'rjscotton' pid='71511' datel Wrote:Whether the White or Blue ballot wins, there is another option that may have the best chance of increasing the value IOC's shareholders ultimately receive. That option is to file a lawsuit that is successful in delaying the shareholder vote on the OSH transaction until an independent 3rd party evaluation can be completed for IOC's assets. I agree that, in some respects, nothing really changes until MH and the current IOC BOD are removed, but we desperately need an appraisal by an O & G expert that can provide an independent valuation of IOC. It will be difficult for the institutional shareholders to vote Yes for the OSH deal if there is a substantial difference in what IOC shareholders should receive based on an independent 3rd party appraisal vs. the OSH deal as currently constructed. We should not forget that the institutional fund managers also have a legal obligation to properly perform their fiduciary responsibilities. At this juncture, we have an excellent opportunity to delay the vote on the OSH transaction until a court ordered evaluation of IOC's assets can be completed. After the evaluation is complete & depending on what it shows relative to the OSH proposed transaction, it may then be a relatively easy task to remove MH & the IOC BOD. I think a potential outcome of having an independent appraisal performed, is that the O & G expert appointed by the court may conclude that the final appraisal of IOC's assets needs to be finalized after Antelope 7 is completed. At that time, the final certification of the E/A resource can more reasonably be determined and included along with all of IOC's other assets into a proper valuation. The current shareholders of IOC should not discount the power of a plaintiff's position in a lawsuit. It is difficult for a defendant in a lawsuit to overcome the subpoena power of the court. If the defendant were to be successful in that endeavor, it would thwart the plaintiff's discovery objectives. We are where we are today because Total has recognized and believes in the huge value of IOC's assets. Most of this value is derived from IOC's lease positions. We need to do what is necessary to hold onto these lease positions until Total realizes they need to pay a fair market value for them! It's not a great deal different that what we faced when Shell tried to go through the back door to get IOC's assets. It's just a different, more subtle approach by another major O & G company. The current conundrum IOC shareholders have is with Total, not OSH. OSH and MH and IOC's BOD are simply facilitators for Total.
Rjscotten - Thanks for your comments . Your 5th paragraph says it all ....Total " DOES" recognize the HUGE value of IOC's assests . As Stavros has pointed out ,they will slowly acquire "the whole ball of wax" ( my words summerizing what he has stated). First IOC will be gone,then (very likely) , OSH . In a few years, .[ Big , patient ,slowly manuvering and with money and/or borrowing power ,] Total will get what they know will be a 30 to 40 year Arun type asset. ( ...with all our great leases,could easily be longer .)
We voted all our family shares "blue" ,but we still may wind up (temorarily) as owners of OSH stock. May "the force" (any good force) be with us." border="0" class="smilie" src="http://shareholdersunite.com/mybb/images/smilies/huh.gif" />