Welcome to the Crystallex HUB on AGORACOM

Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America

Free
Message: ConocoPhillips decision

Well just read the entire decision and here a few items of interest

$30 billion is the amt. Conocco is attempting to recover

3 assets Petrozuata,Hamaca,Corocoro are involved.

All 3 assets could have been exchanged for the LA and Tx. refineries both controlled by PVdsa and Conocco for $8.2 billion and settled. An offer later was for exchange for the Vz assets and $1.5 billion . Even though the $30 billion was worth less than Conocco wanted.

All atty's,experts and any costs associated litigating this claim will be paid by Vz.

Vz. in thier Memorial offered Conocco 5% or $570 million.

All in all 1/5 of $30 appx has been entertained but not accepted.

I can assume this won't be Max. but somewheres in the middle to a bit less.

What a long ordeal. Dec 2007 till now and the award amount is not final yet.

Freshfields is representing Conocco. Same as our legal team.

Good luck warriors!

Share
New Message
Please login to post a reply