Why no 'Cheap Shot" Bidder Quotes?

[Tree]

*********************

Your own words from three days ago seem to agree with Admin's interpretation. Do you remember saying these things...

BoD met in SG last weekend with final selection deliberations.  Decision made.  Split between BoD and Phil/Civelli on winner.  Phil/Civelli lobby O'Neill to side with them to maintain upstream control and choose secondary bidder. Phil's removal was a bid contingency - possible, I've posted that option before. [Phil] also understands it was a business decision the BoD made.

By the way, neither Colin nor O'Neil has said anything that supports your latest "guess". 

[/quote]

CAC,

So, you offer no evidence of Phil being forced out or any 'cheap shot bidder or Gov't ' comments either.

You are dead wrong in both of your statements.  I posted a day after Phil's resignation , "Phil's removal was a bid contingency - possible, I've posted that option before."   You overlook 'possible', I went on to show how I conclude Phil resigned on his own terms in that thread.   Directly oppositte of Admin's position and apparently yours.

http://shareholdersunite.com/mybb/showth...p?tid=3464

Phil's clarification 3 days later, buttress my conclusion and contradict Admin's and many others.  Phil made these clear statements while he is still CEO of IOC.  I'd like someone to show me where he is lying, making such big claims which could be easily verified and proven wrong.  You think IOC would let these comments stand if they are lies?  You must.

"Mulacek has since told PNGIndustryNews.net that this came across poorly and consequently provided more background to his decision. 

“I was retiring so that I can focus on my private company after we get the LNG [transaction] closed, and help InterOil as a director and chair certain strategic committees that I enjoy,” Mulacek told PNGIndustryNews.net. 

“I recommended a new CEO [for] some months, and we have interviewed to ensure a smooth transition to run the LNG project once it is closed. 

“This timing is now, and any new CEO would like upside and input to gain respect by shareholders. If I wait until the transaction is closed, and the stock runs, then he has a flat position while the project is under construction and a selfish outcome that hurts me and everyone. 

“As the fourth largest shareholder it would not be in my personal interest to have a harder environment for a CEO replacement, nor do I need to falsely create a situation that is hard to follow and would mean cheap shots by some shareholders. Many really have no idea of the hard work it takes and support that will be required for a new CEO.”

The InterOil founder’s CEO retirement is effective from April 30 and he revealed that Elk-Antelope bidders were aware of his plans, which counters some of speculation since this news emerged. 

“In regards to LNG partners, I have worked with the main bidders and each of these has been told by me for some time I will retire,” Mulacek said. 

“It was absolutely false to state or imply it was implied by any valid bidder that I retire. In fact the ability to go forward proves the point to the bidders that we are serious, as I announced my retirement, knowing they will all take it 100% seriously. It was absolutely false that any valid bidder would want me out. The respect is there, and I am on the LNG steering board committee and will remain so.”

I really do not care if people believe Phil or not but Phil's comments stand as record.  And they make sense.  No one has pointed out where he's lying because no one can.

In response to a possible board-level divisions over how to develop the project, the CFO revealed that the ultimate decision would be made by the government. "There are no differences at Board level.  The development decision will be recommended by strategic partner and PNG will decide and approvethe best commercialialisation"

IOC has maintained that all final bidders are pre-approved by PNG and in CC have stated that all bidders, including EWC, were still in the mix and that IOC was 'fine with any scheme chosen by PNG'.  IOC BoD met in SG and PNG in the last week.  Appears that IOC chose a prefered bidder and now the decision between current bids is up to PNG.  There is likely continued bidding.

Phil has known since Oct. 2011 when IBs were hired that unless EWC scheme was chosen, IOC would not have opertorship.  Perhaps it's apparent that EWC will not be chosen and Phil graciously exited.  We do not know.

Collin states no BoD divisions and O'Neill has been nothing but supportive of IOC and need for the Gulf Project and has never been anything but supportive and easily accessible to Phil.

Only hearsay and sensing exist that Phil was forced out by shareholders or bidders.  That makes no sense and there is no supportive evidence.

In response to a possible board-level divisions over how to develop the project, the CFO revealed that the ultimate decision would be made by the government.

"There are no differences at Board level.  The development decision will be recommended by strategic partner and PNG will decide and approvethe best commercialialisation" 

[Thylacine-2]

Tree, Phil is definitely not "lying". When two people see things a little differently it doesn't mean one of them is lying.

I can sure understand why Phil is looking forward to running his private company. After these years of worrying about share price and hyper stockholders, running a private company where he can just focus on running his business will be like being on vacation. :-)

[Tree]

Tree, Phil is definitely not "lying". When two people see things a little differently it doesn't mean one of them is lying. I can sure understand why Phil is looking forward to running his private company. After these years of worrying about share price and hyper stockholders, running a private company where he can just focus on running his business will be like being on vacation. :-)

There is no gray in his statement Thy.  You believe it's true or you believe it's not true.  Evidence supports Phil's statement.  No one has shown or even attempted  otherwise that I've seen.

[CAC]

Tree, Phil is definitely not "lying". When two people see things a little differently it doesn't mean one of them is lying. I can sure understand why Phil is looking forward to running his private company. After these years of worrying about share price and hyper stockholders, running a private company where he can just focus on running his business will be like being on vacation. :-)

***********************

Unless one is emotionally attached to Phil, I'm not sure that it matters a whole lot "why he's gone". It is what it is. My "conclusion" is based on my best logical inferences from all known facts. It is not swayed by a personal fondness or admiration for any one individual.  I obviously could be wrong, but again, I see no importance to it beyond possibly helping us "guess" as to timing.

[ebster123]

The one thing I don't understand, and maybe I am fixated on it for no reason, but what is Phil's "private company"? Was or will he be given licenses that have not been developed yet?

[jft310]

CAC- as to timing the interview with Phil states the new CEO is to have some input. Thats means we get a new CEO soon and may drive home the date of April 30th as actually meaning something. Or May 1st we may have an annoucement of a new CEO. The smoothest transition might be an insider familiar with all things LNG and the bidding. Thats next week I can wait.

[Palm]

The one thing I don't understand, and maybe I am fixated on it for no reason, but what is Phil's "private company"? Was or will he be given licenses that have not been developed yet?

That company is PIE and no, it can have no claim to the PNG licenses held by IOC. However it has been active in the past in SW US. Phil likely will use the IOC stock it holds to have some fun in new ventures. He might even hook up with EWC, who knows?

[SamAdams]

So I'll start by saying I've always been a believer in Phil. He is THE reason the company exists.  That said, he is not above rational criticism.  Last week was unexpected, to say the least.  Even in the world of IOC.

IF Phil's retirement was a formal part of this process, it should have been disclosed to shareholders.  The Feb. 28th cc would have been the perfect time.  That cc is a perfect example of a rational criticism of Phil.  It was flat out terrible.  Whether it was nerves or legal constraints, it doesn't matter.  But that is behind us.  I think there are too many lawyers and smart people to have let this go undisclosed, so therefore I conclude this was not a formal part of the bidding process.  This is not to say Phil hadn't contemplated it, but it was not official.

If Phil's retirement prior to a sell down was part of the master plans, I think it is a bad plan.  Does anyone thinks this makes sense?  Only one way it does and I'll get to that.  Again too many smart people, including Phil, for this to make sense.

I think Phil's press release was unnecessary and frankly beneath him.  He was obviously upset with sell side comments and probly the fact the stock went up.  And to state that his is worried about upside for the next CEO???.

Phil has done incredible things and should be allowed to retire on his terms and to get the credit he so richly deserves.  The only way this makes sense for me is that Phil knew the end was near for him as CEO and he wanted to retire rather than to bereplaced. It does not make sense that he would retire prior to the sell down.  If a deal is announced on Tuesday, then this will ae forgotten and Phil can spike the ball.  I cannot believe the BoD or PNG govt. would delay a decision so an as yet unnamed CEO.gets proper upside.

One other thing that I think has changed in this is that it now appears the govt.  is making the final choice.  I have been told consisntly that IOC would make the choice and the "inform" the govt. before announcing.  If this is true than something happened in early April and perhaps that relates to Phil's retirement.  I think Geologydude was spot on when he pointed out that wall the digging and contacts that SHU has, no one saw this coming.

To restate, I am a Phil guy and don't think he's lying, but I'm not sure his press release tells e whole story.  Hopefully none of this matters in two days.

[Palm]

Sam, I really appreciate your posts. I'm going to add my perspective on this and some of it involves Phil's vision and dream for IOC and his pioneering spirit. I don't think many will dispute his pioneering spirit; without that he never moves a refinery to a remote island. He never takes up licenses at the request of the PNG government that majors had abandoned. The other is his dream as stated in the IOC vision statement: "Interoil's focus is the construction of its oil refinery in Papua New Guinea; the exploration of its various exploration licenses; and the development of a fully integrated oil company that will own and operate assets from the wellhead to the gas pump.  The refinery is expected to process 32,500 barrels of oil per day and result in PNG becoming an exporter of refined petroleum products". This is from a very informative AIF filing with the SEC for YE 2003:

http://www.sec.gov/Archives/edgar/data/1...xv99w2.txt

People really should take the time to read through this as it even discusses PIE and the fact that it has in the past been involved in exploration in the SW US and I believe this is the entity Phil will get very active in to continue or start a new dream.

Many of us invested in this dream maybe not fully understanding Phil or this dream. He has been driven by this dream all through this SD process. None of us know what all has gone on in that board room, but I think it's a safe bet that for a long time Phil has made it clear that if it gets to the point where this dream can't be achieved, he would consider retiring or maybe even selling out. He has no interest in working for someone else; few entrepreneurs do. We know he had a dream of working with EWC and even Flex because they are concepts he believes in AND it would result in more retained ownership for IOC and its shareholders, as well as substantially higher cash flows. And it would retain operatorship as well as achieve full integration; hs dream and the original vision for IOC. He was living and working for the stated company vision. Isn't that what he's supposed to do?

IOC started out looking for oil and if you read that AIF you will see why; there was a belief (and still is) that it was there and others had given up looking. By a bit of great fortune they've stumbled upon something that by all original models is not supposed to be there; Vast reefs full of clean gas and rich liquids (and maybe yet oil). Huge reservoirs. Even more capability to reach that dream and objective. Had it not been this large the majors might not be back. We've often wondered why IOC has kept some of this a bit quiet. I believe this is why. The majors would want it and the dream of "to operate" would be near impossible. So they tried to hurry into deals with those that would allow the vision and dream to happen; EWC, Flex, PRE, Gunvor, etc etc. IOC could stay in the game as originally planned, but majors started telling PNG government that modular was unproven, Flex and EWC are too small. It's too risky, none can get financing. Kick them all to the curb. Give us IOC's licenses.

So it's been a battle; I think much because EA has proven as a prize now for majors; as well as PRE and maybe more. The bidding has evolved and Phil has seen it coming, and I think he has said for a while, "If it goes that way, I know we lose operatorship. I likely will retire."  Maybe some of it is a power play, no doubt there have been heavy discussions, but in the end I believe (last week) the board made their decision and pick and with that the die was cast. He says they have been interviewing. I believe him based on the above. I think he's seen the writing since Feb 28th. The IBs have analyzed and recommended, the board has decided what they feel is the best deal for shareholders. Not just the 4th largest shareholder (Phil) but for all.

This is what I think has gone on.

As far as the government having final decision, that's not a new thing. OSH wanted Petronas fir their project. The government wanted Exxon. I believe IOC has the finalists who were all pre approved by the government and said they feel ????? (Notice Exxon, Shell and Total all have 5 letters so no tips there with 5 "?"s, but we also have JKM and ? who submitted bids we think). So just as with OSH it's the government's decision. And we've heard of O'Neill meeting with various parties. We should know very soon.

As for the new CEO, several good options out there. But if the deal is at hand it most likely has to be someone with stock/options now; Byker, Collin V, AZ, or possibly Kerr (would be great choice).

This is how I and some others have seen this and how it fits both what Byker said in the release, and what Phil has said.

As the saying goes, "use or flush"

[ebster123]

The one thing I don't understand, and maybe I am fixated on it for no reason, but what is Phil's "private company"? Was or will he be given licenses that have not been developed yet?

That company is PIE and no, it can have no claim to the PNG licenses held by IOC. However it has been active in the past in SW US. Phil likely will use the IOC stock it holds to have some fun in new ventures. He might even hook up with EWC, who knows?

anyone know how people can get involved in PIE?