;)
Shopping for a Building
The positives of taking over such a building are that the government is trying to avoid wastage and also generating economic activity in the process. It is also probably trying to service a loan that it is attached to, by that I mean The Bank of St Lucia may have outstanding loans attached to this project. It is also taking over a building that has lain inactive and is an eyesore in the country.
Looking at this from and objective perspective because the building has laid dormant for a few years, monies has or will be spent on structural assessments and more will be spent on renovations or retrofitting since it was not originally designed for the purpose the government now intends it. There is also the possibility that the building is not worth what it is being sold for.
Finally I am sorry to say it but in this case the responsibility of an ill fated investments should first and fore mostly be swallowed by the primary investor and then the bank and other creditors should get whatever can be salvaged. The investment should be allowed to fail and if it does fail the lead investor should take the losses. Private investors like me and you are not bailed out with government largess if our investments fail. Comparing the bailout actions taken by the Obama administration in order to protect whole industries such as the Auto sector, Banking and Housing sector to buying the Daher building is unconscionable.
Looking at this from and objective perspective because the building has laid dormant for a few years, monies has or will be spent on structural assessments and more will be spent on renovations or retrofitting since it was not originally designed for the purpose the government now intends it. There is also the possibility that the building is not worth what it is being sold for.
Finally I am sorry to say it but in this case the responsibility of an ill fated investments should first and fore mostly be swallowed by the primary investor and then the bank and other creditors should get whatever can be salvaged. The investment should be allowed to fail and if it does fail the lead investor should take the losses. Private investors like me and you are not bailed out with government largess if our investments fail. Comparing the bailout actions taken by the Obama administration in order to protect whole industries such as the Auto sector, Banking and Housing sector to buying the Daher building is unconscionable.
posted by Garry at
2:25 PM
1 Comments:
The actions of the current government is really, really, really beginning to worry me. Here you speak of the daher building,and then there is this issue with the Glace building that is currently being refurbished to house the fire service.
This building is being refurbished at a cost of 1.5 million dollars, that sum has already progressed into cost over runs;that same building will be rented from Glace at a sum of 825,000 dollars per year!
And that's not all, a canadian company put forth a proposal to build a state of the art fire station at the tune of 6 million dollars, and they were rejected outright!!!!! But yet, all that money is being pumped in the refurbishment and rental of the Glace building.
Is the government now repaying the 'old boys' who pumped money into their election campaign? Which other 'old name' are we next going to hear of? A whole year has elapsed since the Canelle road's reconstruction began! What is the story behind that?
We have men who are bedridden, but yet are still obtaining jobs from the government! What??
St.Lucians, we need to start paying attention what is happening and what is not happening in St.Lucia. We have to take stock NOW!
Ministers can now do things that are contrary to the laws of the land,and they are allowed to walk free!! Lucians, what is happening to our paradise? WE NEED TO PAY ATTENTION AND START DOING SOMETHING ABOUT OR CURRENT STATE OF AFFAIRS!
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