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'Martinistocks' pid='68830' datel Wrote:It truly is as if the Board stole from the shareholders. They through Phil out... made a new deal and give MH credit he negotiated a wonderful deal for himself. The Board supported it. A question were we somehow complicit.
Martini, you raise an interesting point about complicity. Read the comments made by the Woodside Chairman in response to about 27% of shareholders opposing proposed remuneration. I googled Woodside Remuneration Report rather than weave through the Woodsite website.
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Thanks Katytrader...apparently we need the two strike rule. Check out the article it is informative.
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This was a classic ad hominem attack by IOC on Mulicek. Whether or not Mulacek wants to be on the Board the company refuses to address the concerns of shareholders. I don't think this was either cheap or poorly written. Rather this likely came from an expensive political consultant well trained in beating opponents by half truths, allegations, innuendo and lies rather than addressing the substantive issues.
Example? We can start by demanding who is responsible for enforcing the PSA terms regarding the appraisal. Where is the negotiated amendment that has continued to allow payment delay by Total thus bringing all IOC drilling operationsto a halt. We bad a contract. It has been broken. Someone other than IOC shareholders should pay.
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'ArtM72' pid='68853' datel Wrote:This was a classic ad hominem attack by IOC on Mulicek. Whether or not Mulacek wants to be on the Board the company refuses to address the concerns of shareholders. I don't think this was either cheap or poorly written. Rather this likely came from an expensive political consultant well trained in beating opponents by half truths, allegations, innuendo and lies rather than addressing the substantive issues. Example? We can start by demanding who is responsible for enforcing the PSA terms regarding the appraisal. Where is the negotiated amendment that has continued to allow payment delay by Total thus bringing all IOC drilling operationsto a halt. We bad a contract. It has been broken. Someone other than IOC shareholders should pay.
Art,
I agree. While I don't agree with all of Phil's proposals, some are very valid and this letter does not address these proposals. Furthermore, some of these responses are almost comical. Take this one for example, "Implemented a clear strategy to create value for shareholders." Well that's a new one on me. I don't think Phil would be here right now if this were true. Was that clear strategy, IOC has sufficient funds until the certification payment, IOC exercised their $300M loan, to IOC has extended and increased their loan to $400M. But maybe it's me. Maybe someone can clearly lay out IOC's strategy.
Also, nothing defending Mike's pay. The arrogance of people never ceases to amaze me.
Good luck longs, we need it.
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'will2bgreat' pid='68858' datel Wrote:
'ArtM72' pid='68853' datel Wrote:This was a classic ad hominem attack by IOC on Mulicek. Whether or not Mulacek wants to be on the Board the company refuses to address the concerns of shareholders. I don't think this was either cheap or poorly written. Rather this likely came from an expensive political consultant well trained in beating opponents by half truths, allegations, innuendo and lies rather than addressing the substantive issues. Example? We can start by demanding who is responsible for enforcing the PSA terms regarding the appraisal. Where is the negotiated amendment that has continued to allow payment delay by Total thus bringing all IOC drilling operationsto a halt. We bad a contract. It has been broken. Someone other than IOC shareholders should pay.
Art,
I agree. While I don't agree with all of Phil's proposals, some are very valid and this letter does not address these proposals. Furthermore, some of these responses are almost comical. Take this one for example, "Implemented a clear strategy to create value for shareholders." Well that's a new one on me. I don't think Phil would be here right now if this were true. Was that clear strategy, IOC has sufficient funds until the certification payment, IOC exercised their $300M loan, to IOC has extended and increased their loan to $400M. But maybe it's me. Maybe someone can clearly lay out IOC's strategy.
Also, nothing defending Mike's pay. The arrogance of people never ceases to amaze me.
Good luck longs, we need it.
Hi Will,
I agree if they help the shareholders value anymore, I'll be broke. Arrogance? No they think that we are stupid.
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[/quote]
Hi Will,
I agree if they help the shareholders value anymore, I'll be broke. Arrogance? No they think that we are stupid.
[/quote]
Wap, Now that gave me a good laugh. And clearly your interpretation is more correct. IOC doesn't know if they are drilling A7 yet, but they got their line of credit extended and increased. But I'm sure that's just good planning, lol. Why do that if you have $170M remaining on the line of credit, you have reject ability over A7, and there is nothing in the Total agreement about additional drilled wells? IOC could have spent much less time and money on telling Total we have completed the appraisal program and are proceeding with the certification. Odds of drilling A7, >99%.
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'will2bgreat' pid='68864' datel Wrote:
Hi Will,
I agree if they help the shareholders value anymore, I'll be broke. Arrogance? No they think that we are stupid.
[/quote]
Wap, Now that gave me a good laugh. And clearly your interpretation is more correct. IOC doesn't know if they are drilling A7 yet, but they got their line of credit extended and increased. But I'm sure that's just good planning, lol. Why do that if you have $170M remaining on the line of credit, you have reject ability over A7, and there is nothing in the Total agreement about additional drilled wells? IOC could have spent much less time and money on telling Total we have completed the appraisal program and are proceeding with the certification. Odds of drilling A7, >99%.
[/quote] Well, extending and increasing a line of credit when seemingly not needed IS sound financial planning, no lol about it. I defer to others on the A7 issue, but I have heard Hession say more than once that he intended to get value for "every molecule." Pouyanne has said more than once that Papua is a "long cycle investment", so it would hardly be surprising if IOC and Total agreed that getting EA right via A7 was in their interests, albeit interest seen from different angles.
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Maybe Hession is going to pick up the tab for the $400 million credit deal. How much will that cost him? On the other hand maybe the banks are giving it away for free.
Yeah. He thinks we're stupid and powerless. He might be right on the latter count. We'll see.
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