Mike Stagg LIVE: Louisiana Coastal Plan

Thursday, 14 October 2010 08:40
Lifting Of Oil Moratorium Could Be Good For New Orleans Hornets Fans
Written by  {ga=EdStaton}

staton1Edison Chouest Offshore, Gary Chouest's company, suffered a setback after Chouest and New Orleans Hornets owner George Shinn entered negotiations to buy the franchise.

It was reported that the sale to Chouest was off because the billionaire hadn't stepped up to purchase the team.


The company owns and operates a growing fleet of offshore service vessels supporting a vast majority of the U, S, Gulf deepwater market, as well as a large independently owned fleet of research vessels.

So the moratorium and oil spill were cause for concern for Gary Chouest and his company, and why the sale of the team too a backseat to more pressing issues. It was expected that the moratorium would cause Edison Chouest to lay off hundreds, if not thousands of workers. They held rallies protesting it and a lot of money lobbying to get it repealed. The spill was a big deal for a lot of persons, but not many more than Chouest. Edison Chouest could have lost as much as $300 million because of the oil spill and moratorium.

On July 15 the oil spill was finally capped, but that was no where near the end of the matter for Edison Chouest.

The moratorium for deep-water offshore rigs was in effect  and was scheduled to remain so until Nov. 30.

On Oct. 2, Chouest gave his first interview in months and disclosed that his company had not been forced to lay off any workers, which meant that about 8,000 workers still had jobs.

The moratorium being canceled  was either the last or second-to-last of a number of roadblocks in which Chouest is trying to run through to eventually becoming the Hornets' majority owner. He owns 25 per cent of the franchise now.

The last remaining hurdle if it still exists at all  would be the $24 - to $30 million he and Shinn are rumored to be apart on the price of the franchise.

At least now, we can say, "Stay tuned."

by Ed Staton

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