Why do Elders have 10's of thousands of $1 IOC shares?

[Tree]

Because they trusted management at a time when IOC was 10 times riskier than IOC is today at $79.

I haven't heard of an Elder that has sold yet or is a worry wart yet, have you?

I imagine the guys that found 10Ts + can sell it with the help of 3 IB's when there are 3 mentioned SMs and a few others still not voted off PNG yet.

Heck, maybe the hardest working guy in the Industry already has.

[Movieguy]

What's an Elder?

[efi426hemi]

An elder is a shareholder who has been invested in IOC since Phil first decided to ship a refinery from Alaska to PNG.  Alternatively, elders are also defined as holders of IOC shares for more than 10 years.

Keep it on Ice!

Hemi

[Dmarque]

An elder is a shareholder who has been invested in IOC since Phil first decided to ship a refinery from Alaska to PNG.  Alternatively, elders are also defined as holders of IOC shares for more than 10 years.

Keep it on Ice!

Hemi

.......but......but.......but you're younger than me!?  Maybe I can take heart in feeling like a teenager again since I've only been in since mid 2009.    Nah, I'd rather be an elder too!

[Palm]

Today I was reading some PRs from back in 1997. There are guys here who have been in since then. They are elders and they have been made very wealthy already. Yet like Tree says, they hold on for what they have very good feelings about that is coming. Not even thinking about selling here or if it drops more. Drops have come and gone many times, but they don't even blink anymore. They hold on.

[Palm]

Here is a post of one of THE elders; Iluvioc. From an hour or so ago:

"Just my thiughts

Been on vacation for the last 10 days. Here is my 2 cents. I have no special insider info just my reading of the tea leaves. Phil resigns, why? Lets go back 10 or so years ago. After the financing of the refinery was done the refinery was built IOC purchased all of the BP and Shell commercial properties. 60% of the PNG gas retail stores are owned by IOC. The BP negotiations went OK but the Shell talks were difficult. Shell was very unscrupulous in their dealings. They thought they had a inexperienced management team in IOC and hoped to screw them out of what was agreed to. They thought wrong, IOC came VERY much on top of the talks and both parties would remember this occasion. Here is my take. Shell is the partner. Shell came in with an offer that the IOC BOD could not ignore. Phil basically said BS I'm not going to deal with these AHs.. My guess Shell came in at about $2.00 mcf +..Taking a lower offer would have made the share holders very angry, justifiably so. The PNG Govt loved the decision, a very good anchor against XOM and of course the markets will like this as well. I expect XOM and others will also have some involvement in the sell down as well. What could muck up the works? Some SM who did not get the deal may just buy IOC out right. I doubt that would happen but the BOD was concerned enough to put a poison pill in place. There is a lot of history to this company many are not aware of. Shorts are clue less even many longs have no idea whats really going on. We will know soon if I'm right or not."

If people don't think certain deals would turn Phil's stomach and make a decision instant for him, think again.

[Relker]

The way Phil resigned gives room for speculation that he does not want to sign the coming deal. However, I can not imagine that he would block a decision for this reason. There could also be reasons that he hates XOM. I think that he wanted to resign before the next CC giving room for new management.