No Decision in Yukon

[Getitrt2]

Maybe the level of dissent in the voting is such that the Court sees the need to bring in the parties and some independent valuation experts to try to resolve those before approving the acquisition. On the other hand, maybe the Court just needed to take some time to review Mulacek's objection, before rejecting it and approving the acquisition. I am more inclined to think the latter, but hope springs eternal, I guess. I just hope it doesn't cost us some XOM shares with rising oil prices without accomplishing anything else, probably the outcome given our luck and management and the way the industry works.

[Kaliboo]

Maybe the level of dissent in the voting is such that the Court sees the need to bring in the parties and some independent valuation experts to try to resolve those before approving the acquisition. On the other hand, maybe the Court just needed to take some time to review Mulacek's objection, before rejecting it and approving the acquisition. I am more inclined to think the latter, but hope springs eternal, I guess. I just hope it doesn't cost us some XOM shares with rising oil prices without accomplishing anything else, probably the outcome given our luck and management and the way the industry works.

See my other post on the update on the volume weighted average price.  IF Phil is causing delay, then he mostly likely is costing us money.

[Getitrt2]

Maybe the level of dissent in the voting is such that the Court sees the need to bring in the parties and some independent valuation experts to try to resolve those before approving the acquisition. On the other hand, maybe the Court just needed to take some time to review Mulacek's objection, before rejecting it and approving the acquisition. I am more inclined to think the latter, but hope springs eternal, I guess. I just hope it doesn't cost us some XOM shares with rising oil prices without accomplishing anything else, probably the outcome given our luck and management and the way the industry works.

See my other post on the update on the volume weighted average price.  IF Phil is causing delay, then he mostly likely is costing us money.

Yes, my point, knew that and saw your thorough post.  Thanks.  Going to miss you and others.

[2126]

My take on what is happening in the Yukon court is simply that Phil has filed an objection and an application for a court appraisal. Under Yukon law, a dissent is essentially an 'objection' to the actions of the BOD in approving the sale of IOC assets. This current court hearing is the first opportunity for Phil to formally object to the Exxon/IOC Arrangement being approved by the BOD. I would imagine that he has filed a formal legal version of the details of his 'black book' presentation that he has previously posted on his webiste: concernedinteroilshareholders.com. By outlining his arguments as to why he objects to the BOD decision to sell the company, he provides the court with the reasons why a court-ordered appraisal should be required to accurately value the company. Exxon and IOC will argue that the market says the valuation is correct, but, again, Phil's argument is probably that net asset value, rather than market value, is the correct method of valuation.

I don't expect the court's review to take very long. The Yukon court, by statute, has a number of actions that it can take in a dissent/objection situation:

• It can join all dissenters into one group
• It can provide for a full trial on the issue of valuation
• It can appoint independent appraisers to value the company

Finally, Exxon/IOC, again by Yukon statute, and unless the court orders otherwise, Exxon/IOC has 10 days from Phil's [or any other dissenter's] application for a court-ordered appraisal, to 'send to each dissenting shareholder a written offer to pay an amount considered by the directors to be the fair value of the shares' and such offer must include 'a statement showing how fair value was determined.'

I do not believe that the Final Order and the closing/effective date of the sale will be held up by this 10 day period.

[Getitrt2]

In other words, 2126, you are saying this separate Court valuation process would only apply to the dissenters, who might later as a result get some additional amount of compensation, while the Court probably allows the shareholder approved transaction to proceed, with all IOC shares being transferred to XOM. Right?

[jft310]

Maybe someone knows something about Phil's objection and thinks it will result in a better deal. Could the court rule that the CRP must be uncapped for the deal the be approved? Or that a court-appointed resource assessment company approve the final estimate?

I don't think courts are in the business of changing offers made by companies, such as uncapping the CRP.  If they believe the IOC senior management pulled a swift one to line their pockets at the expense of shareholders, maybe with the help of insider trading allegations, then maybe we have hope.  But I don't think they can force XOM to pay more.  All they can do is kill the deal or threaten the parties to go back and "do it right".  I can't imagine what that would be or how it would work.  IF the only change in the ouctome was to strip MH and the BOD of all their ill gotten gains, then I think that would at least be some consolation.  But XOM paying us more?  I strongly doubt that.

please read the Dell suit , they lost and paid only the dissenting shareholders a higher amount . Based on a court ordered fair market value appraisal . Dell paid both sides costs just like Exxon will.

[Putncalls]

This sucks!

[2126]

In other words, 2126, you are saying this separate Court valuation process would only apply to the dissenters, who might later as a result get some additional amount of compensation, while the Court probably allows the shareholder approved transaction to proceed, with all IOC shares being transferred to XOM. Right?

Yes, exactly.

[sageo]

This sucks!

Putn - How right tou are !!! This whole mess has " sucked' ever since mh decided to screw us over and walk away with "his ill-gotten millions" " border="0" class="smilie" src="http://shareholdersunite.com/mybb/images/smilies/angry.gif" />    I hope he someday suffers greatly for selling us out .

[ebster123]

But if an independent appraisal shows IOC is worth more is this not providing standing on the part of the rest of us to file a class action against IOC BOD and MH for lack of feduciary responsibility ?