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Monday, October 24, 2016

Eco-Tankship Opposes Enron Auction

December 31, 2001

South Carolina based Eco-Tankship, Inc. is contemplating a bid to oppose the auction of Enron Corp's "enrononline" trading division. The auction, approved last week by Southern District of New York bankruptcy court judge Arthur Gonzales, has been scheduled for January 10, 2002. Alexander Schizas President and CEO of Eco-Tankship has notified counsel for the creditors committee, the debtors in possession and the US trustees of Eco's interest in moving to oppose the sale. The particulars of the opposition surround Schizas' request for full disclosure by Enron regarding the auction. Schizas' group contends that Enron must disclose that they do not have proprietary rights to the Internet based trading of Liquefied Natural Gas in its physical form and as futures and options on futures. Schizas' group owns the LNGHUB.COM website which was established in March for the purpose of trading LNG. With the increased interest in the utilization of this clean burning fuel for power generation the world over, Schizas is seeking to ensure that "if and when" the Enron trading division resumes operations, that he and Eco-Tankship will not find themselves in a protracted legal battle over who has rights to trade this commodity and the financial contracts. Schizas claims that he individually filed a utility patent application covering the trading of LNG in June of 2001.

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