[quote='SamAdams' pid='21632' dateline='1367183329']
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.
*************************
Very well said. What "guess" might explain why Phil would abruptly "retire", then unnecessarliy and akwardly try to explain it a few days later? Could it be that he disagreed with, then revolted against, a decision to sell his company...but later decided (after he digested the inevitability of it)...not to torpedo the share value of his own investment and just said what he said in his less than eloquent way?
It also seems more necessary for an entity "stepping into the shoes of IOC" to need to meet with/interview with PNG (like Total may have) than it would be for an entity just taking a minority interest in IOC's existing relationship. It seems to me that SamAdams is right about PNG now being the decision maker. If IOC knows they are soon out, maybe it makes sense that they know it's PNG's baby at this point...and Phil obviously knows the same.
I'm "guessing" IOC knows they are being bought out by someone and are just letting PNG get acquainted with their new bed partner so IOC can know who will be paying them. Either way, Phil is unhappy and is unnecesary.