An interesting financial story today. Siboney Corporation, an educational software company, filed with the SEC in December that it is selling its Cuban oil exploration rights to Clarinbridge LLC. I had come across the company as a children’s librarian. At the time, I thought there had to be a Cuban connection, but promptly forgot about it. Today’s news had me questioning what the connection was between software and Cuban oil rights.
Here’s the scoop. In 1955, Siboney Caribbean Petroleum was formed to explore for oil in Cuba. After the revolution, the Cuban assets were seized. The company then underwent a number of changes, including buying a software company. Eventually, the new company divested itself of the other businesses, remaining in learning software.
After nearly fifty years, Siboney sold the rights for over a million in order to pay company debt. Of course, at the moment, this all seems a bit moot, as the present Cuban government owns just about everything at the moment.
For some general background, here.