largest lawsuit in t&t ever

[AbstractPoetic]

AP... Do you even READ what you type?? "for you to assume the firm will actually be given a considerable chunk of a $4 billion win of a lawsuit is absurd"

Where you get a 4 Billion lawsuit from?? Its a 12 Billion lawsuit, 4 Billion would be the customary 33% of winnings... geez.... first you cant do logic, now you cant do math or READ!

Even a settlement at 1/12 th of the amount ENTITLES the firm to 350 MILLION, they could BILL for more than that???

So let me get this straight: Thompson & Knight LLP whose annual revenue has consistently ranged between $50 - 100 million US dollars can surpass the current #1 law firm in annual revenue, Clifford Chance, with this one win? By the way, Clifford Chance' annual revenue is ~2.7 billion US dollars.

And you're applying the standard procedure of contingency fees awarded settlements in personal injury and collection cases. The same does NOT apply in federal district court in the State of New York where it is standard for the Court to decide on fees awarded to Plaintiff's counsel.

As it applies to most law firms, both counsel and client usually agree to a flat rate or billable hour cap in preparation for trial PRIOR to any court representation. A percentage of the settlement/award is icing on the cake in the event of a win.

Hope you've been edumacated on the standard procedures in US federal courts and rulings as it applies to lawsuits.

1) There IS a contract that presents Duane with the car if I default, in such case there is no lawsuit as Duane just shows that document and wins

2) There is NO such contract in which case Credit Suisse should be sued for giving Duane ownership... simple

1) Which contract is that? The Credit Facility Agreement or the Memo of Understanding?

2) Credit Suisse is not being held liable for anything and as is often the case for lenders, they seldom enter any agreement if there was such risk.

[AbstractPoetic]

If this plant was constructed the market was limitless-we would have blended our deisel with the GTL diesel and therfore TT diesel would be clean enough to export anywhere.

And what about the Alkylation/Acid Plant? Is it not still expected to begin operations this quarter...?

That said, Petrotrin continues to be faced with rising costs and a downgrade by rating agencies. They have issued a number of bonds as of late just to keep projects afloat. While some may call it bad timing this may be the beginning of their downfall and this type of bad publicity won't help any.

[Dirty Face]

1) There IS a contract that presents Duane with the car if I default, in such case there is no lawsuit as Duane just shows that document and wins

2) There is NO such contract in which case Credit Suisse should be sued for giving Duane ownership... simple

1) Which contract is that? The Credit Facility Agreement or the Memo of Understanding?

2) Credit Suisse is not being held liable for anything and as is often the case for lenders, they seldom enter any agreement if there was such risk.

1) I dont know which contract you clown, I was referring to the possible scenarios as a result of your example !! Great for you to post my response while leaving off the qualifying statements.. BRILLIANT!

2) If you and I enter into a joint loan (and it would take JESUS himself to convince me to do such) and the loan is paid off solely by ME the bank still has to pass ownership of the property onto US BOTH, dont you know that??? If the bank didnt do such, and there is no underlying loophole between WORLD and PETRO that allowed them to do such they are liable in this aspect it has nothing to do with the initial financing contract.. geez (this is partially why I feel WORLD has little or no case, I feel the geniuses at PETRO certainly stupid enough to be in the worng but I dont think C.Suisse would expose themselves in the same manner!)

3) I know the US Federal Criminal Law statutes like a lawyer, I do admit I do not know US Federal LAWSUIT law and practices but Im sure if I wanted to, or wanted to toss around some big names and their incomes, I could just Google it like you did and be in the know
Seeing however that you want to talk law, let me ask you this, as per this case lets discuss Federal Subject Matter Jurisdiction (I'll pause here while you Google it.......) Ok, ready? So now you know this case should have been state the main reason its Federal is because of diversity of citizenship or else this subject matter wouldnt even have fallen under normal Federal lawsuits from what I know.... and I still see no means of recovery if "we" lose !

Ill pause, might need the other ammunition for one of your future tangential, divergent tantrums

[honda hoe]

Dirty Face, why can't u make counter arguments without the personal attacks?

are u privy to the terms and conditions of the actual contract?

[Dirty Face]

^^ Who here is? Is AP privy? She has made as much if not MORE posts in it as I have. If we were to use that as a measure of entry to contribution in this thread how many posts would there be?? How many would there be in MOST of the "Ole Talk" threads?? Hence the term Ole Talk....

2) As for the personal part, this forum centers around people doing that or have you not been reading the threads?? I dare to take a bet that 90% of the threads have some post that does such, again "Ole Talk" ...

I agree that such is no defense for ME in specificity so my answer to that is: I can, and have done so on many occasions(you can search if you like). For AP I use the word clown not to be personal but to aptly describe her behaviour and approach, the elimination of logic, the laughter she produces, the see-sawing, the confusion - all things associated with clowns really --- If anything my "attacks" were euphemistic...

P.S. See I responded to your post without making a personal attack

[Alpha_2nr]

And what about the Alkylation/Acid Plant? Is it not still expected to begin operations this quarter...?

Nope.

[AbstractPoetic]

And what about the Alkylation/Acid Plant? Is it not still expected to begin operations this quarter...?

Nope.

Hmph. Thanks.

[Burnzy]

ah boy bechtel lining up for a lawsuit against petrotrin

i eh saying nuttin eh, it have certain I.T managers that does be lurking on the boards looking to make trouble in dat office.
i eh want no trouble to fall on meh ex-colleagues..

Ohhh gosh.... De name calling!!!!!

[PapaC]

ah boy bechtel lining up for a lawsuit against petrotrin

i eh saying nuttin eh, it have certain I.T managers that does be lurking on the boards looking to make trouble in dat office.
i eh want no trouble to fall on meh ex-colleagues..

Ohhh gosh.... De name calling!!!!!

What you talkin about Willis??!!!??!!

[B-TORF]

ah boy bechtel lining up for a lawsuit against petrotrin

i eh saying nuttin eh, it have certain I.T managers that does be lurking on the boards looking to make trouble in dat office.
i eh want no trouble to fall on meh ex-colleagues..

Ohhh gosh.... De name calling!!!!!

Wait nah Chegs, you leave Bechtel?

I heard about Greg.

[Burnzy]

ah boy bechtel lining up for a lawsuit against petrotrin

i eh saying nuttin eh, it have certain I.T managers that does be lurking on the boards looking to make trouble in dat office.
i eh want no trouble to fall on meh ex-colleagues..

Ohhh gosh.... De name calling!!!!!

Wait nah Chegs, you leave Bechtel?

I heard about Greg.

Nah boy.... Ah still here with them fighting de good fight, but it real grimey up in this project these days....

Gregs doing better man.. Back out to work and making his way back to 100%....

[shaneelal]

So it is really close to $3b wasted??? This is really hard to believe, imagine how that money could have benefited the people of this country. And no one is held accountable!!

[1UZFE]

Manning gone n he still killing we....

[shaneelal]

Petrotrin's $2.8 billion disgrace
By Renuka Singh

Story Created: Apr 5, 2012 at 10:55 PM ECT

Story Updated: Apr 5, 2012 at 10:55 PM ECT

Petrotrin chairman Lindsay Gillette said yesterday the multi-billion dollar World Gas To Liquid (GTL) plant would be dismantled and sold as scrap iron.

And taxpayers would have to swallow the more than $2.8 billion loss, he added.

Gillette made the announcement yesterday at an impromptu media conference at Petrotrin's Port of Spain offices initially to rebut negative statements by Opposition Leader Keith Rowley about the new gas find. It however quickly turned into a discussion on the financial burdens placed on Petrotrin because of the GTL investment.

Petrotrin acting president Khalid Hassanali attended the press conference.

"We actually considering right now, whether we should use this plant as scrap iron. That is a lot and that money could have been better spent looking for crude (oil)," he said.

"We spent $2.8 billion in building a plant and giving to the foreign shareholders total control of that money. Someone explain that to me," Gillette said.

"We spent $2.8 billion in World GTL in a plant that right now cannot work, it cannot function. It is about $2.8 to $3 billion of taxpayers money that was spent on a plant that cannot work," he said.

Gillette fired back at Rowley for his harsh criticism of Petrotrin's technical team after the find was announced last Thursday.

"I call on him to unreservedly withdraw his remarks that the technical team at the State owned oil company fabricated a story about the oil find," he said, adding that Rowley "maligned" the reputation of Petrotrin employees.

Gillette also said that Petrotrin followed the international protocol in announcing the one year old find only after confirmatory testing was completed.

Gillette, a former Minister of Energy, described the multi-billion dollar GTL investment as a "total disaster".

He said he has been trying to find ways to modernise the plant to earn some revenue from it, but found it was not possible.

"I have been pulling my hair out of my head trying to find ways we can generate money from this plant and there are two alternatives, scrap it or do nothing and let it rot," he said.

"If you put it into context that is almost half of the country subsidy money that just went waste," he said.

The lost money, he said, was irrecoverable, but as the matter was still in court he could not divulge much more about the financial losses.

"I can only say a lot of my money, your money, the taxpayers' money is spent on a plant that was wasted," he said.

Gillette said Petrotrin's focus now was to find as much crude oil as possible and reiterated the importance of the Jubilee oil find.

"This really does spell prosperity for the country," he said.

Hassanali said because of the size of the find Petrotrin may seek the aid of a foreign investment partner to monetise the crude oil. He said Petrotrin said 21 joint ventures and did not see this as a problem.

In 2005, Petrotrin and US-based World GTL entered into an agreement to build the plant in Trinidad. It was supposed to be completed in 2008. The deal went sour when World GTL accused Petrotrin of wrongfully expropriating its funds, which led to a $12 billion lawsuit against Petrotrin in a US court in February 2010. Petrotrin alleged that World GTL breached its contractual obligations by defaulting on a loan payment and the matter was placed in the hands of PriceWaterhouse and Coopers to act as the local receivers.

http://www.trinidadexpress.com/news/Petrotrin_s__2_8_billion_disgrace-146378885.html


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I expect all governments to do some crap, but this is just ridiculous. Who approved this project?

[07baracuda]

Another PNM inheritance.

[Aaron 2NR]

Sad sad, advisers said no to "investment" but Patos et al said yes

[nareshseep]

B-TORF,

remember everyone in here thinks they in the know

damn skippy yo, the macaroni pie was baked and the pot hong raff eet!

[zeeshan66]

we're screwed.