[quote='Movieguy' pid='26829' dateline='1376064840']
What I am questioning here is the impression IOC management has given thru this multi-month (or you could say multi-year) process of choosing a selldown partner. It has seemed to me, and evidently many others from their SHU comments over these months, that a detailed deal announcement was always about 3-4 weeks away, but this has been the case for over half a year.
Let's recount some history. Very early in the year we hoped for a deal announcement and then were informed final bids were due Feb. 28, and that the board would meet in March to choose one. Discussions here at SHU were questioning if we would get an announcement in early March or late March, or might things stretch "all the way into April." As time went on there was much talk of an announcement by the end of April, yet still nothing. On May 24 we were told IOC was in exclusive negotiations with Exxon, with a 30-60 period stated by PM O'Neill. We were soon told that all the major points were agreed upon. Mgmt said that the 30-60 period was more a maximum than a minimum, and that they hoped to get it done sooner.
We are not dummies here at SHU, and many of us speak with management regularly. The various predictions made by those here of "end of March," "end of April," "before the AGM," "end of July" (take your pick) did not come out of thin air. It was the impression management was giving. Of course management has never given an exact time or timeframe publicly, and there are a few here at SHU who always said it would take a very long time, but my point is that it seems clear that it has taken much longer than mgmt indicated it would.
So the question is why. Did they not realize how long it takes? Did the deal situation constantly change so much that their current forecasting was always behind? Did mgmt realize it would take so long but was afraid to make that clear in fear the stock would tank? I think every possibility should be considered. I welcome all respectful opinions, but please don't start calling me a "short" (or worse) just because I am criticizing mgmt.
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Right. IOC, themselves, have often times given us timing hints...and it wasn't just Phil. Some on this Board apologize for IOC's delays by telling us how complex the deal must be. Okay, well didn't IOC know that this was a complex process when they chose to hint at timing? And I think th new management may have done it again very recently in response to Dumba's "prove your worth" comment by stating that that "a detailed report would be coming soon".