Hovensa Bankruptcy Info

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
http://viconsortium.com/featured/abrvi-sues-arclight-for-stealing-hovensa-deal/

What a mess.

Thanks for the link rotorhead.

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"...

"Ex-HOVENSA suitor Suing ArcLight Capital"

http://virginislandsdailynews.com/news/ex-hovensa-suitor-suing-arclight-capital-1.1972718

"Plaskett Asking to Meet with Hess Executive about HOVENSA"

http://stcroixsource.com/content/news/local-news/2015/11/18/plaskett-asking-meet-hess-executive-about-hovensa

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

Sold?

https://cases.primeclerk.com/hovensa/Home-DownloadPDF?id1=MjI0Nzg3&id2=0

Looks like we have a winner!

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.

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

A little more info here. http://www.argusmedia.com/pages/NewsBody.aspx?id=1140055&menu=yes

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

Sold?

https://cases.primeclerk.com/hovensa/Home-DownloadPDF?id1=MjI0Nzg3&id2=0

No

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

http://virginislandsdailynews.newspaperdirect.com/epaper/iphone/homepage.aspx#_article31b8a0f5-f43f-4ae1-8c14-1e59b65fb383/waarticle31b8a0f5-f43f-4ae1-8c14-1e59b65fb383/31b8a0f5-f43f-4ae1-8c14-1e59b65fb383//true

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?

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?

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.

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.

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.

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.

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

https://cases.primeclerk.com/hovensa/Home-DownloadPDF?id1=MjI1MzA2&id2=0

Long but interesting read.

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.

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.