And _while there is no dramatic BTL judgement to report tonight, there is some news coming out of the Sunrise group, led by BTL senior managers Gaspar Aguilar and Karen Bevans.
In a statement today, the company made it known that both Jeffrey Prosser and Michael Ashcroft have separately approached them to from alliances which would own and operate BTL. The news is that they've rejected both offers. According to the statement, the Ashcroft offer came when he met with them on Saturday. According to Sunrise, Ashcroft offered an alliance that would include funding to buy the 37% of remaining B shares that government is holding for them. The Sunrise principals rejected this, saying that it is contrary to their commitment to the BTL employees and Belizeans.
By our estimates, Sunrise would be looking for about $71.5 million to buy that 37% holding. Our information is that they continue to look to First Caribbean's Regional Headquarters in Barbados for this financing. But this may take some convincing because recent history has shown that with two dissident minority shareholders, namely Jeff Prosser and Michael Ashcroft, the Sunrise group's access to credit could be seriously hampered. This could end up working ultimately in Ashcroft's favor since he is the only banker with an investment in BTL, who has the luxury of time and spare capital to take a run at what is still Belize's most profitable company.
Of course, we would be remiss if we did not note that Ashcroft's now public maneuvering to form an alliance with Sunrise and increase his equity in the company soundly disproves the Prime Minister's declaration that Ashcroft had given a written undertaking not to buy more than 25% in the company. It is an only alleged undertaking and one that Carlisle executives have disclaimed from the very start.
