Contributed by the Belize Culture Debating listserve, composed of people around the world and in Belize wishing better development and less political venality for building our nation. Contributer Dr.Alvaro Rosado
Saw on the news last Friday that SSB Board met to pass the resolution to buy BTL shares but were unable to do so because the Union representatives were no shows and the law states that the union must be represented when such votes are taken. Lois Young-Barrow (Prime Minister Barrow's Ex wife and Chairman of the SSB Board and Legal advisor to BTL Board - i.e. Seller of BTL shares as BTL's legal advisor AND Buyer of BTL shares as chairman of SSB Board) accused the Unions of trying to sabotage the share purchase but with an "in the know" wink informed the nation that "they" will fix that problem. A dollar gets you ten that the SSB Act will be amended ASAP to remove the provision that the unions must be represented for certain types of votes. As GMike says - and the band plays on. Did I hear someone say ARROGANCE??
On Mon, Nov 1, 2010 at 8:39 AM, Ray Auxillou
Monday, November 1, 2010
BTL employees TRUST share owning plan!
The way forward for the BTL Employees Union to buy shares in a new TRUST ( an opinion piece )
It would take me about 2 hours to make up a TRUST for the BTL EMPLOYEES for shares in BTL. The plan would have to be approved by the BTL UNION and copying the typical employees participation plan used by corporations in the USA, the employees through their UNION would have to approve the plan, then offer shares to their union members as a PAYROLL DEDUCTION PLAN. A good example would be PUBLIX SUPERMARKET in South Florida, a company share plan I´m sort of familiar with. There are many such employee share participation plans. You have to REGISTER the TRUST in Belize down in the PORT TOWN registry. The last time I checked the fee was $250. You can´t do this in Belmopan at companies registration. Don´t know why? It is the capital of the country.
It may be you could negotiate an agreement with BTL to get the company to match your share purchases as an employee, say they give you 1 share for every 2 you buy, or something like that. Thats the usual way these employee share contribution plans work.
BTL employees are not going to get something for nothing from any political party running the Government. PM Barrow may be putting out rhetoric that could be misconstrued. What I understood him to say, is that he is RESERVING 10% of the public shares for the BTL Union if they want to form a plan to buy shares placed in a BTL Employees TRUST. There is no FREE LUNCH and you are not going to get shares given to you, though you might a bit, on a contributory sort of scheme. Nor are those 10% of shares going to be around for long is my guess. You can see that with the two month limit on the inflated current public offering.
Most of what Prime Minister/Finance Minister/Party Leader Barrow is saying is FEELY GOOD - POLITICAL BOMBAST AND RHETORIC for the unwashed ignorant masses/voters. To make his party look good. You have to be able to distinguish between BULL MANURE and HORSE MANURE when a Prime Minister/party leader speaks.
Take the offering to sell the public 22 million shares or so. These in the best of times since the end of the government secret subsidy, are worth a $1 PAR value or less. Right now because of adverse publicity, they are worth much less. One has to assume this is BULL MANURE, as he is asking a whopping inflated price of $5 a share. Obviously the PM does not want to sell any shares in BTL at a differental of $4 between true value and asking price to the Belizean public. Guessing why depends on the individual? But as first and foremost as PARTY LEADER, he needs to keep the public OUT OF BTL SHARES. Selling BTL shares would weaken his position, or Musa, or Johnny´s position in the future, to make backroom deals with some big buyer of BTL shares. BTL provides party hack jobs and for relatives and the wheeling dealing going with campaign financing for the next election. So BARROW obviously does not want to SELL any BTL shares. He has however, to keep creditability, got to put on a charade, a poppy show, so to speak, to cover his devious tracks. Any party leader in power would do the same. The party of pirates and opportunists comes first, not the public voters.
So, if BTL employees want shares in BTL they are going to need a payroll deduction plan and a company participatory contribution negotiated, before they go anywhere.
You want a lesson in politics and big business, just ask all politicians, past and present, HOW MANY SHARES of the OIL COMPANY they own? Then ask them HOW MUCH DID THEY PAY IN CASH for those shares.
Posted by Western Belize Happenings! at 7:05 AM 0 comments