Here is Richard's prompt response to my question: of the cases won by KRY's arb law firm, what were the payouts vs the initial claims?
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I was advised by Freshfields that Venezuela had honored and paid the settlement terms and/or judgments they have observed through the ICSID process. I don’t think that many of the other cases were that public. I seem to remember that Venezuela initially offered Ternium a few hundred million for their expropriated assets. Ternium filed a claim for $2.2 or $2.4 billion at ICSID and the case ended up being settled between the certification phase and the hearing phase for $1.9 billion (I think). The Company believes its expenditures relating the MOC have been in the order of $500 million and its claim is projected in excess of $3.8 billion (see the Company press release dated February 16th, 2011). It appears new ICSID Registrations have been running around 30-60 days and thus the Company hopes that its claim will be registered later this month or in April. Richard Marshall
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Cividale
