11-05-2016, 04:15 AM
I suppose XOM could come out right away vowing to rebid. Doesn't mean they'd need to offer much more.
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What's next
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11-05-2016, 04:20 AM
'katytrader' pid='77184' datel Wrote: Do you know something about the details of today's decision that haven't been posted? Are you saying the court's prior approval of the deal is still intact?
11-05-2016, 04:28 AM
Bloomberg / says Phil's suit can proceed ,
The honey pot is full damages can be awarded from Morgan for a faulty opinion and from Exxon who has a part in the suit and can be sued for failure to provide enough info for shareholders to make a proper decision .Both so stated by the Appealate Court ! The damages could be quite high . Both can afford to pay us millions . My bet they settle in time and we get a sweet check , and yes Interoil gets sold . Fact Oil Search told their 2 appraisers that it was a water drive . Fact it's most likely not a water drive ask Schlumberget and GLJ and KR , Who is up for adding in Oil Search for damages !!
11-05-2016, 04:45 AM
'AU74' pid='77187' datel Wrote: All I know is what I read in Veale's decision to approve the transaction and then in Frankel's decision to stay the Veale decision, pending an appeal. Apparently there was a decision today to hear Mulacek's appeal of Veale's decision to approve the transaction. I don't know why they chose to hear the appeal. At the risk of getting hit in the eye with a pompom, I think it is accurate to say that Mulacek's lawyers are being given a chance to persuade this Court that Veale's decision.....approval of the transaction..... should be overturned.
11-05-2016, 04:51 AM
'katytrader' pid='77189' datel Wrote:
They heard the appeal on 10/31. Today the ruled on the appeal and overturned the Supreme Court of Yukon's approval of the pending transaction.
11-05-2016, 04:54 AM
'AU74' pid='77192' datel Wrote: IOC press release says approval was overturned.
11-05-2016, 05:39 AM
Katy might check back with your source , Interoil and my Sources say no approval . PM is preparing a press release with details
11-05-2016, 05:50 AM
[quote='AU74' pid='77192' dateline='1478285487']
They heard the appeal on 10/31. Today the ruled on the appeal and overturned the Supreme Court of Yukon's approval of the pending transaction. ________________________________________________________________________________________________ An important first step is to read WHY, specifically, the approval was overturned. That will give some clue as to rememdies. I'm guessing that the biggest problem was the Morgan opinion. Does anyone know when we might expect the decision to be published? Second step is to know if Exxon might appeal. Probably not. Assuming they're willing to pay more, and I think they will, Exxon will be under some pressure. A7 has spudded, and although testing will be extensive and take time and the certification process is not quick, the actual drilling and logging will come along a lot faster - probably 60 days or so. They(IOC) will have a pretty good idea of what they have. One advantage Exxon had was an early consumation of the deal, and that's disappearing. Of course, A7 could be a bust. Still, The market has shown what it thinks. As advertised, I sold everything at close to $50 before the vote for this very reason. I intended to buy back in once the vote passed, as I considered the dissent phase a sideshow, but the Mulacek suit to stop the deal complicated matters and I stayed on the sideline. We'll see what Monday brings. I haven't given up buying back in.
11-05-2016, 05:52 AM
PM has delayed the transaction. That's it! He is just screwing everybody like a screaming baby on an airplane. We wait for friggin years as energy prices recover and IOC's price is determined with 30$ oil!!!!!
PM is not better than HS! Taking the IOC PR at face value, here is what has happened: Today, the Canadian Appellate Court overturned the decision by the Yukon Supreme Court that ruled that the IOC/Exxon deal was 'fair and reasonable.' Thus, that deal is dead as it will not get a Final Order of Approval by the Yukon Court. Without reading the Appellate decision yet [I've been unable to find it online and it may not be published for a while yet], my best guess is that the Appellate Court found that the lack of a valid Fairness Opinion for IOC from an independent source failed to provide the IOC shareholders with sufficient information to make an informed vote on the Exxon Arrangement. If that is the basis for the decision, Exxon and IOC could come back with the same deal, but obtain an independent fairness opinion from an independent source that is paid a flat-rate fee for such opinion. However, such a fairness opinion would have to be much much more detailed that the faux MS opinion. It would have to, at a minimum, look at the prior resource evaluations of E/A, the value of the Total contract [including the 30% ownership of the plant], the value of Triceratops, Raptor, etc. including their resource estimates, the value of the additional IOC acreage, the value of the IOC leases, the value of the IOC seismic and graviometry, etc. etc. etc. Once that information is made public and provided in detail, it would be very difficult for Exxon to simply provide their same offer, particularly with the 10 tcfe cap on the contingent payments. Finally, this may open the door for additional bids from other companies. That question, however, is far from answered by this brief press release. If the Appellate Court has ruled that the deal is not 'fair and reasonable' due to lack of a valid fairness opinion, that decsion would seem to be sufficient to overturn the original IOC BOD approval of the Arrangement itself, due to the fact that the IOC BOD itself ostensibly relied on the faulty fairness opinion. Can IOC get a new fairness opinion and go with the same deal? Can the BOD and CEO be forced out due to corporate malfeasance? Can the IOC shareholders ever catch a break? All Unknown as yet . . . Lots of questions on how this will turn out. Not very many answers yet. |
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