looking for info.and opinions on mapp vs. hovensa

Again - for those that do their homework this is not a baseless assertion.

The EPA has not issued a new permit for a refinery in donkey's years.

If the permit expires instead of being extended, then a new permit will be required. This will require an incredible level of scrutiny with more hoops to jump through than a troupe of flaming gypsies (ok, that analogy requires some interpretation). No one will take on a deserted crumbling refinery in the hope of making it through that kind of process. Easier to buy one already permitted.

janeinstx was spot on with her comment. The chance of the EPA issuing a brand new permit for a refinery in our current ecologically sensitive political environment is about the same as the Falcons winning the super bowl next week.

And yes - that's my logical OPINION.

Thanks for the thorough explanation Jane.

If the permit expires instead of being extended, then a new permit will be required. This will require an incredible level of scrutiny with more hoops to jump through than a troupe of flaming gypsies (ok, that analogy requires some interpretation).

Well I dunno about that, Kiki & the Flaming Gypsies don't actually jump through all that many hoops, mainly they just spin them around:)

Could it be that between getting appointed AG and the immediately resigning, she has been too busy to post here...???

I'm going to retract my original guess.

Any takers on what percentage chance there is that MissJ could be our current acting AG? That shoe seems to fit better.

She had claimed to run a family business on St. Croix and that it was somewhat affected by the Hovensa closure but not in danger of failing, since she could do without the refinery or its employees as customers.

And she's married to the "Mystery Man." 😉

If you don't know who the Mystery Man is, you haven't listened to the local radio talk shows. Do yourself a favor and don't listen!

Did someone cry wolf? Here they come to save the dayyyyy... :-X :-X :-X

Monarch is saying they still want to purchase the refinery for "STX families"... Blah blah burrito, Tostito, nacho cheese, etc...

http://viconsortium.com/business/monarch-energy-partners-returning-to-st-croix-in-early-february/

Ah...shucks, you guys missed me! You really missed me. (A la Cher)

Ah...shucks, you guys missed me! You really missed me. (A la Cher)

You so often get facts confused with your own fiction but this is a good one - misquote, wrong entertainer. Well done! 😀

Ah...shucks, you guys missed me! You really missed me. (A la Cher)

You so often get facts confused with your own fiction but this is a good one - misquote, wrong entertainer. Well done! 😀

If only people would learn to stick with the classics - you really can't go wrong with Dire Straits, but Cher, seriously? (heh). Welcome back MJ - let the games begin!

How about we start with the 'enlightened' suggestion we use the rum cover over extension amount to fund a 1.2B loan from the feds. Senator James, may I suggest you find a good 12 step program, walk away from the government, do not pass go, and do not collect $200. You can't borrow based on future revenue that is already spent, and based on a private industry you have no control over if they decide to close down or relocate. Hovensa ring any bells? Crikey!

Are you assaying that he is asking Comgress to redirect the amounts of the extension to loan or earmark instead of to the rum rebate program which we would have to give Diageo and Cruzan 45% anyway?
If that is the discussion, and we recall that we have not and cannot encumber the extension since it is not guaranteed until Comgress passes it, if they pass it, then it sounds good to me.
I would much prefer 100% of the rebate amount in earmarks than in rebates themselves.

But I didn't hear the discussion, so if I am guessing Neville's proposal wrong, then forgive me.

Have the games begun now?

Welcome back MJ...I don't often agree with you but enjoy your posts.

Debt on top of debt only equals more debt.
Robbing Peter to pay Paul has been going on for decades which is why we are where we are today......with massive debt.
When they learn to budget, pay down debt and run things hoenestly and efficiently and stop wasting our money, there might be hope.

But no.....borrow more.

It was all in yesterdays (Mondays) daily news. Basically borrow 1.2B from the feds and pay back with the difference between the base rum cover over, 10.50, and the extended cover over, 13.25 per gallon at current rates.

So firstly Senator James seems to have a massive memory lapse that last year the government went into conniptions when the extra revenue from the extended cover over had yet to be approved by congress, and yet it was already included in our annual budget. So the money was already allocated for this year and could not be used to repay a federal loan, but let's play along with his plan for coming years.

The only bright spot (well more of a dim glow) in this proposal is that it would effectively force congress to keep the extended amount otherwise there would be nothing to repay the loan with.

So for a moment let's play along and assume that our projected rum production remains stable at around a generous 10million barrels per year. So we multiply that by 13.25 and we get 135m revenue, but deduct out the 105m revenue from the base 10.50 amount and we have a supposed funding source of 27.5m per year.
Now to do a basic extrapolation borrowing 1.2B at 1% interest with a single payment of 27.5m per year and low and behold we have a 58 year repayment plan!

This plan is banking on a private industry remaining robust and located in the territory for a long time to come.

If they were any good at finance we wouldn't be in this mess to start with.

So in other words: a loan.

Whatever, as long as the interest rate is lower and higher interest loans are paid off.

At the end of the day though, we should ask Comgress to reprogram the extender into earmarks, keeping it out of the rebate program so that Diageo and Cruzan don't get the usual half.

Even if that dream came through, we will still be at the brink of insolvency.