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Re: Hovensa Bankruptcy Info
avatar

rotorhead
November 18, 2015 05:06PM

Registered: 13 years ago
Posts: 2,456

Quote
singlefin
Rowdy802:
Can't find that ABR article in the Virgin Island Daily News on-line.
Any links available?

Here is an article in the VI Consortium
[viconsortium.com]

Re: Hovensa Bankruptcy Info

singlefin
November 18, 2015 10:13PM

Registered: 4 years ago
Posts: 737

What a mess.

Thanks for the link rotorhead.

Re: Hovensa Bankruptcy Info

Rowdy802
November 19, 2015 06:30AM

Registered: 6 years ago
Posts: 509

Quote
singlefin
Rowdy802:
Can't find that ABR article in the Virgin Island Daily News on-line.
Any links available?

Sorry. It wasn't online. I purchased the newspaper. But Rotorhead's article offers similar information.

The latest news is that the VI Government has a "favorite", Arclight, to be the one selected... But the judge has to approve it..

ABR's original offer was, by a longshot, the best compromise. I guess the senators know "best"...

Re: Hovensa Bankruptcy Info

Rowdy802
November 19, 2015 07:37AM

Registered: 6 years ago
Posts: 509

"Ex-HOVENSA suitor Suing ArcLight Capital"

[virginislandsdailynews.com]

"Plaskett Asking to Meet with Hess Executive about HOVENSA"

[stcroixsource.com]

Re: Hovensa Bankruptcy Info

Rowdy802
November 19, 2015 12:16PM

Registered: 6 years ago
Posts: 509

V.I. appears to have favorite in HOVENSA sale.







Edited 1 time(s). Last edit at 11/19/2015 12:18PM by Rowdy802.

Re: Hovensa Bankruptcy Info
avatar

Bombi
November 19, 2015 05:12PM

Registered: 11 years ago
Posts: 2,104

Sold?

[cases.primeclerk.com]

optimist with low expectations on STX

Re: Hovensa Bankruptcy Info

vicanuck
November 19, 2015 07:59PM

Registered: 8 years ago
Posts: 2,285

Looks like we have a winner!

Re: Hovensa Bankruptcy Info

jones_st.croix
November 19, 2015 08:01PM

Registered: 10 years ago
Posts: 79

Docket #345 shows that the court will meet again on December 17th to continue the discussion. The agenda for that date has not been released yet. There will be a lot of news to follow I'm sure on why it's pushed back now.

Re: Hovensa Bankruptcy Info

Alana33
November 19, 2015 08:04PM

Registered: 6 years ago
Posts: 12,075

Now, let's see what concessions they want and how well that will fly.

Re: Hovensa Bankruptcy Info

jones_st.croix
November 19, 2015 08:25PM

Registered: 10 years ago
Posts: 79

A little more info here. [www.argusmedia.com]

Re: Hovensa Bankruptcy Info

singlefin
November 19, 2015 09:31PM

Registered: 4 years ago
Posts: 737

Perhaps ABR's case is effecting a final decision?
By December ABR may be able to find a better source of financial backing.

Re: Hovensa Bankruptcy Info
avatar

CruzanIron
November 19, 2015 11:46PM

Registered: 5 years ago
Posts: 2,405

Quote
Bombi
Sold?

[cases.primeclerk.com]

No

Re: Hovensa Bankruptcy Info

Rowdy802
November 20, 2015 07:20AM

Registered: 6 years ago
Posts: 509

Re: Hovensa Bankruptcy Info

Rowdy802
November 20, 2015 07:22AM

Registered: 6 years ago
Posts: 509

P.S. Zoom browser page to 200% and it will be easy to read it.



Edited 1 time(s). Last edit at 11/20/2015 07:23AM by Rowdy802.

Re: Hovensa Bankruptcy Info

Alana33
November 20, 2015 07:31AM

Registered: 6 years ago
Posts: 12,075

Re: Hovensa Bankruptcy Info

beckyhartung
November 20, 2015 07:39AM

Registered: 4 years ago
Posts: 25

The Consortium reported that Mapp refused to meet with Buckeye, so how, now, can he testify as to why Arclight's deal is better than theirs?

Re: Hovensa Bankruptcy Info

vicanuck
November 20, 2015 08:20AM

Registered: 8 years ago
Posts: 2,285

Mapp just couldn't resist putting his hands in the cookie jar. Couldn't he at least wait until the ink had dried on a deal before trying to muscle in and grab his share?

Re: Hovensa Bankruptcy Info

Alana33
November 20, 2015 09:10AM

Registered: 6 years ago
Posts: 12,075

Come on, vicanuck!
That would be like trying to keep a bee from honey.
By now, I think we all know where Monarch Mapp's interest lies.

Re: Hovensa Bankruptcy Info

Beeski
November 20, 2015 11:24AM

Registered: 10 years ago
Posts: 643

I would like to think that the Governor is negotiating the best possible outcome for the VI, jobs plus cash. Buckeye's deal must not be as good for the VI as Arclights, so they are crying foul. If Buckeye promised more jobs and more $$ for the GVI, then I am sure our Governor would "collude" with them instead of Arclight.

Re: Hovensa Bankruptcy Info

singlefin
November 20, 2015 11:59AM

Registered: 4 years ago
Posts: 737

345 million + 20 million into the PENSION FUND
VS.
190 million +20 million for closing costs.

Map's response refers to what's best for the people of the Virgin Islands. Perhaps he's referring to how the VI government has managed GERS and how not funding pensions is in the best intrested of the people.

Re: Hovensa Bankruptcy Info

ms411
November 20, 2015 12:26PM

Registered: 8 years ago
Posts: 3,532

Quote
Beeski
I would like to think that the Governor is negotiating the best possible outcome for the VI, jobs plus cash. Buckeye's deal must not be as good for the VI as Arclights, so they are crying foul. If Buckeye promised more jobs and more $$ for the GVI, then I am sure our Governor would "collude" with them instead of Arclight.

This is the VI - not Utopia. Even those that "promise" jobs usually don't deliver the promised number. Automation and market forces determine the number of employees - not a contract.

Mapp can talk a good game but seldom delivers.

Re: Hovensa Bankruptcy Info
avatar

CruzanIron
November 20, 2015 01:28PM

Registered: 5 years ago
Posts: 2,405

Notice how they want the tax lawsuit dropped? Because they know they will lose that one in court.

Re: Hovensa Bankruptcy Info

janeinstx
November 20, 2015 06:11PM

Registered: 6 years ago
Posts: 656

[cases.primeclerk.com]

Long but interesting read.

Re: Hovensa Bankruptcy Info

beckyhartung
November 21, 2015 12:29AM

Registered: 4 years ago
Posts: 25

buckeye bid $390m, where upto $240m could go to the GVI. Buckeye just didn't have a prior agreement with the GVI because the GVI would not entertainany deals.

ArcLight bid a total of $210m, where a potential contribution of $110m of that amount goes to the GVI.


i am interested in this evidence of the side deals.

Re: Hovensa Bankruptcy Info

monogram
November 21, 2015 01:41AM

Registered: 3 years ago
Posts: 446

Quote
CruzanIron
Notice how they want the tax lawsuit dropped? Because they know they will lose that one in court.

Well when you let Mapp (a community college alumnus) lead litigation and direct the attorney general's office...

Pretty fascinating how livid the creditors are about Mapp's collusion. They are the only party here with a legitimate interest in selecting the most financially-sound purchaser. Mapp is a politician (with political and personal interests), and Hess has other countervailing interests as well. Creditors simply want a purchaser that will be sound enough to pay. In that sense, they are credible in their assessment that this is not the best deal and that there is collusion.

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