Our group pulled our dissent

[Northoil]

Its not over yet... is it JFT ? You are now going to tell everyone that you and Phil will be taking legal action against Pinkie and his cronies And this will make you a bundle of money .. LOL Like I said .... JFT has never been right on one thing with this stock....

____________________________________________________________________________

Honestly, I don't think this is a matter of never being right, or that lawyers were not consulted before the dissent vote was made.   He spouted such obvious BS that, all along I wondered if it weren't more malevolent than that.

He talks about "our group".  There are only a few possibilities:

1.  If JFT is part of, or connected to Mulacek’s group and

  a.  he says PM dissented and has withdrawn his dissent.  To believe this, you have to believe Mulacek would not have understood his options before the vote.  Clearly, he's been driving the whole dissident business and has plenty of      counsel.   Therefore, this can’t be true.  Therefore, JFT is lying.

  b.  If PM dissented, and has not withdrawn the dissent, then JFT is lying – why?  I really can’t think of a reason, although maybe others can.  Maybe PM doesn’t want a ragtag group of dissenters.  I would think more is better, but maybe not.  Certainly PM made no effort to get people to dissent.  In retrospect, maybe he just wanted people to vote no and kill the deal so he could get back into the game.  Or maybe he intended  to sue all along.

  c.   PM never dissented in the first place.  And since PM is well advised, never intended to - to preserve lawsuit rights or whatever.  So why does his pal, JFT, incessantly cheerlead for dissent?  The only thing I can think of is below.

2.  If JFT not part of PM’s group, then everything is a lie.  To what end?  There are people, unfortunately, who just like to see how much they can match wits and sway others on boards like this.  They’re not stupid and can research with the best of us.   It’s just sick fun for them.   The latest thread may be just to shake things up some more.

[weaselpuppy]

You forgot one possibility.....JFT is actually Rex Tillerson and has been trolling us all along, but is now too busy to blanket post the site as in the past.

[CAC]

Its not over yet... is it JFT ? You are now going to tell everyone that you and Phil will be taking legal action against Pinkie and his cronies And this will make you a bundle of money .. LOL Like I said .... JFT has never been right on one thing with this stock....

____________________________________________________________________________

Honestly, I don't think this is a matter of never being right, or that lawyers were not consulted before the dissent vote was made.   He spouted such obvious BS that, all along I wondered if it weren't more malevolent than that.

He talks about "our group".  There are only a few possibilities:

1.  If JFT is part of, or connected to Mulacek’s group and

  a.  he says PM dissented and has withdrawn his dissent.  To believe this, you have to believe Mulacek would not have understood his options before the vote.  Clearly, he's been driving the whole dissident business and has plenty of      counsel.   Therefore, this can’t be true.  Therefore, JFT is lying.

  b.  If PM dissented, and has not withdrawn the dissent, then JFT is lying – why?  I really can’t think of a reason, although maybe others can.  Maybe PM doesn’t want a ragtag group of dissenters.  I would think more is better, but maybe not.  Certainly PM made no effort to get people to dissent.  In retrospect, maybe he just wanted people to vote no and kill the deal so he could get back into the game.  Or maybe he intended  to sue all along.

  c.   PM never dissented in the first place.  And since PM is well advised, never intended to - to preserve lawsuit rights or whatever.  So why does his pal, JFT, incessantly cheerlead for dissent?  The only thing I can think of is below.

2.  If JFT not part of PM’s group, then everything is a lie.  To what end?  There are people, unfortunately, who just like to see how much they can match wits and sway others on boards like this.  They’re not stupid and can research with the best of us.   It’s just sick fun for them.   The latest thread may be just to shake things up some more.

[CAC]

[quote='ioc.aussie' pid='79498' dateline='1487417860'] Its not over yet... is it JFT ? You are now going to tell everyone that you and Phil will be taking legal action against Pinkie and his cronies And this will make you a bundle of money .. LOL Like I said .... JFT has never been right on one thing with this stock....

____________________________________________________________________________

Honestly, I don't think this is a matter of never being right, or that lawyers were not consulted before the dissent vote was made.   He spouted such obvious BS that, all along I wondered if it weren't more malevolent than that.

He talks about "our group".  There are only a few possibilities:

1.  If JFT is part of, or connected to Mulacek’s group and

  a.  he says PM dissented and has withdrawn his dissent.  To believe this, you have to believe Mulacek would not have understood his options before the vote.  Clearly, he's been driving the whole dissident business and has plenty of      counsel.   Therefore, this can’t be true.  Therefore, JFT is lying.

  b.  If PM dissented, and has not withdrawn the dissent, then JFT is lying – why?  I really can’t think of a reason, although maybe others can.  Maybe PM doesn’t want a ragtag group of dissenters.  I would think more is better, but maybe not.  Certainly PM made no effort to get people to dissent.  In retrospect, maybe he just wanted people to vote no and kill the deal so he could get back into the game.  Or maybe he intended  to sue all along.

  c.   PM never dissented in the first place.  And since PM is well advised, never intended to - to preserve lawsuit rights or whatever.  So why does his pal, JFT, incessantly cheerlead for dissent?  The only thing I can think of is below.

2.  If JFT not part of PM’s group, then everything is a lie.  To what end?  There are people, unfortunately, who just like to see how much they can match wits and sway others on boards like this.  They’re not stupid and can research with the best of us.   It’s just sick fun for them.   The latest thread may be just to shake things up some more.

*********

i've been listening to him confidently and inaccurately make IOC predictions, about topic after topic, for half a decade, so I'll humbly suggest it's:

3. He's an insecure old man who wants to "feel important" and feeds this need by anonymously "showing this message board community how much he knows".  He has succeeded in doing just that...repeatedly.  

[Kaliboo]

For what it's worth dept . Left our no vote .

Thanks JFT for sharing your current plans.  As I shared elsewhere on this MB, I too have withdrawn my dissent and  did vote no.  As an old oilfield hand I can see we are all getting ripped off because the opportunities in this lease position plus the current assets, are tremendous.  XOM knows this.  Unfortunately, conventionally accepted financial valuation procedures can't capture this.  These are the same valuation methods that wrote off much of the Permian basin until oilmen proved that the volumes they knew were still present after decades of productoin using old technology, could be economiically produced at much lower cost and much higher rates using better technology.  Similarly we know volumes are there in IOC leases, we just haven't had the right people picking te targets and drilling the right wells. Phil and all made not effort to argue a higher value on the other assets, so to me that was a signal to exit the dissent plan.   A confluence of bad factors got us.

I look forward to this saga being over. Anything I have learned is that it probably is not going to be over when I think it will.

[Palm]

JFT is wrong. By giving heresay advice per Phil, per this attorney or now that attorney who advise to dissent to have the most options, but now advise to withdraw dissent and have still have the most and best options is to give unteliable advice. There are holes in even this new advice.

The YCBA is a very involved read and in regard to the dissent process, it can be very confusing. If someone has filed a dissent and is unsure it is the right thing to have done, or is unsure of the remaining steps that must happen still to go all the way through to a valuation, please get real, legal advice. It is not a simple matter as can be seen just in reading the MIC. Do not rely on advice of anyone here.

I believe everyone who is offering advice/tips means well, but I have yet to see anyone (including me) who has this process nailed. Errors by everyone. If you have a substantial amount still invested in IOC, you need to be very careful with this process. There are no guarantees that you will receive the same or more in the valuation/dissent process. These companies are not in the habit of just giving money away as if they do it once, they weaken future negotiations. History says otherwise.

Good luck to all; get the best deal for your situation.

[Northoil]

For what it's worth dept . Left our no vote .

Thanks JFT for sharing your current plans.  As I shared elsewhere on this MB, I too have withdrawn my dissent and  did vote no.  As an old oilfield hand I can see we are all getting ripped off because the opportunities in this lease position plus the current assets, are tremendous.  XOM knows this.  Unfortunately, conventionally accepted financial valuation procedures can't capture this.  These are the same valuation methods that wrote off much of the Permian basin until oilmen proved that the volumes they knew were still present after decades of productoin using old technology, could be economiically produced at much lower cost and much higher rates using better technology.  Similarly we know volumes are there in IOC leases, we just haven't had the right people picking te targets and drilling the right wells. Phil and all made not effort to argue a higher value on the other assets, so to me that was a signal to exit the dissent plan.   A confluence of bad factors got us.

I look forward to this saga being over. Anything I have learned is that it probably is not going to be over when I think it will.

______________________________________________________________________________________

Kaliboo – Palm is right.  I hope you dissented wrong, thereby not dissenting at all; or if you dissented right, were able to withdraw your dissent correctly.

“we just haven't had the right people picking the targets and drilling the right wells.” 

I don’t know how much experience you’ve had outside the US, but in frontier areas, it’s a different ball game.  Like in the North Sea, the wrong people(the best in industry) drilled 20+ dry holes  before finding the gold mine.  I spent most of my career drilling 50-500 miles from the nearest well control.  I oversaw two wildcats in PNG – both dry.  PNG geology is a nightmare, the topography brutal, the seismic, where you have it, stinks. Proper migration is beyond technology.

I agree with you, IOC is in a great province with a lot of upside.  But they’ll be drilling new prospects for 50 years.  There’ll be lots of dry holes with people scratching their heads, and lots of teaser discoveries where you wonder if you should pursue them.  And gas is a mixed blessing.  Most of what is found will be stranded.  It’s not Kansas.

Anyway, The IOC story for the past two years is not about geology.  Sonny, It’s just business.  And the stock market.  All that potential and $3.95 will get you your café latte at Starbucks.  That is, if you haven’t dissented and still have $3.95.

[Palm]

Well said Northoil. Phil deserves credit for finding what he did (much also to the credit of Dave Holland), but for him to continue to yip about "knowing" that a well should be drilled only where he "knows" there are commercial quantities of hydrocarbons is all show. But even worse those who have no real knowledge of conditions in PNG jump back on his bandwagon and then try and convince others that they are fools for not believing this blindly. Then try and convince others that Total, IOC and OSH are willing to throw money away drilling intentionally in the wrong spot, because this money is "peanuts".

We are told to read the MIC. I have read all material parts of the MIC including the explanations on the selling process (initially minority interest, then whole company, etc.). They also explain the huge financial hurdles IOC faces going forward, the decisions of drilling locations, the discussions with GLJ, etc. etc. etc. My guess is "many and most" did not read all of the important parts of the MIC including the dissent process and the referenced YBCA.

I'm very glad I sold majority of my holdings in the low $60s and $50s and invested those proceeds elsewhere. I ended up holding a small interest to get "the deal" as it doesn't matter that much, but dissenting made no sense. I would rather explore the class-action option with eyes wide open. IOC will still be a company for a while and Hession and the BOD will still be findable. No real high hopes, but making THEIR lives hell might be worth the fun.

[Kaliboo]

Well said Northoil. Phil deserves credit for finding what he did (much also to the credit of Dave Holland), but for him to continue to yip about "knowing" that a well should be drilled only where he "knows" there are commercial quantities of hydrocarbons is all show. But even worse those who have no real knowledge of conditions in PNG jump back on his bandwagon and then try and convince others that they are fools for not believing this blindly. Then try and convince others that Total, IOC and OSH are willing to throw money away drilling intentionally in the wrong spot, because this money is "peanuts". We are told to read the MIC. I have read all material parts of the MIC including the explanations on the selling process (initially minority interest, then whole company, etc.). They also explain the huge financial hurdles IOC faces going forward, the decisions of drilling locations, the discussions with GLJ, etc. etc. etc. My guess is "many and most" did not read all of the important parts of the MIC including the dissent process and the referenced YBCA. I'm very glad I sold majority of my holdings in the low $60s and $50s and invested those proceeds elsewhere. I ended up holding a small interest to get "the deal" as it doesn't matter that much, but dissenting made no sense. I would rather explore the class-action option with eyes wide open. IOC will still be a company for a while and Hession and the BOD will still be findable. No real high hopes, but making THEIR lives hell might be worth the fun.

"I would rather explore the class-action option......"  Does this mean you are taking actions yourself or sitting around waiting for news of someone else taking action to pop up somewhere?

I suspect before any action begins it will have to be after all the "harm to shareholders" has been fully consummated, i.e., shares AND CRP paid out and all transactions completed.  So sometime late 2nd half of 2017 at earliest would be my guess.  Lawyers any comments?

[Palm]

Per another thread here I have made contact with someone who has expressed interest in hearing about what has happened with IOC. US govt agency.

My MO is not to "sit around" and let others do my work. And you?