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**fnpsr** » 2010-06-05 07:28

Tenman, I thank you for responding and providing the reference. It was an eye opener. What I gathered from the report is that not very much has changed since that report was written. Some of the players may have changed, but the game is still the same and played on the same old dirty and uneven playing field. I don’t know if Antigua can be changed, but I will continue to be hopeful. What amazes me is the assertion that MP’s can make deals without the approval of the parliament and where necessary to circumvent parliament forge signatures. I am really appalled!!! I wonder how many Antiguans & Barbudans have read this report. This report should be required reading in the schools.

With reference to the WIOC issue, I cannot understand how this deal could have been done without the approval of the parliament or a public discussion. So it appears to me that at one time Antigua had owned WIOC. Now, a new player, Chavez, has emerged and he wants it. So we will repurchase it and give it to Chavez to offset monies owned to him. May God Help Antigua & Barbuda!

**tenman** » 2010-06-04 10:09

fnspr yes the Gazette is a public document, you have to purchase it from the government printery. All bills passed by the government have to be published in the gazette. Just did some research and read a paper by Douglas Payne called THE FAILINGS OF GOVERNANCE IN ANTIGUA AND BARBUDA and it says "Bruce Rappaport is a Palestine-born Jew and international oil trader to whom Lester sold a majority interest in the government-owne d refinery in 1982. The sale was not approved by parliament, as required by law, and citizens did not hear about it until the transfer of ownership was reported in the New York Times some years later"

**fnpsr** » 2010-06-04 08:18

Tenman, I was talking to a source today, and I was telling the source about the purchase of the WIOC. The source was not surprised, because the source told me that it was known among certain circles in Antigua, as far back as November, 2009, that Chavez wanted to buy WIOC. The source told me that the PM announced that he got a call from Chavez in the middle of the night offering the $50M loan. The source also told me that the $50M from Chavez was enticement to induce the sale of WIOC. The source continued to say that the purchase of WIOC by Chavez was one of the terms of the loan. The source said that is why the terms were not fully disclosed at the time. The source was also surprised to lean that the good people of Antigua owned 25 % of WIOC. The sourced wanted to know when the government bought the shares. The source said that if this is correct the Cabinet would have had to approve the purchase and it would have been recorded in the Gazette. What do you think? Is the Gazette a public document?

**tenman** » 2010-06-03 13:14

fnspr i concur with about 90% of what you said the exception is the amount to Venezuela, I cannot see it being less than 40% of the total shares. I see government not only vesting the NPL shares in PDV but also its own 25%. Next they will give the 40% to Venezuela and there you have the 60/40 split. The company will then make available to the public the 25% ... Isn't it all sad how they take the money from WIOC and then use it for other things other than fully paying back for the oil. Again I keep saying its like giving a credit card to a crack head. Why would any government do social program with borrowed money, it makes no sense. Perhaps the problem with me is that I do not understand why we continue to not be logical in solving our problems, always some short cut.

**fnpsr** » 2010-06-03 12:06

Tenman, thanks for the information. I found it to be very informative. I am under the impression that PDV CAB is not really a company but rather an account. If I understand the procedure correctly, the government buys oil from Venezuela and pays anywhere from 50 -80 percent of the price upfront or within 90 days. The remainder is considered a loan to be used on projects approved by Chavez. If the government doesn’t have the money to pay the full price, where does it get the money to put in the bank to earn the interest? Okay, let me guess. They will get the money from the sale of the oil. Chavez gets his portion and the government pockets the difference, or should I say, "deposits” the difference in the bank, for special projects. In the meantime, the government is incurring huge debts to Venezuela. So in order to pay off Chavez, the government borrows $68M from Chavez to acquire WIOC and gives Chavez a 30 % stake in it. In order to get the money to pay down the $68M, the government will sell its holding of 25 % and the 45 % in the new company, PHL It seems to me that several Ministries are involved to some extent.

**tenman** » 2010-06-03 05:31

fnspr PDV CAB to my recollection was setup to deal with importing and paying for the oil from Venezuela. The idea was since we only had to pay for about 50% of the oil upfront PDV Cab would use the other 50% for social projects and other investments. The idea i heard is they could put the amount owed in a bank and get perhaps 6% and would consider the interest gained a profit. Venezuela only charged us 1% interest on the remainder which had to be paid back in 2 years time. The problem is that the government (Both UPP and ALP) have a history of not being disciplined so found a way to owe too much. Venezuela recently decided it wants 80% (see Proposed change to PetroCaribe oil pact has Caribbean worried, Stabroek staff | August 5, 2009 ) upfront and I heard Winston Henry (May 25th, Observer Radio Snakepit), A PR man for the government's ministry of National Security, say the 40% is part of paying back Venezuela for monies owed. There is a press release on the government's web site that gives more information on PDV CAB titled "Pm Spencer Leads Delegation To The III PETROCARIBE Summit "

**fnpsr** » 2010-06-03 04:34

The PM says the government owns PDV CAB. Does anyone know anything about this company? Did Parliament approve this company? Was Parliamen's approval required and, if so, was it obtained? What is its charter? Where is it located? Who is in charge of it? How many employees does it have? What is its main product? What is the financial condition of this company? Is it contributing any of it profits, if any, to the treasury? Is the government giving it financial support? Where can one find information on this company? How long has it been in business? Did anyone know of this company before the PM's statement? Was the announcement a surprise to you?

**fnpsr** » 2010-06-01 05:42

Tenman, the fact that Venezuela owns 40 % of WIOC, and the Government owns 35 % of this international company does not bother me as an investor, because I would only invest money that if I lost it, would not be devastating to me. And furthermore, because of the risk associated with this company, I would have to get a higher return for the risks involved. Some of the risks are (1) the Antiguan government is having severe financial problems, (2) Chavez is a wildcard (3) the new majority owners could take control of the company, (4) they could reduce dividends or stop paying dividends in order to have cash to bring the plant up to date (5) the currency could be devalued.

When you think about it, the $30.5M of non-core real estate that will be removed from the WIOC, this will further dilute the stock. If we knew the value of one share of stock, we would know how much the 35 % share of the government’s is further diluted.

**fnpsr** » 2010-06-01 05:32

Cool Ruler, once the stock is offered to the public, you cannot control who buys the shares. The only restriction may be applicable is that another company may not buy more than 10 % of the total shares outstanding. To add another twist, Venezuelan businessmen could gobble up the shares in one fell swoop. You would be double crossed and you would not even know it!

I think what you and many other people might be thinking of is a “private offering”. Here you would invite people to invest. The problem here is that in a "private offering", one has to be wealthy and meet certain financial standing and the investors are limited. These shares will not be on the exchange. Moreover, you would never know who these investors are. Sounds like what they may be thinking?

**alp to me bone** » 2010-06-01 04:57

Cool Ruler, Is that really you?

**Cool Ruler** » 2010-06-01 04:18

Let me see if I understand what will be happening here. We currently own 25%, we will buy the other 75% making us the owner of 100%. We will then turn around and sell 40% to the Venezuelan company leaving us with 60%. Then we will further put 25% on the stock market leaving the government with 35% ownership.
Now the question is this, once these shares are on the stock market there is no restriction as to who can purchase these shares, they may be purchased by Antiguans they may not be. Unless there is some mechanism wear by only Antiguans are allowed to purchase these shares we could have a situation in which the majority shares are owned and controlled by external interest

**tenman** » 2010-06-01 04:16

fnspr outside of the debt issue with no justifiable asset to justify 30.5 million of the debt (since the non-core real estate will be removed and given to another company), as someone who considers themselves an investor I would never invest in a company that is 40% owned by Venezuela and 35% owned by the Antiguan government. I have seen the results of similar setups eg LIAT and I will say again it makes no sense to invest in a business where the majority shareholders are driven by more than the need to make a profit. If the government wants to continue social programs it should do it using its share of the profits.

**naiomi** » 2010-06-01 03:26

I hope all antiguans and barbudans are reading this blog and is understanding what this government is getting into. You are right on and I cannot say anything else except ANTIGUANS AND BARBUDANS BEWARE.

**fnpsr** » 2010-05-31 12:16

George…..Bird, this newly created company, PHL, has all the hallmarks of a shell. It has no cash. It does not have a track record. It has no known address. The management staff is unknown and untested. Its purpose is to develop lands for commercial and residential purposes. What investor in his real mind would invest money in such a company? Usually before a company goes public, it has spent years developing its product and creating a worthy track record that would entice investors to give it money to continue its work.

**fnpsr** » 2010-05-31 12:15

George……Bird, you asked the questions, “Are the stocks that they plan on selling gonna be sold to Antiguans & Barbudans exclusively? Will there be anything in place from people buying and then selling stocks to foreigners? The simple answer is no. When you offer stocks for sale on the exchange anyone can buy the shares, usually through a broker. The stocks will be traded freely and can be bought and sold on a daily basis.

You did not ask the quest about the newly created PHL Company, but I will address it for you. The PM says, “Immediately following the acquisition, the Government will separate out the US$30.5 million worth of non-core business real estate and vest same in a newly created company titled Patriot Land Holdings. Madam Speaker, in collaboration with the Eastern Caribbean Securities Exchange the Government will then offer shares in this new real estate development company to Antiguans and Barbudans at home and abroad thereby giving the power back to the people! The public company owned by Antiguans and Barbudans will then develop the lands for commercial and residential purposes.”

**fnpsr** » 2010-05-31 12:14

George……Bird, you have asked a very good question and I wish the other bloggers would step back for a moment, take a deep breath and think about you question in reference to “start paying for all these debts at once”. It is indisputable the government has not been paying most of the outstanding loans, both foreign and domestic. It is indisputable that the government has frequently missed payroll and that local contractors have not been paid. The overall budget deficit for 2009 was over $600M. The government is presently negotiating for a loan of EC$334.8M from the IMF. If successful, the agreement calls for quarterly disbursements of approximately EC$27.9M over 3 years. Annualized, this is EC$111.6M. This does not even come close to offset the deficit. In order to get the loan, the government has to agree to certain terms. One of the terms is the requirement for a balanced budget, while another is “no more borrowing”. In order to accomplish a balance budget, the government will have to make severe cuts in programs and services.

**Morris** » 2010-05-31 09:42

It is apparent that we are thinking along the same lines, but after reading these blogs I am not sure that others have seen the scheme for what it really is. Your comparison of this venture to Enron and Stanford's ponzi scheme is dead on. I do not know how much Antiguans can take, but we need to brace ourselves to absorb some more debt. I suggest that someone gives the PM and his advisors some xx jxxxy to make the process easier. LMAO

**George Lester Baldwin Bird** » 2010-05-31 09:21

How many moratoriums has this administration put the country under? How are we gonna start paying ALL these debts at once? Are the stocks that they plan on selling gonna be sold to Antiguans & Barbudans exclusively? Will there be anything in place from people buying and then selling stocks to foreigners? Was it not VC Bird who was the PM 30 years ago and not Lester Bird? And it is time they change the name from UPP to UDP (United Divestment Party).

**tenman** » 2010-05-31 07:03

Where did you read that the government will hold the largest percentage of shares. My reading reveals they will hold 35% (Buy 75% give 40% to Venezuela and offer the present 25% they already own on the stock exchange).

**browngal** » 2010-05-31 05:04

What is the real reason for the name Patriot Holding Ltd. (PHL) I can assure you it is not for the "People First" philosophy. The main negotiator is a.k.a Patriot, is she a shareholder along with all the money changers in the UPP? For all our sakes, I hope everything is above board.

**Dig It** » 2010-05-31 04:30

I have no problem in our country having been a majority stakeholder in WIOC. It should be the government's interest to put the people first over any matter. I am not a big fan of this invalid PM and his government, but I must give Jack its Jacket. I am all for this move, so Cool Ruler, if you're out there, and read this, I hope you can be as independent and objective in your thinking as well. I will always give credit where it's due.

**fnpsr** » 2010-05-31 03:58

According to some officials, the dividend from WIOC for 2009 was reported a $3.2M Now a 40% share will goto PDVCaribe, 25% share to investors and a 35 % share minus any fees to PDVCAB for holding the shares. This is all predicated on the fact that after the purchase, the company will be successful.

**F. Tree** » 2010-05-31 03:36

How much money are the Venezuelans paying for their 40% of the then Antiguan owned, WIO? Pray tell us all Mr. PM. And what time period do they (the Venezuelans) have to make full remittance to us?

**F. Tree** » 2010-05-31 03:23

When the Government gets the loan from a Venezuelan source, and buys the remaining 75% of WIO, it means the Government of A&B will "wholly own" WIO. Why then sell back 40% of the shares to a foreigner/Venez uelan source? Is this the condition of the loan?

With 40% ownership of WIO going back to Venezuela, that means the Government only has 60% "ownership". Subtract 25% for sale of WIO owership to special interest person(s). The Governemnt only has 35% ownership.

THI S ALL RESULTS IN VENEZUELA HAVING THE LARGEST SINGLE BLOCK (40%) OF OWNERSHIP OF WIO.

Is the cart leading the horse in this scenario? Who really going end up owning WIO? What are the conditions of the loan should A&B default on the payment. Would WIO not revert to the lender (Venezuela)?

M aybe that is the plan from the beginning?

**fnpsr** » 2010-05-31 00:44

Tenman, one of the things that many people forget is that the government is continuous, so it does not matter which party is in power. It would seem to me that if something is wrong that the party is power would do its best to fix it for the benefit of the good people of Antigua. As you know, I don't take sides, I comment on the issue regardless of the party. When I first read the PM's address, while Enron first came to my mind, I could have referenced Stanford and his Ponzi scheme. This is exactly what Stanford was accused of by the SEC. He would create companies and transfer money to them and then he would borrow money from them to pay off other companies, etc, etc. It is apparent to me that the government, while critical of Stanford has learned very well from him. But as I recall, some of government officials were once his lawyers, so it appears that they have learned from the master. The difference here is, if they fail, the good people of Antigua will pay big price for a very, very long time.

**joe joe** » 2010-05-30 21:54

I hope this positive move on the part of the government will reflect in cheaper prices for petroleum products when the market allows it and not the constant high prices even in the face of low oil prices. I support this move by the government because I believe that WIOC has been taking advantage of us for years.

**F. Tree** » 2010-05-30 21:51

When all is said and done it certainly seems that Antigua in its entirety, will be owned by others and NOT Antiguans. The Chinese controlling retail, restaurants and Electricity, The Cubans controlling road construction, The Venezuelans will soon be controlling our "oil Rights", We selling off SIC, we soon leasing out the air and sea ports. We endeavoring to shut down local businesses like the cinema and shops at the airport by importing foreign owned competitors. HELP!!!!!!

**fnpsr** » 2010-05-30 18:17

With reference to the profits from PHL, one cannot guarantee any profits. As you and I know in new start ups, profits are vanishing. This is another accounting scheme reminiscent of Enron and Stanford. But let’s assume there are profits. Since PHL is a private company the profits will go to the company. They will pay something to the shareholders to continue the scheme. Again, this is reminiscent of Enron & Stanford

In my opinion they are skating on thin ice!!!

**fnpsr** » 2010-05-30 18:15

As Lester correctly pointed out, after the purchase of the stock, Antigua will not be a major shareholder, since (1) 40 % of the stock will be given to PDVCaribe, (2) 25 % to be sold on the open market. The remaining 35 % will be held by the government.

With reference to the $30.5M that will be given to PHL, there is no cash exchanged. According to the PM, “Immediately following the acquisition, the Government will separate out the US$30.5 million worth of non-core business real estate and vest same in a newly created company titled Patriot Land Holdings.” Is the PM saying that he will offer an additional $30.5M of shares to the public in a company called PHL. So PHL is established to raise money through a stock offering. This is an accounting scheme reminiscent of Enron and Stanford.

**fnpsr** » 2010-05-30 18:14

Ny Tigan, I will concede that the government already owns 25 % stock in WIOC. While PDVCAB is an independent company, it is wholly owned by the government. The government wants to buy the remaining share in WIOC, but does not have the money. It goes to its company, PDVCAB and says I want $68M. PDVCAB says I don’t have the money. The government says, don’t worry, I have some friends. The government negotiates a loan and the loan is secured. The purchase of the stock is made and PDVCAB holds the stock. PDVCAB, in and of it self could not get a loan from the PDVSA, so the government secured the loan. I don’t know anything about PDVCAB or its holdings, but I do know (1) it did not have $68M, (2) it could not obtain the $68M loan and (3) the government negotiated the loan on its behalf.

It is true that the PM says that 25 % of the WIOC stock that it possibly holds will be made available on the ECSE for anyone, including Antiguans to purchase.

**John Harvey** » 2010-05-30 12:34

Winston;
Go ask APUA who is going to run the chinese engines for the next 5 years if they get them to work.. Please let us know who is going to pay WI.O.C for the dieasel , Oh !and don;t forget to ask the Little Man on Newgate street who's the middle man cutting the operations deal with BEJIN CONSTRUCTION??? ?????? iS IT the same SIR who will own WIOC ??????????//

**reality** » 2010-05-30 12:32

Of course, the good part of all of this is that it will only serve to bankrupt Antigua, and unlike most Antiguan escapades, won't have a negative effect on the outside world.

Let Baldwin set up his Enron-style SPE. If it was good enough to bankrupt and dissolve a major American corporation, it's certainly good enough to kill off a corrupt, inept third world British castoff "country".

Les ter's probably jealous he didn't think of it first!

**NY Tigan** » 2010-05-30 11:52

If I am understanding correctly, prior to this transaction NPL owned 75% and the the govt owned 25% of WIOC shares. That 25% will be divested and the people will be able to invest in those shares. Correct me if I am wrong. PDV CAB, independent of the government treasury, will borrow $68 mil to purchase NPLs 75% ownership in WIOC. Hence PDV CAB is the borrower and will be responsible for the repayment of the loan and not the treasury. Now, if 30.5 mil is invested into Patriot Land Holding there must be a return on the investment. What will happen to the returns? In accordance with the Petro Caribe Agreement a joint venture must exist and that is why 40% of shares will be sold to PDV Caribe. The people will be able to invest in PLH to which 44.85% of the 68 mil purchase was allocated. What will happen to the return on investment on the fuel business?

**tenman** » 2010-05-30 11:35

JusticeRed please double check and say if I am wrong. As stated the oil refinery industry in the US is in a down trend. Share prices have more than halved for all of the publicly listed refineries. The refining business world wide is in a bearish trend. I get your point about West Indies oil not being a real refinery but try to note that there is less demand for fuel presently because of the economy. West Indies also has fixed costs. Part of this that is absent is we are not hearing how much West Indies Oil nets yearly and what are the real projections for the future.The refinery industry is not good according to the Feb 11, 20110 issue of Dow Jones Newswires "The gloomy outlook for the refining sector is expected to linger through 2011, the International Energy Agency said Thursday." Also note that when privatized the government will take its piece of the corporate tax (30%). JusticeRed be honest would you invest in a company that is 35% owned by the Antiguan government and 40% owned by Venezuela?

**DA C** » 2010-05-30 11:25

I will repeat again and again, Baldwin Spencer is not in a position at this time to be making these major decisions on Antiguas behalf. there seem to be things that they need to hurry before the court makes it's final decision, Judge Blenman's decision seem in the eyes of the Upp and it's followers to have no meaning because of A stay, as far as i know i stay do not make a verdict useless,it simply halts its implementation for awhile,that is not to say that you carry on as normal,what the hell is going on in Antigua,it seem like the UPP has some cynical hold on it's supporters,or we are just a real dunce society, AGAIN I SAY Baldwin should halt from making certain decisions for Antigua, this is a dictatorship, this is a dam joke.Are we going to sit back and allow this one to happen?

**talk as me like** » 2010-05-30 10:53

Power to the people ? That is why we divesting State Insurance ? Antiguanization programme...... .........wow ! We doomed.

**JusticeRed506** » 2010-05-30 07:42

John Harvey, where do you get your information the the chinese are being paid to run the plant?

**JusticeRed506** » 2010-05-30 07:20

Tenman, West Indies Oil is not an oil refinery. It is a straight buy and sell operation. So do not mix it up with the two you named from the US. By the way what about the other refineries. Hope you are not suggesting that none is making any profit. I will be looking for the factys when I get some time.

**John Harvey** » 2010-05-30 06:52

First we buy a $47,000,000, Generator set from the Chinese and then have to pay them to run it.! You don't even wait to have its fuel consumption certified .
Next you increases the Nation dept to Buy W.I.O.C and sell off the Govt 25% share at par value to your middle east boys on NEWGATE STREET///////// /.

**maco** » 2010-05-30 06:14

The PM should first tell us the terms and conditions regarding the US$50 Mil. that we borrowed from Venezuela not so long ago. It is direspectful for the Government to be going around and making these decisions without properly accounting to its citizenry. Isnt there a constitutional requirement for the government to table those loans in parliament within the financial year.

Al » 2010-05-30 04:52

This Gov't thinks we are fools with the games they play every day with the political lines, whether it is on the platform or in parliament. They are selling SIC and buying WIOC and then say Antiguanization . This PM and his colleagues need to demit office especially the poor excuse of an AG. Tell them the day will come when they will be ordinary like most of us and their friends won't be able to benefit any more. As one person say this has too many holes in it so cannot hold water much less sand. read and think for yourself and see.

**fnpsr** » 2010-05-30 04:40

In by view PDVCAB is a holding company. Now it has to divvy up the spoils. Since there is no more NPL and the government claims it has clean hands, PDVCAB will create another company, an Enron scheme, called PLHC and gives it $30.5M. Furthermore, the government “will authorize” its company, PDVCAB to give a forty percent share to PDVCaribe. So PDVCAB has been diluted and in the process acquires an undermined amount of debt and at the same time the government has also acquired a $68M debt plus interest. Since the government has to borrow money to buy NPL and since it owns PDVCAB and directs it and supervises it and control it, the debt stock will be increased.

**fnpsr** » 2010-05-30 04:40

After a careful reading of the remarks by the PM, I submit to everyone that this agreement has the underpinnings of the former Enron Company that went bankrupt and caused thousands of people to lose their life’s savings. Let me say right out of the gate, I agree fully with the blogger “morris”. In my view these series of transaction will cause the treasury money and therefore increase the debt stock. Here is how I see it. The government wants to buy WIOC, but it does not have the money. The government directs it company, PDVCAB, to borrow the money to acquire 75 percent of of the share of WIOC – amount not disclosed. NPL still owns twenty five percent of WIOC, so in order to own WIOC outright, the government borrows $68M from PDVSA. Now the government has control of NPL and the attendant WIOC shares or should I say the Antigua & Barbuda Oil Company shares.

**tenman** » 2010-05-30 01:15

Morris from listening to an interview with Winston Henry on the snake pit yesterday, we are not simply giving them 40% we are paying them back via equity in the company. The government has not lived up to its agreement with Petro Caribe and in order to pay back monies owed will do it via transferring some ownership to Venezuela. Let me ask you this though, would you be interested in investing in a company that is 40% owned by Venezuela and 35% owned by the government of Antigua (They are only offering 25% of the shares to the public)? In the past we have seen the failure of such a model when it was proposed with Liat. The reason for failures is that Government is driven by more than just profit motives and when they have such a high level of control of a company they tend to focus more on using the company to help with social programs.

**Morris** » 2010-05-30 00:23

I am not a supporter of any political party in Antigua, but I am certain that this would make a lot of sense to people without any clue, but this proposal has too many holes in it. The following statement by the PM is very misleading: "Madam Speaker, the solution that we are about to implement will not increase Government’s debt stock. Rather PDV CAB, a private company for which the Government of Antigua and Barbuda is the sole shareholder, will borrow the funds for the acquisition and will hold the shares on behalf of the people of Antigua and Barbuda. Therefore, it is PDV CAB and not the Government Treasury which will be responsible for servicing the loan." The company isn't private if the government is the sole shareholder; it gives them total control of the company. Since they control the company the loan will be their responsibility, and the 6% interest is a little high unless the country's credit is in question. The truth is that we will borrow more money from the Venezuelans and give them a 40% stake through the creation of a shadow company.

**tenman** » 2010-05-30 00:03

No one has stated how much net profit West Indies oil makes yearly in order to help justify the 6% interest we are paying. Oil refineries in the US are losing monies because of the recession are we to believe that it is different in Antigua? Tesoro Corporation lost 97 cents per share for the march quarter and VALERO ENERGY lost 18 cents for the same period. Why do we continue to make decisions that make things worse for future generations?

**tenman** » 2010-05-30 00:02

Since we will own 60% that then means Venezuela will own 40% valued at about 15 million usd(after taking out the value for the real estate holdings). I take it that we owe Venezuela 15 million USD for not paying properly for the oil we getting on credit. They will not take the money directly from treasury but will instead put us (the government) in more debt by getting a loan for US$68 at 6% interest for 20 years This means the total interest will be at least $48, 921548.80 USD (which excludes the 2 years of non payment which if taken will increase the total interest). Therefore we borrow 68 million but pay back about 117 million usd.. The Rapoport estate that (we are told by the Attorney General)had to give us 12 million) will get 68 million in exchange for its 75% ownership.

**Middleton Weste** » 2010-05-29 23:52

This statement gives an historical overview of how WIOC got in the hands of Rappaport. It also sheds light on the government's paln after the acquisition. It did not touch on the savings or increases at the pump for , something that will affect the average citizen. There are citizens who may be able to invest inot the new company, but I would dare say the average citizen wants to now how this deal will lower the cost of petroleum.

By the way while Antiguanization is supposedly on the way, can we keep State insurance.? If we cannot keep this institution going as an Antiguan entity, why Antiguanize any other entity?

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