Back on May 5, 2009 Avelar (Igor Akhmerov) filed with Sedar that they had transferred FO shares. “Under the agreements, Avelar has contributed these Shares to Avelar's subsidiary Avelar Exploration Egypt Ltd. ("Avelar Egypt"), which has agreed to sell these Shares to Renova's subsidiary Soliter Holdings Corp. ("Soliter")".

The transactions got me curious about Viktor Vekselberg, the owner of Renova. He was #61 with $10.4 billion on Forbes World’s Billionaires List of 2007. Although 2008 saw him drop to #67 his net worth increased to $11.2 billion. Now, 2009 finds him all the way down to #397 and $1.8 billion. WOW and I thought my portfolio took a hit! Another FO shareholder feeling the pain - and here I’ve been hoping he would make an offer to buy us out.

However, “net worths were calculated using share prices and exchange rates from February 13, 2009”, and with the almost doubling of the price of oil since then and the weakening of the US $, he may have recovered somewhat so I shall continue to hope. J

http://www.forbes.com/lists/2009/10/...

The World's Billionaires

#397 Viktor Vekselberg

03.11.09, 06:00 PM EST

Ukraine-born oil and aluminum baron continues deal-making in chemicals, power plants, gas storage despite severe losses in his largest assets.

Net Worth:$1.8 bil
Fortune:self made
Source:oil, metals
Age:51
Country Of Citizenship:Russia
Residence:Moscow
Industry:Diversified
Education:Moscow State University of Railway Transport, Bachelor of Arts / Science,
Marital Status:married, 2 children

Ukraine-born oil and aluminum baron continues deal-making in chemicals, power plants, gas storage despite severe losses in his largest assets. Oil company TNK-BP shares down 63% over past year; an eight month power struggle finally resolved when chief executive was removed and new management put in place. Former German chancellor, Gerhard Schroeder, who has ties with Prime Minister Vladimir Putin, joining board. Things even shakier at aluminum giant, UC Rusal, which he formed with fellow billionaire, Oleg Deripaska, when they merged their companies. Firm's debts add up to $16.3 billion: $7 billion to foreign banks, $6.5 billion to Russian banks, and $2.8 billion owed to Russian richest man, Mikhail Prokhorov, for a 25% stake in Norilsk Nickel. Bankruptcy, nationalization and even sale to Chinese investors rumors are swirling. Meanwhile shares of Swiss electronics maker Oerlicon, in which Vekselberg holds a 33% stake, have fallen more than 90%.