Speech #1040133872

The lawsuits from this sector of the Cuba economy. it should be noted. will not be limited to the claims of the companies themselves. Section 4(11) of the LIBERTAD bill defines "property" to include any "security interest." Therefore. the shareholders in these industrial. manufacturing and transportation sectors of prerevolutionary Cuba will be filing individual lawsuits if Title III is enacted. How many such lawsuits will be filed is really anyones guess.But let us assume that each enterprise had even 100 shareholders now naturalized in the U.S. whose individual shareholdings were worth at least $3.500 thirtyfive years ago. This means that a further 100.000 lawsuits may be expectedwith again the fact that descendants of the original owners will be filing most of the suits ensuring that the figure of 100.000 Is considerably enlarged.9 Then there are the lawsuits to be expected from Cubas agricultural sector. Once again. it is difficult to quantify the number of such lawsuitsparticularly when most agricultural properties had multiple interests encumbering them. such as colono and various other tenure and leasing arrangements. But if we pick a figure of at least 25.000 rural properties (out of a total of over 150.000 such propertieso) whose owners emigrated to the U.S. and that had a value in 1960 of at least $3.500. and if we then assume two overlapping property interests asserted with respect to each property (e.g.. a fee simple and a colono interest) by an average of two descendants claiming such interests. we arrive at a figure of 100.000 lawsuits generated by Cubas agricultural sector. Finally. there are the lawsuits that will be brought with respect to properties that. although originally residential. are now being used. in the language of Section 302(a)(1). in "the conduct of a commercial activity" and therefore are not exempt from suit under Section 4(11)(B)s exception for "real property used for residential purposes." (Emphasis added). Cuba has no modern office blocks to speak of and very few purposebuilt service premises of any kind.