July 28 meeting location

[katytrader]

So in an official public filing they announce the vote meeting place as NY, but because it isn't listed in a PR well over a month before the meeting takes place and before the Circular comes out, they are trying to deceive shareholders? Or maybe they assume informed shareholders put more weight in filed docs and actually read them.

PalmTree -

Deceive shareholders?  You might make the arguement that not to inform in not the same as to misinform or deceive. So I would characterize this as their effort to defraud shareholders.

So here's the question I've struggled to not understand.  When IOC's own official independent reserves estimate shows C2 at 10.2 TCF why has Hession not vigorously defended that figure in the evaluation of this deal?  This speaks directly to the NEED for this deal.  Hession has more than enough education and background to fully understand the resource, yet he remains silent when story after story in the industry press cite a MUCH smaller number, a number that argueably puts IOC in a much tighter financial bind.

Of course, Hession has two defenses.  First, he's never denied the GLJ appraisals so he can't be held culpable of knowingly understating the asset. Second, he's agreed to not engage in any activity that might undermine the OSH deal.

PalmTree, you're a Hession apologist for whatever reason.  I believe what IS clear is the only rational explanation for this deal involves the active failure by Hession and his Board to reveal the most critical, the most material information to our investment decisions.

  If Hession defended the 10.2 with respect to this deal, he would end up being wrong because the deal will use an AVERAGE of two figures.  He can be right only if BOTH figures come in at 10.2 or higher, something which seems unlikely to me.   I suspect that this is why Botten lowballs the number......he prefers any "surprise"  to be on the upside, rather than be accused of deception and all the other labels.