Bloomberg -Phil M calls for IOC exec insider trading investigation

[jft310]

Big fines and possible jail time here.

Hession knew he had till mid July to max his personal gains from sale of IOC . Huge incentive to sell the company . Can't say he was not aware of a pending sale .

The data room was open with 30 some lookers , talks with Exxon and OSH were on going . And they bought stock near the bottom for  themselves !! Big deal their Mr Pink Shirt ,

Think Orange might be Hession new color to wear !!

http://www.bloomberg.com/news/articles/2016-07-26/interoil-founder-calls-for-insider-trading-probe-of-directors?cmpid=yhoo.headline&yptr=yahoo

[Tusker]

This will get regulators attention in America and Canada. Yes... and... those agencies share information.

[Kaliboo]

Finally!  Something that has real teeth to threaten the corrupt IOC management.  But where does this lead?  IOC cash will then be spent to defend them?  IF all or some are found guilty, then what?  What does that cost us?  How long does it take?  When will a sale ever happen?  I can see many months of delay that might follow.

HEre's some outcomes.

1.  XOM sale goes through as per current course.  End of story.

2.  XOM sale gets voted down.  We are stuck with current management causing more decline in value and running out of cash.

3.  Some or all of BOD and MH get charged with insider trading and have to be replaced.  Where does this take us?

4.  Another bidder ups the ante.

5.  The gov't (ICCC?) prohibits XOM from buying IOC and mandates a new plant be built rather than consolidate to PNG LNG.

It seems that 2 and 3 are limbo outcomes.  You don't know where you are, where you are going or when you will get there.  It seems 3 can significantly delay any sale to any company.  For 3 to be good, you need to get rid of all of them and have a shareholder friendly team step in to sell the company.  Can that happen and how long would that take?

Maybe our lawyers can comment.  The sense on this board is everyone wants OUT at a fair deal which is a good bit higher than currently being offered by XOM.  I don't think anyone wants to ride this jackass of a comany for several more years.  Items 2-5 above have major uncertainties as to where they take you and how long.  We're hoping for 4 to happen, but given the threat of 5 I suspect everyone is now waiting.

[jft310]

Cove Energy was 4-6 months depending on the when you start counting . Is this comparable ????
This year we are up 44 percent . That trend is our friend . Who knows??????

[Kaliboo]

Cove Energy was 4-6 months depending on the when you start counting . Is this comparable ???? This year we are up 44 percent . That trend is our friend . Who knows??????

Thanks.  Please elaborate on Cove.  What took 4-6 months?  From what to what?

[katytrader]

Cove Energy was 4-6 months depending on the when you start counting . Is this comparable ???? This year we are up 44 percent . That trend is our friend . Who knows??????

Thanks.  Please elaborate on Cove.  What took 4-6 months?  From what to what?

See wiki for Cove Energy.  "The Sale Process" near the end of the wiki describes what happpened.

[Putncalls]

You have good points Kaliboo. The lack of MH statements regarding the latest certification, the cap and the lost Total payments is antagonizing. Then there is the 90 million( At what point does one draw a moral line?