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zalm_met_viagra 6 posts  |  Last Activity: Aug 15, 2014 9:55 AM Member since: Dec 12, 2003
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  • Reply to

    Bad News

    by zd60610 Jun 27, 2014 11:16 AM
    zalm_met_viagra zalm_met_viagra Jun 27, 2014 12:02 PM Flag

    $8 bn counterclaim

  • Reply to

    Bad News

    by zd60610 Jun 27, 2014 11:16 AM
    zalm_met_viagra zalm_met_viagra Jun 27, 2014 12:13 PM Flag

    Nobu Su smacks Vantage with huge $8bn counterclaim

    Taiwanese shipowner is seeking enormous sum in damages against the Houston driller in a Texas fraud lawsuit
    Nobu Su

    Nobu Su

    Nobu Su has shot back at Vantage Drilling in a big way, lodging an $8bn counterclaim against the company in which he is the largest shareholder.

    The founder of shipowner Today Makes Tomorrow (TMT) argues through lawyers that he did not defraud the drilling contractor as previously alleged. Rather, Vantage’s founding executives duped him into handing over contracts for four jack-up rigs and two deepwater drillships, Su’s legal team claims.

    Vantage, chief executive Paul Bragg, chief administrative officer Chris DeClair and general counsel Christopher Celano did not have “the means or ability to uphold their promises and they knew it when they told Mr Su that Vantage could do so,” wrote Joseph Slovacek, the Hoover Slovacek lawyer representing the Taipei-based shipowner.

    “Mr Su has been forced to file this suit to bring these injustices to light and recoup what has been stolen from him because none of these individuals have ever told the true story. That ends today.”

    Numerous avenues

    Slovacek says the $8bn damages figure includes the value of the drilling units, two key drilling contracts and money spent by Su’s companies for Vantage’s benefit, as well as damage to Su’s other companies and punitive damages.

    Still, he said it will be up to a jury to decide the final figure.

    Robin Gibbs, the Gibbs & Bruns lawyer representing Vantage, says the company believes the counterclaims are without merit and plans to vigorously fight the allegations.

    Su’s counterclaims are a response to a lawsuit filed in a county court in Houston, Texas, by New York-listed Vantage in 2012 alleging that Su breached his fiduciary duty to obtain his 102 million shares in the driller, which amounts to about 33% of the company.

    The competing claims paint two very different pictures of the deal for four jack-up rigs and two drillships at the centre of the bitter dispute.

    For example, Vantage alleged that Su told its founders that his Mandarin Drilling affiliate had already made a 30% down payment on the ultra-deepwater drillship Platinum Explorer (built 2010) and owed 70% upon delivery from DSME in South Korea.

    But, in the counterclaim, Su alleges he told Bragg he had a “handshake agreement” with DSME to pay the first 20% in 5% instalments and the remaining 80% upon delivery. Three options had the same terms. Slovacek writes that there is no written documentation to back Vantage’s assertion.

    Su also claims the executives did not disclose their “checkered past”, namely Bragg’s exit from drilling giant Pride International after that company became embroiled in a bribery scandal.

    He also alleges, for example, that the Vantage executives committed misrepresentation when they assured him that the company had secured a $440m credit facility to help pay for the transactions.

    But Vantage alleged in its 2012 lawsuit that the deal fell through when Su finally revealed the true payment terms in his agreement with DSME for the drillship, and that only one 5% payment had been made rather than the 30% down payment.

  • zalm_met_viagra by zalm_met_viagra Jun 27, 2014 3:38 PM Flag

    On tradewinds:

    Nobu Su smacks Vantage with huge $8bn counterclaim

    Taiwanese shipowner is seeking enormous sum in damages against the Houston driller in a Texas fraud lawsuit

    Nobu Su has shot back at Vantage Drilling in a big way, lodging an $8bn counterclaim against the company in which he is the largest shareholder.

    The founder of shipowner Today Makes Tomorrow (TMT) argues through lawyers that he did not defraud the drilling contractor as previously alleged. Rather, Vantage’s founding executives duped him into handing over contracts for four jack-up rigs and two deepwater drillships, Su’s legal team claims.

    Vantage, chief executive Paul Bragg, chief administrative officer Chris DeClair and general counsel Christopher Celano did not have “the means or ability to uphold their promises and they knew it when they told Mr Su that Vantage could do so,” wrote Joseph Slovacek, the Hoover Slovacek lawyer representing the Taipei-based shipowner.

    “Mr Su has been forced to file this suit to bring these injustices to light and recoup what has been stolen from him because none of these individuals have ever told the true story. That ends today.”

    Numerous avenues

    Slovacek says the $8bn damages figure includes the value of the drilling units, two key drilling contracts and money spent by Su’s companies for Vantage’s benefit, as well as damage to Su’s other companies and punitive damages.

    Still, he said it will be up to a jury to decide the final figure.

    Robin Gibbs, the Gibbs & Bruns lawyer representing Vantage, says the company believes the counterclaims are without merit and plans to vigorously fight the allegations.

    Su’s counterclaims are a response to a lawsuit filed in a county court in Houston, Texas, by New York-listed Vantage in 2012 alleging that Su breached his fiduciary duty to obtain his 102 million shares in the driller, which amounts to about 33% of the company.

    The competing claims paint two very different pictures of the deal for four jack-up rigs an

  • zalm_met_viagra by zalm_met_viagra Aug 15, 2014 9:42 AM Flag

    Heading north, valuation security business on fire

  • Reply to

    Going back to 92$

    by bronzechair720 Aug 15, 2014 9:45 AM
    zalm_met_viagra zalm_met_viagra Aug 15, 2014 9:48 AM Flag

    wrong again $100.33 as we spwak

  • Reply to

    $100 only in rearview mirror

    by zalm_met_viagra Aug 15, 2014 9:42 AM
    zalm_met_viagra zalm_met_viagra Aug 15, 2014 9:55 AM Flag

    bye bye $101, see ya

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