Two Man White Oak Making 27 Million from Restructuring Deal

The following article was posted to the Financial Times and will be of interest to the BU family. Discuss for 10 marks.

 

-David, blogmaster

 

 


Barbados creditors fume at ‘absurd’ $27m advisory fees

 

“London-based boutique, White Oak, in line for payout for work on $7bn restructuring

“White Oak’s engagement letter was signed five days after Mia Mottley was sworn in as prime minister last year…”

May 9, 2019 8:30 pm by Colby Smith in New York

A little-known UK advisory firm stands to make about $27m from the restructuring of Barbados’s $7bn of debts — close to what Lazard earned seven years ago when it advised Greece on defaulted debt nearly 40 times bigger.

White Oak Advisory is a small firm with just two partners located opposite Claridge’s hotel in London’s Mayfair. The size of the fee it will receive from its work on the default has outraged the Caribbean island’s creditors.

“The fee is absurd given the size of the debt,” said Sean Newman, an Atlanta-based portfolio manager at Invesco and a member of the external committee of creditors. “I’ve never seen anything like this in my 20 years in the business.”

White Oak was founded a decade ago by Sebastian Espinosa, a former Houlihan Lokey banker, and David Nagoski, an ex-US Treasury Department official. It will earn about $27m from the bankrupt country, according to FT calculations. That is almost double what Ukraine paid for advice on its $18bn restructuring in 2015, according to people familiar with the deals.

The Bajan government hit back at the creditor criticism. “We believe it is excellent value for money given that through their efforts we have saved over $1bn of interest and principal. We would hire [White Oak] again.”

White Oak’s engagement letter indicates that the Bajan government agreed to pay the firm just over $21m for the successful restructuring of its roughly $5bn of domestic debts, excluding arrears. The letter was signed five days after Mia Mottley was sworn in as prime minister on May 25 last year, and two days before the government announced it was defaulting on its debts.

By any metric or rationale, the fee is outsized and unwarranted.

Sean Newman, Invesco
Negotiations with external creditors are ongoing. Once complete, the government is set to pay White Oak about $4m for restructuring approximately $910m of debt owed to foreign investors. The firm is also receiving an $85,000 monthly retainer.

It is likely to take at least another 12 months to finalise the deal, according to another person involved in the negotiations. The additional $2m in monthly fees brings the total payout from Barbados to roughly $27m.

“It is a disproportionate fee for a small country,” said one financial adviser.

“Barbados is not Greece, which had a massive debt stock, multiple debt instruments and huge political tensions,” the financial adviser said. “Double-digit fees are for very large transactions that are super complicated with a large number of instruments and a large number of different creditors.”

White Oak’s partners said the fee was justified because “placing this debt on a sustainable footing has required an unusually complex operation”. Its rates are “among the lowest charged in any Caribbean restructuring, again in relative terms”.

Barbados’s debts came to roughly 160 per cent of gross domestic product at the beginning of the restructuring in June last year, among the highest in the world.

Mr Espinosa and Mr Nagoski point out that their business in the country goes beyond the public restructuring and that they are not charging a fee for additional work. The pair say they are advising Barbados on several commercial contracts, as well as the restructuring of a number of state-owned enterprises and the country’s regional airline, of which the government is the largest shareholder.

However, few Caribbean debt restructurings have paid out fees in the tens of millions to financial advisers in recent years. Citigroup earned roughly $3m restructuring Jamaica’s $9bn of defaulted debts in 2013, and in Belize advisers were paid single-digit millions for the restructuring of more than $525m of debt in 2017, according to people familiar with both deals.

https://www.ft.com/content/164613a4-7234-11e9-bbfb-5c68069fbd15”

 

 

367 comments

  • This is all that is needed to put this to rest for all concerned. A statement shoul be made by government if in fact this is what occurred , which would read as follows.

    ” the government contacted the 5 leading companies globally who deal in debt restructuring and below are the amounts quoted for the work we require.”

    A was. $ 10
    B was $12
    C was $11.50
    D was $12.75
    W. Was $14

    “We however decided to go with W as in our opinion they had the most experience in the region.”

    If this was done all those concerned could say fine I understand your thinking and support the decision. Problem is we don’t know if Anyone else was involved, if only one company was contacted, we know nothing. But all we are being told is ” wunna stop complaining they saving us money.”

    Sorry can’t agree that’s good enough especially in light of how much money is involved.

    I now hereby rest my case your honour. Lol

    Like

  • Piece the Legend

    De ole man ent had de benefit of secondary education like wunna

    Imagine this.

    A man is accused of teifing a Bob Marley shirt.

    The man is seen with this shirt on.

    The man then attends an interview with the equivalent of Alibaba the spokesman for the 40 thieves THAT WOULD BE THE MINISTER OF DISINFORMATION BU, and says the shirt is his ans eveybody believing him!!!

    Look what de feller says as part of his spiel

    “…White Oak has advised on seven of them…”

    What de f… does that mean?

    I mean, why did the not say White Hoax was Lead on all of them and provide the links to substantiate this information

    I mean, let us get real now!!

    If this company “…White Oak has advised on seven of them…” WHY THEN IS THEIR 2017 BALANCE SHEET LOOKING SO PALTRY?

    Wunna feeling me?

    Then they White Hoax are telling lies to their respective Tax Authorities while we getting bul* without grease or cooking oil!

    I like using these imageries to drive home a point in wunna behind, figuratively speaking that is

    Heheheheh

    Liked by 1 person

  • Piece the Legend

    @ the Honourable Blogmaster your assistance please with an item here thank you

    Like

  • Seems as if the warnings were already there
    https://barbadostoday.bb/2018/08/21/why-white-oak-advisory/

    Liked by 1 person

  • BSWF is not a Big Sexy White Female….

    http://www.jamaicaobserver.com/business-report/barbados-appoints-london-based-group-as-financial-advisor_135318?profile=1056

    “It is expected that during this visit the IMF mission will update itself on the current economic and financial situation in Barbados, ahead of discussions with the authorities, over a potential programme in the coming weeks,” the statement said.

    Meanwhile, the Government has announced plans to create a Barbados Sovereign Wealth Fund (BSWF) to ensure national wealth is available for present and future generations of Barbadians.

    Governor General Dame Sandra Mason, delivering the traditional Throne speech in which she outlined the priorities of the Government, said that the fund will hold government assets, including real property on and offshore, and non-tangible assets such as trademarks, patents and intellectual property.

    “The fund will ensure appropriate, professional, long-term management, development and returns from these assets. A percentage of the revenues of petroleum products will flow to the fund to ensure oil and gas earnings are not squandered, but become a source of funding for Barbados’ long-term development.”

    She told legislators that after its establishment, every Barbadian, upon turning 18, will become entitled to a stake in the fund.

    “Over time, this stake will produce an income or could be used as collateral for loans for housing, education and other specified purposes.”

    She said that the Government will also introduce a range of new instruments to ensure Barbadians have access to money, noting that crowd funding and the strengthening of the Junior Capital Markets are but two examples.

    “Through these and several other initiatives, including the strategic use of procurement policy to create wealth for young people, small businesses and disadvantaged groups, giving new impetus to the creative economy with a 52-week Calendar of Festivals and the acquiring of geographic markers for Barbadian rum, Black Belly Sheep and cotton.“

    Liked by 1 person

  • NorthernObserver

    @John
    agreed, we agree to disagree, though we are actually not as far apart as it might appear.

    In your example, if you think W will be ok, and not raise eyebrows about ‘spennin de peeple money dat dey ent had to’, fine. Methinks it may open a can of worms. I mean we don’t even open publicly, tenders on significant public works?

    The move to lay the contract and side letter in the public space is a step forward. Let’s not shoot the mailman or the post office may cease delivering.

    Liked by 1 person

  • WARU, Crazy & Unstable, Hogging the Blog

    “I think it’s important to break down what sovereign debt restructuring is as Barbados heads further down the rabbit hole of selective default and ignominy, holding the hand of a boutique UK-based advisory firm that sells its services primarily in the troubled, most often desperate Caribbean islands and that has done little to assist the others it has accompanied down this path before.”

    remember these words,,,cause IF BERT DOES NOT WORK..we will make sure they can’t blame Buju or anyone else for crimes on the island when THEY SETUP THEIR DISTRACTIONS to WIGGLE OUT OF BLAME.

    Liked by 1 person

  • Opposition Senator Caswell Franklyn has accused Government of getting into bed with White Oak Advisory without Cabinet approval and carrying out due diligence.

    https://barbadostoday.bb/2019/05/15/white-oak-not-above-board/

    Liked by 1 person

  • WARU, Crazy & Unstable, Hogging the Blog

    WHITE HOAX…lol

    Like

  • WARU, Crazy & Unstable, Hogging the Blog

    “White Oak Advisors LLP is authorised and regulated by the FCA”

    oh really, so let’s see UK confirm that cause so far, that is not what they are saying.

    Now White Hoax will be regulated…ah think UK needs their cut, people are dying in that country, ya think ya will get away with offshoring all those stolen millions, come on.

    Like

  • Piece the Legend

    Well finally we have the official admission that White Oaks is White Hoax.

    So it seems that Senator Caswell Franklyn is still at the controls and is reading BU and investigating the drivel that thd people in the Rumshop are posting.

    Well done Senator.

    Liked by 1 person

  • @ Piece the Legend,

    Visit the websites I posted above.

    I is a coward so I does have to use google to find tings and I friten to tell wunna wha I find.

    But I doan understand why a company would call itself the name of another company and I ent diving nuh deeper cause I might de bends.

    Liked by 1 person

  • Piece the Legend

    @ Brother Hants

    When I was searching for their financials which I had posted here months ago, I came across about 6 of them

    It gave me some difficulty to ascertain which one was the right one in fact one of them had a Japanese name in common but I can’t find that one now

    But slowly and surely Bajans are starting to see Mugabe for what she is.

    The replacement of Stinkliar

    Like

  • Try Companies House; and the FCA’s register; and the registrar of county court judgements.

    Like

  • When this story first broke, I went to Companies House web site first thing.. a very good place to start.. checked a few other sites also. The background information tells a very interesting story about this company.

    Know where to look. Ignore all the noise and conjecture.. Look for the facts.

    Glad to see this thread is catching up. I thought it had gone to sleep.

    Like

  • @Dexter
    Why not post the links…
    A good starting place to look

    https://beta.companieshouse.gov.uk/company/OC347056

    Like

  • WARU, Crazy & Unstable, Hogging the Blog

    WUhloss..the HOAX is even registered in Delaware as an LLC under another name, these do get around…wuhloss.

    Like

  • @ the Honourable Blogmaster your assistance please

    Like

  • A few of you may recall this Biopic for Reverend Pastor Bishop Joseph Atherley

    It got 1,300 views

    This was around the time when I was telling wunna dat Reverend Joe was a plant.

    Now wunna gets to understand from Senator Franklyn indirectly dat Joseph is a plant because for 10 months after Mugabe promise dat he gine meet wid de Whit Hoax people NO SUCH MEETING EVER HAS OCCURED

    Ohhhhhhhh de ole man jes want to axe dis question of wunna wise peeples and sheeples

    What happens if the Reverend Joe dies?

    Will that mean that the Pretend Opposition ceases to be?

    And does that automatically revoke the senatorship appointments of Senator Franklyn and Caddle?

    What will it mean for Mugabe? will she have to choose another yard fowl to pretend to be the Opposition?

    This is only a theoretical matter so doan go saying dat de ole man planning treason and high treason and want to out Joe lights okay!!!

    Like

  • @TheOgazerts

    why not post the links? <<

    If you switch on a searchlight in the dark, people will know where you are searching.

    For Example: White Oak applied updates to their Companies House records during the last 5 days. Previously, there were many glaring omissions in those records which had to be cleaned up. How can they allegedly be in receipt of tens of $millions for financial advice, but declare no tax liability in the UK where they are incorporated… red flag.

    They have updated the names and addresses of officers, but cannot change other prior disclosures, some of the public domain records in that UK government database are immutable.

    Like

  • WARU, Crazy & Unstable, Hogging the Blog

    Piece wuhloss…look at big trouble .

    WARU, Crazy & Unstable, Hogging the Blog May 18, 2019 5:57 AM

    Ah too love to SEE A HAUNTING..

    BLP…being HAUNTED

    DLP…being HAUNTED

    all because they are bothe CORRUPT…

    ah too LOVE TO SEE A HAUNTING..

    big, big trouble..

    https://barbadostoday.bb/2019/05/17/prime-minister-dogged-by-dishonesty/

    Like

  • Piece the Legend

    Once again I am requesting that the Honourable Blogmaster retrieve the submission that I made earlier yesterday which still is not showing

    Those two screenshots that were made last year 10 months ago WILL SHOW THE IMMUTABLE IMAGES THAT DEXTER IS SPEAKING ABOUT!

    Though, now de ole man thinks about it, as Minister of Disinformation for the Barbados Labour Party, you may not want THIS IMMUTABLE EVIDENCE THAT CONFIRMS THAT WHITE HOAX IS TWIDDLING WITH THEIR FINANCIAL RECORDS euphemism for cooking their books, your instructions HAVE BEEN “DO NOT LET DE OLE MAN’s DIGITAL IMAGES SHOW!!!”

    Like

  • Who did due diligence on White Oaks? Should parliament be told? If it was done, was it done between May 25 and May 30?

    Like

  • While you are at it, can someone tell us if the sagicor long-standing shareholders will benefit from this deal or is it a sort of retirement plan? Why not a straight offer, at a fair value, to be accepted or declined? Why does my way have to be your way when we could part ways?

    Like

  • i went to the information database last week and am almost sure they posted no income for 2017.

    Like

  • Just sitting here in a chair and watching the sunlight stream through the window. Just looking at the sunlight fighting to get through my white blinds makes me feel good and gives me the feeling that it is a wonderful and beautiful day.
    Hope that all of Barbados has the same feeling,,,
    Have a great day, Barbados
    —————————–**——————————–

    “If you switch on a searchlight in the dark, people will know where you are searching.”

    🙂 And what about the blind?

    Liked by 1 person

  • This White Oaks deal does not pass the smell test. That’s all I have to say.

    Liked by 1 person

  • WARU, Crazy & Unstable, Hogging the Blog

    Hence the AKA White Hoax.

    They think we are too stupidy to think and cannot see it is the hoax it is telling us it is.

    They are pretentious with titles, blinded by false status, delusions of grandiose grandeur and arrogance and let’s not mention greed, so they still think they can LIE THEIR WAY OUT OF THIS…while insulting and disrespecting our intelligence, they still believe we are our grandparents and parents…who believed their every lie, while they TIEF everything and offshore it..depriving our children and grandchildren of what is rightfully theirs…..just like they did to our grandparents and parents.

    but……boy will they be rudely awakened.

    Like

  • Piece the Legend

    Note is made of the fact that the two company house images poster 10 months ago that I am begging the Honourable Blogmaster to post from 6.13 am this morning HAVE NOT BEEN SHOWN TO DATE!!!

    Nor will they be or is that bee 🐝 as in BLP? Minister of Disinformation?

    Like

  • Piece the Legend

    @ Theophillus Gazerts

    During the coming week you will receive an envelope with the Executive Seal of the Office of the Legendary Badass Seal Team Forces

    You will notice that in addition to your promotion to Colonel that you have been assigned to reconnoitre the enemy base of Mugabe

    Specifically, if you take the appointment AND THE MISSION you will be required to gather some information about this new scam

    You said and I quote

    “…Meanwhile, the Government has announced plans to create a Barbados Sovereign Wealth Fund (BSWF) to ensure national wealth is available for present and future generations of Barbadians…”

    You also preface this intelligence information by calling it BIG SEXY WHITE FEMALE

    BUT we have it on good information that this scam, like the MyMoney Rawdone Central Prank scam, IS NOT BIS SEXY NUFFIN!

    This is another in the arsenal of Mugabe’s tricks for the sheeple

    Its real name for the BSWF is

    BULL SHIT WICKING FUND

    WHICH IS SHORT FOR BULL SHIT WHUTLESS WICKED WICKER FUC$EDup FUN!!

    Now the particulars of the BSWWWFF are not known other that it is run by a wicker who is famous at wucking up on people and sheeple, figuratively and literally AND WILL AT TIMES BITE OUT A CLIT!

    What is also known is that she has already effed up pensioners and wucked up royally on their pensions with Deep Discounts or what she calls haircuts but what we will hereafter refer to as

    NCCRs

    “National Clit and Cock Removals”

    Now I suggest that if you take this dangerous mission you wear a titanium balls guard because she has removed the BallS of almost every single man in Barbados at May 2018 AND NOT A FELLER ENT SAYING A TING.

    BARRING SENATOR CASWELL FRANKLYN

    But she has deballed the Union too and she is also running another scam called WHITE HOARES for $27 million

    So watch your back

    If you choose to accept this mission you should realize dat de ole man cannot guarantee your safety cause agent Donna Sisteren well… My Dearest SSS she is on a mission in the EU and tied up with a very lucky fellow, heheheheh Northern Observer is on another Mission in dialogue with Grenville De Liar, Well Well busy fighting that team of Teets and Pain, brother Hants he is a superb Researcher but he prefers administrative support and my myope Friend Dr. GP the Pressure does Burst Pipes Assassin

    Honourable mention is made of Bush Tea and Fractured and T Inniss and Artaxerxes and one ManyPussy heheheheh who while not a real real team member, does pelt some licks when ready

    I hope I mention everybody but de ole man getting old and can’t remember all the salemites dem heheheheh

    This message IF DE HONOURABLE BLOGMASTER ALLOWS IT TO POST, will self destruct in 5 seconds…

    Liked by 1 person

  • Piece the Legend

    Your assistance please with an item here Honourable Blogmaster

    Like

  • ..”In January Mottley had revealed that Government received correspondence from a successor entity, seeking to claim “legal rights” against the Government of Barbados.”
    https://barbadostoday.bb/2019/05/17/prime-minister-dogged-by-dishonesty/

    Successor entity? … NOT ONE RED CENT!

    Tell this SUCCESSOR ENTITY” to produce the signed contract between them and the current Government… Do not reference the roll of successive government… make your claim against the former administration,

    Like

  • WARU, Crazy & Unstable, Hogging the Blog

    Sounds just like another funneling, syphoning and offshoring scam, successor company my foot. That’s their MO.

    Like

  • http://www.nationnews.com/nationnews/news/9636/reform-pension-regulations

    Well, well well! seems like Mia promised to restore the pensions of those who lost theirs under the aforementioned adjustment. That of course was when the DLP was the government. Now she has reversed course and gone after those who receive Invalidity Benefits???

    How about you parliamentarians sharing the pain! Reduce your generous benefits, raise your pensionable age to regular retirement age and show some solidarity with the poor pensioners and invalids whose already inadequate income you are reducing almost by half!

    Come on! Show us that Mia cares!

    Like

  • Some pensioners are being brought back to head anti-corruption units for which they are not trained. Others are having their pensions slashed by almost half after having received official letters informing them of their entitlements and basing their financial activities on that letter. After having received the pension for years, taking on on mortgages based on that letter they will now be tossed out onto the streets. Invalids who cannot work being tossed onto the streets while parliamentarians live a life of luxury.

    What could be lower than reinterpreting laws to disadvantage invalids.

    is there no end to the cruelty of this “CARING” government?

    Like

  • WARU, Crazy & Unstable, Hogging the Blog

    “Others are having their pensions slashed by almost half after having received official letters informing them of their entitlements and basing their financial activities on that letter”

    then Dr. Ph.D Envoy had THE NERVE…to send FT a nasty letter SWEARING THAT THE PENSIONS HAVE RISEN..letter still available on BU…when people were present to hear people telling Mia that their pensions have been slashed…significantly..

    ..what nerve..

    Like

  • WARU, Crazy & Unstable, Hogging the Blog

    The only intent….which is nearly 80 years old…. find ways to funnel and syphon and park everything offshore, even if they have to reinvent Cahill2.

    Like

  • Some here believe that a manifesto is a document full with milk and honey that is presented to the electorate prior to the elections. After the elections you can follow or ignore your promises.

    2018
    To be fair, the BLP 2018 manifesto contains very little about penisons. All references are provided here…
    “Increase non-contributory pensions from $155 to $225 per week, payable every fortnight, maintaining the relativities between non-contributory and contributory pension”
    and
    “Special Constables and Island Constables – will have their terms and conditions of service upgraded to bring them in line with sound human resources best practice, from how we deal with sick leave for them to Pensions. ”

    2008 &2013
    The 2008 manifesto is full of references to pension has many more ideas.
    The 2008 manifesto also mentions reverse mortgages. The idea of a reverse mortgage was expanded upon in the 2013 manifesto follows:
    “REVERSE MORTGAGES
    The BLP will introduce the legal and regulatory framework for the introduction of reverse mortgages, which will allow pensioners to raise a lump sum on the basis of the property owned by them and to allow them to live out
    their days in dignity. The sum lent will be secured by the property.”

    2018
    The BLP will “Enact comprehensive legislation to facilitate the provision of reverse mortgages as a means of
    enabling senior citizens to access s the equity in their homes for their urgent needs.”

    Given the propensity for land theft by some bigger-ups in the administration we should start screaming if the words “reverse mortgages” are ever uttered in this parliament. They have already perfected the act of cashless transfer of properties from the elderly.

    Don’t start thinking cashless mean they wrote a check.

    Like

  • TheO,

    According to Caswell the promise was made during her reply to a budget presentation. This is a reinterpretation of the existing law. The review previously done determined that the abatement applied to NIS Contributory Pension received at retirement age. If it applied to persons receiving Invalidity Benefit it would have been picked up at that point. THIS IS A NEW INTERPRETATION OF THE LAW with very serious consequences for those who are deemed to be invalids unable to work and who could lose their Invalidity benefit if found desperately trying to earn the difference. So that if you had taken a letter to the bank and received a mortgage based on your entitlements you would probably now be in danger of losing your house. Just think of the imagery of an invalid being thrown out of her home due to this NEW INTERPRETATION OF THE LAW! Is the NIS still going to penalize a medically boarded teacher from giving a few lessons at home to avoid being thrown out on the streets with her minor children? Remember, in the case of old aged pensioners their children would probably have been adults. In the case of persons medically boarded this is often not the case.

    And how about those who have been injured on the job (even government jobs) and have been waiting FOR YEARS AND YEARS to get their personal injury cases through the courts? How about those who have been waiting FOR YEARS AND YEARS to get their medical report from the QEH for presentation to the insurance companies? THIS IS A KILLER MOVE! I predict heart attacks and strokes and deaths that can be blamed on this move.

    PS. You should also note that the pension rights of parliamentary representatives have moved in the opposite direction. The people’s pension rights are being eroded while the parliamentarians’ pension rights have been expanded.

    Is this government “for the people”???? Does “Mia care”?

    Like

  • Caswell Franklyn June 28, 2012 7:48 PM

    David

    This is not as simple as it appears. As a matter of fact, the DLP administration passed legislation in 1975 which in effect resulted in a reduction of the statutory pensions being reduced by the amount that would be paid by the National Insurance if the pensioner was employed in the Government service after September 1, 1975. Unfortunately, the reduction did not apply to Members of Parliament: they continue to receive both pensions.

    This problem arose because some statutory board opted not to implement the law for whatever reason. As a result, some retirees, who should have suffered the reduction, received both pensions and continued to receive the money for several years. When the error was discovered, government decided to effect the reduction immediately, not withstanding that some of them were receiving the pensions for as much as 10 years. Some of these people would have adjusted their lifestyles to suit their income. They were receiving those pension through no fault of their own. A caring Government should have said that they would have implement the law for new pensioners but they implemented it retrospectively which is causing hardship.

    It is shameful that MP did not apply the law to themselves but made messengers and maids subject to the reduction.

    Caswell Franklyn June 29, 2012 2:17 AM

    David

    I am not going to accuse you of being political, Lord knows that I have been accused of being both BLP and DLP depending on what I write. That’s par for course. However, I will suggest that you do not really understand the issue.

    I readily admit that the affected pensioners should not have been receiving the additional pension in the first place, according to the 1975 amendment to the Statutory Boards Pensions Act. The boards themselves either were not aware of the law or did not understand the provision and have been paying these pensions for years. Some of the recipients are in their 70s and 80s and are not likely to find alternative sources of income to compensate for the loss after their pensions had been reduced. These people did nothing wrong: they merely benefitted from someone else’s mistake.

    The decent thing to do would be to allow those who are currently in receipt of the additional pension to retain it and say to all other employees that the law would be enforced from now. This would give current employees time to make other arrangements to secure their retirement income. I have heard of one case where a person was receiving the princely sum of $1,300 per month as pension, when the reduction was applied, they are now in receipt of a pension of $700 per month. How is that person going to survive?

    The approach announced by Mottley is more humane. Mind you, that is not enough to get me to vote for them. I really feel that there should not be a political divide on this issue: government should really show some humanity in this regard. After all, they are building a society which should not include starving old people.

    balance June 29, 2012 2:25 AM

    A caring Government should have said that they would have implement the law for new pensioners’

    Therein lies the answer to how the pension issue coild be addresed to avoid creating hardship for those whose financial position and lifestle would have changed by receiving two pensions through a mistake of fact.

    Caswell Franklyn June 29, 2012 2:27 AM

    David

    By the way, there is nothing wrong with receiving two pensions. All MPs will get two pensions, with no reduction, if they serve a minimum of 8 years. Ask yourself, why did they legislate a reduction for everyone else but not for themselves, judges and the Governor-General? Are you aware that one of an MPs pensions would be larger than the two combined for most of the affected pensioners?

    Caswell Franklyn June 29, 2012 3:07 AM

    David

    As hard as I try, I am convinced that there would be no justice for the average small man in this country.

    A retired judge is entitled to his full salary as a pension if he completed 20 judicial service. It is an open secret that a retired judge who served less than 10 years was paid a pension and gratuity at the highest rate, that is his full salary. When that was discovered a few years ago, no one took any steps to reduce his pension.

    I don’t know why they did not reduce the pension like that of others who were mistakenly paid. I know his was not a mistake, but that probably has something to do with the fact that he was one of those struggling DLP lawyers who could not make ends meet and was given a mercy appointment by the BLP. No one wants to offend him: he effectively has one foot in either political camp.

    Like

  • “THIS IS A KILLER MOVE! I predict heart attacks and strokes and deaths that can be blamed on this move.”

    Yes Donna..that’s the plan.

    Kill them all, it saves paying them..pkus ya get to tief their properties and money in the banks .and that’s the reality..and the dumb, unaware and vulnerabe…don’t even know…

    But we know how to give STROKES AND HEART ATTACKS TOO…now don’t we.

    Like

  • WURA_WAR-ON – U,

    I would say that this could be challenged in the courts but we all know you would be dead before the case is even called.

    There is no justice for the poor in this country.

    I am sure the invalids who voted for her know that “Mia cares’! Unfortunately with this NEW INTERPRETATION OF THE LAW they will not be able to “stay the course” because they will be dead from the shock and stress caused by this move.

    Well at least they won’t be able to vote for anybody else so effectively Mia won’t lose any votes.

    Like

  • WARU, Crazy & Unstable, Hogging the Blog

    Donna…we done know..

    Like

  • Donna…but we know how to give strokes and heart attacks too..no matter what they do, we LEARNED how to give strokes and heart attacks…. FROM THEM,

    Like

  • “It is an open secret that a retired judge who served less than 10 years was paid a pension and gratuity at the highest rate, that is his full salary. When that was discovered a few years ago, no one took any steps to reduce his pension. don’t know why they did not reduce the pension like that of others who were mistakenly paid. I know his was not a mistake, but that probably has something to do with the fact that he was one of those struggling DLP lawyers who could not make ends meet and was given a mercy appointment by the BLP. No one wants to offend him: he effectively has one foot in either political camp.”

    And that is only but one reason they can’t lock up each other….or bring back stolen offshore accounts.

    Like

  • “Because I’ve seen White Oak’s Financial Reports for the last 10 years and they DO NOT REFLECT seven sets of multimillion dollar fees.”

    Wuhloss…Piece, makes for a very interestong investigation..non?

    Like

  • Piece the Legend

    Well well well… I notice that many more social activists are emerging

    Finally!!!

    So now we are getting somewhere.

    and Bajans are slowly getting to a point where they are not afraid to ask crestions, nor show their faces next to their posts

    Mugabe is a one term government

    Like

  • Government economist defends White Oak contract

    Chief Economic Counsellor to the Prime Minister, Ambassador, Dr. Clyde Mascoll has shut down critics who have raised questions about government’s contract with the UK financial advisory firm, White Oak.

    White Oak Advisory has become a major talking point following the publication of an article in the Financial Times earlier this month which said creditors were “outraged” by the $27 million fee the firm will receive for restructuring government’s foreign debt.

    Speaking at a St. Michael West constituency branch meeting on Sunday, Dr. Mascoll fiercely defended government’s decision to utilize the services of White Oak, noting there is no individual or firm in Barbados “qualified to conduct government’s debt restructuring”.

    “When you are in these kinds of difficult situations you hire the best. It is easy to study to be a surgeon, it is easy to do heart surgery theoretically but I would rather risk my life with somebody who has done it practically.

    This notion that government could have found a local individual to restructure Barbados’ debt is nonsense. I see all of the debates and they are all salacious. They are intended to project a certain kind of image.”

    In response to those who were concerned about the fee White Oak is to be paid, Dr. Mascoll said,

    “Why would it interest any foreign company what Barbados pays for a service? If a person is purely academic and has never had the opportunity to do practical work, would you risk a country at this stage of difficulty being put in the hands of a Barbadian? To give the impression that you can find a local person to do it is ridiculous.”

    Almost a year after government announced it will be suspending foreign debt payments, there has been no definite date for the conclusion of negotiations with external creditors.

    Dr. Mascoll said while government was able to restructure its domestic debt within a few weeks, negotiations with external creditors is always a lengthy process.

    He admitted there will be some fallout for current and potential investors as the debt is being restructured, however, he said government has put measures in place, such as converging the corporate tax rate, in order to make doing in business more attractive.

    “To bring your corporate tax rate to that level will also inspire foreign investment so on the one hand you are trying to restructure external debt and on the other you are already repositioning the country’s competitiveness to a position where companies will be excited to come to Barbados.”

    Like

  • Thr good doctor is not convincing
    “Dr. Clyde Mascoll has shut down critics who have raised questions about government’s contract with the UK financial advisory firm, White Oak.”

    ** Probably a very biased opening sentence. Who are the critics he shut down?

    “noting there is no individual or firm in Barbados “qualified to conduct government’s debt restructuring”.

    **I have seen dozen or comments and almost no-one suggested hiring a local, In fact, it was the MDF brigade memberthat went off on a tangent ablout locals not having the expertise.

    “Why would it interest any foreign company what Barbados pays for a service? If a person is purely academic and has never had the opportunity to do practical work, would you risk a country at this stage of difficulty being put in the hands of a Barbadian? To give the impression that you can find a local person to do it is ridiculous.”

    **Why would a foreign competitor in restructuring not be interested in what Barbados paid or is willing to pay. Perhaps the idea of competitive bidding may cross their mind. Are steps in place to ensure that some level of expertise is passed on to a local, or will we never have that experience?

    **After all the hoopla, he seem to suggest that restructuring is a trial and error exercise.

    Like

  • Piece the Legend

    @Theophillus

    There is a noticeable feature about people which supports your assessment of them

    They lie about inconsequential stuff

    These Mugabe clowns have been caught out with this White Hoax scheme and instead of just letting it go and take responsibility for their mistake, dem gots eveybody telling lies bout eveyting

    And check out what they are doing in Parliament

    “…Opposition Senator Caswell Franklyn once again expressed his dissatisfaction with the continued late circulation of documents to members ahead of debate.

    Government Senator Kay McConney had moments earlier moved the first reading of the Proceeds of Crime (Amendment) Bill which would provide greater transparency and compliance with international regulations in the financial sector.

    After acknowledgment from President of the Senate Sir Richard Cheltenham, Franklyn said he had no intention of delaying Government’s business, but pointed out he was being asked to support an amendment he had not seen…”

    This nasty move is to do two things.

    It is to force Force Senator Caswell Franklyn to place their malware on his computer and

    To get him off balanced for the real Sleight of Hand they are planning with another Act.I hahave been telling Caswell to protect his machines.

    But now, AFTER DEM KILL OUT BRIAN, Caswell’s iT man is gone.

    Caswell you cant trust Peter cause he is Freundal’s man, you got to get a new feller.

    He needs to install a few virtual machines on a Linux OS and then you can use your laptop with anything they send you via email.

    They fear your new party Caswell BUT MORE SPECIFICALLY THEY FEAR YOU

    ATHERLEY WONT MAKE IT TO THE 2023 RACE.

    HIS TENURESHIP AS SHEPHERD OF THE FOLD IS TAINTED WITH ***

    Like

  • Piece the Legend

    @ the Honourable Blogmaster your assistance please with an item for my compatriot Theophillus thank you

    Like

  • The White Oak matter will not go away never mind the excuses offered by the 2 big up economists.It is a waste of taxpayers money.Nobody is suggesting WO is not capable based on their track record but the price is too high when compared with other companies and countries which went through the same debt restructuring.Banks charge a fee of 3% for the service.
    The PM says she will not be negotiating the LIAT matter in the public domain.Poor choice of words coming from an intelligent woman.A more acceptable approach would be to indicate a time frame for getting back to the press on the matter.LIAT is a significant investment of taxpayer dollars.The media has a big role to play unless there is something to hide.
    Watching the role of arrogance beginning to creep in already.

    Like

  • Piece the Legend

    @ Gabriel the Archangel

    Welcome to the Mugabe Watchers.

    Many of us have been saying this for years.

    It takes a while for others to catch up with us – we, the few, and the vigilant.

    What Mugabe is, CANNOT BE SUPPRESSED by any title or office or acclaim.

    And this is why Owen called her a despot.

    But slowly and surely you people will see this.

    The sheeple never will.

    2023.

    Bajan sheeple and peeple can only stay thd course for 2 more years.

    Either Mugabe Mottley starts to produce something by then OR HER PARTY IMPLODES.

    The pressure socially and economically will cause the fractures

    Watch and see

    Like

  • Piece the Legend

    Pressure to produce things which she cannot.

    And instances of 30 minister cabinets

    Constitutional Changes for a man and 2 women who have produced NOTHING

    INCREASES to her salaries

    Haircuts for pensioners

    $40 million scanners

    $27 million dollar consultants who never do this job before

    And the list deepens…

    Like

  • So all these PRETEND economists have these fancy titles and uppity personas and they don’t know shit about shit….lol, lol, murdahhh!!!

    Like

  • ” Are steps in place to ensure that some level of expertise is passed on to a local, or will we never have that experience?”

    please don’t hold your breath..

    Like

  • As long as there are no kickbacks and multimillion dollar thrills of syphoning and funneling taxpayers and pensioners money involved, they are not interested in training any local for anything.

    ah wonder if the THICK SKULLS want me to shit up about that too…TOUGH.

    Like

  • Here are the items posted 2 days ago in response to the blog by ***

    Here is the second item

    and the third one all captured 10 months ago when the second of the rented donkeys that we going beat told de ole man Shut the Fvck UP

    Do enjoy, I know Mugabe not White Hoax wont

    Like

  • @ the Honourable Blogmaster you assistance please with an item of drivel here thank youuu

    Like

  • “You (as in White Hoax, Avinash Persaud, Clyde Malik and Mugabe Mottley) can hide and buy land but you cannot hide and work um”

    Show to the Bajan people where you have been working on 7 big debt restructuring projects in these your financials that you files with your British Authorities!!

    You continue to show yourselves to be liars who are conspiring to steal US $27 million dollars from the Bajan Treasury or 1/5 th of the $200+ millions we the people of Barbados have borrowed from the IMF and have to pay back.

    While you pay these two men US $85,000 a month.

    You are thieves AND IN 2023 WE ARE GOING TO REPAY YOU FOR YOUR THIEVERY

    Like

  • Piece…ah told them the said same thing on another thread..

    don’t care how they try to twist and turn it, they designed a 27 million US dollar heist from the bajan treasury and now they gotta live with it..and own it.

    Like

  • @ Theophillus Gazerts

    De ole man is taking your advice very seriously about hiding and ting.

    Here is a BIOPIC regarding the IMF and a perceptions about its involvement in this matter

    Like

  • Keep vigilant Theophillus.

    Dem going try to place all sorts of inconsequential stories here pun BU but all sorts of shy$e especially de white black ORourke ting and everybody gine run off pun dat AND ALL DIS TEIFING OF $27 million US gine get lost in the comments.

    But de ole man ent gine let dem forget US$27 million blown for a job dat costs $5 million

    Like

  • Will there be a government update on the work done by White Oak?
    A simple statement like “The BDS $54M was well spent. White Oak was successful in ….”
    You don’t have to reveal state secrets, just an update.

    Tired of waiting for dribs and drabs from the Financial Times.

    Like

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