CPA proposes Class Action Law Suite vs MH and BOD

[kommonsents]

Thank you for your support !! Phil might be a good leader of our effort !!

I would want to know more about his agenda and approach before I would throw in with him.

[kommonsents]

Thank you for your support !! Phil might be a good leader of our effort !!

JFT, you mentioned that you had a friend, a CPA, that had thoughts on the present issue with OSH which you posted.  He suggested legal action.

I agree we need to explore that option.

I understand you are in the financial industry and wondered if you had a list of firms we could consider for legal action against MH, the BOD, individually and as a collective body, certain investment banker that are complicit, and perhaps others.

I have reserved a couple domain names to use for a website dedicated solely to the issues we are presently facing and feel we need to bring a legal firm onboard to comment and advise on some of the issues that have been raised as well as the options and courses of action that may be available to us.

Also, it would be good to have some guidance on the OSH and/or other deals that may surface.

Do we need an commercial banking house to advise us, the shareholders?  When I say shareholders, I include all, the largest and the smallest.  A separate website addressing these issues should prove to be the best way to do so.

Can you provide a list of competent legal firms to advise us on these issues?  

Do you have any thoughts on the above?

I do believe time is of the essence.

I intend to start discussions with an attorney by end of this week so any suggestions you or any others may have will be appreciated.

Any others with thoughts on these issues will be appreciated.

[rjscotton]

Kommon, I totally endorse your suggestion for a separate website to address all of the issues relating to the following objectives:
1) Having an injunction placed on the shareholder vote for the OSH sale transaction so that a proper independent appraisal of IOC's assets can be prepared under the jurisdiction of an international legal tribunal, and
2) Removing MH as CEO of IOC and all current members of IOC's BOD.

It will not be a difficult process to convince IOC shareholders that as long as we continue to tolerate MH and IOC's current directors, we are consenting to allow them to destroy our investment in IOC.

The current deal with Total is with IOC; it is not with MH and IOC's BOD. With the rights we have as IOC shareholders, we need to regain our original position in the Dec/2013 deal with Total and stop Total's unwarranted aggression. Our shareholder rights are supported by our collective votes. We can call our own special shareholders' meeting and boot MH and all of the directors out if we have the will to do so.

Time is of the essence!!

[ioc.aussie]

All well and good, but this company is finished... if it drags on for months and years we will get zilch.

Interoil has no money or income to support any exploration activities let alone its share in a 10 billion Plant.

It is bleeding to death . They need over 150 milion year  just to survive and  move ahead with the certifcation and pre build requirements.

Total has decided when they need first gas, and will build to that date. Dont be surprised if the date gets shunted out .

Give shareholders an approx Gross cert number and a real evaluation of the companies financial position so we can make

an informed decision on the vote.

[Stavros]

I reiterate my views:

This was all set up between TOTAL, XOM, OSH and PNG Government to Unitize PNG LNG and Papua LNG
This was made obvious when OSH started touting the YUUUUGE synergy benefits a few months ago.

Unitization of the LNG Projects is the next step

It seems to me that something like the following will happen relatively soon.

WE MUST GET A BETTER DEAL FOR OURSELVES AND THEN LET THIS HAPPEN

1. IOC will be acquired by OSH - either they prevail with this deal or we make enough noise to get it sweetened
2. The PNG LNG Project and the Papua LNG Project will quickly be "Unitized" and ExxonMobil will be the Operator of the entire enchilada (Botten already alluded to having One Operator at Caution Bay).

How will this happen?:

1. TOTAL will have 48.5% of PRL 15 after the deal and after the PNG Government opts in. This is clearly way too much. TOTAL will use this ownership in the process of merging the two projects
2. The Unitized Project will buy out Santos' 13.5% share of PNG; they need CA$H and can't afford to stay in a Project that doubles in size
3. The JV Partners in the Unitized Project will be something like the following:

• ExxonMobil - 30%
• OSH - 25% (They will reduce from 29% to bring XOM on-board)
• TOTAL - 20% (They will also be selling to XOM and others)
• PNG Government - 21% (They now have 19.6% of PNG LNG)
• Smaller Partners who are already in PNG LNG - 4%

[ArtM72]

All well and good, but this company is finished... if it drags on for months and years we will get zilch.

Interoil has no money or income to support any exploration activities let alone its share in a 10 billion Plant.

It is bleeding to death . They need over 150 milion year  just to survive and  move ahead with the certifcation and pre build requirements.

Total has decided when they need first gas, and will build to that date. Dont be surprised if the date gets shunted out .

Give shareholders an approx Gross cert number and a real evaluation of the companies financial position so we can make

an informed decision on the vote.

Why do you ignore IOCs contact with Total?  Why do you ignore the value of IOC's PPLs?  Why do you think IOC needs $150M/yr when they no longer have operations?  False flagging?

[oliver.gump]

All well and good, but this company is finished... if it drags on for months and years we will get zilch.

Interoil has no money or income to support any exploration activities let alone its share in a 10 billion Plant.

It is bleeding to death . They need over 150 milion year  just to survive and  move ahead with the certifcation and pre build requirements.

Total has decided when they need first gas, and will build to that date. Dont be surprised if the date gets shunted out .

Give shareholders an approx Gross cert number and a real evaluation of the companies financial position so we can make

an informed decision on the vote.

Why do you ignore IOCs contact with Total?  Why do you ignore the value of IOC's PPLs?  Why do you think IOC needs $150M/yr when they no longer have operations?  False flagging?

IOC is spending between $60M and $80M per quarter with a staff of less than 100 people. They have just finished selling their last remaining vehicles in Port Moresby (cars that were used by management), and they dont have any staff at Napa Napa any more. What is interesting is that their payroll each month hasnt shrunk by much (~5%) with shedding 1500 PNG citizen staff and employing more SVP's and VP's and housing them in Singapore.

So with the cost of housing and other expenses in Singapore, when they had their own property in Port Moresby... That is the kind of spending pattern that brings us to this point.

What they have remaining in the $400M slush fund they got from Credit Suisse will be pretty much exhausted by the end of the year.

There is a massive amount of data avilable out there if you know where to look for it

[oliver.gump]

All well and good, but this company is finished... if it drags on for months and years we will get zilch.

Interoil has no money or income to support any exploration activities let alone its share in a 10 billion Plant.

It is bleeding to death . They need over 150 milion year  just to survive and  move ahead with the certifcation and pre build requirements.

Total has decided when they need first gas, and will build to that date. Dont be surprised if the date gets shunted out .

Give shareholders an approx Gross cert number and a real evaluation of the companies financial position so we can make

an informed decision on the vote.

Why do you ignore IOCs contact with Total?  Why do you ignore the value of IOC's PPLs?  Why do you think IOC needs $150M/yr when they no longer have operations?  False flagging?

IOC is spending between $60M and $80M per quarter with a staff of less than 100 people. They have just finished selling their last remaining vehicles in Port Moresby (cars that were used by management), and they dont have any staff at Napa Napa any more. What is interesting is that their payroll each month hasnt shrunk by much (~5%) with shedding 1500 PNG citizen staff and employing more SVP's and VP's and housing them in Singapore.

So with the cost of housing and other expenses in Singapore, when they had their own property in Port Moresby... That is the kind of spending pattern that brings us to this point.

What they have remaining in the $400M slush fund they got from Credit Suisse will be pretty much exhausted by the end of the year.

There is a massive amount of data avilable out there if you know where to look for it

I forgot to mention that IOC will be sending out their white proxy 3 times, (it has already been sent twice) so they will sent it one more time.

The cost for this process is around $US110k each time, and each outgoing solicitation call asking for votes is costing $10, and each incoming call to answer queries is costing around $6

Potentially this makes each mailing cost around $150k, so three of these is $450k

Yoda said of Hession: The spend is big with this one.

[petrengr1]

All well and good, but this company is finished... if it drags on for months and years we will get zilch.

Interoil has no money or income to support any exploration activities let alone its share in a 10 billion Plant.

It is bleeding to death . They need over 150 milion year  just to survive and  move ahead with the certifcation and pre build requirements.

Total has decided when they need first gas, and will build to that date. Dont be surprised if the date gets shunted out .

Give shareholders an approx Gross cert number and a real evaluation of the companies financial position so we can make

an informed decision on the vote.

Why do you ignore IOCs contact with Total?  Why do you ignore the value of IOC's PPLs?  Why do you think IOC needs $150M/yr when they no longer have operations?  False flagging?

IOC is spending between $60M and $80M per quarter with a staff of less than 100 people. They have just finished selling their last remaining vehicles in Port Moresby (cars that were used by management), and they dont have any staff at Napa Napa any more. What is interesting is that their payroll each month hasnt shrunk by much (~5%) with shedding 1500 PNG citizen staff and employing more SVP's and VP's and housing them in Singapore.

So with the cost of housing and other expenses in Singapore, when they had their own property in Port Moresby... That is the kind of spending pattern that brings us to this point.

What they have remaining in the $400M slush fund they got from Credit Suisse will be pretty much exhausted by the end of the year.

There is a massive amount of data avilable out there if you know where to look for it

I forgot to mention that IOC will be sending out their white proxy 3 times, (it has already been sent twice) so they will sent it one more time.

The cost for this process is around $US110k each time, and each outgoing solicitation call asking for votes is costing $10, and each incoming call to answer queries is costing around $6

Potentially this makes each mailing cost around $150k, so three of these is $450k

Yoda said of Hession: The spend is big with this one.

Does this mean people voting the white proxy can vote three times? Just kidding, but nothing would surprise me with these people.

[Movieguy]

If the deal passes by vote of the shareholders, does that pretty much end the possibility of legal action? Is it the idea that if more than 50% of the shareholders approve the deal then it can't be so bad that the BOD is guilty of any wrongdoing?