Thinking About the IPI Buy In

[Palm]

I believe that IOC management has proposed a value of $X which they feel fairly compensates the IPI investors. Neither management nor the IPI investors wants pps to take a fully dilutional hit as management and most, and probably all, IPI investors also own common shares. So there are likely several offers/options for the IPI investors. I believe that's why the strategic partner can be "up to" 19.3%. So best for all could be for the IPI investors to sell their interests to that strategic partner for the $X value and any difference to be made up by IOC, but with far less cash or shares than a full dilution. Tree and I have been working on this scenario to try and put more into it, but have not had a chance to get back together since this morning. May work, may not, but on first blush it seems to have merit.

Part of what supports this is the wording in Total's PR that mentions Total and IOC having this right. They may be working together to peddle these IPI interests.