>>> ON THIS EPISODE OF "COMES WITH THE TERRITORY."

>> THERE ARE THOUSANDS OF VIRGIN ISLANDERS WHO DEPEND ON THE GOVERNMENT EMPLOYEES RETIREMENT SYSTEM.

>> FACING FINANCIAL RUIN, THE GOVERNMENT EMPLOYEES RETIREMENT SYSTEM IS NOW ON A PATH TO RECOVERY THANKS TO A LIFELINE AND A NEW LEADER WITH A PROVEN TRACK RECORD.

WE´LL SIT DOWN WITH ANGEL DAWSON JR. TO DISCUSS HIS PLANS TO SECURE THE PENSION SYSTEM´S FUTURE.

>>> THE BEACH HAS IGNITED CONTROVERSY RARING THE MANAGEMENT WITH CERTAIN RESIDENTS CONTENDING THAT THE AUTHORITY TASKS WITH MAINTAINING THE CATERING TO TOURISTS OVER MEETING THE NEEDS OF THE LOCAL COMMUNITY.

WE´LL HAVE MORE.

>>> PLUS FORMER PREMIERE ANDREW FLOYD FACES LIFE IN PRISON BUT TWO JURORS CONCERNS HAVE TRIGGERED A POST TRIAL DEBATE.

WE´LL EXPLAIN.

>>> AND LATER, THIS WEEK´S PANEL ANALYZES THESE ISSUES AND MORE.

"COMES WITH THE TERRITORY" STARTS NOW.

♫♫ >>> THANK YOU FOR TUNING IN TO "COMES WITH THE TERRITORY."

I´M LESLEY COMISSIONG.

THE GOVERNMENT EMPLOYEES RETIREMENT HAD A MILESTONE COINCIDING FOR THE AVERAGE RETIREMENT AGE BUT THE PENSION THOUSANDS THAT THOUSANDS OF RETIREES DEPEND ON WAS IN DIRE STRAITS.

>> IT IS ON THE VERGE OF COMPLETE COLLAPSE.

THE ACTUARIES ARE PREDICTING THE SYSTEM TO RUN OUT OF ASSETS ON OR BEFORE OCTOBER OF 2024.

>> BUT A LIFELINE CAME SHORTLY AFTER.

THE GOVERNOR´S 2022 STATE OF THE TERRITORY ACT.

LEGISLATION WAS PASSED THAT ALLOWED THE GOVERNMENT OF THE VIRGIN ISLANDS TO REFINANCE THE MATCHING FUND BONDS AND USE THE SAVINGS FROM BETTER INTEREST RATES TO MAKE ANNUAL CONTRIBUTIONS TO THE GRS AIMED AT STABILIZING THE SYSTEM FOR AT LEAST 30 YEARS.

GOVERNOR BRIAN HELD A SIGNING CEREMONY IN FEBRUARY OF 2022 TO MARK THE EVENT.

[ APPLAUSE ] MONTHS LATER, GOVERNOR BRIAN ANNOUNCED THE GOVERNMENT OF THE VIRGIN ISLANDS FIRST OFFICIAL PAYMENT TO GERS.

>> $158 MILLION PAGE IN FULL THAT WAS DUE ON OCTOBER 1st, DESPITE THE CONCERNS OF SOME ABOUT THERE BEING SOME SHORTFALL IN THE TERRITORY MATCHING FUND REVENUES, WE KNOW WE ARE STOPPED THE HEMORRHAGING OF THE SYSTEM AND BEGIN THE PROCESS OF REBUILDING THE SOLVENCY IN A TANGIBLE WAY.

>> LEADING THE EFFORTS TO REBUILD THE SYSTEM IS NEW GERS ADMINISTRATOR ANGEL DAWSON JR. WHO HAS SELECTED LAST YEAR TO REPLACE AUSTIN NIBS.

DAWSON, A FORMER COMMISSION OF FINANCE AND EXECUTIVE DIRECTOR OF THE PUBLIC FINANCE AUTHORITY WILL DRAW ON HIS EXTENSIVE EXPERIENCE IN FINANCE AND COMMERCIAL BANKING TO FURTHER STABILIZE AND STRENGTHEN THE SYSTEM ACCORDING TO THE GERS BOARD.

>> AT THE MONTHLY MEETING ON JANUARY 25th, THE GERS BOARD OF TRUSTY VOTED UNANIMOUSLY TO START A LIMITED VERSION OF THE LOAN PROGRAM NOW THAT THE LIQUIDITY HAS IMPROVED.

ACTIVE MEMBERS WILL BE ABLE TO APPLY FOR PERSONAL LOANED BY APRIL 30th WITH THE PROGRAM SET TO EXPIRE ON DECEMBER 31st.

>>> JOINING ME ON THE SET FOR AN IN-DEPTH DISCUSSION ON THE GOVERNMENT EMPLOYEES RETIREMENT SYSTEM IS THE NEW ADMINISTRATOR, MR. ANGEL DAWSON JR.. >> THANK YOU.

>> LET´S START OFF WITH THE BASIC.

GIVE ME A 30 SECOND OVER VIEW OF EXACTLY WHAT THE GERS SYSTEM IS AND HOW IMPORTANT IT IS TO RETIREES IN THE TERRITORY.

>> WELL, SIMPLY, THE GERS IS A DEFINED BENEFIT PENSION SYSTEM.

MEANING, THAT UNLIKE A DEFINED CONTRIBUTION PROGRAM, WHERE YOU DON´T KNOW WHAT YOU´RE RETIREMENT BENEFIT WILL BE, OVER THE COURSE OF TIME YOU´RE BENEFIT IS DEFINED IN THE LAW AND IN THE POLICIES OF THE GERS.

AND IT IS VERY IMPORTANT TO SOME 8,700 RETIREES AND THERE IS A PILLAR AT VIRGIN ISLANDS COMMUNITY AT THIS TIME.

>> A LOT OF INDIVIDUALS IN THE COMMUNITY ARE EXCITED ABOUT YOUR LEADERSHIP OF THE SYSTEM.

WE KNOW THE WEALTH OF EXPERIENCE THAT YOU BRING TO THE TABLE.

BUT WHAT HAS GOTTEN US TO THE POINT WHERE WE NEED SOMEONE LIKE YOU TO HELP RESCUE THIS SYSTEM AND YOU SAW THE PIECE WE JUST AIRED ABOUT THE AILMENTS THAT THE SYSTEM HAS HAD OVER SEVERAL DECADES.

IT IS NOW A PERIOD OF REBUILDING, FIXING THE PROBLEM.

BUT BEFORE WE FIX AND HEAL, WHAT LED TO THE ISSUES THAT THE SYSTEM WAS EXPERIENCING THAT CAUSED FOR THE LEGISLATION AND THE ACTIONS THAT HAD TO BE PASSED IN ORDER TO STOP THE HEMORRHAGING.

>> THERE ARE A NUMBER OF FACTORS.

LET ME SHARE A COUPLE OF NUMBERS WITH YOU RIGHT OFF THE TOP.

$1.6 BILLION, THIS WAS THE AMOUNT OF ASSETS, LIQUID ASSETS THAT THE GERS HELD IN 2007.

AND $400 MILLION, WHICH IS THE AMOUNT THAT THE GERS HELD IN -- AT THE END OF 2021.

IT WENT FROM $1.6 BILLION TO $400 MILLION.

AND AS THE GOVERNOR INDICATED IN HIS LEAD-IN PIECE THAT WAS PLAYED, WE WERE A COUPLE OF YEARS AWAY FROM INVOLENSY.

IF YOU CONSIDER THE PAYMENTS TO RETIREES IS APPROXIMATELY $240 MILLION, THEN $400 MILLION MARINES YOU´RE LESS THAN TWO YEARS AWAY FROM NOT BEING ABLE TO PAY OUR RETIREES.

AND WHAT LED US UP TO THAT, IS WE HAVE A GENEROUS PENSION SYSTEM.

>> ABSOLUTELY.

>> THERE WERE ACTUALLY SOME SHALL I SAY QUESTIONABLE -- >> POLICY, LET´S BE FRANK.

THERE WAS A MOVE MADE BY THE LEGISLATURE, I THINK, FROM THAT MORE OR LESS PANDERED TO VOTERS THAT WERE IN THE BEST INTEREST OF POELS VERSUS SOUND POLICY.

>> INDEED.

THANK YOU FOR SAYING THAT.

>> YOU DON´T HAVE TO GET IN TROUBLE.

>> BUT I THINK THE MAJOR FACTOR THAT WE´VE HAD THAT CONTRIBUTED IN ADDITION TO THOSE IS THE FACT THAT WE´VE HAD AN INCREASING NUMBER OF RETIREES IN COMPARISON TO THE NUMBER OF ACTIVE EMPLOYEES.

PRESENTLY WE HAVE ABOUT 90,000 ACTIVE EMPLOYEES AB THAT IS NOT JUST THE CENTRAL GOVERNMENT AND THAT IS 8700 RETIREES.

SO ONE TO ONE, ONE ACTIVE EMPLOYEE PER RETIREE.

AND WHICH IS NOT SUSTAINABLE.

THERE IS A TIME THAT THERE WAS PROBABLY WITH FIVE EMPLOYEES TO EVERY RETIREE.

SO, AS YOU COULD SEE, THE MATH HAS WORKED AGAINST US OVER TIME.

>> SO, LET´S TALK ABOUT YOUR PLANS TO HELP FIX THIS SYSTEM IN YOUR VISION FOR THE CHALLENGES THAT THIS SYSTEM IS CURRENTLY EXPERIENCING.

>> WELL, WE HAVE TO COLLECT THE FUNDING NOTE, THE SPECIAL PURPOSE VEHICLE THAT THE GOVERNOR REFERRED TO.

PRESENTLY BECAUSE OF THE ISSUES SURROUNDING THE COVER OVER, WE RECEIVED $124 MILLION VERSUS $158 MILLION THAT WE WERE SLATED TO RECEIVE IN FISCAL YEAR 2024.

WHICH IS A CURRENT FISCAL YEAR.

SO WE´RE ABOUT $34 MILLION SHORT.

BASED ON DISCUSSIONS WITH THE EXECUTIVE AND AS WELL AS WITH THE DELEGATES TO CONGRESS, THERE IS SOME OPTIMISM AND HOPE THAT THE EXTENDER WILL BE PASSED BY THE CONGRESS, BUT WE ALL REALIZE THE SERIOUS DYSFUNCTION THAT IS HAPPENING IN WASHINGTON AT THIS TIME.

>> ABSOLUTELY.

>> SO WE DON´T KNOW WHEN, BUT WE REMAIN HOPEFUL THAT WE´LL RECEIVE THOSE MONIES RETO ACTIVELY.

WE DID RECEIVE THE FIRST PAYMENT OF $158 MILLION IN 2023 -- 2022 RATHER.

SO WE REMAIN HOPEFUL.

BUT EVEN IF WE WERE TO RECEIVE ALL OF THE MONIES ON THE SCHEDULE THAT HAS BEEN INDICATED IN THE SPECIAL PURPOSE VEHICLE, BECAUSE OF HOW THE PAYMENTS ARE STRUCTURED, OR THEY´RE BACK LOADED, THAT IS MORE THAN HALF OF THE $3.8 BILLION THAT IS PLEDGED BY THE FUNDING NOTE COMES IN THE BACK HALF OF THE TRANSACTION.

THEREAFTER, IT IS PROJECTED THAT IT IS POSSIBLE THAT BETWEEN 2037 AND 2038, THE GERS WILL BECOME INSOLVENT ON A TEMPORARY BASIS.

A LOT OF THAT IS CONDITIONED ON HOW WE DO WITH THE MARKETS.

BECAUSE PRESENTLY, I INDICATED A SHORT WHILE AGO, THAT WE HAD, AT THE END OF 2021, $400 MILLION IN LIQUID ASSETS.

WELL, WE HAVE NOW INCREASED THAT OVER THE LAST TWO YEARS BY $146 MILLION.

BUT PRESENTLY AT $546 MILLION.

WHICH IS A PROMISING SIGN, INDICATING THAT THE FUNDS THAT WE´VE RECEIVED AND THAT THE WAY THAT THE MARKETS HAVE BEEN PERFORMING RECENTLY, WE´VE BEEN EARNING SOMEWHERE BETWEEN 9% AND 10% ON OUR PORTFOLIO.

SO IMAGINE IF WE HAVE THE OTHER $34 MILLION THAT WE DIDN´T GET, HOW MUCH MORE WE WOULD HAVE EARNED.

>> SURE.

>> AND THAT IS WHY IN A SHORT PERIOD OF TIME WE´VE HAD A 37% INCREASE IN OUR ASSETS.

WE NEED TO DO THAT MANY TIMES OVER TO GET BACK TO WHERE WE NEED TO BE.

>> YEAH.

>> AND WHEN WE´RE MOVING IN THE RIGHT DIRECTION, THERE ARE SOME OTHER FIGURES THAT I WOULD LIKE TO SHARE.

AND ONE OF THEM IS $4 BILLION, OKAY.

AND THAT IS $4 BILLION THAT I REFER TO IS THE ACCRUED ACTUAL LIABILITY OF THE SYSTEM.

IF WE WERE TO CEASE OPERATIONS TODAY AND HAVE TO PAY THE MEMBERS FOR THEIR PROJECTED LIFE SPAN, WE WOULD NEED $4 BILLION.

WELL WE HAVE $546 BILLION.

WE HAD 400 MILLION.

SO THE FUNDING PERCENTAGE IS SOMEWHERE AROUND 10%.

WHICH IS ABYSMAL.

BUT IT IS IN THE RIGHT DIRECTION.

BUT YOU DON´T TURN IT ON A DIME.

YOU HAVE TO TAKE -- IT TAKES TIME TO TURN.

IT IS BEGINNING TO TURN AND WE HAVE TO CONTINUE DOING THE RIGHT THING AND IMPORTANTLY WE HAVE TO NOT DO ANY WRONG THINGS.

>> CORRECT.

SO LET´S TALK ABOUT HOW THIS SYSTEM´S MONEY IS HANDLED.

YOU KNOW, FOLKS KNOW THAT THEY GET A CHECK EVERY TWO WEEKS AND MONEY TAKEN OUT FOR THE GERS AND CROSSING THEIR FINGERS WHEN THEY GO TO RETIRE, THE MONEY IS THERE.

BUT WHO IN THE INTERIM, WENT YOUR CONTRIBUTION EVERY PAY DAY AND WHEN YOU FINALLY GET TO ACCESS MONEY FROM THE SYSTEM, WHO IS HANDLING OUR MONEY AND HOW IS IT INVESTED?

>> FOR THE MOST PART, WE´RE INVESTING IN INDEX FUNDS.

WE HAVE ABOUT 65% INVESTED IN EQUITIES AN 35% IN FIXED INCOME AND BONDS AND THAT IS WORKED WELL FOR US.

IT IS A VERY CONSERVATIVE APPROACH.

THAT HAS SERVED US WELL.

>> IS THERE ANY LEEWAY THAT THE BOARD HAS TO MAKE DECISIONS TO SAY, LIKE, GIVEN THE POSITION THAT WE´RE IN AND I KNOW IT IS A TENUOUS SITUATION, YOU JUST MENGED OUR OVERALL FUNDED LIABILITY BEING AT 10%.

BUT ARE THERE MEANS FOR US TO GET FOR AGGRESSIVE WITH OUR INVESTMENT.

I KNOW ONE OF THE CRITICISMS AND I DON´T NECESSARILY AGREE WITH IT, BUT ONE OF THE CRITICISMS AND PEOPLE BLAME SOME PRIOR POOR INVESTMENTS LOCALLY BY THE SYSTEMS AS BEING THE -- ONE OF THE REASONS WHY THE SYSTEM´S HEALTH IS THE WAY IT IS.

I THINK IF YOU WERE TO DO THE MATH, YOU KNOW, SOME OF THOSE INVESTMENTS ARE JUST A DROP IN THE BUCKET IN THE OVERALL PICTURE REALISTICALLY, BUT STILL THERE IS A LOT OF SENTIMENT AND EMOTIONS ATTACHED TO SEEING INVESTORS NOT SEE THE SYSTEM BACK FOR LOANS THAT HAVE BEEN MADE, BUSINESSES, ET CETERA.

WHAT LEEWAY DOES THE BOARD HAVE TO CHANGE THE MIX OF INVENTORY THAT WE HAVE.

>> BEFORE I ADDRESS THAT HEAD ON, I WOULD INDICATE THAT ALTHOUGH THE ALTERNATIVE INVESTMENTS AND TWO NOTABLE EXAMPLES WERE THE RESORT IN ST. CROIX AND THE SUPERMARKET.

EVEN THOUGH THEY WERE CHALLENGES, THE GERS DID RECOVER.

>> I´M GLAD YOU BROUGHT THAT UP.

BECAUSE THAT IS SOMETHING A LOT OF PEOPLE ARE NOT AWARE OF IT.

>> THAT IS ABSOLUTELY A FACT.

THAT IS HISTORY IN TERMS OF ALTERNATIVE INVESTMENTS.

MOST SIGNIFICANT ONE THAT WE HAVE, JUST ABOUT EVERYONE WOULD BE FAMILIAR WITH, IS THE HAVEN SITE MALL.

WHICH IS GOING THROUGH A VERY EXCITING PERIOD.

LET ME TAKE IT CLEAR THAT THE GERS IS NOT BUILDING A HOTEL AT HAVEN SITE MALL.

WE HAVE LEASED SOME PROPERTY, SOME LAND, TO A DEVELOPER, WHO HAS A SUCCESSFUL TRACK RECORD WHO IS PRESENTLY BUILDING A HAMPTON BY HILTON, 126-ROOM PROPERTY OCCUPYING SOME FIVE FLOORS.

WE´RE VERY EXCITED BY IT AND WE WILL BENEFIT FINANCIALLY FROM IT AS IN TERMS OF GUARANTEED PAYMENT AND REVENUE MOVING FORWARD.

THIS IS, IN FACT, A GOOD DEVELOPMENT FOR THE GERS.

BUT BEYOND THAT, WE´RE LOOKING AT WHAT ARE THE MODELS ARE DOING WELL AND WE BELIEVE THEY COULD DO BETTER.

SO WE´RE IF THE PROCESS OF RE-IMAGINING THEM ALL.

PERHAPS WE´VE ENGAGED A COMPANY BY THE NAME OF IDEAS OUT OF FLORIDA WHOSE PRINCIPALS ARE FORMER FROM DISNEY CORPORATION AND WE WANT TO BE FROM SHOPPING TO A DESTINATION SHOPPING RETAIL, DINING AND ENTERTAINMENT.

SO WE´RE VERY MUCH ENGAGED IN THAT PRESENTLY.

WE´RE ALSO GOING TO CREATE A COMMUNITY GATHERING PLACE.

IF YOU HAVE BEEN TO THE MALL RECENTLY, AS YOU ARE ON NAME STREET, BETWEEN LANES ONE AND TWO WHERE YOU ENTER.

AT THE END OF THAT, THERE USED TO BE SP UG WHY I NONDESCRIPT WAREHOUSES AND NOW THEY´RE GONE.

AND THAT IS GOING TO TRANSFORM INTO A GREEN SPACE.

AND WE´RE GOING TO -- AND I´M CALLING IT FOR THE TIME BEING CALLED WOMEN´S PARK.

BECAUSE WE´RE PAYING TRIBUTE TO THE HISTORICAL FIGURES FOR THE WOMEN WHO PLAYED A CENTRAL ROLE IN THE SHIPPING INDUSTRY IN ST. THOMAS IN PARTICULAR IN THE LATE 1800s, EARLY 1900s AS WELL.

SO WE´RE VERY EXCITED ABOUT THAT.

WE HAVE A PLACE WHERE VENDORS COULD GO AND SELL THEIR WARES BECAUSE WE WANT TO KEEP MORE TOURISTS IN THE MALL AS WELL AS LOCALS.

>> I´M GLAD TO HEAR THAT DEVELOPMENT.

BECAUSE WE´LL HAVE SOME COME INTO THEM.

LET´S TALK ABOUT THE PERSONAL LOAN SYSTEM, THAT IS A BIG FEATURE, A LIFE LINE FOR A LOT OF VIRGIN ISLANDERS.

I´M NOT A GOVERNMENT EMPLOYEE AND ONLY SERVED IN SHORT STINTS AS GOVERNMENT EMPLOYEES BUT A LOT OF PEOPLE TALK ABOUT THE LOAN PROGRAM BECAUSE OF THE SYSTEM´S HEALTH IT WAS TAKEN AWAY RECENTLY AND VOTED TO BE REINSTATED AND IT IS COMING BACK.

LET´S TALK ABOUT ON A LIMITED BASIS.

LET´S SHARE WITH THE COMMUNITY HOW THE LOAN POLL IS GOING TO WORK GOING FORWARD.

>> I ADVOCATED FOR THE PROGRAM.

I DON´T HAVE A VOTE.

I´M NOT A BOARD MEMBER.

I FOLLOW THE DICTATES OF THE BOARD.

BUT AN ANECDOTE, I HAVEN´T EVEN YET OCCUPIED MY OFFICE, I THINK IT WAS THE SATURDAY AFTER MY NOMINATION WAS ANNOUNCED AND I WENT TO HOME DEPOT AND I DON´T I MADE IT FIVE FEET.

WHEN I WAS APPROACHED BY SEVERAL INDIVIDUALS ABOUT THE RESTART OF THE LOAN PROGRAM.

SO I´M HAPPY WE´RE AT A POINT TO GET THE LOAN PROGRAM BACK UP ON A LIMITED BASIS.

BECAUSE IT REALLY IS A HELP TO A NUMBER OF INDIVIDUALS.

>> ABSOLUTELY.

>> WHO MISS THE LOAN PROGRAM.

AND FRANKLY, IT IS A GOOD INVESTMENT FOR GERS.

>> THE FINANCIAL TRACK RECORD OF THE PROGRAM.

>> WE´RE NOT JUST BEING ALTRUISTIC.

THE INTEREST RATE IS A PERCENT AND THAT IS A GUARANTEED 8% AND IT IS SECURED BECAUSE IT IS SECURED BY THE ACTIVE MEMBERS RETIREMENT CONTRIBUTIONS.

THE LIMITED PROGRAM IS GOING ALLOW LOANS UP TO $10,000.

IF YOU ARE AN ACTIVE EMPLOYEE WITH TWO YEARS OF SERVICE.

A MAXIMUM OF 75% OF YOUR CONTRIBUTIONS OR $10,000.

WHICHEVER IS LESS.

AND IT´S BEEN APPROVED IN TERMS OF FUNDING TO THE AMOUNT OF $20 MILLION.

$10 MILLION FOR THE DISTRICT OF ST. CROIX AND $10 MILLION FOR THE DISTRICT OF ST. THOMAS AND JOHN.

AND DO THE MATH.

WE HAVE 9,000 ACTIVE EMPLOYEES AND IF EVERYBODY QUALIFIED FOR A $10,000 LOAN, THAT MEANS THAT EVERYBODY ISN´T GOING TO BE ABLE TO GET A LOAN.

SO, THAT IS THE REALITY NOW.

OF COURSE, SOME PEOPLE MAY APPLY FOR LESS.

SO WE DON´T KNOW THE EXACT NUMBER OF LOANS THAT WE´LL BE ABLE TO ACCOMMODATE.

BUT WE´RE PUTTING IN PLACE A VERY ORDERLY SYSTEM TO ENSURE THAT SCENES FROM THE PAST THAT ARE IN THE -- HAVE OCCURRED WHERE PEOPLE HAVE BEEN OUT FROM 4:00, 5:00 IN THE MORNING, IF NOT EARLIER, TO QUALIFY FOR A LOAN ONCE THE PROGRAM STARTS BECAUSE THERE IS AN ANNUAL RESTART TO THE PROGRAM THAT WE HANDLE THIS IN A PROFESSIONAL MANNER.

OKAY.

NOW THE PROGRAM IS NOT REAUTHORIZED PERMANENTLY.

IT WILL BE REVIEWED EVERY OCTOBER BY THE BOARD.

TO DETERMINE WHETHER IT WILL BE REAPPROVED FOR THE NEXT CALENDAR YEAR AND THAT IS BASED ON THE FINANCIAL STANDING AND WHAT HAVE YOU.

AND SO HOPEFULLY WE´LL CONTINUE TO DO WELL AND CONTINUE THE PROGRAM AND MAKE IT MORE THAN A LIMB THEED PROGRAM.

>> LET´S TALK REAL QUICKLY BECAUSE WE ONLY HAVE 1 1/2 MINUTES LEFT.

OTHER PLANS FOR INFUSION OF CASH INTO THE SYSTEM.

HAVE YOU ENVISIONED ANY OTHER WAYS OTHER THAN THE SPECIAL PURPOSE VEHICLE OF A GOVERNMENT CONTRIBUTION TO GET MONEY INTO THE SYSTEM?

>> WELL BOTH OF THOSE ARE VERY IMPORTANT BUT THEY ARE THE AREAS THAT WE´RE LOOKING AT.

ONE OF THINGS THAT DISTURBS ME A BIT IS THAT WE HAVE A SIGNIFICANT AMOUNT OF LAND HOLDINGS IN ST. THOMAS AND ST. CROIX.

WE HAVE 180 ACRES IN COKI BAY AND OTHER IN ST. THOMAS WHICH IS OFF THE HIGHWAY.

AND THOSE ARE NONPERFORMING ASSETS.

THEY´RE NOT EARNING US ANYTHING.

SO IN TERMS OF PLANS FOR 2024, WE ARE -- A NUMBER OF THINGS.

WE´VE DONE A REORGANIZATION IN TERMS OF PERSONNEL WITHIN THE GERS.

WE´RE ALSO IN THE PROCESS OF UPGRADING OUR BENEFIT SYSTEM AND WE HAVE OTHER INITIATIVES BUT AS SOON AS I´M DONE GETTING THE LOAN PROGRAM STOOD BACK UP, I´LL BE TURNING MY ATTENTION TO DEVELOPMENT OF THESE PROPERTIES WHETHER IT MEANS PUBLIC-PRIVATE PARTNERSHIP WITH A QUALIFIED DEVELOPER, OR SOMETHING THAT WILL BENEFIT OUR MEMBERS IN TERMS OF HOUSING, WHICH IS VERY MUCH NEEDED.

>> YES.

>> IN THE TERRITORY AT THIS TIME.

BUT IN A WAY THAT WILL BE A FINANCIAL BENEFIT TO THE SYSTEM.

>> EXCELLENT.

WELL THANK YOU SO MUCH FOR JOINING US.

OUR TIME IS UP.

BUT I´D LIKE TO HAVE YOU BACK ON THE SHOW BECAUSE THIS IS AN ISSUE THAT IS IMPORTANT TO THE COMMUNITY.

>>> UP NEXT, WE´LL HEAR FROM THIS WEEK´S PANEL, BUT FIRST LET´S LOOK AT THE TOPICS ON THE TABLE.

>>> IN 1946, AUTHOR FAIRCHILD ENVISIONED MEGAN´S BAY AS A PACE FOR ALL ISLANDERS.

DONATED 56 ACRES OF HIS LAND INCLUDING THE BEACH WITH THE DESIRE THAT IT BE MAINTAINED FOR THE PEOPLE OF THE PUBLIC ISLANDS IN PERPETUITY.

AND TENSIONS ARE BREWING BETWEEN LOCAL RESIDENTS WHO BELIEVE FAIR CHILD´S WISHES ARE BEING NEGLECTED.

RESIDENTS VOICED THEIR CONCERNS ABOUT THE INCREASED FOCUS ON ATTRACTING TOURISTS, POTENTIALLY AT THE EXPENSE OF SERVING THE LOCAL COMMUNITY.

THEY CRITICIZED THE USE OF VELVET ROPES AND RESERVED SIGNS SECTIONING OFF PARTS OF THE BEACH FOR VISITORS.

THIS CANT RAW DIKT THE LOCAL POPULATION.

ADDITIONALLY, THE LACK OF LOCAL FOOD OPTIONS AT THE CONCESSION STANDS SPARKED COMPLAINTS FURTHER HIGHLIGHTING THE TOURIST PREFERENCES OVER LOCAL NEEDS.

ON A RECENT WEEK DAY VISIT, MEGAN´S DAY BEACH BUZZES WITH SOME TOURISTS AND SOME OFFERING ON THE CONCESSIONS OFFERS.

>> THERE IS GREAT OFFERINGS FOR TOURISTS, ESPECIALLY FAMILIES WITH KIDS, WHO WANT JUST A PIZZA OR A HAMBURGER.

THERE IS A GREAT -- THERE IS GREAT VARIETY IN THAT SENSE.

SO, YEAH, I THINK IT IS GREAT.

I THINK I WOULD LIKE TO GET MORE LOCAL FARE, BUT I THINK AFTER THE BEACH WE´LL GO SOMEWHERE LOCAL.

>> MY PERSONAL OPINION, ON THE OPTIONS AT THE CONCESSION STAND, THEY ARE MORE LOCAL.

I THINK CAKES WOULD BE GREAT.

>> WE TRY TO OFFER AS MUCH AS WE CAN ON A LOCAL PERSPECTIVE IN TERMS OF UTILIZING LOCAL INGREDIENTS.

YOU KNOW, WHETHER IT IS GUAVA, MANGO, CILANTRO, FRESH GREENS, LOCAL MAHI, THOSE SORT OF THINGS.

BUT QUITE HONESTLY, WE DON´T HAVE THE MARKET FOR THINGS THAT I LOVE, A GOOD FRIED FISH AND FUNGI.

A GOOD BUTTER -- FULL OF BUTTER WITH CONCH.

A GOOD OXTAIL.

THOSE ARE THE THINGS THAT -- TO BE VERY HONEST WITH YOU -- THE REQUESTS ARE NOT IN HIGH DEMAND.

BECAUSE IF YOU LOOK AROUND TODAY, YOU´LL SEE, WE ARE FULL OF TOURISTS AND THAT IS NOT REALLY WHAT THE TOURISTS COME TO THE BEACH FOR.

>> A LIFEGUARD DEFENDS THE PRACTICE OF RENTING BEACH CHAIRS FIGHTING THE NEED TO ACCOMMODATE THE NEED OF TOURIST INFLUX.

>> YOU HAVE TO HAVE ACCOMMODATIONS FOR THE TOURISTS TO COME VISIT THE ISLAND AND PART OF THE PROBLEM IS THE CRUISE SHIPS COME IN BIGGER WITH THE NEWEST SHIPS COMING IN WITH 7,000 PASSENGERS.

AND IF YOU CAN´T MAKE ACCOMMODATION FOR THEM, THE CRUISE LINES WILL TAKE THEIR PASSENGERS TO THEIR OWN PRIVATE ISLANDS AND YOU WON´T SEE THEM HERE.

SO I THINK WE NEED THEM AND IT IS A GOOD IDEA TO HAVE THEM.

>> THE DEBATE HIGHLIGHTS THE DELICATE BALANCE BETWEEN FOSTERING TOURISM AND UPHOLDING THE ORIGINAL INTENT OF PUBLIC SPACES.

FINDING A SOLUTION THAT REPRESENTS FAIRCHILD´S VISION WHILE CATERING TO THE NEEDS OF ALL STAKEHOLDERS IS A BIG CHALLENGE FOR THE AUTHORITY.

>> CERTAINLY IT IS A COMPLICATED MATTER.

BUT THIS VOTE OF NO CONFIDENCE IS THE RIGHT THING TO DO AND THE RIGHT STEP TO TAKE FOR THE PEOPLE OF VIRGIN ISLANDS.

>> ON MAY 5th, 2022, THE BRITISH VIRGIN ISLANDS HOUSE AFTER ASSEMBLY APPROVED A VOTE OF NO CONFIDENT AGAINST ANDREW FLOYD, STRIPPING HIM OF HIS OFFICIAL POSITION AS THE PREMIER FOLLOWING HIS ARREST IN MIAMI A WEEK EARLIER ON DRUG CHARGES.

FAST FORWARD TO 2024, AND FLOYD NOW FACES UP TO LIFE IN PRISON AFTER A MIAMI FEDERAL JURY FOUND HIM GUILTY OF CONSPIRING TO SMUGGLE COLOMBIAN COCAINE.

HE´S BEEN LOCKED UP AS A FEDERAL JUDGE TRIED TO RESOLVE DOUBTS RAISED BY TWO JURORS AFTER THE GUILTY VERDICTS.

ACCORDING TO THE "MIAMI-HERALD," THE JUDGE POLLED EACH OF THE JURORS AND THEY ALL CONFIRMED GIFT BUT SHORTLY AFTER TWO JURORS SAID THEY APPARENT MISGIVINGS ABOUT THEIR VERDICTS SETTING STAGE FOR A RARE POST TRIAL DISPUTE.

ON FEBRUARY 20th, THE JUDGE ORDERS FEDERAL PROSECUTORS AND DEFENSE ATTORNEYS TO RETURN TO COURT ON MARCH 7th WITH A POTENTIAL LEGAL SOLUTION TO THE PROBLEM.

ACCORDING TO THE "MIAMI-HERALD," THE SENTENCING IS SET FOR APRIL 29th, THE NEWSPAPER REPORTS.

>>> JOINING OUR PANEL FOR THIS EPISODE, LET´S WELCOME CRIMINAL DEFENSE ATTORNEY MELANIE TERMAL AND DR. RUBY SIMONS AND ST. THOMAS RESIDENT MALACHI THOMAS.

I´M GOING TO START WITH YOU.

WE JUST HAD AN INTERVIEW WITH THE NEW ADMINISTRATOR OF THE GERS SYSTEM AND YOU DID A WELL WRITTEN PIECE TO THE SAINT THOMAS SOURCE ABOUT HOW WE COULD HELP TO REVAMP AND HEAL AND PUT MORE WEALTH IN VIRGIN ISLANDERS POCKETS THAT ARE EMPLOYEES THAT ARE CURRENTLY INVESTING IN THE SYSTEM.

LET´S TALK ABOUT THE MAIN TENANTS OF YOUR LETTER TO THE EDITOR.

>> YEAH.

SO MAINTENANCE ARE WE NEED TO CONVERT THE RETIREMENT SYSTEM FROM A DEFINED BENEFIT SYSTEM TO A DEFINED CONTRIBUTION SYSTEM.

>> AND LET´S JUST BRIEFLY, FOR PEOPLE LISTENING TO THESE TERMS, BECAUSE WE TRY TO BREAK THINGS DOWN.

THE DEFINED BENEFITS TELL US WHAT YOU´RE GOING TO GET.

WHEN YOU SAY DEFINED CONTRIBUTIONS EXPLAIN TO THE VIEWERS EXACTLY WHAT THAT MEANS.

>> DEFINED BENEFIT COULD BE CHARACTERIZED AS AN EMPLOYEE CONTRIBUTING A PERCENTAGE OF THEIR INCOME INTO THE SYSTEM, THE GOVERNMENT ORRENITY, WHICHEVER, COULD MATCH THAT CONTRIBUTION, BUT THE GROWTH ON THOSE CONTRIBUTIONS, THE INVESTMENT GROWTH DON´T BELONG TO THE INDIVIDUAL.

THEY BELONG TO THE SYSTEM.

BUT, SO, THE ENTITY IN THIS CASE, THE GOVERNMENT TAKES ON THE RISK OF HAVING TO FUND THE RETIREE´S INCOME UNTIL THEY PASS.

UNDER A DEFINED CONTRIBUTION SYSTEM THAT RISK WOULD BE REALLOCATED TO THE INDIVIDUAL.

>> TO THE EMPLOYEES, EXACTLY.

>> AND THERE ARE SOME BENEFITS.

MOBILITY AND OWNERSHIP OF THE GROWTH ON INVESTMENT AND ONE OF MY MAIN POINTS IS THE ABILITY FOR THE INDIVIDUAL TO PASS ON ASSETS TO THEIR LOVED ONES.

CURRENTLY, WHEN A RETIREE PASSES AWAY, THERE IS NOTHING TO PASS ON IN TERMS OF THEIR RETIREMENT BENEFITS.

>> EXCEPT FOR THE DEATH BENEFIT THAT COULD BE PASSED ON TO THE FAMILY.

>> THAT BENEFIT WAS -- >> IT IS NOT SIGNIFICANT.

IT IS NOT LIFE CHANGING.

OR SOMETHING THAT YOU´RE GOING TO BUILD YOUR FUTURE OFF OF IT.

>> RIGHT.

AND SO, IN MY PROPOSAL, I CONSIDER THAT THE GOVERNMENT MATCHED 23.5% OF THE INCOME INTO THE SYSTEM.

AN THIS IS JUST A PROPOSAL.

THERE NEEDS TO BE ACTUAL AND FINANCIAL ADVISERS WOULD ADVISE ON THIS TYPE OF TRANSITION.

BUT I PROPOSE THAT THE GOVERNMENT MATCH UP TO 10%.

WHICH WOULD DECREASE THE PERCENTAGE BY 13 1/2 PERCENT.

AND WITH AN EMPLOYEE AND AN CONTRIBUTION LIKE THAT, OVER AN EMPLOYEE FOR 30 YEARS, 35 YEARS, THE GROWTH ON INVESTMENT COULD, LET´S SAY IT IS $300,000 CONTRIBUTION, OR $600,000 CONTRIBUTION, THOSE CONTRIBUTIONS COULD BE WORTH UP TO $2.5 MILLION, OR $3.5 MILLION.

IF THEY DISPUTE THE 4% RECOMMENDED DISTRIBUTION, THEY COULD HAVE $2.5 MILLION, I THINK MAYBE 80 TO $95,000 A YEAR.

FOR THE REST OF THEIR LIFE.

WHICH MEANS WHEN THEY DIE, INSTEAD -- I DON´T KNOW WHAT THE NUMBER ON THE RETIREMENT BENEFIT IS.

I´M SURE IT IS NOT $1.5 MILLION.

>> NO, IT IS NOT.

>> AND THEN -- AN I DON´T KNOW, IF TERMS OF HOW THE SYSTEM IS ORGANIZED, BY LAW AND EXECUTED, THOSE BENEFITS WOULDN´T BE CAUGHT UP IN PROBATE.

>> NOW ONE OF THINGS THAT YOU MENTIONED, THE TYPE OF ACCOUNT THAT YOU MENTIONED, 403 AND ROTH ACCOUNTS.

SHARE WITH THE VIEWERS THE BENEFIT OF THOSE ACCOUNTS AND I WANT TO TALK ABOUT THE RISK.

BECAUSE YOU´RE TALKING TO SOMEONE WHO HAS SEEN A LICENSE WITH THE AMERICAN EXPRESS TO I GET THE FINANCIAL DISCUSSION REALLY WELL.

TALK ABOUT THE BENEFITS OF THOSE TYPE OF ACCOUNTS AND LET´S TALK ABOUT THE RISK THAT THE INVESTOR WOULD THEN TAKE ON.

BECAUSE IN THEORY IT ALL SOUNDS GREAT WHEN YOU HAVE PEOPLE INVESTING MONEY AND DOING THINGS LIKE ETFs AND SAFER AND MORE CONSERVATIVE INVESTMENTS.

BUT WHEN THERE IS A MARK DOWNTURN AND YOU DON´T HAVE THE ROBUST TYPE OF RETURNS, WHAT PROTECTION OR SAFETY NET ARE THERE FOR INVESTORS?

>> SO MR. DAWSON SAID THAT THEIR INVESTMENT ALLOCATION IS 65% EQUITIES AND 35% BONDS.

>> CORRECT.

>> THAT WOULD WORK FOR SOMEONE WHO IS MAYBE 50 YEARS AND OLDER.

FOR AN EMPLOYEE THAT IS YOUNGER, YOU WANT MORE EQUITIES.

I MEAN, 20 YEARS -- >> WELL NO FINANCIAL ADVISER WOULD TELL YOU TO DO THAT.

>> NO, BUT SOME WOULD SAY 95%.

IF YOU LOOK AT THE MAJORITY OF TARGET DATE INDEX FUNDS ON THE MARKET FOR PEOPLE WHOSE RETIREMENT OUT LOOK IS 30, 45, 40 YEARS INTO THE FUTURE, THE ALLOCATION IS LIKE 95% ALLOCATION IN EQUITIES.

SO I THINK, SO I THINK -- SO I HEAR YOUR POINT IF THERE IS A DOWNTURN, BUT SINCE THE 50s, THE S&P 500 HAS MAINTAINED 10.2% SINCE THE ´50s ON AVERAGE.

>> IT IS MORE THAN 7.

>> WE COULD GOOGLE IT.

IT IS 10.2 AVERAGE, THE S&P 500, RIGHT.

I THINK IT IS A RISK THAT MOST INDIVIDUALS WILL TAKE ON.

NOW THIS IS IN TERMS OF RETIREMENT, RIGHT, THIS IS WHERE IT BECOMES TRICKY.

IS WHEN THE INDIVIDUAL DECIDES TO RETIRE.

SO FOR INSTANCE, WE COULD TAKE 2008, RIGHT.

IF I WERE CONSIDERING TO RETIRE UNDER THIS TYPE OF SYSTEM, IF I WAS CONSIDERING TO RETIRE IN 2008, AND IT HAPPENED, THEN I WOULD SIT BACK AND SAY, OKAY, IF I RETIRE, AND -- AND THIS WAS THE AFFECT TO MY ACCOUNT.

>> IT WASN´T THE RIGHT TIME TO RETIRE.

>> THE ALLOCATION COULD BE DIFFERENT, RIGHT.

BUT YOU WOULD HAVE TO -- SO THE RISK IS HAVING TO CHANGE WHEN YOU DECIDE TO RETIRE.

BUT, ALSO WITH THAT, THE MARKET RETURN TO PRE-2008 LEVELS WITHIN TWO TO THREE YEARS, I WANT TO SAY BY 2012, THE S&P 500 PASSED WHERE IT WAS BEFORE THE DIP INTO 2008.

SO, I THINK THE BENEFITS OF THE SYSTEM OUTWEIGH THE RISK.

>> THE MARKET RETURN, BUT THE ECONOMY DIDN´T FOR THE AVERAGE AMERICAN.

AND THAT IS WHAT YOU HAVE TO LOOK AT.

THE AMOUNT OF PEOPLE THAT LOST THEIR HOMES.

MY HUSBAND, FOR INSTANCE, I COULDEL IT YOU FROM A PERSONAL PERSPECTIVE, WHEN WE EVALUATE WHAT WAS LOST, IT WAS HUNDREDS OF THOUSANDS OF DOLLARS, THAT DID NOT RETURN TO US THREE YEARS AFTERWARDS.

IN FACT, IT TOOK A LONGER PERIOD OF TIME.

>> DID YOU SELL?

>> NO, OF COURSE NOT.

BUT IF YOU TALK TO AN AVERAGE PERSON THAT HAD MONEY IN THE MARK THEN, I PERSONALLY KNOW PEOPLE THAT I REMEMBER HAVING A CONVERSATION WITH SOMEONE IN CALIFORNIA, A GOOD FRIEND OF MINE, WHO, IN A COUPLE OF MONTHS, HAD LOST MILLIONS OF DOLLARS IN THEIR RETIREMENT ACCOUNT.

AND RETIRING AT THAT POINT WAS NOT AN OPTION.

DR. SIMONS, YOUR A RETIREE.

WHAT DO YOU THINK ABOUT THE CURRENT HEALTH OF THE SYSTEM, THE STEPS THAT HAVE BEEN TAKEN, THE SPECIAL PURPOSE VEHICLE INTRODUCED BY GOVERNOR BRIAN AND HIS ADMINISTRATION, HOW DO YOU THINK THAT THE SYSTEM IS HANDLING ITS CURRENT HEALTH RIGHT NOW?

>> WELL, I THINK LIKE MANY RETIREES, I WAS HAPPY WHEN THE LEGISLATURE PASSED THE MEASURE PROPOSED BY GOVERNOR BECAUSE NOW WE KNOW THERE IS A POSSIBILITY THAT WE´LL HAVE OUR RETIREMENT FUNDS FOR A WHILE GOING FORWARD.

THERE WAS A POINT THERE WHEN I THINK WE WERE ALL VERY NERVOUS, BECAUSE IT IS DIFFICULT TO LIVE ON SOCIAL SECURITY ALONE.

AND SOME ARE THINKING WE´LL NEED TO GO BACK TO WORK.

AND LISTENING TO DIRECTOR DAWSON, I WAS PLEASED TO HEAR SOME OF THE THINGS THAT HE WAS TALKING ABOUT IN TERMS OF PLANS FOR THE FUTURE.

I KNOW HE SAID THAT PROBABLY IN 2037 OR ´38, THE SYSTEM MIGHT BE INSOLVENT.

BUT LET´S HOPE THAT DOESN´T HAPPEN AND HOPEFULLY I´LL BE AROUND AT THAT TIME.

BUT THEY´VE GOT SOME GOOD IDEAS AND PARTICULARLY THE RIGHT ONE THAT THEY´RE TALKING ABOUT DOING WITH THE CORE LIMIT, BECAUSE I´VE BEEN INVOLVED IN THE DOLLAR FOR DOLLAR CELEBRATION.

THAT IS SOMETHING THAT I´M LOOKING FORWARD TO.

>> ATTORNEY TURNBULL, BRIEFLY, I KNOW YOU´RE NOT A GOVERNMENT EMPLOYEE, BUT WE EITHER HAVE RELATIVES OR FRIENDS THAT WE KNOW THAT ARE A GOVERNMENT EMPLOYEE.

WHAT DO YOU SEE IN TERMS OF THE FUTURE HEALTH OF THE SYSTEM AND WHAT DO YOU THINK ABOUT MR. THOMAS´S IDEA ABOUT PERM INVESTMENT ACCOUNTS TOER THE SYSTEM.

>> I ENJOYED EVERYTHING THAT HE HAD TO SAY.

I DON´T THINK A LOT OF PEOPLE REALIZE THAT I WORK IN THE FEDERAL GOVERNMENT AND IN THE FEDERAL GOVERNMENT YOU HAVE A LOT OF CONTROL OVER YOUR CONTRIBUTIONS AND THEY ALSO CAP THEIR CONTRIBUTIONS.

SO THE FIRST 3% IS A MATCH AND THEN AS YOU GO TO THE 4% AND 5%, TO GOES TO A .5% MATCH AND I COULD LOG IN AT ANY TIME AND CONTROL MY CONTRIBUTIONS.

SO I TEND TO AGREE WITH THE INNOVATION THAT HE´S TALKING ABOUT.

BECAUSE I DID KIND OF GASP AT THE CONSERVATIVE NATURE OF THE 35%, IT SOUNDS ARM LAING TO YOUNGER PEOPLE.

AND I ACTUALLY TOOK MY MONEY OUT OF GERS WHEN I LEFT THE GOVERNMENT YEARS AGO.

AND I WAS ABLE TO THEN DUMP THAT MONEY INTO MY FEDERAL TSB SYSTEM.

AND, SO, IT IS EXCITED TO HEAR INNOVATIVE IDEAS AND I´M JUST CONCERNED ABOUT OUR ABILITY TO IMPLEMENT IT IN TIME.

BECAUSE IT JUST SEEMS LIKE WE KEEP PUTTING A BAND AID ON THE ISSUE.

>> DR. SIMONS, I WANT TO COME BACK TO YOU.

MEGAN IS THE THOR.

YOU HAVE BEEN VERY VOCAL ABOUT SOME OF THE ISSUES THAT ARE TAKING PLACE AND IN OUR PACKAGE BEFORE SOME SEGMENT.

MAINTAINED OUT THERE BETWEEN ENTERTAINING THE GUESTS TO THE TERRITORY AND ALSO FULFILLING THE WISHES OF MR. FAIRCHILD WHEN HE MADE THE DONATION TO THE TERRITORY OF HAVING IT BE AN IF OPEN SPACE FOR LOCALS TO ENJOY IN PERPETUITY.

>> THEY´RE BOTH COMING RIGHT UP CLOSE TO THE SHORE.

WHEN I WENT TO THE TOWN HALL MEETING A COUPLE OF WEEKS AGO, THERE WAS THREE YACHTS, ONE LARGER THAN THE OTHERS SITTING ON VERY CLOSE TO THE SWIM AREA.

I´VE SEEN PICTURES OF BOATS THAT HAVE COME UP ON THE SAND INTO THE SWIMMING AREA.

AND IT IS JUST NOT THE BOATS.

BUT THE LOUNGE CHAIRS THAT THEY PUT OUT EVERY MORNING AT 6:00.

BECAUSE THEY WON´T WANT THE TOURISTS TO HAVE TO DRAG THE CHAIRS DOWN TO THE BEACH.

BUT THEY´RE TAKING UP A THIRD OF THE BEACH.

WE ARE TOLD AT THE MEETING LAST WEEK THAT THEY COULD PUT OUT AS MANY AS 375 LOUNGE CHAIRS.

SO YOU HAVE THOSE CHAIRS CRAMMED INTO ONE AREA AND THERE IS NO PLACE TO WALK.

MANY PEOPLE GO TO THE BEACH TO SWIM AND WALK AND EXERCISE.

ESPECIALLY THOSE PEOPLE WHO WANT TO STAY IN GOOD HEALTH AND THERE IS NO PLACE TO WALK.

THERE IS NO WAY TO GET FROM THE BEACH UP TO THE CONCESSION STAND.

AND THE BOTTOM LINE IS THAT IT IS UNSAFE BUT IT IS ALSO EXTREMELY UNSIGHTLY.

AND WHEN I THINK ABOUT WHAT MR. FAIRCHILD SAID WHEN HE GAVE THAT BEACH TO THE PEOPLE, I LOOK, THIS IS UNDER THE MEGAN AUTHORITY WEBSITE.

>> THE WEB PAGE.

>> HE SAID THE BEACH IS MORE THAN 500 YARDS LONG, AND IT STIPULATED THAT MEGAN´S BAY SHOULD BE MAINTAINED AS A PUBLIC PARK.

WITH ITS NATURAL BEAUTY PRESERVED.

THOSE CHAIRS TAKE AWAY FROM THE NATURAL BEAUTY OF BEACH.

FOR USE BY THE PEOPLE OF THE VIRGIN ISLANDS IN PERPETUITY WITHOUT DISCRIMINATION OF ANY KIND AS TO RACE, CREED, COLOR OR NATIONAL ORIGIN.

THIS UNIQUE VISION HAS INSPIRED THOSE CHARTS FOR MANAGEMENT.

IF THIS HAS INSPIRED THEM, I DON´T KNOW HOW THEY COULD AGREE TO HAVING 275 LOUNGE CHAIRS PACKED IN THE AREA THAT THEY HAVE PACKED BECAUSE THAT TAKES AWAY FROM THE BEAUTY FROM THE INTENT OF THE BEACH.

AND THEY LIKE TO GO TO THE BEACH TO SWIM, TO PARTY, TO ENJOY THEMSELVES, TO RELAX.

NOW, THE GENTLEMAN WAS AT CONCESSION AND HE SAID THAT LOCALS COULD RENT THE BEACH CHAIRS.

IT IS $10 FOR A CHAIR.

SO IF I GO -- IF YOU BRING A BLANKET, BUT IF YOU HAVE TEN PEOPLE IN YOUR GROUP, THAT IS $100 TO RENT THOSE CHAIRS IF YOU WANT CHAIRS FOR EVERYBODY.

NOBODY IS GOING TO SPEND THAT KIND OF MONEY WHEN YOU PAY $2 TO GO INTO THE BEACH.

SO, TO ME, WHAT THEY´RE DOING IS DEFYING THE INTENT OF THE BEACH.

>> SO LET´S TALK SOLUTIONS.

HOW DO YOU THINK THE AUTHORITY CAN TACKLE THIS ISSUE AND MEET THE DEMANDS OF THE TOURIST INDUSTRY AND BALANCE THE INTENT OF MR. FAIRCHILD AND SERVE LOCALS APPROPRIATELY?

WHAT COULD THEY DO TO CHANGE THE DYNAMIC?

>> THE PROBLEM THAT WE HAVE HERE IN THE VIRGIN ISLANDS, PEOPLE DOING DEVELOPMENT AND EARNING MONEY PUT TOURIVES FIRST AND THE LOCAL SECONDARY.

THINK VIRGIN ISLANDERS FIRST AND THEN WHAT WE DO, THE TOURISTS COULD COME AND ENJOY IT.

YES, YOU COULD RENT BEACH CHAIRS BUT HAVE THEM IN THE AREA WHERE THEY COULD BRING THEM OUT WHEN THEY NEED THEM.

THE YOUNG WOMAN AT THE LAST BOARD MEETING WHEN IS AFFILIATED WITH COKI POINT, SOMEONE WILL TAKE THE CHAIR AND THERE IS NOTHING WRONG WITH DOING THAT.

BUT IF YOU´RE GOING TO TAKE IT AT 6:00 IN THE MORNING AND SPREAD THEM OUT, YOU´RE SAYING THIS IS SPACE AND WE DON´T WANT YOU HERE.

>> MR. THOMAS, YOUR OPINION ON THIS ISSUE IN.

>> I´VE BEEN THINKING ABOUT IT.

AND I BELIEVE NOT IN JUST REPRESENTATIVE GOVERNMENT, BUT A GOVERNMENT THAT IS RESPONSIVE TO THE PEOPLE.

AND WE HAVE PEOPLE HERE, RIGHT, TALKING TO THE MEGAN´S BAY AUTHORITY, BRINGING TO LIGHT AN ISSUE AND THE RESPONSES THAT I´VE SEEING COMMUNICATED AN AUTHORITY THAT IS NOT RESPONSIVE.

275 BEACH CHAIRS IS A LOT.

I THINK IF THEY WANTED TO BE ACCOMMODATING TO THE PEOPLE, THEY COULD REDUCE THE NUMBER TO 100 BEACH CHAIRS AND I ALSO THINK THAT WE HAVE THESE TYPE OF PROBLEMS IN OUR COMMUNITY WHEN SOCIAL INSTITUTIONS START ENGAGE IN PROFIT SEEKING INITIATIVES.

THE POINT OF THE PORCH CHAIRS IS PURELY TO GENERATE PROFIT.

>> REVENUE.

>> I HEARD SOME OF THE TOURISTS SPEAKING AND -- AND I CAN´T REMEMBER WHO IT WAS, BUT I DON´T THINK A TOURIST IS GOING TO DECIDE NOT TO COME BACK TO THE VIRGIN ISLANDS BECAUSE THEY CAME TO THE BEACH AND COULDN´T RENT A CHAIR.

IF THE PEOPLE ARE SAYING THESE CHAIRS NEED TO GO, IT IS SOMETHING THAT SHOULD BE AN EASY DECISION TO MAKE TO GIVE UP.

I DON´T THINK THAT THE AFFECT ON THE TOURISTS IS GOING TO BE NEGATIVE.

>> ATTORNEY TURNBULL, I´M CURIOUS TO HEAR WHAT YOU HAVE TO SAY.

>> I´M GOING TO PIGGY BACK ON THE CO-PANELISTS.

WHAT IS THE BALANCE.

I DON´T THINK THERE IS A BALANCE.

I THINK THE PEOPLE OF THE VRNL ISLANDS SHOULD BE THE FOCAL POINT.

I THINK THE INTENTION BY FAIRCHILD SHOULD BE A FOCAL POINT.

SO WHEN THERE SHOULD BE A BALANCE, I DON´T THINK WE SHOULD HAVE ANY CHAIRS.

I THINK THEY SHOULD DO WHAT THEY DID AT COKIE POINT.

THEY TOOK THEM ALL OUT.

BUT JUST THIS CARTE BLANCHE WAY OF PUTTING OUT THE CHAIRS BECAUSE THAT IS WHAT THE TOURISTS WANT, I JUST DON´T BUY IT.

AND I THINK WHAT HAPPENS WHEN YOU CATER TO WHAT THE TOURIST WANTS, YOU DIGNIFY EVERY PLACE ON THE PLANET FOR THE COMFORT OF TOURISTS.

AND YOU THEN LOSE YOUR IDENTITY.

AND YOU LOSE YOUR CULTURE.

BECAUSE WHAT IS THE UNIVERSAL LANGUAGE OF TOURISTS?

IS JUST BASIC BURGERS, PIZZA, COMFORT OF CHAIRS, THAT IS JUST NOT THE WAY THAT THE WORLD SHOULD WORK.

AND, SO, I DON´T THINK THERE IS A BALANCE.

>> THAT IS AN INTERESTING POINT.

TRAVELING AROUND THE WORLD, I THINK ABOUT A RECENT VACATION I TOOK TO GREECE TO SANTORINI, AND THERE IS WAY MORE BEACHES THERE THAN THERE ARE HERE IN THE TERRITORY SO I THINK WE´RE LIMITED BY THE AMOUNT OF BEACH OPTIONS THAT WE HAVE.

AND MEGAN SAYS AMARKETED SO HEAVILY.

VIEWED AS ONE OF THE TOP TEN BEACHES IN THE WORLD, ET CETERA, ET CETERA.

IT IS NOTORIETY GOES BEYOND OUR SHORES.

THE CRUISE SHIPS ARE TELLING, MEGAN´S BAY IS WHERE YOU GO THE TO GO IF YOU WANT TO GO TO THE BEACH.

SO THERE IS THAT DYNAMIC AT PLAY AT WELL.

BUT I HEARD EVERYONE AND WHAT THEY SAID AND I THINK THAT IT GOES BACK TO WHAT THEY SAID, THE INTENT AND HOW WE GOT THE BEACH IN THE FIRST PLACE AND WHILE I DON´T THINK A BEACH COULD BELONG TO ANYBODY AND THAT IS A DIFFERENT DISCUSSION FOR A DIFFERENT TIME, MR. FAIRCHILD WAS EXPLICIT IN WHAT HE SAID AND YOU WENT FURTHER IN WHAT WE SHARES IN THE PIECE WITH HIS INTENT.

SO I HOPE THAT THE VOICES OF THE PEOPLE ARE HEARD AND THAT THERE ARE ACCOMMODATIONS MADE, OF THE COKIE POINT CONTRAST IS A VERY INTERESTING ONE.

I´VE SEEN THAT AS PLAY AS WELL.

HAVE A YOUNG MAN OR A YOUNG WOMAN THAT ACCOMMODATES A TOURIST.

I, AS A TOURIST, I WOULD APPRECIATE THAT.

AND IN SANTORINI, YOU RENT AND IT IS VERY COMMERCIALIZED.

BUT THAT IS THEIR MARKETING.

WE DON´T HAVE TO BE THAT WAY.

NOW I´M GOING TO LEAN ON YOUR LEGAL EXPERTISE AND GO TO OUR THIRD TOPIC.

WHICH IS ABOUT THIS QUANDARY THAT HAS POPPED UP, A VERY, VERY UNIQUE SITUATION IN WHICH TWO JURORS IN A FORMER BVI PREMIER ANDREW FLOYD´S CASE CAME BACK TO THE JUDGE AND ONE REACHED OUT TO THE DEFENSE ATTORNEYS IN AN UNPRECEDENTED MOVE AND SAID WE HAVE A CHANGE OF HEART.

BASED ON WHAT I READ IN THE "MIAMI-HERALD," MOST PEOPLE HAVE SAID THIS HE HAVEN´T ACTUALLY HEARD OF A SITUATION LIKE THIS.

WHERE, THEY´VE CHANGED THEIR MINDS, POST VERDICT.

LET´S TALK FROM A LEGAL PERSPECTIVE.

EXPLAIN TO OUR VIEWERS WHEN A VERDICT IS READ, AND YOUR A CRIMINAL DEFENSE ATTORNEY, THE PROCESS THAT TAKES PLACE, THE JUDGE POLLS JURIES TO AFFIRM THE CHOICE THAT HAS BEEN MADE AND WHAT ALL THAT MEANS.

>> OKAY.

SO WHAT USUALLY HAPPENS IS ONCE A JURY IS RETIRED TO DELIBERATE.

THEY DELIBERATE FOR HOWEVER LONG THEY DO AND IN THIS PARTICULAR CASE I THOUGHT IT WAS VERY FAST.

CONSIDERING THE CHARGES.

AND THEN THEY SEND OUT A NOTE TO THE JUDGE LETTING THE JUDGE KNOW THAT THEY HAVE REACHED A VERDICT.

THE JUDGE WILL THEN CALL THE JUROR BACK IN AND HE WILL -- HE OR SHE WILL LOOK AT THE VERDICT AND HAND IT BACK TO THE FOREPERSON, SOME JUDGES READ THE VERDICT.

IF THE FOREPERSON DOES NOT WANT TO.

AND THEN A PERSON WILL STAND UP AND SAY WE THE JURY FIND THE INDIVIDUAL GUILTY OR NOT GUILTY FOR ALL OF THE CHARGES AND THEY WILL READ THAT ENTIRE QUOTE OVER AND OVER FOR HOWEVER MANY CHARGES THAT THERE ARE.

AND WHAT WILL HAPPEN IS THE JUDGE WILL ASK, DOES ANY PARTY WANT TO POLL THE JURY?

AND AS A CRIMINAL DEFENSE ATTORNEY, IT IS A VERDICT THAT IS GUILTY, YOU ALWAYS POLL THE JURY.

AND WHEN YOU POLL THE JURY, EACH JUROR STANDS UP AND SAYS TO THE JUDGE, THE JUDGE ASKS, IS THIS YOUR TRUE AND PERFECT VERDICT, THE JUROR SAID, YAY OR NAY.

IT IS VERY RARE FOR THEM TO SAY NAY.

SO THEY WILL STAND, EACH 12 MEMBER OF THE PANEL, AND THE PANEL MEMBER WILL SAY YAY OR NAY, ONE THE POLLING IS COMPLETE, THE JUDGE WILL TYPICALLY THANK THE PANEL FOR THEIR SERVICE, AND THEN DISCHARGE THE JURY.

AND I DON´T REALLY KNOW HOW TO DESCRIBE WHAT A DISCHARGING IS LIKE.

BUT IT IS ALMOST LIKE, YOU ARE SEEING A DOOR, IT IS EXCEEDINGLY DIFFICULT TO OVERTURN A VERDICT IN THIS WAY.

AND IT IS EXCEEDINGLY RARE.

SO AS IT STANDS, WITH THIS CASE, THERE IS ONLY FOUR REAL EXCEPTIONS TO HOW YOU COULD OVERTURN A VERDICT IN THIS WAY.

THERE HAS TO BE A MISTAKE IN THE VERDICT FORM, THERE HAS TO BE SOME KIND OF PREJUDICIAL INFORMATION.

SO IF SOMEONE IS USING EVIDENCE OUTSIDE OF EVIDENT THAT WAS PRESENTED IN COURT, IN A DELIBERATION, SAYING THINGS WELL I KNOW PERSONALLY THAT HE MURDERED THIS PERSON AND WAS CONVICTED, SOMETHING LIKE THAT, IF THERE IS SOME KIND OF LIKE BRIBERY OR SOME KIND OF PRESSURE, OR INFLUENCE ON A JURY MEMBER.

AND LASTLY, WHICH IS NOT IN THE RULES BUT THE SUPREME COURT HAS RULED, RACIAL BIAS OR RACIAL ANIMUS BEING THE REASON.

SO THEY HAVE TO USE SOME REALLY DEROGATORY LANGUAGE ABOUT INFLUENCE THAT THAT IS THE REASON WHY THEY FOUND HIM GUILTY.

SHY OF THOSE FOUR EXCEPTIONS, IT IS -- THE DEFENSE IS IN AN UPHILL BATTLE.

SO WHAT THE DEFENSE IS DOING IN THIS CASE, IS THEY´RE TAKING IT STEP BY STEP.

FIRST THEY´RE SAYING JUST REPOLL THESE TWO INDIVIDUALS.

THEY´RE NOT EVEN ASKING TO DO AN INVESTIGATION.

THEY´RE SAYING RE-POLL THEM.

ONCE THE JUDGE RE-POLLED THEM, THEN THEY´RE SAYING, THEN WE COULD COME BACK AND THINK ABOUT OTHER PATHWAYS.

AND, SO, JUROR REMORSE IS NOT A BASIS -- >> THAT IS WHAT I´M WONDERING.

BASED ON WHAT I´VE READ, IT IS DONE, DONE, DONE.

YOU CAN´T GET IN.

YOU CAN´T GET OUT.

IF THAT IS THE CASE.

TO ME, THE ANNOUNCEMENT THAT THE JUDGE IS NOW BRINGING THE JURORS BACK TO COURT ON MARCH 7th, EVEN THAT SEEMS EXTREME TO ME.

BECAUSE I SEE IN OTHER CASES WHERE JURORS END UP, ALTHOUGH THEY´RE ADVISED NOT TO, THEY END UP GETTING MONEY FOR INTERVIEWS, THEY END UP ON TV.

AND SOMETIMES THERE IS ALY BIT OF, WELL, KNOW, I COULD HAVE SEEN IT GOING ANOTHER WAY, BUT IN THE JURY ROOM, THE EVIDENCE REALLY CONVINCED ME.

BLAH BLAH BLAH.

IN THIS CASE, THE JURORS ARE SAYING WE CHANGE OUR MIND.

>> YES.

>> AND THIS IS REALLY LEGAL NO-MAN´S-LAND.

AND THE FACT THAT THE JUDGE ISSIC THATTING THIS UP IS SHOCKING TO ME.

WHY DO YOU THINK THAT IS THE CASE?

>> BECAUSE IN THIS PARTICULAR SITUATION, WHAT THE DEFENSE IS TRYING TO ARGUE, THE RULE THAT DEALS WITH THIS JURY VERDICT IS 606-B.

A FEDERAL RULE OF EVIDENCE.

THEY´RE SAYING THERE IS NO CASE LAW REGARDING THE RULE 606-B, IN RELATION TO A MANDATORY MINIMUM SENTENCE.

AND FLOYD IS FACING A 10-YEAR MANDATORY MINIMUM SENTENCE ON COUNT ONE.

SO THEY HAVE TO TRY TO GET THIS BEFORE THE JUDGE AND TRY TO GET JUDGE TO SOMEHOW RE-POOL THE JURY.

THE JUDGE HAS WIDE DECISION AND WIDE LATITUDE.

THE JUDGE COULD BRING THE JURORS IN AND JUST BEGIN TO JUST QUESTION THEM.

THEY ALSO CITED TO ANOTHER FLORIDA RULE WHICH I THOUGHT WAS VERY CREATIVE, IT IS RULE 11 THAT SAID THAT ANY COUNSEL OR PARTY COULD APPROACH A JURY WITH PERMISSION FROM THE COURT TO INTERVIEW AND SEE IF THERE WAS ANY MISCONDUCT.

AND SO, THE GOVERNMENT IS SAYING, NO, THEY´RE TRYING TO DO A PHISHING EXPEDITION AND THE DEFENSE IS SAYING IF THERE IS NOT UNANIMITY IN THE JURY VERDICT, IT SHOULDN´T STAND.

AND THEY´RE NOT LOOKING THROUGHOUT THE WHOLE VERDICT.

I THINK THEY´RE TRYING TO GET TO COUNT ONE, BECAUSE THAT IS THE MANDATORY MINIMUM.

>> WE HEARD FROM THE REAL ATTORNEY.

LET´S HEAR.

HAVE YOU PAID ATTENTION, DOCTOR, TO THE CASE AT ALL.

>>?

I KNOW ABOUT THE CASE.

I HAVEN´T LISTENED TO ALL OF THE DETAILS.

I WOULD LIKE TO TALK MORE ABOUT MEGAN´S BAY AND THE PROBLEMS BECAUSE TO ME THAT IS AN ISSUE MORE IMPORTANT TO US IN THE VIRGIN ISLANDS.

>> WHAT DIDN´T WE COVER THAT YOU WOULD LIKE TO BRING UP.

>> WOULD LIKE TO TALK ABOUT THE BOATS AN THE YACHTS THAT MOOR AND ANCHOR ON THE BEACH.

THERE IS A MOOR IN THE WATER AND I WANT TO SEE AN EXEMPTION BEING MADE FOR MEGAN´S BAY.

YES, YOU COULD HAVE MOORING, BUT THE WAY IT WAS ESTABLISHED FOR THE PEOPLE, THERE COULD BE AN EXEMPTION MADE.

AND THIS POINT, OUR LEGISLATIVE COMMITTEE ON CONSERVATION OR WHATEVER IT IS CALLED NEEDS TO HAVE A HEARING THAT BRINGS IN -- BECAUSE ONE OF PROBLEMS THAT WE´RE EXPERIENCING IS THERE IS NO ENFORCEMENT ON THE BEACH.

THEY´RE ALLOWING A CERTAIN NUMBER OF MOORINGS, 12 MORINGS, AND THREE OVERNIGHT.

PEOPLE OVERNIGHT, WE DON´T KNOW WHERE THEY´RE DUMPING THAT STUFF AND WE HAVE TO SWIM IN THAT WATER.

I WANT TO SEE THE COAST GUARD, WHOEVER HAS RESPONSIBILITY, DOING THEIR JOB AND POLICING THE BEACH AND MAKING SURE THAT YOU DON´T HAVE 75 BOATS LIKE SOMEONE SAW DOCKED UP AND ANCHORED OR MOORED ON THE BAY.

IT IS ENCROACHING ON THE LOCAL FISHERMAN WHO, YOU KNOW, USE THE BEACH TO CATCH FISH FOR PEOPLE TO EAT.

SO THERE ARE ISSUES WITH HE NEED TO MAKE SURE THAT THE AREA IS POLICED AND I WANT TO SEE NO ANCHORING, NO MOORING.

I DON´T WANT ANY BOATS THERE.

BECAUSE YOU´VE GOT PEOPLE WITH JET SKIS AND THINGS SPEEDING UP AND DOWN.

AND THEY´RE ENCROACHING ON THE SWIMMING AREA AND PUTTING PEOPLE´S LIVES AT RISK.

IT IS NOT JUST BEAUTY, IT IS A MATTER OF SAFETY.

IT IS TIME TO LOOK FOR ANY EXEMPTIONS THAT WILL KEEP MEGAN´S BAY FROM BEING A PART OF THIS CON GLAMOR AT THAT ALLOWED FOR ALL OF THE UGLINESS THAT WE CATER TO BECAUSE WE´RE TRYING TO MAKE MONEY FROM TOURISTS.

WHEN YOU GO TO SOMEPLACE, YOU WANT TO -- TO BUY INTO WHAT THE PEOPLE OF THE PLACE ARE INTO.

YOU KNOW, I GO TO A PLACE BECAUSE I WANT TO SEE SOMETHING DIFFERENT.

I DON´T WANT TO FORCE MY WAY ON TOP OF THEM.

I KNOW I´M NOT GOING TO -- WHEN I GO TO CERTAIN PLACES.

>> GOING TO GREECE.

>> BUT I WILL GO AND TRY WHAT IT WE SHOULD NOT BE CATERING TO THE PEOPLE WHO WANT WHETHER THEY ARE LEFT AT HOME.

YOU´RE COMING TO MY, THIS IS MY HOME AND THAT IS PART OF THE PROBLEM.

THIS IS OUR HOME.

IT IS NOT AMERICA´S PLAYGROUND LIKE THE LICENSE PLATES USED TO SAY ONCE UPON A TIME.

THIS IS OUR HOME.

PEOPLE LIVE HERE.

WE ARE EARN OUR LIVING HERE AND WHATEVER IS DONE SHOULD BE DONE TO CATER TO PEOPLE OF THE VIRGIN ISLANDS.

LET THE TOURIST COME IN AND ENJOY AND LOOK AT US AND SAY I WOULD LIKE TO BE PART OF THIS.

>> EXCELLENT.

AND I APPRECIATE YOU ADVOCATING FOUR YOUR POINT AND THAT IS WHY WE HAVE YOU ON THE SHOW.

MR. THOMAS, ANY THOUGHTS ON THE BVI AND THE QUAGMIRE IN FLORIDA.

>> THAT IS ALWAYS INTERESTING LIVING AND BEING ABLE TO WITNESS HISTORY.

SO I LOOK FORWARD TO SEE HOW THIS PLAYS OUT.

>> DO YOU THINK ATTORNEY TURNBULL, THERE IS A CHANCE FOR A MISTRIAL IN THIS SITUATION?

>> I DON´T.

AND I´M A CRIMINAL DEFENSE ATTORNEY.

THE IDEA OF JURORS COMING AND CHANGING THEIR MINDS, FOR A GUILTY VERDICT, REALLY EXCITES ME.

>> OF COURSE.

>> IT EXCITES ME.

BUT THE CASE LAW IS AGAINST THE DEFENSE IN THIS PARTICULAR CASE.

THEY HAVE NOT IDENTIFIED ANYTHING THAT IS WITHIN THE EXCEPTION TO GET THEM OUTSIDE OF 606-B.

AND SO I DON´T FORESEE THAT.

I DON´T FORESEE IT.

>> I HAVE TO TELL YOU, YOU DID A FANTASTIC JOB IN HELPING OUR VIEWERS AND ME UNDERSTAND THE LEGAL TECHNICALITIES OF WHAT GOING ON AND I´M SURE THAT EVERYBODY IS GOING TO BE GLUED TO THE DECISIONS OF THAT COMING OUT OF FLORIDA IN THAT REGARD.

AND LIKE MR. THOMAS SAID, IT IS AN OPPORTUNITY FOR US ALL TO WITNESS HISTORY, BECAUSE WE´RE SEEING SOMETHING THAT REALLY HAS NEVER BEEN SEEN BEFORE IN AT LEAST THAT IS RECORDED IN AMERICAN JURIS PRUDENCE.

AND I APPRECIATE YOU BEING WELL RESEARCHED AN PREPARED.

THIS IS WHAT WE TRY TO BRING TO THE PEOPLE OF TERRITORY ON THIS SHOW.

AND THAT IS ALL WE HAVE FOR YOU TODAY.

BE SURE TO TUNE IN NEXT SUNDAY AT 1:00 P.M. FOR AN ALL NEW EPISODE OF "COMES WITH THE TERRITORY."

BUT IN THE MEANTIME, FOR YU NEWS UPDATES, TUNE INTO WTJX NEWS FEED ON THE 93.1 FM OR BY DOWNLOADING THE WTJX APP.

FOR ALL OF US HERE AT WTJX, HAVE A GREAT SUNDAY.