Southern Maryland Community Forums - View Single Post - Exxon Loses Venezuelan Asset Freeze...............

03-23-2008, 11:08 AM

Quote:

Even though Exxon said it had no plans to appeal the decision, analysts expect a continuing fight from the company -- which is famous for heavy litigation in disputes.

"My guess is that Exxon isn't going to take this and simply say 'OK, we're going to sit down and come to a middle ground.' They're still going to play hardball," said James Halloran, analyst with National City Private Client Group, which owns 9.6 million Exxon shares.

Last month, a U.S. court confirmed its order freezing $300 million in Venezuelan assets in a U.S. bank.

Exxon had also secured $12 billion freezes on PDVSA assets from courts in the Netherlands and Dutch Antilles. The U.S. oil giant said the London ruling would not affect these orders, though Ramirez they would be have to be lifted.