Hovensa: A done deal?
Hearing the owners reached a new agreement to sell, anyone else hearing anything?
The press conference is tomorrow, Monday Sep 14.
is it airing on radio ?
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.
Still waiting for the feed on 93.5 FM. Herb is filling the air.
I missed part of his presentation but it sounds like they are just buying storage capacity?
Terminal, storage and rack to be sold to Arclight, the balance will go into bankruptcy.
That's what I thought I was hearing. All contingent on successful negotiation of an operating agreement. Here we go again.
The title of this thread says it all.
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.
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.
According to what I heard Mapp say access to the racks and possibly discounted bulk rate on fuel purchase
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?
Guess Disney didn't work out?
Guess Disney didn't work out?
It's coming now. It's another fantasy with smoke and no fire.
What do you all think about this?
Mapp Announces $1.5B Lawsuit against Hess as Terminal Sale Looms
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
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.
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.
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.