largest lawsuit in t&t ever

[PapaC]

ah boy bechtel lining up for a lawsuit against petrotrin

Oh oh....
Do tell....

[Damien]

[Duane 3NE 2NR]

There was a breach in contract and the defendant is right to seek compensation.

I wonder which law firm is representing the Plaintiff?

don't you mean the plaintiff is right to seek compensation

and you wonder which law firm is representing the defendants?

[buzz]

snap

[RASC]

[Chimera]

There was a breach in contract and the defendant is right to seek compensation.

I wonder which law firm is representing the Plaintiff?

don't you mean the plaintiff is right to seek compensation

and you wonder which law firm is representing the defendants?

Coffeehouse lawyer ftw

[Redman]

Poetic abstraction???

Later

[AbstractPoetic]

There was a breach in contract and the defendant is right to seek compensation.

I wonder which law firm is representing the Plaintiff?

don't you mean the plaintiff is right to seek compensation

and you wonder which law firm is representing the defendants?

Yes! I was running out the house when I posted. Sheesh.

Anyway, anyone knows the attorneys/law firm representing Petrotrin?

[AbstractPoetic]

So while TT gathers its legal team, here's more info on the plaintiff and their counsel:


Partner representing Plaintiff: http://www.tklaw.com/attorneys.cfm?u=RobertFBrodegaard&action=view&id=99886&show_expanded_bio=1&bio_practice_id=0

Some of World GTL's claims sounds far-fetched but I'll be interested to know how this develops:

The Petroleum Co. of Trinidad and Tobago lured a developer to build a gas-to-liquid plant and then "with the full knowledge and consent of Trinidad, executed its secret plan to take control of it" by expropriating it, the developer claims in Federal Court. The petroleum company is wholly owned by Trinidad and is operated by its Ministries of Finance and Energy.

Petrotrin's scheme ruined World GTL's plan to use the Petrotrin facility as a showcase and platform to build such facilities throughout the world, according to the complaint.

"The renowned banking firm Calyon, based on various analyses, valued the World GTL enterprise in excess of $2 billion," the complain states. "With defendant's successful scheme to take over WGTL-Trinidad, this value has been destroyed."

World GTL says it provided Petrotrin with the "know-how and technology" to build the plant, but sulfur emissions at Petrotrin caused plant evacuations, massive productivity loss and construction delays.

Credit Suisse, which is not a party to the lawsuit, provided $125 million in financing, and the loan was to become mature and payable if World GTL failed to meet lender reliability tests by a certain date, according to the complaint.

Credit Suisse would grant an extension only if World GTL took out a new loan for $300 million at 14 percent interest, so the developer looked for a new lender, according to the complaint. World GTL says that after it spent $900,000 negotiating a deal with Barclays Capital, Petrotrin forced a delay.

Petrotrin told World GTL "not to worry" as it would pay off the loan and prevent immediate default, according to the complaint. But instead of paying off the loan to Credit Suisse, Petrotrin allegedly paid a $16.2 million premium to acquire the loan by assignment.

"Clearly, Petrotrin's acquisition of the Credit Suisse Loan was intended to - and did - put a gun to the head of World GTL and WGTL-SL to wrest control of the gas-to-liquid plant from them," according to the complaint.
As intense sulfur emissions continued, killing one worker and forcing the plant to close again, Petrotrin's handpicked receiver quietly took control of the facility and barred access to World GTL.

"Although these emissions had been ongoing for over a month, reaching very high and unsafe levels, miraculously, once the receiver took over, the sulfur emissions ceased such that the receiver could order everyone back to work within a week of his taking over," the complaint states.

http://www.courthousenews.com/2010/02/26/25071.htm

[Terran]

They cannot win that case. At best they are hoping for a settlement payment.

Taking bets if anyone doubts this.

Who is ¨they¨?

[NXTREME]

atleast they fire ACENTURE....

[White CZ4A]

There was a breach in contract and the defendant is right to seek compensation.

I wonder which law firm is representing the Plaintiff?

don't you mean the plaintiff is right to seek compensation

and you wonder which law firm is representing the defendants?

I feel retarded for having read that and not picking up on it

[wagonrunner]

White CZ4A
unfortunately, it is a side effect of its presence.

[Dirty Face]

There was a breach in contract and the defendant is right to seek compensation.

I wonder which law firm is representing the Plaintiff?

don't you mean the plaintiff is right to seek compensation

and you wonder which law firm is representing the defendants?

Coffeehouse lawyer ftw

DUANE how dare you correct AP, the next time you do that on this site you shall be reported to a moderator ok?

As for the Thread

They cannot win that case. At best they are hoping for a settlement payment.

Taking bets if anyone doubts this.

Knowing ONLY the facts listed in the Guardian article I tend to agree with this point of view.

1) AP, what breach of contract do you speak of??

2) I cant see how WORLD signing with Credit Suisse has any bearing on this case. Ok they claim they signed at the behest of the government so what we are saying is I go to buy a car, Duane suggest that I should finance with Republic, I agree and SIGN THE LOAN CONTRACT, I run into problems with the financier, and I blame DUANE?? Na man

3) Now comes the KEY :

NY court you say.... Now The Economist ran an article a few years ago about how companies and individuals (hitherto mainly Eurpoean) with no real ties to the US are choosing the US to launch lawsuits because of their "plantiff friendly" nature. It went on to essentially say that this practise is ridiculous and should be prohibited blah blah blah.

Now here's the key note; most of these cases were in fact won by the plantiffs who then, in most cases, proceeded to receive zero compensation. How you say? Well most companies/individuals sued just said found ways to eliminate their ties the US, if the settlement was large enough, and they needed the US market for their product they would just open a shell company, sell them the product and have the shell company bring it to the US, simple.

Those things being said, I must give some thought to the flip side. The counsel hired is very good and they get paid on a percentage basis i.e. no money recovered no money for the lawyers. Big lawyers therefore not wasting their resources if the feel they have no chance of winning at least SOMETHING so they cant get their approx 33%.

This is why I say I belive MR.Gear has hit the nail on the head, no way I could see them winning, even if they win Patos could say ok, we a Trinidad based firm allyuh win but want to get that money HOW? Cant afford to threaten Trinidad with an embargo given that almost all of the Natural Gas used in the US comes from Trinidad so thats not going to work. Plus expro happens in countries all over the world with no financial recourse, ent Chavez expro Toyota in Venezuela?

I feel, like GEAR, BEST case a settlement and they lucky if they get that, but the lawyers must know this, remember even a settlement of 1 Billion is about 350 Million US to them, who go complain?

P.S. Ok I lied I know one fact beside the Guardian article, Wendell Mottley is a senior at Credit Suisse I presume that is to whom they are referring.

[PapaC]

So while TT gathers its legal team, here's more info on the plaintiff and their counsel:


Partner representing Plaintiff: http://www.tklaw.com/attorneys.cfm?u=RobertFBrodegaard&action=view&id=99886&show_expanded_bio=1&bio_practice_id=0

Some of World GTL's claims sounds far-fetched but I'll be interested to know how this develops:

The Petroleum Co. of Trinidad and Tobago lured a developer to build a gas-to-liquid plant and then "with the full knowledge and consent of Trinidad, executed its secret plan to take control of it" by expropriating it, the developer claims in Federal Court. The petroleum company is wholly owned by Trinidad and is operated by its Ministries of Finance and Energy.

Petrotrin's scheme ruined World GTL's plan to use the Petrotrin facility as a showcase and platform to build such facilities throughout the world, according to the complaint.

"The renowned banking firm Calyon, based on various analyses, valued the World GTL enterprise in excess of $2 billion," the complain states. "With defendant's successful scheme to take over WGTL-Trinidad, this value has been destroyed."

World GTL says it provided Petrotrin with the "know-how and technology" to build the plant, but sulfur emissions at Petrotrin caused plant evacuations, massive productivity loss and construction delays.

Credit Suisse, which is not a party to the lawsuit, provided $125 million in financing, and the loan was to become mature and payable if World GTL failed to meet lender reliability tests by a certain date, according to the complaint.

Credit Suisse would grant an extension only if World GTL took out a new loan for $300 million at 14 percent interest, so the developer looked for a new lender, according to the complaint. World GTL says that after it spent $900,000 negotiating a deal with Barclays Capital, Petrotrin forced a delay.

Petrotrin told World GTL "not to worry" as it would pay off the loan and prevent immediate default, according to the complaint. But instead of paying off the loan to Credit Suisse, Petrotrin allegedly paid a $16.2 million premium to acquire the loan by assignment.

"Clearly, Petrotrin's acquisition of the Credit Suisse Loan was intended to - and did - put a gun to the head of World GTL and WGTL-SL to wrest control of the gas-to-liquid plant from them," according to the complaint.
As intense sulfur emissions continued, killing one worker and forcing the plant to close again, Petrotrin's handpicked receiver quietly took control of the facility and barred access to World GTL.

"Although these emissions had been ongoing for over a month, reaching very high and unsafe levels, miraculously, once the receiver took over, the sulfur emissions ceased such that the receiver could order everyone back to work within a week of his taking over," the complaint states.

http://www.courthousenews.com/2010/02/26/25071.htm

Some bloddy serious allegations there, I'll be waiting with baited breath as this develops.

[AbstractPoetic]

They cannot win that case. At best they are hoping for a settlement payment.

Taking bets if anyone doubts this.

Who is ¨they¨?

The party seeking payment.

[Dirty Face]

^^ I.E. The " I go keep meh fingers crossed and hope this ball goes into the net for this three pointer from half -court on the buzzer " fellas

[AbstractPoetic]

AP, what breach of contract do you speak of??

According to World GTL, Petrotrin relayed:

"not to worry" as it [Petrotrin] would pay off the loan and prevent immediate default [credit agreement entered with Credit Suisse]

...but instead Petrotrin did not pay off the loan but acquired it giving them full control of the project in Point-a-Pierre. Supposedly this was not part of the agreement they entered into.

It would be interesting to read both the executed Memo and Credit Facility in which both parties entered and how the firms/partners on each side try and interpret/dissect the agreement(s).

Those things being said, I must give some thought to the flip side. The counsel hired is very good and they get paid on a percentage basis i.e. no money recovered no money for the lawyers. Big lawyers therefore not wasting their resources if the feel they have no chance of winning at least SOMETHING so they cant get their approx 33%.

It doesn't matter whether or not they win the case, what matters are the billable hours . That said T&K LLP is no Cravath or Skadden LLP BUT the partner has won some decent cases in both the Latin American and Caribbean region.

But your concern should lie with the judge, not the counsel. Judge McKenna was appointed by former President Bush so I'm sure you can tell where I'm coming from.

Conservatives judges, especially in the SDNY are tough cookies. I'll definitely be following this case closely.

[AbstractPoetic]

2) I cant see how WORLD signing with Credit Suisse has any bearing on this case. Ok they claim they signed at the behest of the government so what we are saying is I go to buy a car, Duane suggest that I should finance with Republic, I agree and SIGN THE LOAN CONTRACT, I run into problems with the financier, and I blame DUANE?? Na man

While Credit Suisse is not at a loss, they did assign the loan to Petrotrin given the default of World GTL. But World GTL is claiming they were in default given Petrotrin's own mismanagement resulting in a failure of [GTL's] lender reliability tests and GTL having to foot other expenses in seeking a new lender, Barclays Capital.

But all that went to waste when Petrotrin supposedly relayed to GTL "not to worry" (in a written document, one would hope) but instead bought the project that was supposedly GTL's idea.

Question is what role would Petrotrin have been assigned in the event of GTL defaulting on their agreement with Credit Suisse or was such hypothetical not considered in the drafting of the document before final execution?

[Dirty Face]

AP, what breach of contract do you speak of??

According to World GTL, Petrotrin relayed:

"not to worry" as it [Petrotrin] would pay off the loan and prevent immediate default [credit agreement entered with Credit Suisse]

...but instead Petrotrin did not pay off the loan but acquired it giving them full control of the project in Point-a-Pierre. Supposedly this was not part of the agreement they entered into.

It would be interesting to read both the executed Memo and Credit Facility in which both parties entered and how the firms/partners on each side try and interpret/dissect the agreement(s).

Those things being said, I must give some thought to the flip side. The counsel hired is very good and they get paid on a percentage basis i.e. no money recovered no money for the lawyers. Big lawyers therefore not wasting their resources if the feel they have no chance of winning at least SOMETHING so they cant get their approx 33%.

It doesn't matter whether or not they win the case, what matters are the billable hours . That said T&K LLP is no Cravath or Skadden LLP BUT the partner has won some decent cases in both the Latin American and Caribbean region.

But your concern should lie with the judge, not the counsel. Judge McKenna was appointed by former President Bush so I'm sure you can tell where I'm coming from.

Conservatives judges, especially in the SDNY are tough cookies. I'll definitely be following this case closely.

Sigh.. As per usual you cant see the Forest because of the ONE TREE directly in front of you thats blocking your view

In response to your response, who say petrotrin say "not to worry? " And even if they did, back to my Duane example, so I run into probs with Republic Bank, Duane say "not to worry" he'll pay off the loan and prevent my defaulting, he DOES SUCH and then comes to my house to take the car ..... Is he wrong???

Petrotrin DID pay off the loan payment from what I read correct?? And they DID prevent the default correct?? So once again WHAT BREACHOF CONTRACT are you referring to?? (This aside from the fact that I dont know if this "not to worry" conversation is documented ehh, I just giving you the benefit of the doubt on that)

Secondly, were not privy to the actual agreement with WORLD and the lawyers but what you are trying to convince me is that this Law Firm entered into a agreement to take this case on "billable hours" VS a percentage of winnings basis? REALLY? And give up a chance of a 4 BILLION dollar payment?? They going to represent a company that had issues with even paying of a "small" (in the scheme of this suit) loan using the billing system?? WORLD could afford that? Or rather the Law Firm could afford to take that chance vs the other pecentage option?? :: shakes head::

Lastly, yes the judge is plantiff friendly, but judge smudge, I counter your judge with my WHOLE of point number 3 and below that's listed above..

[De Dragon]

Alternative financing was offered and the directive came down to deal with CSFB,

Again politics screws up excellent opportunities for us.

Sadly this will cost the country a tidy sum.
Later

Based on the timeline, Conrad Enill and Christine Sahadeo were the Ministers in the Ministry of Finance at the time, with Manning being the finance minister. I’m guessing Enill was the one with ties to Credit Suisse?
You have to wonder about some of these transactions involving State enterprises and international banks…...the Petrotrin 9.75% 2019s being an obvious example.

Doesn't Wendell Mottley have a substantial post at Credit Suisse?

[Alpha_2nr]

^^Correcto-mundo.

WGTL + Foreign used plant + Petrotrin mismanagement =

[AbstractPoetic]

In response to your response, who say petrotrin say "not to worry? " And even if they did, back to my Duane example, so I run into probs with Republic Bank, Duane say "not to worry" he'll pay off the loan and prevent my defaulting, he DOES SUCH and then comes to my house to take the car ..... Is he wrong???

I did address this above but using your example: The car was not to be used for your sole benefit but also to the benefit of Duane. Moreover, lets say Republic Bank told you, via a contract - between yourself, Duane and the Bank that we will provide you this loan for this car but if it shows the seat belts of the vehicle violate safety inspection in the event of a car crash you will have to pay back the loan with interest.

And lets say Duane is an expert in creating seat belts and said he will "fix yuh up", but you soon found out, after the fact, that Duane was far from an expert and the seatbelts did violate safety precautions after a near head-on collision.

So now you're in default and you still need a loan for that car and you still need to pay back the loan you borrowed from Republic, so you went to First Citizens and you were able to negotiate a new loan agreement.

But now Duane said, "Dirty Face, seeing is both we name on the car loan and ah have d' money, lemme cover the default loan yuh have with Republic".

And so he did that, but unbeknownst to you, Duane is, by default, now the sole owner of the car.

Now two questions remain:

1. In the contract between Republic, yourself and Duane, was there a clause that provided Duane sole ownership in the event you defaulted?

2. In the event the default was a result of Duane's negligence, at your own expense and loss, are you entitled to a settlement?

[AbstractPoetic]

Petrotrin DID pay off the loan payment from what I read correct?? And they DID prevent the default correct?? So once again WHAT BREACHOF CONTRACT are you referring to?? (This aside from the fact that I dont know if this "not to worry" conversation is documented ehh, I just giving you the benefit of the doubt on that)

A Memo of Understanding is the contract as is the Credit Facility Agreement, the latter being signed by both parties and Credit Suisse.

Supposedly there is a misunderstanding with respect to the control of management and oversight of the project. Supposedly World GTL was overseeing such PRIOR to their default but such was turned over to Petrotrin after their default. Now whether or not they can prove Petrotrin was responsibile for that default given health violations is debatable.

Secondly, were not privy to the actual agreement with WORLD and the lawyers but what you are trying to convince me is that this Law Firm entered into a agreement to take this case on "billable hours" VS a percentage of winnings basis? REALLY? And give up a chance of a 4 BILLION dollar payment?? They going to represent a company that had issues with even paying of a "small" (in the scheme of this suit) loan using the billing system?? WORLD could afford that? Or rather the Law Firm could afford to take that chance vs the other pecentage option?? :: shakes head::

I wasn't trying to convince you of anything, however, with respect to the majority of law firms in the US, profit is considerably more important than the "winning" of lawsuits. Nowadays, even settlements are considered wins. And for you to assume the firm will actually be given a considerable chunk of a $4 billion win of a lawsuit is absurd.

Whether or not they gain a favorable decision does not change the fact that attorneys will still be paid a fancy amount.

[Redman]

Alternative financing was offered and the directive came down to deal with CSFB,

Again politics screws up excellent opportunities for us.

Sadly this will cost the country a tidy sum.
Later

Based on the timeline, Conrad Enill and Christine Sahadeo were the Ministers in the Ministry of Finance at the time, with Manning being the finance minister. I’m guessing Enill was the one with ties to Credit Suisse?
You have to wonder about some of these transactions involving State enterprises and international banks…...the Petrotrin 9.75% 2019s being an obvious example.

Doesn't Wendell Mottley have a substantial post at Credit Suisse?

Yes he does.

Wit this case in court I think this can and will hinder Petrotrins ability to finance and/or refinance facilities on the international markets.

I would also suggest that the construct of the deal required the GOTT(Petrotrin) to offer some guarantees and therefore they may have had a seat at the negotiating table.

Calyon (AFAIK) made an offer to finance and was huffed by CSFB.

The firm that was moving the plant(cant remember the name) also had the responsibility of commissioning the plant-so the liability was not WGTLs.


I know that other work that was happening in and aroung Petrotrin were regularly hampered for the same reasons.


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.
So Petrotrin has motive-big time.

I think its going to be a big argument
Parent co is registered in NY-always has been.


Later

[Dirty Face]

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???

But now Duane said, "Dirty Face, seeing is both we name on the car loan and ah have d' money, lemme cover the default loan yuh have with Republic".

And so he did that, but unbeknownst to you, Duane is, by default, now the sole owner of the car.

Now two questions remain:

1. In the contract between Republic, yourself and Duane, was there a clause that provided Duane sole ownership in the event you defaulted?

Just do this ok, THINK

Your erroneous usage of my example presents one of 2 scenarios, either

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

[Dirty Face]

de dragon.. we already establish is Mottley and not Enil read up

[B-TORF]

lemme analyse this

According to the documents filed in court, in May 2004, World GTL and Petrotrin entered into a memorandum of understanding to build a gas-to-liquid plant and four months later, a project agreement for the plant to be built at Pointe-a-Pierre. World GTL (Trinidad) was in charge of the project.

so world gtl was in charge of construction...joint project between them and petrotrin...

The plaintiffs said at the behest of Petrotrin, Credit Suisse, was among the financial institutions approached to provide funding, largely because a former T&T Finance Minister was at Credit Suisse. The financial institution agreed to provide a US $125 million credit facility and on January 12, 2007, the plaintiffs and Petrotrin entered certain financial agreements.

blah blah blah and they get a loan from credit suisse...




[quote]
Two months later, all construction was suspended as a result of sulfur emissions from the Petrotrin refinery. According to the documents, the plant was emitting sulfur dioxide and contaminating the entire facility. World GTL said despite Petrotrin’s plans to correct the situation, there continued to be plant evacuations and shutdowns. It contended that one worker died and the autopsy report listed the cause of death as, “acute respiratory distress syndrome due to toxic fumes inhalation.â€

[B-TORF]

Alternative financing was offered and the directive came down to deal with CSFB,

Again politics screws up excellent opportunities for us.

Sadly this will cost the country a tidy sum.
Later

Based on the timeline, Conrad Enill and Christine Sahadeo were the Ministers in the Ministry of Finance at the time, with Manning being the finance minister. I’m guessing Enill was the one with ties to Credit Suisse?
You have to wonder about some of these transactions involving State enterprises and international banks…...the Petrotrin 9.75% 2019s being an obvious example.

Doesn't Wendell Mottley have a substantial post at Credit Suisse?

Yes he does.

Wit this case in court I think this can and will hinder Petrotrins ability to finance and/or refinance facilities on the international markets.

I would also suggest that the construct of the deal required the GOTT(Petrotrin) to offer some guarantees and therefore they may have had a seat at the negotiating table.

Calyon (AFAIK) made an offer to finance and was huffed by CSFB.

The firm that was moving the plant(VENTECH) also had the responsibility of commissioning the plant-so the liability was not WGTLs.


I know that other work that was happening in and aroung Petrotrin were regularly hampered for the same reasons.


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.
So Petrotrin has motive-big time.

I think its going to be a big argument
Parent co is registered in NY-always has been.

Later

Finally, somebody who has facts.

Notice, an opinion was not rendered. Just facts stated.

Some 2NRs should take learn to SDFU and just read and become edified.

[tr1ad]

B-TORF,

remember everyone in here thinks they in the know