Full Compliance of InterOil with Requisition

[katytrader]

Steve, did you learn from this self-serving release that InterOil proposed a reduction of the board size to 8, which Mulacek rejected?  As for "delay", no responsible Board would respond without consultation with lawyers and amongst themselves.  If one thinks this doesn't take time, I would suppose that one has little experience with lawyers and committee meetings.   How long might one suppose a Board would take to fully discuss the implications of all of the proposals, not least of which is that four of the Board would have to give up their seats?  Personally, I am surprised that Finlayson suggested a Board of 8, assuming PM's filings to be true.

This is a negotiation in which one side decides to selectively disclose to an audience.  No doubt on advice of counsel, and perhaps also Board preference, the company has chosen to remain silent.  There is nothing peculiar or nefarious in waiting until the last day, or minute for that matter, in responding to an action which was not welcome.  From IOC's perspective, there is nothing to be gained in a public war of words with a diissident shareholder and his family.

You have defeated your own arguement by stating at the outset how difficult it is to make a timely decision then how IOC mgt should never respond until the last minute.  The fact is the required timing of IOC's response was not the result of any unreasonable PM demand but the requirements of Yukon law.  We've got our vote.   As they say, any exposure is good exposure.

Mulacek Rules!

I hardly defeated my own argument.  It is reasonable to expect IOC to need time to come to a response but even if they decided quickly it still would be wise to wait until the last minute to respond.  IOC may or may not have needed all of the time taken to respond. Having taught Negotiations to MBA students for 30 years and consulted as well, and know both literature and practice fairly well, I  think the Board have played it in a conventional way.  I think it ironic that some who criticize management for delays welcome this distraction with its potential for delaying decisions on whatever is on management's desks.   Mulacek Rules?  Well, maybe in his extended family but hardly in the investment community.  He was tossed out by his own Board for some reason(s).

[Tree]

Spite. This release goes beyond presentation of fact to take opportunity for unneeded digs at management. This makes Phil look more bitter than concerned. Not how best to express concern.

I don't agree.  From what I've read so far he is simply putting IOC management responses in the proper context.

Fine Art, maybe you can show how to reconcile Phil's self stated and admirable statement below and his bitter, vindictive and counter productive presser yesterday to acheive his stated objective for Concerned InterOil Shareholders group.

Fact of life:  Avoid any group with 'concerned', 'smart' or 'green' in it's title as Phil has once again proven, they feast on suckers and do not operate as such.

“The objective of the Concerned InterOil Shareholders is to help ensure that future transactions are accretive to the long-term growth in shareholder value. We look forward to engaging in a constructive dialog with the Board and our fellow shareholders and working with the Company to implement the policies we believe are required to position InterOil for success.” – Phil Mulacek, former chairman and Chief Executive Officer of InterOil Corporation.

[Kaliboo]

Spite. This release goes beyond presentation of fact to take opportunity for unneeded digs at management. This makes Phil look more bitter than concerned. Not how best to express concern.

Yes, it does certainly look that way.  But if the company is behaving badly, then what should he have done?  He has framed this as an "us vs. them" confrontation with winners and losers.  He's playing on shareholders' emotions who have been sitting very disappointed on the sidelines during his and MH's leadership.  Let's hope this doesn't give us an unintended outcome.

[ArtM72]

Spite. This release goes beyond presentation of fact to take opportunity for unneeded digs at management. This makes Phil look more bitter than concerned. Not how best to express concern.

I don't agree.  From what I've read so far he is simply putting IOC management responses in the proper context.

Fine Art, maybe you can show how to reconcile Phil's self stated and admirable statement below and his bitter, vindictive and counter productive presser yesterday to acheive his stated objective for Concerned InterOil Shareholders group.

Fact of life:  Avoid any group with 'concerned', 'smart' or 'green' in it's title as Phil has once again proven, they feast on suckers and do not operate as such.

“The objective of the Concerned InterOil Shareholders is to help ensure that future transactions are accretive to the long-term growth in shareholder value. We look forward to engaging in a constructive dialog with the Board and our fellow shareholders and working with the Company to implement the policies we believe are required to position InterOil for success.” – Phil Mulacek, former chairman and Chief Executive Officer of InterOil Corporation.

It is a difficult proposition to be an agent of change in a controversial situation and not be cast by someone in a negative light.

[Tree]

Good gawd Art. That is nonsense. Phil went A-hole and cast himself as such. Detrimental to any efforts of a 'change agent'.

[Palm]

Hopefully all of this can end up somewhere in the middle. As many times happens we've gone from one type of leader to an almost opposite because a deal wasn't getting done and time and money was running out. Phil and Hession will never see eye-to-eye and Phil has the added factor that he is the founder and IOC is his baby. Makes it almost impossible for him to be a good activist shareholder. It's really too bad that Chandler didn't take on that role.

Phil has some valid points, but in effect is acting like an overprotective mama and is letting emotions taint his appeal. Keep it business-like and he can be more effective. Go about it as all or nothing and an over-throw and it will be tougher.

A couple of things:
1. I think he is overreaching with the more than 10% of assets proposition. I believe what this is about is things like the refinery and resource assets, not shares of the company. As Katy has said, a sale of the company goes to the shareholders eventually and the refinery/resource deals are mgmt/BOD decisions for obvious reasons. Nothing will ever happen and Phil obviously didn't feel that way when he was "King". That's an unreasonable and emotional proposition.

2. People who say MH gets a big payday should IOC and OSH merge and he remain CEO I think may have it backwards. When I read that clause I think it says he gets a payoff if they merge and he DOESN'T end up as CEO/COO. That makes more sense. But maybe it's me.

[Getitrt2]

After many fruitless years, PM managed to find this HUGE resource with the help of Dave Holland, then wasted precious time, money, and other resources trying to find oil that was not there, and making questionable deals he could not sell to the Government, then promised us the moon and could not deliver ANYTHING acceptable even to his long-time associates and friends on the BOD responsible to shareholders, which Board finally had to give up on him and force him out and lure a competent experienced replacement with a lucrative deal for him. In my mind, PM shares much of the responsibility for great damage to my life, and anything he proposes is highly suspect.

[Putncalls]

I agree with getit. Except for the life damage. The project is now bigger than PM or MH.