Posted 8/25/98
Rob:
The following is a copy of a Bermuda update that I sent out in Feb. Although the development has been approved and an appeal has been turned down, there is a still chance at stopping the development by getting Donaldson Lufkin Jenrette to cut off funding. Unfortunately, I do not have the available time or experience to coordinate such a lobbying effort. Is there anyone else who could assist with this? [If you can please e-mail Tom at the address below with cc: to Dave Jagnow-rs]
Sincerely, Tom Iliffe
I just learned today that the Bermuda Development Applications Board has approved a $65 milion luxury resort to be built on Ship's Hill, Bermuda, overlying Church and Bitumen Caves. A newspaper article on this subject is available at:
http://www.accessbda.bm/01/01/01010101.htm#10131S (sorry, this appears to be a dead link)
The large subterranean lakes in Church and Bitumen Caves are home to 11 critically endangered cave crustaceans. As classified by the IUCN (the World Conservation Union), this is the highest level of threat and equates to a 50% chance of extinction within 10 years. The Karst Waters Institute recently named Church and Bitumen to their list of the ten most endangered karst ecosystems on earth. It is highly likely that the development will have adverse effects on the fragile cave ecosystem resulting in the extinction of the species therein.
The developers, Bermuda Properties Ltd, are seeking financing for their development from the U.S. firm of Donaldson Lufkin Jenrette. According to the newspaper article cited above:
. . . BPL has to ensure it has an investment partner before it can go forward with its plans for the hotel.
It has a letter of intent it signed with merchant bank Donaldson Lufkin Jenrette (DLJ) at the end of last year.
Talks are presently in a due diligence phase and DLJ representatives have spoken to Government, the Opposition, the Bermuda Industrial Union, the National
Trust and the Mid Ocean Club.
"DLJ want to discuss the development with all the people in Bermuda who have a stake or interest in the property," said Mr. Parker.
The potential investors are understood to be "quite concerned" about the apparent opposition to the plan.
"They want to know that their potential investment in Bermuda is going to be welcomed by the community at large."
If you would like to comment on the planned development, you can contact Donaldson Lufkin Jenrette through their web site at:
http://www.dlj.com/about1_index.htm
I would apprecite it if you would send me a copy of your message. I have requested a copy of the Applications Board report and will post pertinent information from it here.
Sincerely,
Thomas M. Iliffe
Dr. Thomas M. Iliffe
Associate Professor
Department of Marine Biology
Texas A&M University at Galveston
Galveston, TX 77553-1675 USA
(409) 740-4454 - office
(409) 740-5001 - fax
iliffet@tamug.tamu.edu - email