RE:RE:Some people just don't get it@Verificate @Stratochief Here is a link I found to the proposed decision of the FOREIGN CLAIMS SETTLEMENT COMMISSION OF THE UNITED STATES in regards to the Cuba MOA seizure case.
I am not a lawyer, but reading through it, my takeaway is that the claims by the impacted Freeport subsidiaries against the Government of Cuba (yes, the Government, NOT Sherritt) on behalf of their shareholders, who are several big investment banks (and who own all the shares of these subsidiary companies) were DENIED.
@Stratochief Can you please point me to a subsequent decision filing that asserts otherwise? If not, then I claim BS on it..
https://www.justice.gov/fcsc/cuba/documents/1501-3000/2619-2573.pdf
>>>PROPOSED DECISION... The Commission has previously held that a claim based upon a debt of an entity qualifying as a United States national may not be considered unless the debt was a charge on property taken by the Government of Cuba... It is neither alleged nor does the record show that any of the debts upon which the aforesaid creditors base their claims were charges on any properties taken by the Government of Cuba. The Commission is therefore precluded from considering their claims°...For all of the foregoing reasons, the claim of CUBAN AMERICAN and the claims of the creditors based upon debts due either from CUBAN AMERICAN or MOA are denied.
>>>The record shows that MOA BAY MINING COMPANY (MOA) and CUBAN AMERICAN NICKEL COMPANY (CUBAN AMERICAN) were organized under the laws of Delaware (Exhibits B and D), and that at all pertinent times more than 50% of the outstanding capital stock of MOA and CUBAN AMERICAN were owned by nationals of the United States. It further appears that at all times from November 23, 1955, when MOA was incorporated, to the date of filing all of MOA’s outstanding capital stock was owned by CUBAN AMERICAN (Exhibit C). In turn, all of CUBAN AMERICAN’s outstanding capital stock was owned from August ii, 1955, when CUBAN AMERICN then known as Freeport Nickel Company was incorporated, to November 8, 1.963, by Freeport Sulphur Company (Freeport), a corporation organized under the laws of Delaware (Exhibit E).
>>>Ever since November 8, 1963, el! of CUBAN AMERICAN’s outstanding capital stock has been owned by the First National City Bank, Bankers Trust Company, Mellon National Bank and Trust Company, Chemical Bank New York Trust Company and The Bank of New York, all of which banks qualify as nationals of the United States within the meaning of Section 502(I)(B) of the Act (Exhibits G ang H)
>>> Claim No. CU-2619 (MOA) The Commission certifies that MOA BAY MINING COMPANY suffered a loss, as a result of actions of the Government of Cuba, within the scope of Title V of the International Claims Settlement Act of 1949, as amended, in the amount of Eighty-eight Million Three Hundred Forty-Nine Thousand Dollars ($88,349,000.00) with interest at 6% per annum from August 19, 1960 to the date of settlement.