Posted on 05/04/2019 9:34:14 AM PDT by simpson96
That didn't take long.
Mere days after President Trump lifted the waiver on lawsuits by Americans to sue communist Cuba for expropriated assets, Big Oil's Bigfoot, ExxonMobil, was on this case like Godzilla. The Miami Herald reports that it is ready to stomp Cuba:
Exxon Mobil has filed suit in U.S. federal court against Cubas CIMEX and CUPET companies for their use of an oil refinery and other properties seized by the Fidel Castro government six decades ago.
Exxon Mobil is the first U.S. company to file suit after President Donald Trump allowed Title III of the Helms-Burton Act to take effect, opening the way for demands against Cuban and foreign companies that benefit from properties seized by the communist government.
Title III had been suspended every six months by every U.S. president since the law was approved in 1996. That's a monster. And it's going to cost Cuba big, if ExxonMobil wins, and ExxonMobil always plays to win, and with some of the world's best attorneys, it usually does win. The Helms-Burton law of 1996 states that U.S. companies who had their property stolen by communists in Cuba are entitled to sue for three times the value of the stolen properties, plus 6% annual interest, which, compounded over 60 years of Castro rule, is a...lot of interest. The company must have had that lawsuit ready for Trump's move, given the speed with which it was executed.
It shows just how major President Trump's act was. Over the years, much of the reporting on this matter has focused on small-time Cuban-American stakeholders who lost shops and apartments in the vast uncompensated thievery of communization, and these are people who have largely been dismissed as poor mice hopelessly living in the past.(snip)
Couldn't happen to a nicer bunch of socialist thieves.
(Excerpt) Read more at americanthinker.com ...
What happens if/when they win?
Is Cuba going to write a check?
Good luck with that.
Love it!
Leftists call it nationalization. Rational people call it theft.
Everyday is like Election Day all over again. More winning!
Yea, ExxonMobil! Now go after Saudi Arabia, Iraq, Libya, and Venezuela for nationalizing your oil concessions, wells, and processing facilities.
They will confiscate the Castro’s billions held in banks around the world.
Thanks for clearing that up!
So... more cash infused into the U.S. economy.
Win, win, win
Winning
Sounds good to me.
Exxon mobile now owns Cuba !
Exxon will win and because it's in a US Court, and after all appeals, the courts will give Exxon the rights to confiscate tankers with crude oil as compensation.
Before that happens, cuba will beg the USA to cut a deal, and they will become our new best friend.
There are still hundreds of thousands if not millions of Cubans living in the USA, and they have lived the success that comes with Liberty.
Many of those people would go back to Cuba to help get it back on it's feet, without the fear of communism returning.
Cuba is only destitute because of socialism not because the Cuban people will not work. Given an opportunity, I believe that they will be outstanding.
Depends on which country. Switzerland is no longer secure, but there is the Cayman Islands and others who will not allow confiscation. Many of the same asset secure nations also have non-extradition laws/policies.
Cubans I have met in Miami are some of the very finest people to have ever walked God’s earth
Interesting reading about the claims. Apparently Office Depot has the largest claim; Marriott has a large claim. Chevron is on the list. There appears to have been some sort of deal between Marriott’s predecessor in interest and Olivetti’s (the Italian company) predecessor in interest; I don’t know how that would impact the claim.
PDF of the complaint here. https://www.courthousenews.com/wp-content/uploads/2019/05/exxon.pdf
Where do you think Cuba keeps its assets?
Not in Cuba.
It will give cause to slam them with more sanctions and cut the tourist trade, strangling the country even more.
Too many here only look one chess move ahead.
I never thought about where Cuba keeps its assets.
Frankly, I didn’t know Cuba had ANY assets.
I’m sure the Castro brothers have assets, but wasn’t sure the government had anything.
I learn something new every day.
This is why it was kicked down the road since 96. *pops popcorn*
Too many here play Chess with Checkers
The US at the near height of its comparable strength was not able to take down Cuba in the late 50’s and early 60’s. The blockade during the Cuban Missile Crisis of 1962 almost got us into nuclear war. Luckily the Kennedy-Stevenson secret compromise of withdrawing US missiles from Turkey in return for getting the Soviet ones out of Cuba worked. If it had not, at least then the US had a massive public fallout shelter program and many people had their own home semi-deep basements and in some cases stocked shelters.
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