Aug. 7, 2012-- Exterran Holdings, Inc. (NYSE: EXH) today announced that its Venezuelan subsidiary has completed the sale of assets nationalized in 2009 to PDVSA Gas, S.A. for total consideration of approximately $442 million. Exterran received an initial payment of approximately $177 million in cash at closing ($50 million of which will be used to repay insurance proceeds previously collected under the policy Exterran maintained for the risk of expropriation), and is due to receive the remaining principal amount of approximately $265 million in periodic cash payments through the third quarter 2016.
During this period of Aug 7th EXH went from$32 to $28 and is still down today. Good to see Vz is willing pay up but to wait 3 years??
Two issues are concurrently being argued and it will soon be arbitrated by the tribunal Nov 11th, 2013:
Principal issue: Merits and Jurisdiction.
|
April 02, 2012
|
The Respondent files a request to address the objections to jurisdiction as a preliminary question.
|
|
May 23, 2012
|
The Tribunal issues a decision on the Respondent's request to address the objections to jurisdiction as a preliminary question.
|
|
May 10, 2013
|
The Claimant files a reply on jurisdiction and the merits.
|
It took over a year to get KRY to reply. About 70 days left to arb date for respondent to reply which probably will not happen due to the time frame.
Should be the end of this issue.
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Second Issue: Production of Docuuments:
|
September 04, 2012
|
The Claimant files a request for the Tribunal to decide on production of documents.
|
|
September 24, 2012
|
The Tribunal issues Procedural Order No. 1 concerning production of documents.
|
|
November 05, 2012
|
The Respondent files a request for the Tribunal to decide on production of documents.
|
|
November 12, 2012
|
The Tribunal issues Procedural Order No. 2 concerning production of documents.
|
|
November 21, 2012
|
The Respondent files a counter-memorial on jurisdiction and the merits.
|
|
December 28, 2012
|
The Tribunal issues Procedural Order No. 3 concerning production of documents.
|
|
February 11, 2013
|
The Respondent files a request for the Tribunal to decide on production of documents.
|
|
February 18, 2013
|
The Tribunal issues Procedural Order No. 4 concerning production of documents.
Should be the end of this issue.
|
This process has taken us 5 1/2 months. Likely this is done with.
For us, from this day forward a little over 2 months will bring it to the final arb trial. The timing could not be more perfect.
Most final ICSID arb settlements contain about 30 pages of review and the chronology of the procedure. So most of ours has already been written. Probably only the last 5 pages containing the award is left to be written in our case. If so, maybe 3 months max for publication of the award. How about a great Christmas present for all.
"There are 70 bottles of beer left on the wall..." (Singing..)
Good luck to all.
Somebody on this board is from Chrystal River FL. I'm not too far from there. Let"s all go there swim with the Manatees to celebrate in 2014.
