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Hess Bid. I Don't Understand. Explanation Pls

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monogram
(@monogram)
Advanced Member

Wonderful! Thanks, Carl!

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Posted : November 28, 2015 6:24 pm
CarlHartmann
(@CarlHartmann)
Advanced Member

Wonderful! Thanks, Carl!

No problem.....Everyone enjoy the Michigan State Game ! Also....This is from the last item on the Docket....the Agenda for Monday.

IN THE DISTRICT COURT OF THE VIRGIN ISLANDS
BANKRUPTCY DIVISION ST. CROIX, VIRGIN ISLANDS
In re: Chapter 11 HOVENSA L.L.C., Case No. 1:15-bk-10003-MFW

PROPOSED AGENDA FOR MATTERS SCHEDULED TO BE HEARD
ON NOVEMBER 30, 2015 AT 10:30 A.M. (EST)

* * * *

Status:

The hearing on this matter will be going forward. Agreements have been
reached with the Government of the Virgin Islands and the [Creditors'] Committee that resolve their respective objections.
In addition, the Debtor believes that the revised proposed order and revised proposed asset purchase agreement resolve the objection of Pinnacle Services LLC.

Carl

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Posted : November 28, 2015 8:02 pm
ms411
(@ms411)
Expert

Thanks, Carl! I feel more informed, though I'm disappointed there's no smoking gun in Mapp's hand based on these documents. 🙂

On this issue, it looks like the newspapers are hanging him in the wind. He's gonna need Olivia Pope pretty soon.

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Topic starter Posted : November 28, 2015 9:31 pm
Alana33
(@alana33)
Expert

Mapp does a pretty good job of hanging himself in the wind.
I listened to the talk show where he completely went off on Lee Rohn
and thought it was an open invitation for a lawsuit because he publicly trashed her. The talk show host was trying to steer conversation in another direction but he continued on in his vituperous manner.

Then there's his spending, arrogance and vindictiveness.

Thank you, Carl Hartmann, for your posts.

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Posted : November 28, 2015 9:50 pm
CarlHartmann
(@CarlHartmann)
Advanced Member

Bankruptcy Judge approved the sale to Arclight. Mapp announcement scheduled for 10 am. Then its on to the Legislature for consideration/approval of the Operating Agreement. Perhaps a Christmas present for both St. Croix and the government's coffers?

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Posted : November 30, 2015 10:44 pm
janeinstx
(@janeinstx)
Trusted Member

Although the I try to never underestimate our stupid, shortsighted legislature I certainly hope so.

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Posted : November 30, 2015 10:49 pm
ms411
(@ms411)
Expert

Thanks for the update, Carl. Looking forward to reading the Operating Agreement.

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Topic starter Posted : November 30, 2015 10:56 pm
jones_st.croix
(@jones_st.croix)
Advanced Member

What did the Judge do about the motion filed to seal the agreement and keep it from public view? I hope it will become public.

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Posted : November 30, 2015 11:22 pm
CarlHartmann
(@CarlHartmann)
Advanced Member

I'm not sure -- although she was the one that originally said top file it under seal in the last hearing My understanding is that it will either be released tomorrow in the 10 am. conference or after it is provided to the Legislature. In either case, I'm sure that everyone will know the main points very soon.

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Posted : December 1, 2015 12:35 am
IslandHops
(@IslandHops)
Trusted Member

Anyone know if Mapp's press conference today at 10 is being streamed?

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Posted : December 1, 2015 12:28 pm
janeinstx
(@janeinstx)
Trusted Member

93.5FM. 107.9FM 1620AM

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Posted : December 1, 2015 12:41 pm
ms411
(@ms411)
Expert

The good news is Hovensa is dropping their tax refund claim. That was the big stickler for the previous offer. The Venezuelan firm (PDVSA or whatever) has said they will also drop their claim, but nothing in writing yet. I think later this month.

Only one press person asked a question, I think. The Operating Agreement will be available for public review.

It sounds like good news for the territory, finally. The VI is supposed to get $200,000,000.

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Topic starter Posted : December 1, 2015 2:58 pm
Alana33
(@alana33)
Expert

And instead of paying down our immense debt, they'll no doubt squander the money.

Glad for STX that this will soon come to its conclusion and hopefully mean additional jobs and income for the island.

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Posted : December 1, 2015 4:15 pm
ms411
(@ms411)
Expert

I think he said a portion will go to raises for govt workers per their collective bargaining agreements. 80% or so of the employees have to be VI "residents". It's the usual promises of community contributions.

He thanked the 30th legislature for turning down the previous deal with ABR.

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Topic starter Posted : December 1, 2015 4:36 pm
Alana33
(@alana33)
Expert

Maybe the VI Government will pay their WAPA bill so we don't see any more rate increases as they wish to do upon the ratepayers.

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Posted : December 1, 2015 5:07 pm
CarlHartmann
(@CarlHartmann)
Advanced Member

$200+ Million directly to VI Gov, in real cash, not some future pie-in-the-sky
and
10% of future profits or minimum of $9 Million/yr.
and
All of the Housing out there (several hundred) goes to public use
and
Very large tracts of prime land to the East of the Refinery
and
Yearly Payment UVI to run training programs
and
Dismissal of $200 million Hess Tax claims (and probably PDVSA)
and
40 year agreement with very serious possibility of first phase (less polluting) refinery
and
NO RELEASES on environmental claims and over $40 million in cleanup funds
and
coverage of all pensions
and
payment of creditors to their satisfaction -- including provision for addressing fees claimed by Atty. Dema who did the great job in the environmental case -- and payment of all administrative and atty fees by the deal (not out of Gov share)
and
Judge has reviewed it all for all claims of funny stuff and cleared it
and
The Governor says good things about the Legislature's getting us here

Well.

Carl

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Posted : December 1, 2015 5:14 pm
Spartygrad95
(@Spartygrad95)
Trusted Member

Wonderful! Thanks, Carl!

No problem.....Everyone enjoy the Michigan State Game ! Also....This is from the last item on the Docket....the Agenda for Monday.

IN THE DISTRICT COURT OF THE VIRGIN ISLANDS
BANKRUPTCY DIVISION ST. CROIX, VIRGIN ISLANDS
In re: Chapter 11 HOVENSA L.L.C., Case No. 1:15-bk-10003-MFW

PROPOSED AGENDA FOR MATTERS SCHEDULED TO BE HEARD
ON NOVEMBER 30, 2015 AT 10:30 A.M. (EST)

* * * *

Go Green! Go White!

Status:

The hearing on this matter will be going forward. Agreements have been
reached with the Government of the Virgin Islands and the [Creditors'] Committee that resolve their respective objections.
In addition, the Debtor believes that the revised proposed order and revised proposed asset purchase agreement resolve the objection of Pinnacle Services LLC.

Carl

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Posted : December 1, 2015 5:15 pm
CarlHartmann
(@CarlHartmann)
Advanced Member

Was this just a gratuitous plug for the Michigan State Football team?

If so, I have approved this message ! Go Spartans !

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Posted : December 1, 2015 6:12 pm
Spartygrad95
(@Spartygrad95)
Trusted Member

Was this just a gratuitous plug for the Michigan State Football team?

If so, I have approved this message ! Go Spartans !

Football-Basketball doesn't matter. We own the B1G

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Posted : December 1, 2015 8:01 pm
CruzanIron
(@cruzaniron)
Expert

$200+ Million directly to VI Gov, in real cash, not some future pie-in-the-sky
and
10% of future profits or minimum of $9 Million/yr.
and
All of the Housing out there (several hundred) goes to public use
and
Very large tracts of prime land to the East of the Refinery
and
Yearly Payment UVI to run training programs
and
Dismissal of $200 million Hess Tax claims (and probably PDVSA)
and
40 year agreement with very serious possibility of first phase (less polluting) refinery
and
NO RELEASES on environmental claims and over $40 million in cleanup funds
and
coverage of all pensions
and
payment of creditors to their satisfaction -- including provision for addressing fees claimed by Atty. Dema who did the great job in the environmental case -- and payment of all administrative and atty fees by the deal (not out of Gov share)
and
Judge has reviewed it all for all claims of funny stuff and cleared it
and
The Governor says good things about the Legislature's getting us here

Well.

Carl

There are not 'several hundred' homes in Hovensa.

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Posted : December 2, 2015 8:23 am
Alana33
(@alana33)
Expert

So far, all we've been hearing about is what we're getting.
There's been nothing about what they're getting in terms of concessions from the VI Government. They're not giving us
all of the above, without getting something in return but nothing
is being said about that? So, what's the deal?

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Posted : December 2, 2015 11:41 am
Beeski
(@beeski)
Trusted Member

So far, all we've been hearing about is what we're getting.
There's been nothing about what they're getting in terms of concessions from the VI Government. They're not giving us
all of the above, without getting something in return but nothing
is being said about that? So, what's the deal?

In return for the $$ they are giving the VI Govt, Arclite gets in return:

No property tax
No income tax
No excise tax
No gross receipts tax
No franchise tax
No Customs duties

I am happy with this deal. Hopefully Arclite will hire more than 280 in a few years.

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Posted : December 2, 2015 11:49 am
ms411
(@ms411)
Expert

Thanks, Alana for asking that question, and thanks, Beeski, for answering, because I was wondering the same thing and am disappointed that so far, no local media has asked that question. I did not go to town today so won't see Daily News until it comes home tonight.

The ArcLight group looked mighty happy at the press conference - like fat cats. They are talking about it now on WVWI.

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Topic starter Posted : December 2, 2015 12:24 pm
janeinstx
(@janeinstx)
Trusted Member

The consortium has a link to the agreement

operating agreement link in article

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Posted : December 2, 2015 12:28 pm
ms411
(@ms411)
Expert

Beeski, it would be interesting to see the $ value of that concession list vs the $ VI govt gets. Need to take into consideration time value of money, I guess.

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Topic starter Posted : December 2, 2015 1:02 pm
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