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Replies to post #1953 on Manati Industries, Inc (MNII)
deet49
02/26/17 8:10 PM
#1954 RE: JDoggs_Money #1953
The Commission further finds that on August 6, 1960 the current assets of claimant and its three Cuban subsidiaries exceeded their current liabilities by the amount of $130,626.57 and that the total value of the companies taken by the Government of Cuba on August 6, 1960 was $46,872,433.57 However~ there were outstanding certain Collateral Trust Bonds in the amount of $1,242,460.00 bearing interest at 6% per annum due April 30 1965. These bonds were secured by First Mortgage Bonds issued by clafmant~ the mortgaged security being the claimant’s property in Cuba which was taken by the Government of Cuba on August 6, 1960. The Commission therefore finds that the amount of $1,242,460.00 represents a lien on claimant’s property in Cuba and must be deducted from the total amount determined to have been taken by Cuba° Accordingly, the Commission concludes that claimant suffered a loss in the amount of $45,629,973.57 on August 6, 1960 within the meaning of Title V of the Act.
MNII Claim Worth to Shareholders Manati Sugar (Industries) Assets over liabilities $ 130,626.57 Investments lost $ 2,812,311.47 Simple Interest per year (6%) $ 176,576.28 Assets plus interest for 57 years $ 13,007,786.14 Share Payout $ 10.16