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‘Disastrous for the Exumas’: Morton Salt Second Rosewood challenge hails its Inagua By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A SECOND neighbouring developer is challenging the Rosewood Exuma project’s planning approvals amid fears the latter “will be disastrous for the Exumas” and threaten its own $148m investment. Darla Tollefson, president of Yonder Holdings, the Over Yonder Cay developer, in a March 21, 2025, letter to the Department of Physical Planning argued that maritime conditions in the “narrow strait” that will serve Rosewood Exuma’s commercial dock “are simply too treacherous” for it to be used as the main route for supplying the proposed $200m project. Citing “strong currents”, large underwater rocks and the presence of “shallow, narrow cuts”, the
• Yonder Cay developer fears for $148m investment • Strait to project’s supply dock ‘just too treacherous’ • To join Turtlegrass on site plan approval overturn
ROSEWOOD EXUMA PROJECT
Over Yonder Cay chief asserted that such “dangerous conditions” mean “it is not a question of ‘if’, but ‘when’ a catastrophic” marine accident will occur and damage a pristine environment located just 1,700 feet away from its own property. Tollefson, explaining that Yonder Holdings its seeking to safeguard its investment and “protect it for generations to come”, argued that the Rosewood Exuma development’s density and scale “will have a net negative impact on the region’s long-term environmental, social and economic welfare”. Asserting that Yonder Holdings and its principals are not opposed to development, Tollefson nevertheless insisted “it needs to be smart development that preserves the natural environment for both Bahamians living in
APPEAL - See Page B7
Hotel’s $23m ‘fire sale’ not sparked by wind-up move By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Chief Justice has rejected claims that a Bahamian developer’s winding-up petition triggered the $23m “fire sale” of a prominent downtown Nassau resort property. Sir Ian Winder, in a September 17, 2025, verdict dismissed allegations by a former Courtyard by Marriott owner that an affiliate of Sterling Global Financial, the Hurricane Hole and Montage Cay developer, and its two principals, David Kosoy and Stephen Tiller, had acted maliciously
and engaged in a conspiracy over their 2017 bid to place it into liquidation. In an extensive ruling, the chief justice described Yaron ‘Ron’ Hershco, a New York-based developer who was president and majority shareholder of Sunset Equities, the resort’s former owner, as “evasive” in the evidence he gave at trial. As a result, Sir Ian said he was “not satisfied” that Mr Hershco was “entirely truthful, frank and forthright” making it “difficult to rely on many of his assertions”.
DEFAULT - See Page B10
SpaceX now targeting 19 more Bahamas landings By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ELON Musk’s SpaceX is bidding to resume booster recovery operations in Bahamian waters with up to 19 further landings projected should the necessary government approvals be obtained. The just-released Environmental Impact Assessment (EIA), which the Davis administration demanded before any further landings in the Exuma Sound are permitted, asserted that “the environmental impacts of the Falcon 9 booster recovery are minimal” due to its design and operational features.
ELON MUSK However, while seemingly paving the way for SpaceX to obtain the necessary certificate of environmental clearance (CEC) from the Department of Environmental Planning and Protection (DEPP),
BOOSTER - See Page B11
deal ‘win-win’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
MORTON Salt has described the sale of its Bahamas operation as a “win-win” for all parties - including its employees - and pledged that Inagua will “remain a vital component of our long-term supply mix”. The US-headquartered salt producer, in a statement responding to Tribune Business inquiries, sought to reassure over the future of Inagua and the southern Bahamas’ largest employer by asserting that it will remain the operation’s “anchor customer” via a supply deal once the sale to Grand Bahama-based Lusca Group closes. “Morton Salt is excited to partner with the Lusca Group on the announced transaction. Inagua has long served an important role in helping Morton Salt meet its supply needs, and while the pending transaction will convert Morton
Salt from owner to anchor customer, Inagua salt will remain a vital component of Morton Salt’s long-term supply mix,” Morton Salt promised. “Equally, if not more important, we believe that capital investments required to expand the Inagua operation – and potentially develop other business opportunities on the island – will benefit our Inagua employees and the local community. Accordingly, Morton Salt believes the announced transaction offers a ‘win, win’ outcome for all stakeholders.” It is understood that Morton Salt, and its USheadquartered owner, Stone Canyon Industry Holdings, were not actively seeking to sell the Inagua operation but, when Lusca Group came along, felt the offer was too good to pass up given the seeming benefits for itself, the buyer, employees and the island as a whole.
ACQUISITION - See Page B6