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Sherritt International Corp T.S

Alternate Symbol(s):  SHERF

Sherritt International Corporation is a Canada-based company engaged in the mining and refining of nickel and cobalt metals essential for the adoption of electric vehicles through hydrometallurgical processes. The Company is engaged in the production of high purity nickel and cobalt metals from lateritic ore. Its technologies group creates solutions for oil and mining companies around the world to improve environmental performance. The Company offers a range of products including Nickel, Cobalt, Fertilizers and Other Products. The Nickel products category includes standard grade, steel grade, and nickel powders. The Cobalt products category includes cobalt briquettes and cobalt powders. The Company’s Fertilizers product category includes anhydrous ammonia, granular ammonium sulfate, crystalline ammonium sulfate-super salt, and crystalline ammonium sulfate-standard grade. The Other products category includes sulfuric acid, zinc sulfide, and copper sulfide.


TSX:S - Post by User

Comment by autofocus111on Dec 31, 2022 1:16pm
135 Views
Post# 35198482

RE:RE:RE:Some people just don't get it

RE:RE:RE:Some people just don't get itOkay I read the proposed decision again. So the chain of ownership is: Banks own Cuban American (formerly Freeport Nickel owned by Freeport Sulfur), and Cuban American owns Moa Bay Mining. In the decision, the Commission actually did decide that Moa claim (CU-2619) is valid and that Moa company suffered a loss of ~$88M, or ~$163M with interest. BUT the commission denied Cuban American claim (CU-2573). ALSO, Cuban American can't make a Title V claim against Moa becuse both are incorporated in USA. AND the banks as creditors to Cuban American are stuck because debts of Cuban American were not charges on properties seized by Cuba. SO Moa company has an award of $163M but apparently NEITHER Cuban American shareholders (aka the US banks), nor the US banks (as creditors to Cuban) can access that under Title V. What a freakin' joke! Sounds like a huge deadend  here for the shareholders aka US banks as far as claims under HelmsBurton Title V goes.

>>>The Commission finds that the claim of CUBAN AMERICAN as a stockholder of MOA and the claims of the banks as stockholders of CUBAN AMERICAN are barred by the express provisions of Section 505(a) of the Act because MOA and CUBAN AMERICAN qualify as nationals of the United States.Accordingly, those claims are denied.
>>>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°
>>>the claim of CUBAN AMERICAN and the claims of the creditors based upon debts due either from CUBAN AMERICAN or MOA are denied.

And then the icing on the cake is that as per the link @rkhosla offered up, Canadian corporations like Sherritt can use FEMA to seek claims on any amounts they might owe as derived from Helms-Burton case decisions.

>>>Canada and the European Union (EU), among others, have strongly objected to the Helms-Burton Act. In 1997, Canada’s Parliament amended the Foreign Extraterritorial Measures Act (FEMA) to provide that any judgment under the Helms-Burton Act “shall not be recognized or enforceable in any manner in Canada.”FEMA provides a mechanism for Canadian citizens, residents or corporations, subject to obtaining an order from the Attorney General of Canada, to seek recovery of any amount that has been obtained against them pursuant to Helms-Burton, including for expenses, losses or damages incurred.
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