'Gator' pid='27092' datel Wrote:The questions aren’t just with “The Exxon Deal”. A major question is why was Collin Visaggio being so evasive? Why not point out that 65% of the quarterly loss was payment to officers who retired. “During the six months ended 30 June, 2013, two of our executive officers retired. The compensation paid or payable to these officers upon their termination was a total of $8,700,000.”
Collin also was silent on the payment to Mitsui. Why? “On July 3, 2013, we paid Mitsui $6.3 million in relation to the call option, and $9.5 million on July 31, 2013 being the first of three equal installments in relation to Mitsui’s share of capital expenditure incurred, and the repayment of the unsecured loan, together with interest thereon. The remaining two installments will be paid on August 31, 2013 and September 30, 2013 respectively.”
The entire conference call was a clear as mud.
Again, this is the "shift" that many have mentioned. The items you mentioned were from their financials. The financials, MD&A and the earnings release itself are all corporate attorneys really want "said". The CC before 2000 used to be closed to the public but regulation FD and the internet opened things up. Used to be primarily analysts and institutional investors so they could get some color. With things so open IMO attorney view is "Read the financials and disclosures (including the MD&A) for what you really need and get little from management in a CC." CCs can be a mine field unless kept to basics.