Comments on: Piracy in the filings… http://www.footnoted.com/buried-treasure/piracy-in-the-filings/ Morningstar's guide to what's hiding in SEC filings Sat, 04 Feb 2012 00:16:39 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Neil Carvin http://www.footnoted.com/buried-treasure/piracy-in-the-filings/comment-page-1/#comment-8675 Neil Carvin Fri, 05 Jun 2009 14:04:06 +0000 http://www.footnoted.com/?p=3786#comment-8675 I've been surprised the Venezuela's expropriation on Tidewater's ships and shore assets hasn't gotten more attention. Tidewater's 10-K states that Petroleos de Venezuela, S.A., which is Venezuela's national oil company, "took possession of 11 of [Tidewater's] vessels that were supporting PDVSA operations in the Lake Maracaibo region of Venezuela." A Tidewater facility in this area was also seized. Venezuelan law requires compensation for this expropriation, but Tidewater indicated that no offer had yet been received. PDVSA also owes Tidewater approximately $40 million, according to the 10-K, for previous services. I’ve been surprised the Venezuela’s expropriation on Tidewater’s ships and shore assets hasn’t gotten more attention.

Tidewater’s 10-K states that Petroleos de Venezuela, S.A., which is Venezuela’s national oil company, “took possession of 11 of [Tidewater's] vessels that were supporting PDVSA operations in the Lake Maracaibo region of Venezuela.” A Tidewater facility in this area was also seized. Venezuelan law requires compensation for this expropriation, but Tidewater indicated that no offer had yet been received. PDVSA also owes Tidewater approximately $40 million, according to the 10-K, for previous services.

]]> By: Nimit Kumar http://www.footnoted.com/buried-treasure/piracy-in-the-filings/comment-page-1/#comment-8668 Nimit Kumar Thu, 04 Jun 2009 16:09:09 +0000 http://www.footnoted.com/?p=3786#comment-8668 Interestingly, the rise in (sea) piracy is having some positive impact elsewhere. Axsys Technologies, Inc. (AXYS), an aerospace company, has been involved with the Navy in some of the anti-piracy efforts. The impact cloud across Industrials sector gives a quick view of piracy across different companies - http://search.gridstoneresearch.com/beta/search?df=0&qs=piracy&r=10&t=2&dis=1&st=16. Interestingly, the rise in (sea) piracy is having some positive impact elsewhere. Axsys Technologies, Inc. (AXYS), an aerospace company, has been involved with the Navy in some of the anti-piracy efforts. The impact cloud across Industrials sector gives a quick view of piracy across different companies – http://search.gridstoneresearch.com/beta/search?df=0&qs=piracy&r=10&t=2&dis=1&st=16.

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