

“He is in good spirits which
is the most important thing!!!”
Van Deraa wrote. “He also
lost approximately 40 lbs
which might not be great for
his recovery process right now
but once he is feeling better
this will help his energy and
activity level.”

Karl, who turned 59 last
week, has said he intends to
return to coaching later this
summer, health permitting.

Nuggets owner Stan
Kroenke said Karl’s health is
the organisation’s No. | pri-
ority this offseason.

Woods adds
British Open
to schedule

ORLANDO, Fla. (AP) —
Tiger Woods has added the
British Open to his summer
schedule.

Woods has a chance to
become the first player in the
150-year history of the British
Open to win three times at
St. Andrews, where golf’s old-
est championship will be held
July 15-18.

He added the British Open
to the schedule on his web-
site Monday.

Woods, who withdrew from
the final round of The Players
Championship on May 9 with
aneck injury, also has the US
Open at Pebble Beach and
the AT&T National at Aron-
imink on his schedule.

He has yet to enter the
Memorial, where he is the
defending champion.



NATE CAMPBELL (left) fights Victor Ortiz during their WBA Super
Lightweight match Saturday at Madison Square Garden in New York.

Ortiz won by a unanimous decision...

(AP Photo)

Ortiz beats Campbell by
unanimous decision

NEW YORK (AP) —
Junior welterweight con-
tender Victor Ortiz breezed
to an impressive unanimous
decision over former light-
weight champion Nate Camp-
bell on Saturday night on the
undercard of Amir Khan’s
title defense against Paulie
Malignaggi.

The 23-year-old Ortiz won
his third straight fight since a
stunning loss to Marcos Maid-
ana last year, once again
putting his name on the list
of top fighters in the 140-
pound division.

Judges Don Trella and Julie
Lederman scored it 100-89
while Tom Schreck had it 99-
90. The Associated Press also
scored it 100-89.

Ortiz (27-2-1) was never in
trouble, finishing his worst
round — the first — by con-
necting with a short right just

before that bell that forced
Campbell (33-6) to touch his
glove to the mat.

The referee ruled it a
knockdown, even though
Campbell argued that it was a
slip. It hardly mattered by the
end of the fight.

Ortiz simply had too much
offense for the 38-year-old
former titleholder, landing the
harder and cleaner blows and
unloading short uppercuts
under Campbell’s peak-a-boo
defense.

Ortiz also used his decep-
tive quickness to stay away
from Campbell’s right hand,
which he kept loading up in
an attempt to deliver a knock-
out blow.

By the ninth round, Camp-
bell seemed resigned to defeat
and Ortiz landed a series of
shots that nearly ended the
fight.

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



THE TRIBUNE

SECTION B ¢ business@tribunemedia.net











Felipé Major/Tribune staff





CARIBBEAN Development Bank (CDB) president Dr Compton Bourne
speaks during Tuesday’s signing. Zhivargo Laing, minister of state for
finance, can be seen in the background...

See full story on page 3B



Bahamas ‘retires’
debt worth S80m

By CHESTER ROBARDS
Business Reporter
crobards@tribunemedia.net

THE BAHAMAS retired
$80 million in debt during its
last fiscal period, the minis-
ter of state for finance said
yesterday, even as it signed
on to a new loan facility with
the Caribbean Development
Bank (CDB) worth $10.109
million.

Zhivargo Laing said the
CDB funds will be reflected
in the upcoming 2010-2011
Budget, which will be
unveiled in Parliament on

* Government signs on to
$10.109m CDB loan, as
minister says ‘the worst
is behind us’ for the
Bahamian economy

* Adds that no need for
‘extraordinary measures’
in upcoming 2010-

2011 Budget

May 26 and come into effect
on July 1.

SEE page 6B

Bahamas bank
sued in relation

to Madoff fraud



By NEIL HARTNELL
Tribune Business Editor

A BAHAMAS-based bank
and trust company has been
sued over losses sustained
from alleged investments in
Bahamian-domiciled invest-
ment funds, which invested
the bulk of their assets with
$50 billion fraudster Bernard
Madoff.

Santander Bank & Trust
(Bahamas), which is based at
the Goodman’s Bay Corpo-
rate Centre on West Bay
Street, has been sued along
with other entities and execu-
tives in the Spanish-head-
quartered banking group, by
four Cayman Islands hedge
funds in relation to invest-
ments that were made in
Optimal Multiadvisors, a
Bahamian-domiciled invest-
ment fund, and its sub-funds.

According to the complaint,
which was filed in the US Dis-

‘Get businesses

By NEIL HARTNELL
Tribune Business Editor

THE Government needs to
“get businesses off the blocks
and entrepreneurs working” if
it is to turn the economy and
its finances around, a leading
fiscal hawk yesterday urging
this nation to compare itself
to “the best, not the worst”
on issues of fiscal prudence.

Rick Lowe, a leading exec-
utive with the Nassau Insti-
tute economic think-tank,
urged the Government to
avoid any new or increased
taxes in the 2010-2011 Bud-
get, as this would only hob-
ble the private sector and eco-
nomic recovery further, and
told Tribune Business: “In my
opinion, we’re close to the
edge.”

Admitting that he was
unable to read the Govern-
ment’s fiscal plans, which will
be unveiled next Wednesday,
Mr Lowe said: “There seems
to be a lot of people hurting,
but ’m hoping there’s going
to be some austerity measures
to start to turn things back
around, as we can’t continue
the way we’re going.

“There’s certainly got to be
some cut backs on govern-
ment spending. There may
have to be some early retire-

trict Court for south Florida
on March 8, 2010, the
Bahamian bank is being sued
on the grounds that it alleged-
ly acted as the custodian for
the hedge funds’ investments
in the Optimal structure.

Optimal Multiadvisors was
described as a Bahamian
Standard Fund that was incor-
porated as an International
Business Company (IBC) in
1995, with its registered office
allegedly being the Lennox
Paton law firm. The latter is
not named as a defendant in
the hedge funds’ action, and
neither is PricewaterhouseC-
oopers (Bahamas), the funds’
auditor.

The hedge funds alleged
that the Santander group,
which effectively managed the
Optimal fund and sub-funds,
failed to maintain the ‘low
risk’ investment profile they

SEE page 7B

off the blocks’

* Fiscal hawk warns against
new and increased taxes in
Budget, as government
must ‘get entrepreneurs
working’ to turn economy
and finances around

* Urges Bahamas not
to compare itself to the
‘worst’ on public finances

ments, they may have to be
some cut backs on pensions,
and there may, regretfully,
have to be some lay-offs until
this thing turns around.”

Given that the Govern-
ment’s revenues, especially
taxes and fees, were heavily
dependent on the private sec-
tor and general levels of eco-
nomic activity, Mr Lowe
added: “It’s tough, but they’ve
got to encourage some busi-
nesses to get off the blocks.

“Instead of putting blocks
in people’s way, and I’m not
advocating subsidies, they
need to look at things such as
granting people business
licences to get them moving.
The answer is that they’ve got
to get entrepreneurs work-
ing.”

SEE page 4B

m

WEDNESDAY,

MAY

19,



2010

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By NEIL HARTNELL
Tribune Business Editor

inority
sharehold-
ers in
Associated
Bahamian
Distillers and Brewers
(ABDAB) were yesterday
questioning whether they
would benefit from
Heineken’s purchase of the
company’s stakes in Com-
monwealth Brewery and
Burns House, telling Tribune
Business they had received
zero information on the deal
- an assertion seemingly at
odds with representations to
the Securities Commission.
This newspaper contacted
several shareholders in the
investment vehicle controlled
by Sir Garet ‘Tiger’ Fin-
layson and his family, all of
whom told Tribune Business
that they had received no
information about the details
of the transaction, and nor
had their approval of the



Trying to catch a
‘Tiger’ by the tail

* Minority ABDAB investors say they have received
no details on $120-125m Heineken buyout, and
question whether they will get dividend payout

* Regulator says position at odds with company’s
representations to it that shareholders ‘approved the deal’

* Investors include DPM and family; Sir Orville; Cabinet Minister,
Sir Albert Miller and assorted leading businessmen

deal been sought.

T. B. Donaldson,
the former Central
Bank governor and |}
current Common-
wealth Bank chair-
man, who holds
some 604 ABDAB |
shares, told Tribune
Business: “The
answer is no”, in
response to whether
he had received any
information on the Heineken
transaction/.

He added: “I doubt
whether any shareholders



DONALDSON

received anything. I
seldom receive any-
thing from, them.
I'd be quite sur-
prised if anyone
received anything at
all.” When asked
whether he hoped
to receive a divi-
dend from
ABDAB, as a result
of the company
receiving a nine-fig-
ure sum from Heineken for
its stakes, Mr Donaldson
replied: “I hope so, but I nev-
er hold my breath.”

Kenwood Kerr, Provi-
dence Advisors’ chief execu-
tive, who holds some 132
ABDAB shares on trust for
the Bahamas Electricity Cor-
poration (BEC), also con-
firmed that he had received
no communication from
ABDAB on behalf of his
clients.

“IT suspect that they
would,” Mr Kerr said, when
asked whether his client
hoped to receive a dividend
from ABDAB as a result of

SEE page 5B



We want a ‘doom and gloom’ Budget

By NEIL HARTNELL
Tribune Business Editor

THE Government has run
quarterly deficits ranging
from $75-$150 million over
the past 15 months, data
released yesterday revealed,
as a former Chamber of Com-
merce president urged the
Government to use the
upcoming 2010-2011 Budget
to “do something that’s in the
best interests of the country”,
not the FNM’s re-election
chances.

Information released yes-
terday by the Central Bank
of the Bahamas showed that
over the five periods between
the fiscal 2008-2009 second

* Government runs quarterly deficits of between
$75-150m over past 15 months, Central Bank reveals

* Former Chamber president urges government to ‘do
what’s in Bahamas best interests, not in FNM’s
best interests’, in 2010-2011 fiscal plans

* Warns that unlike Greece, ‘no one will bail us out’

* Describes debt and deficit increases as ‘incredibly
worrying’, and inaction could ‘devastate’ economy

quarter, and the same period
in 2009-2010, the Government
had run consistently heavy
deficits that peaked at almost
$150 million in the 2008-2009
fourth quarter.

That period, which would
have been April-June 2009,

ROYAL 3 FIDELITY

Money at Work

saw government revenues of
just under $400 million
dwarfed by some $540 million
in public spending, something
that helped to drive a $687.7
million or 21.4 per cent year-

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 19, 2010

THE TRIBUNE



Home building gain likely
to fade with tax credit

By ALAN ZIBEL &
MARTIN CRUTSINGER
AP Business Writers

WASHINGTON (AP) —
Home construction rebound-
ed last month to the highest
level in 18 months as buyers
capitalized on tax incentives.
But now that those tax credits
have expired, builders are
scaling back.

That means the home-
building industry isn’t likely
to contribute as much to the
economic recovery. Analysts
expect sales to fall this sum-
mer as the effect of the tax
credits fades.

Mortgage rates have
remained near record-low lev-
els. But high unemployment
and tight lending standards,
combined with the end of the
tax credits, will keep a lid on
home construction, analysts
say.

“Potential homebuyers are
a little rattled by the state of
the economy and what has
happened in housing over the
past two to three years,” said
Wells Fargo economist Tim
Quinlan.

The rate of construction of
single-family homes and
apartment buildings rose 5.8
per cent last month to a sea-
sonally adjusted annual rate
of 672,000, the Commerce
Department said Tuesday.

That’s the highest level
since October 2008. It was dri-
ven by a 10 per cent increase
in single-family home build-
ing. The rate of homebuild-
ing remains 70 per cent below
the decade’s peak in January
2006.

Still, it’s climbed more than
40 per cent above the April
2009 bottom.

Adding to evidence that the
pace of construction will slow
was the latest reading on
applications for new building







NEW HOMES are under construction at Artesia by Minto in Sunrise, Florida. Construction of new homes
rose more than expected in April, but new building permits fell sharply, signalling that the building
industry’s rebound could be short-lived...

permits, a gauge of future
activity: Applications sank
11.5 per cent in April to an
annual rate of 606,000. That’s
the lowest point since Octo-
ber 2009.

A separate report Tuesday
showed wholesale inflation
remains tame. Prices fell 0.1
per cent in April. Core infla-
tion, which excludes volatile
energy and food prices, rose
0.2 per cent, the Labour
Department said. But over
the past year, core prices have
risen just one per cent.

The absence of inflation
pressures means the Federal
Reserve can keep interest
rates at record lows to bolster

the economic recovery. Some
Fed officials think the bigger
risk now is deflation — a
destabilizing period of falling
prices and wages. The United
States hasn’t suffered from
deflation since the Great
Depression. Still, most econ-
omists think the risk of defla-
tion remains remote.

The results of the Com-
merce report show that
builders ramped up to meet
demand from buyers seeking
to take advantage of the two
tax credits: One was up to
$8,000 for new buyers. The
other was $6,500 for current
owners who buy and move
into another home.

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To receive either tax credit,
borrowers had to have a
signed offer by April 30 and
must close the deal by the end
of June.

About 2.2 million house-
holds have used those credits
at a cost of $16 billion through
late March, according to the
Internal Revenue Service.
There’s been no push in Con-
gress to extend them.

Still, builders are feeling
hopeful. The nationwide sup-
ply of unsold new homes has
declined and now stands at
the lowest level in 40 years.
And many builders are buy-
ing up failed projects or unde-
veloped lots that fell into fore-

closure and are restarting
development projects, said
Brad Hunter, chief economist
with Metrostudy, a real estate
consulting firm.

“Those builders that are
still alive are actually finding
themselves with projects that
are in demand and in good
locations,” he said.

The National Association
of Home Builders’ housing
market index, which tracks
industry confidence, rose
three points this month to the
highest reading since August
2007.

Nevertheless, Hunter pre-
dicts it won’t be until 2012
before home construction
returns to healthy levels.

In the meantime, the still-
sluggish pace of the econom-
ic recovery is holding back
price increases.

For April, wholesale food
costs dipped 0.2 per cent. It
was the first decline in nine
months. And it came after a
2.4 per cent surge during the
previous month — the largest
gain in 26 years. The March
increase reflected the impact
of a winter freeze in Florida
that damaged citrus and veg-
etable crops.

Energy prices fell in April
with gasoline down 2.7 per
cent.

The rise in core inflation
followed two straight months
of 0.1 per cent gains. House-
hold appliances posted a 1.9
per cent jump, the largest
since October 1974. Passen-
ger car prices rose 0.6 per
cent. It was the biggest such
increase since June.

Economists predict that a
report on consumer prices
Wednesday will also show
slight price pressures. They
predicting overall inflation
and core inflation will both
post 0.1 per cent gains.

The recession has banished













SAMIRA COLEBY

Realtor
names new
employee

DAMIANOS Sothe-
by’s International Realty
has named Samira Cole-
by, the former head of
Alliance Frangaise, to its
Nassau sales team.

She moved to the
Bahamas from Paris in
1993 and began teaching
French. For twelve years
she ran the Alliance
Frangaise, and received
the prestigious Palmes
Académiques from the
French Government as a
reward for her work.

Benefiting greatly from
her contacts through the
Alliance Frangaise, Ms
Coleby has acquired
extensive knowledge and
understanding of the real
estate market in the
Bahamas, and has been
successful in working with
buyers and sellers.

She is bilingual and
able to service her buyers
and sellers fluently in
French or English.







inflation for now.

In part, that’s because the
loss of more than eight mil-
lion jobs over the past two
years has left workers with-
out the bargaining power to
boost wages.

We want a ‘doom
and gloom’ Budget

FROM page 1B

over-year increase in the
Bahamas’ national debt. That
reached $3.901 billion at year-
end 2009.

For the second quarter of
the Government’s 2009-2010
fiscal quarter, the deficit
appeared to stabilise at $75
million - the same level it
reached in that quarter during
2008-2009. That, though, is
slightly misleading, because
the 2009-2010 figures received
significant one-time boosts via
the $64 million received from
Statoil’s purchase of South
Riding Point, plus a $25 mil-
lion Bahamas Telecommuni-
cations Company (BTC) div-
idend.

Meanwhile, Dionisio
D’ Aguilar, the former Cham-
ber president, described the
Bahamas’ 53.6 per cent debt-
to-gross domestic product
(GDP) ratio at end-2009 as
“incredibly worrying”, and
said of the 2010-2011 Budget
due to be delivered in the
House of Assembly next
Wednesday: “They'd better
get it right this time.

“This is an opportunity for
the Government to do some-
thing that’s in the best inter-
ests of the country, and not
necessarily in the best inter-
ests of the Free National
Movement.

“We've just got to stop this
spending. It’s at a worrying
level, and we couldn’t survive
what the Greeks are going
through. No one will come to
our rescue. No one will bail
us out. We need to do some-
thing. We can’t sustain this

INSIGHT

For the stories

behind the news,
read Insight
on Mondays



rate of growth in our debt.

“This should be a doom
and gloom Budget,” Mr
D’ Aguilar added. “The econ-
omy is in a shambles, and the
Government needs to show
fiscal responsibility by doing
what is in the best interests
of the economy, and not what
is in the best interests of the
FNM.

“T think that if they show
they’re serious about manag-
ing the finances of the country
prudently, people will know
what is going on in the world
and respond positively to
someone saying things are
tough.”

Rather than “tighten our
belts” when the global credit
crunch/recession hit, Mr
D’Aguilar said the Govern-
ment had opted to follow
most other nations in unleash-
ing an economic stimulus pro-
gramme, and “spent like
crazy”.

“That’s worrying to me,”
he added, telling Tribune
Business that if the Govern-
ment was being short-termist
and short-sighted, “thinking
about the next election” and
not being fiscally prudent, it
was “going to devastate the
economy”.

“You've got to do the right
thing and let everyone know
this is belt tightening,” Mr
D’ Aguilar told Tribune Busi-
ness. “We’ve got to get that
deficit down, get expenditure
back on track. These huge
deficits are unacceptable.
Every educated Bahamian
expects the Government to
say: ‘No more increases’.
They can’ sustain these
increases.”

The international credit rat-
ing agencies, Moody’s and
Standard & Poor’s (S&P),
were now watching and wait-
ing to “see whether we’re seri-
ous enough and whether we
can do it” in relation to cut-
ting the fiscal deficit and
national debt.

Prime Minister Hubert
Ingraham and his government
have thus far given little indi-
cation of the measures set to
be adopted in the 2010-20111
Budget, apart from indica-

tions by Zhivargo Laing, min-
ister of state for finance, that
they will seek to set the
Bahamas back on the correct
fiscal path.

Tribune Business inquiries
yesterday indicated that the
main Bahamian business
organisations had yet to be
consulted on the Budget, and
have no idea what it will con-
tain. Mr D’ Aguilar contrasted
this low-key approach with
that of the new UK chancel-
lor, George Osborne, who
had already stated his inten-
tion to slash £6 billion from
the British government’s
spending in the upcoming
budget.

Telling Tribune Business
that he was “fearful” thoughts
of a 2012 election would dom-
inate the Government’s think-
ing, the former Chamber chief
added: “They can’t afford to
be irresponsible. There’s just
no room for that.

“Yow re going to get a lot
of flak and people complain-
ing, and the civil servants
jumping up and down, but
they’ve seen not one wage
cut, not one job loss.”

For the second quarter of
the Government’s fiscal year,
which covers the three-month
period between October-
December, the Central Bank
attributed the deficit’s year-
over-year “stabilisation”, at
$75 million, to a 17.6 per cent
revenue increase that was
generated by the one-off
transaction gains.

Tax receipts, which
accounted for 70 per cent of
revenues, fell by 8.5 per cent
to $254.7 million. Interna-
tional trade and transaction
taxes fell by 19.3 per cent to
$130 million, due to a 16.2 per
cent decline in import duties
to $83.9 million and a 30.4 per
cent fall in excise taxes.

Elsewhere, the fall in gam-
ing revenues drove a 28.8 per
cent fall in services fees to
$6.2 million. Collections from
business and professional
licence fees dropped 27.1 per
cent to $8.1 million, with
departure taxes off 3 per cent
year-over-year at $11.5 mil-
lion.

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



THE TRIBUNE

WEDNESDAY, MAY 19, 2010, PAGE 3B



Infrastructure
loan’s Family
Island boost

By CHESTER ROBARDS
Business Reporter
crobards@tribunemedia.net

THE BAHAMAS yester-
day signed a $10.109 million
loan facility with the
Caribbean Development
Bank for several social and
economic infrastructure
upgrades in the Family
Islands, plus a $37,000 tech-
nical grant for road and port
feasibility studies - the first
such loan from the CDB in a
number of years.

Minister of State for
Finance, Zhivargo Laing, said
the financing acquired by the
Government will go towards
the rehabilitation of a num-
ber of docks and bridges,
serving as a catalyst for the
beginnings of improvements
to the Bahamas’ inter and
intra-island transportation
system.

According to Mr Laing,
work on these projects could
begin as early as summer
2010, boosting employment
in Andros, Eleuthera and
Exuma.

"This financing is for a pro-
ject which will improve and
sustain access to social and
economic infrastructure nec-
essary for employment and
income genertion in the Fam-
ily Islands of the Bahamas," a
CDB release said.

"Under the project, Fresh
Creek Dock in central
Andros will be rehabilitated,
as well as Three Island Dock





on Eleuthera. Deep Creek
and Little Creek Bridges in
South Andros will also be
rehabilitated."

Mr Laing said the Govern-
ment and Prime Minister
Hubert Ingraham were dedi-
cated to the completion of
these infrastructure upgrades
as this country seeks to final-
ly leverage the Family Islands
as unique destinations, reflect-
ed by rejuvenated facades and
structures. “Adequate air, sea
and road infrastructure is crit-
ical to accessing social and
economic services,” the CDB
said.

Assuring

"By assuring connectivity
between and within the
islands, the project facilitiates
the further development of
the fishing, agriculture and
tourism sectors on the two
islands.”

While the Bahamas has not
borrowed any significant
amounts of money from the
CDB in several years, it has to
date received up to $70 mil-
lion from the regional lender
in the past years.

Mr Laing said this country
found more favourable bor-
rowing conditions in institu-
tions such as the Inter-Amer-
ican Development Bank, but
said as the country's needs
change it is finding the CDB a
good fit.

"T think we are coming toa
place now where the facilities

of the Caribbean Develop-
ment Bank we see as being
uniquely placed to speak to
some of the peculiar needs we
have, particularly in the Fam-
ily Islands, so my expectation
is we will increase our activi-
ties in terms of our borrowing
from the Caribbean Devel-
opment Bank as we go for-
ward," he said.

"This loan and funding pro-
vides us the opportunities to
draw on lessons learned from
other Caribbean Develop-
ment Bank executed projects,
and incorporate those lessons
into the design work."

President of the CDB, Dr
Compton Bourne, said his
bank agreed in principle with
the idea of economic diversi-
fication on the Family Islands
with the Government of the
day several years ago, but is
only now obtaining the capital
to put those ideas to work.

"We share the Govern-
ment's view that economic
diversification has to be pur-
sued in the nation as a whole,
and one has to ensure that
activities extend into the Fam-
ily Islands," said Dr Bourne.

"It has taken a while to
bring this project to fruition,
but we are happy that it is
done and look forward to the
development of other projects
and the bank's role in the
financing other projects.

"We think it signals a clos-
er relationship between the
CDB and the Government of
the Bahamas.”

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Public Notice

Gaming Board For

The Commonwealth Of The Bahamas

Pursuant to Section 36(3) of the Lotteries and Gaming Act
Chapter 387, notice is hereby given that Treasure Bay
(G.B.I.) Limited a Company incorporated under the laws
of The Commonwealth of The Bahamas, has in accordance
with the provisions of Section 34(2) of the said Act, made
application to the Secretary of the Gaming Board of The
Bahamas for a licence to manage the casino premises
located at Our Lucaya Beach Resort, Freeport,Grand
Bahama, one of the islands of The Commonwealth of The
Bahamas.

Notice is also given that any person who desires to object
to the grant of the licence shall send to the Secretary of the
Gaming Board for The Commonwealth of The Bahamas,
P.O. Box N-4565, Nassau, New Providence, The Bahamas
or deliver to the Office situated in the Renaissance Building,
West Bay Street on or before noon on Monday, May 31st,
2010, two (2) copies of a brief statement in writing of the
grounds of the objection.

Dennis W. Martin
Secretary

Gaming Board

For The Commonwealth
of The Bahamas

Signed:

To advertise, just call 502-2371 today!

The Bahamas Co-operative
League Limited

Scholarship
Applications Invited







The Bahamas Co-operative

League is offering a partial

two-year scholarship to the

College of The Bahamas to pursue an
Associate Degree in selected disciplines.

The scholarship is awarded annually to a Bahamian student
on the basis of academic achievement and financial need.













Applications are available at The Bahamas Co-operative
League office on Russell Road, Oakes Field, or from any
Credit Union or Producer/Supplier Co-operative.

Deadline for applications is May 31, 2010.

The Bahamas Co-operative League Limited is the Apex body
for 10 Credit Unions and 5 Producer/Supplier Co-operatives
throughout The Bahamas.

Preferred Courses of Study:

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Computer Science
Accounting/Finance
Tourism

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Banking



Russell Road, Oakes Field
Tel: 242-302-0100 ¢ Fax: 242-328-8730
P.O. Box SS-6314 ¢ Nassau, The Bahamas



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THE TRIBUNE

WEDNESDAY, MAY 19, 2010, PAGE 5B



SEC chief: Early findings
due in trading probe

By STEVENSON JACOBS
AP Business Writer

NEW YORK (AP) —
stock exchanges would briefly
halt trading of some stocks
that have big prices swings
under new trading rules
aimed at avoiding market
plunges, according to two
people familiar with the plan.

The rules are expected to
begin in mid-June under a six-
month pilot programme
agreed to by exchanges and
regulators, the people said.
They spoke on condition of
anonymity because the plan
has not been made public.

Tt was not known when an
announcement would be
made.

Under the plan, trading of
any Standard & Poor’s 500

“The only way we'll find out
is if we have another plunge.
If they kick in and stabilize the

situation, then fine. If not, it’s
back to the drawing board.”

stock that rises or falls 10 per
cent or more would be halted
for five minutes. These rules,
known as “circuit breakers,”
would be applied if the price
swing occurs between 9:45 am
and 3:35pm Eastern time.
That’s almost the entire trad-
ing day.

The rules are intended to

— Edward Yardeni



prevent a repeat of the May 6
market plunge in which the
Dow Jones industrials fell to a
loss of almost 1,000 points in
less than 30 minutes. The pilot
programme is scheduled to
end December 10. Regulators
and the exchanges would then
decide whether to widen the
programme to include other

stocks, according to the peo-
ple.

Federal investigators on
Tuesday were submitting pre-
liminary findings about the
plunge to an advisory panel,
Securities and Exchange
Commission Chairman Mary
Schapiro told a gathering of
financial analysts.

She said the exchanges
were also expected to propose
new trading rules.

Schapiro appeared from
Washington by video link
rather than traveling to speak
in Boston to the Chartered
Financial Analysts Institute’s
convention, citing the
demands of an investigation
she said is “keeping me up at
all hours of the morning.”

She said her agency is
“looking at a number of issues

we think can be remediated
quickly even before we under-
stand necessarily what the
exact cause of the crash was.”

Regardless of the cause,
there’s no guarantee that
stock circuit breakers will help
stop severe market drops,
independent market analyst
Edward Yardeni said.

“The only way we’ll find
out is if we have another
plunge,” Yardeni said.

“Tf they kick in and stabilize
the situation, then fine. If not,
it’s back to the drawing
board.”

The SEC already has rules
requiring market-wide halts
in trading if the Dow falls 10
per cent, 20 per cent or 30 per
cent. It’s possible those rules,
also known as circuit break-
ers, will be re-examined in

light of the May 6 plunge.

The May 6 drop briefly
wiped out more than $1 tril-
lion in the market value of
stocks. The Dow later recov-
ered somewhat to finish the
day down 347 points.

The plunge stunned Wall
Street and Washington, and
prompted calls for changes in
securities market rules and
procedures. Most of the 50 or
so US exchanges regulate
themselves and design their
own tools for slowing or halt-
ing trading.

During the plunge, the New
York Stock Exchange slowed
trading according to its rules,
but the orders that couldn’t
be executed automatically
migrated in a torrent to elec-
tronic exchanges, industry
officials said.



TIGER , from 1B

its cash windfall, “but I’ve not
received any correspondence
to that effect.”

Michael Anderson, presi-
dent of RoyalFidelity Mer-
chant Bank & Trust, which
holds more than 35,000
ABDAB shares on trust on
behalf of 10 clients, also told
Tribune Business that he and
the company were “not
aware” of any communica-
tions relating to the Heineken
buyout being received.

The situation once again
raises questions about the lev-
el of protection afforded
Bahamian minority investors
in the capital markets, given
that ABDAB is a supposedly
‘public’ company whose secu-
rities are traded on the over-
the-counter market.

In theory, all ABDAB
investors should have been
provided with full disclosure -
including all financial details -
of the transaction, and asked
to vote on it at an Extraordi-
nary General Meeting
(EGM).

While approval of the deal
was never in doubt, given that
Sir Garet - through General
Bahamian Companies (GBC)
- owns some 1,747,383 shares
or a 58.5 per cent majority of
the outstanding stock, it

St,

appears that the process was
sorely lacking.

Hillary Deveaux, the Secu-
rities Commission’s executive
director, yesterday described
the comments from ABDAB
minority investors as “inter-
esting”, telling Tribune Busi-
ness that the capital markets
regulator had been told share-
holders had approved the
deal.

“The information that ’m
aware of does not support
that,” Mr Deveaux said of
investor comments relayed to
Tribune Business. “My under-
standing is that it has the full
support of all the sharehold-
ers of ABDAB, and that they
have advised the sharehold-
ers throughout this process of
what was going on.

“We’re on top of it, but to
the best of our knowledge,
this received the approval of
the shareholders of ABDAB.
That is my understanding,
although I have not been
dealing with it at that level.

“We are conducting a
review of this matter as we
speak. I have not seen a final
report, but it is something we
are pursuing.”

A source close to ABDAB
told Tribune Business that the
company planned to contin-
ue operating as an investment
vehicle, and would seek out
opportunities for its cash pile.




Se ines eee

“From my understanding,
they plan to continue as a
going concern, and in very
short order they will proba-
bly meet with the sharehold-
ers to tell them what the plans
are,” the source said. “Over
the years, ABDAB has been
extremely good to its share-
holders.”

Sources suggested yester-
day that, based on the fact
that the Government required
Heineken to offer 50 per cent
of what it acquired from
ABDAB to the Bahamian
public, the latter had received
$120-$125 million for its
Burns House and Common-
wealth Brewery stakes. This
was based on the $60-$65 mil-
lion IPO valuation given by
Burns House managing direc-
tor.

A copy of the ABDAB
shareholders’ register as at
September 15, 2009, which
has been obtained by Tribune
Business, shows that some 187
investors own the firm’s
2,985,262 issued ordinary
shares.

Apart from the 58.5 per
cent owned by General
Bahamian Companies, Sir
Garet is also supported by a
further 56,250 shares owned
by Maratani Holdings -
believed to be a vehicle for
his children, Mark, Rae,
Tanya and Nikki. Together,

cates for

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those holdings account for a
60.4 per cent stake.

Further support would
come from Bradley Roberts,
the former Cabinet Minister
and current PLP chairman,
who is the third largest share-
holder with some 97,000
shares. Franklyn Wilson and
his family are also prominent
shareholders.

Other prominent share-
holders include Deputy Prime
Minister Brent Symonette
and his family; Cabinet min-
ister Neko Grant (a former
Burns House executive); Sir
Albert Miller and his Modale-
na Ltd business; Sir Orville
Turnquest and his late wife;
accountant Basil Sands; attor-
ney Godfrey Kelly; Doctor
James Iferenta; and accoun-
tant Macgregor Robertson.

Going forward, Burns
House and Commonwealth
Brewery will have a combined
530-strong workforce, with
430 at the former and 89 at
the latter.

LEGAL NOTICE

NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT

(No.45 of 2000)
In Voluntary Liquidation

Notice is hereby given in accordance with Section 138 (4) of
the International Business Companies Act, (No.45 of 2000),
NESO INVESTMENTS LIMITED, is in dissolution. Ms.
Alrena Moxey is the Liquidator and can be contacted at The

Winterbotham Trust Company Limited, Winterbotham

Place, Marlborough & Queen Streets, Nassau Bahamas.

All persons having claims against the above-named company

are required to send their names addresses and particulars of
their debts or claims to the Liquidator before the 17th June,



YOUR CONNECTIONTO THE WORLD

PUBLIC NOTICE

TENDER - PRINTING AND
DELIVERY OF THE 2010
TELEPHONE DIRECTORIES

The Bahamas Telecommunications Company Lid.
(BTC), is pleased to invite tenders from experienced
companies to provide printing and delivery services

for the 2011 Telephone Directones.

Interested companies may collect a specification
document from BIC’s Head Office located at #21
John F. Kennedy Drive, Nassau Bahamas, between
the hours of 9:00 am and 4:30 pm, Monday to Friday.

Bids should be received by 4:00 om, Thursday May 20,
2010. Bids are to be marked, “Tender for the Supply
of Telephone Directories” to the attention of:

Mr. | Kirk Griffin
Acting President & CEO

The Bahamas Telecommunications Company Limited

#21 John F. Kennedy Drive

P.O. Bom W-3048
Mossau N.P., Bahamas





PAGE 6B, WEDNESDAY, MAY 19, 2010

THE TRIBUNE



Cacique International Ltd.

With over 11 years of outstanding service in destination
management and event planning is seeking to employ
a Vice President of International Sales and Marketing /
DMC Operations for its DMC (Destination Management
Company) Division.

Applicants should be highly efficient, have strong
sales, marketing & financial background, university
degree, experience in the tourism industry, computer
and foreign language(s) skills, ability to multi-task,
effective time management skills, ability to lead and

motivate a great team of dedicated employees and be
results-driven.

Additional Requirements

¢ Strong analytical skills

* Strong client relations skills

° 5+ years experience in destination management
services (sales & marketing)

* Proficient in Microsoft Office & Quickbooks Enterprise
Solutions

¢ Excellent written & oral communication skills

Please submit your resume on or before May 21st 2010
to
Director of Human Resources & Training P.O.
Box N-4941 Nassau, Bahamas Or via email:

resumes@cacigueintl.com



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Employment
Opportunity

Restaurant Managers Needed
for leading Fast Food Franchise

Requirements:

¢ Must be a High School Graduate

¢ Must have Management experience

¢ Restaurant Management experience is
preferred.

* Must have strong leadership skills

¢ Must be customer service driven

¢ Must be results-oriented & articulate
¢ Must have excellent inter-personal skills
¢ Must have excellent oral & written
Communications skills

¢ Professionalism required

Must be able to work flexible hours,
including late nights, weekends and
holidays.

McDonald’s offers excellent benefits!

Please submit Resume to:
Human Resources Department
McDonald’s Head Office
on Market St. North
P.O.Box SS-5925
Telephone: 325-4444

Nassau, The Bahamas
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Bahamas ‘retires’
debt worth $80m

FROM page 1B

According to finance offi-
cials, the CDB loan could car-
ry an interest rate of up to 5
per cent and a lifespan of 15
years.

Mr Laing said the Govern-
ment does not foresee future
funding needs at the moment,



but did not dismiss the possi-
ble need for future CDB
loans.

While this country's nation-
al debt hovers dangerously
close to $4 billion, with a
debt-to-GDP ratio that has
moved past the 40 per cent
‘danger’ threshold to 53.6 per
cent, Mr Laing said he is pos-
itive the Bahamian economy
has ‘bottomed ou’ and that
growth could come near
year's end.

He said the Bahamas saw
a 4-5 per cent decline at in
2009, and could face a further
contraction of 0.5 to 1 per
cent in 2010, but the country
is expected to see economic
growth of 2 per cent in 2011.

"We clearly believe that the
worst is behind us and that
things have bottomed out in

terms of deterioration in the
economy, and that we are
looking forward to positive
growth in the latter part of
this year and certainly into
next year,” the minister said.

However, Mr Laing said
the Government was still
challenged on revenue col-
lection and what it could
mean for this country's deficit
spending and debt accumula-
tion.

"But we believe that we
have the wherewithal to make
certain necessary adjustment
that negates the need for us to
go into any extraordinary
measures at this time to deal
with our financial circum-
stances," he said.

Though the Bahamas has
seen a5 per cent uptick year-
on-year in stopover visitors,

per visitor spending is not
keeping pace with the the
numbers being driven by the
Companion Fly Free promo-
tion that garnered more than
25,000 bookings in the 2010
first quarter.

And while the Bahamas is
looking at a slow turn around,
a Wall Street credit rating
agency yesterday gave a stark
warning that the upcoming
2010-2011 Budget will deter-
mine whether it downgrades
the Bahamas’ sovereign cred-
it rating.

Former finance minister,
James Smith, told Tribune
Business that should that hap-
pen, the Government would
have to call on the public sec-
tor to make a similar "nation-
al sacrifice" to the private sec-
tor.







PUBLIC NOTICE

CHANGE OF NAME BY DEED POLL

The Public is hereby advised that I, CHAIRE
DENEYNE BROWN-QUANT of George Town,
Exuma, The Bahamas, have legally changed my name
by deed poll to MRS. DENEYNE CHAIRE QUANT
BROWN. The Deed Poll has been duly recorded at the
Registrar General’s Office.

NOTICE is hereby given that JOCELYN CADEAU of
SPICKENARD ROAD, OFF CARMICHAEL ROAD,
NASSAU, BAHAMAS, 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
12â„¢ DAY of MAY, 2010 to the Minister responsible for nationality
and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that CHELDA FERTIL OF GOLD COIN
LANE, SOUTH BAHAMIA, FREEPORT, GRAND BAHAMA, THE
BAHAMAS, 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 19TH day of MAY, 2010 to the Minister responsible for
Nationality and Citizenship, RO.Box N-7147, Nassau, The

NOTICE

NOTICE is hereby given that KENNETH PRATT JUNIOR
of FIRST STREET, COCONUT GROVE, NASSAU,
BAHAMAS, 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 19â„¢ DAY OF
MAY, 2010 to the Minister responsible for nationality and Citizenship,
P.O. Box N-7147, Nassau, Bahamas.

ROYAL J FIDELITY

rid an Wark

BISX LISTED & TRADED SECURITIES AS OF:
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PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that |, DOTHYLEEN
VIRGINIA ROLLE, of Nassau, New Providence, The
Bahamas, intend to change my name to DOTLENE
VIRGINIA ROLLE. If there are any objections to this
change of name by Deed Poll, you may write such
objections to the Chief Passport Officer, PO.Box N-742,
Nassau, The Bahamas, no later than thirty (30) days after
the date of publication of this notice.

NOTICE

NOTICE is hereby given that SHANE WILLIAMS OF #148
CLIVE AVENUE, FREEPORT, GRAND BAHAMA, THE
BAHAMAS, 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 12TH day of MAY,
2010 to the Minister responsible for Nationality and Citizenship,
P.O.Box N-7147, Nassau, The Bahamas.

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No 45 of 2000)

ALDERCO FINANCIAL FUND LTD.

LIQUIDATOR’S NOTICE

PURSUANT TO SECTION 137 (6) OF
THE INTERNATIONAL BUSINESS COMPANIES ACT

We, Sterling (Bahamas) Limited, Liquidator of ALDERCO
FINANCIAL FUND LTD., hereby certify that the winding
up and dissolution has been completed in accordance with the
Articles of Dissolution and the company has been struck of the
Registers of Companies.



Dated the 12th day of May, A.D. 2010.

I

i tf
op Ve

Stering (Bahamas) Limited

Liquidator |

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No 45 of 2000)

ALDERCO MANAGEMENT LTD.

LIQUIDATOR’S NOTICE

RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)
Symbol Bid $ Ask $ Last Price Daily Vol.
Bahamas Supermarkets 10.06 11.06 14.00
Caribbean Crossings (Pref) 2.00 6.25 4.00
RND Holdings

PURSUANT TO SECTION 137 (6) OF
THE INTERNATIONAL BUSINESS COMPANIES ACT

0.480
0.35 0.40 0.55 0.000

CFAL Securities Ltd. (Over-The-Counter Securities)

ABDAB 30.13 31.59 29.00 0.000

RND Holdings 0.45 0.55 0.55 0.000

We, Sterling (Bahamas) Limited, Liquidator of ALDERCO
MANAGEMENT LTD., hereby certify that the winding up
and dissolution has been completed in accordance with the
Articles of Dissolution and the company has been struck of the
Registers of Companies.

BISX Listed Mutual Funds
Fund Name NAV
CFAL Bond Fund 1.4674
CFAL MSI Preferred Fund 2.9020
CFAL Money Market Fund 1.5302
Royal Fidelity Bahamas G & | Fund 3.0368
Royal Fidelity Prime Income Fund
CFAL Global Bond Fund
CFAL Global Equity Fund
FG Financial Preferred Income Fund
FG Financial Growth Fund
FG Financial Diversified Fund
Royal Fidelity Bah Int'l Investment Fund
incipal Protected TIGR

NAV 3MTH NAV 6MTH

1.514105 1.498375
13.5654
107.5706
105.7706
1.1080

1.0615 - 2.84

103.987340
101.725415

103.095570
99.417680

1.1050 Sar
9.4839 1.52 7.41

Dated the 12th day of May, A.D. 2010.

Pri
10.0000 _ Royal Fidelity Bah Int'l Investment Fun
Principal Protected TIGRS, S

10.6709 -O.33 12.33

4.8105 7.9664 3.23 58.37
MARKET TERMS Mn
I

Royal Fidelity Int'l Fund - Equities Sub Fund

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 YIELD - last 12 month dividends divided by closing price
st closing price in last 52 weeks Bid $ - Buying price of Colina and Fidelit:
in last 52 weeks i nd fideli it
ded ri

for daily volume ro —y
Sterfing (Bdhanas) Limited

r daily volume
Liquidator |

m day to day

ot Meaningful
PIE - Closing price divided by the last 12 month earnin: as FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100
(S) - 4-for-1 Stock Split - Effective Date 8/8/2007
($1) - 3-for-1 Stock Split - Effective Date 7/11/2007
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525

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





THE TRIBUNE

WEDNESDAY, MAY 19, 2010, PAGE 7B





Bahamas bank sued in
relation to Madoff fraud

FROM page 1B

wanted or properly diversify
their investments.

And they claimed that the
Santander group failed to spot
the numerous warning signs
that Madoff was running a
Ponzi fraud, even alleging that
they attempted to get private
banking clients who had
invested in Optimal’s sub-
funds to sign a waiver if they
wanted to remain invested.

Alleging that, instead, they
were advised to buy more
shares in the Optimal equi-
ties sub-fund, the hedge fund
alleged the 2008 waiver said:
“Santander Bank & Trust
(Santander Bahamas) has
informed you that your
investment in Optimal SUS
may exceed the concentration

limits recommended by the
bank, based specifically in the
investment profile selected for
your account with the bank.”

The funds alleged the mes-
sage could not have been
clearer: Invest in Optimal
SUS at your own risk.

And they were particularly
exercised by the $235 million
that Optimal and its sub-funds
agreed to pay to settle an
action brought against them
by the Madoff bankruptcy
trustee, a sum representing 85
per cent of the claim, which
alleged that they received
‘preferences’ by withdrawing
$277 million from the fraud-
ster in the 90 days before legal
action was taken against him.

What appears to have
added further fuel to the
hedge funds’ fire, though, was
the Exchange Agreement

tee} | she |

mL: ee al

Tm OM UL Le ay



proposed by the Santander
group in a bid to settle any
losses investors had suffered
in Optimal, and prevent law-
suits against it.

Santander had some 2.33
billion worth of euros in expo-
sure to the Madoff fraud itself
via Optimal, and the hedge
funds alleged that this agree-
ment involved investors
exchanging their Bahamian
fund investments for prefer-
ence shares issued by the
Spanish banking group.

The agreement was to be
governed by Bahamian law,
and the settlement docu-
ments, seen by Tribune Busi-
ness, were in the name of San-
tander Bank & Trust and
signed by the Bahamian
bank’s managing director,
Jose Gonzalez de Castejo.

After the funds rejected the
settlement, Santander execu-
tives allegedly offered to take
the preference shares as secu-
rity for a loan to the hedge
funds, “but the loan to value
would be 80 per cent of the
settlement amount because it
was unlawful under Bahami-
an banking regulations for
Santander Bahamas to make
a loan equal to 100 per cent of
the principal amount due”.

This, the hedge funds
alleged, was later dropped in
favour of the preferred shares
securing 100 per cent of the
loan, and they claimed: “Evi-
dently, concerns about
Bahamas ‘banking regula-
tions’ requiring 20 per cent
equity no longer applied, con-
firming that the bank’s prior
representations to this effect
were false.”

Detailing their relationship
with Santander’s Bahamian
affiliate, the funds alleged:
“From the outset, Santander
Bahamas was the custodian
bank and Santander Miami

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was to provide the advisory
services and oversee and
coordinate all transactions in
the accounts,” the hedge
funds alleged.

‘Prior to signing the account
opening agreements, plain-
tiffs’ counsel confirmed the
nature of the relationship by
correspondence with Patrick
Villoldo, stating: ‘My client
has elected to open the
account in the Bahamas,
notwithstanding that it will be
administered by the Miami
office’.

“Thus, while the accounts
were opened at Santander
Bahamas, they were docu-

mented (and maintained
throughout) to comply with
US laws and regulations.
“Plaintiffs thus had no con-
tact whatsoever with any per-
son at Santander Bahamas
during the negotiation
process. Once the negotia-
tions were completed, the
signed account opening doc-
uments were sent by San-
tander Miami to Santander
Bahamas for signature. San-
tander Bahamas signed the
account opening documents
and all other documents pre-
pared and negotiated by San-
tander Miami during the
course of the relationship.

“Santander Miami officers
and employees made offers
and negotiated legal agree-
ments on behalf of Santander
Bahamas.” They added that
“substantial funds” were
allegedly transferred to the
Bahamas account in April
2005.

The Cayman hedge funds
alleged that monthly and
quarterly reports on their
investments with Optimal
Multiadvisors, and its Opti-
mal Strategic US equity fund
and Optimal Arbitrage sub-
funds, were sent overnight via
courier from either Miami or
the Bahamas.





























Deloitte.

Independent Auditors’ Report to the Board
of Directors and Stockholders of Banco
Santander (México) S.A., Institucion de
Banea Multiple, Grupo Financiero
Santander and Subsidiaries

We Ihave audited the accompanying consoled balance shests of BANOO SANTANDER (MEXOCTM, §.4.,
INS TITUCION DE RAMA MULTIALE, GRUPO PINAR SANTANDER, ANE S190 001 BESS (de
Institution} as of Deoenber 31, 2000 aad 2008 and the celanel conealidated aonereile
coh heldars” equity Ger the eer ten ended, cash flows for 2009 aad changes in fins
Hinansial sialements are tie respodsibibey of the Lealilution managemest Che Teaporay
of Ince final etetomonis based on cur audits,

f iisoert and changes in
J E. These
in epee an opinion

Wecomducied oor gedits in acoordanse with auditing ananhind

FP iooepied in Miewiod, wbich cayuire fant wo
plan ara) conduct the audit

fOGhn Tea eS uance thet che Financial statements are fi nH recital
ed by the National
2 Comm isebon} incloded i “Genera! Prowlshots Applicabk te Cralit
Purpces Pani Compares” | tha Provis S|" AN A OSS OT i,
it an include

Orting hie figperes amd discliuncs inthe Geanigil Meee An im

the Tinancial scenes. We believe thet our aualits provide a reasnmehle bereis for wer opinion
Rootes 1, 3 aad 4 in the acon meanying ecrsclidated finance! siater

sonis deacrite the transactloms. of the [nstitutice

UL evince meet thal alse 1. Mote ¢ oc tke eoresl ithe

Letgal ate the ions, wtih ara

A apa Sina

aun) ey
SBS OO Lhe Sarin,
nig tha comparatiliry
reniecs Gbps

eSaoe i bees Chee aes
ly applied, thes af

Ube Institutions ty n prepare it
CTHErE Gat Werk lato effiser i
with TOOK figures, Note i 24 the iin dil
BOOT, er er. pee sates I hs the d a‘ 7 am Piremeet] Reporting Standar
use br prepare the lineal sieberiana

afd specific guthoriedions pramed by the Commis
Garten tnsaciboms. Mote 4 po the coneclidaied fi

hated) Sait, ai well as Chae &

Crh md Os: rein Suess
irae) stern ctr Mishes thet dorieg Ayugued BO, the
Comenition iaued emendmants to the coneumer p

hn aiockhio lier’ eyoicy, comubttive fi
ng metiodology to cre

nancial effet derteed from the ape
anenonions, oF io Moone the toma) aseiiiked a
4 meth ter. The [nate ized the affect of this change in mech

: mili an Mexiwin pesos, and wos records “Tl mule the stockholders” equity line mem *
Qi”, it cimdorriny with the procedure evtablished by ihe Commission

Of the rarer parr
BS) resis with

Retained

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the
financial position of Banco Santander (México), S.A., Institucién de Banca Multiple, Grupo Financiero Santander
and Subsidiaries (the Institution}, as of December 31, 2009 and 2008, the consolidated results of their operations and
the changes in their stockholders’ equity for the years then ended, their cash flows for the year ended December 31,
2009 and consolidated changes in their financial position for the year ended December 31, 2008, in conformity with
the accounting criteria established by the Commission,

Galaz, Yamazaki, Ruiz Urquiza, S.C,
Member of Deloitte Touche Tohmatsu

Ly

Banco Santander (México), S.A. InstitusiGn de Banca Miiltiple, Grupo Finaasiers Santander and Subsidiarics

Consolidated Balance Sheets

As of Decemizer 32, 109 and 2008

See seein ea me rel) Lisbilities me
Funds avallabia Mia § 124.366 jepostis: ' s

Margin xcouunes 4516 sas

130,313
nay

Teh 485

dnvorment teat st

ae inser eae anes Money merkes

Secures valine tr sale etd Teas

Socurties held co mansity au7y os
THO11 Tere

Debtors wider sale and repurchase agreement 12,490 403

‘Credit inmruments issued

Beak and ather {oans:
agi Demand founa
Tras ees SLL Is at
Hedetag purposes we ait

Valuation adjusmmen for hedged financial asics 9

Shuce-ierm foans rast
Longeecn (oan ght
Creditors under see and repurchase suzeementt $30,509 inion

Curent fan porfolla:
Sold callacerals of gledged as guerancee:
“Canara cerca or ‘business xctivity tog2at {oun seouritios nam ‘sen
Funciate entities Jens a
loans =
131.689 Ta8std Derivadvest 15,436 ai
‘Trading purpeses 5A 12i9
Consumer foans 330 38,m4 Hedging purposes Fie arg
Mrtgge toons im __udutr : :
“Toral cwrent foun portfolla FOai73 a Sieve

34

Peon aes portfli: tere ont rea oat eee sharing payables 10, ig
‘Craditars fram sertemten i798

Comonereal oy business activity Sindy reliant 20d ua gyablen, BS

jovernment entities

rene serena
Ha $58

Consumer toans 1939 3078
pen GAY one nnnnne STR

‘Morrguga fo: 2s Schantinsted debontoes outeratding 3 4B
7208

Daferred revenues and prepaid income ery
Tatas Kailees : 393,510

Stokdiolders! equity

‘paid-in capitals

Captial srordk
‘Share sale premium,

ae J
Toral paul-due porfulia ann
Total tows portfolio WLBT 109,662

Allawunen fir toad losses EL IER eer f292D
‘Loan porefatls (net) 196.389 TTS
Other recalvables (net) 15,669 man
Foreclosed assees (net) 180 1H
Projetviey, Aniture and fxtures (nel) 5,604 4508 Dike ciptae
Long-terma investment in shares 16 ean,
i emul ftom valuation of xcurtties avaitabia far sale, cet
Dates es sr aves pra ting eat bi ane Result ern veluation of cua Row bdo insment, nat
Other assess net} Cumulative effect fom conversion
Deferred ebianges, advance paynionts and intangibles 22 4336 ‘es income
‘Other assons af shorter and long-term lh
ee, Nos-soaulling equity

staekholders'
Total assats Eels Teal ‘labittcdas in seal equity:

Mamerandum accounts Berd wl

Propriatsy record account
Contingent ascers and liabilities $ as9n $ 24.602
Crsdh commitments 146,598 17,979
ve Pa wert 113,260

Mandates 4619 5 94,456
2

Astoa in cusingy or under administrador ee

2.860.589
Coflmerals received IB156 24818

Caltarorals rocelved and sold or pledged at guarantee 2880 48166

Uncoltected Interest curried on past dus foan portatto oot

‘Othor record secounts

There consalidaed Snanciel setements wera eppraved by the Board of directurs and signad an [ts behalf by

th

Qoavio Medina Praga
Controller

arcea A. Maint Gaviea 03 ete Canale
‘Executive President - Chigf Execacivs Officer wet Flasiicial Odicer





ot Rea a Ath i
Executive Vice President of Accounting Exocurive View President of lntcemal Audit

The srcompanying moors ate part ofthese consolldxed Qhuancial secements,

The Complete Financial Statements may be viewed at the Bank's Nassau Branch in the

Goodman's Bay Corporate Centre, 3'rd Floor, West Bay Street & Seaview Drive
Nassau, Bahamas. ,

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THE TRIBUNE WEDNESDAY, MAY 19, 2010, PAGE 9B
eS





The Tribune







By REUBEN SHEARER
Tribune Features Reporter
rshearer@tribunemedia.net

here is never a dull
T rene at The Kitchen

Deli on Shirley Street.
Desi Cuevas and Luciano
Hall and their team offer
enthusiastic and endearing
service- helping to ease not
only the hunger but stress

of their customers.

These dynamics make The
Kitchen Deli an exciting place
to be- providing an often much
needed mid day happy hour
experience.

The restaurant features a tra-
ditional dining room outfitted
with old-fashioned fixtures and
two book cases stacked with vast
reading materials that you can
peruse.

A typewriter on the shelves
and frames with old prints, dat-
ing back to the olden days give
the dining area an historic touch.

Diana Roberts, part owner of
the restaurant says she tries to
make her restaurant an intimate,
‘real’ kitchen experience; break-
ing the chef, customer barrier to
some degree where patrons are
free to go behind the counter to
select a cold beverage.

One of the main reasons per-
sons frequent The Kitchen Deli
is because they can order lunch,
eat it right away; leave to make a
business stop, and return to their
workplace all within an hour.

It has become such a regular
spot for lunch-goers, managers

‘in ee ; know most of their customers
BAKED CHICKEN - on a first name basis and what
they would prefer to eat.

Luciano Hall, restaurant part-
ner says, “this restaurant is so
small, and it’s like they’re eating
at their own house. All the
while, they’re watching the
cooking process in this friendly
home-style eatery.”

At the back of the restaurant,
there’s a room for persons to
host meetings. “The meeting
area can hold up to ten persons,
and can be booked in advance
for any kind of formal or infor-
mal get-together,” said Mrs Hall.

From sandwiches to home-
made soups and catering, the
most basic lunch foods are pre-
pared at The Kitchen Deli; and
served with a slice of coconut
bread.

Said Mrs Hall said : “We’ve
been open for 11 years, and we
have our regulars and new com-
ers everyday. We don’t do
deliveries, because we don’t
have the staff.”

Business has picked up signif-
icantly over the last years; forc-
ing the restaurant to cut out
their catering services. A few
options that customers have
come to love, are curried conch,
minced wahoo, minced mahi-
mahi, and baked crabs (a sea-
sonal dish) which is available
once a week.

Try The Kitchen Deli’s dol-
phin dip, which is an unusual
lunch choice and often sells out.

“Everything we try to do is
good quality, and our prices are
reasonable but do not go over-
board,” said Mrs Hannah. “We
have fruit salads, green salads,
fresh salads, and little desserts.

“We try to feed the hungry
man and the healthy woman,”
she added. If you are watching
your weight and prefer some-
thing light, have The Kitchen
Deli’s chips, or carrots for a
fresher veggie taste.

For lunch, there’s Shepherd’s
pie. Here’s a wonderfully satis-
fying meal, a ramekin generously
filled with a stew of ground beef,
tomatoes, peas and carrots and
topped with a thick swipe of
mashed potatoes with melted
cheese.

The restaurant’s version of
chicken salad is hearty and sim-
ple- an even share of chunk and
shredded chicken -perfect for
those persons who don’t like
their salad with fruits or nuts.

“Potcaking” is a highlight of
the restaurant. Some persons
potcake their sandwiches by
interchanging meats. If you
want a piece of chicken or pork
chop but prefer to stay away
from rice or salad, the chefs will
“potcake” a sandwich for you.

Top off your lunch with a
double-layered sprinkled choco-
late confection. Or on days
when its offered- their fruit sal-
ad, topped off with strawberries,

La] r 5 Wine and Beer are also avail-
CHICKEN PASTA SALAD able.



















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PAGE 10B, WEDNESDAY, MAY 19, 2010









NYONE sneaking a
peek into Atlantis’ Crown
Ball Room on Saturday
night could not be blamed if
hunger and deprivation were
the last words that came to
mind.

The organisers of this year’s Par-
adise Plates managed to make a
dauntingly large space overflow with
abundance, as sumptuous food cre-
ations were presented by more than a
dozen of Nassau’s most distinguished
chefs.

Yet the organisers, chefs, volunteers
and hundreds of attendees all came
together with hunger specifically in
mind — or rather to support a revolu-
tionary local effort to feed the hun-
gry while reducing food waste at the
same time.

The annual event is organised by
Hands For Hunger, which is working
to eradicate hunger by reclaiming food
that would otherwise be discarded by
hotels and restaurants, and redistrib-
uting it to those most in need.

In this, its second year, Paradise
Plates was an even bigger success than
the widely-acclaimed inaugural ver-
sion. The event space was bigger as
the room was expanded to accommo-
date more chefs. There were a total of
20 stations, with some of the island’s
best restaurants and caterers repre-
sented, including: Dune, Nobu, Mesa
Grill, Cacique, Luciano’s, Sun And...,
Compass Point, Goodfellow Farms,
Van Breugel’s and Le Petit Gourmet.

Their edible artistry was compli-
mented by wines from Mendoza Wine
Imports and beer from Sands Brew-
ery.

This year, for first time, local cigar
manufacturer and retailer Havana
Humidor participated, and donated
100 per cent of the proceeds from its
sales of fine cigars to Hands for
Hunger.

All the presentations were exquisite,
but among the standouts were: the
crab cakes offered by Dune; the Guin-
ness-glazed beef presented by Essence;

Pi et

a <







the Spanish sausage and garbanzo
beans by La Hipica; and the Guava
Vodka Martini by Tropics.

The silent auction was moved into
the main event space this year, and
among the very popular items on offer
were:

e A Bosch washer and dryer, with
10 cases of detergent donated by Luke
and Laura Co.

e A yellow and white painting by
Jane Waterous

e A Coin of the Realm pearl neck-
lace

e An “Outdoor Chef" package,
including: a Bass Pro Shops steam-
er/fryer combo, a case of Sands beer
and a 24" Daewoo television

e The "It's a Guy Thing" men's
package, including: a leather laptop
case, a bottle of Greygoose vodka, a
box of Juan Lopez Cuban cigars and a
round of golf.

One item which received a great
deal of attention, but unfortunately
not many bids, was an intriguing egg-
shaped swing donated by Wild
Orchids. Most people said they loved
it, but claimed they had no where to
put it. Most also didn't realise the free-
standing piece actually swung from
side to side.

The décor was sophisticated and
elegant, lending the event a chic char-
acter. Natural materials were incor-
porated into the design concept, there-
by saving costs and benefitting the
environment. Bahama Handprints
once again donated yards of fabric to
help complete the décor, as well as a
handbag and matching wallet for the
silent auction.

Cacique and Lyford Cay Club's
booths stood out in the crowd of pre-
dominantly modest chefs’ stations,
while Old Fort Bay Club's booth per-
fectly complimented the event's décor,
with it’s turquoise and brown colour
scheme.

The memorable evening closed with
a performance by the Marina Village
Junkanoo Troupe, a suitable ending to
a night of great wine, fantastic food
and lively conversation — all in the
name of a very good cause.





















& I uF

7.









THE TRIBUNE

¢ GREAT BAHAMIAN
SEAFOOD & WINE FESTIVAL

This Seafood and Wine
Festival consists of 3 special
events during the week of
May 22 to May 30. “Restau-
rant Week” showcases
seafood and wine in 15 fine
dining restaurants in Nassau
and Paradise Island all week
long.

“A Night at Jacaranda”
allows guests to enjoy amaz-
ing seafood dishes created
by top chefs at Jacaranda
House on Parliament Street,
May 28, 7pm-11pm. Cost:
$125 (inclusive). “Festival
Day” on May 29 at
Junkanoo Beach provides
fun family entertainment all
day long! Admission:
$3/adults; $1/children (under
12). T: 326-0992.

e THE BAHAMAS BODY-
BUILDING AND FITNESS
FEDERATION'S NOVICE
CHAMPIONSHIPS

The Bahamas Bodybuild-
ing and Fitness Federation
presents its Novice Champi-
onships, Saturday, May 22,
7.30pm at the National Cen-
tre for the Performing Arts.
The championship showcas-
es some 15-20 competitors in
the men's lightweight, wel-
terweight, middleweight,
light heavyweight and
heavyweight divisions.
Women also participate in
lightweight division.

© BHRA'S 2ND ANNUAL
MUSCLE CAR CHALLENGE

The Bahamas Hot Road
Association holds its 2nd
annual Muscle Car Chal-
lenge at the BHRA Motor
Sports Park, Queen Eliza-
beth Sports Complex. Gates
open 2pm. Qualifying races
at 3pm-Spm and first round
racing at 5.15pm, May 23.
Second round of racing at
4pm, May 24. T: 394-4787.

Pe eresecresecsasecsesecsesece °

e STEVE HARVEY
AND FRIENDS LIVE

I Am Influence presents
Steve Harvey and Friends
Live at the Sheraton Nassau
Beach Resort. Doors open
at Spm. Cost: $120/platinum;
$85/V.LP; $700/advanced
tables, include table for four
and one bottle of Moet. Sat-
urday, May 29. Tickets
available at Sheraton Box
Office, Juke Box and Giz-
mos and Gadgets. T: 432-
3186. E:
hypermediaent@live.com

The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
award.

If so, call us on 322-1986
and share your story.

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THE TRIBUNE WEDNESDAY, MAY 19, 2010, PAGE 11B
ARTS

20 YEARS OF BEAUTIFUL MUSIC re esos

service at St Matthew’s Angli-

can Church on Sunday, surely
got a taste of heaven on earth as the
Bahamas National Youth Choir sang
their hearts out in thanksgiving to God as
they celebrated their 20 Anniversary

with a special service.

The event was held under the patronage of
former Governor General AD Hanna and the
new choir patron Governor General Sir Arthur
Foulkes. Youth Minister Charles Maynard also
attended and read the second lesson.

The choir sang several selections during the
service including : Veni Sancte Spiritus, by W.A.
Mozart, We Shall Walk Through the Valley,
arranged by Undine Smith- Moore, Didn’t My
Lord Deliver Daniel arranged by Moses-Hogan
and the Lord Bless you and Keep you by Peter C
Lukin.

Following the service of thanksgiving, choir
members let their hair down and joined with
choir alumni, family and friends for an afternoon
of fellowship and fun at a luncheon held in the
Ballroom of the Breezes Hotel.

The tables were turned as the choir sat back and
enjoyed awesome selections by the group Friends
for Life and an inspiring rendition of Summertime
by the reigning Miss Bahamas Talented Teen
whose parents are also alumni of the choir.

In addition to door prizes, there was a friendly
competition between tables to see who could
complete a cross word puzzle containing trivia
from the many memories of the past 20 years.

The Bahamas National Youth Choir was first
formed in 1983 under the direction of Cleophas
Adderley as a part of the celebrations commem-
orating the tenth anniversary of the Bahamas
and was reestablished in 1990 with an initial group
of 36 members.

Since that time, this impressive group has sung
in 24 languages and traveled to 21 countries
including the United States, Canada, China Rus-
sia, Germany and France and in the United King-
dom

They performed during a seven day Caribbean
Cruise onboard the Carnival Destiny which trav-
eled to Puerto Rico, US Virgin Islands, Dominca
Barbados, St Lucia and Antigua in 2007.

In addition, they have performed at a number
of local events throughout the year and hold
their annual concert during the week proceed-
ing Holy Week.

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PARTIAL

The Tribune



ANY TIME...ANY PLACE, WE’RE #1





Volume: 106 No.147



USA TODAY.

BAHAMAS EDITION

www.tribune242.com

WEDNESDAY, MAY 19, 2010

Ea

Pharmacy

Hoss may face Hy esa)
4 charges Wel

By DENISE MAYCOCK
Tribune Freeport Reporter

dmaycock@tribunemedia.net

A BAHAMIAN business-
woman accused of being
involved in an alleged illegal
internet pharmacy operation
could face more than 30 US
federal criminal charges.

If convicted, Carleta Car-

Picewell Forbes:
I've entered into
NIB payment plan

By PAUL G TURNQUEST
Tribune Staff Reporter

pturnquest@tribunemedia.net

PLP MP for
South Andros
Picewell
Forbes said
| yesterday he
has entered
into a payment
plan with the
National Insur-



ance Board
: and hopes to
oe have his
$4,434.69 in

arrears taken
care of by the end of this fiscal
year.

Taking exception for what he
felt was an unfair report in The
Nassau Guardian yesterday, Mr
Forbes said he took offence to
the headline which he claims
gave the impression that he
owed some $50,000 to $100,000
in NIB payments.

However, while admitting
that all blame should fall on
him for not paying his contri-
butions on time, Mr Forbes said

SEE page 11

olina, owner of Coral Phar-
maceuticals Ltd, in Logwood
Road, Freeport, faces a pos-
sible maximum statutory sen-
tence of 474 years in prison
and a $10.9 million fine.

An official at the US States
Attorney’s office in Pennsyl-
vania confirmed there is a fed-
eral indictment against Car-
olina and licenced Miami





pharmacist Wayne White, 59.
“At this time no warrant
of arrest has been issued for
Carolina and no schedule has
been set yet for an arraign-
ment here in the US,” said
US States Attorney Office
spokesman Patty Hartman.

SEE page 11

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net





AS the likelihood of the Bahamas being
affected by the gulf coast oil spill increases,
the government may seek to recover costs
from BP, the operators of the exploded
Deepwater Horizon oil rig.

It is feared that ocean currents could car-





Salads Made Delicious.



PRICE —75¢ (Abaco and Grand Bahama $1.25)

ry the spilled oil into Bahamian waters and
devastate wildlife habitats in the north-west-
ern islands.

“Any money that is spent in (a possible)
clean-up the government would be looking to
be reimbursed, and the entire exercise being
paid for by BP,” said Commander Patrick

SEE page 11





* .

POTCAKE SAYS

aT

from the Bahamas’

AAS 02
philosopher

agg Naa

Error almost put
exam sitting in douist

By AVA TURNQUEST
aturnquest@tribunemedia.net







AN ESTIMATED 1,500 residents of Marsh Harbour’s Pigeon Pea settlement were served eviction notices on Monday.



Never st
emeame without us!

art your

]





Teenager says he was badly beaten
by student in presence of teacher





mM SEE PAGE TWO

A SIMPLE error almost
denied students at the Bimini
All-Age School the chance to
sit the extended paper for two
national examinations.

Because of a mix-up by
administrative staff at the
school, four grade 12 young-
sters were not registered for
the third paper of the Mathe-

By MEGAN REYNOLDS
Tribune Staff Reporter
mreynolds@tribunemedia.net



A STUDENT claims he received severe
head injuries after he was beaten by a fellow
student in the presence of his teacher.

The 13-year-old says he was hit repeatedly
on the top of his head by a 15-year-old while
his teacher at the Success Ultimately Reas-
sures Everyone (SURE) programme stood
and watched.

But it was not until his head started to swell

and his scalp, forehead and eyes started to
show bruising, that his father took him to the
Princess Margaret Hospital where on Wednes-
day, according to his mother, he was diag-
nosed with extensive internal bleeding of the
brain.

His mother was called to the hospital and
advised to involve the authorities.

She claims SURE principal Joseph Rolle
denied knowledge of the April 29 attack at
the Gladstone Road campus when she con-

SEE page 11

matics BGCSE, and two of
those students were not reg-
istered to take the extended
paper of the English BGCSE.

An email signed by “a few
concerned parents”, was sent
to The Tribune saying the stu-
dents had been offered the
opportunity to sit the exams
next year, with the cost to be

SEE page seven







NASSAU AND BAHAM/

ISLANDS) LEADING NEWSPAPER


PAGE 2, WEDNESDAY, MAY 19, 2010

LOCAL NEWS

THE TRIBUNE



GOVERNMENT PRESSURED TO. Sim”

By MEGAN REYNOLDS
Tribune Staff Reporter
mreynolds@tribunemedia.net

RESSURE is mount
P ing on the govern-

ment to address
Haitian settlements as
an estimated 1,500
residents of Marsh

Harbour’s Pigeon Pea

face eviction.

The complex mix of Hait-
lan permanent residents, nat-
uralised citizens, people born
in the Bahamas with the right
to citizenship, and Haitian
migrants who may or may not
have work permits living in
around 500 overcrowded
shacks on five acres of land
in the centre of Marsh Har-
bour have been served evic-
tion notices by landowner
Ricky Albury this week giving
them six months to vacate the
property or be moved by
order of the court.

Local government chair-
man of the Marsh Harbour
and Spring City Township
Roscoe Thompson III helped

Fo

a ic nF

ea ee



Mr Albury serve notices yes-
terday and said most residents
are afraid they will have
nowhere to go.

He said he will put pressure
on central government to
address the needs of the soon
to be displaced community by
providing housing for legal
residents and regularising
their status.

Haitian Society of the
Bahamas president Jetta Bap-
tiste said government will
have to regularise their sta-
tus and allow them to become
recognised citizens or work-
ing members of society in
response to the mass eviction.

“T feel if the government
regularised everybody’s sta-
tus people would be happy to
move out and invest in prop-
erties of their own,” she said.

“But right now many peo-
ple are afraid of investing in a
home or property because
they fear they could be
deported and forced to leave
their properties behind, los-
ing their investment.

“So they’re in a situation
where they don’t know what
to do.

“They consider the place
slippery ground.

“So the government should
regularise those who need to
be regularised, and deal with
it once and for all.

“Tf they made them legal,
gave them status, then we
wouldn’t have this problem.

“T think if they address it
like that, all their problems
would be absolved.”

Director of Immigration
Jack Thompson said he
expects a multi-agency

SEE page 12



reach for the stars.

godbrother, Trevon Pinder.





St. Anne’s Catholic School, Rock Sound, (

Eleuthera and receiving a medalofhonour +

from the Governor General. Continue to rs
é

Greetings coming from your mom,
Shenique; grandma Brenda Carey;
aunt, Rowena; sister, Kenique and

&









Lies eee

facebook
KFC Nassau



everybody's
eople

happy to
move out and |
invest in —



HORRIFIED by the

: escalating murder count, the
: Workers’ Party, along with
: families of murder victims,
: will hold a second pro-hang-
: ing march and motorcade
: for the year.
: Scheduled for Whit Mon-
: day, May 24, the march and
: motorcade will start at 9am
: at the park in Pinewood
: Gardens between Willow
: Tree Avenue and Pigeon
: Plum Street.
: The family of George
): Carey, a recent murder vic-
: tim and Pinewood resident,
|: will be joining the Workers’

: Party and other families of
: murder victims.
: Workers’ Party leader
|: Rodney Moncur said: “The
: Workers Party along with
: family of murder victims
: will once again take to the
: streets. We will call upon
: the government to move all
: of the impediments that
i prevent the execution of
: murderers and to deny the
: bail of those convicted of

: murder.”
7: Mr Moncur charged that
: the murder rate, now at 32,
i is unacceptable and a direct
: result of a “lack of fear for
| : the law and respect for basic
: human values and life.”
: He said: “Our parliament
: and our judicial system
: along with the Attorney
: General’s Office have let
: the Bahamian people down.
: It is a scandal that a man
: can be on bail charged with
: murder and then arrested
: for committing murders.”
: Mr Moncur also criticised
: the implementation of elec-
: tronic monitoring, which
: was a feature of the gov-
: ernment’s recently
: announced anti-crime strat-
: egy. He said the ankle
: bracelets will only create
: more work for officers, and
: — given the country’s unsta-
|: ble electrical supply — may
; turn out to be ineffective.

DEAL WITH HAITIAN SETTLEMENTS ===





as
ee ti hy
PHONE: 322-2157



BAHAMAS CONSUL GENERAL IN ATLANTA ATTENDS PRESIDENTS BRUNC

uf

THE Bahamas’ Consul General in
Atlanta, Katherine Smith (right) with Dr
Beverly Tatum, president of Spellman
College (left) and Dr Susan Rice (centre),
United States Ambassador to the United
Nations, are pictured during the Presiden-
t’s brunch prior to Spellman College’s
commencement exercises in Atlanta,

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



| F
ow

. r 7 | :

= . -

e-



Georgia.

The Bahamas Consulate General for
Atlanta continues to explore opportunities
for Bahamian students at local colleges
and universities in the southeastern US.
Mrs Smith said she is continuing all efforts
to explore scholarship and funding oppor-
tunities for Bahamian students abroad.










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‘of beautiful §—- Se Page nine
music :

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"| See page 11
7





By REUBEN SHEARER

Tribune Features Reporter

rshearer@tribunemedia.net





ver the last three months, Marco Mullings

partly withdrew from the demands of his

classroom life at St Augustine’s College to
focus on creating a 30-piece art collection called

‘Colour Pallette.”

In the last months of the
spring term, this was no easy
task while preparing his stu-
dents for the final whirlwind
of exams and crucial assign-
ments. But in his downtime,
Mullings produced a beautiful
exhibit unveiled last Tuesday
in the halls of the Central
Bank of the Bahamas gallery.

And this installment is far
from his usual display in that it
is a solo venture.

Mr Mullings took time to
take Tribune Art through the
vision and dynamics of his new
exhibit which is inspired by the
onset of summertime colours.

For Mullings, it was a labour
of love with no setbacks in the
creative process.

He hopes that persons will
be able to appreciate his par-
ticular style with the colours
coming to life in ‘Color Pal-
lette.’

“Bahamians need to
become more involved in the
art movement,” he told 77i-
bune Art yesterday. “We have
quite a bit of artists who fre-
quently display their work at
the bank, but all that is point-
less if it isn’t viewed by peo-
ple.”

In this exhibit, Mullings
intently uses color schemes
that he wouldn’t traditionally
use. By venturing from the
typical blue colour scheme
that he normally paints with,
Mullings changed his style and
technique.

As an artist, he found him-
self becoming bound to a par-

ticular approach, and decided
to veer off into something
new. He wants to evolve, and
even moreso, shake up the
dynamics of his distinctive
style.

The paintings in ‘Colour
Pallette,’ consists of a series
of colours. Four pieces in the
exhibit have a similar colour
scheme. Greens and blues,
reds and oranges are incorpo-
rated in each work and used in
different ways.

Mullings created a piece
depicting seagrapes, using a
colour variation different the
traditional seagrape hues in
green, and yellow. In “Cool
Grapes,” seagrapes are shown
in bloom, and “Midnight
Grapes” depict how you
would see seagrapes at night.

There are musical pieces
called Jam Session, Passion,
Intent, and Colour Duet.
When you look at these, you
see the progression of colour
according to the way it is
assembled.

A special feature of
Mullings’ 30-piece collection
is a physical blind called
‘Colours Of The Day And
Night.’ When he changes the
blinds from the front to the
reversed side, the viewer is
able to see a complete con-
trast to birds in the day, and
the backside is flowers at
night.

‘Colour Pallette’ will be
temporarily displayed until the
end of the month at the Cen-
tral Bank of The Bahamas.

‘\S Bie ~
VIBRANT GRAPES
















THE TRIBUNE

Sp

WEDNESDAY, MAY 19,

ae
y
k

PAGE 9

Or



PAGE 10 ¢ International sports news



ts

2010

Coke Crushers victorious
in spring squash league

THIRTY six squash lovers
formed six teams to battle in a
five-week spring league at the
Squash Club on Village Road.

The final night of competi-
tion on Friday, May 14, was a
hot match up with the Col-
gate Cuties entering the finals
with strong standings.

They faced the Coke
Crushers who battled for the
second place spot after nar-
rowly inching out the
Brunswick Boasters.

“The matches began with
one of our juniors, Dylan
Davies, competing against
Louise Towell and he (Tow-
ell) won 3-1...

“They were followed by
James Burnett and Shane
Garner who won 3-2...Next
up were C J Ansell and Jan
Towell with Ian the victor 3-





SHOWN (I-r) are Joe Johnson, Barbara Albury, Mike Fields, Louise
Towell, Calvin Lockhart and Shane Garner

1...Barbara Albury defeated
Giselle Pyfrom 3-1 and
Howard Mason defeated Joe
Johnson 3-0.”

As the final match was
ready to begin, the scores

were tied 10 apiece.

Mike Fields managed to
come from behind and defeat
Adrian Burrows 3-2 giving
the Coke Crushers one of
their first league victories.

‘Sonny Boy’ Rahming
championships to feature
more than 50 bouts

By RENALDO DORSETT
Sports Reporter
rdorsett@tribunemedia.net

ONE of the leading boxing
clubs in the Bahamas is get-
ting ready to stage one of the
biggest events on its calendar
and honour one of the sport’s
legends of yesteryear.

Champion Amateur Box-
ing Club is scheduled to host
yet another edition of its
Wellington “Sonny Boy”
Rahming Silver Gloves
Championships.

The event is expected to
feature more than 50 bouts
on consecutive Saturdays —
May 29 and June 5 — at the
Ray Minus Jr boxing gym on
Wulff Road.

Geared towards placing a
greater focus on the develop-
ment of local boxing’s rising
stars, five matches have been
pegged by Ray Minus Jr,
president of Champion Ama-
teur Boxing Club, as ones to
watch.

These matchups include
Prince Johnson vs Ricardo
McKenzie, Keno Newman vs
Anthon Brown, Valentino
McPhee vs Kenray Lord and



BOXING



Richard Charlton vs Javoun
Collins.

“Sonny Boy” Rahming was
avery well-known local fight-
er during the ‘golden years’
of professional boxing.

In the ring, he squared off

with the likes of Yama
Bahama, Gomeo Brennan
and Boston Blackie.

Following a career in the
ring, he turned to training and
mentoring generations of
young boxers on the local
scene and helped to hone the
skills of some of the country’s
best fighters.

Minus Jr said Rahming was
a special case because of the
attention and focus he gave
to underprivileged young men
from around the local com-
munity.

Minus said the event is one
of the events Champion Ama-
teur Boxing Club hosts to
boost the youth development
of boxing in the Bahamas.

A former fighter and Com-
monwealth champion, Minus
Jr started the boxing club in
Nassau in 1993 as a way of
giving back to the sport.

Today, the club has more
than 200 participants and its
alumni list includes some of
the best boxers in the
Bahamas who have gone on
to compete in the Olympic
and Pan American Games
and the Caribbean Champi-
onships.

Baseball leagues look
for bragging rights, title
of national champions

By RENALDO DORSETT
Sports Reporter
rdorsett@tribunemedia.net

WITH the Bahamas Base-
ball Federation’s 8th Annual
Andre Rodgers National
Baseball Championships on
the horizon, just a few weeks
away, leagues around the
country look to battle for
bragging rights and the title of
national champions.

One league that looks to
continue its dominance is the
Freedom Farm Baseball
League.

Freedom Farm has domi-
nated the competition since
the tournament’s inception,
capturing a federation-high
14 division championships,
and 18 gold medals.

The National Baseball
Championships will feature
players in six age brackets:
Coach Pitch (7-8), Bantam
Minor (9-10), Bantam Senior
(11-12), Junior (13-15), Senior
High School (16-18) and Col-
legiate Divisions (25-and-

BASEBALL

under).

Participating leagues
include the Abaco Baseball
League (ABL), Bimini Base-
ball League (BBL), Grand
Bahama Amateur Baseball
League (GBABL), Grand
Bahama Little League
(GBLL), Eleuthera Baseball
Association (EBA), Freedom
Farm Baseball League
(FFBL), Inagua Baseball
Association (IBA), Junior
Baseball League of Nassau
(JBLN), Legacy Baseball
League (LBL) and the Span-
ish Wells Baseball Associa-
tion (SWBA).

Freedom Farm has cap-
tured titles in the Coach Pitch
division three of the last four
years, only losing out to Lega-
cy Baseball in 2008.

They have won the 9-10
division, three of the last four
years, the 12-and-under divi-
sion in 2007 and 2009, and

have swept the collegiate divi-
sion each of the past four
years.

The Junior Baseball
League of Nassau has cap-
tured eight championships
and nine gold medals.

They took the 12-and-
under division two of the past
four years and followed suit
with the 13-15 division in 2007
and 2009.

Legacy Baseball of Grand
Bahama has captured five
division titles and six gold
medals. They took the 13-15
division in 2006, and the 16-18
division in 2008 and 2009.

The National Baseball
Championships has become
the country’s most all-encom-
passing sporting event and is
set for its latest installment
to be hosted in Grand
Bahama for the first time,
June 3-6.

This year’s event is expect-
ed to feature a record 37
teams and over 650 athletes
from six islands across the
Bahamas.







»" LeBron: please,
PLEASE stay...





Mercy rule!

By RENALDO DORSETT
Sports Reporter
rdorsett@tribunemedia.net



his week’s early matchups in

the New Providence Softball

Association (NPSA) featured

a lopsided finish and a nail
biter for two teams looking to be atop
the rankings in the men’s division at the
end of the season.

The Nassau Stingrays blew away the
DelSol Arawaks in the opener while the
New Breed took a hard-fought decision
over the Outlaws.

Leroy Thompson dominated the
Arawaks’ lineup at the mound and gave
up just two hits en route to the 18-1 win.
Randy Gibson was tagged with the loss
after being blasted by the Stingrays’ play-
ers.

DelSol opened the game, taking an ear-
ly 1-0 lead in the home half of the first
inning, with the only score and run pro-
duction of the contest.

The Stingrays responded with 13 runs
in an efficient first inning to take com-
mand of the game. Thompson held the
Arawaks scoreless over the remaining
two innings before the game was stopped
due to the mercy rule.

Greg Burrows Jr was 2-2 with three
runs and three RBI which included a
home run and a double.

Byron Ferguson went 2-3 with three
runs and two RBI and Devaughn Wong
was 2-3 with three runs and three RBI.
For the Arawaks, Lou Johnson was 1-2
with one run.

In the night’s feature match up, the
New Breed added late-inning run sup-
port to clinch a decision over the Out-

¢ Nassau Stingrays
blow away DelSol
Arawaks, 18-1

¢ New Breed clinch
decision over
the Outlaws, 7-5

laws, 7-5. The Outlaws took a 2-0 lead
in the first inning, however it would be
short lived as the New Breed gained con-
trol in the bottom half of the second
inning with four runs.

Trailing 4-2, the Outlaws came within
one in the third inning but the New Breed
again plated a score for a 5-3 advantage.

With two runs in the top of the fourth,
the Outlaws tied the game at 5 heading
into the bottom of the fourth, but could-
n’t add a score in the game’s waning
moments.

The New Breed regained the lead for
good with a run in the bottom half of the
fourth and added another in the sixth for
the winning margin as they held the Out-
laws scoreless for the game’s final innings.

DeAndre Rigby led the New Breed
offensively with a 2-3 night which includ-
ed three runs and two RBI.

For the Outlaws, Adrian Pinder was
2-3 with four RBI. Daniel Gonzalez got
the win while Roscoe Thompson was
tagged with the loss.

League play is scheduled to continue
7:30pm Thursday at the Blue Hills Sport-
ing Complex.











~ On
previous
Steering wheel-mounted audio controls
Air conditioning & filtration system
Power windows, door mirrors and locks
Cloth or leather interior
Front, side & side curtain airbags
Immobilizer theft-deterrent system
Remote entry system
Comfortably seats five
6-disc CD player
268-hp, V-6 engine.



Ly

Website: www.hondabahamas.com

Cleveland fans to

See page 9






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be beautiful.
As beautiful
as the car.

Look good in the Honda Accord’s
dramatic styling and enjoy its advanced
technology. These add up to lower
emissions, better fuel economy,

larger cabin, top-rated safety, low
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TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM


PAGE 10, WEDNESDAY, MAY 19, 2010

INTERNATIONAL SPORTS

Blue Jays hack
Marcum with
4 Rs, heat
Twins 11-2

TORONTO (AP) —
Edwin Encarnacion came off
the disabled list and hit one of
Toronto’s four home runs
Tuesday.

The Blue Jays backed
Shaun Marcum in an 11-2
romp over the Minnesota
Twins.

Vernon Wells, Aaron Hill
and Lyle Overbay also con-
nected. The Blue Jays lead
the majors with 65 home runs
this season.

Marcum (3-1) won his third
straight decision, allowing one
run and five hits in seven
innings.

Carl Pavano (4-4) was
pounded for six runs and 10
hits in four innings. He has a
6.21 ERA in 10 career games
against Toronto.



Baghdatis beats
Recouderc in
Nice 1st round

NICE, France (AP) —
Fifth-seeded Marcos Bagh-
datis of Cyprus defeated
Laurent Recouderce of
France 6-4, 7-5 in the first
round of the Open de
Nice.

Baghdatis was initially
scheduled to play Mario
Ancic on Tuesday, but the
Croat withdrew because of
a back injury. The Cypriot
dropped serve only once
and will play Simon Greul
of Germany.

Frenchmen Richard
Gasquet routed Lukas
Lacko of Slovakia 6-3, 6-
0.

Sergiy Stakhovsky of
Ukraine defeated Andreas
Seppi of Italy 7-5, 6-3 to
reach the quarterfinals.
Florent Serra edged Ilya
Marchenko of Ukraine 7-
5, 7-6 (4).

Serra won the last five
points of his first-round
match with the help of a
double-fault that gave
Marchenko a 3-1 lead in
the tiebreaker. The
Frenchman will meet sec-
ond-seeded Fernando Ver-
dasco of Spain.

Alexandr Dolgopolov of
Ukraine beat sixth-seeded
Albert Montanes of Spain
6-3, 7-5. Dolgopolov had
11 aces and broke three
times against Montanes,
who beat Roger Federer
in the Estoril Open semifi-
nals en route to winning
the title this month in Por-
tugal.







Drive one.



Lakers rout Suns in game one

KOBE BRYANT dribbles around
Suns forward Grant Hill during the
second half of Game 1 of the
Western Conference finals Monday
in Los Angeles...

By GREG BEACHAM
AP Sports Writer



LOS ANGELES (AP) — The jubi-
lant chant echoed down from the Sta-
ples Center rafters late in the Western
Conference finals opener: “We want
Boston! We want Boston!”

Hold on there, Hollywood. The Los
Angeles Lakers still have plenty of
work to do, even if Kobe Bryant’s
40-point performance in a 128-107
victory Monday night suggested the
defending champions could make
short work of the Phoenix Suns.

Bryant was brilliant in the 11th 40-
point game of his postseason career,
going 13 for 23 with three 3-pointers
and hitting 11 free throws with just
one miss, all despite staying off the
practice court for most of the past
week to rest his ailing knee, ankle,



finger and back.

Practice? Kobe doesn’t need much
practice this time of year. His injuries
are minor impediments to his major
postseason drive.

“T practice so much during the sea-
son,” Bryant said. “In the offseason, I
work a lot. To take a week off, ’'m
not going to lose all the work I put in
prior to that.”

Lamar Odom had 19 points and 19
rebounds in a resurgent game off the
bench, while Pau Gasol had 21 points
as the top-seeded Lakers won their
seventh straight playoff game and
snapped the Suns’ six-game streak.

The Lakers beat the third-seeded
Suns at their own uptempo game
when necessary, fluidly running the
court to set up baskets for Bryant in
his sixth straight 30-point game.

Amare Stoudemire scored 23

(AP Photo)



points and Steve Nash had 13 points
and 13 assists for the Suns, who had-
n't lost since April 24. Robin Lopez
started at center and scored 14 points
in his playoff debut, but Phoenix
couldn’t keep up with the champs’ 58
per cent shooting in the Suns’ first
conference finals appearance since
2006.

Phoenix also ran into the same
height problems faced by Utah and
Oklahoma City earlier in the Lakers’
playoff run.

Los Angeles committed just nine
turnovers in Game 1 while outre-
bounding the smaller Suns 42-34, and
Phoenix went just 5 for 22 on 3-point-
ers after leading the NBA from that
distance in the regular season and the
playoffs’ first two rounds.

Game 2 is Wednesday night at Sta-
ples Center.







Cleveland fans to LeBron: please, PLEASE stay

By THOMAS J SHEERAN
Associated Press Writer

CLEVELAND (AP) —
They’re saying it on bill-
boards, in song, in letters, in
petitions and more.

Whatever the format, the
message from Clevelanders is
the same: Dear LeBron
James, please don’t go. Please
please please don’t go.

This hard-luck city on the
shores of Lake Erie is des-
perately trying to show its
NBA superstar that, with free
agency looming July 1, the
best spot for him is right up
the road from his hometown
of Akron, Ohio, the place
where he's played for seven
seasons as a Cleveland Cava-
lier and won two MVP
awards.

And in the wake of a baf-
fling early exit from the play-
offs — a six-game series loss
to the Boston Celtics — the
grass roots campaign has tak-
en on not just a new urgency
but the sense of a last chance.

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LEBRON JAMES walks off the
court after the Cavaliers lost 94-
85 to the Boston Celtics in Game
6 in a second-round playoff
series in Boston... (AP Phota)

Without James, after all, the
chances of Cleveland break-
ing its 46-year titleless streak
in major pro sports don’t

fat

seem too good.

“He’s a hometown guy. We
definitely want to put that on
his conscience,” said 23-year-
old Austin Briggs, of Cleve-
land Heights, co-founder of
the Web = site please-
dontleave23.com.

Want to join the band wag-
on? You can sign a “Stay
LeBron” petition right on the
hood of Brigg’s souped-up
1987 Oldsmobile Cutlass
Supreme, dubbed the “Wit-
ness Mobile.”

Even before the playoffs,
fans had helped fund a banner
near the home of the Cavs,
showing James through his
life with the words “Born
Here. Raised Here. Plays
Here. Stays Here.”

But if Clevelanders think
showing a little civic pride will
be enough to romance
LeBron, they better think
again.

Other cities are trying to
woo him, too.

In New York City, The
Daily News has launched

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www.getlebron.com and even
Mayor Michael Bloomberg
has made a case for James to
move — to the Knicks or the
Nets.

“T love living in New York,
my kids love living in New
York,” Bloomberg said last
week. “I think LeBron James
would love living in New
York and it is the world’s
greatest stage.”

Bulls fans, meanwhile, have
www.sendlebrontochicago.co
m while long-suffering Los
Angeles Clipper fans are
planning a parade aimed at
showing the MVP some love.

So far, James hasn’t tipped
his hand.

“Tt’s all about winning for
me and I think the Cavs are
committed to doing that, but
at the same time I’ve given
myself options to this point,”
he said.

The Cavaliers can offer him
around $30 million more than
any team, but several other
clubs can make pitches begin-
ning July 1.

THE TRIBUNE

Nuggets coach
Karl slowly
recovering

DENVER (AP) —
Nuggets coach George Karl
has started showing up at
work on occasion and getting
out more as he slowly recov-
ers from throat cancer and its
complications.

Kim Van Deraa, Karl’s life
partner and mother of their
five-year-old daughter, wrote
in her blog Tuesday that Kar-
l’s energy level is slowly rising
and that he is still using a
feeding tube for most of his
nutrition but occasionally eats
peaches.

“He has tried a few other
things which usually ended
with - ’'m not ready for that!”
Van Deraa wrote.

Van Deraa wrote that Karl
is getting out to more places
than just his doctor’s office,
where he frequently has to go
to make sure his blood-thin-
ning medication levels are
right. Karl has twice been hos-
pitalized with blood clots in
his legs or lungs following his
six-week radiation and
chemotherapy treatment.

“He is in good spirits which
is the most important thing!!!”
Van Deraa wrote. “He also
lost approximately 40 lbs
which might not be great for
his recovery process right now
but once he is feeling better
this will help his energy and
activity level.”

Karl, who turned 59 last
week, has said he intends to
return to coaching later this
summer, health permitting.

Nuggets owner Stan
Kroenke said Karl’s health is
the organisation’s No. | pri-
ority this offseason.

Woods adds
British Open
to schedule

ORLANDO, Fla. (AP) —
Tiger Woods has added the
British Open to his summer
schedule.

Woods has a chance to
become the first player in the
150-year history of the British
Open to win three times at
St. Andrews, where golf’s old-
est championship will be held
July 15-18.

He added the British Open
to the schedule on his web-
site Monday.

Woods, who withdrew from
the final round of The Players
Championship on May 9 with
aneck injury, also has the US
Open at Pebble Beach and
the AT&T National at Aron-
imink on his schedule.

He has yet to enter the
Memorial, where he is the
defending champion.



NATE CAMPBELL (left) fights Victor Ortiz during their WBA Super
Lightweight match Saturday at Madison Square Garden in New York.

Ortiz won by a unanimous decision...

(AP Photo)

Ortiz beats Campbell by
unanimous decision

NEW YORK (AP) —
Junior welterweight con-
tender Victor Ortiz breezed
to an impressive unanimous
decision over former light-
weight champion Nate Camp-
bell on Saturday night on the
undercard of Amir Khan’s
title defense against Paulie
Malignaggi.

The 23-year-old Ortiz won
his third straight fight since a
stunning loss to Marcos Maid-
ana last year, once again
putting his name on the list
of top fighters in the 140-
pound division.

Judges Don Trella and Julie
Lederman scored it 100-89
while Tom Schreck had it 99-
90. The Associated Press also
scored it 100-89.

Ortiz (27-2-1) was never in
trouble, finishing his worst
round — the first — by con-
necting with a short right just

before that bell that forced
Campbell (33-6) to touch his
glove to the mat.

The referee ruled it a
knockdown, even though
Campbell argued that it was a
slip. It hardly mattered by the
end of the fight.

Ortiz simply had too much
offense for the 38-year-old
former titleholder, landing the
harder and cleaner blows and
unloading short uppercuts
under Campbell’s peak-a-boo
defense.

Ortiz also used his decep-
tive quickness to stay away
from Campbell’s right hand,
which he kept loading up in
an attempt to deliver a knock-
out blow.

By the ninth round, Camp-
bell seemed resigned to defeat
and Ortiz landed a series of
shots that nearly ended the
fight.

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

SECTION B ¢ business@tribunemedia.net











Felipé Major/Tribune staff





CARIBBEAN Development Bank (CDB) president Dr Compton Bourne
speaks during Tuesday’s signing. Zhivargo Laing, minister of state for
finance, can be seen in the background...

See full story on page 3B



Bahamas ‘retires’
debt worth S80m

By CHESTER ROBARDS
Business Reporter
crobards@tribunemedia.net

THE BAHAMAS retired
$80 million in debt during its
last fiscal period, the minis-
ter of state for finance said
yesterday, even as it signed
on to a new loan facility with
the Caribbean Development
Bank (CDB) worth $10.109
million.

Zhivargo Laing said the
CDB funds will be reflected
in the upcoming 2010-2011
Budget, which will be
unveiled in Parliament on

* Government signs on to
$10.109m CDB loan, as
minister says ‘the worst
is behind us’ for the
Bahamian economy

* Adds that no need for
‘extraordinary measures’
in upcoming 2010-

2011 Budget

May 26 and come into effect
on July 1.

SEE page 6B

Bahamas bank
sued in relation

to Madoff fraud



By NEIL HARTNELL
Tribune Business Editor

A BAHAMAS-based bank
and trust company has been
sued over losses sustained
from alleged investments in
Bahamian-domiciled invest-
ment funds, which invested
the bulk of their assets with
$50 billion fraudster Bernard
Madoff.

Santander Bank & Trust
(Bahamas), which is based at
the Goodman’s Bay Corpo-
rate Centre on West Bay
Street, has been sued along
with other entities and execu-
tives in the Spanish-head-
quartered banking group, by
four Cayman Islands hedge
funds in relation to invest-
ments that were made in
Optimal Multiadvisors, a
Bahamian-domiciled invest-
ment fund, and its sub-funds.

According to the complaint,
which was filed in the US Dis-

‘Get businesses

By NEIL HARTNELL
Tribune Business Editor

THE Government needs to
“get businesses off the blocks
and entrepreneurs working” if
it is to turn the economy and
its finances around, a leading
fiscal hawk yesterday urging
this nation to compare itself
to “the best, not the worst”
on issues of fiscal prudence.

Rick Lowe, a leading exec-
utive with the Nassau Insti-
tute economic think-tank,
urged the Government to
avoid any new or increased
taxes in the 2010-2011 Bud-
get, as this would only hob-
ble the private sector and eco-
nomic recovery further, and
told Tribune Business: “In my
opinion, we’re close to the
edge.”

Admitting that he was
unable to read the Govern-
ment’s fiscal plans, which will
be unveiled next Wednesday,
Mr Lowe said: “There seems
to be a lot of people hurting,
but ’m hoping there’s going
to be some austerity measures
to start to turn things back
around, as we can’t continue
the way we’re going.

“There’s certainly got to be
some cut backs on govern-
ment spending. There may
have to be some early retire-

trict Court for south Florida
on March 8, 2010, the
Bahamian bank is being sued
on the grounds that it alleged-
ly acted as the custodian for
the hedge funds’ investments
in the Optimal structure.

Optimal Multiadvisors was
described as a Bahamian
Standard Fund that was incor-
porated as an International
Business Company (IBC) in
1995, with its registered office
allegedly being the Lennox
Paton law firm. The latter is
not named as a defendant in
the hedge funds’ action, and
neither is PricewaterhouseC-
oopers (Bahamas), the funds’
auditor.

The hedge funds alleged
that the Santander group,
which effectively managed the
Optimal fund and sub-funds,
failed to maintain the ‘low
risk’ investment profile they

SEE page 7B

off the blocks’

* Fiscal hawk warns against
new and increased taxes in
Budget, as government
must ‘get entrepreneurs
working’ to turn economy
and finances around

* Urges Bahamas not
to compare itself to the
‘worst’ on public finances

ments, they may have to be
some cut backs on pensions,
and there may, regretfully,
have to be some lay-offs until
this thing turns around.”

Given that the Govern-
ment’s revenues, especially
taxes and fees, were heavily
dependent on the private sec-
tor and general levels of eco-
nomic activity, Mr Lowe
added: “It’s tough, but they’ve
got to encourage some busi-
nesses to get off the blocks.

“Instead of putting blocks
in people’s way, and I’m not
advocating subsidies, they
need to look at things such as
granting people business
licences to get them moving.
The answer is that they’ve got
to get entrepreneurs work-
ing.”

SEE page 4B

m

WEDNESDAY,

MAY

19,



2010

ROYAL FIDELITY

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RBC/ Fidelity Joint Venture Company



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(242) 356-9801

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(242) 351-3010

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royalfidelity.com



By NEIL HARTNELL
Tribune Business Editor

inority
sharehold-
ers in
Associated
Bahamian
Distillers and Brewers
(ABDAB) were yesterday
questioning whether they
would benefit from
Heineken’s purchase of the
company’s stakes in Com-
monwealth Brewery and
Burns House, telling Tribune
Business they had received
zero information on the deal
- an assertion seemingly at
odds with representations to
the Securities Commission.
This newspaper contacted
several shareholders in the
investment vehicle controlled
by Sir Garet ‘Tiger’ Fin-
layson and his family, all of
whom told Tribune Business
that they had received no
information about the details
of the transaction, and nor
had their approval of the



Trying to catch a
‘Tiger’ by the tail

* Minority ABDAB investors say they have received
no details on $120-125m Heineken buyout, and
question whether they will get dividend payout

* Regulator says position at odds with company’s
representations to it that shareholders ‘approved the deal’

* Investors include DPM and family; Sir Orville; Cabinet Minister,
Sir Albert Miller and assorted leading businessmen

deal been sought.

T. B. Donaldson,
the former Central
Bank governor and |}
current Common-
wealth Bank chair-
man, who holds
some 604 ABDAB |
shares, told Tribune
Business: “The
answer is no”, in
response to whether
he had received any
information on the Heineken
transaction/.

He added: “I doubt
whether any shareholders



DONALDSON

received anything. I
seldom receive any-
thing from, them.
I'd be quite sur-
prised if anyone
received anything at
all.” When asked
whether he hoped
to receive a divi-
dend from
ABDAB, as a result
of the company
receiving a nine-fig-
ure sum from Heineken for
its stakes, Mr Donaldson
replied: “I hope so, but I nev-
er hold my breath.”

Kenwood Kerr, Provi-
dence Advisors’ chief execu-
tive, who holds some 132
ABDAB shares on trust for
the Bahamas Electricity Cor-
poration (BEC), also con-
firmed that he had received
no communication from
ABDAB on behalf of his
clients.

“IT suspect that they
would,” Mr Kerr said, when
asked whether his client
hoped to receive a dividend
from ABDAB as a result of

SEE page 5B



We want a ‘doom and gloom’ Budget

By NEIL HARTNELL
Tribune Business Editor

THE Government has run
quarterly deficits ranging
from $75-$150 million over
the past 15 months, data
released yesterday revealed,
as a former Chamber of Com-
merce president urged the
Government to use the
upcoming 2010-2011 Budget
to “do something that’s in the
best interests of the country”,
not the FNM’s re-election
chances.

Information released yes-
terday by the Central Bank
of the Bahamas showed that
over the five periods between
the fiscal 2008-2009 second

* Government runs quarterly deficits of between
$75-150m over past 15 months, Central Bank reveals

* Former Chamber president urges government to ‘do
what’s in Bahamas best interests, not in FNM’s
best interests’, in 2010-2011 fiscal plans

* Warns that unlike Greece, ‘no one will bail us out’

* Describes debt and deficit increases as ‘incredibly
worrying’, and inaction could ‘devastate’ economy

quarter, and the same period
in 2009-2010, the Government
had run consistently heavy
deficits that peaked at almost
$150 million in the 2008-2009
fourth quarter.

That period, which would
have been April-June 2009,

ROYAL 3 FIDELITY

Money at Work

saw government revenues of
just under $400 million
dwarfed by some $540 million
in public spending, something
that helped to drive a $687.7
million or 21.4 per cent year-

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 19, 2010

THE TRIBUNE



Home building gain likely
to fade with tax credit

By ALAN ZIBEL &
MARTIN CRUTSINGER
AP Business Writers

WASHINGTON (AP) —
Home construction rebound-
ed last month to the highest
level in 18 months as buyers
capitalized on tax incentives.
But now that those tax credits
have expired, builders are
scaling back.

That means the home-
building industry isn’t likely
to contribute as much to the
economic recovery. Analysts
expect sales to fall this sum-
mer as the effect of the tax
credits fades.

Mortgage rates have
remained near record-low lev-
els. But high unemployment
and tight lending standards,
combined with the end of the
tax credits, will keep a lid on
home construction, analysts
say.

“Potential homebuyers are
a little rattled by the state of
the economy and what has
happened in housing over the
past two to three years,” said
Wells Fargo economist Tim
Quinlan.

The rate of construction of
single-family homes and
apartment buildings rose 5.8
per cent last month to a sea-
sonally adjusted annual rate
of 672,000, the Commerce
Department said Tuesday.

That’s the highest level
since October 2008. It was dri-
ven by a 10 per cent increase
in single-family home build-
ing. The rate of homebuild-
ing remains 70 per cent below
the decade’s peak in January
2006.

Still, it’s climbed more than
40 per cent above the April
2009 bottom.

Adding to evidence that the
pace of construction will slow
was the latest reading on
applications for new building







NEW HOMES are under construction at Artesia by Minto in Sunrise, Florida. Construction of new homes
rose more than expected in April, but new building permits fell sharply, signalling that the building
industry’s rebound could be short-lived...

permits, a gauge of future
activity: Applications sank
11.5 per cent in April to an
annual rate of 606,000. That’s
the lowest point since Octo-
ber 2009.

A separate report Tuesday
showed wholesale inflation
remains tame. Prices fell 0.1
per cent in April. Core infla-
tion, which excludes volatile
energy and food prices, rose
0.2 per cent, the Labour
Department said. But over
the past year, core prices have
risen just one per cent.

The absence of inflation
pressures means the Federal
Reserve can keep interest
rates at record lows to bolster

the economic recovery. Some
Fed officials think the bigger
risk now is deflation — a
destabilizing period of falling
prices and wages. The United
States hasn’t suffered from
deflation since the Great
Depression. Still, most econ-
omists think the risk of defla-
tion remains remote.

The results of the Com-
merce report show that
builders ramped up to meet
demand from buyers seeking
to take advantage of the two
tax credits: One was up to
$8,000 for new buyers. The
other was $6,500 for current
owners who buy and move
into another home.

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To receive either tax credit,
borrowers had to have a
signed offer by April 30 and
must close the deal by the end
of June.

About 2.2 million house-
holds have used those credits
at a cost of $16 billion through
late March, according to the
Internal Revenue Service.
There’s been no push in Con-
gress to extend them.

Still, builders are feeling
hopeful. The nationwide sup-
ply of unsold new homes has
declined and now stands at
the lowest level in 40 years.
And many builders are buy-
ing up failed projects or unde-
veloped lots that fell into fore-

closure and are restarting
development projects, said
Brad Hunter, chief economist
with Metrostudy, a real estate
consulting firm.

“Those builders that are
still alive are actually finding
themselves with projects that
are in demand and in good
locations,” he said.

The National Association
of Home Builders’ housing
market index, which tracks
industry confidence, rose
three points this month to the
highest reading since August
2007.

Nevertheless, Hunter pre-
dicts it won’t be until 2012
before home construction
returns to healthy levels.

In the meantime, the still-
sluggish pace of the econom-
ic recovery is holding back
price increases.

For April, wholesale food
costs dipped 0.2 per cent. It
was the first decline in nine
months. And it came after a
2.4 per cent surge during the
previous month — the largest
gain in 26 years. The March
increase reflected the impact
of a winter freeze in Florida
that damaged citrus and veg-
etable crops.

Energy prices fell in April
with gasoline down 2.7 per
cent.

The rise in core inflation
followed two straight months
of 0.1 per cent gains. House-
hold appliances posted a 1.9
per cent jump, the largest
since October 1974. Passen-
ger car prices rose 0.6 per
cent. It was the biggest such
increase since June.

Economists predict that a
report on consumer prices
Wednesday will also show
slight price pressures. They
predicting overall inflation
and core inflation will both
post 0.1 per cent gains.

The recession has banished













SAMIRA COLEBY

Realtor
names new
employee

DAMIANOS Sothe-
by’s International Realty
has named Samira Cole-
by, the former head of
Alliance Frangaise, to its
Nassau sales team.

She moved to the
Bahamas from Paris in
1993 and began teaching
French. For twelve years
she ran the Alliance
Frangaise, and received
the prestigious Palmes
Académiques from the
French Government as a
reward for her work.

Benefiting greatly from
her contacts through the
Alliance Frangaise, Ms
Coleby has acquired
extensive knowledge and
understanding of the real
estate market in the
Bahamas, and has been
successful in working with
buyers and sellers.

She is bilingual and
able to service her buyers
and sellers fluently in
French or English.







inflation for now.

In part, that’s because the
loss of more than eight mil-
lion jobs over the past two
years has left workers with-
out the bargaining power to
boost wages.

We want a ‘doom
and gloom’ Budget

FROM page 1B

over-year increase in the
Bahamas’ national debt. That
reached $3.901 billion at year-
end 2009.

For the second quarter of
the Government’s 2009-2010
fiscal quarter, the deficit
appeared to stabilise at $75
million - the same level it
reached in that quarter during
2008-2009. That, though, is
slightly misleading, because
the 2009-2010 figures received
significant one-time boosts via
the $64 million received from
Statoil’s purchase of South
Riding Point, plus a $25 mil-
lion Bahamas Telecommuni-
cations Company (BTC) div-
idend.

Meanwhile, Dionisio
D’ Aguilar, the former Cham-
ber president, described the
Bahamas’ 53.6 per cent debt-
to-gross domestic product
(GDP) ratio at end-2009 as
“incredibly worrying”, and
said of the 2010-2011 Budget
due to be delivered in the
House of Assembly next
Wednesday: “They'd better
get it right this time.

“This is an opportunity for
the Government to do some-
thing that’s in the best inter-
ests of the country, and not
necessarily in the best inter-
ests of the Free National
Movement.

“We've just got to stop this
spending. It’s at a worrying
level, and we couldn’t survive
what the Greeks are going
through. No one will come to
our rescue. No one will bail
us out. We need to do some-
thing. We can’t sustain this

INSIGHT

For the stories

behind the news,
read Insight
on Mondays



rate of growth in our debt.

“This should be a doom
and gloom Budget,” Mr
D’ Aguilar added. “The econ-
omy is in a shambles, and the
Government needs to show
fiscal responsibility by doing
what is in the best interests
of the economy, and not what
is in the best interests of the
FNM.

“T think that if they show
they’re serious about manag-
ing the finances of the country
prudently, people will know
what is going on in the world
and respond positively to
someone saying things are
tough.”

Rather than “tighten our
belts” when the global credit
crunch/recession hit, Mr
D’Aguilar said the Govern-
ment had opted to follow
most other nations in unleash-
ing an economic stimulus pro-
gramme, and “spent like
crazy”.

“That’s worrying to me,”
he added, telling Tribune
Business that if the Govern-
ment was being short-termist
and short-sighted, “thinking
about the next election” and
not being fiscally prudent, it
was “going to devastate the
economy”.

“You've got to do the right
thing and let everyone know
this is belt tightening,” Mr
D’ Aguilar told Tribune Busi-
ness. “We’ve got to get that
deficit down, get expenditure
back on track. These huge
deficits are unacceptable.
Every educated Bahamian
expects the Government to
say: ‘No more increases’.
They can’ sustain these
increases.”

The international credit rat-
ing agencies, Moody’s and
Standard & Poor’s (S&P),
were now watching and wait-
ing to “see whether we’re seri-
ous enough and whether we
can do it” in relation to cut-
ting the fiscal deficit and
national debt.

Prime Minister Hubert
Ingraham and his government
have thus far given little indi-
cation of the measures set to
be adopted in the 2010-20111
Budget, apart from indica-

tions by Zhivargo Laing, min-
ister of state for finance, that
they will seek to set the
Bahamas back on the correct
fiscal path.

Tribune Business inquiries
yesterday indicated that the
main Bahamian business
organisations had yet to be
consulted on the Budget, and
have no idea what it will con-
tain. Mr D’ Aguilar contrasted
this low-key approach with
that of the new UK chancel-
lor, George Osborne, who
had already stated his inten-
tion to slash £6 billion from
the British government’s
spending in the upcoming
budget.

Telling Tribune Business
that he was “fearful” thoughts
of a 2012 election would dom-
inate the Government’s think-
ing, the former Chamber chief
added: “They can’t afford to
be irresponsible. There’s just
no room for that.

“Yow re going to get a lot
of flak and people complain-
ing, and the civil servants
jumping up and down, but
they’ve seen not one wage
cut, not one job loss.”

For the second quarter of
the Government’s fiscal year,
which covers the three-month
period between October-
December, the Central Bank
attributed the deficit’s year-
over-year “stabilisation”, at
$75 million, to a 17.6 per cent
revenue increase that was
generated by the one-off
transaction gains.

Tax receipts, which
accounted for 70 per cent of
revenues, fell by 8.5 per cent
to $254.7 million. Interna-
tional trade and transaction
taxes fell by 19.3 per cent to
$130 million, due to a 16.2 per
cent decline in import duties
to $83.9 million and a 30.4 per
cent fall in excise taxes.

Elsewhere, the fall in gam-
ing revenues drove a 28.8 per
cent fall in services fees to
$6.2 million. Collections from
business and professional
licence fees dropped 27.1 per
cent to $8.1 million, with
departure taxes off 3 per cent
year-over-year at $11.5 mil-
lion.

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

WEDNESDAY, MAY 19, 2010, PAGE 3B



Infrastructure
loan’s Family
Island boost

By CHESTER ROBARDS
Business Reporter
crobards@tribunemedia.net

THE BAHAMAS yester-
day signed a $10.109 million
loan facility with the
Caribbean Development
Bank for several social and
economic infrastructure
upgrades in the Family
Islands, plus a $37,000 tech-
nical grant for road and port
feasibility studies - the first
such loan from the CDB in a
number of years.

Minister of State for
Finance, Zhivargo Laing, said
the financing acquired by the
Government will go towards
the rehabilitation of a num-
ber of docks and bridges,
serving as a catalyst for the
beginnings of improvements
to the Bahamas’ inter and
intra-island transportation
system.

According to Mr Laing,
work on these projects could
begin as early as summer
2010, boosting employment
in Andros, Eleuthera and
Exuma.

"This financing is for a pro-
ject which will improve and
sustain access to social and
economic infrastructure nec-
essary for employment and
income genertion in the Fam-
ily Islands of the Bahamas," a
CDB release said.

"Under the project, Fresh
Creek Dock in central
Andros will be rehabilitated,
as well as Three Island Dock





on Eleuthera. Deep Creek
and Little Creek Bridges in
South Andros will also be
rehabilitated."

Mr Laing said the Govern-
ment and Prime Minister
Hubert Ingraham were dedi-
cated to the completion of
these infrastructure upgrades
as this country seeks to final-
ly leverage the Family Islands
as unique destinations, reflect-
ed by rejuvenated facades and
structures. “Adequate air, sea
and road infrastructure is crit-
ical to accessing social and
economic services,” the CDB
said.

Assuring

"By assuring connectivity
between and within the
islands, the project facilitiates
the further development of
the fishing, agriculture and
tourism sectors on the two
islands.”

While the Bahamas has not
borrowed any significant
amounts of money from the
CDB in several years, it has to
date received up to $70 mil-
lion from the regional lender
in the past years.

Mr Laing said this country
found more favourable bor-
rowing conditions in institu-
tions such as the Inter-Amer-
ican Development Bank, but
said as the country's needs
change it is finding the CDB a
good fit.

"T think we are coming toa
place now where the facilities

of the Caribbean Develop-
ment Bank we see as being
uniquely placed to speak to
some of the peculiar needs we
have, particularly in the Fam-
ily Islands, so my expectation
is we will increase our activi-
ties in terms of our borrowing
from the Caribbean Devel-
opment Bank as we go for-
ward," he said.

"This loan and funding pro-
vides us the opportunities to
draw on lessons learned from
other Caribbean Develop-
ment Bank executed projects,
and incorporate those lessons
into the design work."

President of the CDB, Dr
Compton Bourne, said his
bank agreed in principle with
the idea of economic diversi-
fication on the Family Islands
with the Government of the
day several years ago, but is
only now obtaining the capital
to put those ideas to work.

"We share the Govern-
ment's view that economic
diversification has to be pur-
sued in the nation as a whole,
and one has to ensure that
activities extend into the Fam-
ily Islands," said Dr Bourne.

"It has taken a while to
bring this project to fruition,
but we are happy that it is
done and look forward to the
development of other projects
and the bank's role in the
financing other projects.

"We think it signals a clos-
er relationship between the
CDB and the Government of
the Bahamas.”

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Public Notice

Gaming Board For

The Commonwealth Of The Bahamas

Pursuant to Section 36(3) of the Lotteries and Gaming Act
Chapter 387, notice is hereby given that Treasure Bay
(G.B.I.) Limited a Company incorporated under the laws
of The Commonwealth of The Bahamas, has in accordance
with the provisions of Section 34(2) of the said Act, made
application to the Secretary of the Gaming Board of The
Bahamas for a licence to manage the casino premises
located at Our Lucaya Beach Resort, Freeport,Grand
Bahama, one of the islands of The Commonwealth of The
Bahamas.

Notice is also given that any person who desires to object
to the grant of the licence shall send to the Secretary of the
Gaming Board for The Commonwealth of The Bahamas,
P.O. Box N-4565, Nassau, New Providence, The Bahamas
or deliver to the Office situated in the Renaissance Building,
West Bay Street on or before noon on Monday, May 31st,
2010, two (2) copies of a brief statement in writing of the
grounds of the objection.

Dennis W. Martin
Secretary

Gaming Board

For The Commonwealth
of The Bahamas

Signed:

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The Bahamas Co-operative
League Limited

Scholarship
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two-year scholarship to the

College of The Bahamas to pursue an
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The scholarship is awarded annually to a Bahamian student
on the basis of academic achievement and financial need.













Applications are available at The Bahamas Co-operative
League office on Russell Road, Oakes Field, or from any
Credit Union or Producer/Supplier Co-operative.

Deadline for applications is May 31, 2010.

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Tel: 242-302-0100 ¢ Fax: 242-328-8730
P.O. Box SS-6314 ¢ Nassau, The Bahamas



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THE TRIBUNE

WEDNESDAY, MAY 19, 2010, PAGE 5B



SEC chief: Early findings
due in trading probe

By STEVENSON JACOBS
AP Business Writer

NEW YORK (AP) —
stock exchanges would briefly
halt trading of some stocks
that have big prices swings
under new trading rules
aimed at avoiding market
plunges, according to two
people familiar with the plan.

The rules are expected to
begin in mid-June under a six-
month pilot programme
agreed to by exchanges and
regulators, the people said.
They spoke on condition of
anonymity because the plan
has not been made public.

Tt was not known when an
announcement would be
made.

Under the plan, trading of
any Standard & Poor’s 500

“The only way we'll find out
is if we have another plunge.
If they kick in and stabilize the

situation, then fine. If not, it’s
back to the drawing board.”

stock that rises or falls 10 per
cent or more would be halted
for five minutes. These rules,
known as “circuit breakers,”
would be applied if the price
swing occurs between 9:45 am
and 3:35pm Eastern time.
That’s almost the entire trad-
ing day.

The rules are intended to

— Edward Yardeni



prevent a repeat of the May 6
market plunge in which the
Dow Jones industrials fell to a
loss of almost 1,000 points in
less than 30 minutes. The pilot
programme is scheduled to
end December 10. Regulators
and the exchanges would then
decide whether to widen the
programme to include other

stocks, according to the peo-
ple.

Federal investigators on
Tuesday were submitting pre-
liminary findings about the
plunge to an advisory panel,
Securities and Exchange
Commission Chairman Mary
Schapiro told a gathering of
financial analysts.

She said the exchanges
were also expected to propose
new trading rules.

Schapiro appeared from
Washington by video link
rather than traveling to speak
in Boston to the Chartered
Financial Analysts Institute’s
convention, citing the
demands of an investigation
she said is “keeping me up at
all hours of the morning.”

She said her agency is
“looking at a number of issues

we think can be remediated
quickly even before we under-
stand necessarily what the
exact cause of the crash was.”

Regardless of the cause,
there’s no guarantee that
stock circuit breakers will help
stop severe market drops,
independent market analyst
Edward Yardeni said.

“The only way we’ll find
out is if we have another
plunge,” Yardeni said.

“Tf they kick in and stabilize
the situation, then fine. If not,
it’s back to the drawing
board.”

The SEC already has rules
requiring market-wide halts
in trading if the Dow falls 10
per cent, 20 per cent or 30 per
cent. It’s possible those rules,
also known as circuit break-
ers, will be re-examined in

light of the May 6 plunge.

The May 6 drop briefly
wiped out more than $1 tril-
lion in the market value of
stocks. The Dow later recov-
ered somewhat to finish the
day down 347 points.

The plunge stunned Wall
Street and Washington, and
prompted calls for changes in
securities market rules and
procedures. Most of the 50 or
so US exchanges regulate
themselves and design their
own tools for slowing or halt-
ing trading.

During the plunge, the New
York Stock Exchange slowed
trading according to its rules,
but the orders that couldn’t
be executed automatically
migrated in a torrent to elec-
tronic exchanges, industry
officials said.



TIGER , from 1B

its cash windfall, “but I’ve not
received any correspondence
to that effect.”

Michael Anderson, presi-
dent of RoyalFidelity Mer-
chant Bank & Trust, which
holds more than 35,000
ABDAB shares on trust on
behalf of 10 clients, also told
Tribune Business that he and
the company were “not
aware” of any communica-
tions relating to the Heineken
buyout being received.

The situation once again
raises questions about the lev-
el of protection afforded
Bahamian minority investors
in the capital markets, given
that ABDAB is a supposedly
‘public’ company whose secu-
rities are traded on the over-
the-counter market.

In theory, all ABDAB
investors should have been
provided with full disclosure -
including all financial details -
of the transaction, and asked
to vote on it at an Extraordi-
nary General Meeting
(EGM).

While approval of the deal
was never in doubt, given that
Sir Garet - through General
Bahamian Companies (GBC)
- owns some 1,747,383 shares
or a 58.5 per cent majority of
the outstanding stock, it

St,

appears that the process was
sorely lacking.

Hillary Deveaux, the Secu-
rities Commission’s executive
director, yesterday described
the comments from ABDAB
minority investors as “inter-
esting”, telling Tribune Busi-
ness that the capital markets
regulator had been told share-
holders had approved the
deal.

“The information that ’m
aware of does not support
that,” Mr Deveaux said of
investor comments relayed to
Tribune Business. “My under-
standing is that it has the full
support of all the sharehold-
ers of ABDAB, and that they
have advised the sharehold-
ers throughout this process of
what was going on.

“We’re on top of it, but to
the best of our knowledge,
this received the approval of
the shareholders of ABDAB.
That is my understanding,
although I have not been
dealing with it at that level.

“We are conducting a
review of this matter as we
speak. I have not seen a final
report, but it is something we
are pursuing.”

A source close to ABDAB
told Tribune Business that the
company planned to contin-
ue operating as an investment
vehicle, and would seek out
opportunities for its cash pile.




Se ines eee

“From my understanding,
they plan to continue as a
going concern, and in very
short order they will proba-
bly meet with the sharehold-
ers to tell them what the plans
are,” the source said. “Over
the years, ABDAB has been
extremely good to its share-
holders.”

Sources suggested yester-
day that, based on the fact
that the Government required
Heineken to offer 50 per cent
of what it acquired from
ABDAB to the Bahamian
public, the latter had received
$120-$125 million for its
Burns House and Common-
wealth Brewery stakes. This
was based on the $60-$65 mil-
lion IPO valuation given by
Burns House managing direc-
tor.

A copy of the ABDAB
shareholders’ register as at
September 15, 2009, which
has been obtained by Tribune
Business, shows that some 187
investors own the firm’s
2,985,262 issued ordinary
shares.

Apart from the 58.5 per
cent owned by General
Bahamian Companies, Sir
Garet is also supported by a
further 56,250 shares owned
by Maratani Holdings -
believed to be a vehicle for
his children, Mark, Rae,
Tanya and Nikki. Together,

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those holdings account for a
60.4 per cent stake.

Further support would
come from Bradley Roberts,
the former Cabinet Minister
and current PLP chairman,
who is the third largest share-
holder with some 97,000
shares. Franklyn Wilson and
his family are also prominent
shareholders.

Other prominent share-
holders include Deputy Prime
Minister Brent Symonette
and his family; Cabinet min-
ister Neko Grant (a former
Burns House executive); Sir
Albert Miller and his Modale-
na Ltd business; Sir Orville
Turnquest and his late wife;
accountant Basil Sands; attor-
ney Godfrey Kelly; Doctor
James Iferenta; and accoun-
tant Macgregor Robertson.

Going forward, Burns
House and Commonwealth
Brewery will have a combined
530-strong workforce, with
430 at the former and 89 at
the latter.

LEGAL NOTICE

NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT

(No.45 of 2000)
In Voluntary Liquidation

Notice is hereby given in accordance with Section 138 (4) of
the International Business Companies Act, (No.45 of 2000),
NESO INVESTMENTS LIMITED, is in dissolution. Ms.
Alrena Moxey is the Liquidator and can be contacted at The

Winterbotham Trust Company Limited, Winterbotham

Place, Marlborough & Queen Streets, Nassau Bahamas.

All persons having claims against the above-named company

are required to send their names addresses and particulars of
their debts or claims to the Liquidator before the 17th June,



YOUR CONNECTIONTO THE WORLD

PUBLIC NOTICE

TENDER - PRINTING AND
DELIVERY OF THE 2010
TELEPHONE DIRECTORIES

The Bahamas Telecommunications Company Lid.
(BTC), is pleased to invite tenders from experienced
companies to provide printing and delivery services

for the 2011 Telephone Directones.

Interested companies may collect a specification
document from BIC’s Head Office located at #21
John F. Kennedy Drive, Nassau Bahamas, between
the hours of 9:00 am and 4:30 pm, Monday to Friday.

Bids should be received by 4:00 om, Thursday May 20,
2010. Bids are to be marked, “Tender for the Supply
of Telephone Directories” to the attention of:

Mr. | Kirk Griffin
Acting President & CEO

The Bahamas Telecommunications Company Limited

#21 John F. Kennedy Drive

P.O. Bom W-3048
Mossau N.P., Bahamas


PAGE 6B, WEDNESDAY, MAY 19, 2010

THE TRIBUNE



Cacique International Ltd.

With over 11 years of outstanding service in destination
management and event planning is seeking to employ
a Vice President of International Sales and Marketing /
DMC Operations for its DMC (Destination Management
Company) Division.

Applicants should be highly efficient, have strong
sales, marketing & financial background, university
degree, experience in the tourism industry, computer
and foreign language(s) skills, ability to multi-task,
effective time management skills, ability to lead and

motivate a great team of dedicated employees and be
results-driven.

Additional Requirements

¢ Strong analytical skills

* Strong client relations skills

° 5+ years experience in destination management
services (sales & marketing)

* Proficient in Microsoft Office & Quickbooks Enterprise
Solutions

¢ Excellent written & oral communication skills

Please submit your resume on or before May 21st 2010
to
Director of Human Resources & Training P.O.
Box N-4941 Nassau, Bahamas Or via email:

resumes@cacigueintl.com



rm lovin’ it

Employment
Opportunity

Restaurant Managers Needed
for leading Fast Food Franchise

Requirements:

¢ Must be a High School Graduate

¢ Must have Management experience

¢ Restaurant Management experience is
preferred.

* Must have strong leadership skills

¢ Must be customer service driven

¢ Must be results-oriented & articulate
¢ Must have excellent inter-personal skills
¢ Must have excellent oral & written
Communications skills

¢ Professionalism required

Must be able to work flexible hours,
including late nights, weekends and
holidays.

McDonald’s offers excellent benefits!

Please submit Resume to:
Human Resources Department
McDonald’s Head Office
on Market St. North
P.O.Box SS-5925
Telephone: 325-4444

Nassau, The Bahamas
BER RRR RRR Ree eee

Bahamas ‘retires’
debt worth $80m

FROM page 1B

According to finance offi-
cials, the CDB loan could car-
ry an interest rate of up to 5
per cent and a lifespan of 15
years.

Mr Laing said the Govern-
ment does not foresee future
funding needs at the moment,



but did not dismiss the possi-
ble need for future CDB
loans.

While this country's nation-
al debt hovers dangerously
close to $4 billion, with a
debt-to-GDP ratio that has
moved past the 40 per cent
‘danger’ threshold to 53.6 per
cent, Mr Laing said he is pos-
itive the Bahamian economy
has ‘bottomed ou’ and that
growth could come near
year's end.

He said the Bahamas saw
a 4-5 per cent decline at in
2009, and could face a further
contraction of 0.5 to 1 per
cent in 2010, but the country
is expected to see economic
growth of 2 per cent in 2011.

"We clearly believe that the
worst is behind us and that
things have bottomed out in

terms of deterioration in the
economy, and that we are
looking forward to positive
growth in the latter part of
this year and certainly into
next year,” the minister said.

However, Mr Laing said
the Government was still
challenged on revenue col-
lection and what it could
mean for this country's deficit
spending and debt accumula-
tion.

"But we believe that we
have the wherewithal to make
certain necessary adjustment
that negates the need for us to
go into any extraordinary
measures at this time to deal
with our financial circum-
stances," he said.

Though the Bahamas has
seen a5 per cent uptick year-
on-year in stopover visitors,

per visitor spending is not
keeping pace with the the
numbers being driven by the
Companion Fly Free promo-
tion that garnered more than
25,000 bookings in the 2010
first quarter.

And while the Bahamas is
looking at a slow turn around,
a Wall Street credit rating
agency yesterday gave a stark
warning that the upcoming
2010-2011 Budget will deter-
mine whether it downgrades
the Bahamas’ sovereign cred-
it rating.

Former finance minister,
James Smith, told Tribune
Business that should that hap-
pen, the Government would
have to call on the public sec-
tor to make a similar "nation-
al sacrifice" to the private sec-
tor.







PUBLIC NOTICE

CHANGE OF NAME BY DEED POLL

The Public is hereby advised that I, CHAIRE
DENEYNE BROWN-QUANT of George Town,
Exuma, The Bahamas, have legally changed my name
by deed poll to MRS. DENEYNE CHAIRE QUANT
BROWN. The Deed Poll has been duly recorded at the
Registrar General’s Office.

NOTICE is hereby given that JOCELYN CADEAU of
SPICKENARD ROAD, OFF CARMICHAEL ROAD,
NASSAU, BAHAMAS, 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
12â„¢ DAY of MAY, 2010 to the Minister responsible for nationality
and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that CHELDA FERTIL OF GOLD COIN
LANE, SOUTH BAHAMIA, FREEPORT, GRAND BAHAMA, THE
BAHAMAS, 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 19TH day of MAY, 2010 to the Minister responsible for
Nationality and Citizenship, RO.Box N-7147, Nassau, The

NOTICE

NOTICE is hereby given that KENNETH PRATT JUNIOR
of FIRST STREET, COCONUT GROVE, NASSAU,
BAHAMAS, 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 19â„¢ DAY OF
MAY, 2010 to the Minister responsible for nationality and Citizenship,
P.O. Box N-7147, Nassau, Bahamas.

ROYAL J FIDELITY

rid an Wark

BISX LISTED & TRADED SECURITIES AS OF:
TUESDAY, 18 MAY 2010
BISX ALL SHARE INDEX: CLOSE 1,615.15 | CHG -0.01 | %CHG 0.00 | YTD 49.77 | YTD % 3.18
FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%
WWW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-2320

52wk-Low Security
AML Foods Limited
Bahamas Property Fund
Bank of Bahamas
Benchmark

Bahamas Waste

Fidelity Bank

Cable Bahamas

Colina Holdings
Commonwealth Bank ($1)
Consolidated Water BDRs
Doctor's Hospital
Famguard

Finco

FirstCaribbean Bank
Focol ($)

Focol Class B Preference
Freeport Concrete

ICD Utilities

J. S. Johnson

Premier Real Estate

Previous Close Today's Close

Change Daily Vol. EPS $ Div $

BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing bases)

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) + FBB15

Symbol
FBBI7
FBB22
FBB13

1000.00
1000.00
1000.00
1000.00

Last Sale

Change Interest
100.00 0.00

100.00 0.00

100.00 0.00

100.00 0.00 4

Daily Vol.

19 October 2017

19 October 2022
30 May 2013
29 May 2015

To advertise in The
Tribune - the #1 newspaper
in circulation, just call
Were IL

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that |, DOTHYLEEN
VIRGINIA ROLLE, of Nassau, New Providence, The
Bahamas, intend to change my name to DOTLENE
VIRGINIA ROLLE. If there are any objections to this
change of name by Deed Poll, you may write such
objections to the Chief Passport Officer, PO.Box N-742,
Nassau, The Bahamas, no later than thirty (30) days after
the date of publication of this notice.

NOTICE

NOTICE is hereby given that SHANE WILLIAMS OF #148
CLIVE AVENUE, FREEPORT, GRAND BAHAMA, THE
BAHAMAS, 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 12TH day of MAY,
2010 to the Minister responsible for Nationality and Citizenship,
P.O.Box N-7147, Nassau, The Bahamas.

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No 45 of 2000)

ALDERCO FINANCIAL FUND LTD.

LIQUIDATOR’S NOTICE

PURSUANT TO SECTION 137 (6) OF
THE INTERNATIONAL BUSINESS COMPANIES ACT

We, Sterling (Bahamas) Limited, Liquidator of ALDERCO
FINANCIAL FUND LTD., hereby certify that the winding
up and dissolution has been completed in accordance with the
Articles of Dissolution and the company has been struck of the
Registers of Companies.



Dated the 12th day of May, A.D. 2010.

I

i tf
op Ve

Stering (Bahamas) Limited

Liquidator |

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No 45 of 2000)

ALDERCO MANAGEMENT LTD.

LIQUIDATOR’S NOTICE

RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)
Symbol Bid $ Ask $ Last Price Daily Vol.
Bahamas Supermarkets 10.06 11.06 14.00
Caribbean Crossings (Pref) 2.00 6.25 4.00
RND Holdings

PURSUANT TO SECTION 137 (6) OF
THE INTERNATIONAL BUSINESS COMPANIES ACT

0.480
0.35 0.40 0.55 0.000

CFAL Securities Ltd. (Over-The-Counter Securities)

ABDAB 30.13 31.59 29.00 0.000

RND Holdings 0.45 0.55 0.55 0.000

We, Sterling (Bahamas) Limited, Liquidator of ALDERCO
MANAGEMENT LTD., hereby certify that the winding up
and dissolution has been completed in accordance with the
Articles of Dissolution and the company has been struck of the
Registers of Companies.

BISX Listed Mutual Funds
Fund Name NAV
CFAL Bond Fund 1.4674
CFAL MSI Preferred Fund 2.9020
CFAL Money Market Fund 1.5302
Royal Fidelity Bahamas G & | Fund 3.0368
Royal Fidelity Prime Income Fund
CFAL Global Bond Fund
CFAL Global Equity Fund
FG Financial Preferred Income Fund
FG Financial Growth Fund
FG Financial Diversified Fund
Royal Fidelity Bah Int'l Investment Fund
incipal Protected TIGR

NAV 3MTH NAV 6MTH

1.514105 1.498375
13.5654
107.5706
105.7706
1.1080

1.0615 - 2.84

103.987340
101.725415

103.095570
99.417680

1.1050 Sar
9.4839 1.52 7.41

Dated the 12th day of May, A.D. 2010.

Pri
10.0000 _ Royal Fidelity Bah Int'l Investment Fun
Principal Protected TIGRS, S

10.6709 -O.33 12.33

4.8105 7.9664 3.23 58.37
MARKET TERMS Mn
I

Royal Fidelity Int'l Fund - Equities Sub Fund

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 YIELD - last 12 month dividends divided by closing price
st closing price in last 52 weeks Bid $ - Buying price of Colina and Fidelit:
in last 52 weeks i nd fideli it
ded ri

for daily volume ro —y
Sterfing (Bdhanas) Limited

r daily volume
Liquidator |

m day to day

ot Meaningful
PIE - Closing price divided by the last 12 month earnin: as FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100
(S) - 4-for-1 Stock Split - Effective Date 8/8/2007
($1) - 3-for-1 Stock Split - Effective Date 7/11/2007
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525

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


THE TRIBUNE

WEDNESDAY, MAY 19, 2010, PAGE 7B





Bahamas bank sued in
relation to Madoff fraud

FROM page 1B

wanted or properly diversify
their investments.

And they claimed that the
Santander group failed to spot
the numerous warning signs
that Madoff was running a
Ponzi fraud, even alleging that
they attempted to get private
banking clients who had
invested in Optimal’s sub-
funds to sign a waiver if they
wanted to remain invested.

Alleging that, instead, they
were advised to buy more
shares in the Optimal equi-
ties sub-fund, the hedge fund
alleged the 2008 waiver said:
“Santander Bank & Trust
(Santander Bahamas) has
informed you that your
investment in Optimal SUS
may exceed the concentration

limits recommended by the
bank, based specifically in the
investment profile selected for
your account with the bank.”

The funds alleged the mes-
sage could not have been
clearer: Invest in Optimal
SUS at your own risk.

And they were particularly
exercised by the $235 million
that Optimal and its sub-funds
agreed to pay to settle an
action brought against them
by the Madoff bankruptcy
trustee, a sum representing 85
per cent of the claim, which
alleged that they received
‘preferences’ by withdrawing
$277 million from the fraud-
ster in the 90 days before legal
action was taken against him.

What appears to have
added further fuel to the
hedge funds’ fire, though, was
the Exchange Agreement

tee} | she |

mL: ee al

Tm OM UL Le ay



proposed by the Santander
group in a bid to settle any
losses investors had suffered
in Optimal, and prevent law-
suits against it.

Santander had some 2.33
billion worth of euros in expo-
sure to the Madoff fraud itself
via Optimal, and the hedge
funds alleged that this agree-
ment involved investors
exchanging their Bahamian
fund investments for prefer-
ence shares issued by the
Spanish banking group.

The agreement was to be
governed by Bahamian law,
and the settlement docu-
ments, seen by Tribune Busi-
ness, were in the name of San-
tander Bank & Trust and
signed by the Bahamian
bank’s managing director,
Jose Gonzalez de Castejo.

After the funds rejected the
settlement, Santander execu-
tives allegedly offered to take
the preference shares as secu-
rity for a loan to the hedge
funds, “but the loan to value
would be 80 per cent of the
settlement amount because it
was unlawful under Bahami-
an banking regulations for
Santander Bahamas to make
a loan equal to 100 per cent of
the principal amount due”.

This, the hedge funds
alleged, was later dropped in
favour of the preferred shares
securing 100 per cent of the
loan, and they claimed: “Evi-
dently, concerns about
Bahamas ‘banking regula-
tions’ requiring 20 per cent
equity no longer applied, con-
firming that the bank’s prior
representations to this effect
were false.”

Detailing their relationship
with Santander’s Bahamian
affiliate, the funds alleged:
“From the outset, Santander
Bahamas was the custodian
bank and Santander Miami

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was to provide the advisory
services and oversee and
coordinate all transactions in
the accounts,” the hedge
funds alleged.

‘Prior to signing the account
opening agreements, plain-
tiffs’ counsel confirmed the
nature of the relationship by
correspondence with Patrick
Villoldo, stating: ‘My client
has elected to open the
account in the Bahamas,
notwithstanding that it will be
administered by the Miami
office’.

“Thus, while the accounts
were opened at Santander
Bahamas, they were docu-

mented (and maintained
throughout) to comply with
US laws and regulations.
“Plaintiffs thus had no con-
tact whatsoever with any per-
son at Santander Bahamas
during the negotiation
process. Once the negotia-
tions were completed, the
signed account opening doc-
uments were sent by San-
tander Miami to Santander
Bahamas for signature. San-
tander Bahamas signed the
account opening documents
and all other documents pre-
pared and negotiated by San-
tander Miami during the
course of the relationship.

“Santander Miami officers
and employees made offers
and negotiated legal agree-
ments on behalf of Santander
Bahamas.” They added that
“substantial funds” were
allegedly transferred to the
Bahamas account in April
2005.

The Cayman hedge funds
alleged that monthly and
quarterly reports on their
investments with Optimal
Multiadvisors, and its Opti-
mal Strategic US equity fund
and Optimal Arbitrage sub-
funds, were sent overnight via
courier from either Miami or
the Bahamas.





























Deloitte.

Independent Auditors’ Report to the Board
of Directors and Stockholders of Banco
Santander (México) S.A., Institucion de
Banea Multiple, Grupo Financiero
Santander and Subsidiaries

We Ihave audited the accompanying consoled balance shests of BANOO SANTANDER (MEXOCTM, §.4.,
INS TITUCION DE RAMA MULTIALE, GRUPO PINAR SANTANDER, ANE S190 001 BESS (de
Institution} as of Deoenber 31, 2000 aad 2008 and the celanel conealidated aonereile
coh heldars” equity Ger the eer ten ended, cash flows for 2009 aad changes in fins
Hinansial sialements are tie respodsibibey of the Lealilution managemest Che Teaporay
of Ince final etetomonis based on cur audits,

f iisoert and changes in
J E. These
in epee an opinion

Wecomducied oor gedits in acoordanse with auditing ananhind

FP iooepied in Miewiod, wbich cayuire fant wo
plan ara) conduct the audit

fOGhn Tea eS uance thet che Financial statements are fi nH recital
ed by the National
2 Comm isebon} incloded i “Genera! Prowlshots Applicabk te Cralit
Purpces Pani Compares” | tha Provis S|" AN A OSS OT i,
it an include

Orting hie figperes amd discliuncs inthe Geanigil Meee An im

the Tinancial scenes. We believe thet our aualits provide a reasnmehle bereis for wer opinion
Rootes 1, 3 aad 4 in the acon meanying ecrsclidated finance! siater

sonis deacrite the transactloms. of the [nstitutice

UL evince meet thal alse 1. Mote ¢ oc tke eoresl ithe

Letgal ate the ions, wtih ara

A apa Sina

aun) ey
SBS OO Lhe Sarin,
nig tha comparatiliry
reniecs Gbps

eSaoe i bees Chee aes
ly applied, thes af

Ube Institutions ty n prepare it
CTHErE Gat Werk lato effiser i
with TOOK figures, Note i 24 the iin dil
BOOT, er er. pee sates I hs the d a‘ 7 am Piremeet] Reporting Standar
use br prepare the lineal sieberiana

afd specific guthoriedions pramed by the Commis
Garten tnsaciboms. Mote 4 po the coneclidaied fi

hated) Sait, ai well as Chae &

Crh md Os: rein Suess
irae) stern ctr Mishes thet dorieg Ayugued BO, the
Comenition iaued emendmants to the coneumer p

hn aiockhio lier’ eyoicy, comubttive fi
ng metiodology to cre

nancial effet derteed from the ape
anenonions, oF io Moone the toma) aseiiiked a
4 meth ter. The [nate ized the affect of this change in mech

: mili an Mexiwin pesos, and wos records “Tl mule the stockholders” equity line mem *
Qi”, it cimdorriny with the procedure evtablished by ihe Commission

Of the rarer parr
BS) resis with

Retained

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the
financial position of Banco Santander (México), S.A., Institucién de Banca Multiple, Grupo Financiero Santander
and Subsidiaries (the Institution}, as of December 31, 2009 and 2008, the consolidated results of their operations and
the changes in their stockholders’ equity for the years then ended, their cash flows for the year ended December 31,
2009 and consolidated changes in their financial position for the year ended December 31, 2008, in conformity with
the accounting criteria established by the Commission,

Galaz, Yamazaki, Ruiz Urquiza, S.C,
Member of Deloitte Touche Tohmatsu

Ly

Banco Santander (México), S.A. InstitusiGn de Banca Miiltiple, Grupo Finaasiers Santander and Subsidiarics

Consolidated Balance Sheets

As of Decemizer 32, 109 and 2008

See seein ea me rel) Lisbilities me
Funds avallabia Mia § 124.366 jepostis: ' s

Margin xcouunes 4516 sas

130,313
nay

Teh 485

dnvorment teat st

ae inser eae anes Money merkes

Secures valine tr sale etd Teas

Socurties held co mansity au7y os
THO11 Tere

Debtors wider sale and repurchase agreement 12,490 403

‘Credit inmruments issued

Beak and ather {oans:
agi Demand founa
Tras ees SLL Is at
Hedetag purposes we ait

Valuation adjusmmen for hedged financial asics 9

Shuce-ierm foans rast
Longeecn (oan ght
Creditors under see and repurchase suzeementt $30,509 inion

Curent fan porfolla:
Sold callacerals of gledged as guerancee:
“Canara cerca or ‘business xctivity tog2at {oun seouritios nam ‘sen
Funciate entities Jens a
loans =
131.689 Ta8std Derivadvest 15,436 ai
‘Trading purpeses 5A 12i9
Consumer foans 330 38,m4 Hedging purposes Fie arg
Mrtgge toons im __udutr : :
“Toral cwrent foun portfolla FOai73 a Sieve

34

Peon aes portfli: tere ont rea oat eee sharing payables 10, ig
‘Craditars fram sertemten i798

Comonereal oy business activity Sindy reliant 20d ua gyablen, BS

jovernment entities

rene serena
Ha $58

Consumer toans 1939 3078
pen GAY one nnnnne STR

‘Morrguga fo: 2s Schantinsted debontoes outeratding 3 4B
7208

Daferred revenues and prepaid income ery
Tatas Kailees : 393,510

Stokdiolders! equity

‘paid-in capitals

Captial srordk
‘Share sale premium,

ae J
Toral paul-due porfulia ann
Total tows portfolio WLBT 109,662

Allawunen fir toad losses EL IER eer f292D
‘Loan porefatls (net) 196.389 TTS
Other recalvables (net) 15,669 man
Foreclosed assees (net) 180 1H
Projetviey, Aniture and fxtures (nel) 5,604 4508 Dike ciptae
Long-terma investment in shares 16 ean,
i emul ftom valuation of xcurtties avaitabia far sale, cet
Dates es sr aves pra ting eat bi ane Result ern veluation of cua Row bdo insment, nat
Other assess net} Cumulative effect fom conversion
Deferred ebianges, advance paynionts and intangibles 22 4336 ‘es income
‘Other assons af shorter and long-term lh
ee, Nos-soaulling equity

staekholders'
Total assats Eels Teal ‘labittcdas in seal equity:

Mamerandum accounts Berd wl

Propriatsy record account
Contingent ascers and liabilities $ as9n $ 24.602
Crsdh commitments 146,598 17,979
ve Pa wert 113,260

Mandates 4619 5 94,456
2

Astoa in cusingy or under administrador ee

2.860.589
Coflmerals received IB156 24818

Caltarorals rocelved and sold or pledged at guarantee 2880 48166

Uncoltected Interest curried on past dus foan portatto oot

‘Othor record secounts

There consalidaed Snanciel setements wera eppraved by the Board of directurs and signad an [ts behalf by

th

Qoavio Medina Praga
Controller

arcea A. Maint Gaviea 03 ete Canale
‘Executive President - Chigf Execacivs Officer wet Flasiicial Odicer





ot Rea a Ath i
Executive Vice President of Accounting Exocurive View President of lntcemal Audit

The srcompanying moors ate part ofthese consolldxed Qhuancial secements,

The Complete Financial Statements may be viewed at the Bank's Nassau Branch in the

Goodman's Bay Corporate Centre, 3'rd Floor, West Bay Street & Seaview Drive
Nassau, Bahamas. ,

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THE TRIBUNE WEDNESDAY, MAY 19, 2010, PAGE 9B
eS





The Tribune







By REUBEN SHEARER
Tribune Features Reporter
rshearer@tribunemedia.net

here is never a dull
T rene at The Kitchen

Deli on Shirley Street.
Desi Cuevas and Luciano
Hall and their team offer
enthusiastic and endearing
service- helping to ease not
only the hunger but stress

of their customers.

These dynamics make The
Kitchen Deli an exciting place
to be- providing an often much
needed mid day happy hour
experience.

The restaurant features a tra-
ditional dining room outfitted
with old-fashioned fixtures and
two book cases stacked with vast
reading materials that you can
peruse.

A typewriter on the shelves
and frames with old prints, dat-
ing back to the olden days give
the dining area an historic touch.

Diana Roberts, part owner of
the restaurant says she tries to
make her restaurant an intimate,
‘real’ kitchen experience; break-
ing the chef, customer barrier to
some degree where patrons are
free to go behind the counter to
select a cold beverage.

One of the main reasons per-
sons frequent The Kitchen Deli
is because they can order lunch,
eat it right away; leave to make a
business stop, and return to their
workplace all within an hour.

It has become such a regular
spot for lunch-goers, managers

‘in ee ; know most of their customers
BAKED CHICKEN - on a first name basis and what
they would prefer to eat.

Luciano Hall, restaurant part-
ner says, “this restaurant is so
small, and it’s like they’re eating
at their own house. All the
while, they’re watching the
cooking process in this friendly
home-style eatery.”

At the back of the restaurant,
there’s a room for persons to
host meetings. “The meeting
area can hold up to ten persons,
and can be booked in advance
for any kind of formal or infor-
mal get-together,” said Mrs Hall.

From sandwiches to home-
made soups and catering, the
most basic lunch foods are pre-
pared at The Kitchen Deli; and
served with a slice of coconut
bread.

Said Mrs Hall said : “We’ve
been open for 11 years, and we
have our regulars and new com-
ers everyday. We don’t do
deliveries, because we don’t
have the staff.”

Business has picked up signif-
icantly over the last years; forc-
ing the restaurant to cut out
their catering services. A few
options that customers have
come to love, are curried conch,
minced wahoo, minced mahi-
mahi, and baked crabs (a sea-
sonal dish) which is available
once a week.

Try The Kitchen Deli’s dol-
phin dip, which is an unusual
lunch choice and often sells out.

“Everything we try to do is
good quality, and our prices are
reasonable but do not go over-
board,” said Mrs Hannah. “We
have fruit salads, green salads,
fresh salads, and little desserts.

“We try to feed the hungry
man and the healthy woman,”
she added. If you are watching
your weight and prefer some-
thing light, have The Kitchen
Deli’s chips, or carrots for a
fresher veggie taste.

For lunch, there’s Shepherd’s
pie. Here’s a wonderfully satis-
fying meal, a ramekin generously
filled with a stew of ground beef,
tomatoes, peas and carrots and
topped with a thick swipe of
mashed potatoes with melted
cheese.

The restaurant’s version of
chicken salad is hearty and sim-
ple- an even share of chunk and
shredded chicken -perfect for
those persons who don’t like
their salad with fruits or nuts.

“Potcaking” is a highlight of
the restaurant. Some persons
potcake their sandwiches by
interchanging meats. If you
want a piece of chicken or pork
chop but prefer to stay away
from rice or salad, the chefs will
“potcake” a sandwich for you.

Top off your lunch with a
double-layered sprinkled choco-
late confection. Or on days
when its offered- their fruit sal-
ad, topped off with strawberries,

La] r 5 Wine and Beer are also avail-
CHICKEN PASTA SALAD able.



















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PAGE 10B, WEDNESDAY, MAY 19, 2010









NYONE sneaking a
peek into Atlantis’ Crown
Ball Room on Saturday
night could not be blamed if
hunger and deprivation were
the last words that came to
mind.

The organisers of this year’s Par-
adise Plates managed to make a
dauntingly large space overflow with
abundance, as sumptuous food cre-
ations were presented by more than a
dozen of Nassau’s most distinguished
chefs.

Yet the organisers, chefs, volunteers
and hundreds of attendees all came
together with hunger specifically in
mind — or rather to support a revolu-
tionary local effort to feed the hun-
gry while reducing food waste at the
same time.

The annual event is organised by
Hands For Hunger, which is working
to eradicate hunger by reclaiming food
that would otherwise be discarded by
hotels and restaurants, and redistrib-
uting it to those most in need.

In this, its second year, Paradise
Plates was an even bigger success than
the widely-acclaimed inaugural ver-
sion. The event space was bigger as
the room was expanded to accommo-
date more chefs. There were a total of
20 stations, with some of the island’s
best restaurants and caterers repre-
sented, including: Dune, Nobu, Mesa
Grill, Cacique, Luciano’s, Sun And...,
Compass Point, Goodfellow Farms,
Van Breugel’s and Le Petit Gourmet.

Their edible artistry was compli-
mented by wines from Mendoza Wine
Imports and beer from Sands Brew-
ery.

This year, for first time, local cigar
manufacturer and retailer Havana
Humidor participated, and donated
100 per cent of the proceeds from its
sales of fine cigars to Hands for
Hunger.

All the presentations were exquisite,
but among the standouts were: the
crab cakes offered by Dune; the Guin-
ness-glazed beef presented by Essence;

Pi et

a <







the Spanish sausage and garbanzo
beans by La Hipica; and the Guava
Vodka Martini by Tropics.

The silent auction was moved into
the main event space this year, and
among the very popular items on offer
were:

e A Bosch washer and dryer, with
10 cases of detergent donated by Luke
and Laura Co.

e A yellow and white painting by
Jane Waterous

e A Coin of the Realm pearl neck-
lace

e An “Outdoor Chef" package,
including: a Bass Pro Shops steam-
er/fryer combo, a case of Sands beer
and a 24" Daewoo television

e The "It's a Guy Thing" men's
package, including: a leather laptop
case, a bottle of Greygoose vodka, a
box of Juan Lopez Cuban cigars and a
round of golf.

One item which received a great
deal of attention, but unfortunately
not many bids, was an intriguing egg-
shaped swing donated by Wild
Orchids. Most people said they loved
it, but claimed they had no where to
put it. Most also didn't realise the free-
standing piece actually swung from
side to side.

The décor was sophisticated and
elegant, lending the event a chic char-
acter. Natural materials were incor-
porated into the design concept, there-
by saving costs and benefitting the
environment. Bahama Handprints
once again donated yards of fabric to
help complete the décor, as well as a
handbag and matching wallet for the
silent auction.

Cacique and Lyford Cay Club's
booths stood out in the crowd of pre-
dominantly modest chefs’ stations,
while Old Fort Bay Club's booth per-
fectly complimented the event's décor,
with it’s turquoise and brown colour
scheme.

The memorable evening closed with
a performance by the Marina Village
Junkanoo Troupe, a suitable ending to
a night of great wine, fantastic food
and lively conversation — all in the
name of a very good cause.





















& I uF

7.









THE TRIBUNE

¢ GREAT BAHAMIAN
SEAFOOD & WINE FESTIVAL

This Seafood and Wine
Festival consists of 3 special
events during the week of
May 22 to May 30. “Restau-
rant Week” showcases
seafood and wine in 15 fine
dining restaurants in Nassau
and Paradise Island all week
long.

“A Night at Jacaranda”
allows guests to enjoy amaz-
ing seafood dishes created
by top chefs at Jacaranda
House on Parliament Street,
May 28, 7pm-11pm. Cost:
$125 (inclusive). “Festival
Day” on May 29 at
Junkanoo Beach provides
fun family entertainment all
day long! Admission:
$3/adults; $1/children (under
12). T: 326-0992.

e THE BAHAMAS BODY-
BUILDING AND FITNESS
FEDERATION'S NOVICE
CHAMPIONSHIPS

The Bahamas Bodybuild-
ing and Fitness Federation
presents its Novice Champi-
onships, Saturday, May 22,
7.30pm at the National Cen-
tre for the Performing Arts.
The championship showcas-
es some 15-20 competitors in
the men's lightweight, wel-
terweight, middleweight,
light heavyweight and
heavyweight divisions.
Women also participate in
lightweight division.

© BHRA'S 2ND ANNUAL
MUSCLE CAR CHALLENGE

The Bahamas Hot Road
Association holds its 2nd
annual Muscle Car Chal-
lenge at the BHRA Motor
Sports Park, Queen Eliza-
beth Sports Complex. Gates
open 2pm. Qualifying races
at 3pm-Spm and first round
racing at 5.15pm, May 23.
Second round of racing at
4pm, May 24. T: 394-4787.

Pe eresecresecsasecsesecsesece °

e STEVE HARVEY
AND FRIENDS LIVE

I Am Influence presents
Steve Harvey and Friends
Live at the Sheraton Nassau
Beach Resort. Doors open
at Spm. Cost: $120/platinum;
$85/V.LP; $700/advanced
tables, include table for four
and one bottle of Moet. Sat-
urday, May 29. Tickets
available at Sheraton Box
Office, Juke Box and Giz-
mos and Gadgets. T: 432-
3186. E:
hypermediaent@live.com

The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
award.

If so, call us on 322-1986
and share your story.

TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM
THE TRIBUNE WEDNESDAY, MAY 19, 2010, PAGE 11B
ARTS

20 YEARS OF BEAUTIFUL MUSIC re esos

service at St Matthew’s Angli-

can Church on Sunday, surely
got a taste of heaven on earth as the
Bahamas National Youth Choir sang
their hearts out in thanksgiving to God as
they celebrated their 20 Anniversary

with a special service.

The event was held under the patronage of
former Governor General AD Hanna and the
new choir patron Governor General Sir Arthur
Foulkes. Youth Minister Charles Maynard also
attended and read the second lesson.

The choir sang several selections during the
service including : Veni Sancte Spiritus, by W.A.
Mozart, We Shall Walk Through the Valley,
arranged by Undine Smith- Moore, Didn’t My
Lord Deliver Daniel arranged by Moses-Hogan
and the Lord Bless you and Keep you by Peter C
Lukin.

Following the service of thanksgiving, choir
members let their hair down and joined with
choir alumni, family and friends for an afternoon
of fellowship and fun at a luncheon held in the
Ballroom of the Breezes Hotel.

The tables were turned as the choir sat back and
enjoyed awesome selections by the group Friends
for Life and an inspiring rendition of Summertime
by the reigning Miss Bahamas Talented Teen
whose parents are also alumni of the choir.

In addition to door prizes, there was a friendly
competition between tables to see who could
complete a cross word puzzle containing trivia
from the many memories of the past 20 years.

The Bahamas National Youth Choir was first
formed in 1983 under the direction of Cleophas
Adderley as a part of the celebrations commem-
orating the tenth anniversary of the Bahamas
and was reestablished in 1990 with an initial group
of 36 members.

Since that time, this impressive group has sung
in 24 languages and traveled to 21 countries
including the United States, Canada, China Rus-
sia, Germany and France and in the United King-
dom

They performed during a seven day Caribbean
Cruise onboard the Carnival Destiny which trav-
eled to Puerto Rico, US Virgin Islands, Dominca
Barbados, St Lucia and Antigua in 2007.

In addition, they have performed at a number
of local events throughout the year and hold
their annual concert during the week proceed-
ing Holy Week.

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