BEST Comments On TPC Entering Receivership

September 16, 2013

The Government must ensure that under receivership, Tucker’s Point Club [TPC] is not allowed to sell off its assets and “squander acres of Bermuda’s largest remaining open spaces,” the Bermuda Environmental Sustainability Taskforce [BEST] said.

Last week it was confirmed that Bermuda Properties Ltd — which owns TPC — went into receivership, with the receivers saying the property was “experiencing financial difficulties” and the restructuring is required to “secure the resort’s long-term viability”.

BEST said back in 2010/2011 they were aware that TPC was in financial difficulties and they urged then Environment Minister Roban to examine their financial liabilities and require them to show how the SDO they were being given would change their situation.

“Despite receiving an SDO allowing them to carve up precious open space into dozens of building lots, TPC has gone into receivership anyway,” said BEST.

The full statement from BEST is below:

The Bermuda Environmental Sustainability Taskforce [BEST] is saddened to hear that Tucker’s Point Club [TPC] has gone into receivership.

Unfortunately back in 2010/2011 we were aware that TPC was in financial difficulties and we urged then Environment Minister Roban to examine carefully TPC’s financial liabilities and require them to show how the SDO they were being given would change their situation.

We declared at the time that allowing TPC to sell off protected acreage for housing would a) not solve their financial management problems and b) only delay the restructuring necessary to get them out of the financial hole they had dug for themselves. We derive little satisfaction in saying “we told you so”, but there it is.

Despite receiving an SDO allowing them to carve up precious open space into dozens of building lots, TPC has gone into receivership anyway.

We argued at the time that giving TPC permission to act as a real estate agent [TPC has rebranded as Tucker’s Point Real Estate] a) without conducting an Environmental Impact Assessment [EIA] as required for such a massive development scheme, and b) without fully exploring and exposing TPC’s financial liabilities was in effect a dereliction of the Government’s duty and responsibility — those chickens have now come home to roost.

The Government must now move to ensure that under receivership, TPC is not allowed to just sell off its assets and in the process squander acres of Bermuda’s largest remaining open spaces. We must avoid allowing TPC to deprive our Island of the amenity that Tucker’s Point, and all Bermuda’s tourist facilities, needs for its successful operation and recovery. We must avoid depriving all Bermudians of the environmental resources at Tucker’s Point previously protected by conservation zonings.

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Comments (15)

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  1. San George says:

    Best should be advised that if this economy does not turn around all we are going to have is open space.

  2. somuchless says:

    ask roban to speak on this matter since he was the minister who allowed them to continue.

  3. Typical says:

    Well hopefully they can do something more productive with all that land instead of a golf course.

  4. It only hurts when I breathe................. says:

    As always BEST – great catch!

  5. Sara says:

    All that bs for the SDO was just that bs. In fact, the government was playing on the emotions by saying that this was saving Bermuda jobs. It had NOTHING to do with saving jobs and in fact some of those people were let go anyway but you don’t hear about that do you?

  6. Skinky says:

    This was always a foregone conclusion. IMHO the SDO was merely a means to “upgrade the asset” before the foreclosure.

  7. Paula Roberts says:

    So exactly how many people are in BEST? The only voice we hear and face we see is SH. A Task Foce should be more than one person.

  8. What are we doing? says:

    The SDOs were mandated by HSBC in order for them to get their funds back.

  9. ontherivet says:

    @Skinky – exactly

  10. ontherivet says:

    @san george – exactly how would the faltering economy translate into “open space” it might translate into un-occupied space… Exactly like what we se at Tuckers Point now? is that desireable?

    An earnest move should be made to turn that (looted land) – and no I am not a black bermudian before someone starts down that path – into agricultural development zones and begin the task of being able to feed ourselves…all this pandering to overseas interests yet we do not realize it seems, how precarious our position is in regards to this matter. Some local farmers estimate the full yearly yeilds could feed roughly 10,000 at best.

    What would some of you so called stake holders in the Bermuda economy actually like to see here – through the lenses of your blinding greed? More and more development leaving this island to look like what? To produce what? What is your best plans for a second economic tier? Gaming? Please. Online gambling will soon surpass (if not already) the traditional way of throwing ones money down the toilet.

    Be warned a nation that cannot feed itself is a nation of slaves.

    • Sara says:

      This sounds too logical and smart for the business minded who can’t see that the prices are too high for tourists and empty condos do not make the economy better!!! Bermuda must be the ONLY place in the world that doesn’t utilize basic supply and demand principles. If your product isn’t in demand YOU MUST LOWER YOUR PRICE OR CLOSE YOUR DOORS!

      • SpinCycle says:

        I have heard more than once at Bermuda stores, “Oh that item kept selling out too fast, we stopped bringing it in!” – Same kind of logic!?!

  11. Andrew Simons says:

    The following two videos from CITV present the previous government’s rationale for the SDO. They are titled “In The Know”, and feature the Hon. Patrice Minors and the Hon. Walter Roban JP, MP.

    1. http://www.youtube.com/watch?v=Zg9TMRTT5NQ
    2. http://www.youtube.com/watch?v=oJLaRwVb48w

    The SDO itself is here:
    http://www.bermudalaws.bm/Special%20Development%20Orders/Tucker's%20Point%20Resort%20Residential%20Development%20(Hamilton%20and%20St.%20George's%20Parishes)%20Special%20Development%20Order%202011.pdf

    The Ombudsman’s report on one aspect of the SDO process can be found on the Ombudsman website:
    http://www.ombudsman.bm/images/pdfs/systemicreports/FInal%20report%20for%20Website.pdf

    Have a look.

    Andrew Simons