Hovensa: A done dea...
 
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Hovensa: A done deal?

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longhorn
(@longhorn)
Advanced Member

Hearing the owners reached a new agreement to sell, anyone else hearing anything?

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Topic starter Posted : September 14, 2015 12:32 am
wanderer
(@wanderer)
Trusted Member

The press conference is tomorrow, Monday Sep 14.

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Posted : September 14, 2015 12:48 am
Alana33
(@alana33)
Expert

Mapp to give update at press conference - 10AM Monday
http://viconsortium.com/featured/mapp-to-give-update-on-hovensa-at-press-conference-on-monday/

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Posted : September 14, 2015 3:08 am
dxphy
(@dxphy)
Advanced Member

is it airing on radio ?

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Posted : September 14, 2015 1:00 pm
Alana33
(@alana33)
Expert

Haven't heard it advertised as being aired on radio so far this morning. I checked 1000 &1340 AM but nothing mentioned and no broadcast in progress thus far.

Surprising since Monarch Mapp likes to hear himself speak.

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Posted : September 14, 2015 1:17 pm
vicanuck
(@vicanuck)
Expert

Still waiting for the feed on 93.5 FM. Herb is filling the air.

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Posted : September 14, 2015 1:19 pm
Alana33
(@alana33)
Expert

Thanks.

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Posted : September 14, 2015 1:22 pm
vicanuck
(@vicanuck)
Expert

The new owners website here...

http://www.arclightcapital.com/

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Posted : September 14, 2015 1:25 pm
janeinstx
(@janeinstx)
Trusted Member

I missed part of his presentation but it sounds like they are just buying storage capacity?

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Posted : September 14, 2015 1:48 pm
vicanuck
(@vicanuck)
Expert

Terminal, storage and rack to be sold to Arclight, the balance will go into bankruptcy.

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Posted : September 14, 2015 1:54 pm
janeinstx
(@janeinstx)
Trusted Member

That's what I thought I was hearing. All contingent on successful negotiation of an operating agreement. Here we go again.

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Posted : September 14, 2015 1:57 pm
SkysTheLimit
(@SkysTheLimit)
Trusted Member

The title of this thread says it all.

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Posted : September 14, 2015 2:26 pm
janeinstx
(@janeinstx)
Trusted Member

(tu)

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Posted : September 14, 2015 2:27 pm
vicanuck
(@vicanuck)
Expert

I have a wav file with the press conference if anyone is interested. Send me a PM and I'll send you a Dropbox link.

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Posted : September 14, 2015 3:25 pm
singlefin
(@singlefin)
Trusted Member

The terminal, docks were always worth something. You could never blast a channel through the reef today, like they did when they originally built that place.

Have they removed all the fuel coming into and being stored over in Gallows Bay?

If large quantities of fuel come back to the island, you would think fuel rack prices would be less than the current means of bringing it in.

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Posted : September 14, 2015 4:31 pm
janeinstx
(@janeinstx)
Trusted Member

According to what I heard Mapp say access to the racks and possibly discounted bulk rate on fuel purchase

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Posted : September 14, 2015 6:12 pm
singlefin
(@singlefin)
Trusted Member

That's good news.

I don't remember Mapp having a desire to be involved in anything related to Hovensa before. Perhaps this deal may actually get an operating agreement?

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Posted : September 14, 2015 6:26 pm
Alana33
(@alana33)
Expert

Guess Disney didn't work out?

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Posted : September 14, 2015 7:28 pm
stxisbest
(@stxisbest)
Advanced Member

Guess Disney didn't work out?

It's coming now. It's another fantasy with smoke and no fire.

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Posted : September 14, 2015 8:12 pm
Alana33
(@alana33)
Expert
Alana33
(@alana33)
Expert

What do you all think about this?

Mapp Announces $1.5B Lawsuit against Hess as Terminal Sale Looms

http://stthomassource.com/content/news/local-news/2015/09/15/mapp-announces-15b-lawsuit-against-hess-terminal-sale-looms

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Posted : September 15, 2015 9:30 am
CruzanIron
(@cruzaniron)
Expert

I think that a lot of people don't understand how a contract works, how a business works and don't know a damn thing about the tax laws.

Plus some of the claims in the lawsuit contain some absolute fantasies.

BS#1 :- rendered the refinery inoperable by siphoning off more than $1 billion in assets

BS#2: - in 2009 Hess ceased conducting routine maintenance

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Posted : September 15, 2015 10:20 am
CruzanIron
(@cruzaniron)
Expert

Another issue is simple. Hovensa tried in good faith to sell the refinery in 2014, but the sale was effectively quashed by the GVI. Therefore the terms of the lawsuit (to recoup benefits from 2012 to 2022) is not valid. 2012 to 2014 maybe, but not beyond that.

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Posted : September 15, 2015 10:51 am
vicanuck
(@vicanuck)
Expert

At least the terminal will be sold. The gas price whiners should be happy about that. The rest of it will be tied up in litigation well after most of us reading this have died.

It seems apparent that Mapp is very concerned about the $200 million tax refund suit that Hess brought. There is a very real possibility that the GVI will lose that case which will trump all the GVI's other claims. Stay tuned.

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Posted : September 15, 2015 11:11 am
CruzanIron
(@cruzaniron)
Expert

Yep. When you look at the claims by the BIR it is clear that the auditors do not have a clear understanding of tax laws and multinational corporation operations.

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Posted : September 15, 2015 3:17 pm
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