Posted on 05/26/2006 9:48:01 AM PDT by lizol
US Court Makes YUKOS Happy
// Mazeikiu nafta will be sold to a Polish company for $1.425 billion.
US court lifted the ban on YUKOS foreign asset sales. Apparently, Dutch company Yukos International UK, that owns 53.7 percent of Lithuanian refinery Mazeikiu nafta (MN), will sign an agreement to sell these shares to Polish PKN Orlen for $1.425 billion today. After that, US court is to resolve the most painful issue for all parties interested in YUKOS—how the returns on MN sale shall be distributed among the disfavored oil company’s creditors.
Federal US Bankruptcy Court lifted the ban on YUKOS foreign asset sales. This will allow YUKOS to sell the shares of MN to Polish PKN Orlen who offered $1.425 billion for it on May 15, 2006. However, a US court had issued a temporary injunction blocking YUKOS from selling its Mazeikiu Nafta refinery on April 13, on application from YUKOS temporary manager Eduard Rebgun.
According to YUKOS spokeswoman Claire Davidson, the deal needs to be approved by the Lithuanian government only, which has already been received, and does not need the approval of Russia, Poland, or the Netherlands. Eduard Rebgun, however, has many questions concerning the deal, and he did not give his approval of it.
“The court lifted the ban on selling MN, yet the issue of returns distribution remains unresolved,” Rebgun told Kommersant. “The court motivates its lifting the ban by saying that MN must not lose its last possible buyer, otherwise YUKOS will suffer losses.” Head of GML (former Group MENATEP, major YUKOS shareholder) Tim Osborne said, however, that “Rebgun is not concerned with MN’s future, he is just trying to delay the signing of the agreement.”
Rebgun pushed for prolonging the ban on sale, one of his arguments being that the court does not have enough proof of the buyer’s capacity to pay. Yet, PKN does have nearly $1.04 billion in cash funds and credits, and an agreement for opening of credit line for €1.25 billion (this makes up $2.54 billion total). “We are very happy with the court’s ruling. It gives way for the deal,” said PKN spokesman Dawid Piekarz.
The court has not yet issued a final ruling on distribution of MN sale returns. YUKOS insists on dividing property according to Dutch legislation, when a local court will be distributing the property. Only 2 YUKOS creditors have the right to claim returns according to Dutch law. These are GML, to which YUKOS owns $655 million, and Rosneft, which bought the right to claim the $455-million debt from the consortium of banks-YUKOS creditors.
The Dutch branch, established to control Yukos International, has the right to decide upon the legitimacy of creditors’ claims. All tax claims of Russia are considered to be illegitimate. If the process goes according to Dutch legislation, then GML will receive nearly half of the returns. Rebgun, however, insists on dividing returns among all creditors. He insists on covering tax arrears to Russia as well, which is $11 billion. In this case, Russian tax authorities can receive almost the whole amount of money paid for MN’s purchase.
Ping
Mazeikiu Nafta IS sold to PKN Orlen.
Yep.
I think this will be also considered as a hostile action against Russia. :-)))
It was not Putin’s intention when he destroyed Yukos, to lose their asserts to Orlen. In the past American company bought Mazeikiu but they had serious problems with delivery of the Russian oil. Then Yukos bought refinery from them. According to polish media PKN Orlen is the biggest client of Russian oil companies, so Kremlin cannot simply disturb deliveries. And even if they would oil could be provided by naftoport in Butinga with is now owned by Orlen as well.
IBTRWC - Well what do you Veteran patriots think - I am sure you support this US decision 110%??
Yukos doesn't really interest me, to be honest. If the court ruled it should be sold off and it was a good decision why should anyone care? Or are you defending your fellow Komsomol member - Khodorkovsky.
I'm more interested in how a phoney patriot such as yourself continues to post on here after being caught in so many lies?!?
And answer me this Sir Spinalot, or is Comrade Spanalot - what were you doing traveling to the Soviet Union during communist days when you're parents were allegedly on the "enemies list" - you and your Forest Gump stories don't ring true. Commie.
FRAUD.
PS Comrade Spinalot - don't think for one minute your derisive tone regarding US veterans and you "pinging" into the fray FOREIGNERS to "battle" these same vets doesn't go unnoticed on here by others - as my freepmail inbox shows, you have been seen for what you are.
What was your Komsomol party id number?
PPC duplicity alert:
""" Posted by spanalot to Romanov
On News/Activism 05/08/2006 2:38:00 PM EDT · 316 of 520
...
I was born in the US and have never left."
Tonight's claim:
"And I was interrogated in the USSR when we left our tour group to visit my relatives outside the city limits. My parents escaped the clutches of the Russians in 1938."
Which is it? FRAUD.
Once a lying communist always a lying communist.
http://www.orlen.pl/Internet/doc/20051111/Umowy_nabycia_MN_PL.pdf
Hmmm, what do I think about it?
Really, I could care less, but since you asked;
Good to see that CAPITALISM (including the principles of legal ownership, government oversight of some of the more nefarious aspects of big business, the fact that a Lithuanian corporation could be partly owned by Dutch, Russian and Polish concerns, the free exchange of capital, the legal protection of creditors and shareholders, etc) is alive and well. And what's more: alive and well and operating in a formerly communist strongholds.
Makes me proud to have worn the uniform, really.
Smells like FREEDOM to me.
Unless, of course, you believe YUKOS was really a front for the KGB?
Do you really expect us to believe that in the midst of the Cold War, Russia allowed you, an Army Intel , to go into that country and interview Russian vets who fought us in Viet Nam?
And why do you find it hard to believe that Ukrainians who fled in 1938 escaped the Russians that invaded Europe - along with the Nazis.
The rest of the world believes it.
I worked in the Former Soviet Union from 1996-2006 - the Cold War ended in 1991. My work was of a humanitarian/assistance nature. Try again Comrade Spinalot- monetary supporter of the Soviet regime.
"And why do you find it hard to believe that Ukrainians who fled in 1938 escaped the Russians that invaded Europe - along with the Nazis."
I don't find it hard to believe some Ukrainians smartly fled both parties. However, I know, and historical documents, witness statements, etc., support this position, that some Ukrainians (Nationalists) allied themselves with the Nazis thinking they would grant them statehood. They were duped into doing the Nazis evil work and then ended up victims themselves. Shame - they should have read Hitler's works where he labeled Slavs "untermenschen" only one step ahead of Jews - had they read it, they could have avoided soiling themselves in that criminal alliance.
"They were duped into doing the Nazis evil work "
Oh yeah - the nazis - weren't they the Allies of the Russians when they started WWII by invading Poland?
Yep funny how they play in that area of the world.
For example:
"Roman Shukhevych was the commander of the Nachtigall Batallion, composed of Ukrainian nationalists wearing the German uniform. This battallion occupied Lvov on June 30, 1941 and took part in the three-day massacre of Jews in the region. In 1943 Shukhevyvh was named commander of the Ukrainian Insurgent Army (the Banderivtsy, or UPA), armed henchmen of the OUN fascist Stepan Bandera, who after the war pretended that they had fought Germans and Reds."
You're not a member of their US based organization are you? Of course, you supported the Soviets by bringing hard currency into their criminal regime, so I guess your loyalties have always been suspect.
"took part in the three-day massacre "
These are pikers compared to the Russians - they killed 100 million in only 65 years.
http://www.lietuvos.net/istorija/communism/
sigh - I guess you show how you are a true Soviet and follower of Stalin's "death of one man is considered a crime, death of thousands a mere statistic" since you like to banty about these numbers like it's a contest. The deaths of anybody, be they from Soviet crimes or Nazi crimes due to genocidial policies is disgusting. Your incessant trivializing these matters show what you really are.
How much money did the criminal Soviet regime make off of your family visit to pay homage to the Soviet Union in the 1970s?
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