'katytrader' pid='82029' datel Wrote:
'AU74' pid='82014' datel Wrote:Not sure what to make of this, since I can't see the whole article behind the paywall. Does this mean the class action is now just against Interoil directors? https://www.law360.com/articles/1041899/...3m-oil-row Exxon Ends Arbitration Fight After Exit From $73M Oil Row By Christopher Crosby Law360 (May 9, 2018, 4:15 PM EDT) -- ExxonMobil Corp. has dropped its Texas federal court suit to escape arbitration with investors who claim they dumped $73.2 million into a failed project to explore for oil in Papua New Guinea, after the investors voluntarily dropped the company from international proceedings last week. A Texas federal judge on Monday approved the oil company's decision to voluntarily dismiss a lawsuit aimed at keeping it out of arbitration with investors of InterOil Corp., a Singaporean company that undertook the oil exploration. The investors had said ExxonMobil was...
I could not read the artcle you referenced, but I suspect that this relates to an attempt to hold XOM liable in a dispute certain investors had with IOC/Mulacek related to an exploratory drilling program conducted long before XOM buyout. I think they were following the US practice of suing the one with the deepest pockets and XOM counter-sued. The investors dropped XOM from their suit so XOM dropped them from the counter-suit. At one time IOC raised money from private investors for drilling programs and I am guessing that at least some of these are still trying to recover something outside of whatever they got from subsequent buyout. fwiw.
katytrader
Thanks katytrader! I found another link that confirms your analysis: https://setexasrecord.com/stories/511427...-investors