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Enron Mail |
---------------------- Forwarded by Richard B Sanders/HOU/ECT on 12/15/99
11:42 AM --------------------------- Helen_Godel@clyde.co.uk on 12/15/99 06:30:56 AM To: Gail Brownfeld/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT cc: Robert C Williams/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, richard_b_sanders.ect%ei.enron.com@clyde.co.uk (bcc: Richard B Sanders/HOU/ECT) Subject: Havmann Gail - To answer your questions, and being brief in this complicated case, I am optimistic about the changes of a recovery against charterers' liability underwriters. Were we to revive the arbitration and it went to a final hearing on merits, I rate the chances of success as 60:40 in our favour. Underwriters have pleaded the defence of inherent vice in the adjourned arbitration but the burden of proof is firmly on them. Further, Minton Treharne & Davies, our experts, believe that the cargo was borderline on spec. and became off-spec. for transit-related reasons (which cannot be blamed on the ship). In our favour, we have the Samarec certificate of quality and one loadport sample ex ship showing the cargo on spec. Against this is the circumstantial evidence of problems on other ships and what will be a sustained technical attack on the credibility of the Samarec certificate by a chemistry expert. My instincts tell me we shall never reach a final hearing. We will have to revive the arbitration without doubt, but underwriters in my view have not got the stomach for a fight. I think they will try to settle for an agreed figure, and will look to Enron to discount their claim. We shall claim against them on top of the settlement sum (yet to be paid by you), various costs and disbursements incurred in defending shipowners' claims. In my view they were all reasonably incurred. Underwriters were given every opportunity to settle with shipowners but choose to do nothing. They did not even bother to attend the mediation. To answer your queries on fees, the amount we are holding on client account is approximately USD111,000 (Navigas settlement monies plus refund of arbitration deposit less paid Clyde & Co. accounts). Unbilled costs are approximately o7,000 and unbilled disbursements o25,000. Regards, David Best. __________________________ This e-mail and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed. Any views or opinions expressed within this e-mail are those of the author and do not necessarily represent those of Clyde & Co. If you have received this in error, please contact Clyde & Co. Telephone: +44-171 623 1244 Facsimile: +44-171 623 5427 email: postmaster@clyde.co.uk Internet: http://www.clydeco.com
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