MIC delivered today

[Tusker]

Northoil has done a great job presenting reality. Exxon knows what they are doing and they have addressed the issues which were a shortfall the first time around. Assuming this deal is approved by shareholders, Exxon/IOC will hold fast to the BMO valuation vs dissenters and budge very little if at all. It's then in the court's hands and they will have to weigh BMO vs Paradigm and you know Exxxon's team will argue hard for the BMO valuation. Will be interesting but people need to be aware of all opportunities and related risks. No slam dunks by any means.

Has BMO been paid yet?  Until such time that the parties involved show proof of transfer of funds (fee payment), the BMO valuation is suspect.

I did not read anywhere that the fee has been paid.

Distrust And Verify

A question worth asking I suppose Tucker, but in considering what is most likely, I'm willing to believe that there's a very high probability that things with BMO are air-tight.  If Exxon wants something done, they have made sure to have the hired guns on staff who cover all bases.  The one things they screwed up on was Phil's tenacity and they underestimated to what extent he would go to protect his baby.  Maybe they screwed up again, so there is that glimmer of hope.

Cheers!

Perhaps that screw up may of come due to task at hand.  The transaction committee documented in the MIC that the first contact with BMO was Nov 18th 2016.  The day after a meeting with XOM. The first mention of the Fairness  Opinion  being received was Dec 09th 2016.  15 working days based on a 8 hour working day, or 120 hours for one individual.

BMO states that many different groups created the report.  So... how many individuals on a per hour basis were involved?

$4,000,000.00 USD fee as a cost was quantified mostly as hourly charge?  So... how many hours of work can you buy from BMO for 4 Million dollars?

For grins, lets say 250.00 USD per hour.  That would 16,000 hours of billable time.  250.00 USD per hour for 120 hours one individual.

So... 133 employees of BMO stopped what ever they were doing for 15 business days and worked exclusively on the Fairness Opinion. Nice work, if you can get it.

That seems ridiculous of course, but it does bring up a reasonable suspicion.  Did BMO subcontracted the work to a outside firm.  If non BMO employees/firms were contracted to completed tasks on behalf of BMO there is a question of conflict.  Especially if the outside firms involved have current or past business with XOM or subsidery operations in Canada.

Also note, the Vice Chairman/committee member has been a participant in Canadian commerce as a Canadian National in the oil and gas industry for say 40 years.  What has been the past relationship with BMO both private and public prior the the election and call to BMO for the Fairness Opinion.  Did this individual have past business, continuing business or loans with BMO private or public?