The situation in the case is comparatively simple. There can be little doubt that at least at the end of January 1980 claimant has been deprived of the effective use, control and benefits of their property rights. By that time the Ministry of Housing has appointed a Temporal Manager, pursuant to a decree of revolutionary council July 1979
The appointing of Temporary Manager deprived the shareholders of their right to manage the company, as a result the claimants were deprived of their possibilities of effective use and control of it.
the government of Iran cannot possible rely on any withdrawal of personnel as a justification for the appointment of a new manager; the evidence shows that Starret maintained staff in Iran longer than most other American companies, obviously in an attempt to secure future possibilities to complete the project.
Investors in Iran, like investors in all other countries, have to assume a risk that the country might experience strikes, lockouts, disturbances. A revolution as such does not entitle investors to compensation under international law.
When considering the events prior to January 1980 to which the claimants have referred [the revolution] the tribunal does not find that any of these events individually or taken together can be said to amount to a taking of claimants contractual rights and shares. The tribunal concludes that 30 January 1980 must be considered as the date of the taking
The next question is to determine the exact nature of the property rights that were taken. In this case it appears from the nature of the measures taken that these measure were aimed at the taking of the company, and it comprise the physical property as well as the right to manage the project and to complete the construction in accordance with the basic project agreement, and to deliver the apartments and collect the proceeds of the sale.