HOUSTON--(BUSINESS WIRE)--In an international arbitration case that spanned five years, two continents and billions of dollars in disputed business value, Houston boutique litigation firm Ware, Jackson, Lee & Chambers LLP today announced it prevailed on behalf of its client Consolidated Energy Ltd in efforts to regain control of Methanol Holdings Trinidad Ltd (MHTL). Last month, the International Court of Arbitration ruled that the shares of MHTL originally owned by collapsed insurance company Colonial Life Insurance Company [Trinidad] Ltd (widely known as CLICO) be sold to Consolidated Energy for $1.175 billion – substantially less that what the government of Trinidad and Tobago had sought. This morning, in Port of Spain, Trinidad, CLICO signed over all shares in MHTL to Consolidated Energy.
“In this multi-country, multi-faceted case, our firm worked tirelessly to help Consolidated Energy restore complete private ownership in its methanol-producing operations in Trinidad & Tobago,” said Jeff Chambers, a WJL&C partner.
The case began when Consolidated Energy’s local partner CLICO collapsed during the Great Recession. The government of Trinidad and Tobago stepped-in and purchased CLICO’a stake in MHTL as part of what was to be a temporary bail out. When the government would not sell its stake in the company, the international tribunal found in the first of three hearings that this amounted to oppression under Trinidad law. In a second hearing, the government was forced to sell its then majority share to Consolidated Energy. In the final hearing last month, the buyout price was set at $1.175 billion, far lower than the $1.85 billion sought by the government.
“It will always be unfortunate that CLICO collapsed, but the government over-stepped in this case,” said Chambers. “We are pleased that the international tribunal agreed with us at every stage.”
Ware, Jackson, Lee & Chambers, LLP, established in 1993, is a boutique litigation law firm with a focus on civil jury trials and arbitration. The firm specializes in litigation involving all industries, including construction, insurance, oil and gas, environmental, financial and securities, manufacturing, medical, real estate, petrochemical and transportation. More information on the firm is available at www warejackson.com.