Posted on 03/14/2006 2:47:20 AM PST by SUSSA
Thanks for the clarification! I think I understand...so I was right in that POMTCO was a different entity--not part per se of the ports contract...but wrong in that it wasn't among the assets sold by P&O to Dubai PW. Is that correct?
Frankly, CharlesWayne, I found the whole uproar irritating. DPW has no evidence against it--and many of the same people who want us to surrender to terrorist in Iraq, Iran, and set free the jackasses in Gitmo suddenly "find" terrorists rampant throughout DPW. But I digress... :)
I repeat: I think Eller & Co. bears a lot of the blame for the press's and Schumer's fake outrage over all this.
So this means that Dubai was able to invest in an American company. They will have 1/3 interest via stock purchased from another foreign company, and the Miami port will be run by the American company that has been there for many years?
What act of treason?
FIrst, I believe it's 50/50, with the other 50 owned by Eller and Florida Stevadoring. But that's not important.
Second, it's not quite like ownership, but it sure looks like ownership. I'm having trouble thinking of a good analogy, let me try one. You get divorced, you and your spouse each own half a house in partnership. You get re-married in a state where your new spouse is automatically a 50/50 partner in all your assets.
But your new spouse can't move into the house she supposedly owns half of, because her assumption of half your assets can't change the parameters of the partnership deal regarding the house.
I beleive law firm partnerships are like this as well. You can't simply sell your partnership to anybody, the other partners have to all agree. In this case DP World can't sell the POTCMO company because they don't own it, they have a partnership interest in it. And they can't even just sell their partnership, unless allowed under terms of the partnership agreement (which I presume from the article don't allow that), and probably only to someone who was acceptable to the other partners.
And since one of the other partners is Eller, who started this whole thing, I would guess they would veto ANY other partners, thus forcing DP World to sell to them, and Eller could offer whatever pittance they cared to offer.
This is why it would be difficult for the congress to interfere in this partnership deal.
Maybe Eller will offer a fair price, and DP World will sell. It doesn't sound like that's happening now.
P&O Ports is the container terminal operator and stevedore of choice for many shipping lines and marine consortia.
It is a world leader in cargo handling services and port management throughout Europe, the United States, South America, Asia, Africa and Australasia. It is as at home in the emerging markets as it is in more mature economies. P&O Ports is headquartered in London.
P&O ports is not part of P&Q or DP. P&O is a partner and owns 50% interest in POMTCO. POMTCO leases a terminal to P&Q and P&Q is a subsidary of DPW. The P&Q lease from POMTCO was part of DPW purchase of P&Q. DP has no plans to sell P&Q and P&Q has no plans to sell the leases. Goggle up Ports of Miami Trading Company and you will see P&Q listed as one of their terminal lesses. The article was refering to the terminal leased to P&Q by POMTCO.
P&O ports is not P&Q. P&O owns 50% of POMTCO. P&Q leases aa terminal from POMTCO.
BTW, I'm watching Fox and I just heard Eller says they would buy DPW out for 200 million, which is about 500 million less than what it is worth.
As I said, Eller has a reason for what they did.
As I said, Eller has a reason for what they did.
No that would only be the P&Q terminal lease in the Miami port. DP would have 5 more. SSA and Mather wants some of the other terminals. The whole package is 700 million. Eller wants that terminal because they are right next to each other.
The Eller guy said they wanted to take over all the P&O terminal operations in this country.
P&O or P&Q. They don't have enough money for all of P&Q but could do a joint venture.
Please disregard any of my posts concerning P&O today. I made a mistake. Picked up the wrong symbol after weeks of this.
Please disregard any of my posts concerning P&O today. I made a mistake. Picked up the wrong symbol after weeks of this.
To me the percentage would be important. I was not happy with foreign companies in our ports--not just DPW. Personally, I would feel better to know that the American's had at least 51 percent interest. Then, the Dubai company would not have controlling interest.
I did hear on FOX this morning that Eller would try to buyout DPW very cheaply, which isn't right. Just because of political backlash, they shouldn't be able to steal their interest from them. I understand what you are saying though. Hopefully, Eller will take into consideration where our bases are located and take our country's interest into consideration. Thanks for the explanation.
demogogue
I understand P&O is the British owned company that DPW purchased. Offhand, do you know who owns P&Q and POMTCO?
P&Q is another British port company. P&O owns 50% of POMTCO.
Thanks.
Maybe you ought to capitalize "God."
"The Panama Canal and the container yards in the Freeport Bahamas, have allready been turned over to the Chinese. "
can you provide a cite on anything in panama besides balboa and cristobal ports being run by H-W?
there is an urban legend that china bought/runs/administers/controls the canal as well, completely false.
The silence on the part of the DPW critics shows they were just playing politics. They ought to be screaming.
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