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Pauldrayton - apologies, you are correct. The arbitrators are Swiss, French and a British based barrister.
Given the last update was on 2nd July, you would have thought there wasn’t much work left to complete at that stage. They might be out by a matter of days but it shouldn’t be weeks on that timescale. If there is no update tomorrow I doubt RKH will chase - they will simply wait for the tribunal now. Even with it being ICSID, I can’t see it being more than a week late personally. Famous last words!
May update stated
"The Tribunal anticipates that it should be in a position to render its award* in the course of July. The Tribunal will revert to the Parties towards the end of June to confirm this timeframe."
July update stated
"The Tribunal has made significant progress and confirms that it should be in a position to complete its work in the course of July."
''should be'' used in both cases. If not announced tomorrow, then I expect there will be another ''should be'' Rns on Monday
Incorrect. The update in March stated that the tribunal expected to be in a position to issue the award during the course of July. The July update was a bit more vague and stated that they expected to complete their work in July but I think it’s a fair assumption to think that means issuing the award in July (after all, their work is not complete until the award is issued).
Also the arbitrators are not Italian, the defendants are Italian.
*rns
As far as I am aware the recent runs didn’t say that the award would be announced in July - only that the work on the case would be completed. Who knows how long it will take for the Italian arbitrators to issue their conclusions.
Yes CitizenTS,...that (which If I didn't know better I'd suspect is an influence peddling placement by the Italian's), also crossed my mind,....what caught my eye, was this bit:-
"As a result of the acquisition, RKH indeed subrogated to MOG in all its legal relations, and accordingly RKH substituted MOG in its rights against the Italian Republic, including its rights under the ECT."
Now, I am not a lawyer, (I'm a property Landlord),...but that sounds positive to me,....which is why I believe, we have a very strong case,.....minimum, 50% of claim, is what I am expecting.
BW
Ovets
We agreed on something and positive too
Fingers crossed we are both right
It would almost certainly have to be a case that hasn't been publicised yet, involving the Italian State and how many of those are there?
On the face of it SecretBlue, it does fit the Rock case very neatly,
however I do not know all of their other cases so their is a slight question mark.
The bit that persuades me the case study is OM is the bit about overcoming an early jurisdiction argument, something that Harbour boasted in a press release in August 2019
I suspect Harbour have "ploughed a lot of money" into this one because they expected to win and could then use it as a reference case study for others to follow.
In matters such as this, you hardly allude to something as a case study if you're not pretty sure you're not going to make a fool of yourself.
I don't when News will come maybe not tomorrow ..but soon....When it does... Buckle your seats fellow LTH'S :)
Interesting link & thank you for posting SecretBluePrint. There is no direct reference to Italy and Rock,
however if it is that case, then this is interesting regarding the due diligence aspect
''Without warning and in breach of the Energy Charter Treaty, the host government introduced
restrictions preventing foreign companies from oil exploration. No compensation was
offered to the company for removing its production concession, and THE STATE PERMITTED
domestic companies to continue their operations.''
Does this not arguably blow out of the water any potential lack of DD??
I feel as I have said, you can not do DD against an unexpected change of policy from Governments.
The OM case is practically a certain home win, I do not think lack of DD comes into the equation either,
plus Harbour are experienced and expert, and have ploughed a lot of money into this case for a substantial pay out.
The risk v reward case for Rock right now appears heavily skewed to the reward side.
This was
Ovets, i dont know the outcome ofcourse, apologies if my post came across as such. The “roughly halved” statement is due to posters here who attended a previous AGM and reported that it was said that the arbitrators cut depends on the size of an award. If a we end up with a rather large award of 100 mio plus, I believe it was said that they will take somewhere between 40-50%. If it’s less, great, but I’d rather keep expectations low and stay prudent. I’m sorry if my post came across as if I know any more than everybody else, that was not my intention. Let’s hope for some good news soon…
How likely are you to put up a case study unless you know it will be a good result
Nice find
https://harbourlitigationfunding.com/wp-content/uploads/2020/11/Harbour-Investment-Commercial-Treaty-Arbitration.pdf
Includes a case study of the Italian Job by the litigation funders.
Daikihaku: "That the Award which has been roughly halved already by arbitrators" - how on earth do you know that?
If you really know that as fact, then you must know that there is an award and how much it is.
Errr, the greedy piglets just passed on what they were told by ICSID. Not their fault on this rare occasion.
OM is a distraction imho, a small award that will be split with the lawyers and then with a collection agency of some description as the Italians will never pay RKH
The only thing that can propel the SP is Sealion actually progressing which is out of our hands
*Conforming = comforting
Meant to add to my post, that it is a conforming fact that arbitrators won’t get paid until we do, so that give me some hope that collecting of an award will be handled by competent people
“ If that's the way it goes I'd sell the claim to a specialist to help secure SL.“
This is my concern aswell. That the Award which has been roughly halved already by arbitrators will be halved again in order to collect it. And knowing Sam he will probably throw in half of our remaining share of Sealion too
Let’s hope things for once turn out positive for rkh shareholders… surely this case is not dismissed, there will be an award. The risk as I see it, is purely size and how/when it can be collected, which wouldn’t have been a big deal if our glorious leaders hadn’t left us in this precarious cash position we are in now
Re Wraith, Wolters Kluwer,
Well imho the only relevant part of this blog (which If I didn't know better I'd suspect is an influence peddling placement by the Italian's) is where it tries to argue that decisions of Italian courts and government pre acquisition should influence an award (expectations only were transferred - as defined by Italian courts/government). Those decisions themselves are of course part and parcel of what the case is challenging. The arbitrator is deciding on precisely those decisions amongst others. Accepting the Italians' argument would effectively undermine jurisdiction.
It's just a distraction. Who knows where it will land. If we get the Full Monty it will take a while to impound assets and collect. If that's the way it goes I'd sell the claim to a specialist to help secure SL.
I now doubt the OM decision will be taken this month.
Looks like it will drag out into August and who would be surprised if we were still waiting at the end of August!!
The good news is it is blindingly obvious they aren't discussing after 4 years how to dismiss the claim. I just hope the award is worth the frustrating wait.