Replies to post #236 on -Top Gainer - DD// - (deet)

[deet49]

Helms Burton How $9M becomes $800M

The base damages follow a prescriptive format and they use the greater of:

the current market value of the confiscated property;
the market value of the property when confiscated, plus interest;
if the claim is certified by the Foreign Claims Settlement Commission (FCSC), that amount is used, plus interest.
Title III can lead to significant exposure for trafficking[1] as the claim may enable the claimant to recoup the entire value of the property plus interest, not just compensation based on the defendant’s benefit from the property in question.

For example, the claim against Carnival Cruise Lines is based on the company’s use of a pier which was confiscated in 1959. The claim is for the value of the pier plus interest, which means Carnival is facing a claim of $9 million plus 60 years compound interest (interest is set at six per cent by the FCSC), and the possibility of being hit with treble damages[2] which could amount to a sum in excess of $800 million. This is despite Carnival only using the pier since 2016.

[1] Trafficking is defined in section 4(13) and includes knowingly and intentionally benefitting from a confiscated property without the authorisation of a US national that holds a claim on the property.

[2] Under section 302 (3)(C)(ii) the penalty can be three times the amount determined applicable under paragraph (1)(A)(i).

Libertad Act https://www.treasury.gov/resource-center/sanctions/documents/libertad.pdf

[3] Knowingly being defined as “with knowledge or having reason to know” under section 4(9).

https://www.ukfinance.org.uk/news-and-insight/blogs/cuba-sanctions-and-helms-burton-title-iii

if this is the case then $52M becomes $4,628M
SupercaliFRAZalistic

[deet49]

https://www.cubastandard.com/imperial-brands-cigar-sale-to-be-completed-by-end-of-this-month/

Imperial Brands cigar sale to be completed by end of this month
Email This Post Email This PostThe man behind the purchase? Macau casino mogul Alvin Chao.
The man behind the purchase? Macau casino mogul Alvin Chao.

CUBA STANDARD — Imperial Brands plc says it expects to complete the sale of its Cuban cigar assets to Chinese buyers by Oct. 29.

The transaction — which is complex because it is divided into two transactions to two separate entities that are probably controlled by the same group — was delayed due to the COVID-19 pandemic, the Bristol, UK-based tobacco giant said in a press release.
https://www.imperialbrandsplc.com/media/key-announcements/2020/imperial-brands-plc-provides-an-update-on-sale-of-its-worldwide-.html

The Chinese buyers have not announced the purchase yet.

According to a Bloomberg report, corporate filings of Instant Alliance in Hong Kong list an individual as officer who also works as chief financial officer for Suncity Group, the gambling and hospitality conglomerate controlled by Macao billionaire Alvin Chau. An official of Suncity, which has little experience and background in the premium cigar business, denied any direct involvement in the purchase.

Helms-Burton exposure

In August 2020, the heirs of Cuban cigar entrepreneur Ramón Rodríguez Gutiérrez, who owned and operated the Partagás factory building in Havana, filed suit in federal court in Miami, accusing Imperial of profiting from confiscated property. The plaintiffs are asking the district court for unspecified damages.

A plaintiff’s lawyer argues that the Chinese buyers will be liable under Title III of he Helms-Burton law, which punishes “trafficking” of property confiscated by the Cuban state after the revolution.

“Imperial Brands and Instant Alliance have entered into a commercial arrangement for the sale of Habanos that uses or otherwise benefits from confiscated property,” said Evan Stroman, a Miami attorney who represents the heirs to the extinct Banco Nuñez in their Title III case against French bank Société Générale. “Both Imperial Brands and Instant Alliance are in violation of Title III and Title IV.”

Under Title IV, the U.S. Secretary of State can deny entry visas to officials from both companies.

According to one Miami legal adviser of Helms-Burton plaintiffs, Imperial will still be subject to the lawsuit, despite the sale.

“The statute of limitations goes back two years prior to the cessation of trafficking,” said Nick Gutiérrez. “They can still sue Imperial either way.”

Go Nick Go FRAZ PCHM SECI

[deet49]

2 Win Win schools-of-thought upcoming Presidential race

~1 Current policy remains in force we see the fruits of this
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=157722113

~2 New administration pursues old idea's that did not work well but new FOIA information made public concedes this Idea https://investorshub.advfn.com/boards/read_msg.aspx?message_id=154191959

~ ALSO Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 1996 AKA Helms Burton act is codified in law so even if they deactivate Title III private right of action portion the law clearly states the course of action to be taken is clear

Prohibits recognition of a Cuban government that has not provided compensation for U.S. certified claims against confiscated property, defined as non-residential property with an excess of $50,000 value in 1959.

The law provides for compensation of only the largest of claims for confiscated property, primarily only the claims of large multinational companies (valued at roughly $6 billion). It fails to provide for the claims of individuals of the exiled Cuban-American community whose personal residences were confiscated

https://en.wikipedia.org/wiki/Helms%E2%80%93Burton_Act

weather by crook or by hook https://www.justice.gov/fcsc/claims-against-cuba will have to make some kind of Future settlement to what degree is largely the question but I firmly believe no matter what it will much much greater than the poultry price of my favorite stock Francisco Industries Inc. formerly known as Francisco Sugar company incorporated 1899

DEET